UNITED STATES
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21780
MFS SERIES TRUST XII
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199 (Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111Huntington Avenue Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant’s telephone number, including area code: (617) 954-5000
Date of fiscal year end: April 30
Date of reporting period: April 30, 2024
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
Annual Report
April 30, 2024
MFS® Lifetime® Funds
MFS® Lifetime® Income Fund
MFS® Lifetime® 2025 Fund
MFS® Lifetime® 2030 Fund
MFS® Lifetime® 2035 Fund
MFS® Lifetime® 2040 Fund
MFS® Lifetime® 2045 Fund
MFS® Lifetime® 2050 Fund
MFS® Lifetime® 2055 Fund
MFS® Lifetime® 2060 Fund
MFS® Lifetime® 2065 Fund
LTF-ANN
Portfolio Composition
MFS Lifetime Income Fund
Cash & Cash
Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash
Equivalents also includes other assets less liabilities.
Percentages are based
on net assets as of April 30, 2024.
The portfolio is
actively managed and current holdings may be different.
1
Portfolio Composition - continued
MFS Lifetime 2025 Fund
Cash & Cash
Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash
Equivalents also includes other assets less liabilities.
Percentages are based
on net assets as of April 30, 2024.
The portfolio is
actively managed and current holdings may be different.
2
Portfolio Composition - continued
MFS Lifetime 2030 Fund
Cash & Cash
Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash
Equivalents also includes other assets less liabilities.
Percentages are based
on net assets as of April 30, 2024.
The portfolio is
actively managed and current holdings may be different.
3
Portfolio Composition - continued
MFS Lifetime 2035 Fund
Cash & Cash
Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash
Equivalents also includes other assets less liabilities.
Percentages are based
on net assets as of April 30, 2024.
The portfolio is
actively managed and current holdings may be different.
4
Portfolio Composition - continued
MFS Lifetime 2040 Fund
Cash & Cash
Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash
Equivalents also includes other assets less liabilities.
Percentages are based
on net assets as of April 30, 2024.
The portfolio is
actively managed and current holdings may be different.
5
Portfolio Composition - continued
MFS Lifetime 2045 Fund
Cash & Cash
Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash
Equivalents also includes other assets less liabilities.
Percentages are based
on net assets as of April 30, 2024.
The portfolio is
actively managed and current holdings may be different.
6
Portfolio Composition - continued
MFS Lifetime 2050 Fund
Cash & Cash
Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash
Equivalents also includes other assets less liabilities.
Percentages are based
on net assets as of April 30, 2024.
The portfolio is
actively managed and current holdings may be different.
7
Portfolio Composition - continued
MFS Lifetime 2055 Fund
Cash & Cash
Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash
Equivalents also includes other assets less liabilities.
Percentages are based
on net assets as of April 30, 2024.
The portfolio is
actively managed and current holdings may be different.
8
Portfolio Composition - continued
MFS Lifetime 2060 Fund
Cash & Cash
Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash
Equivalents also includes other assets less liabilities.
Percentages are based
on net assets as of April 30, 2024.
The portfolio is
actively managed and current holdings may be different.
9
Portfolio Composition - continued
MFS Lifetime 2065 Fund
Cash & Cash
Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash
Equivalents also includes other assets less liabilities.
Percentages are based
on net assets as of April 30, 2024.
The portfolio is
actively managed and current holdings may be different.
10
Management Review
MFS Lifetime Funds
Market Environment
In response to the strongest
inflationary period in four decades, global central banks tightened monetary policy significantly during the reporting period, helping reduce price pressures, although more work is needed before inflation returns to
target. Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense. The US sought to restrict the flow of advanced technologies
to China and China looked to use its industrial overcapacity to increase exports to developed markets to bolster its slow-growing domestic economy. The conflict in the Middle East caused trade flow disruptions between
Asia and Europe as shipping traffic was routed away from the Red Sea.
Although inflation has yet to
reach central banks’ targets, policymakers have indicated their desire to begin cutting rates in the months ahead, although stickier-than-expected inflation could delay cuts in the US. The prospects for easier
monetary policy along with resilient global economic growth have been supportive factors for risky assets, such as equities and high-yield bonds. Long-term interest rates moderated during the latter half of the
reporting period, although rising government debt levels remained a concern over the medium term. Advancements in artificial intelligence and the adoption of novel weight-loss drugs were two areas of focus for
investors during the period.
MFS Lifetime Income Fund
Summary of Results
For the twelve months ended
April 30, 2024, Class A shares of the MFS Lifetime Income Fund (fund) provided a total return of 5.03%, at net asset value. This compares with a return of -1.47% for the fund’s benchmark, the Bloomberg U.S.
Aggregate Bond Index. The fund’s other benchmark, the MFS Lifetime Income Fund Blended Index (Blended Index), generated a return of 3.75%. The Blended Index reflects the blended returns of equity and fixed
income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the
Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
The fund’s investment
selection within the fixed income segment was a primary contributor to relative performance. Here, the MFS Limited Maturity Fund aided relative results as short-term maturity issues performed well in a rising interest
rate environment. Additionally, strong relative performance of the MFS Total Return Bond Fund, MFS Global Opportunistic Bond Fund and MFS Limited Maturity Fund bolstered relative returns as all three funds
outperformed their respective benchmarks.
Within the US equity funds
segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the
concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS
Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
Within international equity
funds, the MFS Research International Fund held back relative results as the fund lagged its respective benchmark.
The fund’s investments
within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2025 Fund
Summary of Results
For the twelve months ended
April 30, 2024, Class A shares of the MFS Lifetime 2025 Fund (fund) provided a total return of 5.77%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard &
Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2025 Fund Blended Index (Blended Index), generated a return of 4.60%. The Blended Index reflects the blended returns of equity and fixed
income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the
Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within the US equity funds
segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the
concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS
Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
11
Management Review - continued
The fund’s investment
selection within the fixed income segment was a primary contributor to relative performance. Here, the MFS Limited Maturity Fund aided relative results as short-term maturity issues performed well in a rising interest
rate environment. Additionally, strong relative performance of the MFS Global Opportunistic Bond Fund, MFS Total Return Bond Fund and MFS Limited Maturity Fund bolstered relative returns as all three funds
outperformed their respective benchmarks.
Within international equity
funds, the MFS Research International Fund held back relative results as the fund lagged its respective benchmark.
The fund’s investments
within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2030 Fund
Summary of Results
For the twelve months ended
April 30, 2024, Class A shares of the MFS Lifetime 2030 Fund (fund) provided a total return of 8.06%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard &
Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2030 Fund Blended Index (Blended Index), generated a return of 7.38%. The Blended Index reflects the blended returns of equity and fixed
income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the
Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within international equity
funds, the MFS Research International Fund held back relative results as the fund lagged its respective benchmark.
Within the US equity funds
segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the
concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS
Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
The fund’s investment
selection within the fixed income segment was a primary contributor to relative performance. Here, the MFS High Income Fund, MFS Limited Maturity Fund and MFS Emerging Markets Debt Fund aided relative results as all
three funds performed well in a rising interest rate environment. Additionally, strong relative performance of the MFS Global Opportunistic Bond Fund and MFS Total Return Bond Fund bolstered relative returns as both
funds outperformed their respective benchmarks.
The fund’s investments
within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2035 Fund
Summary of Results
For the twelve months ended
April 30, 2024, Class A shares of the MFS Lifetime 2035 Fund (fund) provided a total return of 11.13%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard &
Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2035 Fund Blended Index (Blended Index), generated a return of 11.01%. The Blended Index reflects the blended returns of equity and
fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile
the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within international equity
funds, the MFS Research International Fund held back relative results as the fund lagged its respective benchmark.
Within the US equity funds
segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the
concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS
Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
The fund’s investment
selection within the fixed income segment was a primary contributor to relative performance. Here, the MFS High Income Fund and MFS Emerging Markets Debt Fund aided relative results as those funds performed well in a
rising interest rate environment. Additionally, strong relative performance of the MFS Global Opportunistic Bond Fund and MFS Total Return Bond Fund bolstered relative returns as both funds outperformed their
respective benchmarks.
12
Management Review - continued
The fund’s investments
within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2040 Fund
Summary of Results
For the twelve months ended
April 30, 2024, Class A shares of the MFS Lifetime 2040 Fund (fund) provided a total return of 13.33%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard &
Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2040 Fund Blended Index (Blended Index), generated a return of 13.60%. The Blended Index reflects the blended returns of equity and
fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile
the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within international equity
funds, the MFS Research International Fund, MFS International New Discovery Fund and MFS International Growth Fund held back relative results as all three funds lagged their respective benchmarks.
Within the US equity funds
segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the
concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS
Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
The fund’s investment
selection within the fixed income segment contributed to relative performance. Here, investments in the MFS High Income Fund and MFS Emerging Markets Debt Fund aided relative results as both funds performed well in a
rising interest rate environment. Additionally, strong relative performance of the MFS Global Opportunistic Bond Fund bolstered relative returns as the fund outperformed its respective benchmark.
The fund’s investments
within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2045 Fund
Summary of Results
For the twelve months ended
April 30, 2024, Class A shares of the MFS Lifetime 2045 Fund (fund) provided a total return of 13.87%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard &
Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2045 Fund Blended Index (Blended Index), generated a return of 14.71%. The Blended Index reflects the blended returns of equity and
fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile
the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within international equity
funds, the MFS Research International Fund, MFS International New Discovery Fund and MFS International Growth Fund held back relative results as all three funds lagged their respective benchmarks.
Within the US equity funds
segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the
concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS
Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
The fund’s investment
selection within the fixed income segment contributed to relative performance. Here, investments in the MFS High Income Fund and MFS Emerging Markets Debt Fund aided relative results as both funds performed well in a
rising interest rate environment.
The fund’s investments
within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2050 Fund
Summary of Results
For the twelve months ended
April 30, 2024, Class A shares of the MFS Lifetime 2050 Fund (fund) provided a total return of 14.17%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard &
Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2050 Fund Blended Index (Blended Index), generated a return of 15.40%. The
13
Management Review - continued
Blended Index reflects the blended returns of
equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to
compile the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within international equity
funds, the MFS Research International Fund, MFS International New Discovery Fund and MFS International Growth Fund held back relative results as all three funds lagged their respective benchmarks.
Within the US equity funds
segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the
concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS
Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
Within the fixed income segment,
relative performance of the MFS Total Return Bond Fund contributed to relative results and more-than-offset negative contribution stemming from relative performance of the MFS Inflation-Adjusted Bond Fund that lagged
its respective benchmark.
The fund’s investments
within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2055 Fund
Summary of Results
For the twelve months ended
April 30, 2024, Class A shares of the MFS Lifetime 2055 Fund (fund) provided a total return of 14.17%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard &
Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2055 Fund Blended Index (Blended Index), generated a return of 15.40%. The Blended Index reflects the blended returns of equity and
fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile
the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within international equity
funds, the MFS Research International Fund, MFS International New Discovery Fund and MFS International Growth Fund held back relative results as all three funds lagged their respective benchmarks.
Within the US equity funds
segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the
concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS
Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
Within the fixed income segment,
relative performance of the MFS Total Return Bond Fund contributed to relative results and more-than-offset negative contribution stemming from relative performance of the MFS Inflation-Adjusted Bond Fund that lagged
its respective benchmark.
The fund’s investments
within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2060 Fund
Summary of Results
For the twelve months ended
April 30, 2024, Class A shares of the MFS Lifetime 2060 Fund (fund) provided a total return of 14.12%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard &
Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2060 Fund Blended Index (Blended Index), generated a return of 15.40%. The Blended Index reflects the blended returns of equity and
fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile
the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within international equity
funds, the MFS Research International Fund, MFS International New Discovery Fund and MFS International Growth Fund held back relative results as all three funds lagged their respective benchmarks.
14
Management Review - continued
Within the US equity funds
segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the
concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS
Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
Within the fixed income segment,
relative performance of the MFS Total Return Bond Fund contributed to relative results and more-than-offset negative contribution stemming from relative performance of the MFS Inflation-Adjusted Bond Fund that lagged
its respective benchmark.
The fund’s investments
within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2065 Fund
Summary of Results
For the twelve months ended
April 30, 2024, Class A shares of the MFS Lifetime 2065 Fund (fund) provided a total return of 14.19%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard &
Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2065 Fund Blended Index (Blended Index), generated a return of 15.40%. The Blended Index reflects the blended returns of equity and
fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile
the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within international equity
funds, the MFS Research International Fund, MFS International New Discovery Fund and MFS International Growth Fund held back relative results as all three funds lagged their respective benchmarks.
Within the US equity funds
segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the
concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS
Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
Within the fixed income segment,
relative performance of the MFS Total Return Bond Fund contributed to relative results and more-than-offset negative contribution stemming from relative performance of the MFS Inflation-Adjusted Bond Fund that lagged
its respective benchmark.
The fund’s investments
within the non-traditional funds had no material impact on relative performance over the reporting period.
Respectfully,
Portfolio Manager(s)
Joseph Flaherty, Benjamin
Nastou, Natalie Shapiro, and Erich Shigley
Note to Shareholders: Effective
August 28, 2023, Benjamin Nastou and Erich Shigley were added as Portfolio Managers of the fund. Effective June 1, 2025, Joseph Flaherty will no longer be a Portfolio Manager of the fund.
The views expressed in this report
are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views
are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading
intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
15
Performance Summary THROUGH
4/30/24
The following charts illustrate
a representative class of each fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change
in net asset value, including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Benchmarks are
unmanaged and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents
past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or
higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
MFS Lifetime Income Fund
Growth of a Hypothetical $10,000
Investment
Total Returns through 4/30/24
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 9/29/2005 | 5.03% | 3.58% | 3.62% | N/A |
| B | 9/29/2005 | 4.25% | 2.79% | 2.85% | N/A |
| C | 9/29/2005 | 4.34% | 2.81% | 2.85% | N/A |
| I | 9/29/2005 | 5.38% | 3.84% | 3.89% | N/A |
| R1 | 9/29/2005 | 4.25% | 2.81% | 2.86% | N/A |
| R2 | 9/29/2005 | 4.77% | 3.31% | 3.35% | N/A |
| R3 | 9/29/2005 | 5.03% | 3.57% | 3.62% | N/A |
| R4 | 9/29/2005 | 5.29% | 3.84% | 3.87% | N/A |
| R6 | 8/29/2016 | 5.41% | 3.94% | N/A | 4.19% |
Comparative benchmark(s)
| Bloomberg U.S. Aggregate Bond Index (f) | (1.47)% | (0.16)% | 1.20% | N/A |
| MFS Lifetime Income Fund Blended Index (f)(z) | 3.75% | 3.13% | 3.75% | N/A |
| Bloomberg Commodity Index (f) | 2.89% | 7.04% | (1.54)% | N/A |
| FTSE EPRA Nareit Developed Real Estate Index (net div) (f) | 0.88% | (1.17)% | 2.11% | N/A |
| MSCI EAFE Index (net div) (f) | 9.28% | 6.18% | 4.38% | N/A |
| Standard & Poor’s 500 Stock Index (f) | 22.66% | 13.19% | 12.41% | N/A |
16
Performance Summary - continued
With sales charge
| 1-yr | 5-yr | 10-yr | Life (t) | |
| A With Initial Sales Charge (4.25%) | 0.57% | 2.69% | 3.17% | N/A |
| B With CDSC (Declining over six years from 4% to 0%) (v) | 0.25% | 2.44% | 2.85% | N/A |
| C With CDSC (1% for 12 months) (v) | 3.34% | 2.81% | 2.85% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I, R1, R2, R3, R4, and R6
shares do not have a sales charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
| (z) | The weights of the components of the blended benchmark (MFS Lifetime Income Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at September 29, 2005 (the fund’s inception date) and at the end of the reporting period: |
| 4/30/24 | 4/30/23 | |
| Bloomberg U.S. Aggregate Bond Index | 71.0% | 71.0% |
| Standard & Poor’s 500 Stock Index | 20.0% | 20.0% |
| MSCI EAFE Index (net div) | 5.0% | 5.0% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.0% | 2.0% |
| Bloomberg Commodity Index | 2.0% | 2.0% |
17
Performance Summary - continued
MFS Lifetime 2025 Fund
Growth of a Hypothetical $10,000
Investment
Total Returns through 4/30/24
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 11/02/2012 | 5.77% | 4.28% | 4.83% | N/A |
| B | 11/02/2012 | 5.00% | 3.50% | 4.03% | N/A |
| C | 11/02/2012 | 4.96% | 3.50% | 4.03% | N/A |
| I | 11/02/2012 | 6.06% | 4.52% | 5.07% | N/A |
| R1 | 11/02/2012 | 4.99% | 3.48% | 4.03% | N/A |
| R2 | 11/02/2012 | 5.60% | 4.02% | 4.56% | N/A |
| R3 | 11/02/2012 | 5.76% | 4.27% | 4.82% | N/A |
| R4 | 11/02/2012 | 6.11% | 4.52% | 5.07% | N/A |
| R6 | 8/29/2016 | 6.12% | 4.67% | N/A | 5.49% |
Comparative benchmark(s)
| Standard & Poor’s 500 Stock Index (f) | 22.66% | 13.19% | 12.41% | N/A |
| MFS Lifetime 2025 Fund Blended Index (f)(z) | 4.60% | 3.97% | 4.83% | N/A |
| Bloomberg Commodity Index (f) | 2.89% | 7.04% | (1.54)% | N/A |
| Bloomberg U.S. Aggregate Bond Index (f) | (1.47)% | (0.16)% | 1.20% | N/A |
| FTSE EPRA Nareit Developed Real Estate Index (net div) (f) | (0.88)% | (1.17)% | 2.11% | N/A |
| MSCI EAFE Index (net div) (f) | 9.28% | 6.18% | 4.38% | N/A |
Average annual with sales
charge
| A With Initial Sales Charge (5.75%) | (0.31)% | 3.05% | 4.21% | N/A |
| B With CDSC (Declining over six years from 4% to 0%) (v) | 1.00% | 3.15% | 4.03% | N/A |
| C With CDSC (1% for 12 months) (v) | 3.96% | 3.50% | 4.03% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I, R1, R2, R3, R4, and R6
shares do not have a sales charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
18
Performance Summary - continued
| (z) | The weights of the components of the blended benchmark (MFS Lifetime 2025 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period: |
| 4/30/24 | 4/30/23 | |
| Bloomberg U.S. Aggregate Bond Index | 67.70% | 65.50% |
| Standard & Poor’s 500 Stock Index | 22.40% | 24.00% |
| MSCI EAFE Index (net div) | 5.90% | 6.50% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.00% | 2.00% |
| Bloomberg Commodity Index | 2.00% | 2.00% |
19
Performance Summary - continued
MFS Lifetime 2030 Fund
Growth of a Hypothetical $10,000
Investment
Total Returns through 4/30/24
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 9/29/2005 | 8.06% | 5.68% | 6.11% | N/A |
| B | 9/29/2005 | 7.27% | 4.89% | 5.31% | N/A |
| C | 9/29/2005 | 7.21% | 4.90% | 5.31% | N/A |
| I | 9/29/2005 | 8.35% | 5.95% | 6.35% | N/A |
| R1 | 9/29/2005 | 7.24% | 4.90% | 5.31% | N/A |
| R2 | 9/29/2005 | 7.82% | 5.42% | 5.84% | N/A |
| R3 | 9/29/2005 | 8.06% | 5.69% | 6.11% | N/A |
| R4 | 9/29/2005 | 8.36% | 5.95% | 6.37% | N/A |
| R6 | 8/29/2016 | 8.49% | 6.09% | N/A | 7.11% |
Comparative benchmark(s)
| Standard & Poor’s 500 Stock Index (f) | 22.66% | 13.19% | 12.41% | N/A |
| MFS Lifetime 2030 Fund Blended Index (f)(z) | 7.38% | 5.84% | 6.22% | N/A |
| Bloomberg Commodity Index (f) | 2.89% | 7.04% | (1.54)% | N/A |
| Bloomberg U.S. Aggregate Bond Index (f) | (1.47)% | (0.16)% | 1.20% | N/A |
| FTSE EPRA Nareit Developed Real Estate Index (net div) (f) | (0.88)% | (1.17)% | 2.11% | N/A |
| MSCI EAFE Index (net div) (f) | 9.28% | 6.18% | 4.38% | N/A |
Average annual with sales
charge
| A With Initial Sales Charge (5.75%) | 1.84% | 4.44% | 5.48% | N/A |
| B With CDSC (Declining over six years from 4% to 0%) (v) | 3.27% | 4.56% | 5.31% | N/A |
| C With CDSC (1% for 12 months) (v) | 6.21% | 4.90% | 5.31% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I, R1, R2, R3, R4, and R6
shares do not have a sales charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
20
Performance Summary - continued
| (z) | The weights of the components of the blended benchmark (MFS Lifetime 2030 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period: |
| 4/30/24 | 4/30/23 | |
| Bloomberg U.S. Aggregate Bond Index | 54.00% | 50.00% |
| Standard & Poor’s 500 Stock Index | 31.90% | 34.50% |
| MSCI EAFE Index (net div) | 9.50% | 10.50% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 2.30% | 2.50% |
| Bloomberg Commodity Index | 2.30% | 2.50% |
21
Performance Summary - continued
MFS Lifetime 2035 Fund
Growth of a Hypothetical $10,000
Investment
Total Returns through 4/30/24
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 11/02/2012 | 11.13% | 7.28% | 7.22% | N/A |
| B | 11/02/2012 | 10.24% | 6.46% | 6.41% | N/A |
| C | 11/02/2012 | 10.27% | 6.46% | 6.41% | N/A |
| I | 11/02/2012 | 11.44% | 7.55% | 7.47% | N/A |
| R1 | 11/02/2012 | 10.25% | 6.43% | 6.40% | N/A |
| R2 | 11/02/2012 | 10.85% | 7.00% | 6.95% | N/A |
| R3 | 11/02/2012 | 11.14% | 7.27% | 7.21% | N/A |
| R4 | 11/02/2012 | 11.45% | 7.54% | 7.49% | N/A |
| R6 | 8/29/2016 | 11.59% | 7.70% | N/A | 8.54% |
Comparative benchmark(s)
| Standard & Poor’s 500 Stock Index (f) | 22.66% | 13.19% | 12.41% | N/A |
| MFS Lifetime 2035 Fund Blended Index (f)(z) | 11.01% | 7.85% | 7.43% | N/A |
| Bloomberg Commodity Index (f) | 2.89% | 7.04% | (1.54)% | N/A |
| Bloomberg U.S. Aggregate Bond Index (f) | (1.47)% | (0.16)% | 1.20% | N/A |
| FTSE EPRA Nareit Developed Real Estate Index (net div) (f) | (0.88)% | (1.17)% | 2.11% | N/A |
| MSCI EAFE Index (net div) (f) | 9.28% | 6.18% | 4.38% | N/A |
Average annual with sales
charge
| A With Initial Sales Charge (5.75%) | 4.74% | 6.02% | 6.59% | N/A |
| B With CDSC (Declining over six years from 4% to 0%) (v) | 6.24% | 6.15% | 6.41% | N/A |
| C With CDSC (1% for 12 months) (v) | 9.27% | 6.46% | 6.41% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I, R1, R2, R3, R4, and R6
shares do not have a sales charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end. The comparative benchmark performance information provided for the “life” period is from the inception date of the Class A shares. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
22
Performance Summary - continued
| (z) | The weights of the components of the blended benchmark (MFS Lifetime 2035 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period: |
| 4/30/24 | 4/30/23 | |
| Standard & Poor’s 500 Stock Index | 44.30% | 46.50% |
| Bloomberg U.S. Aggregate Bond Index | 34.00% | 30.00% |
| MSCI EAFE Index (net div) | 15.10% | 16.50% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 3.30% | 3.50% |
| Bloomberg Commodity Index | 3.30% | 3.50% |
23
Performance Summary - continued
MFS Lifetime 2040 Fund
Growth of a Hypothetical $10,000
Investment
Total Returns through 4/30/24
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 9/29/2005 | 13.33% | 8.04% | 7.75% | N/A |
| B | 9/29/2005 | 12.50% | 7.22% | 6.94% | N/A |
| C | 9/29/2005 | 12.46% | 7.23% | 6.95% | N/A |
| I | 9/29/2005 | 13.60% | 8.30% | 7.99% | N/A |
| R1 | 9/29/2005 | 12.46% | 7.21% | 6.94% | N/A |
| R2 | 9/29/2005 | 13.03% | 7.75% | 7.47% | N/A |
| R3 | 9/29/2005 | 13.31% | 8.03% | 7.75% | N/A |
| R4 | 9/29/2005 | 13.58% | 8.30% | 8.02% | N/A |
| R6 | 8/29/2016 | 13.72% | 8.44% | N/A | 9.22% |
Comparative benchmark(s)
| Standard & Poor's 500 Stock Index (f) | 22.66% | 13.19% | 12.41% | N/A |
| MFS Lifetime 2040 Fund Blended Index (f)(z) | 13.60% | 8.84% | 8.02% | N/A |
| Bloomberg Commodity Index (f) | 2.89% | 7.04% | (1.54)% | N/A |
| Bloomberg U.S. Aggregate Bond Index (f) | (1.47)% | (0.16)% | 1.20% | N/A |
| FTSE EPRA Nareit Developed Real Estate Index (net div) (f) | (0.88)% | (1.17)% | 2.11% | N/A |
| MSCI EAFE Index (net div) (f) | 9.28% | 6.18% | 4.38% | N/A |
Average annual with sales
charge
| A With Initial Sales Charge (5.75%) | 6.81% | 6.77% | 7.12% | N/A |
| B With CDSC (Declining over six years from 4% to 0%) (v) | 8.50% | 6.92% | 6.94% | N/A |
| C With CDSC (1% for 12 months) (v) | 11.46% | 7.23% | 6.95% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I, R1, R2, R3, R4, and R6
shares do not have a sales charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
24
Performance Summary - continued
| (z) | The weights of the components of the blended benchmark (MFS Lifetime 2040 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period: |
| 4/30/24 | 4/30/23 | |
| Standard & Poor's 500 Stock Index | 52.75% | 53.25% |
| MSCI EAFE Index (net div) | 21.20% | 22.00% |
| Bloomberg U.S. Aggregate Bond Index | 17.75% | 16.25% |
| Bloomberg Commodity Index | 4.15% | 4.25% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.15% | 4.25% |
25
Performance Summary - continued
MFS Lifetime 2045 Fund
Growth of a Hypothetical $10,000
Investment
Total Returns through 4/30/24
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 11/02/2012 | 13.87% | 8.40% | 7.97% | N/A |
| B | 11/02/2012 | 12.99% | 7.58% | 7.17% | N/A |
| C | 11/02/2012 | 12.99% | 7.59% | 7.17% | N/A |
| I | 11/02/2012 | 14.11% | 8.66% | 8.26% | N/A |
| R1 | 11/02/2012 | 12.93% | 7.56% | 7.15% | N/A |
| R2 | 11/02/2012 | 13.59% | 8.12% | 7.70% | N/A |
| R3 | 11/02/2012 | 13.85% | 8.39% | 7.97% | N/A |
| R4 | 11/02/2012 | 14.11% | 8.66% | 8.24% | N/A |
| R6 | 8/29/2016 | 14.27% | 8.82% | N/A | 9.52% |
Comparative benchmark(s)
| Standard & Poor’s 500 Stock Index (f) | 22.66% | 13.19% | 12.41% | N/A |
| MFS Lifetime 2045 Fund Blended Index (f)(z) | 14.71% | 9.46% | 8.37% | N/A |
| Bloomberg Commodity Index (f) | 2.89% | 7.04% | (1.54)% | N/A |
| Bloomberg U.S. Aggregate Bond Index (f) | (1.47)% | (0.16)% | 1.20% | N/A |
| FTSE EPRA Nareit Developed Real Estate Index (net div) (f) | (0.88)% | (1.17)% | 2.11% | N/A |
| MSCI EAFE Index (net div) (f) | 9.28% | 6.18% | 4.38% | N/A |
Average annual with sales
charge
| A With Initial Sales Charge (5.75%) | 7.33% | 7.12% | 7.34% | N/A |
| B With CDSC (Declining over six years from 4% to 0%) (v) | 8.99% | 7.27% | 7.17% | N/A |
| C With CDSC (1% for 12 months) (v) | 11.99% | 7.59% | 7.17% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I, R1, R2, R3, R4, and R6
shares do not have a sales charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
26
Performance Summary - continued
| (z) | The weights of the components of the blended benchmark (MFS Lifetime 2045 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period: |
| 4/30/24 | 4/30/23 | |
| Standard & Poor’s 500 Stock Index | 55.25% | 55.75% |
| MSCI EAFE Index (net div) | 25.20% | 26.00% |
| Bloomberg U.S. Aggregate Bond Index | 10.25% | 8.75% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 4.65% | 4.75% |
| Bloomberg Commodity Index | 4.65% | 4.75% |
27
Performance Summary - continued
MFS Lifetime 2050 Fund
Growth of a Hypothetical $10,000
Investment
Total Returns through 4/30/24
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 9/15/2010 | 14.17% | 8.47% | 8.01% | N/A |
| B | 9/15/2010 | 13.32% | 7.66% | 7.21% | N/A |
| C | 9/15/2010 | 13.33% | 7.66% | 7.21% | N/A |
| I | 9/15/2010 | 14.46% | 8.73% | 8.28% | N/A |
| R1 | 9/15/2010 | 13.32% | 7.66% | 7.21% | N/A |
| R2 | 9/15/2010 | 13.89% | 8.20% | 7.74% | N/A |
| R3 | 9/15/2010 | 14.18% | 8.46% | 8.01% | N/A |
| R4 | 9/15/2010 | 14.49% | 8.73% | 8.28% | N/A |
| R6 | 8/29/2016 | 14.60% | 8.90% | N/A | 9.56% |
Comparative benchmark(s)
| Standard & Poor’s 500 Stock Index (f) | 22.66% | 13.19% | 12.41% | N/A |
| MFS Lifetime 2050 Fund Blended Index (f)(z) | 15.40% | 9.67% | 8.47% | N/A |
| Bloomberg Commodity Index (f) | 2.89% | 7.04% | (1.54)% | N/A |
| Bloomberg U.S. Aggregate Bond Index (f) | (1.47)% | (0.16)% | 1.20% | N/A |
| FTSE EPRA Nareit Developed Real Estate Index (net div) (f) | (0.88)% | (1.17)% | 2.11% | N/A |
| MSCI EAFE Index (net div) (f) | 9.28% | 6.18% | 4.38% | N/A |
Average annual with sales
charge
| A With Initial Sales Charge (5.75%) | 7.60% | 7.19% | 7.37% | N/A |
| B With CDSC (Declining over six years from 4% to 0%) (v) | 9.32% | 7.36% | 7.21% | N/A |
| C With CDSC (1% for 12 months) (v) | 12.33% | 7.66% | 7.21% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I, R1, R2, R3, R4, and R6
shares do not have a sales charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
28
Performance Summary - continued
| (z) | The weights of the components of the blended benchmark (MFS Lifetime 2050 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period: |
| 4/30/24 | 4/30/23 | |
| Standard & Poor's 500 Stock Index | 57.00% | 57.00% |
| MSCI EAFE Index (net div) | 28.00% | 28.00% |
| Bloomberg Commodity Index | 5.00% | 5.00% |
| Bloomberg U.S. Aggregate Bond Index | 5.00% | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% | 5.00% |
29
Performance Summary - continued
MFS Lifetime 2055 Fund
Growth of a Hypothetical $10,000
Investment
Total Returns through 4/30/24
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr | Life (t) |
| A | 11/02/2012 | 14.17% | 8.48% | 8.01% | N/A |
| B | 11/02/2012 | 13.32% | 7.66% | 7.20% | N/A |
| C | 11/02/2012 | 13.34% | 7.67% | 7.21% | N/A |
| I | 11/02/2012 | 14.49% | 8.74% | 8.23% | N/A |
| R1 | 11/02/2012 | 13.34% | 7.68% | 7.20% | N/A |
| R2 | 11/02/2012 | 13.89% | 8.22% | 7.74% | N/A |
| R3 | 11/02/2012 | 14.16% | 8.47% | 8.01% | N/A |
| R4 | 11/02/2012 | 14.47% | 8.75% | 8.28% | N/A |
| R6 | 8/29/2016 | 14.66% | 8.92% | N/A | 9.57% |
Comparative benchmark(s)
| Standard & Poor’s 500 Stock Index (f) | 22.66% | 13.19% | 12.41% | N/A |
| MFS Lifetime 2055 Fund Blended Index (f)(z) | 15.40% | 9.67% | 8.47% | N/A |
| Bloomberg Commodity Index (f) | 2.89% | 7.04% | (1.54)% | N/A |
| Bloomberg U.S. Aggregate Bond Index (f) | (1.47)% | (0.16)% | 1.20% | N/A |
| FTSE EPRA Nareit Developed Real Estate Index (net div) (f) | (0.88)% | (1.17)% | 2.11% | N/A |
| MSCI EAFE Index (net div) (f) | 9.28% | 6.18% | 4.38% | N/A |
Average annual with sales
charge
| A With Initial Sales Charge (5.75%) | 7.61% | 7.20% | 7.37% | N/A |
| B With CDSC (Declining over six years from 4% to 0%) (v) | 9.32% | 7.36% | 7.20% | N/A |
| C With CDSC (1% for 12 months) (v) | 12.34% | 7.67% | 7.21% | N/A |
CDSC – Contingent Deferred
Sales Charge.
Class I, R1, R2, R3, R4, and R6
shares do not have a sales charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
30
Performance Summary - continued
| (z) | The weights of the components of the blended benchmark (MFS Lifetime 2055 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period: |
| 4/30/24 | 4/30/23 | |
| Standard & Poor’s 500 Stock Index | 57.00% | 57.00% |
| MSCI EAFE Index (net div) | 28.00% | 28.00% |
| Bloomberg Commodity Index | 5.00% | 5.00% |
| Bloomberg U.S. Aggregate Bond Index | 5.00% | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% | 5.00% |
31
Performance Summary - continued
MFS Lifetime 2060 Fund
Growth of a Hypothetical $10,000
Investment (t)
Total Returns through 4/30/24
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | 5-yr | Life (t) |
| A | 12/06/2016 | 14.12% | 8.49% | 9.54% |
| B | 12/06/2016 | 13.27% | 7.67% | 8.74% |
| C | 12/06/2016 | 13.30% | 7.68% | 8.74% |
| I | 12/06/2016 | 14.39% | 8.76% | 9.83% |
| R1 | 12/06/2016 | 14.15% | 7.95% | 8.92% |
| R2 | 12/06/2016 | 13.92% | 8.22% | 9.29% |
| R3 | 12/06/2016 | 14.12% | 8.49% | 9.55% |
| R4 | 12/06/2016 | 14.45% | 8.74% | 9.81% |
| R6 | 12/06/2016 | 14.65% | 8.90% | 9.95% |
Comparative benchmark(s)
| Standard & Poor's 500 Stock Index (f) | 22.66% | 13.19% | 13.79% |
| MFS Lifetime 2060 Fund Blended Index (f)(z) | 15.40% | 9.67% | 10.36% |
| Bloomberg Commodity Index (f) | 2.89% | 7.04% | 3.93% |
| Bloomberg U.S. Aggregate Bond Index (f) | (1.47)% | (0.16)% | 0.79% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) (f) | (0.88)% | (1.17)% | 1.85% |
| MSCI EAFE Index (net div) (f) | 9.28% | 6.18% | 7.37% |
Average annual with sales
charge
| A With Initial Sales Charge (5.75%) | 7.56% | 7.21% | 8.67% |
| B With CDSC (Declining over six years from 4% to 0%) (v) | 9.27% | 7.37% | 8.74% |
| C With CDSC (1% for 12 months) (v) | 12.30% | 7.68% | 8.74% |
CDSC – Contingent Deferred
Sales Charge.
Class I, R1, R2, R3, R4, and R6
shares do not have a sales charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
32
Performance Summary - continued
| (z) | The weights of the components of the blended benchmark (MFS Lifetime 2060 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period: |
| 4/30/24 | 4/30/23 | |
| Standard & Poor’s 500 Stock Index | 57.00% | 57.00% |
| MSCI EAFE Index (net div) | 28.00% | 28.00% |
| Bloomberg U.S. Aggregate Bond Index | 5.00% | 5.00% |
| Bloomberg Commodity Index | 5.00% | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% | 5.00% |
33
Performance Summary - continued
MFS Lifetime 2065 Fund
Growth of a Hypothetical $10,000
Investment (t)
Total Returns through 4/30/24
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | Life (t) |
| A | 9/01/2021 | 14.19% | 1.37% |
| C | 9/01/2021 | 13.47% | 0.66% |
| I | 9/01/2021 | 14.58% | 1.67% |
| R1 | 9/01/2021 | 13.33% | 0.63% |
| R2 | 9/01/2021 | 13.99% | 1.17% |
| R3 | 9/01/2021 | 14.20% | 1.38% |
| R4 | 9/01/2021 | 14.47% | 1.63% |
| R6 | 9/01/2021 | 14.66% | 1.70% |
Comparative benchmark(s)
| Standard & Poor's 500 Stock Index (f) | 22.66% | 5.76% |
| MFS Lifetime 2065 Fund Blended Index (f)(z) | 15.40% | 3.48% |
| Bloomberg Commodity Index (f) | 2.89% | 5.70% |
| Bloomberg U.S. Aggregate Bond Index (f) | (1.47)% | (4.67)% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) (f) | (0.88)% | (8.41)% |
| MSCI EAFE Index (net div) (f) | 9.28% | 1.47% |
Average annual with sales
charge
| A With Initial Sales Charge (5.75%) | 7.62% | (0.85)% |
| C With CDSC (1% for 12 months) (v) | 12.47% | 0.66% |
CDSC – Contingent Deferred
Sales Charge.
Class I, R1, R2, R3, R4, and R6
shares do not have a sales charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
34
Performance Summary - continued
| (z) | The weights of the components of the blended benchmark (MFS Lifetime 2065 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period: |
| 4/30/24 | 4/30/23 | |
| Standard & Poor’s 500 Stock Index | 57.00% | 57.00% |
| MSCI EAFE Index (net div) | 28.00% | 28.00% |
| Bloomberg U.S. Aggregate Bond Index | 5.00% | 5.00% |
| Bloomberg Commodity Index | 5.00% | 5.00% |
| FTSE EPRA Nareit Developed Real Estate Index (net div) | 5.00% | 5.00% |
Benchmark Definition(s)
Bloomberg Commodity Index(a) – a highly liquid and diversified benchmark for the commodity futures market. The index tracks trades on futures contracts for physical
commodities, such as energy (petroleum, gas), precious metals (gold, silver), industrial metals (zinc, copper), grains (corn, wheat), livestock (pork bellies), among others, and are traded in a variety of
currencies.
Bloomberg U.S. Aggregate Bond
Index(a) – a market capitalization-weighted index that measures the performance of the U.S. investment-grade, fixed rate bond market, with index
components for government and corporate securities, mortgage pass-through securities, and asset-backed securities with at least one year to final maturity.
FTSE EPRA Nareit Developed Real
Estate Index(c) (net div) – measures the performance of eligible real estate equities worldwide that generate a majority of their revenue and income through
the ownership, disposure and development of income-producing real estate.
MSCI EAFE (Europe, Australasia,
Far East) Index(e) (net div) – a market capitalization-weighted index that is designed to measure equity market performance in the developed markets, excluding
the U.S. and Canada.
Standard & Poor's 500 Stock
Index(g) – a market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.
It is not possible to invest
directly in an index.
| (a) | Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. |
| (c) | FTSE International Limited (“FTSE”)© FTSE 2019. “FTSE®” is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. “FT-SE®”, “FOOTSIE®” and “FTSE4GOOD®” are trademarks of the London Stock Exchange Group companies. “Nareit®” is a trademark of the National Association of Real Estate Investment Trusts (“Nareit”) and “EPRA®” is a trademark of the European Public Real Estate Association (“EPRA”) and all are used by FTSE under license. The FTSE EPRA Nareit Developed Real Estate Index is calculated by FTSE. Neither FTSE, Euronext N.V., Nareit, nor EPRA sponsor, endorse, or promote this product and are not in any way connected to it and do not accept any liability. All intellectual property rights in the index values and constituent list vests in FTSE, Euronext N.V., Nareit, and EPRA. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE's express written consent. |
| (e) | Morgan Stanley Capital International (“MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. |
| (g) | “Standard & Poor's®” and “S&P®” are registered trademarks of Standard & Poor's Financial Services LLC (“S&P”) and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by MFS. The S&P 500® is a product of S&P Dow Jones Indices LLC, and has been licensed for use by MFS. MFS's product(s) is not sponsored, endorsed, sold, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, nor their respective affiliates make any representation regarding the advisability of investing in such product(s). |
Notes to Performance Summary
Average annual total return
represents the average annual change in value for each share class for the periods presented. Life returns are presented where the share class has less than 10 years of performance history and represent the average
annual total return from the class inception date to the stated period end date. As the fund's share classes may have different inception dates, the life returns may represent different time periods and may not be
comparable. As a result, no comparative benchmark performance information is provided for life periods, for certain classes for certain funds.
Performance results reflect any
applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers each fund's performance results would be less favorable. Please see the prospectus and financial
statements for complete details.
35
Performance Summary - continued
Performance results do not
include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.
From time to time the funds may
receive proceeds from litigation settlements, without which performance would be lower.
36
Expense Tables
Fund expenses borne by the
shareholders during the period,
November 1, 2023 through April 30, 2024
November 1, 2023 through April 30, 2024
As a shareholder of the funds,
you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including distribution and service (12b-1) fees; and other fund
expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds.
In addition to the fees and
expenses which each fund bears directly, each fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which each fund invests. Because the underlying funds have varied expenses and
fee levels and each fund may own different proportions of the underlying funds at different times, the amount of fees and expenses incurred indirectly by each fund will vary. If these transactional and indirect costs
were included, your costs would have been higher.
These examples are based on an
investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2023 through April 30, 2024.
Actual Expenses
The first line for each share
class in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you
paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled
“Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for
Comparison Purposes
The second line for each share
class in the following tables provides information about hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not each fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this
information to compare the ongoing costs of investing in each fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses
shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the tables is useful in
comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
37
Expense Tables - continued
MFS LIFETIME INCOME FUND
| Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/23 | Ending Account Value 4/30/24 | Expenses Paid During Period (p) 11/01/23-4/30/24 | |
| A | Actual | 0.24% | $1,000.00 | $1,086.53 | $1.25 |
| Hypothetical (h) | 0.24% | $1,000.00 | $1,023.67 | $1.21 | |
| B | Actual | 0.99% | $1,000.00 | $1,082.53 | $5.13 |
| Hypothetical (h) | 0.99% | $1,000.00 | $1,019.94 | $4.97 | |
| C | Actual | 0.99% | $1,000.00 | $1,083.49 | $5.13 |
| Hypothetical (h) | 0.99% | $1,000.00 | $1,019.94 | $4.97 | |
| I | Actual | 0.00% | $1,000.00 | $1,088.77 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R1 | Actual | 0.99% | $1,000.00 | $1,082.43 | $5.13 |
| Hypothetical (h) | 0.99% | $1,000.00 | $1,019.94 | $4.97 | |
| R2 | Actual | 0.49% | $1,000.00 | $1,085.21 | $2.54 |
| Hypothetical (h) | 0.49% | $1,000.00 | $1,022.43 | $2.46 | |
| R3 | Actual | 0.24% | $1,000.00 | $1,086.53 | $1.25 |
| Hypothetical (h) | 0.24% | $1,000.00 | $1,023.67 | $1.21 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,088.83 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,089.18 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
38
Expense Tables - continued
MFS LIFETIME 2025 FUND
| Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/23 | Ending Account Value 4/30/24 | Expenses Paid During Period (p) 11/01/23-4/30/24 | |
| A | Actual | 0.25% | $1,000.00 | $1,093.99 | $1.30 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| B | Actual | 1.00% | $1,000.00 | $1,089.81 | $5.20 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| C | Actual | 1.00% | $1,000.00 | $1,089.84 | $5.20 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| I | Actual | 0.00% | $1,000.00 | $1,095.10 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R1 | Actual | 1.00% | $1,000.00 | $1,090.29 | $5.20 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| R2 | Actual | 0.50% | $1,000.00 | $1,093.24 | $2.60 |
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.38 | $2.51 | |
| R3 | Actual | 0.25% | $1,000.00 | $1,094.03 | $1.30 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,095.57 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,095.61 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
39
Expense Tables - continued
MFS LIFETIME 2030 FUND
| Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/23 | Ending Account Value 4/30/24 | Expenses Paid During Period (p) 11/01/23-4/30/24 | |
| A | Actual | 0.25% | $1,000.00 | $1,117.63 | $1.32 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| B | Actual | 1.00% | $1,000.00 | $1,113.74 | $5.26 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| C | Actual | 1.00% | $1,000.00 | $1,113.50 | $5.25 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| I | Actual | 0.00% | $1,000.00 | $1,119.71 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R1 | Actual | 1.00% | $1,000.00 | $1,114.08 | $5.26 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| R2 | Actual | 0.50% | $1,000.00 | $1,117.10 | $2.63 |
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.38 | $2.51 | |
| R3 | Actual | 0.25% | $1,000.00 | $1,117.83 | $1.32 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,119.62 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,120.26 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
40
Expense Tables - continued
MFS LIFETIME 2035 FUND
| Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/23 | Ending Account Value 4/30/24 | Expenses Paid During Period (p) 11/01/23-4/30/24 | |
| A | Actual | 0.25% | $1,000.00 | $1,147.93 | $1.34 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| B | Actual | 1.00% | $1,000.00 | $1,142.76 | $5.33 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| C | Actual | 1.00% | $1,000.00 | $1,142.76 | $5.33 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| I | Actual | 0.00% | $1,000.00 | $1,149.45 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R1 | Actual | 1.00% | $1,000.00 | $1,142.75 | $5.33 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| R2 | Actual | 0.50% | $1,000.00 | $1,145.78 | $2.67 |
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.38 | $2.51 | |
| R3 | Actual | 0.25% | $1,000.00 | $1,147.27 | $1.33 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,148.60 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,150.11 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
41
Expense Tables - continued
MFS LIFETIME 2040 FUND
| Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/23 | Ending Account Value 4/30/24 | Expenses Paid During Period (p) 11/01/23-4/30/24 | |
| A | Actual | 0.25% | $1,000.00 | $1,168.32 | $1.35 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| B | Actual | 1.00% | $1,000.00 | $1,163.48 | $5.38 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| C | Actual | 1.00% | $1,000.00 | $1,163.78 | $5.38 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| I | Actual | 0.00% | $1,000.00 | $1,169.40 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R1 | Actual | 1.00% | $1,000.00 | $1,163.25 | $5.38 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| R2 | Actual | 0.50% | $1,000.00 | $1,166.13 | $2.69 |
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.38 | $2.51 | |
| R3 | Actual | 0.25% | $1,000.00 | $1,168.18 | $1.35 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,169.72 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,169.77 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
42
Expense Tables - continued
MFS LIFETIME 2045 FUND
| Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/23 | Ending Account Value 4/30/24 | Expenses Paid During Period (p) 11/01/23-4/30/24 | |
| A | Actual | 0.25% | $1,000.00 | $1,175.28 | $1.35 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| B | Actual | 1.00% | $1,000.00 | $1,170.75 | $5.40 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| C | Actual | 1.00% | $1,000.00 | $1,171.13 | $5.40 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| I | Actual | 0.00% | $1,000.00 | $1,176.71 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R1 | Actual | 1.00% | $1,000.00 | $1,170.73 | $5.40 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| R2 | Actual | 0.50% | $1,000.00 | $1,173.94 | $2.70 |
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.38 | $2.51 | |
| R3 | Actual | 0.25% | $1,000.00 | $1,175.79 | $1.35 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,176.65 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,177.64 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
43
Expense Tables - continued
MFS LIFETIME 2050 FUND
| Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/23 | Ending Account Value 4/30/24 | Expenses Paid During Period (p) 11/01/23-4/30/24 | |
| A | Actual | 0.25% | $1,000.00 | $1,179.87 | $1.35 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| B | Actual | 1.00% | $1,000.00 | $1,176.00 | $5.41 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| C | Actual | 1.00% | $1,000.00 | $1,175.87 | $5.41 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| I | Actual | 0.00% | $1,000.00 | $1,181.08 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R1 | Actual | 1.00% | $1,000.00 | $1,175.53 | $5.41 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| R2 | Actual | 0.50% | $1,000.00 | $1,178.08 | $2.71 |
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.38 | $2.51 | |
| R3 | Actual | 0.25% | $1,000.00 | $1,179.74 | $1.35 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,181.35 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,181.93 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
44
Expense Tables - continued
MFS LIFETIME 2055 FUND
| Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/23 | Ending Account Value 4/30/24 | Expenses Paid During Period (p) 11/01/23-4/30/24 | |
| A | Actual | 0.25% | $1,000.00 | $1,179.93 | $1.36 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| B | Actual | 1.00% | $1,000.00 | $1,175.45 | $5.41 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| C | Actual | 1.00% | $1,000.00 | $1,175.48 | $5.41 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| I | Actual | 0.00% | $1,000.00 | $1,181.70 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R1 | Actual | 1.00% | $1,000.00 | $1,175.98 | $5.41 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| R2 | Actual | 0.50% | $1,000.00 | $1,178.45 | $2.71 |
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.38 | $2.51 | |
| R3 | Actual | 0.25% | $1,000.00 | $1,179.75 | $1.35 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,181.93 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,182.45 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
45
Expense Tables - continued
MFS LIFETIME 2060 FUND
| Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/23 | Ending Account Value 4/30/24 | Expenses Paid During Period (p) 11/01/23-4/30/24 | |
| A | Actual | 0.25% | $1,000.00 | $1,179.52 | $1.35 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| B | Actual | 1.00% | $1,000.00 | $1,175.07 | $5.41 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| C | Actual | 1.00% | $1,000.00 | $1,174.90 | $5.41 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
| I | Actual | 0.00% | $1,000.00 | $1,181.01 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R1 | Actual | 0.25% | $1,000.00 | $1,179.51 | $1.35 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| R2 | Actual | 0.50% | $1,000.00 | $1,178.31 | $2.71 |
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.38 | $2.51 | |
| R3 | Actual | 0.25% | $1,000.00 | $1,179.43 | $1.35 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.62 | $1.26 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,180.83 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,182.76 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,024.86 | $0.00 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Notes to Expense Table
For the MFS Lifetime 2060 Fund,
for the period from November 1, 2023 through April 30, 2024, the distribution fee for Class R1 was not imposed. Had the distribution fee been imposed throughout the entire six month period, the annualized expense
ratio, the actual expenses paid during the period, and the hypothetical expenses paid during the period would have been approximately 1.00%, $5,42, and $5.02 for Class R1. See Note 3 in the Notes to Financial
Statements for additional information.
46
Expense Tables - continued
MFS LIFETIME 2065 FUND
| Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/23 | Ending Account Value 4/30/24 | Expenses Paid During Period (p) 11/01/23-4/30/24 | |
| A | Actual | 0.22% | $1,000.00 | $1,179.85 | $1.19 |
| Hypothetical (h) | 0.22% | $1,000.00 | $1,023.77 | $1.11 | |
| C | Actual | 0.97% | $1,000.00 | $1,176.87 | $5.25 |
| Hypothetical (h) | 0.97% | $1,000.00 | $1,020.04 | $4.87 | |
| I | Actual | 0.01% | $1,000.00 | $1,182.32 | $0.05 |
| Hypothetical (h) | 0.01% | $1,000.00 | $1,024.81 | $0.05 | |
| R1 | Actual | 0.97% | $1,000.00 | $1,175.38 | $5.25 |
| Hypothetical (h) | 0.97% | $1,000.00 | $1,020.04 | $4.87 | |
| R2 | Actual | 0.47% | $1,000.00 | $1,179.28 | $2.55 |
| Hypothetical (h) | 0.47% | $1,000.00 | $1,022.53 | $2.36 | |
| R3 | Actual | 0.22% | $1,000.00 | $1,179.99 | $1.19 |
| Hypothetical (h) | 0.22% | $1,000.00 | $1,023.77 | $1.11 | |
| R4 | Actual | 0.01% | $1,000.00 | $1,181.25 | $0.05 |
| Hypothetical (h) | 0.01% | $1,000.00 | $1,024.81 | $0.05 | |
| R6 | Actual | 0.01% | $1,000.00 | $1,183.19 | $0.05 |
| Hypothetical (h) | 0.01% | $1,000.00 | $1,024.81 | $0.05 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Notes to Expense Table
For the MFS Lifetime 2065
Fund, expense ratios include approximately 0.01% of interest related expenses that are outside of the expense limitation arrangement (See Note 3 of the Notes to Financial
Statements).
47
Portfolio of Investments
4/30/24
The Portfolio of Investments is
a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
MFS Lifetime Income Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 69.8% | ||||
| MFS Emerging Markets Debt Fund - Class R6 | 532,597 | $6,258,015 | ||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 1,160,207 | 6,207,107 | ||
| MFS Global Opportunistic Bond Fund - Class R6 | 5,540,281 | 43,712,819 | ||
| MFS Government Securities Fund - Class R6 | 6,964,501 | 58,014,294 | ||
| MFS High Income Fund - Class R6 | 4,154,878 | 12,547,730 | ||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 6,903,335 | 61,646,782 | ||
| MFS Limited Maturity Fund - Class R6 | 21,868,774 | 125,089,385 | ||
| MFS Total Return Bond Fund - Class R6 | 13,123,411 | 120,472,917 | ||
| $433,949,049 | ||||
| International Stock Funds – 5.0% | ||||
| MFS Blended Research International Equity Fund - Class R6 | 1,225,749 | $15,517,979 | ||
| MFS International Growth Fund - Class R6 | 75,993 | 3,094,429 | ||
| MFS International Intrinsic Value Fund - Class R6 | 78,746 | 3,089,232 | ||
| MFS Research International Fund - Class R6 | 416,369 | 9,305,847 | ||
| $31,007,487 | ||||
| Non-Traditional Funds – 3.9% | ||||
| MFS Commodity Strategy Fund - Class R6 | 3,414,989 | $12,293,959 | ||
| MFS Global Real Estate Fund - Class R6 | 775,934 | 12,104,575 | ||
| $24,398,534 | ||||
| U.S. Stock Funds – 18.3% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 288,832 | $9,979,138 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 467,673 | 9,914,674 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 1,315,112 | 18,411,563 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 412,150 | 6,116,310 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 773,542 | 12,353,463 | ||
| MFS Growth Fund - Class R6 | 51,218 | 9,855,908 | ||
| MFS Mid Cap Growth Fund - Class R6 (a) | 299,529 | 9,102,690 | ||
| MFS Mid Cap Value Fund - Class R6 | 289,025 | 9,271,917 | ||
| MFS New Discovery Fund - Class R6 (a) | 103,990 | 3,037,542 | ||
| MFS New Discovery Value Fund - Class R6 | 175,210 | 3,080,190 | ||
| MFS Research Fund - Class R6 | 178,216 | 9,940,874 | ||
| MFS Value Fund - Class R6 | 251,593 | 12,385,948 | ||
| $113,450,217 | ||||
| Money Market Funds – 3.0% | ||||
| MFS Institutional Money Market Portfolio, 5.38% (v) | 18,701,436 | $18,701,436 | ||
| Total Investment Companies (Identified Cost, $571,425,819) | $621,506,723 | |||
| Other Assets, Less Liabilities – 0.0% | 37,878 | |||
| Net Assets – 100.0% | $621,544,601 | |||
See Portfolio Footnotes and Notes to
Financial Statements
48
Portfolio of Investments – continued
MFS Lifetime 2025 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 66.6% | ||||
| MFS Emerging Markets Debt Fund - Class R6 | 426,159 | $5,007,364 | ||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 932,443 | 4,988,572 | ||
| MFS Global Opportunistic Bond Fund - Class R6 | 3,442,902 | 27,164,495 | ||
| MFS Government Securities Fund - Class R6 | 4,327,365 | 36,046,954 | ||
| MFS High Income Fund - Class R6 | 3,316,411 | 10,015,561 | ||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 4,285,187 | 38,266,718 | ||
| MFS Limited Maturity Fund - Class R6 | 11,632,689 | 66,538,982 | ||
| MFS Total Return Bond Fund - Class R6 | 7,555,700 | 69,361,327 | ||
| $257,389,973 | ||||
| International Stock Funds – 5.8% | ||||
| MFS Blended Research International Equity Fund - Class R6 | 892,758 | $11,302,319 | ||
| MFS International Growth Fund - Class R6 | 60,782 | 2,475,045 | ||
| MFS International Intrinsic Value Fund - Class R6 | 62,961 | 2,469,943 | ||
| MFS Research International Fund - Class R6 | 283,536 | 6,337,042 | ||
| $22,584,349 | ||||
| Non-Traditional Funds – 4.0% | ||||
| MFS Commodity Strategy Fund - Class R6 | 2,129,965 | $7,667,872 | ||
| MFS Global Real Estate Fund - Class R6 | 489,184 | 7,631,272 | ||
| $15,299,144 | ||||
| U.S. Stock Funds – 20.6% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 212,093 | $7,327,797 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 344,587 | 7,305,242 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 899,885 | 12,598,388 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 258,442 | 3,835,277 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 550,543 | 8,792,175 | ||
| MFS Growth Fund - Class R6 | 37,863 | 7,286,028 | ||
| MFS Mid Cap Growth Fund - Class R6 (a) | 206,608 | 6,278,821 | ||
| MFS Mid Cap Value Fund - Class R6 | 197,513 | 6,336,229 | ||
| MFS New Discovery Fund - Class R6 (a) | 65,445 | 1,911,638 | ||
| MFS New Discovery Value Fund - Class R6 | 109,210 | 1,919,903 | ||
| MFS Research Fund - Class R6 | 131,209 | 7,318,848 | ||
| MFS Value Fund - Class R6 | 178,776 | 8,801,165 | ||
| $79,711,511 | ||||
| Money Market Funds – 3.0% | ||||
| MFS Institutional Money Market Portfolio, 5.38% (v) | 11,641,572 | $11,641,572 | ||
| Total Investment Companies (Identified Cost, $364,014,613) | $386,626,549 | |||
| Other Assets, Less Liabilities – (0.0)% | (48,972) | |||
| Net Assets – 100.0% | $386,577,577 | |||
See Portfolio Footnotes and Notes to
Financial Statements
49
Portfolio of Investments – continued
MFS Lifetime 2030 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 52.7% | ||||
| MFS Emerging Markets Debt Fund - Class R6 | 1,546,857 | $18,175,574 | ||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 2,908,501 | 15,560,478 | ||
| MFS Global Opportunistic Bond Fund - Class R6 | 6,394,282 | 50,450,887 | ||
| MFS Government Securities Fund - Class R6 | 8,779,234 | 73,131,017 | ||
| MFS High Income Fund - Class R6 | 10,551,573 | 31,865,749 | ||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 7,953,201 | 71,022,086 | ||
| MFS Limited Maturity Fund - Class R6 | 9,698,078 | 55,473,008 | ||
| MFS Total Return Bond Fund - Class R6 | 10,701,947 | 98,243,876 | ||
| $413,922,675 | ||||
| International Stock Funds – 9.6% | ||||
| MFS Blended Research International Equity Fund - Class R6 | 2,890,933 | $36,599,212 | ||
| MFS International Growth Fund - Class R6 | 221,373 | 9,014,324 | ||
| MFS International Intrinsic Value Fund - Class R6 | 230,844 | 9,056,016 | ||
| MFS International New Discovery Fund - Class R6 | 74,006 | 2,325,255 | ||
| MFS Research International Fund - Class R6 | 810,628 | 18,117,528 | ||
| $75,112,335 | ||||
| Non-Traditional Funds – 4.5% | ||||
| MFS Commodity Strategy Fund - Class R6 | 5,016,855 | $18,060,680 | ||
| MFS Global Real Estate Fund - Class R6 | 1,125,880 | 17,563,722 | ||
| $35,624,402 | ||||
| U.S. Stock Funds – 30.2% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 659,688 | $22,792,219 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 1,067,600 | 22,633,121 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 2,737,196 | 38,320,749 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 599,558 | 8,897,440 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 1,629,525 | 26,023,513 | ||
| MFS Growth Fund - Class R6 | 116,981 | 22,510,615 | ||
| MFS Mid Cap Growth Fund - Class R6 (a) | 620,662 | 18,861,931 | ||
| MFS Mid Cap Value Fund - Class R6 | 602,236 | 19,319,731 | ||
| MFS New Discovery Fund - Class R6 (a) | 151,759 | 4,432,864 | ||
| MFS New Discovery Value Fund - Class R6 | 257,164 | 4,520,948 | ||
| MFS Research Fund - Class R6 | 406,995 | 22,702,201 | ||
| MFS Value Fund - Class R6 | 529,065 | 26,045,852 | ||
| $237,061,184 | ||||
| Money Market Funds – 3.0% | ||||
| MFS Institutional Money Market Portfolio, 5.38% (v) | 23,943,988 | $23,943,987 | ||
| Total Investment Companies (Identified Cost, $675,482,982) | $785,664,583 | |||
| Other Assets, Less Liabilities – (0.0)% | (67,540) | |||
| Net Assets – 100.0% | $785,597,043 | |||
See Portfolio Footnotes and Notes to
Financial Statements
50
Portfolio of Investments – continued
MFS Lifetime 2035 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 32.9% | ||||
| MFS Emerging Markets Debt Fund - Class R6 | 1,522,257 | $17,886,519 | ||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 2,208,927 | 11,817,758 | ||
| MFS Global Opportunistic Bond Fund - Class R6 | 3,320,712 | 26,200,415 | ||
| MFS Government Securities Fund - Class R6 | 4,687,982 | 39,050,895 | ||
| MFS High Income Fund - Class R6 | 7,949,762 | 24,008,280 | ||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 4,200,847 | 37,513,565 | ||
| MFS Total Return Bond Fund - Class R6 | 4,232,123 | 38,850,887 | ||
| $195,328,319 | ||||
| International Stock Funds – 15.1% | ||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 68,464 | $902,358 | ||
| MFS Blended Research International Equity Fund - Class R6 | 3,183,473 | 40,302,762 | ||
| MFS Emerging Markets Equity Fund - Class R6 | 27,279 | 899,120 | ||
| MFS International Growth Fund - Class R6 | 260,676 | 10,614,726 | ||
| MFS International Intrinsic Value Fund - Class R6 | 271,021 | 10,632,170 | ||
| MFS International New Discovery Fund - Class R6 | 244,246 | 7,674,212 | ||
| MFS Research International Fund - Class R6 | 835,024 | 18,662,791 | ||
| $89,688,139 | ||||
| Non-Traditional Funds – 6.6% | ||||
| MFS Commodity Strategy Fund - Class R6 | 5,473,907 | $19,706,066 | ||
| MFS Global Real Estate Fund - Class R6 | 1,232,623 | 19,228,913 | ||
| $38,934,979 | ||||
| U.S. Stock Funds – 42.4% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 664,532 | $22,959,592 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 1,076,352 | 22,818,667 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 3,196,350 | 44,748,902 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 654,194 | 9,708,239 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 1,595,592 | 25,481,600 | ||
| MFS Growth Fund - Class R6 | 118,124 | 22,730,586 | ||
| MFS Mid Cap Growth Fund - Class R6 (a) | 727,500 | 22,108,726 | ||
| MFS Mid Cap Value Fund - Class R6 | 703,753 | 22,576,402 | ||
| MFS New Discovery Fund - Class R6 (a) | 164,907 | 4,816,944 | ||
| MFS New Discovery Value Fund - Class R6 | 277,995 | 4,887,142 | ||
| MFS Research Fund - Class R6 | 410,526 | 22,899,142 | ||
| MFS Value Fund - Class R6 | 518,418 | 25,521,700 | ||
| $251,257,642 | ||||
| Money Market Funds – 3.0% | ||||
| MFS Institutional Money Market Portfolio, 5.38% (v) | 17,826,374 | $17,826,374 | ||
| Total Investment Companies (Identified Cost, $498,231,957) | $593,035,453 | |||
| Other Assets, Less Liabilities – (0.0)% | (78,085) | |||
| Net Assets – 100.0% | $592,957,368 | |||
See Portfolio Footnotes and Notes to
Financial Statements
51
Portfolio of Investments – continued
MFS Lifetime 2040 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 17.1% | ||||
| MFS Emerging Markets Debt Fund - Class R6 | 1,683,350 | $19,779,366 | ||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 2,435,925 | 13,032,201 | ||
| MFS Global Opportunistic Bond Fund - Class R6 | 2,499,238 | 19,718,985 | ||
| MFS High Income Fund - Class R6 | 8,788,454 | 26,541,132 | ||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 3,914,255 | 34,954,296 | ||
| MFS Total Return Bond Fund - Class R6 | 1,871,951 | 17,184,508 | ||
| $131,210,488 | ||||
| International Stock Funds – 21.4% | ||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 346,374 | $4,565,214 | ||
| MFS Blended Research International Equity Fund - Class R6 | 5,447,186 | 68,961,378 | ||
| MFS Emerging Markets Equity Fund - Class R6 | 137,417 | 4,529,245 | ||
| MFS International Growth Fund - Class R6 | 497,459 | 20,256,523 | ||
| MFS International Intrinsic Value Fund - Class R6 | 520,969 | 20,437,608 | ||
| MFS International New Discovery Fund - Class R6 | 562,156 | 17,662,935 | ||
| MFS Research International Fund - Class R6 | 1,227,201 | 27,427,943 | ||
| $163,840,846 | ||||
| Non-Traditional Funds – 8.3% | ||||
| MFS Commodity Strategy Fund - Class R6 | 9,027,136 | $32,497,689 | ||
| MFS Global Real Estate Fund - Class R6 | 1,995,363 | 31,127,660 | ||
| $63,625,349 | ||||
| U.S. Stock Funds – 50.9% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 1,018,553 | $35,191,012 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 1,681,369 | 35,645,023 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 4,998,528 | 69,979,392 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 1,058,992 | 15,715,434 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 2,442,208 | 39,002,064 | ||
| MFS Growth Fund - Class R6 | 184,517 | 35,506,550 | ||
| MFS Mid Cap Growth Fund - Class R6 (a) | 1,133,086 | 34,434,479 | ||
| MFS Mid Cap Value Fund - Class R6 | 1,096,864 | 35,187,407 | ||
| MFS New Discovery Fund - Class R6 (a) | 267,746 | 7,820,859 | ||
| MFS New Discovery Value Fund - Class R6 | 452,605 | 7,956,790 | ||
| MFS Research Fund - Class R6 | 628,169 | 35,039,295 | ||
| MFS Value Fund - Class R6 | 793,493 | 39,063,682 | ||
| $390,541,987 | ||||
| Money Market Funds – 2.3% | ||||
| MFS Institutional Money Market Portfolio, 5.38% (v) | 18,000,995 | $18,000,995 | ||
| Total Investment Companies (Identified Cost, $576,366,570) | $767,219,665 | |||
| Other Assets, Less Liabilities – (0.0)% | (20,721) | |||
| Net Assets – 100.0% | $767,198,944 | |||
See Portfolio Footnotes and Notes to
Financial Statements
52
Portfolio of Investments – continued
MFS Lifetime 2045 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 9.6% | ||||
| MFS Emerging Markets Debt Fund - Class R6 | 461,915 | $5,427,498 | ||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 668,781 | 3,577,977 | ||
| MFS Global Opportunistic Bond Fund - Class R6 | 685,490 | 5,408,515 | ||
| MFS High Income Fund - Class R6 | 2,411,648 | 7,283,176 | ||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 1,880,689 | 16,794,558 | ||
| MFS Total Return Bond Fund - Class R6 | 1,099,537 | 10,093,749 | ||
| $48,585,473 | ||||
| International Stock Funds – 25.3% | ||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 325,414 | $4,288,960 | ||
| MFS Blended Research International Equity Fund - Class R6 | 4,100,780 | 51,915,878 | ||
| MFS Emerging Markets Equity Fund - Class R6 | 129,539 | 4,269,613 | ||
| MFS International Growth Fund - Class R6 | 391,464 | 15,940,398 | ||
| MFS International Intrinsic Value Fund - Class R6 | 408,070 | 16,008,573 | ||
| MFS International New Discovery Fund - Class R6 | 534,181 | 16,783,978 | ||
| MFS Research International Fund - Class R6 | 869,294 | 19,428,709 | ||
| $128,636,109 | ||||
| Non-Traditional Funds – 9.3% | ||||
| MFS Commodity Strategy Fund - Class R6 | 6,687,790 | $24,076,044 | ||
| MFS Global Real Estate Fund - Class R6 | 1,484,608 | 23,159,885 | ||
| $47,235,929 | ||||
| U.S. Stock Funds – 53.4% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 673,874 | $23,282,351 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 1,172,262 | 24,851,959 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 3,487,376 | 48,823,259 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 787,676 | 11,689,107 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 1,695,627 | 27,079,160 | ||
| MFS Growth Fund - Class R6 | 128,565 | 24,739,865 | ||
| MFS Mid Cap Growth Fund - Class R6 (a) | 791,755 | 24,061,425 | ||
| MFS Mid Cap Value Fund - Class R6 | 764,987 | 24,540,796 | ||
| MFS New Discovery Fund - Class R6 (a) | 199,084 | 5,815,230 | ||
| MFS New Discovery Value Fund - Class R6 | 336,111 | 5,908,832 | ||
| MFS Research Fund - Class R6 | 415,947 | 23,201,527 | ||
| MFS Value Fund - Class R6 | 550,394 | 27,095,918 | ||
| $271,089,429 | ||||
| Money Market Funds – 2.4% | ||||
| MFS Institutional Money Market Portfolio, 5.38% (v) | 12,013,472 | $12,013,472 | ||
| Total Investment Companies (Identified Cost, $409,846,061) | $507,560,412 | |||
| Other Assets, Less Liabilities – (0.0)% | (138,461) | |||
| Net Assets – 100.0% | $507,421,951 | |||
See Portfolio Footnotes and Notes to
Financial Statements
53
Portfolio of Investments – continued
MFS Lifetime 2050 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 4.2% | ||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 1,486,044 | $13,270,373 | ||
| MFS Total Return Bond Fund - Class R6 | 1,083,123 | 9,943,063 | ||
| $23,213,436 | ||||
| International Stock Funds – 28.2% | ||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 428,176 | $5,643,363 | ||
| MFS Blended Research International Equity Fund - Class R6 | 4,812,332 | 60,924,123 | ||
| MFS Emerging Markets Equity Fund - Class R6 | 170,173 | 5,608,895 | ||
| MFS International Growth Fund - Class R6 | 470,414 | 19,155,240 | ||
| MFS International Intrinsic Value Fund - Class R6 | 488,142 | 19,149,819 | ||
| MFS International New Discovery Fund - Class R6 | 700,531 | 22,010,684 | ||
| MFS Research International Fund - Class R6 | 981,913 | 21,945,767 | ||
| $154,437,891 | ||||
| Non-Traditional Funds – 10.1% | ||||
| MFS Commodity Strategy Fund - Class R6 | 7,781,227 | $28,012,415 | ||
| MFS Global Real Estate Fund - Class R6 | 1,739,613 | 27,137,965 | ||
| $55,150,380 | ||||
| U.S. Stock Funds – 55.1% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 727,212 | $25,125,171 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 1,309,900 | 27,769,882 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 3,891,325 | 54,478,557 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 916,896 | 13,606,730 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 1,887,840 | 30,148,806 | ||
| MFS Growth Fund - Class R6 | 143,790 | 27,669,553 | ||
| MFS Mid Cap Growth Fund - Class R6 (a) | 888,808 | 27,010,865 | ||
| MFS Mid Cap Value Fund - Class R6 | 856,667 | 27,481,889 | ||
| MFS New Discovery Fund - Class R6 (a) | 231,989 | 6,776,407 | ||
| MFS New Discovery Value Fund - Class R6 | 390,278 | 6,861,085 | ||
| MFS Research Fund - Class R6 | 449,350 | 25,064,751 | ||
| MFS Value Fund - Class R6 | 613,864 | 30,220,506 | ||
| $302,214,202 | ||||
| Money Market Funds – 2.4% | ||||
| MFS Institutional Money Market Portfolio, 5.38% (v) | 12,963,873 | $12,963,873 | ||
| Total Investment Companies (Identified Cost, $436,345,757) | $547,979,782 | |||
| Other Assets, Less Liabilities – (0.0)% | (64,831) | |||
| Net Assets – 100.0% | $547,914,951 | |||
See Portfolio Footnotes and Notes to
Financial Statements
54
Portfolio of Investments – continued
MFS Lifetime 2055 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 4.2% | ||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 970,773 | $8,669,006 | ||
| MFS Total Return Bond Fund - Class R6 | 707,087 | 6,491,058 | ||
| $15,160,064 | ||||
| International Stock Funds – 28.2% | ||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 280,396 | $3,695,617 | ||
| MFS Blended Research International Equity Fund - Class R6 | 3,140,220 | 39,755,187 | ||
| MFS Emerging Markets Equity Fund - Class R6 | 111,297 | 3,668,360 | ||
| MFS International Growth Fund - Class R6 | 306,931 | 12,498,235 | ||
| MFS International Intrinsic Value Fund - Class R6 | 318,563 | 12,497,235 | ||
| MFS International New Discovery Fund - Class R6 | 457,458 | 14,373,324 | ||
| MFS Research International Fund - Class R6 | 640,845 | 14,322,871 | ||
| $100,810,829 | ||||
| Non-Traditional Funds – 10.1% | ||||
| MFS Commodity Strategy Fund - Class R6 | 5,120,728 | $18,434,623 | ||
| MFS Global Real Estate Fund - Class R6 | 1,135,317 | 17,710,940 | ||
| $36,145,563 | ||||
| U.S. Stock Funds – 55.1% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 474,776 | $16,403,509 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 854,804 | 18,121,851 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 2,543,738 | 35,612,338 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 598,752 | 8,885,478 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 1,232,333 | 19,680,363 | ||
| MFS Growth Fund - Class R6 | 93,790 | 18,047,983 | ||
| MFS Mid Cap Growth Fund - Class R6 (a) | 579,792 | 17,619,873 | ||
| MFS Mid Cap Value Fund - Class R6 | 559,099 | 17,935,894 | ||
| MFS New Discovery Fund - Class R6 (a) | 151,381 | 4,421,833 | ||
| MFS New Discovery Value Fund - Class R6 | 254,900 | 4,481,142 | ||
| MFS Research Fund - Class R6 | 293,282 | 16,359,269 | ||
| MFS Value Fund - Class R6 | 400,610 | 19,722,017 | ||
| $197,291,550 | ||||
| Money Market Funds – 2.4% | ||||
| MFS Institutional Money Market Portfolio, 5.38% (v) | 8,454,120 | $8,454,120 | ||
| Total Investment Companies (Identified Cost, $301,547,921) | $357,862,126 | |||
| Other Assets, Less Liabilities – (0.0)% | (50,945) | |||
| Net Assets – 100.0% | $357,811,181 | |||
See Portfolio Footnotes and Notes to
Financial Statements
55
Portfolio of Investments – continued
MFS Lifetime 2060 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 4.2% | ||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 520,257 | $4,645,899 | ||
| MFS Total Return Bond Fund - Class R6 | 380,874 | 3,496,418 | ||
| $8,142,317 | ||||
| International Stock Funds – 28.2% | ||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 148,891 | $1,962,390 | ||
| MFS Blended Research International Equity Fund - Class R6 | 1,687,838 | 21,368,026 | ||
| MFS Emerging Markets Equity Fund - Class R6 | 59,560 | 1,963,085 | ||
| MFS International Growth Fund - Class R6 | 165,680 | 6,746,491 | ||
| MFS International Intrinsic Value Fund - Class R6 | 171,653 | 6,733,969 | ||
| MFS International New Discovery Fund - Class R6 | 246,906 | 7,757,775 | ||
| MFS Research International Fund - Class R6 | 345,792 | 7,728,444 | ||
| $54,260,180 | ||||
| Non-Traditional Funds – 10.0% | ||||
| MFS Commodity Strategy Fund - Class R6 | 2,677,191 | $9,637,887 | ||
| MFS Global Real Estate Fund - Class R6 | 617,045 | 9,625,899 | ||
| $19,263,786 | ||||
| U.S. Stock Funds – 55.3% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 256,976 | $8,878,527 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 463,380 | 9,823,647 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 1,372,094 | 19,209,312 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 323,485 | 4,800,523 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 663,788 | 10,600,697 | ||
| MFS Growth Fund - Class R6 | 50,981 | 9,810,297 | ||
| MFS Mid Cap Growth Fund - Class R6 (a) | 315,111 | 9,576,214 | ||
| MFS Mid Cap Value Fund - Class R6 | 301,308 | 9,665,948 | ||
| MFS New Discovery Fund - Class R6 (a) | 82,086 | 2,397,748 | ||
| MFS New Discovery Value Fund - Class R6 | 137,178 | 2,411,586 | ||
| MFS Research Fund - Class R6 | 159,026 | 8,870,494 | ||
| MFS Value Fund - Class R6 | 215,749 | 10,621,334 | ||
| $106,666,327 | ||||
| Money Market Funds – 2.3% | ||||
| MFS Institutional Money Market Portfolio, 5.38% (v) | 4,467,900 | $4,467,901 | ||
| Total Investment Companies (Identified Cost, $172,595,280) | $192,800,511 | |||
| Other Assets, Less Liabilities – (0.0)% | (9,177) | |||
| Net Assets – 100.0% | $192,791,334 | |||
See Portfolio Footnotes and Notes to
Financial Statements
56
Portfolio of Investments – continued
MFS Lifetime 2065 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.1% | ||||
| Bond Funds – 4.2% | ||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 49,240 | $439,719 | ||
| MFS Total Return Bond Fund - Class R6 | 36,064 | 331,066 | ||
| $770,785 | ||||
| International Stock Funds – 28.1% | ||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 13,992 | $184,410 | ||
| MFS Blended Research International Equity Fund - Class R6 | 158,592 | 2,007,781 | ||
| MFS Emerging Markets Equity Fund - Class R6 | 5,590 | 184,252 | ||
| MFS International Growth Fund - Class R6 | 15,681 | 638,532 | ||
| MFS International Intrinsic Value Fund - Class R6 | 16,270 | 638,262 | ||
| MFS International New Discovery Fund - Class R6 | 23,320 | 732,703 | ||
| MFS Research International Fund - Class R6 | 32,673 | 730,238 | ||
| $5,116,178 | ||||
| Non-Traditional Funds – 10.0% | ||||
| MFS Commodity Strategy Fund - Class R6 | 253,080 | $911,087 | ||
| MFS Global Real Estate Fund - Class R6 | 58,485 | 912,373 | ||
| $1,823,460 | ||||
| U.S. Stock Funds – 55.5% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 24,401 | $843,043 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 44,060 | 934,078 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 130,168 | 1,822,350 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 30,700 | 455,586 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 62,809 | 1,003,057 | ||
| MFS Growth Fund - Class R6 | 4,853 | 933,984 | ||
| MFS Mid Cap Growth Fund - Class R6 (a) | 29,982 | 911,144 | ||
| MFS Mid Cap Value Fund - Class R6 | 28,444 | 912,491 | ||
| MFS New Discovery Fund - Class R6 (a) | 7,798 | 227,781 | ||
| MFS New Discovery Value Fund - Class R6 | 12,962 | 227,871 | ||
| MFS Research Fund - Class R6 | 15,113 | 843,017 | ||
| MFS Value Fund - Class R6 | 20,386 | 1,003,602 | ||
| $10,118,004 | ||||
| Money Market Funds – 2.3% | ||||
| MFS Institutional Money Market Portfolio, 5.38% (v) | 425,051 | $425,051 | ||
| Total Investment Companies (Identified Cost, $16,845,394) | $18,253,478 | |||
| Other Assets, Less Liabilities – (0.1)% | (26,685) | |||
| Net Assets – 100.0% | $18,226,793 | |||
Portfolio Footnotes:
| (a) | Non-income producing security. |
| (h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of each fund’s investments in affiliated issuers were as follows: |
| Affiliated Issuers | |
| MFS Lifetime Income Fund | $621,506,723 |
| MFS Lifetime 2025 Fund | 386,626,549 |
| MFS Lifetime 2030 Fund | 785,664,583 |
| MFS Lifetime 2035 Fund | 593,035,453 |
| MFS Lifetime 2040 Fund | 767,219,665 |
| MFS Lifetime 2045 Fund | 507,560,412 |
| MFS Lifetime 2050 Fund | 547,979,782 |
| MFS Lifetime 2055 Fund | 357,862,126 |
| MFS Lifetime 2060 Fund | 192,800,511 |
| MFS Lifetime 2065 Fund | 18,253,478 |
57
Portfolio of Investments – continued
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
See Notes to Financial Statements
58
Financial Statements
Statements of Assets and
Liabilities
At 4/30/24
These statements represent each
fund's balance sheet, which details the assets and liabilities comprising the total value of each fund.
| MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | |
| Assets | |||
| Investments in affiliated issuers, at value (identified cost, $571,425,819, $364,014,613, and $675,482,982, respectively) | $621,506,723 | $386,626,549 | $785,664,583 |
| Receivables for | |||
| Investments sold | 1,539,180 | 66,197 | 81,624 |
| Fund shares sold | 196,615 | 674,533 | 549,500 |
| Receivable from investment adviser | 111,050 | 68,907 | 147,725 |
| Other assets | 1,617 | 1,001 | 1,760 |
| Total assets | $623,355,185 | $387,437,187 | $786,445,192 |
| Liabilities | |||
| Payables for | |||
| Distributions | $84,255 | $— | $— |
| Investments purchased | — | 401,446 | 49,675 |
| Fund shares reacquired | 1,485,431 | 315,457 | 555,253 |
| Payable to affiliates | |||
| Administrative services fee | 97 | 97 | 97 |
| Shareholder servicing costs | 168,275 | 85,904 | 172,659 |
| Distribution and service fees | 6,077 | 2,512 | 5,960 |
| Payable for independent Trustees' compensation | 12 | 13 | 14 |
| Payable for audit and tax fees | 37,492 | 36,089 | 36,913 |
| Accrued expenses and other liabilities | 28,945 | 18,092 | 27,578 |
| Total liabilities | $1,810,584 | $859,610 | $848,149 |
| Net assets | $621,544,601 | $386,577,577 | $785,597,043 |
| Net assets consist of | |||
| Paid-in capital | $588,510,896 | $366,117,797 | $674,403,237 |
| Total distributable earnings (loss) | 33,033,705 | 20,459,780 | 111,193,806 |
| Net assets | $621,544,601 | $386,577,577 | $785,597,043 |
59
Statements of Assets and Liabilities – continued
| MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | |
| Net assets | |||
| Class A | $186,276,085 | $36,141,779 | $91,171,594 |
| Class B | 838,556 | 511,881 | 2,224,366 |
| Class C | 23,192,421 | 2,766,389 | 7,386,526 |
| Class I | 41,571,291 | 2,845,962 | 5,534,963 |
| Class R1 | 2,702,689 | 333,081 | 3,054,729 |
| Class R2 | 22,746,818 | 12,647,770 | 35,219,879 |
| Class R3 | 121,319,539 | 106,722,360 | 220,766,306 |
| Class R4 | 18,412,363 | 29,500,234 | 38,081,339 |
| Class R6 | 204,484,839 | 195,108,121 | 382,157,341 |
| Total net assets | $621,544,601 | $386,577,577 | $785,597,043 |
| Shares of beneficial interest outstanding | |||
| Class A | 15,506,191 | 2,786,693 | 5,806,084 |
| Class B | 69,798 | 39,530 | 143,019 |
| Class C | 1,931,670 | 216,100 | 480,121 |
| Class I | 3,459,643 | 218,403 | 350,103 |
| Class R1 | 224,635 | 25,544 | 195,934 |
| Class R2 | 1,893,268 | 976,234 | 2,262,146 |
| Class R3 | 10,099,149 | 8,235,590 | 14,107,440 |
| Class R4 | 1,533,474 | 2,255,882 | 2,399,853 |
| Class R6 | 16,969,733 | 14,934,423 | 24,125,058 |
| Total shares of beneficial interest outstanding | 51,687,561 | 29,688,399 | 49,869,758 |
| Class A shares | |||
| Net asset value per share (net assets / shares of beneficial interest outstanding) | $12.01 | $12.97 | $15.70 |
| Offering price per share (100 / 95.75 x net asset value per share) | $12.54 | $— | $— |
| Offering price per share (100 / 94.25 x net asset value per share) | $— | $13.76 | $16.66 |
| Class B shares | |||
| Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $12.01 | $12.95 | $15.55 |
| Class C shares | |||
| Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $12.01 | $12.80 | $15.38 |
| Class I shares | |||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $12.02 | $13.03 | $15.81 |
| Class R1 shares | |||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $12.03 | $13.04 | $15.59 |
| Class R2 shares | |||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $12.01 | $12.96 | $15.57 |
| Class R3 shares | |||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $12.01 | $12.96 | $15.65 |
| Class R4 shares | |||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $12.01 | $13.08 | $15.87 |
60
Statements of Assets and Liabilities – continued
| MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | |
| Class R6 shares | |||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $12.05 | $13.06 | $15.84 |
| On sales of $100,000 or more, the maximum offering price of Class A shares is reduced for the MFS Lifetime Income Fund. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced for all other funds. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. | |||
See Notes to Financial Statements
61
Statements of Assets and Liabilities – continued
| At 4/30/24 | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund | MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund |
| Assets | ||||
| Investments in affiliated issuers, at value (identified cost, $498,231,957, $576,366,570, $409,846,061, and $436,345,757, respectively) | $593,035,453 | $767,219,665 | $507,560,412 | $547,979,782 |
| Receivables for | ||||
| Investments sold | — | 221,270 | 806,912 | 21,880 |
| Fund shares sold | 747,047 | 536,666 | 578,601 | 623,266 |
| Receivable from investment adviser | 118,383 | 132,001 | 103,191 | 123,119 |
| Other assets | 1,366 | 1,698 | 1,518 | 1,196 |
| Total assets | $593,902,249 | $768,111,300 | $509,050,634 | $548,749,243 |
| Liabilities | ||||
| Payables for | ||||
| Investments purchased | $583,872 | $115,206 | $57,553 | $241,959 |
| Fund shares reacquired | 166,259 | 554,526 | 1,388,643 | 400,122 |
| Payable to affiliates | ||||
| Administrative services fee | 97 | 97 | 97 | 97 |
| Shareholder servicing costs | 127,442 | 170,395 | 118,726 | 124,324 |
| Distribution and service fees | 3,822 | 5,611 | 3,285 | 3,457 |
| Payable for independent Trustees' compensation | 13 | 15 | 11 | 12 |
| Payable for audit and tax fees | 36,089 | 37,413 | 36,588 | 36,721 |
| Accrued expenses and other liabilities | 27,287 | 29,093 | 23,780 | 27,600 |
| Total liabilities | $944,881 | $912,356 | $1,628,683 | $834,292 |
| Net assets | $592,957,368 | $767,198,944 | $507,421,951 | $547,914,951 |
| Net assets consist of | ||||
| Paid-in capital | $502,163,936 | $584,920,762 | $417,278,234 | $443,702,566 |
| Total distributable earnings (loss) | 90,793,432 | 182,278,182 | 90,143,717 | 104,212,385 |
| Net assets | $592,957,368 | $767,198,944 | $507,421,951 | $547,914,951 |
62
Statements of Assets and Liabilities – continued
| MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund | MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | |
| Net assets | ||||
| Class A | $42,511,066 | $67,188,187 | $34,162,084 | $37,887,201 |
| Class B | 696,533 | 1,380,925 | 434,578 | 649,807 |
| Class C | 5,284,846 | 6,207,639 | 3,204,090 | 4,203,926 |
| Class I | 8,302,128 | 13,391,037 | 11,779,034 | 7,823,531 |
| Class R1 | 1,228,796 | 3,011,984 | 636,115 | 825,858 |
| Class R2 | 14,018,261 | 40,651,460 | 9,755,416 | 15,982,223 |
| Class R3 | 177,886,600 | 215,272,636 | 165,729,533 | 157,397,898 |
| Class R4 | 27,498,480 | 41,883,542 | 20,245,573 | 38,189,243 |
| Class R6 | 315,530,658 | 378,211,534 | 261,475,528 | 284,955,264 |
| Total net assets | $592,957,368 | $767,198,944 | $507,421,951 | $547,914,951 |
| Shares of beneficial interest outstanding | ||||
| Class A | 2,507,168 | 3,603,528 | 1,848,096 | 1,705,702 |
| Class B | 41,182 | 74,208 | 23,592 | 29,597 |
| Class C | 317,160 | 340,610 | 176,044 | 193,940 |
| Class I | 487,902 | 712,060 | 633,017 | 351,861 |
| Class R1 | 72,775 | 163,128 | 34,545 | 37,925 |
| Class R2 | 825,446 | 2,193,300 | 528,829 | 727,363 |
| Class R3 | 10,469,456 | 11,548,504 | 8,969,756 | 7,150,711 |
| Class R4 | 1,603,284 | 2,213,933 | 1,085,415 | 1,717,202 |
| Class R6 | 18,431,471 | 20,018,518 | 14,044,429 | 12,827,216 |
| Total shares of beneficial interest outstanding | 34,755,844 | 40,867,789 | 27,343,723 | 24,741,517 |
| Class A shares | ||||
| Net asset value per share (net assets / shares of beneficial interest outstanding) | $16.96 | $18.65 | $18.49 | $22.21 |
| Offering price per share (100 / 94.25 x net asset value per share) | $17.99 | $19.79 | $19.62 | $23.56 |
| Class B shares | ||||
| Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $16.91 | $18.61 | $18.42 | $21.96 |
| Class C shares | ||||
| Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $16.66 | $18.23 | $18.20 | $21.68 |
| Class I shares | ||||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $17.02 | $18.81 | $18.61 | $22.23 |
| Class R1 shares | ||||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $16.88 | $18.46 | $18.41 | $21.78 |
| Class R2 shares | ||||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $16.98 | $18.53 | $18.45 | $21.97 |
| Class R3 shares | ||||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $16.99 | $18.64 | $18.48 | $22.01 |
| Class R4 shares | ||||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $17.15 | $18.92 | $18.65 | $22.24 |
63
Statements of Assets and Liabilities – continued
| MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund | MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | |
| Class R6 shares | ||||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $17.12 | $18.89 | $18.62 | $22.21 |
| On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. | ||||
See Notes to Financial Statements
64
Statements of Assets and Liabilities – continued
| At 4/30/24 | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund |
| Assets | |||
| Investments in affiliated issuers, at value (identified cost, $301,547,921, $172,595,280, and $16,845,394, respectively) | $357,862,126 | $192,800,511 | $18,253,478 |
| Receivables for | |||
| Investments sold | — | 9,209 | — |
| Fund shares sold | 461,303 | 421,442 | 102,756 |
| Receivable from investment adviser | 86,128 | 63,580 | 17,894 |
| Other assets | 916 | 538 | 127 |
| Total assets | $358,410,473 | $193,295,280 | $18,374,255 |
| Liabilities | |||
| Payables for | |||
| Investments purchased | $218,344 | $319,301 | $89,317 |
| Fund shares reacquired | 233,708 | 81,001 | 12,625 |
| Payable to affiliates | |||
| Administrative services fee | 97 | 97 | 97 |
| Shareholder servicing costs | 85,333 | 47,320 | 3,379 |
| Distribution and service fees | 2,386 | 1,274 | 126 |
| Payable for independent Trustees' compensation | 13 | 12 | 11 |
| Payable for audit and tax fees | 36,589 | 35,797 | 30,298 |
| Accrued expenses and other liabilities | 22,822 | 19,144 | 11,609 |
| Total liabilities | $599,292 | $503,946 | $147,462 |
| Net assets | $357,811,181 | $192,791,334 | $18,226,793 |
| Net assets consist of | |||
| Paid-in capital | $305,566,337 | $175,129,804 | $16,885,809 |
| Total distributable earnings (loss) | 52,244,844 | 17,661,530 | 1,340,984 |
| Net assets | $357,811,181 | $192,791,334 | $18,226,793 |
65
Statements of Assets and Liabilities – continued
| MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund | |
| Net assets | |||
| Class A | $26,235,876 | $15,598,354 | $1,332,166 |
| Class B | 383,160 | 149,905 | — |
| Class C | 2,888,809 | 1,467,808 | 182,707 |
| Class I | 3,820,618 | 576,105 | 100,720 |
| Class R1 | 1,684,343 | 94,126 | 60,051 |
| Class R2 | 9,538,499 | 3,262,348 | 259,034 |
| Class R3 | 107,463,340 | 63,578,760 | 6,379,929 |
| Class R4 | 12,123,214 | 4,457,990 | 438,874 |
| Class R6 | 193,673,322 | 103,605,938 | 9,473,312 |
| Total net assets | $357,811,181 | $192,791,334 | $18,226,793 |
| Shares of beneficial interest outstanding | |||
| Class A | 1,372,000 | 1,014,593 | 141,828 |
| Class B | 20,056 | 9,732 | — |
| Class C | 153,259 | 96,486 | 19,526 |
| Class I | 199,454 | 37,134 | 10,683 |
| Class R1 | 89,174 | 6,084 | 6,399 |
| Class R2 | 498,633 | 212,403 | 27,596 |
| Class R3 | 5,616,327 | 4,130,504 | 679,129 |
| Class R4 | 626,896 | 287,582 | 46,596 |
| Class R6 | 10,024,288 | 6,664,580 | 1,004,700 |
| Total shares of beneficial interest outstanding | 18,600,087 | 12,459,098 | 1,936,457 |
| Class A shares | |||
| Net asset value per share (net assets / shares of beneficial interest outstanding) | $19.12 | $15.37 | $9.39 |
| Offering price per share (100 / 94.25 x net asset value per share) | $20.29 | $16.31 | $9.96 |
| Class B shares | |||
| Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $19.10 | $15.40 | $— |
| Class C shares | |||
| Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $18.85 | $15.21 | $9.36 |
| Class I shares | |||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $19.16 | $15.51 | $9.43 |
| Class R1 shares | |||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $18.89 | $15.47 | $9.38 |
| Class R2 shares | |||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $19.13 | $15.36 | $9.39 |
| Class R3 shares | |||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $19.13 | $15.39 | $9.39 |
| Class R4 shares | |||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $19.34 | $15.50 | $9.42 |
66
Statements of Assets and Liabilities – continued
| MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund | |
| Class R6 shares | |||
| Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $19.32 | $15.55 | $9.43 |
| On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. | |||
See Notes to Financial Statements
67
Financial Statements
Statements of Operations
Year ended 4/30/24
These statements describe how much
each fund earned in investment income and accrued in expenses. They also describe any gains or losses generated by each fund’s operations.
| MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund | |
| Net investment income (loss) | |||||
| Dividends from affiliated issuers | $21,602,589 | $12,256,774 | $22,228,699 | $13,165,563 | $14,599,650 |
| Other | 208 | 135 | 216 | 154 | 185 |
| Payments from investment adviser for other expenses agreement (See Note 3) | 241,105 | 251,731 | 476,932 | 398,135 | 462,594 |
| Total investment income | $21,843,902 | $12,508,640 | $22,705,847 | $13,563,852 | $15,062,429 |
| Expenses | |||||
| Distribution and service fees | $1,255,849 | $451,131 | $1,087,142 | $630,112 | $952,712 |
| Shareholder servicing costs | 636,452 | 323,841 | 671,307 | 441,653 | 624,752 |
| Administrative services fee | 17,500 | 17,500 | 17,500 | 17,500 | 17,500 |
| Independent Trustees' compensation | 12,616 | 8,147 | 14,254 | 10,624 | 13,187 |
| Custodian fee | 24,895 | 8,795 | 14,759 | 11,693 | 14,192 |
| Shareholder communications | 27,907 | 13,929 | 18,551 | 17,064 | 19,957 |
| Audit and tax fees | 45,767 | 46,103 | 47,441 | 46,608 | 46,937 |
| Legal fees | 6,300 | 4,335 | 6,738 | 5,037 | 6,466 |
| Registration fees | 135,730 | 136,335 | 149,752 | 152,007 | 146,408 |
| Miscellaneous | 38,863 | 35,181 | 39,269 | 36,511 | 38,380 |
| Total expenses | $2,201,879 | $1,045,297 | $2,066,713 | $1,368,809 | $1,880,491 |
| Reduction of expenses by investment adviser and distributor | (965,930) | (592,754) | (981,358) | (737,085) | (925,258) |
| Net expenses | $1,235,949 | $452,543 | $1,085,355 | $631,724 | $955,233 |
| Net investment income (loss) | $20,607,953 | $12,056,097 | $21,620,492 | $12,932,128 | $14,107,196 |
| Realized and unrealized gain (loss) | |||||
| Realized gain (loss) (identified cost basis) | |||||
| Investments in affiliated issuers | $9,763,546 | $3,650,927 | $12,816,880 | $1,664,523 | $186,708 |
| Capital gain distributions from affiliated issuers | 3,413,009 | 2,446,141 | 7,371,202 | 7,167,737 | 11,420,176 |
| Net realized gain (loss) | $13,176,555 | $6,097,068 | $20,188,082 | $8,832,260 | $11,606,884 |
| Change in unrealized appreciation or depreciation | |||||
| Affiliated issuers | $(1,933,335) | $3,542,215 | $18,190,051 | $35,450,809 | $62,817,771 |
| Net realized and unrealized gain (loss) | $11,243,220 | $9,639,283 | $38,378,133 | $44,283,069 | $74,424,655 |
| Change in net assets from operations | $31,851,173 | $21,695,380 | $59,998,625 | $57,215,197 | $88,531,851 |
See Notes to Financial Statements
68
Statements of Operations – continued
| Year ended 4/30/24 | MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund |
| Net investment income (loss) | |||||
| Dividends from affiliated issuers | $8,379,639 | $8,189,239 | $5,311,224 | $2,742,226 | $221,956 |
| Other | 126 | 129 | 86 | 50 | 7 |
| Payments from investment adviser for other expenses agreement (See Note 3) | 338,990 | 342,555 | 244,293 | 114,429 | 8,096 |
| Total investment income | $8,718,755 | $8,531,923 | $5,555,603 | $2,856,705 | $230,059 |
| Expenses | |||||
| Distribution and service fees | $532,656 | $570,187 | $377,723 | $192,766 | $17,246 |
| Shareholder servicing costs | 400,072 | 457,586 | 309,896 | 182,616 | 24,439 |
| Administrative services fee | 17,500 | 17,500 | 17,500 | 17,500 | 17,500 |
| Independent Trustees' compensation | 9,321 | 9,766 | 7,066 | 4,674 | 3,008 |
| Custodian fee | 10,397 | 10,407 | 8,565 | 6,118 | 9,078 |
| Shareholder communications | 17,877 | 21,157 | 20,506 | 21,384 | 8,669 |
| Audit and tax fees | 46,604 | 46,238 | 47,099 | 45,803 | 40,281 |
| Legal fees | 4,661 | 4,739 | 3,977 | 3,256 | 2,621 |
| Registration fees | 139,285 | 142,362 | 136,626 | 132,932 | 110,886 |
| Miscellaneous | 35,737 | 36,326 | 34,158 | 32,800 | 30,576 |
| Total expenses | $1,214,110 | $1,316,268 | $963,116 | $639,849 | $264,304 |
| Reduction of expenses by investment adviser and distributor | (679,365) | (743,731) | (583,423) | (445,530) | (248,549) |
| Net expenses | $534,745 | $572,537 | $379,693 | $194,319 | $15,755 |
| Net investment income (loss) | $8,184,010 | $7,959,386 | $5,175,910 | $2,662,386 | $214,304 |
| Realized and unrealized gain (loss) | |||||
| Realized gain (loss) (identified cost basis) | |||||
| Investments in affiliated issuers | $(491,970) | $(742,497) | $(1,087,207) | $(1,168,721) | $(184,944) |
| Capital gain distributions from affiliated issuers | 7,938,712 | 8,777,762 | 5,697,128 | 2,943,171 | 239,505 |
| Net realized gain (loss) | $7,446,742 | $8,035,265 | $4,609,921 | $1,774,450 | $54,561 |
| Change in unrealized appreciation or depreciation | |||||
| Affiliated issuers | $44,216,776 | $48,872,649 | $32,089,109 | $17,278,975 | $1,441,035 |
| Net realized and unrealized gain (loss) | $51,663,518 | $56,907,914 | $36,699,030 | $19,053,425 | $1,495,596 |
| Change in net assets from operations | $59,847,528 | $64,867,300 | $41,874,940 | $21,715,811 | $1,709,900 |
See Notes to Financial Statements
69
Financial Statements
Statements of Changes in Net
Assets
These statements describe the
increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
| Year ended 4/30/24 | MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund |
| Change in net assets | |||||
| From operations | |||||
| Net investment income (loss) | $20,607,953 | $12,056,097 | $21,620,492 | $12,932,128 | $14,107,196 |
| Net realized gain (loss) | 13,176,555 | 6,097,068 | 20,188,082 | 8,832,260 | 11,606,884 |
| Net unrealized gain (loss) | (1,933,335) | 3,542,215 | 18,190,051 | 35,450,809 | 62,817,771 |
| Change in net assets from operations | $31,851,173 | $21,695,380 | $59,998,625 | $57,215,197 | $88,531,851 |
| Total distributions to shareholders | $(28,125,348) | $(12,272,947) | $(29,656,475) | $(15,335,080) | $(24,513,935) |
| Change in net assets from fund share transactions | $(18,799,478) | $36,458,690 | $62,708,566 | $85,664,033 | $89,772,806 |
| Total change in net assets | $(15,073,653) | $45,881,123 | $93,050,716 | $127,544,150 | $153,790,722 |
| Net assets | |||||
| At beginning of period | 636,618,254 | 340,696,454 | 692,546,327 | 465,413,218 | 613,408,222 |
| At end of period | $621,544,601 | $386,577,577 | $785,597,043 | $592,957,368 | $767,198,944 |
| Year ended 4/30/24 | MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund |
| Change in net assets | |||||
| From operations | |||||
| Net investment income (loss) | $8,184,010 | $7,959,386 | $5,175,910 | $2,662,386 | $214,304 |
| Net realized gain (loss) | 7,446,742 | 8,035,265 | 4,609,921 | 1,774,450 | 54,561 |
| Net unrealized gain (loss) | 44,216,776 | 48,872,649 | 32,089,109 | 17,278,975 | 1,441,035 |
| Change in net assets from operations | $59,847,528 | $64,867,300 | $41,874,940 | $21,715,811 | $1,709,900 |
| Total distributions to shareholders | $(14,556,070) | $(16,711,959) | $(10,914,914) | $(5,206,962) | $(284,999) |
| Change in net assets from fund share transactions | $70,634,667 | $86,207,259 | $64,351,222 | $49,691,500 | $10,331,452 |
| Total change in net assets | $115,926,125 | $134,362,600 | $95,311,248 | $66,200,349 | $11,756,353 |
| Net assets | |||||
| At beginning of period | 391,495,826 | 413,552,351 | 262,499,933 | 126,590,985 | 6,470,440 |
| At end of period | $507,421,951 | $547,914,951 | $357,811,181 | $192,791,334 | $18,226,793 |
See Notes to Financial Statements
70
Statements of Changes in Net Assets –
continued
| Year ended 4/30/23 | MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund |
| Change in net assets | |||||
| From operations | |||||
| Net investment income (loss) | $18,161,799 | $11,392,010 | $19,499,535 | $12,818,067 | $14,600,653 |
| Net realized gain (loss) | (100,518) | (3,704,124) | 2,917,991 | (1,610,025) | 3,044,892 |
| Net unrealized gain (loss) | (22,937,228) | (10,090,882) | (23,165,272) | (9,512,686) | (12,416,154) |
| Change in net assets from operations | $(4,875,947) | $(2,402,996) | $(747,746) | $1,695,356 | $5,229,391 |
| Total distributions to shareholders | $(26,416,631) | $(22,163,547) | $(43,316,412) | $(30,687,283) | $(36,688,668) |
| Change in net assets from fund share transactions | $61,492,028 | $(48,121,454) | $10,039,828 | $20,701,169 | $74,127,286 |
| Total change in net assets | $30,199,450 | $(72,687,997) | $(34,024,330) | $(8,290,758) | $42,668,009 |
| Net assets | |||||
| At beginning of period | 606,418,804 | 413,384,451 | 726,570,657 | 473,703,976 | 570,740,213 |
| At end of period | $636,618,254 | $340,696,454 | $692,546,327 | $465,413,218 | $613,408,222 |
| Year ended 4/30/23 | MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund |
| Change in net assets | |||||
| From operations | |||||
| Net investment income (loss) | $9,126,249 | $8,848,965 | $5,313,556 | $2,377,953 | $59,989 |
| Net realized gain (loss) | (478,646) | 333,174 | 1,596,627 | (332,483) | (44,542) |
| Net unrealized gain (loss) | (4,200,943) | (5,006,500) | (2,947,026) | 367,905 | 151,974 |
| Change in net assets from operations | $4,446,660 | $4,175,639 | $3,963,157 | $2,413,375 | $167,421 |
| Total distributions to shareholders | $(23,863,536) | $(23,051,323) | $(13,845,443) | $(5,283,991) | $(97,000) |
| Change in net assets from fund share transactions | $59,452,667 | $93,914,153 | $68,216,706 | $50,255,215 | $5,202,100 |
| Total change in net assets | $40,035,791 | $75,038,469 | $58,334,420 | $47,384,599 | $5,272,521 |
| Net assets | |||||
| At beginning of period | 351,460,035 | 338,513,882 | 204,165,513 | 79,206,386 | 1,197,919 |
| At end of period | $391,495,826 | $413,552,351 | $262,499,933 | $126,590,985 | $6,470,440 |
See Notes to Financial Statements
71
Financial Statements
Financial Highlights
MFS LIFETIME INCOME FUND
The financial highlights table is
intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an
investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $11.94 | $12.48 | $13.84 | $12.29 | $12.39 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.38 | $0.35 | $0.45 | $0.23 | $0.30 |
| Net realized and unrealized gain (loss) | 0.21 | (0.40) | (1.01) | 1.72 | 0.05 |
| Total from investment operations | $0.59 | $(0.05) | $(0.56) | $1.95 | $0.35 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.44) | $(0.29) | $(0.45) | $(0.27) | $(0.31) |
| From net realized gain | (0.08) | (0.20) | (0.35) | (0.13) | (0.14) |
| Total distributions declared to shareholders | $(0.52) | $(0.49) | $(0.80) | $(0.40) | $(0.45) |
| Net asset value, end of period (x) | $12.01 | $11.94 | $12.48 | $13.84 | $12.29 |
| Total return (%) (r)(s)(t)(x) | 5.03 | (0.28) | (4.52) | 16.01 | 2.78 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.43 | 0.44 | 0.43 | 0.43 | 0.45 |
| Expenses after expense reductions (h) | 0.24 | 0.25 | 0.23 | 0.23 | 0.23 |
| Net investment income (loss) (l) | 3.17 | 2.90 | 3.28 | 1.77 | 2.37 |
| Portfolio turnover | 9 | 16 | 7 | 12 | 15 |
| Net assets at end of period (000 omitted) | $186,276 | $190,944 | $166,307 | $164,096 | $124,123 |
| Year ended | |||||
| Class B | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $11.94 | $12.48 | $13.84 | $12.29 | $12.40 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.28 | $0.27 | $0.33 | $0.15 | $0.20 |
| Net realized and unrealized gain (loss) | 0.22 | (0.41) | (1.00) | 1.70 | 0.04 |
| Total from investment operations | $0.50 | $(0.14) | $(0.67) | $1.85 | $0.24 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.35) | $(0.20) | $(0.34) | $(0.17) | $(0.21) |
| From net realized gain | (0.08) | (0.20) | (0.35) | (0.13) | (0.14) |
| Total distributions declared to shareholders | $(0.43) | $(0.40) | $(0.69) | $(0.30) | $(0.35) |
| Net asset value, end of period (x) | $12.01 | $11.94 | $12.48 | $13.84 | $12.29 |
| Total return (%) (r)(s)(t)(x) | 4.25 | (1.03) | (5.24) | 15.16 | 1.93 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.19 | 1.19 | 1.18 | 1.19 | 1.20 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 0.98 | 0.98 | 0.98 |
| Net investment income (loss) (l) | 2.36 | 2.26 | 2.39 | 1.15 | 1.61 |
| Portfolio turnover | 9 | 16 | 7 | 12 | 15 |
| Net assets at end of period (000 omitted) | $839 | $1,647 | $1,914 | $3,347 | $5,774 |
See Notes to Financial Statements
72
Financial
Highlights − continued
MFS LIFETIME INCOME
FUND − continued
| Year ended | |||||
| Class C | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $11.93 | $12.47 | $13.83 | $12.28 | $12.39 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.29 | $0.25 | $0.34 | $0.15 | $0.20 |
| Net realized and unrealized gain (loss) | 0.22 | (0.39) | (1.01) | 1.70 | 0.04 |
| Total from investment operations | $0.51 | $(0.14) | $(0.67) | $1.85 | $0.24 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.35) | $(0.20) | $(0.34) | $(0.17) | $(0.21) |
| From net realized gain | (0.08) | (0.20) | (0.35) | (0.13) | (0.14) |
| Total distributions declared to shareholders | $(0.43) | $(0.40) | $(0.69) | $(0.30) | $(0.35) |
| Net asset value, end of period (x) | $12.01 | $11.93 | $12.47 | $13.83 | $12.28 |
| Total return (%) (r)(s)(t)(x) | 4.34 | (1.03) | (5.24) | 15.17 | 1.93 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.19 | 1.20 | 1.18 | 1.19 | 1.20 |
| Expenses after expense reductions (h) | 0.99 | 1.00 | 0.98 | 0.98 | 0.98 |
| Net investment income (loss) (l) | 2.39 | 2.07 | 2.47 | 1.16 | 1.60 |
| Portfolio turnover | 9 | 16 | 7 | 12 | 15 |
| Net assets at end of period (000 omitted) | $23,192 | $39,244 | $55,415 | $81,542 | $98,286 |
| Year ended | |||||
| Class I | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $11.94 | $12.48 | $13.84 | $12.29 | $12.40 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.41 | $0.37 | $0.49 | $0.28 | $0.33 |
| Net realized and unrealized gain (loss) | 0.22 | (0.39) | (1.02) | 1.70 | 0.04 |
| Total from investment operations | $0.63 | $(0.02) | $(0.53) | $1.98 | $0.37 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.47) | $(0.32) | $(0.48) | $(0.30) | $(0.34) |
| From net realized gain | (0.08) | (0.20) | (0.35) | (0.13) | (0.14) |
| Total distributions declared to shareholders | $(0.55) | $(0.52) | $(0.83) | $(0.43) | $(0.48) |
| Net asset value, end of period (x) | $12.02 | $11.94 | $12.48 | $13.84 | $12.29 |
| Total return (%) (r)(s)(t)(x) | 5.38 | (0.03) | (4.28) | 16.30 | 2.96 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.19 | 0.19 | 0.18 | 0.18 | 0.20 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 3.41 | 3.11 | 3.58 | 2.14 | 2.61 |
| Portfolio turnover | 9 | 16 | 7 | 12 | 15 |
| Net assets at end of period (000 omitted) | $41,571 | $43,462 | $45,108 | $46,956 | $34,513 |
See Notes to Financial Statements
73
Financial
Highlights − continued
MFS LIFETIME INCOME
FUND − continued
| Year ended | |||||
| Class R1 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $11.96 | $12.49 | $13.85 | $12.30 | $12.41 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.28 | $0.27 | $0.36 | $0.14 | $0.20 |
| Net realized and unrealized gain (loss) | 0.22 | (0.40) | (1.03) | 1.71 | 0.04 |
| Total from investment operations | $0.50 | $(0.13) | $(0.67) | $1.85 | $0.24 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.35) | $(0.20) | $(0.34) | $(0.17) | $(0.21) |
| From net realized gain | (0.08) | (0.20) | (0.35) | (0.13) | (0.14) |
| Total distributions declared to shareholders | $(0.43) | $(0.40) | $(0.69) | $(0.30) | $(0.35) |
| Net asset value, end of period (x) | $12.03 | $11.96 | $12.49 | $13.85 | $12.30 |
| Total return (%) (r)(s)(t)(x) | 4.25 | (0.94) | (5.23) | 15.15 | 1.93 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.18 | 1.19 | 1.18 | 1.19 | 1.20 |
| Expenses after expense reductions (h) | 0.99 | 1.00 | 0.98 | 0.98 | 0.98 |
| Net investment income (loss) (l) | 2.38 | 2.22 | 2.61 | 1.08 | 1.58 |
| Portfolio turnover | 9 | 16 | 7 | 12 | 15 |
| Net assets at end of period (000 omitted) | $2,703 | $2,792 | $1,779 | $1,932 | $2,493 |
| Year ended | |||||
| Class R2 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $11.94 | $12.48 | $13.84 | $12.29 | $12.40 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.35 | $0.34 | $0.40 | $0.21 | $0.26 |
| Net realized and unrealized gain (loss) | 0.21 | (0.42) | (1.00) | 1.71 | 0.05 |
| Total from investment operations | $0.56 | $(0.08) | $(0.60) | $1.92 | $0.31 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.41) | $(0.26) | $(0.41) | $(0.24) | $(0.28) |
| From net realized gain | (0.08) | (0.20) | (0.35) | (0.13) | (0.14) |
| Total distributions declared to shareholders | $(0.49) | $(0.46) | $(0.76) | $(0.37) | $(0.42) |
| Net asset value, end of period (x) | $12.01 | $11.94 | $12.48 | $13.84 | $12.29 |
| Total return (%) (r)(s)(t)(x) | 4.77 | (0.53) | (4.76) | 15.73 | 2.44 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.69 | 0.69 | 0.68 | 0.69 | 0.70 |
| Expenses after expense reductions (h) | 0.49 | 0.50 | 0.48 | 0.48 | 0.48 |
| Net investment income (loss) (l) | 2.91 | 2.88 | 2.92 | 1.60 | 2.07 |
| Portfolio turnover | 9 | 16 | 7 | 12 | 15 |
| Net assets at end of period (000 omitted) | $22,747 | $27,337 | $7,981 | $10,823 | $14,259 |
See Notes to Financial Statements
74
Financial
Highlights − continued
MFS LIFETIME INCOME
FUND − continued
| Year ended | |||||
| Class R3 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $11.94 | $12.48 | $13.84 | $12.29 | $12.40 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.38 | $0.36 | $0.43 | $0.25 | $0.30 |
| Net realized and unrealized gain (loss) | 0.21 | (0.41) | (0.99) | 1.70 | 0.04 |
| Total from investment operations | $0.59 | $(0.05) | $(0.56) | $1.95 | $0.34 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.44) | $(0.29) | $(0.45) | $(0.27) | $(0.31) |
| From net realized gain | (0.08) | (0.20) | (0.35) | (0.13) | (0.14) |
| Total distributions declared to shareholders | $(0.52) | $(0.49) | $(0.80) | $(0.40) | $(0.45) |
| Net asset value, end of period (x) | $12.01 | $11.94 | $12.48 | $13.84 | $12.29 |
| Total return (%) (r)(s)(t)(x) | 5.03 | (0.28) | (4.52) | 16.01 | 2.70 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.43 | 0.44 | 0.43 | 0.43 | 0.45 |
| Expenses after expense reductions (h) | 0.24 | 0.25 | 0.23 | 0.23 | 0.23 |
| Net investment income (loss) (l) | 3.17 | 3.00 | 3.13 | 1.90 | 2.39 |
| Portfolio turnover | 9 | 16 | 7 | 12 | 15 |
| Net assets at end of period (000 omitted) | $121,320 | $120,218 | $61,647 | $75,909 | $67,237 |
| Year ended | |||||
| Class R4 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $11.94 | $12.48 | $13.84 | $12.29 | $12.39 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.40 | $0.40 | $0.45 | $0.28 | $0.33 |
| Net realized and unrealized gain (loss) | 0.22 | (0.42) | (0.98) | 1.70 | 0.05 |
| Total from investment operations | $0.62 | $(0.02) | $(0.53) | $1.98 | $0.38 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.47) | $(0.32) | $(0.48) | $(0.30) | $(0.34) |
| From net realized gain | (0.08) | (0.20) | (0.35) | (0.13) | (0.14) |
| Total distributions declared to shareholders | $(0.55) | $(0.52) | $(0.83) | $(0.43) | $(0.48) |
| Net asset value, end of period (x) | $12.01 | $11.94 | $12.48 | $13.84 | $12.29 |
| Total return (%) (r)(s)(t)(x) | 5.29 | (0.03) | (4.28) | 16.30 | 3.04 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.19 | 0.19 | 0.18 | 0.19 | 0.20 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 3.33 | 3.36 | 3.28 | 2.14 | 2.61 |
| Portfolio turnover | 9 | 16 | 7 | 12 | 15 |
| Net assets at end of period (000 omitted) | $18,412 | $26,707 | $11,700 | $31,138 | $41,807 |
See Notes to Financial Statements
75
Financial
Highlights − continued
MFS LIFETIME INCOME
FUND − continued
| Year ended | |||||
| Class R6 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $11.98 | $12.52 | $13.88 | $12.32 | $12.43 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.43 | $0.42 | $0.50 | $0.30 | $0.34 |
| Net realized and unrealized gain (loss) | 0.21 | (0.43) | (1.02) | 1.71 | 0.04 |
| Total from investment operations | $0.64 | $(0.01) | $(0.52) | $2.01 | $0.38 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.49) | $(0.33) | $(0.49) | $(0.32) | $(0.35) |
| From net realized gain | (0.08) | (0.20) | (0.35) | (0.13) | (0.14) |
| Total distributions declared to shareholders | $(0.57) | $(0.53) | $(0.84) | $(0.45) | $(0.49) |
| Net asset value, end of period (x) | $12.05 | $11.98 | $12.52 | $13.88 | $12.32 |
| Total return (%) (r)(s)(t)(x) | 5.41 | 0.09 | (4.18) | 16.44 | 3.04 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.07 | 0.08 | 0.09 | 0.10 | 0.12 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 3.55 | 3.54 | 3.61 | 2.24 | 2.69 |
| Portfolio turnover | 9 | 16 | 7 | 12 | 15 |
| Net assets at end of period (000 omitted) | $204,485 | $184,269 | $81,457 | $87,750 | $42,065 |
| (d) | Per share data is based on average shares outstanding. |
| (h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
| (l) | The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
76
Financial
Highlights − continued
MFS LIFETIME 2025 FUND
The financial highlights table is
intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an
investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $12.65 | $13.38 | $15.00 | $12.75 | $13.03 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.41 | $0.35 | $0.51 | $0.25 | $0.30 |
| Net realized and unrealized gain (loss) | 0.32 | (0.40) | (1.09) | 2.38 | (0.11) |
| Total from investment operations | $0.73 | $(0.05) | $(0.58) | $2.63 | $0.19 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.37) | $(0.32) | $(0.53) | $(0.26) | $(0.28) |
| From net realized gain | (0.04) | (0.36) | (0.51) | (0.12) | (0.19) |
| Total distributions declared to shareholders | $(0.41) | $(0.68) | $(1.04) | $(0.38) | $(0.47) |
| Net asset value, end of period (x) | $12.97 | $12.65 | $13.38 | $15.00 | $12.75 |
| Total return (%) (r)(s)(t)(x) | 5.77 | (0.13) | (4.47) | 20.70 | 1.25 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.48 | 0.48 | 0.46 | 0.47 | 0.51 |
| Expenses after expense reductions (h) | 0.25 | 0.25 | 0.25 | 0.25 | 0.23 |
| Net investment income (loss) (l) | 3.18 | 2.74 | 3.41 | 1.77 | 2.25 |
| Portfolio turnover | 17 | 18 | 14 | 24 | 18 |
| Net assets at end of period (000 omitted) | $36,142 | $23,748 | $26,794 | $29,637 | $26,335 |
| Year ended | |||||
| Class B | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $12.58 | $13.29 | $14.89 | $12.64 | $12.93 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.29 | $0.25 | $0.40 | $0.14 | $0.20 |
| Net realized and unrealized gain (loss) | 0.34 | (0.40) | (1.09) | 2.36 | (0.12) |
| Total from investment operations | $0.63 | $(0.15) | $(0.69) | $2.50 | $0.08 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.22) | $(0.20) | $(0.40) | $(0.13) | $(0.18) |
| From net realized gain | (0.04) | (0.36) | (0.51) | (0.12) | (0.19) |
| Total distributions declared to shareholders | $(0.26) | $(0.56) | $(0.91) | $(0.25) | $(0.37) |
| Net asset value, end of period (x) | $12.95 | $12.58 | $13.29 | $14.89 | $12.64 |
| Total return (%) (r)(s)(t)(x) | 5.00 | (0.95) | (5.15) | 19.83 | 0.48 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.23 | 1.23 | 1.21 | 1.22 | 1.26 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 1.00 | 0.99 |
| Net investment income (loss) (l) | 2.27 | 1.97 | 2.71 | 1.00 | 1.49 |
| Portfolio turnover | 17 | 18 | 14 | 24 | 18 |
| Net assets at end of period (000 omitted) | $512 | $799 | $1,156 | $1,447 | $1,632 |
See Notes to Financial Statements
77
Financial
Highlights − continued
MFS LIFETIME 2025
FUND − continued
| Year ended | |||||
| Class C | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $12.46 | $13.20 | $14.80 | $12.58 | $12.86 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.29 | $0.26 | $0.40 | $0.14 | $0.19 |
| Net realized and unrealized gain (loss) | 0.33 | (0.40) | (1.09) | 2.35 | (0.11) |
| Total from investment operations | $0.62 | $(0.14) | $(0.69) | $2.49 | $0.08 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.24) | $(0.24) | $(0.40) | $(0.15) | $(0.17) |
| From net realized gain | (0.04) | (0.36) | (0.51) | (0.12) | (0.19) |
| Total distributions declared to shareholders | $(0.28) | $(0.60) | $(0.91) | $(0.27) | $(0.36) |
| Net asset value, end of period (x) | $12.80 | $12.46 | $13.20 | $14.80 | $12.58 |
| Total return (%) (r)(s)(t)(x) | 4.96 | (0.88) | (5.19) | 19.86 | 0.45 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.23 | 1.23 | 1.21 | 1.22 | 1.26 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | 2.28 | 2.07 | 2.74 | 1.03 | 1.46 |
| Portfolio turnover | 17 | 18 | 14 | 24 | 18 |
| Net assets at end of period (000 omitted) | $2,766 | $3,478 | $3,571 | $4,618 | $3,852 |
| Year ended | |||||
| Class I | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $12.69 | $13.43 | $15.06 | $12.79 | $13.08 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.42 | $0.38 | $0.55 | $0.30 | $0.33 |
| Net realized and unrealized gain (loss) | 0.35 | (0.40) | (1.10) | 2.38 | (0.12) |
| Total from investment operations | $0.77 | $(0.02) | $(0.55) | $2.68 | $0.21 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.39) | $(0.36) | $(0.57) | $(0.29) | $(0.31) |
| From net realized gain | (0.04) | (0.36) | (0.51) | (0.12) | (0.19) |
| Total distributions declared to shareholders | $(0.43) | $(0.72) | $(1.08) | $(0.41) | $(0.50) |
| Net asset value, end of period (x) | $13.03 | $12.69 | $13.43 | $15.06 | $12.79 |
| Total return (%) (r)(s)(t)(x) | 6.06 | 0.07 | (4.26) | 21.10 | 1.38 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.23 | 0.23 | 0.21 | 0.22 | 0.26 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 3.30 | 2.99 | 3.68 | 2.08 | 2.49 |
| Portfolio turnover | 17 | 18 | 14 | 24 | 18 |
| Net assets at end of period (000 omitted) | $2,846 | $2,724 | $4,104 | $3,131 | $1,445 |
See Notes to Financial Statements
78
Financial
Highlights − continued
MFS LIFETIME 2025
FUND − continued
| Year ended | |||||
| Class R1 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $12.70 | $13.44 | $15.04 | $12.65 | $12.95 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.30 | $0.26 | $0.39 | $0.09 | $0.19 |
| Net realized and unrealized gain (loss) | 0.34 | (0.41) | (1.09) | 2.42 | (0.12) |
| Total from investment operations | $0.64 | $(0.15) | $(0.70) | $2.51 | $0.07 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.26) | $(0.23) | $(0.39) | $— | $(0.18) |
| From net realized gain | (0.04) | (0.36) | (0.51) | (0.12) | (0.19) |
| Total distributions declared to shareholders | $(0.30) | $(0.59) | $(0.90) | $(0.12) | $(0.37) |
| Net asset value, end of period (x) | $13.04 | $12.70 | $13.44 | $15.04 | $12.65 |
| Total return (%) (r)(s)(t)(x) | 4.99 | (0.92) | (5.19) | 19.86 | 0.37 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.23 | 1.23 | 1.21 | 1.23 | 1.26 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | 2.31 | 2.02 | 2.61 | 0.67 | 1.46 |
| Portfolio turnover | 17 | 18 | 14 | 24 | 18 |
| Net assets at end of period (000 omitted) | $333 | $347 | $310 | $374 | $1,902 |
| Year ended | |||||
| Class R2 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $12.61 | $13.35 | $14.95 | $12.69 | $12.96 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.36 | $0.32 | $0.47 | $0.21 | $0.25 |
| Net realized and unrealized gain (loss) | 0.35 | (0.41) | (1.08) | 2.37 | (0.11) |
| Total from investment operations | $0.71 | $(0.09) | $(0.61) | $2.58 | $0.14 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.32) | $(0.29) | $(0.48) | $(0.20) | $(0.22) |
| From net realized gain | (0.04) | (0.36) | (0.51) | (0.12) | (0.19) |
| Total distributions declared to shareholders | $(0.36) | $(0.65) | $(0.99) | $(0.32) | $(0.41) |
| Net asset value, end of period (x) | $12.96 | $12.61 | $13.35 | $14.95 | $12.69 |
| Total return (%) (r)(s)(t)(x) | 5.60 | (0.48) | (4.64) | 20.43 | 0.93 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.73 | 0.73 | 0.71 | 0.73 | 0.76 |
| Expenses after expense reductions (h) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
| Net investment income (loss) (l) | 2.80 | 2.51 | 3.15 | 1.49 | 1.89 |
| Portfolio turnover | 17 | 18 | 14 | 24 | 18 |
| Net assets at end of period (000 omitted) | $12,648 | $14,322 | $16,771 | $21,994 | $26,607 |
See Notes to Financial Statements
79
Financial
Highlights − continued
MFS LIFETIME 2025
FUND − continued
| Year ended | |||||
| Class R3 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $12.63 | $13.37 | $14.98 | $12.73 | $13.02 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.39 | $0.35 | $0.51 | $0.25 | $0.30 |
| Net realized and unrealized gain (loss) | 0.34 | (0.41) | (1.08) | 2.38 | (0.12) |
| Total from investment operations | $0.73 | $(0.06) | $(0.57) | $2.63 | $0.18 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.36) | $(0.32) | $(0.53) | $(0.26) | $(0.28) |
| From net realized gain | (0.04) | (0.36) | (0.51) | (0.12) | (0.19) |
| Total distributions declared to shareholders | $(0.40) | $(0.68) | $(1.04) | $(0.38) | $(0.47) |
| Net asset value, end of period (x) | $12.96 | $12.63 | $13.37 | $14.98 | $12.73 |
| Total return (%) (r)(s)(t)(x) | 5.76 | (0.18) | (4.41) | 20.74 | 1.17 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.48 | 0.48 | 0.46 | 0.47 | 0.51 |
| Expenses after expense reductions (h) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 3.07 | 2.75 | 3.43 | 1.80 | 2.25 |
| Portfolio turnover | 17 | 18 | 14 | 24 | 18 |
| Net assets at end of period (000 omitted) | $106,722 | $100,312 | $109,420 | $112,826 | $95,013 |
| Year ended | |||||
| Class R4 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $12.73 | $13.47 | $15.09 | $12.81 | $13.10 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.42 | $0.38 | $0.52 | $0.28 | $0.33 |
| Net realized and unrealized gain (loss) | 0.36 | (0.40) | (1.08) | 2.40 | (0.12) |
| Total from investment operations | $0.78 | $(0.02) | $(0.56) | $2.68 | $0.21 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.39) | $(0.36) | $(0.55) | $(0.28) | $(0.31) |
| From net realized gain | (0.04) | (0.36) | (0.51) | (0.12) | (0.19) |
| Total distributions declared to shareholders | $(0.43) | $(0.72) | $(1.06) | $(0.40) | $(0.50) |
| Net asset value, end of period (x) | $13.08 | $12.73 | $13.47 | $15.09 | $12.81 |
| Total return (%) (r)(s)(t)(x) | 6.11 | 0.08 | (4.26) | 21.06 | 1.37 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.23 | 0.23 | 0.21 | 0.23 | 0.26 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 3.26 | 2.99 | 3.43 | 2.00 | 2.49 |
| Portfolio turnover | 17 | 18 | 14 | 24 | 18 |
| Net assets at end of period (000 omitted) | $29,500 | $36,419 | $34,089 | $82,037 | $105,160 |
See Notes to Financial Statements
80
Financial
Highlights − continued
MFS LIFETIME 2025
FUND − continued
| Year ended | |||||
| Class R6 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $12.73 | $13.47 | $15.09 | $12.82 | $13.10 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.45 | $0.43 | $0.58 | $0.32 | $0.35 |
| Net realized and unrealized gain (loss) | 0.33 | (0.43) | (1.10) | 2.38 | (0.12) |
| Total from investment operations | $0.78 | $0.00 | $(0.52) | $2.70 | $0.23 |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.41) | $(0.38) | $(0.59) | $(0.31) | $(0.32) |
| From net realized gain | (0.04) | (0.36) | (0.51) | (0.12) | (0.19) |
| Total distributions declared to shareholders | $(0.45) | $(0.74) | $(1.10) | $(0.43) | $(0.51) |
| Net asset value, end of period (x) | $13.06 | $12.73 | $13.47 | $15.09 | $12.82 |
| Total return (%) (r)(s)(t)(x) | 6.12 | 0.24 | (4.06) | 21.17 | 1.57 |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.09 | 0.09 | 0.07 | 0.08 | 0.12 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 3.48 | 3.34 | 3.88 | 2.22 | 2.63 |
| Portfolio turnover | 17 | 18 | 14 | 24 | 18 |
| Net assets at end of period (000 omitted) | $195,108 | $158,548 | $217,171 | $228,469 | $65,523 |
| (d) | Per share data is based on average shares outstanding. |
| (h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
| (l) | The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
81
Financial
Highlights − continued
MFS LIFETIME 2030 FUND
The financial highlights table is
intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an
investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $15.08 | $16.03 | $18.20 | $14.61 | $15.59 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.42 | $0.40 | $0.72 | $0.26 | $0.32 |
| Net realized and unrealized gain (loss) | 0.79 | (0.45) | (1.34) | 3.96 | (0.46) |
| Total from investment operations | $1.21 | $(0.05) | $(0.62) | $4.22 | $(0.14) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.39) | $(0.37) | $(0.73) | $(0.27) | $(0.32) |
| From net realized gain | (0.20) | (0.53) | (0.82) | (0.36) | (0.52) |
| Total distributions declared to shareholders | $(0.59) | $(0.90) | $(1.55) | $(0.63) | $(0.84) |
| Net asset value, end of period (x) | $15.70 | $15.08 | $16.03 | $18.20 | $14.61 |
| Total return (%) (r)(s)(t)(x) | 8.06 | (0.02) | (4.25) | 29.17 | (1.36) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.44 | 0.45 | 0.44 | 0.44 | 0.46 |
| Expenses after expense reductions (h) | 0.25 | 0.25 | 0.25 | 0.24 | 0.24 |
| Net investment income (loss) (l) | 2.76 | 2.62 | 3.95 | 1.56 | 2.07 |
| Portfolio turnover | 14 | 18 | 15 | 27 | 18 |
| Net assets at end of period (000 omitted) | $91,172 | $78,198 | $78,464 | $81,398 | $66,732 |
| Year ended | |||||
| Class B | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $14.92 | $15.82 | $17.96 | $14.41 | $15.37 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.30 | $0.27 | $0.55 | $0.13 | $0.20 |
| Net realized and unrealized gain (loss) | 0.77 | (0.43) | (1.30) | 3.91 | (0.46) |
| Total from investment operations | $1.07 | $(0.16) | $(0.75) | $4.04 | $(0.26) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.24) | $(0.21) | $(0.57) | $(0.13) | $(0.18) |
| From net realized gain | (0.20) | (0.53) | (0.82) | (0.36) | (0.52) |
| Total distributions declared to shareholders | $(0.44) | $(0.74) | $(1.39) | $(0.49) | $(0.70) |
| Net asset value, end of period (x) | $15.55 | $14.92 | $15.82 | $17.96 | $14.41 |
| Total return (%) (r)(s)(t)(x) | 7.19 | (0.74) | (4.98) | 28.24 | (2.07) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.19 | 1.20 | 1.19 | 1.19 | 1.21 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 0.99 | 0.99 |
| Net investment income (loss) (l) | 1.95 | 1.82 | 3.09 | 0.82 | 1.29 |
| Portfolio turnover | 14 | 18 | 15 | 27 | 18 |
| Net assets at end of period (000 omitted) | $2,224 | $3,104 | $4,398 | $6,394 | $6,495 |
See Notes to Financial Statements
82
Financial
Highlights − continued
MFS LIFETIME 2030
FUND − continued
| Year ended | |||||
| Class C | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $14.78 | $15.69 | $17.84 | $14.31 | $15.27 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.30 | $0.26 | $0.56 | $0.14 | $0.19 |
| Net realized and unrealized gain (loss) | 0.76 | (0.42) | (1.30) | 3.87 | (0.44) |
| Total from investment operations | $1.06 | $(0.16) | $(0.74) | $4.01 | $(0.25) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.26) | $(0.22) | $(0.59) | $(0.12) | $(0.19) |
| From net realized gain | (0.20) | (0.53) | (0.82) | (0.36) | (0.52) |
| Total distributions declared to shareholders | $(0.46) | $(0.75) | $(1.41) | $(0.48) | $(0.71) |
| Net asset value, end of period (x) | $15.38 | $14.78 | $15.69 | $17.84 | $14.31 |
| Total return (%) (r)(s)(t)(x) | 7.21 | (0.76) | (4.97) | 28.24 | (2.05) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.19 | 1.20 | 1.19 | 1.19 | 1.21 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 0.99 | 0.99 |
| Net investment income (loss) (l) | 1.96 | 1.78 | 3.15 | 0.85 | 1.26 |
| Portfolio turnover | 14 | 18 | 15 | 27 | 18 |
| Net assets at end of period (000 omitted) | $7,387 | $8,025 | $10,573 | $12,826 | $13,474 |
| Year ended | |||||
| Class I | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $15.17 | $16.12 | $18.30 | $14.69 | $15.66 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.46 | $0.43 | $0.85 | $0.31 | $0.36 |
| Net realized and unrealized gain (loss) | 0.80 | (0.45) | (1.43) | 3.98 | (0.46) |
| Total from investment operations | $1.26 | $(0.02) | $(0.58) | $4.29 | $(0.10) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.42) | $(0.40) | $(0.78) | $(0.32) | $(0.35) |
| From net realized gain | (0.20) | (0.53) | (0.82) | (0.36) | (0.52) |
| Total distributions declared to shareholders | $(0.62) | $(0.93) | $(1.60) | $(0.68) | $(0.87) |
| Net asset value, end of period (x) | $15.81 | $15.17 | $16.12 | $18.30 | $14.69 |
| Total return (%) (r)(s)(t)(x) | 8.35 | 0.23 | (4.02) | 29.48 | (1.07) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.19 | 0.20 | 0.19 | 0.19 | 0.21 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 2.98 | 2.81 | 4.65 | 1.86 | 2.29 |
| Portfolio turnover | 14 | 18 | 15 | 27 | 18 |
| Net assets at end of period (000 omitted) | $5,535 | $6,146 | $6,552 | $6,274 | $2,395 |
See Notes to Financial Statements
83
Financial
Highlights − continued
MFS LIFETIME 2030
FUND − continued
| Year ended | |||||
| Class R1 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $14.97 | $15.89 | $18.05 | $14.43 | $15.42 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.30 | $0.28 | $0.58 | $0.11 | $0.21 |
| Net realized and unrealized gain (loss) | 0.78 | (0.44) | (1.34) | 3.94 | (0.46) |
| Total from investment operations | $1.08 | $(0.16) | $(0.76) | $4.05 | $(0.25) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.26) | $(0.23) | $(0.58) | $(0.07) | $(0.22) |
| From net realized gain | (0.20) | (0.53) | (0.82) | (0.36) | (0.52) |
| Total distributions declared to shareholders | $(0.46) | $(0.76) | $(1.40) | $(0.43) | $(0.74) |
| Net asset value, end of period (x) | $15.59 | $14.97 | $15.89 | $18.05 | $14.43 |
| Total return (%) (r)(s)(t)(x) | 7.24 | (0.73) | (5.00) | 28.21 | (2.06) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.19 | 1.20 | 1.19 | 1.20 | 1.21 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 0.99 | 1.00 |
| Net investment income (loss) (l) | 1.95 | 1.83 | 3.21 | 0.66 | 1.38 |
| Portfolio turnover | 14 | 18 | 15 | 27 | 18 |
| Net assets at end of period (000 omitted) | $3,055 | $3,347 | $4,148 | $5,636 | $7,150 |
| Year ended | |||||
| Class R2 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $14.94 | $15.88 | $18.04 | $14.47 | $15.43 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.37 | $0.35 | $0.65 | $0.20 | $0.28 |
| Net realized and unrealized gain (loss) | 0.80 | (0.44) | (1.31) | 3.94 | (0.46) |
| Total from investment operations | $1.17 | $(0.09) | $(0.66) | $4.14 | $(0.18) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.34) | $(0.32) | $(0.68) | $(0.21) | $(0.26) |
| From net realized gain | (0.20) | (0.53) | (0.82) | (0.36) | (0.52) |
| Total distributions declared to shareholders | $(0.54) | $(0.85) | $(1.50) | $(0.57) | $(0.78) |
| Net asset value, end of period (x) | $15.57 | $14.94 | $15.88 | $18.04 | $14.47 |
| Total return (%) (r)(s)(t)(x) | 7.82 | (0.26) | (4.50) | 28.84 | (1.60) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.69 | 0.70 | 0.69 | 0.70 | 0.71 |
| Expenses after expense reductions (h) | 0.50 | 0.50 | 0.50 | 0.49 | 0.49 |
| Net investment income (loss) (l) | 2.45 | 2.33 | 3.64 | 1.24 | 1.78 |
| Portfolio turnover | 14 | 18 | 15 | 27 | 18 |
| Net assets at end of period (000 omitted) | $35,220 | $46,256 | $51,968 | $60,402 | $66,342 |
See Notes to Financial Statements
84
Financial
Highlights − continued
MFS LIFETIME 2030
FUND − continued
| Year ended | |||||
| Class R3 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $15.03 | $15.98 | $18.15 | $14.57 | $15.54 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.42 | $0.39 | $0.69 | $0.26 | $0.32 |
| Net realized and unrealized gain (loss) | 0.79 | (0.44) | (1.31) | 3.95 | (0.45) |
| Total from investment operations | $1.21 | $(0.05) | $(0.62) | $4.21 | $(0.13) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.39) | $(0.37) | $(0.73) | $(0.27) | $(0.32) |
| From net realized gain | (0.20) | (0.53) | (0.82) | (0.36) | (0.52) |
| Total distributions declared to shareholders | $(0.59) | $(0.90) | $(1.55) | $(0.63) | $(0.84) |
| Net asset value, end of period (x) | $15.65 | $15.03 | $15.98 | $18.15 | $14.57 |
| Total return (%) (r)(s)(t)(x) | 8.06 | (0.01) | (4.27) | 29.18 | (1.31) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.44 | 0.45 | 0.44 | 0.44 | 0.46 |
| Expenses after expense reductions (h) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 2.73 | 2.59 | 3.84 | 1.58 | 2.06 |
| Portfolio turnover | 14 | 18 | 15 | 27 | 18 |
| Net assets at end of period (000 omitted) | $220,766 | $199,271 | $196,297 | $196,178 | $158,189 |
| Year ended | |||||
| Class R4 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $15.22 | $16.17 | $18.34 | $14.70 | $15.68 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.44 | $0.44 | $0.71 | $0.30 | $0.37 |
| Net realized and unrealized gain (loss) | 0.83 | (0.46) | (1.29) | 4.01 | (0.48) |
| Total from investment operations | $1.27 | $(0.02) | $(0.58) | $4.31 | $(0.11) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.42) | $(0.40) | $(0.77) | $(0.31) | $(0.35) |
| From net realized gain | (0.20) | (0.53) | (0.82) | (0.36) | (0.52) |
| Total distributions declared to shareholders | $(0.62) | $(0.93) | $(1.59) | $(0.67) | $(0.87) |
| Net asset value, end of period (x) | $15.87 | $15.22 | $16.17 | $18.34 | $14.70 |
| Total return (%) (r)(s)(t)(x) | 8.36 | 0.24 | (4.03) | 29.58 | (1.14) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.19 | 0.20 | 0.19 | 0.20 | 0.21 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 2.83 | 2.83 | 3.87 | 1.80 | 2.32 |
| Portfolio turnover | 14 | 18 | 15 | 27 | 18 |
| Net assets at end of period (000 omitted) | $38,081 | $59,570 | $58,095 | $123,740 | $162,913 |
See Notes to Financial Statements
85
Financial
Highlights − continued
MFS LIFETIME 2030
FUND − continued
| Year ended | |||||
| Class R6 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $15.20 | $16.15 | $18.33 | $14.70 | $15.68 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.49 | $0.49 | $0.79 | $0.34 | $0.38 |
| Net realized and unrealized gain (loss) | 0.79 | (0.48) | (1.35) | 3.98 | (0.47) |
| Total from investment operations | $1.28 | $0.01 | $(0.56) | $4.32 | $(0.09) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.44) | $(0.43) | $(0.80) | $(0.33) | $(0.37) |
| From net realized gain | (0.20) | (0.53) | (0.82) | (0.36) | (0.52) |
| Total distributions declared to shareholders | $(0.64) | $(0.96) | $(1.62) | $(0.69) | $(0.89) |
| Net asset value, end of period (x) | $15.84 | $15.20 | $16.15 | $18.33 | $14.70 |
| Total return (%) (r)(s)(t)(x) | 8.49 | 0.40 | (3.92) | 29.71 | (1.02) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.06 | 0.06 | 0.05 | 0.06 | 0.08 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 3.14 | 3.17 | 4.34 | 2.01 | 2.44 |
| Portfolio turnover | 14 | 18 | 15 | 27 | 18 |
| Net assets at end of period (000 omitted) | $382,157 | $288,629 | $316,077 | $300,098 | $116,212 |
| (d) | Per share data is based on average shares outstanding. |
| (h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
| (l) | The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
86
Financial
Highlights − continued
MFS LIFETIME 2035 FUND
The financial highlights table is
intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an
investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $15.67 | $16.63 | $18.63 | $13.79 | $14.94 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.37 | $0.38 | $0.88 | $0.23 | $0.29 |
| Net realized and unrealized gain (loss) | 1.36 | (0.40) | (1.44) | 5.04 | (0.85) |
| Total from investment operations | $1.73 | $(0.02) | $(0.56) | $5.27 | $(0.56) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.33) | $(0.37) | $(0.86) | $(0.23) | $(0.29) |
| From net realized gain | (0.11) | (0.57) | (0.58) | (0.20) | (0.30) |
| Total distributions declared to shareholders | $(0.44) | $(0.94) | $(1.44) | $(0.43) | $(0.59) |
| Net asset value, end of period (x) | $16.96 | $15.67 | $16.63 | $18.63 | $13.79 |
| Total return (%) (r)(s)(t)(x) | 11.13 | 0.27 | (3.84) | 38.48 | (4.23) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.46 | 0.47 | 0.47 | 0.48 | 0.52 |
| Expenses after expense reductions (h) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 2.29 | 2.44 | 4.67 | 1.41 | 1.96 |
| Portfolio turnover | 11 | 24 | 18 | 28 | 13 |
| Net assets at end of period (000 omitted) | $42,511 | $32,421 | $29,272 | $27,770 | $20,382 |
| Year ended | |||||
| Class B | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $15.59 | $16.52 | $18.50 | $13.70 | $14.84 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.23 | $0.26 | $0.69 | $0.11 | $0.17 |
| Net realized and unrealized gain (loss) | 1.36 | (0.39) | (1.39) | 4.99 | (0.85) |
| Total from investment operations | $1.59 | $(0.13) | $(0.70) | $5.10 | $(0.68) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.16) | $(0.23) | $(0.70) | $(0.10) | $(0.16) |
| From net realized gain | (0.11) | (0.57) | (0.58) | (0.20) | (0.30) |
| Total distributions declared to shareholders | $(0.27) | $(0.80) | $(1.28) | $(0.30) | $(0.46) |
| Net asset value, end of period (x) | $16.91 | $15.59 | $16.52 | $18.50 | $13.70 |
| Total return (%) (r)(s)(t)(x) | 10.24 | (0.48) | (4.53) | 37.44 | (4.98) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.22 | 1.22 | 1.22 | 1.23 | 1.27 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | 1.43 | 1.66 | 3.72 | 0.65 | 1.12 |
| Portfolio turnover | 11 | 24 | 18 | 28 | 13 |
| Net assets at end of period (000 omitted) | $697 | $1,067 | $1,370 | $1,597 | $1,387 |
See Notes to Financial Statements
87
Financial
Highlights − continued
MFS LIFETIME 2035
FUND − continued
| Year ended | |||||
| Class C | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $15.42 | $16.40 | $18.38 | $13.62 | $14.78 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.24 | $0.27 | $0.69 | $0.10 | $0.19 |
| Net realized and unrealized gain (loss) | 1.33 | (0.41) | (1.37) | 4.97 | (0.87) |
| Total from investment operations | $1.57 | $(0.14) | $(0.68) | $5.07 | $(0.68) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.22) | $(0.27) | $(0.72) | $(0.11) | $(0.18) |
| From net realized gain | (0.11) | (0.57) | (0.58) | (0.20) | (0.30) |
| Total distributions declared to shareholders | $(0.33) | $(0.84) | $(1.30) | $(0.31) | $(0.48) |
| Net asset value, end of period (x) | $16.66 | $15.42 | $16.40 | $18.38 | $13.62 |
| Total return (%) (r)(s)(t)(x) | 10.27 | (0.55) | (4.50) | 37.40 | (4.97) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.21 | 1.22 | 1.22 | 1.23 | 1.27 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 1.00 | 0.99 |
| Net investment income (loss) (l) | 1.52 | 1.74 | 3.72 | 0.63 | 1.26 |
| Portfolio turnover | 11 | 24 | 18 | 28 | 13 |
| Net assets at end of period (000 omitted) | $5,285 | $4,272 | $3,413 | $3,514 | $2,632 |
| Year ended | |||||
| Class I | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $15.72 | $16.69 | $18.68 | $13.82 | $14.97 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.42 | $0.45 | $0.88 | $0.27 | $0.32 |
| Net realized and unrealized gain (loss) | 1.36 | (0.44) | (1.38) | 5.05 | (0.85) |
| Total from investment operations | $1.78 | $0.01 | $(0.50) | $5.32 | $(0.53) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.37) | $(0.41) | $(0.91) | $(0.26) | $(0.32) |
| From net realized gain | (0.11) | (0.57) | (0.58) | (0.20) | (0.30) |
| Total distributions declared to shareholders | $(0.48) | $(0.98) | $(1.49) | $(0.46) | $(0.62) |
| Net asset value, end of period (x) | $17.02 | $15.72 | $16.69 | $18.68 | $13.82 |
| Total return (%) (r)(s)(t)(x) | 11.44 | 0.48 | (3.55) | 38.83 | (4.03) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.21 | 0.22 | 0.22 | 0.23 | 0.27 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 2.54 | 2.83 | 4.69 | 1.66 | 2.17 |
| Portfolio turnover | 11 | 24 | 18 | 28 | 13 |
| Net assets at end of period (000 omitted) | $8,302 | $1,953 | $1,365 | $1,267 | $714 |
See Notes to Financial Statements
88
Financial
Highlights − continued
MFS LIFETIME 2035
FUND − continued
| Year ended | |||||
| Class R1 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $15.61 | $16.59 | $18.59 | $13.70 | $14.83 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.24 | $0.26 | $0.72 | $(0.01) | $0.15 |
| Net realized and unrealized gain (loss) | 1.35 | (0.40) | (1.42) | 5.10 | (0.84) |
| Total from investment operations | $1.59 | $(0.14) | $(0.70) | $5.09 | $(0.69) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.21) | $(0.27) | $(0.72) | $— | $(0.14) |
| From net realized gain | (0.11) | (0.57) | (0.58) | (0.20) | (0.30) |
| Total distributions declared to shareholders | $(0.32) | $(0.84) | $(1.30) | $(0.20) | $(0.44) |
| Net asset value, end of period (x) | $16.88 | $15.61 | $16.59 | $18.59 | $13.70 |
| Total return (%) (r)(s)(t)(x) | 10.25 | (0.50) | (4.52) | 37.27 | (5.01) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.21 | 1.22 | 1.22 | 1.24 | 1.27 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | 1.46 | 1.64 | 3.84 | (0.05) | 1.00 |
| Portfolio turnover | 11 | 24 | 18 | 28 | 13 |
| Net assets at end of period (000 omitted) | $1,229 | $998 | $932 | $470 | $1,835 |
| Year ended | |||||
| Class R2 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $15.68 | $16.64 | $18.61 | $13.75 | $14.89 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.32 | $0.34 | $0.75 | $0.16 | $0.23 |
| Net realized and unrealized gain (loss) | 1.37 | (0.41) | (1.35) | 5.04 | (0.84) |
| Total from investment operations | $1.69 | $(0.07) | $(0.60) | $5.20 | $(0.61) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.28) | $(0.32) | $(0.79) | $(0.14) | $(0.23) |
| From net realized gain | (0.11) | (0.57) | (0.58) | (0.20) | (0.30) |
| Total distributions declared to shareholders | $(0.39) | $(0.89) | $(1.37) | $(0.34) | $(0.53) |
| Net asset value, end of period (x) | $16.98 | $15.68 | $16.64 | $18.61 | $13.75 |
| Total return (%) (r)(s)(t)(x) | 10.85 | (0.05) | (4.01) | 38.06 | (4.50) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.72 | 0.72 | 0.72 | 0.74 | 0.77 |
| Expenses after expense reductions (h) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
| Net investment income (loss) (l) | 1.98 | 2.19 | 4.01 | 0.97 | 1.58 |
| Portfolio turnover | 11 | 24 | 18 | 28 | 13 |
| Net assets at end of period (000 omitted) | $14,018 | $14,659 | $17,075 | $20,783 | $26,572 |
See Notes to Financial Statements
89
Financial
Highlights − continued
MFS LIFETIME 2035
FUND − continued
| Year ended | |||||
| Class R3 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $15.69 | $16.65 | $18.64 | $13.80 | $14.96 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.36 | $0.38 | $0.83 | $0.23 | $0.30 |
| Net realized and unrealized gain (loss) | 1.38 | (0.40) | (1.38) | 5.04 | (0.87) |
| Total from investment operations | $1.74 | $(0.02) | $(0.55) | $5.27 | $(0.57) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.33) | $(0.37) | $(0.86) | $(0.23) | $(0.29) |
| From net realized gain | (0.11) | (0.57) | (0.58) | (0.20) | (0.30) |
| Total distributions declared to shareholders | $(0.44) | $(0.94) | $(1.44) | $(0.43) | $(0.59) |
| Net asset value, end of period (x) | $16.99 | $15.69 | $16.65 | $18.64 | $13.80 |
| Total return (%) (r)(s)(t)(x) | 11.14 | 0.24 | (3.81) | 38.44 | (4.27) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.46 | 0.47 | 0.47 | 0.48 | 0.52 |
| Expenses after expense reductions (h) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 2.24 | 2.41 | 4.41 | 1.40 | 2.00 |
| Portfolio turnover | 11 | 24 | 18 | 28 | 13 |
| Net assets at end of period (000 omitted) | $177,887 | $140,851 | $142,758 | $141,555 | $96,287 |
| Year ended | |||||
| Class R4 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $15.81 | $16.78 | $18.76 | $13.87 | $15.02 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.35 | $0.42 | $0.78 | $0.25 | $0.33 |
| Net realized and unrealized gain (loss) | 1.45 | (0.41) | (1.29) | 5.09 | (0.86) |
| Total from investment operations | $1.80 | $0.01 | $(0.51) | $5.34 | $(0.53) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.35) | $(0.41) | $(0.89) | $(0.25) | $(0.32) |
| From net realized gain | (0.11) | (0.57) | (0.58) | (0.20) | (0.30) |
| Total distributions declared to shareholders | $(0.46) | $(0.98) | $(1.47) | $(0.45) | $(0.62) |
| Net asset value, end of period (x) | $17.15 | $15.81 | $16.78 | $18.76 | $13.87 |
| Total return (%) (r)(s)(t)(x) | 11.45 | 0.44 | (3.56) | 38.82 | (4.01) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.22 | 0.22 | 0.22 | 0.23 | 0.27 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 2.16 | 2.65 | 4.12 | 1.56 | 2.22 |
| Portfolio turnover | 11 | 24 | 18 | 28 | 13 |
| Net assets at end of period (000 omitted) | $27,498 | $45,521 | $39,766 | $89,097 | $120,415 |
See Notes to Financial Statements
90
Financial
Highlights − continued
MFS LIFETIME 2035
FUND − continued
| Year ended | |||||
| Class R6 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $15.80 | $16.77 | $18.76 | $13.87 | $15.02 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.44 | $0.50 | $0.94 | $0.31 | $0.35 |
| Net realized and unrealized gain (loss) | 1.38 | (0.47) | (1.42) | 5.07 | (0.86) |
| Total from investment operations | $1.82 | $0.03 | $(0.48) | $5.38 | $(0.51) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.39) | $(0.43) | $(0.93) | $(0.29) | $(0.34) |
| From net realized gain | (0.11) | (0.57) | (0.58) | (0.20) | (0.30) |
| Total distributions declared to shareholders | $(0.50) | $(1.00) | $(1.51) | $(0.49) | $(0.64) |
| Net asset value, end of period (x) | $17.12 | $15.80 | $16.77 | $18.76 | $13.87 |
| Total return (%) (r)(s)(t)(x) | 11.59 | 0.61 | (3.42) | 39.08 | (3.90) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.07 | 0.07 | 0.07 | 0.09 | 0.12 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 2.66 | 3.13 | 4.97 | 1.86 | 2.35 |
| Portfolio turnover | 11 | 24 | 18 | 28 | 13 |
| Net assets at end of period (000 omitted) | $315,531 | $223,670 | $237,753 | $206,449 | $62,093 |
| (d) | Per share data is based on average shares outstanding. |
| (h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
| (l) | The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
91
Financial
Highlights − continued
MFS LIFETIME 2040 FUND
The financial highlights table is
intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an
investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $17.01 | $18.03 | $20.33 | $14.79 | $16.46 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.34 | $0.39 | $0.94 | $0.21 | $0.30 |
| Net realized and unrealized gain (loss) | 1.91 | (0.39) | (1.48) | 5.86 | (1.02) |
| Total from investment operations | $2.25 | $0.00(w) | $(0.54) | $6.07 | $(0.72) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.31) | $(0.39) | $(0.97) | $(0.22) | $(0.30) |
| From net realized gain | (0.30) | (0.63) | (0.79) | (0.31) | (0.65) |
| Total distributions declared to shareholders | $(0.61) | $(1.02) | $(1.76) | $(0.53) | $(0.95) |
| Net asset value, end of period (x) | $18.65 | $17.01 | $18.03 | $20.33 | $14.79 |
| Total return (%) (r)(s)(t)(x) | 13.33 | 0.39 | (3.60) | 41.38 | (5.08) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.45 | 0.46 | 0.45 | 0.46 | 0.49 |
| Expenses after expense reductions (h) | 0.25 | 0.25 | 0.25 | 0.24 | 0.24 |
| Net investment income (loss) (l) | 1.89 | 2.29 | 4.60 | 1.21 | 1.86 |
| Portfolio turnover | 9 | 18 | 14 | 27 | 13 |
| Net assets at end of period (000 omitted) | $67,188 | $51,443 | $50,245 | $56,524 | $41,909 |
| Year ended | |||||
| Class B | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $16.93 | $17.92 | $20.20 | $14.68 | $16.34 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.18 | $0.26 | $0.78 | $0.08 | $0.17 |
| Net realized and unrealized gain (loss) | 1.93 | (0.39) | (1.48) | 5.81 | (1.01) |
| Total from investment operations | $2.11 | $(0.13) | $(0.70) | $5.89 | $(0.84) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.13) | $(0.23) | $(0.79) | $(0.06) | $(0.17) |
| From net realized gain | (0.30) | (0.63) | (0.79) | (0.31) | (0.65) |
| Total distributions declared to shareholders | $(0.43) | $(0.86) | $(1.58) | $(0.37) | $(0.82) |
| Net asset value, end of period (x) | $18.61 | $16.93 | $17.92 | $20.20 | $14.68 |
| Total return (%) (r)(s)(t)(x) | 12.50 | (0.40) | (4.34) | 40.36 | (5.80) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.20 | 1.21 | 1.20 | 1.21 | 1.24 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 0.99 | 0.99 |
| Net investment income (loss) (l) | 1.04 | 1.52 | 3.85 | 0.44 | 1.05 |
| Portfolio turnover | 9 | 18 | 14 | 27 | 13 |
| Net assets at end of period (000 omitted) | $1,381 | $1,972 | $2,641 | $3,527 | $3,577 |
See Notes to Financial Statements
92
Financial
Highlights − continued
MFS LIFETIME 2040
FUND − continued
| Year ended | |||||
| Class C | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $16.64 | $17.64 | $19.94 | $14.48 | $16.13 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.20 | $0.26 | $0.77 | $0.08 | $0.16 |
| Net realized and unrealized gain (loss) | 1.86 | (0.37) | (1.46) | 5.73 | (0.99) |
| Total from investment operations | $2.06 | $(0.11) | $(0.69) | $5.81 | $(0.83) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.17) | $(0.26) | $(0.82) | $(0.04) | $(0.17) |
| From net realized gain | (0.30) | (0.63) | (0.79) | (0.31) | (0.65) |
| Total distributions declared to shareholders | $(0.47) | $(0.89) | $(1.61) | $(0.35) | $(0.82) |
| Net asset value, end of period (x) | $18.23 | $16.64 | $17.64 | $19.94 | $14.48 |
| Total return (%) (r)(s)(t)(x) | 12.46 | (0.30) | (4.40) | 40.39 | (5.79) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.20 | 1.21 | 1.20 | 1.22 | 1.24 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | 1.13 | 1.57 | 3.84 | 0.48 | 1.03 |
| Portfolio turnover | 9 | 18 | 14 | 27 | 13 |
| Net assets at end of period (000 omitted) | $6,208 | $6,747 | $7,809 | $8,727 | $9,202 |
| Year ended | |||||
| Class I | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $17.15 | $18.17 | $20.49 | $14.91 | $16.57 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.40 | $0.47 | $1.04 | $0.28 | $0.32 |
| Net realized and unrealized gain (loss) | 1.91 | (0.42) | (1.54) | 5.88 | (1.00) |
| Total from investment operations | $2.31 | $0.05 | $(0.50) | $6.16 | $(0.68) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.35) | $(0.44) | $(1.03) | $(0.27) | $(0.33) |
| From net realized gain | (0.30) | (0.63) | (0.79) | (0.31) | (0.65) |
| Total distributions declared to shareholders | $(0.65) | $(1.07) | $(1.82) | $(0.58) | $(0.98) |
| Net asset value, end of period (x) | $18.81 | $17.15 | $18.17 | $20.49 | $14.91 |
| Total return (%) (r)(s)(t)(x) | 13.60 | 0.68 | (3.41) | 41.67 | (4.81) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.20 | 0.21 | 0.20 | 0.21 | 0.24 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 2.19 | 2.75 | 5.06 | 1.57 | 1.92 |
| Portfolio turnover | 9 | 18 | 14 | 27 | 13 |
| Net assets at end of period (000 omitted) | $13,391 | $7,846 | $5,129 | $3,870 | $1,201 |
See Notes to Financial Statements
93
Financial
Highlights − continued
MFS LIFETIME 2040
FUND − continued
| Year ended | |||||
| Class R1 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $16.84 | $17.82 | $20.13 | $14.61 | $16.27 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.19 | $0.25 | $0.79 | $0.05 | $0.16 |
| Net realized and unrealized gain (loss) | 1.90 | (0.37) | (1.48) | 5.81 | (1.00) |
| Total from investment operations | $2.09 | $(0.12) | $(0.69) | $5.86 | $(0.84) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.17) | $(0.23) | $(0.83) | $(0.03) | $(0.17) |
| From net realized gain | (0.30) | (0.63) | (0.79) | (0.31) | (0.65) |
| Total distributions declared to shareholders | $(0.47) | $(0.86) | $(1.62) | $(0.34) | $(0.82) |
| Net asset value, end of period (x) | $18.46 | $16.84 | $17.82 | $20.13 | $14.61 |
| Total return (%) (r)(s)(t)(x) | 12.46 | (0.35) | (4.36) | 40.32 | (5.80) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.20 | 1.21 | 1.20 | 1.22 | 1.24 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | 1.07 | 1.46 | 3.90 | 0.29 | 1.01 |
| Portfolio turnover | 9 | 18 | 14 | 27 | 13 |
| Net assets at end of period (000 omitted) | $3,012 | $3,063 | $4,001 | $3,965 | $4,153 |
| Year ended | |||||
| Class R2 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $16.90 | $17.91 | $20.21 | $14.70 | $16.34 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.28 | $0.34 | $0.87 | $0.16 | $0.24 |
| Net realized and unrealized gain (loss) | 1.91 | (0.38) | (1.46) | 5.82 | (0.99) |
| Total from investment operations | $2.19 | $(0.04) | $(0.59) | $5.98 | $(0.75) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.26) | $(0.34) | $(0.92) | $(0.16) | $(0.24) |
| From net realized gain | (0.30) | (0.63) | (0.79) | (0.31) | (0.65) |
| Total distributions declared to shareholders | $(0.56) | $(0.97) | $(1.71) | $(0.47) | $(0.89) |
| Net asset value, end of period (x) | $18.53 | $16.90 | $17.91 | $20.21 | $14.70 |
| Total return (%) (r)(s)(t)(x) | 13.03 | 0.14 | (3.89) | 40.98 | (5.30) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.70 | 0.71 | 0.70 | 0.72 | 0.74 |
| Expenses after expense reductions (h) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
| Net investment income (loss) (l) | 1.59 | 2.00 | 4.26 | 0.90 | 1.49 |
| Portfolio turnover | 9 | 18 | 14 | 27 | 13 |
| Net assets at end of period (000 omitted) | $40,651 | $40,810 | $44,155 | $53,097 | $48,086 |
See Notes to Financial Statements
94
Financial
Highlights − continued
MFS LIFETIME 2040
FUND − continued
| Year ended | |||||
| Class R3 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $17.00 | $18.02 | $20.33 | $14.80 | $16.46 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.33 | $0.39 | $0.94 | $0.22 | $0.30 |
| Net realized and unrealized gain (loss) | 1.92 | (0.39) | (1.48) | 5.84 | (1.01) |
| Total from investment operations | $2.25 | $0.00(w) | $(0.54) | $6.06 | $(0.71) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.31) | $(0.39) | $(0.98) | $(0.22) | $(0.30) |
| From net realized gain | (0.30) | (0.63) | (0.79) | (0.31) | (0.65) |
| Total distributions declared to shareholders | $(0.61) | $(1.02) | $(1.77) | $(0.53) | $(0.95) |
| Net asset value, end of period (x) | $18.64 | $17.00 | $18.02 | $20.33 | $14.80 |
| Total return (%) (r)(s)(t)(x) | 13.31 | 0.39 | (3.63) | 41.32 | (5.02) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.45 | 0.46 | 0.45 | 0.46 | 0.49 |
| Expenses after expense reductions (h) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 1.86 | 2.27 | 4.60 | 1.26 | 1.82 |
| Portfolio turnover | 9 | 18 | 14 | 27 | 13 |
| Net assets at end of period (000 omitted) | $215,273 | $176,070 | $171,589 | $156,544 | $104,521 |
| Year ended | |||||
| Class R4 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $17.24 | $18.26 | $20.56 | $14.94 | $16.61 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.35 | $0.43 | $0.91 | $0.25 | $0.34 |
| Net realized and unrealized gain (loss) | 1.97 | (0.39) | (1.40) | 5.93 | (1.02) |
| Total from investment operations | $2.32 | $0.04 | $(0.49) | $6.18 | $(0.68) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.34) | $(0.43) | $(1.02) | $(0.25) | $(0.34) |
| From net realized gain | (0.30) | (0.63) | (0.79) | (0.31) | (0.65) |
| Total distributions declared to shareholders | $(0.64) | $(1.06) | $(1.81) | $(0.56) | $(0.99) |
| Net asset value, end of period (x) | $18.92 | $17.24 | $18.26 | $20.56 | $14.94 |
| Total return (%) (r)(s)(t)(x) | 13.58 | 0.64 | (3.38) | 41.74 | (4.84) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.20 | 0.21 | 0.20 | 0.22 | 0.24 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.95 | 2.50 | 4.36 | 1.40 | 2.07 |
| Portfolio turnover | 9 | 18 | 14 | 27 | 13 |
| Net assets at end of period (000 omitted) | $41,884 | $51,695 | $41,621 | $105,822 | $144,006 |
See Notes to Financial Statements
95
Financial
Highlights − continued
MFS LIFETIME 2040
FUND − continued
| Year ended | |||||
| Class R6 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $17.22 | $18.24 | $20.55 | $14.94 | $16.61 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.41 | $0.51 | $1.06 | $0.31 | $0.36 |
| Net realized and unrealized gain (loss) | 1.93 | (0.44) | (1.52) | 5.89 | (1.02) |
| Total from investment operations | $2.34 | $0.07 | $(0.46) | $6.20 | $(0.66) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.37) | $(0.46) | $(1.06) | $(0.28) | $(0.36) |
| From net realized gain | (0.30) | (0.63) | (0.79) | (0.31) | (0.65) |
| Total distributions declared to shareholders | $(0.67) | $(1.09) | $(1.85) | $(0.59) | $(1.01) |
| Net asset value, end of period (x) | $18.89 | $17.22 | $18.24 | $20.55 | $14.94 |
| Total return (%) (r)(s)(t)(x) | 13.72 | 0.80 | (3.24) | 41.92 | (4.72) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.06 | 0.07 | 0.06 | 0.08 | 0.10 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 2.30 | 2.98 | 5.12 | 1.69 | 2.20 |
| Portfolio turnover | 9 | 18 | 14 | 27 | 13 |
| Net assets at end of period (000 omitted) | $378,212 | $273,761 | $243,550 | $221,571 | $77,824 |
| (d) | Per share data is based on average shares outstanding. |
| (h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
| (l) | The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (w) | Per share amount was less than $0.01. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
96
Financial
Highlights − continued
MFS LIFETIME 2045 FUND
The financial highlights table is
intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an
investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $16.73 | $17.72 | $19.84 | $14.08 | $15.53 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.30 | $0.36 | $0.97 | $0.19 | $0.28 |
| Net realized and unrealized gain (loss) | 2.01 | (0.36) | (1.46) | 5.97 | (1.12) |
| Total from investment operations | $2.31 | $0.00 | $(0.49) | $6.16 | $(0.84) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.28) | $(0.36) | $(0.98) | $(0.19) | $(0.27) |
| From net realized gain | (0.27) | (0.63) | (0.65) | (0.21) | (0.34) |
| Total distributions declared to shareholders | $(0.55) | $(0.99) | $(1.63) | $(0.40) | $(0.61) |
| Net asset value, end of period (x) | $18.49 | $16.73 | $17.72 | $19.84 | $14.08 |
| Total return (%) (r)(s)(t)(x) | 13.87 | 0.37 | (3.41) | 44.10 | (5.93) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.48 | 0.50 | 0.49 | 0.51 | 0.57 |
| Expenses after expense reductions (h) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 1.69 | 2.14 | 4.83 | 1.09 | 1.78 |
| Portfolio turnover | 9 | 23 | 18 | 30 | 8 |
| Net assets at end of period (000 omitted) | $34,162 | $23,665 | $19,763 | $18,980 | $11,409 |
| Year ended | |||||
| Class B | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $16.64 | $17.60 | $19.71 | $14.00 | $15.43 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.14 | $0.23 | $0.79 | $0.05 | $0.14 |
| Net realized and unrealized gain (loss) | 2.01 | (0.35) | (1.44) | 5.93 | (1.10) |
| Total from investment operations | $2.15 | $(0.12) | $(0.65) | $5.98 | $(0.96) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.10) | $(0.21) | $(0.81) | $(0.06) | $(0.13) |
| From net realized gain | (0.27) | (0.63) | (0.65) | (0.21) | (0.34) |
| Total distributions declared to shareholders | $(0.37) | $(0.84) | $(1.46) | $(0.27) | $(0.47) |
| Net asset value, end of period (x) | $18.42 | $16.64 | $17.60 | $19.71 | $14.00 |
| Total return (%) (r)(s)(t)(x) | 12.99 | (0.36) | (4.13) | 42.95 | (6.62) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.23 | 1.25 | 1.24 | 1.26 | 1.32 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | 0.80 | 1.39 | 3.98 | 0.30 | 0.89 |
| Portfolio turnover | 9 | 23 | 18 | 30 | 8 |
| Net assets at end of period (000 omitted) | $435 | $676 | $736 | $930 | $724 |
See Notes to Financial Statements
97
Financial
Highlights − continued
MFS LIFETIME 2045
FUND − continued
| Year ended | |||||
| Class C | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $16.49 | $17.50 | $19.62 | $13.91 | $15.35 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.15 | $0.25 | $0.78 | $0.05 | $0.16 |
| Net realized and unrealized gain (loss) | 1.98 | (0.38) | (1.42) | 5.90 | (1.11) |
| Total from investment operations | $2.13 | $(0.13) | $(0.64) | $5.95 | $(0.95) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.15) | $(0.25) | $(0.83) | $(0.03) | $(0.15) |
| From net realized gain | (0.27) | (0.63) | (0.65) | (0.21) | (0.34) |
| Total distributions declared to shareholders | $(0.42) | $(0.88) | $(1.48) | $(0.24) | $(0.49) |
| Net asset value, end of period (x) | $18.20 | $16.49 | $17.50 | $19.62 | $13.91 |
| Total return (%) (r)(s)(t)(x) | 12.99 | (0.38) | (4.13) | 43.01 | (6.60) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.23 | 1.25 | 1.24 | 1.27 | 1.32 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 0.99 | 0.97 |
| Net investment income (loss) (l) | 0.88 | 1.52 | 3.93 | 0.30 | 1.02 |
| Portfolio turnover | 9 | 23 | 18 | 30 | 8 |
| Net assets at end of period (000 omitted) | $3,204 | $2,642 | $2,027 | $1,943 | $1,960 |
| Year ended | |||||
| Class I | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $16.84 | $17.82 | $19.94 | $14.15 | $15.60 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.35 | $0.39 | $1.01 | $0.24 | $0.31 |
| Net realized and unrealized gain (loss) | 2.01 | (0.35) | (1.45) | 6.00 | (1.12) |
| Total from investment operations | $2.36 | $0.04 | $(0.44) | $6.24 | $(0.81) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.32) | $(0.39) | $(1.03) | $(0.24) | $(0.30) |
| From net realized gain | (0.27) | (0.63) | (0.65) | (0.21) | (0.34) |
| Total distributions declared to shareholders | $(0.59) | $(1.02) | $(1.68) | $(0.45) | $(0.64) |
| Net asset value, end of period (x) | $18.61 | $16.84 | $17.82 | $19.94 | $14.15 |
| Total return (%) (r)(s)(t)(x) | 14.11 | 0.66 | (3.17) | 44.43 | (5.72) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.22 | 0.25 | 0.24 | 0.25 | 0.32 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.98 | 2.32 | 5.03 | 1.37 | 2.01 |
| Portfolio turnover | 9 | 23 | 18 | 30 | 8 |
| Net assets at end of period (000 omitted) | $11,779 | $3,190 | $2,458 | $2,145 | $395 |
See Notes to Financial Statements
98
Financial
Highlights − continued
MFS LIFETIME 2045
FUND − continued
| Year ended | |||||
| Class R1 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $16.68 | $17.67 | $19.74 | $13.97 | $15.41 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.15 | $0.23 | $0.69 | $(0.04) | $0.15 |
| Net realized and unrealized gain (loss) | 2.00 | (0.35) | (1.34) | 6.02 | (1.11) |
| Total from investment operations | $2.15 | $(0.12) | $(0.65) | $5.98 | $(0.96) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.15) | $(0.24) | $(0.77) | $— | $(0.14) |
| From net realized gain | (0.27) | (0.63) | (0.65) | (0.21) | (0.34) |
| Total distributions declared to shareholders | $(0.42) | $(0.87) | $(1.42) | $(0.21) | $(0.48) |
| Net asset value, end of period (x) | $18.41 | $16.68 | $17.67 | $19.74 | $13.97 |
| Total return (%) (r)(s)(t)(x) | 12.93 | (0.36) | (4.13) | 42.98 | (6.67) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.23 | 1.25 | 1.24 | 1.28 | 1.32 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | 0.85 | 1.39 | 3.47 | (0.25) | 0.98 |
| Portfolio turnover | 9 | 23 | 18 | 30 | 8 |
| Net assets at end of period (000 omitted) | $636 | $522 | $398 | $552 | $995 |
| Year ended | |||||
| Class R2 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $16.68 | $17.66 | $19.75 | $14.00 | $15.42 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.23 | $0.31 | $0.84 | $0.11 | $0.20 |
| Net realized and unrealized gain (loss) | 2.02 | (0.36) | (1.38) | 5.96 | (1.07) |
| Total from investment operations | $2.25 | $(0.05) | $(0.54) | $6.07 | $(0.87) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.21) | $(0.30) | $(0.90) | $(0.11) | $(0.21) |
| From net realized gain | (0.27) | (0.63) | (0.65) | (0.21) | (0.34) |
| Total distributions declared to shareholders | $(0.48) | $(0.93) | $(1.55) | $(0.32) | $(0.55) |
| Net asset value, end of period (x) | $18.45 | $16.68 | $17.66 | $19.75 | $14.00 |
| Total return (%) (r)(s)(t)(x) | 13.59 | 0.09 | (3.62) | 43.65 | (6.12) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.73 | 0.75 | 0.74 | 0.77 | 0.82 |
| Expenses after expense reductions (h) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
| Net investment income (loss) (l) | 1.32 | 1.84 | 4.21 | 0.67 | 1.31 |
| Portfolio turnover | 9 | 23 | 18 | 30 | 8 |
| Net assets at end of period (000 omitted) | $9,755 | $10,413 | $11,276 | $15,161 | $17,299 |
See Notes to Financial Statements
99
Financial
Highlights − continued
MFS LIFETIME 2045
FUND − continued
| Year ended | |||||
| Class R3 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $16.72 | $17.70 | $19.82 | $14.07 | $15.52 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.29 | $0.36 | $0.92 | $0.18 | $0.27 |
| Net realized and unrealized gain (loss) | 2.01 | (0.36) | (1.41) | 5.97 | (1.11) |
| Total from investment operations | $2.30 | $0.00 | $(0.49) | $6.15 | $(0.84) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.27) | $(0.35) | $(0.98) | $(0.19) | $(0.27) |
| From net realized gain | (0.27) | (0.63) | (0.65) | (0.21) | (0.34) |
| Total distributions declared to shareholders | $(0.54) | $(0.98) | $(1.63) | $(0.40) | $(0.61) |
| Net asset value, end of period (x) | $18.48 | $16.72 | $17.70 | $19.82 | $14.07 |
| Total return (%) (r)(s)(t)(x) | 13.85 | 0.39 | (3.42) | 44.05 | (5.93) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.48 | 0.50 | 0.49 | 0.51 | 0.57 |
| Expenses after expense reductions (h) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 1.64 | 2.13 | 4.61 | 1.08 | 1.77 |
| Portfolio turnover | 9 | 23 | 18 | 30 | 8 |
| Net assets at end of period (000 omitted) | $165,730 | $129,497 | $127,223 | $109,034 | $69,136 |
| Year ended | |||||
| Class R4 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $16.86 | $17.84 | $19.94 | $14.14 | $15.58 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.29 | $0.40 | $0.85 | $0.21 | $0.32 |
| Net realized and unrealized gain (loss) | 2.07 | (0.36) | (1.30) | 6.02 | (1.12) |
| Total from investment operations | $2.36 | $0.04 | $(0.45) | $6.23 | $(0.80) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.30) | $(0.39) | $(1.00) | $(0.22) | $(0.30) |
| From net realized gain | (0.27) | (0.63) | (0.65) | (0.21) | (0.34) |
| Total distributions declared to shareholders | $(0.57) | $(1.02) | $(1.65) | $(0.43) | $(0.64) |
| Net asset value, end of period (x) | $18.65 | $16.86 | $17.84 | $19.94 | $14.14 |
| Total return (%) (r)(s)(t)(x) | 14.11 | 0.64 | (3.17) | 44.39 | (5.67) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.23 | 0.25 | 0.24 | 0.27 | 0.32 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.63 | 2.38 | 4.18 | 1.23 | 2.04 |
| Portfolio turnover | 9 | 23 | 18 | 30 | 8 |
| Net assets at end of period (000 omitted) | $20,246 | $23,492 | $20,668 | $68,489 | $90,453 |
See Notes to Financial Statements
100
Financial
Highlights − continued
MFS LIFETIME 2045
FUND − continued
| Year ended | |||||
| Class R6 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $16.84 | $17.82 | $19.93 | $14.14 | $15.58 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.36 | $0.50 | $1.05 | $0.27 | $0.33 |
| Net realized and unrealized gain (loss) | 2.02 | (0.43) | (1.46) | 5.98 | (1.11) |
| Total from investment operations | $2.38 | $0.07 | $(0.41) | $6.25 | $(0.78) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.33) | $(0.42) | $(1.05) | $(0.25) | $(0.32) |
| From net realized gain | (0.27) | (0.63) | (0.65) | (0.21) | (0.34) |
| Total distributions declared to shareholders | $(0.60) | $(1.05) | $(1.70) | $(0.46) | $(0.66) |
| Net asset value, end of period (x) | $18.62 | $16.84 | $17.82 | $19.93 | $14.14 |
| Total return (%) (r)(s)(t)(x) | 14.27 | 0.82 | (2.99) | 44.58 | (5.55) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.08 | 0.10 | 0.09 | 0.11 | 0.17 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 2.03 | 2.99 | 5.23 | 1.56 | 2.14 |
| Portfolio turnover | 9 | 23 | 18 | 30 | 8 |
| Net assets at end of period (000 omitted) | $261,476 | $197,399 | $166,911 | $140,992 | $37,856 |
| (d) | Per share data is based on average shares outstanding. |
| (h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
| (l) | The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
101
Financial
Highlights − continued
MFS LIFETIME 2050 FUND
The financial highlights table is
intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an
investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $20.09 | $21.30 | $23.98 | $16.99 | $18.80 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.32 | $0.43 | $1.17 | $0.22 | $0.32 |
| Net realized and unrealized gain (loss) | 2.51 | (0.44) | (1.73) | 7.23 | (1.33) |
| Total from investment operations | $2.83 | $(0.01) | $(0.56) | $7.45 | $(1.01) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.31) | $(0.44) | $(1.18) | $(0.23) | $(0.32) |
| From net realized gain | (0.40) | (0.76) | (0.94) | (0.23) | (0.48) |
| Total distributions declared to shareholders | $(0.71) | $(1.20) | $(2.12) | $(0.46) | $(0.80) |
| Net asset value, end of period (x) | $22.21 | $20.09 | $21.30 | $23.98 | $16.99 |
| Total return (%) (r)(s)(t)(x) | 14.17 | 0.34 | (3.36) | 44.17 | (5.93) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.48 | 0.50 | 0.50 | 0.51 | 0.57 |
| Expenses after expense reductions (h) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 1.51 | 2.12 | 4.85 | 1.08 | 1.74 |
| Portfolio turnover | 7 | 21 | 17 | 24 | 8 |
| Net assets at end of period (000 omitted) | $37,887 | $27,752 | $22,761 | $22,708 | $14,315 |
| Year ended | |||||
| Class B | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $19.80 | $20.96 | $23.62 | $16.75 | $18.55 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.12 | $0.26 | $0.95 | $0.06 | $0.18 |
| Net realized and unrealized gain (loss) | 2.51 | (0.40) | (1.70) | 7.11 | (1.32) |
| Total from investment operations | $2.63 | $(0.14) | $(0.75) | $7.17 | $(1.14) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.07) | $(0.26) | $(0.97) | $(0.07) | $(0.18) |
| From net realized gain | (0.40) | (0.76) | (0.94) | (0.23) | (0.48) |
| Total distributions declared to shareholders | $(0.47) | $(1.02) | $(1.91) | $(0.30) | $(0.66) |
| Net asset value, end of period (x) | $21.96 | $19.80 | $20.96 | $23.62 | $16.75 |
| Total return (%) (r)(s)(t)(x) | 13.32 | (0.37) | (4.11) | 43.04 | (6.61) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.23 | 1.25 | 1.25 | 1.26 | 1.32 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | 0.57 | 1.30 | 3.98 | 0.32 | 0.97 |
| Portfolio turnover | 7 | 21 | 17 | 24 | 8 |
| Net assets at end of period (000 omitted) | $650 | $987 | $1,265 | $1,727 | $1,359 |
See Notes to Financial Statements
102
Financial
Highlights − continued
MFS LIFETIME 2050
FUND − continued
| Year ended | |||||
| Class C | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $19.63 | $20.83 | $23.49 | $16.65 | $18.45 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.14 | $0.28 | $0.91 | $0.06 | $0.17 |
| Net realized and unrealized gain (loss) | 2.46 | (0.43) | (1.65) | 7.08 | (1.31) |
| Total from investment operations | $2.60 | $(0.15) | $(0.74) | $7.14 | $(1.14) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.15) | $(0.29) | $(0.98) | $(0.07) | $(0.18) |
| From net realized gain | (0.40) | (0.76) | (0.94) | (0.23) | (0.48) |
| Total distributions declared to shareholders | $(0.55) | $(1.05) | $(1.92) | $(0.30) | $(0.66) |
| Net asset value, end of period (x) | $21.68 | $19.63 | $20.83 | $23.49 | $16.65 |
| Total return (%) (r)(s)(t)(x) | 13.33 | (0.37) | (4.11) | 43.12 | (6.66) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.23 | 1.25 | 1.25 | 1.26 | 1.32 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | 0.69 | 1.42 | 3.85 | 0.31 | 0.94 |
| Portfolio turnover | 7 | 21 | 17 | 24 | 8 |
| Net assets at end of period (000 omitted) | $4,204 | $3,521 | $3,223 | $3,898 | $3,029 |
| Year ended | |||||
| Class I | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $20.10 | $21.27 | $23.95 | $16.97 | $18.78 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.36 | $0.60 | $1.18 | $0.28 | $0.41 |
| Net realized and unrealized gain (loss) | 2.53 | (0.56) | (1.68) | 7.21 | (1.37) |
| Total from investment operations | $2.89 | $0.04 | $(0.50) | $7.49 | $(0.96) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.36) | $(0.45) | $(1.24) | $(0.28) | $(0.37) |
| From net realized gain | (0.40) | (0.76) | (0.94) | (0.23) | (0.48) |
| Total distributions declared to shareholders | $(0.76) | $(1.21) | $(2.18) | $(0.51) | $(0.85) |
| Net asset value, end of period (x) | $22.23 | $20.10 | $21.27 | $23.95 | $16.97 |
| Total return (%) (r)(s)(t)(x) | 14.46 | 0.60 | (3.14) | 44.49 | (5.71) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.23 | 0.25 | 0.25 | 0.26 | 0.32 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.68 | 3.00 | 4.92 | 1.36 | 2.23 |
| Portfolio turnover | 7 | 21 | 17 | 24 | 8 |
| Net assets at end of period (000 omitted) | $7,824 | $2,425 | $1,445 | $1,033 | $354 |
See Notes to Financial Statements
103
Financial
Highlights − continued
MFS LIFETIME 2050
FUND − continued
| Year ended | |||||
| Class R1 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $19.72 | $20.91 | $23.59 | $16.67 | $18.46 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.15 | $0.29 | $0.95 | $(0.04) | $0.16 |
| Net realized and unrealized gain (loss) | 2.46 | (0.44) | (1.69) | 7.20 | (1.30) |
| Total from investment operations | $2.61 | $(0.15) | $(0.74) | $7.16 | $(1.14) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.15) | $(0.28) | $(1.00) | $— | $(0.17) |
| From net realized gain | (0.40) | (0.76) | (0.94) | (0.24) | (0.48) |
| Total distributions declared to shareholders | $(0.55) | $(1.04) | $(1.94) | $(0.24) | $(0.65) |
| Net asset value, end of period (x) | $21.78 | $19.72 | $20.91 | $23.59 | $16.67 |
| Total return (%) (r)(s)(t)(x) | 13.32 | (0.37) | (4.08) | 43.08 | (6.64) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.23 | 1.25 | 1.25 | 1.28 | 1.32 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | 0.73 | 1.49 | 4.02 | (0.21) | 0.90 |
| Portfolio turnover | 7 | 21 | 17 | 24 | 8 |
| Net assets at end of period (000 omitted) | $826 | $680 | $731 | $695 | $1,184 |
| Year ended | |||||
| Class R2 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $19.86 | $21.06 | $23.70 | $16.79 | $18.55 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.24 | $0.36 | $1.00 | $0.15 | $0.26 |
| Net realized and unrealized gain (loss) | 2.50 | (0.42) | (1.62) | 7.15 | (1.30) |
| Total from investment operations | $2.74 | $(0.06) | $(0.62) | $7.30 | $(1.04) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.23) | $(0.38) | $(1.08) | $(0.15) | $(0.24) |
| From net realized gain | (0.40) | (0.76) | (0.94) | (0.24) | (0.48) |
| Total distributions declared to shareholders | $(0.63) | $(1.14) | $(2.02) | $(0.39) | $(0.72) |
| Net asset value, end of period (x) | $21.97 | $19.86 | $21.06 | $23.70 | $16.79 |
| Total return (%) (r)(s)(t)(x) | 13.89 | 0.07 | (3.59) | 43.72 | (6.12) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.73 | 0.75 | 0.75 | 0.77 | 0.82 |
| Expenses after expense reductions (h) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
| Net investment income (loss) (l) | 1.14 | 1.82 | 4.18 | 0.72 | 1.41 |
| Portfolio turnover | 7 | 21 | 17 | 24 | 8 |
| Net assets at end of period (000 omitted) | $15,982 | $18,388 | $19,078 | $28,781 | $26,545 |
See Notes to Financial Statements
104
Financial
Highlights − continued
MFS LIFETIME 2050
FUND − continued
| Year ended | |||||
| Class R3 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $19.91 | $21.11 | $23.79 | $16.86 | $18.67 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.31 | $0.42 | $1.10 | $0.22 | $0.33 |
| Net realized and unrealized gain (loss) | 2.49 | (0.42) | (1.67) | 7.17 | (1.33) |
| Total from investment operations | $2.80 | $0.00 | $(0.57) | $7.39 | $(1.00) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.30) | $(0.44) | $(1.17) | $(0.23) | $(0.33) |
| From net realized gain | (0.40) | (0.76) | (0.94) | (0.23) | (0.48) |
| Total distributions declared to shareholders | $(0.70) | $(1.20) | $(2.11) | $(0.46) | $(0.81) |
| Net asset value, end of period (x) | $22.01 | $19.91 | $21.11 | $23.79 | $16.86 |
| Total return (%) (r)(s)(t)(x) | 14.18 | 0.37 | (3.41) | 44.16 | (5.96) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.48 | 0.50 | 0.50 | 0.51 | 0.57 |
| Expenses after expense reductions (h) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 1.49 | 2.09 | 4.60 | 1.08 | 1.77 |
| Portfolio turnover | 7 | 21 | 17 | 24 | 8 |
| Net assets at end of period (000 omitted) | $157,398 | $121,060 | $118,076 | $113,346 | $70,610 |
| Year ended | |||||
| Class R4 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $20.10 | $21.31 | $23.97 | $16.97 | $18.77 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.34 | $0.45 | $0.94 | $0.26 | $0.37 |
| Net realized and unrealized gain (loss) | 2.55 | (0.41) | (1.46) | 7.24 | (1.33) |
| Total from investment operations | $2.89 | $0.04 | $(0.52) | $7.50 | $(0.96) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.35) | $(0.49) | $(1.20) | $(0.26) | $(0.36) |
| From net realized gain | (0.40) | (0.76) | (0.94) | (0.24) | (0.48) |
| Total distributions declared to shareholders | $(0.75) | $(1.25) | $(2.14) | $(0.50) | $(0.84) |
| Net asset value, end of period (x) | $22.24 | $20.10 | $21.31 | $23.97 | $16.97 |
| Total return (%) (r)(s)(t)(x) | 14.49 | 0.57 | (3.16) | 44.52 | (5.69) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.23 | 0.25 | 0.25 | 0.27 | 0.32 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.61 | 2.24 | 3.88 | 1.28 | 2.01 |
| Portfolio turnover | 7 | 21 | 17 | 24 | 8 |
| Net assets at end of period (000 omitted) | $38,189 | $44,972 | $24,207 | $71,368 | $76,018 |
See Notes to Financial Statements
105
Financial
Highlights − continued
MFS LIFETIME 2050
FUND − continued
| Year ended | |||||
| Class R6 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $20.08 | $21.29 | $23.96 | $16.97 | $18.76 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.40 | $0.57 | $1.26 | $0.32 | $0.39 |
| Net realized and unrealized gain (loss) | 2.51 | (0.50) | (1.72) | 7.20 | (1.31) |
| Total from investment operations | $2.91 | $0.07 | $(0.46) | $7.52 | $(0.92) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.38) | $(0.52) | $(1.27) | $(0.30) | $(0.39) |
| From net realized gain | (0.40) | (0.76) | (0.94) | (0.23) | (0.48) |
| Total distributions declared to shareholders | $(0.78) | $(1.28) | $(2.21) | $(0.53) | $(0.87) |
| Net asset value, end of period (x) | $22.21 | $20.08 | $21.29 | $23.96 | $16.97 |
| Total return (%) (r)(s)(t)(x) | 14.60 | 0.74 | (2.97) | 44.70 | (5.52) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.08 | 0.10 | 0.09 | 0.12 | 0.17 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.88 | 2.85 | 5.23 | 1.54 | 2.11 |
| Portfolio turnover | 7 | 21 | 17 | 24 | 8 |
| Net assets at end of period (000 omitted) | $284,955 | $193,767 | $147,729 | $121,495 | $44,463 |
| (d) | Per share data is based on average shares outstanding. |
| (h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
| (l) | The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
106
Financial
Highlights − continued
MFS LIFETIME 2055 FUND
The financial highlights table is
intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an
investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $17.30 | $18.30 | $20.42 | $14.47 | $15.93 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.27 | $0.37 | $1.02 | $0.19 | $0.28 |
| Net realized and unrealized gain (loss) | 2.16 | (0.37) | (1.52) | 6.15 | (1.14) |
| Total from investment operations | $2.43 | $0.00 | $(0.50) | $6.34 | $(0.86) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.26) | $(0.36) | $(1.02) | $(0.20) | $(0.27) |
| From net realized gain | (0.35) | (0.64) | (0.60) | (0.19) | (0.33) |
| Total distributions declared to shareholders | $(0.61) | $(1.00) | $(1.62) | $(0.39) | $(0.60) |
| Net asset value, end of period (x) | $19.12 | $17.30 | $18.30 | $20.42 | $14.47 |
| Total return (%) (r)(s)(t)(x) | 14.17 | 0.36 | (3.35) | 44.11 | (5.87) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.52 | 0.56 | 0.56 | 0.61 | 0.72 |
| Expenses after expense reductions (h) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 1.51 | 2.12 | 4.94 | 1.09 | 1.78 |
| Portfolio turnover | 7 | 13 | 19 | 24 | 11 |
| Net assets at end of period (000 omitted) | $26,236 | $19,429 | $15,144 | $14,314 | $7,729 |
| Year ended | |||||
| Class B | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $17.25 | $18.22 | $20.33 | $14.41 | $15.87 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.11 | $0.22 | $0.82 | $0.05 | $0.15 |
| Net realized and unrealized gain (loss) | 2.17 | (0.35) | (1.48) | 6.13 | (1.14) |
| Total from investment operations | $2.28 | $(0.13) | $(0.66) | $6.18 | $(0.99) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.08) | $(0.20) | $(0.85) | $(0.07) | $(0.14) |
| From net realized gain | (0.35) | (0.64) | (0.60) | (0.19) | (0.33) |
| Total distributions declared to shareholders | $(0.43) | $(0.84) | $(1.45) | $(0.26) | $(0.47) |
| Net asset value, end of period (x) | $19.10 | $17.25 | $18.22 | $20.33 | $14.41 |
| Total return (%) (r)(s)(t)(x) | 13.32 | (0.41) | (4.09) | 43.06 | (6.61) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.27 | 1.31 | 1.31 | 1.36 | 1.48 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | 0.63 | 1.30 | 3.96 | 0.31 | 0.93 |
| Portfolio turnover | 7 | 13 | 19 | 24 | 11 |
| Net assets at end of period (000 omitted) | $383 | $502 | $590 | $713 | $517 |
See Notes to Financial Statements
107
Financial
Highlights − continued
MFS LIFETIME 2055
FUND − continued
| Year ended | |||||
| Class C | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $17.06 | $18.06 | $20.17 | $14.29 | $15.75 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.12 | $0.23 | $0.82 | $0.05 | $0.14 |
| Net realized and unrealized gain (loss) | 2.14 | (0.36) | (1.47) | 6.08 | (1.11) |
| Total from investment operations | $2.26 | $(0.13) | $(0.65) | $6.13 | $(0.97) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.12) | $(0.23) | $(0.86) | $(0.06) | $(0.16) |
| From net realized gain | (0.35) | (0.64) | (0.60) | (0.19) | (0.33) |
| Total distributions declared to shareholders | $(0.47) | $(0.87) | $(1.46) | $(0.25) | $(0.49) |
| Net asset value, end of period (x) | $18.85 | $17.06 | $18.06 | $20.17 | $14.29 |
| Total return (%) (r)(s)(t)(x) | 13.34 | (0.43) | (4.06) | 43.08 | (6.59) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.27 | 1.31 | 1.31 | 1.36 | 1.48 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 1.00 | 0.99 |
| Net investment income (loss) (l) | 0.69 | 1.35 | 4.03 | 0.29 | 0.92 |
| Portfolio turnover | 7 | 13 | 19 | 24 | 11 |
| Net assets at end of period (000 omitted) | $2,889 | $2,588 | $2,426 | $2,585 | $2,126 |
| Year ended | |||||
| Class I | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $17.33 | $18.33 | $20.45 | $14.49 | $15.94 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.34 | $0.36 | $1.00 | $0.25 | $0.32 |
| Net realized and unrealized gain (loss) | 2.14 | (0.32) | (1.45) | 6.14 | (1.14) |
| Total from investment operations | $2.48 | $0.04 | $(0.45) | $6.39 | $(0.82) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.30) | $(0.40) | $(1.07) | $(0.24) | $(0.30) |
| From net realized gain | (0.35) | (0.64) | (0.60) | (0.19) | (0.33) |
| Total distributions declared to shareholders | $(0.65) | $(1.04) | $(1.67) | $(0.43) | $(0.63) |
| Net asset value, end of period (x) | $19.16 | $17.33 | $18.33 | $20.45 | $14.49 |
| Total return (%) (r)(s)(t)(x) | 14.49 | 0.62 | (3.13) | 44.42 | (5.65) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.27 | 0.31 | 0.31 | 0.35 | 0.48 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.86 | 2.10 | 4.85 | 1.39 | 1.99 |
| Portfolio turnover | 7 | 13 | 19 | 24 | 11 |
| Net assets at end of period (000 omitted) | $3,821 | $1,314 | $512 | $434 | $98 |
See Notes to Financial Statements
108
Financial
Highlights − continued
MFS LIFETIME 2055
FUND − continued
| Year ended | |||||
| Class R1 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $17.12 | $18.14 | $20.26 | $14.30 | $15.76 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.13 | $0.23 | $0.81 | $(0.06) | $0.14 |
| Net realized and unrealized gain (loss) | 2.13 | (0.36) | (1.46) | 6.21 | (1.12) |
| Total from investment operations | $2.26 | $(0.13) | $(0.65) | $6.15 | $(0.98) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.14) | $(0.25) | $(0.87) | $— | $(0.15) |
| From net realized gain | (0.35) | (0.64) | (0.60) | (0.19) | (0.33) |
| Total distributions declared to shareholders | $(0.49) | $(0.89) | $(1.47) | $(0.19) | $(0.48) |
| Net asset value, end of period (x) | $18.89 | $17.12 | $18.14 | $20.26 | $14.30 |
| Total return (%) (r)(s)(t)(x) | 13.34 | (0.42) | (4.07) | 43.16 | (6.60) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.27 | 1.31 | 1.31 | 1.39 | 1.48 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | 0.74 | 1.37 | 3.95 | (0.34) | 0.93 |
| Portfolio turnover | 7 | 13 | 19 | 24 | 11 |
| Net assets at end of period (000 omitted) | $1,684 | $1,070 | $701 | $663 | $1,597 |
| Year ended | |||||
| Class R2 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $17.30 | $18.29 | $20.35 | $14.39 | $15.84 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.22 | $0.31 | $0.83 | $0.11 | $0.22 |
| Net realized and unrealized gain (loss) | 2.16 | (0.35) | (1.38) | 6.16 | (1.12) |
| Total from investment operations | $2.38 | $(0.04) | $(0.55) | $6.27 | $(0.90) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.20) | $(0.31) | $(0.91) | $(0.12) | $(0.22) |
| From net realized gain | (0.35) | (0.64) | (0.60) | (0.19) | (0.33) |
| Total distributions declared to shareholders | $(0.55) | $(0.95) | $(1.51) | $(0.31) | $(0.55) |
| Net asset value, end of period (x) | $19.13 | $17.30 | $18.29 | $20.35 | $14.39 |
| Total return (%) (r)(s)(t)(x) | 13.89 | 0.10 | (3.56) | 43.78 | (6.12) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.77 | 0.81 | 0.81 | 0.87 | 0.98 |
| Expenses after expense reductions (h) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
| Net investment income (loss) (l) | 1.19 | 1.80 | 4.02 | 0.64 | 1.39 |
| Portfolio turnover | 7 | 13 | 19 | 24 | 11 |
| Net assets at end of period (000 omitted) | $9,538 | $9,003 | $8,981 | $17,589 | $17,485 |
See Notes to Financial Statements
109
Financial
Highlights − continued
MFS LIFETIME 2055
FUND − continued
| Year ended | |||||
| Class R3 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $17.31 | $18.31 | $20.42 | $14.47 | $15.93 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.27 | $0.36 | $0.97 | $0.19 | $0.27 |
| Net realized and unrealized gain (loss) | 2.16 | (0.36) | (1.46) | 6.15 | (1.13) |
| Total from investment operations | $2.43 | $0.00 | $(0.49) | $6.34 | $(0.86) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.26) | $(0.36) | $(1.02) | $(0.20) | $(0.27) |
| From net realized gain | (0.35) | (0.64) | (0.60) | (0.19) | (0.33) |
| Total distributions declared to shareholders | $(0.61) | $(1.00) | $(1.62) | $(0.39) | $(0.60) |
| Net asset value, end of period (x) | $19.13 | $17.31 | $18.31 | $20.42 | $14.47 |
| Total return (%) (r)(s)(t)(x) | 14.16 | 0.34 | (3.33) | 44.10 | (5.88) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.52 | 0.56 | 0.56 | 0.61 | 0.73 |
| Expenses after expense reductions (h) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 1.51 | 2.09 | 4.69 | 1.09 | 1.73 |
| Portfolio turnover | 7 | 13 | 19 | 24 | 11 |
| Net assets at end of period (000 omitted) | $107,463 | $76,726 | $73,743 | $65,613 | $36,674 |
| Year ended | |||||
| Class R4 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $17.47 | $18.47 | $20.56 | $14.55 | $16.01 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.26 | $0.41 | $0.80 | $0.22 | $0.32 |
| Net realized and unrealized gain (loss) | 2.24 | (0.37) | (1.25) | 6.21 | (1.14) |
| Total from investment operations | $2.50 | $0.04 | $(0.45) | $6.43 | $(0.82) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.28) | $(0.40) | $(1.04) | $(0.23) | $(0.31) |
| From net realized gain | (0.35) | (0.64) | (0.60) | (0.19) | (0.33) |
| Total distributions declared to shareholders | $(0.63) | $(1.04) | $(1.64) | $(0.42) | $(0.64) |
| Net asset value, end of period (x) | $19.34 | $17.47 | $18.47 | $20.56 | $14.55 |
| Total return (%) (r)(s)(t)(x) | 14.47 | 0.58 | (3.09) | 44.49 | (5.67) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.27 | 0.31 | 0.31 | 0.36 | 0.47 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.44 | 2.34 | 3.86 | 1.27 | 2.04 |
| Portfolio turnover | 7 | 13 | 19 | 24 | 11 |
| Net assets at end of period (000 omitted) | $12,123 | $18,660 | $14,606 | $38,374 | $37,665 |
See Notes to Financial Statements
110
Financial
Highlights − continued
MFS LIFETIME 2055
FUND − continued
| Year ended | |||||
| Class R6 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $17.46 | $18.46 | $20.58 | $14.56 | $16.01 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.35 | $0.49 | $1.11 | $0.28 | $0.34 |
| Net realized and unrealized gain (loss) | 2.18 | (0.42) | (1.53) | 6.18 | (1.13) |
| Total from investment operations | $2.53 | $0.07 | $(0.42) | $6.46 | $(0.79) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.32) | $(0.43) | $(1.10) | $(0.25) | $(0.33) |
| From net realized gain | (0.35) | (0.64) | (0.60) | (0.19) | (0.33) |
| Total distributions declared to shareholders | $(0.67) | $(1.07) | $(1.70) | $(0.44) | $(0.66) |
| Net asset value, end of period (x) | $19.32 | $17.46 | $18.46 | $20.58 | $14.56 |
| Total return (%) (r)(s)(t)(x) | 14.66 | 0.75 | (2.99) | 44.75 | (5.50) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.12 | 0.15 | 0.15 | 0.21 | 0.33 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.89 | 2.82 | 5.32 | 1.54 | 2.16 |
| Portfolio turnover | 7 | 13 | 19 | 24 | 11 |
| Net assets at end of period (000 omitted) | $193,673 | $133,208 | $87,462 | $60,705 | $21,065 |
| (d) | Per share data is based on average shares outstanding. |
| (h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
| (l) | The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
111
Financial
Highlights − continued
MFS LIFETIME 2060 FUND
The financial highlights table is
intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an
investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||||
| Class A | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $13.87 | $14.54 | $15.99 | $11.25 | $12.26 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.22 | $0.30 | $0.78 | $0.15 | $0.22 |
| Net realized and unrealized gain (loss) | 1.72 | (0.30) | (1.22) | 4.82 | (0.89) |
| Total from investment operations | $1.94 | $0.00(w) | $(0.44) | $4.97 | $(0.67) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.20) | $(0.28) | $(0.79) | $(0.14) | $(0.21) |
| From net realized gain | (0.24) | (0.39) | (0.22) | (0.09) | (0.13) |
| Total distributions declared to shareholders | $(0.44) | $(0.67) | $(1.01) | $(0.23) | $(0.34) |
| Net asset value, end of period (x) | $15.37 | $13.87 | $14.54 | $15.99 | $11.25 |
| Total return (%) (r)(s)(t)(x) | 14.12 | 0.35 | (3.51) | 44.39 | (5.83) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.61 | 0.70 | 0.79 | 1.08 | 1.84 |
| Expenses after expense reductions (h) | 0.25 | 0.25 | 0.25 | 0.24 | 0.22 |
| Net investment income (loss) (l) | 1.48 | 2.17 | 4.80 | 1.06 | 1.81 |
| Portfolio turnover | 7 | 14 | 18 | 21 | 9 |
| Net assets at end of period (000 omitted) | $15,598 | $11,316 | $8,023 | $5,584 | $2,879 |
| Year ended | |||||
| Class B | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $13.87 | $14.52 | $15.95 | $11.24 | $12.25 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.08 | $0.19 | $0.65 | $0.04 | $0.12 |
| Net realized and unrealized gain (loss) | 1.75 | (0.29) | (1.21) | 4.80 | (0.89) |
| Total from investment operations | $1.83 | $(0.10) | $(0.56) | $4.84 | $(0.77) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.06) | $(0.16) | $(0.65) | $(0.04) | $(0.11) |
| From net realized gain | (0.24) | (0.39) | (0.22) | (0.09) | (0.13) |
| Total distributions declared to shareholders | $(0.30) | $(0.55) | $(0.87) | $(0.13) | $(0.24) |
| Net asset value, end of period (x) | $15.40 | $13.87 | $14.52 | $15.95 | $11.24 |
| Total return (%) (r)(s)(t)(x) | 13.27 | (0.41) | (4.15) | 43.16 | (6.53) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.36 | 1.45 | 1.54 | 1.83 | 2.65 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 0.99 | 0.97 |
| Net investment income (loss) (l) | 0.58 | 1.35 | 4.02 | 0.33 | 0.99 |
| Portfolio turnover | 7 | 14 | 18 | 21 | 9 |
| Net assets at end of period (000 omitted) | $150 | $168 | $179 | $191 | $137 |
See Notes to Financial Statements
112
Financial
Highlights − continued
MFS LIFETIME 2060
FUND − continued
| Year ended | |||||
| Class C | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $13.74 | $14.41 | $15.86 | $11.18 | $12.21 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.10 | $0.19 | $0.67 | $0.05 | $0.13 |
| Net realized and unrealized gain (loss) | 1.71 | (0.29) | (1.23) | 4.78 | (0.89) |
| Total from investment operations | $1.81 | $(0.10) | $(0.56) | $4.83 | $(0.76) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.10) | $(0.18) | $(0.67) | $(0.06) | $(0.14) |
| From net realized gain | (0.24) | (0.39) | (0.22) | (0.09) | (0.13) |
| Total distributions declared to shareholders | $(0.34) | $(0.57) | $(0.89) | $(0.15) | $(0.27) |
| Net asset value, end of period (x) | $15.21 | $13.74 | $14.41 | $15.86 | $11.18 |
| Total return (%) (r)(s)(t)(x) | 13.30 | (0.40) | (4.20) | 43.28 | (6.53) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 1.36 | 1.45 | 1.54 | 1.83 | 2.61 |
| Expenses after expense reductions (h) | 1.00 | 1.00 | 1.00 | 0.99 | 0.96 |
| Net investment income (loss) (l) | 0.71 | 1.38 | 4.14 | 0.34 | 1.11 |
| Portfolio turnover | 7 | 14 | 18 | 21 | 9 |
| Net assets at end of period (000 omitted) | $1,468 | $1,091 | $891 | $761 | $432 |
| Year ended | |||||
| Class I | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $13.99 | $14.65 | $16.09 | $11.32 | $12.32 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.26 | $0.33 | $0.85 | $0.19 | $0.23 |
| Net realized and unrealized gain (loss) | 1.73 | (0.29) | (1.25) | 4.84 | (0.87) |
| Total from investment operations | $1.99 | $0.04 | $(0.40) | $5.03 | $(0.64) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.23) | $(0.31) | $(0.82) | $(0.17) | $(0.23) |
| From net realized gain | (0.24) | (0.39) | (0.22) | (0.09) | (0.13) |
| Total distributions declared to shareholders | $(0.47) | $(0.70) | $(1.04) | $(0.26) | $(0.36) |
| Net asset value, end of period (x) | $15.51 | $13.99 | $14.65 | $16.09 | $11.32 |
| Total return (%) (r)(s)(t)(x) | 14.39 | 0.64 | (3.25) | 44.66 | (5.58) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.36 | 0.45 | 0.54 | 0.82 | 1.60 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.78 | 2.38 | 5.20 | 1.33 | 1.86 |
| Portfolio turnover | 7 | 14 | 18 | 21 | 9 |
| Net assets at end of period (000 omitted) | $576 | $396 | $295 | $232 | $103 |
See Notes to Financial Statements
113
Financial
Highlights − continued
MFS LIFETIME 2060
FUND − continued
| Year ended | |||||
| Class R1 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $13.95 | $14.57 | $16.01 | $11.28 | $12.28 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.21 | $0.26 | $0.65 | $0.04 | $0.12 |
| Net realized and unrealized gain (loss) | 1.75 | (0.29) | (1.22) | 4.82 | (0.88) |
| Total from investment operations | $1.96 | $(0.03) | $(0.57) | $4.86 | $(0.76) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.20) | $(0.20) | $(0.65) | $(0.04) | $(0.11) |
| From net realized gain | (0.24) | (0.39) | (0.22) | (0.09) | (0.13) |
| Total distributions declared to shareholders | $(0.44) | $(0.59) | $(0.87) | $(0.13) | $(0.24) |
| Net asset value, end of period (x) | $15.47 | $13.95 | $14.57 | $16.01 | $11.28 |
| Total return (%) (r)(s)(t)(x) | 14.15 | 0.09 | (4.20) | 43.20 | (6.46) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.61 | 0.96 | 1.54 | 1.83 | 2.65 |
| Expenses after expense reductions (h) | 0.25 | 0.50 | 1.00 | 0.99 | 0.97 |
| Net investment income (loss) (l) | 1.46 | 1.85 | 3.99 | 0.32 | 0.99 |
| Portfolio turnover | 7 | 14 | 18 | 21 | 9 |
| Net assets at end of period (000 omitted) | $94 | $82 | $82 | $86 | $60 |
| Year ended | |||||
| Class R2 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $13.86 | $14.52 | $15.97 | $11.25 | $12.25 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.18 | $0.23 | $0.75 | $0.13 | $0.17 |
| Net realized and unrealized gain (loss) | 1.73 | (0.27) | (1.23) | 4.80 | (0.87) |
| Total from investment operations | $1.91 | $(0.04) | $(0.48) | $4.93 | $(0.70) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.17) | $(0.23) | $(0.75) | $(0.12) | $(0.17) |
| From net realized gain | (0.24) | (0.39) | (0.22) | (0.09) | (0.13) |
| Total distributions declared to shareholders | $(0.41) | $(0.62) | $(0.97) | $(0.21) | $(0.30) |
| Net asset value, end of period (x) | $15.36 | $13.86 | $14.52 | $15.97 | $11.25 |
| Total return (%) (r)(s)(t)(x) | 13.92 | 0.04 | (3.73) | 43.97 | (6.03) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.86 | 0.96 | 1.04 | 1.33 | 2.13 |
| Expenses after expense reductions (h) | 0.50 | 0.50 | 0.50 | 0.49 | 0.47 |
| Net investment income (loss) (l) | 1.23 | 1.66 | 4.62 | 0.99 | 1.39 |
| Portfolio turnover | 7 | 14 | 18 | 21 | 9 |
| Net assets at end of period (000 omitted) | $3,262 | $2,203 | $2,107 | $1,580 | $980 |
See Notes to Financial Statements
114
Financial
Highlights − continued
MFS LIFETIME 2060
FUND − continued
| Year ended | |||||
| Class R3 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $13.89 | $14.56 | $16.00 | $11.27 | $12.28 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.22 | $0.30 | $0.77 | $0.16 | $0.24 |
| Net realized and unrealized gain (loss) | 1.72 | (0.30) | (1.21) | 4.81 | (0.90) |
| Total from investment operations | $1.94 | $0.00(w) | $(0.44) | $4.97 | $(0.66) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.20) | $(0.28) | $(0.78) | $(0.15) | $(0.22) |
| From net realized gain | (0.24) | (0.39) | (0.22) | (0.09) | (0.13) |
| Total distributions declared to shareholders | $(0.44) | $(0.67) | $(1.00) | $(0.24) | $(0.35) |
| Net asset value, end of period (x) | $15.39 | $13.89 | $14.56 | $16.00 | $11.27 |
| Total return (%) (r)(s)(t)(x) | 14.12 | 0.36 | (3.46) | 44.28 | (5.78) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.61 | 0.70 | 0.79 | 1.07 | 1.80 |
| Expenses after expense reductions (h) | 0.25 | 0.25 | 0.25 | 0.24 | 0.22 |
| Net investment income (loss) (l) | 1.51 | 2.17 | 4.74 | 1.12 | 1.99 |
| Portfolio turnover | 7 | 14 | 18 | 21 | 9 |
| Net assets at end of period (000 omitted) | $63,579 | $43,119 | $28,505 | $17,477 | $7,252 |
| Year ended | |||||
| Class R4 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $13.97 | $14.64 | $16.07 | $11.31 | $12.31 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.23 | $0.32 | $0.57 | $0.18 | $0.28 |
| Net realized and unrealized gain (loss) | 1.77 | (0.29) | (0.98) | 4.84 | (0.92) |
| Total from investment operations | $2.00 | $0.03 | $(0.41) | $5.02 | $(0.64) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.23) | $(0.31) | $(0.80) | $(0.17) | $(0.23) |
| From net realized gain | (0.24) | (0.39) | (0.22) | (0.09) | (0.13) |
| Total distributions declared to shareholders | $(0.47) | $(0.70) | $(1.02) | $(0.26) | $(0.36) |
| Net asset value, end of period (x) | $15.50 | $13.97 | $14.64 | $16.07 | $11.31 |
| Total return (%) (r)(s)(t)(x) | 14.45 | 0.57 | (3.31) | 44.61 | (5.55) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.36 | 0.45 | 0.55 | 0.83 | 1.55 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.56 | 2.29 | 3.51 | 1.33 | 2.29 |
| Portfolio turnover | 7 | 14 | 18 | 21 | 9 |
| Net assets at end of period (000 omitted) | $4,458 | $7,987 | $3,227 | $8,871 | $4,568 |
See Notes to Financial Statements
115
Financial
Highlights − continued
MFS LIFETIME 2060
FUND − continued
| Year ended | |||||
| Class R6 | 4/30/24 | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 |
| Net asset value, beginning of period | $14.01 | $14.67 | $16.11 | $11.33 | $12.33 |
| Income (loss) from investment operations | |||||
| Net investment income (loss) (d)(l) | $0.28 | $0.40 | $0.88 | $0.21 | $0.27 |
| Net realized and unrealized gain (loss) | 1.75 | (0.34) | (1.26) | 4.85 | (0.90) |
| Total from investment operations | $2.03 | $0.06 | $(0.38) | $5.06 | $(0.63) |
| Less distributions declared to shareholders | |||||
| From net investment income | $(0.25) | $(0.33) | $(0.84) | $(0.19) | $(0.24) |
| From net realized gain | (0.24) | (0.39) | (0.22) | (0.09) | (0.13) |
| Total distributions declared to shareholders | $(0.49) | $(0.72) | $(1.06) | $(0.28) | $(0.37) |
| Net asset value, end of period (x) | $15.55 | $14.01 | $14.67 | $16.11 | $11.33 |
| Total return (%) (r)(s)(t)(x) | 14.65 | 0.77 | (3.15) | 44.87 | (5.50) |
| Ratios (%) (to average net assets) and Supplemental data: | |||||
| Expenses before expense reductions (h) | 0.21 | 0.31 | 0.40 | 0.69 | 1.48 |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.89 | 2.87 | 5.38 | 1.49 | 2.21 |
| Portfolio turnover | 7 | 14 | 18 | 21 | 9 |
| Net assets at end of period (000 omitted) | $103,606 | $60,227 | $35,897 | $25,148 | $7,641 |
| (d) | Per share data is based on average shares outstanding. |
| (h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
| (l) | The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (w) | Per share amount was less than $0.01. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
116
Financial
Highlights − continued
MFS Lifetime 2065 Fund
The financial highlights table is
intended to help you understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The
total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Year ended | |||
| Class A | 4/30/24 | 4/30/23 | 4/30/22(c) |
| Net asset value, beginning of period | $8.39 | $8.68 | $10.00 |
| Income (loss) from investment operations | |||
| Net investment income (loss) (d)(l) | $0.14 | $0.18 | $0.21 |
| Net realized and unrealized gain (loss) | 1.05 | (0.17)(g) | (1.12) |
| Total from investment operations | $1.19 | $0.01 | $(0.91) |
| Less distributions declared to shareholders | |||
| From net investment income | $(0.13) | $(0.18) | $(0.41) |
| From net realized gain | (0.06) | (0.12) | — |
| Total distributions declared to shareholders | $(0.19) | $(0.30) | $(0.41) |
| Net asset value, end of period (x) | $9.39 | $8.39 | $8.68 |
| Total return (%) (r)(s)(t)(x) | 14.19 | 0.42 | (9.56)(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||
| Expenses before expense reductions (h) | 2.25 | 10.09 | 11.82(a) |
| Expenses after expense reductions (h) | 0.22 | 0.15 | 0.12(a) |
| Net investment income (loss) (l) | 1.55 | 2.24 | 3.44(a) |
| Portfolio turnover | 25 | 15 | 4(n) |
| Net assets at end of period (000 omitted) | $1,332 | $539 | $240 |
| Year ended | |||
| Class C | 4/30/24 | 4/30/23 | 4/30/22(c) |
| Net asset value, beginning of period | $8.37 | $8.67 | $10.00 |
| Income (loss) from investment operations | |||
| Net investment income (loss) (d)(l) | $0.06 | $0.12 | $0.40 |
| Net realized and unrealized gain (loss) | 1.07 | (0.18)(g) | (1.35) |
| Total from investment operations | $1.13 | $(0.06) | $(0.95) |
| Less distributions declared to shareholders | |||
| From net investment income | $(0.08) | $(0.12) | $(0.38) |
| From net realized gain | (0.06) | (0.12) | — |
| Total distributions declared to shareholders | $(0.14) | $(0.24) | $(0.38) |
| Net asset value, end of period (x) | $9.36 | $8.37 | $8.67 |
| Total return (%) (r)(s)(t)(x) | 13.47 | (0.42) | (9.93)(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||
| Expenses before expense reductions (h) | 3.04 | 11.64 | 13.66(a) |
| Expenses after expense reductions (h) | 0.97 | 0.89 | 0.87(a) |
| Net investment income (loss) (l) | 0.73 | 1.51 | 6.35(a) |
| Portfolio turnover | 25 | 15 | 4(n) |
| Net assets at end of period (000 omitted) | $183 | $89 | $52 |
See Notes to Financial Statements
117
Financial
Highlights − continued
MFS Lifetime 2065
Fund − continued
| Year ended | |||
| Class I | 4/30/24 | 4/30/23 | 4/30/22(c) |
| Net asset value, beginning of period | $8.41 | $8.70 | $10.00 |
| Income (loss) from investment operations | |||
| Net investment income (loss) (d)(l) | $0.16 | $0.23 | $0.48 |
| Net realized and unrealized gain (loss) | 1.06 | (0.21)(g) | (1.37) |
| Total from investment operations | $1.22 | $0.02 | $(0.89) |
| Less distributions declared to shareholders | |||
| From net investment income | $(0.14) | $(0.19) | $(0.41) |
| From net realized gain | (0.06) | (0.12) | — |
| Total distributions declared to shareholders | $(0.20) | $(0.31) | $(0.41) |
| Net asset value, end of period (x) | $9.43 | $8.41 | $8.70 |
| Total return (%) (r)(s)(t)(x) | 14.58 | 0.59 | (9.32)(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||
| Expenses before expense reductions (h) | 2.15 | 10.51 | 12.75(a) |
| Expenses after expense reductions (h) | 0.00 | 0.00 | 0.00(a) |
| Net investment income (loss) (l) | 1.80 | 2.75 | 7.56(a) |
| Portfolio turnover | 25 | 15 | 4(n) |
| Net assets at end of period (000 omitted) | $101 | $64 | $46 |
| Year ended | |||
| Class R1 | 4/30/24 | 4/30/23 | 4/30/22(c) |
| Net asset value, beginning of period | $8.38 | $8.67 | $10.00 |
| Income (loss) from investment operations | |||
| Net investment income (loss) (d)(l) | $0.07 | $0.13 | $0.42 |
| Net realized and unrealized gain (loss) | 1.05 | (0.18)(g) | (1.37) |
| Total from investment operations | $1.12 | $(0.05) | $(0.95) |
| Less distributions declared to shareholders | |||
| From net investment income | $(0.06) | $(0.12) | $(0.38) |
| From net realized gain | (0.06) | (0.12) | — |
| Total distributions declared to shareholders | $(0.12) | $(0.24) | $(0.38) |
| Net asset value, end of period (x) | $9.38 | $8.38 | $8.67 |
| Total return (%) (r)(s)(t)(x) | 13.33 | (0.37) | (9.93)(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||
| Expenses before expense reductions (h) | 3.26 | 12.20 | 13.76(a) |
| Expenses after expense reductions (h) | 0.97 | 0.89 | 0.87(a) |
| Net investment income (loss) (l) | 0.76 | 1.59 | 6.58(a) |
| Portfolio turnover | 25 | 15 | 4(n) |
| Net assets at end of period (000 omitted) | $60 | $53 | $45 |
See Notes to Financial Statements
118
Financial
Highlights − continued
MFS Lifetime 2065
Fund − continued
| Year ended | |||
| Class R2 | 4/30/24 | 4/30/23 | 4/30/22(c) |
| Net asset value, beginning of period | $8.39 | $8.68 | $10.00 |
| Income (loss) from investment operations | |||
| Net investment income (loss) (d)(l) | $0.12 | $0.17 | $0.44 |
| Net realized and unrealized gain (loss) | 1.05 | (0.18)(g) | (1.36) |
| Total from investment operations | $1.17 | $(0.01) | $(0.92) |
| Less distributions declared to shareholders | |||
| From net investment income | $(0.11) | $(0.16) | $(0.40) |
| From net realized gain | (0.06) | (0.12) | — |
| Total distributions declared to shareholders | $(0.17) | $(0.28) | $(0.40) |
| Net asset value, end of period (x) | $9.39 | $8.39 | $8.68 |
| Total return (%) (r)(s)(t)(x) | 13.99 | 0.18 | (9.67)(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||
| Expenses before expense reductions (h) | 2.54 | 10.75 | 13.14(a) |
| Expenses after expense reductions (h) | 0.47 | 0.40 | 0.37(a) |
| Net investment income (loss) (l) | 1.34 | 2.09 | 7.00(a) |
| Portfolio turnover | 25 | 15 | 4(n) |
| Net assets at end of period (000 omitted) | $259 | $102 | $60 |
| Year ended | |||
| Class R3 | 4/30/24 | 4/30/23 | 4/30/22(c) |
| Net asset value, beginning of period | $8.39 | $8.69 | $10.00 |
| Income (loss) from investment operations | |||
| Net investment income (loss) (d)(l) | $0.14 | $0.11 | $0.47 |
| Net realized and unrealized gain (loss) | 1.05 | (0.11)(g) | (1.37) |
| Total from investment operations | $1.19 | $0.00 | $(0.90) |
| Less distributions declared to shareholders | |||
| From net investment income | $(0.13) | $(0.18) | $(0.41) |
| From net realized gain | (0.06) | (0.12) | — |
| Total distributions declared to shareholders | $(0.19) | $(0.30) | $(0.41) |
| Net asset value, end of period (x) | $9.39 | $8.39 | $8.69 |
| Total return (%) (r)(s)(t)(x) | 14.20 | 0.36 | (9.50)(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||
| Expenses before expense reductions (h) | 2.32 | 6.43 | 13.01(a) |
| Expenses after expense reductions (h) | 0.22 | 0.17 | 0.12(a) |
| Net investment income (loss) (l) | 1.57 | 1.39 | 7.33(a) |
| Portfolio turnover | 25 | 15 | 4(n) |
| Net assets at end of period (000 omitted) | $6,380 | $1,729 | $45 |
See Notes to Financial Statements
119
Financial
Highlights − continued
MFS Lifetime 2065
Fund − continued
| Year ended | |||
| Class R4 | 4/30/24 | 4/30/23 | 4/30/22(c) |
| Net asset value, beginning of period | $8.41 | $8.70 | $10.00 |
| Income (loss) from investment operations | |||
| Net investment income (loss) (d)(l) | $0.17 | $0.17 | $0.48 |
| Net realized and unrealized gain (loss) | 1.04 | (0.15)(g) | (1.37) |
| Total from investment operations | $1.21 | $0.02 | $(0.89) |
| Less distributions declared to shareholders | |||
| From net investment income | $(0.14) | $(0.19) | $(0.41) |
| From net realized gain | (0.06) | (0.12) | — |
| Total distributions declared to shareholders | $(0.20) | $(0.31) | $(0.41) |
| Net asset value, end of period (x) | $9.42 | $8.41 | $8.70 |
| Total return (%) (r)(s)(t)(x) | 14.47 | 0.59 | (9.32)(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||
| Expenses before expense reductions (h) | 2.17 | 9.06 | 12.76(a) |
| Expenses after expense reductions (h) | 0.01 | 0.00 | 0.00(a) |
| Net investment income (loss) (l) | 1.90 | 2.06 | 7.58(a) |
| Portfolio turnover | 25 | 15 | 4(n) |
| Net assets at end of period (000 omitted) | $439 | $536 | $45 |
| Year ended | |||
| Class R6 | 4/30/24 | 4/30/23 | 4/30/22(c) |
| Net asset value, beginning of period | $8.41 | $8.69 | $10.00 |
| Income (loss) from investment operations | |||
| Net investment income (loss) (d)(l) | $0.17 | $0.23 | $0.43 |
| Net realized and unrealized gain (loss) | 1.06 | (0.20)(g) | (1.32) |
| Total from investment operations | $1.23 | $0.03 | $(0.89) |
| Less distributions declared to shareholders | |||
| From net investment income | $(0.15) | $(0.19) | $(0.42) |
| From net realized gain | (0.06) | (0.12) | — |
| Total distributions declared to shareholders | $(0.21) | $(0.31) | $(0.42) |
| Net asset value, end of period (x) | $9.43 | $8.41 | $8.69 |
| Total return (%) (r)(s)(t)(x) | 14.66 | 0.72 | (9.42)(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |||
| Expenses before expense reductions (h) | 1.83 | 7.93 | 12.42(a) |
| Expenses after expense reductions (h) | 0.01 | 0.00 | 0.00(a) |
| Net investment income (loss) (l) | 1.87 | 2.78 | 6.79(a) |
| Portfolio turnover | 25 | 15 | 4(n) |
| Net assets at end of period (000 omitted) | $9,473 | $3,358 | $664 |
See Notes to Financial Statements
120
Financial
Highlights − continued
MFS Lifetime 2065
Fund − continued
| (a) | Annualized. |
| (c) | For the period from the commencement of the fund’s investment operations, September 1, 2021, through the stated period end. |
| (d) | Per share data is based on average shares outstanding. |
| (g) | The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time. |
| (h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
| (l) | The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
121
Notes to Financial
Statements
(1) Business and
Organization
MFS Lifetime Income Fund, MFS
Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, MFS Lifetime 2060 Fund, and MFS Lifetime 2065 Fund
(the funds) are each a diversified series of MFS Series Trust XII (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an
open-end management investment company.
Each fund is an investment
company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment
Companies.
(2) Significant Accounting
Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations
during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of each fund’s
Statement of Assets and Liabilities through the date that the financial statements were issued.
Each fund is a “fund of
funds”, which invests the majority of its assets in other MFS mutual funds (hereafter referred to as “underlying affiliated funds” or “underlying funds”), which may have different fiscal
year ends than the funds. The underlying funds, in turn, may engage in a number of investment techniques and practices, which involve certain risks. Certain underlying funds invest their portfolio in high-yield
securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline
significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. Certain underlying funds
invest a significant portion of their assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying
assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government
securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are
U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae. Certain underlying funds invest in foreign securities, including securities of emerging market issuers. Investments in
foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s market, economic, industrial,
political, regulatory, geopolitical, environmental, public health, and other conditions. Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed
foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, accounting, and auditing systems, greater government involvement in the
economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, and economic instability than developed markets.
The accounting policies of the
underlying funds in which each fund invests are outlined in the underlying funds’ shareholder reports, which are available without charge by calling 1-800-225-2606, at mfs.com and on the Securities and Exchange
Commission (SEC) web site at http://www.sec.gov. The underlying funds' shareholder reports are not covered by this report.
Investment Valuations — Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described
below. For purposes of this policy disclosure, “fund” also refers to the underlying funds in which the fund-of-funds invests.
Subject to its oversight, the
funds' Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of each fund’s investments to MFS as the funds' adviser, pursuant to each fund’s
valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as
the “valuation designee” of each fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value
as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under each fund's valuation
policy and procedures, equity securities, including restricted equity securities and equity securities sold short, are generally valued at the last sale or official closing price on their primary market or exchange as
provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as
provided by a third-party pricing service. Equity securities sold short, for which there were no sales reported that day, are generally valued at the last quoted daily ask quotation on their primary market or exchange
as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing
service. Debt instruments sold short are generally valued at an evaluated or composite mean as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be
valued at amortized cost, which approximates market value. Exchange-traded options
122
Notes to Financial Statements -
continued
are generally valued at the last sale or
official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid
quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not
traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally
valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued
at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time
period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared
swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and
liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under each fund’s
valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair
value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally
valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and
market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that
the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to
the determination of each fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is
principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset
value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally
relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the
security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment
for purposes of calculating each fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine each
fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that each fund could obtain the fair value assigned to an investment if it were to sell the
investment at the same time at which each fund determines its net asset value per share.
Various inputs are used in
determining the value of each fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair
value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Each fund's assessment of the significance
of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets
or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant
unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of April 30, 2024 in valuing each fund's assets and
liabilities:
| Level 1 | Level 2 | Level 3 | Total | |
| MFS Lifetime Income Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $621,506,723 | $— | $— | $621,506,723 |
| MFS Lifetime 2025 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $386,626,549 | $— | $— | $386,626,549 |
| MFS Lifetime 2030 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $785,664,583 | $— | $— | $785,664,583 |
| MFS Lifetime 2035 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $593,035,453 | $— | $— | $593,035,453 |
123
Notes to Financial Statements -
continued
| Level 1 | Level 2 | Level 3 | Total | |
| MFS Lifetime 2040 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $767,219,665 | $— | $— | $767,219,665 |
| MFS Lifetime 2045 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $507,560,412 | $— | $— | $507,560,412 |
| MFS Lifetime 2050 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $547,979,782 | $— | $— | $547,979,782 |
| MFS Lifetime 2055 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $357,862,126 | $— | $— | $357,862,126 |
| MFS Lifetime 2060 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $192,800,511 | $— | $— | $192,800,511 |
| MFS Lifetime 2065 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $18,253,478 | $— | $— | $18,253,478 |
For further information
regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds’ shareholder reports for further information regarding the levels used in valuing the underlying
funds’ assets and liabilities.
Derivatives — Each fund does not invest in derivatives directly. Each fund does invest in underlying funds that may use derivatives primarily to increase or decrease exposure to a particular
market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While
hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the underlying funds use derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from
derivative instruments may be substantially greater than the derivative’s original cost.
Indemnifications — Under each fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to
each fund. Additionally, in the normal course of business, each fund enters into agreements with service providers that may contain indemnification clauses. Each fund's maximum exposure under these agreements is
unknown as this would involve future claims that may be made against each fund that have not yet occurred.
Investment Transactions and
Income — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Distributions of income and capital gains from the underlying funds are recorded on the ex-dividend date. Recognition of net investment income and realized gain from affiliated issuers by each fund is affected by the timing of the declaration of distributions by the underlying funds in which
each fund invests.
Each fund and/or the underlying
funds may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statements of Operations in realized gain/loss if the security has been
disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statements of
Operations.
Investment transactions are
recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
Tax Matters and Distributions
— Each fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including
realized capital gains. As a result, no provision for federal income tax is required. Each fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three
year period. Management has analyzed each fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require
recognition of a tax liability.
124
Notes to Financial Statements -
continued
Distributions to shareholders
are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain
capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share.
Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily
relate to wash sale loss deferrals and treating a portion of the proceeds from redemptions as a distribution for tax purposes, as applicable to each fund.
The tax character of
distributions declared to shareholders for the last two fiscal years is as follows:
| Year ended 4/30/24 | MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund |
| Ordinary income (including any short-term capital gains) | $24,030,553 | $11,251,448 | $20,820,021 | $12,220,031 | $13,001,594 |
| Long-term capital gains | 4,094,795 | 1,021,499 | 8,836,454 | 3,115,049 | 11,512,341 |
| Total distributions | $28,125,348 | $12,272,947 | $29,656,475 | $15,335,080 | $24,513,935 |
| Year ended 4/30/24 | MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund |
| Ordinary income (including any short-term capital gains) | $7,715,990 | $7,732,965 | $4,900,977 | $2,525,991 | $203,499 |
| Long-term capital gains | 6,840,080 | 8,978,994 | 6,013,937 | 2,680,971 | 81,500 |
| Total distributions | $14,556,070 | $16,711,959 | $10,914,914 | $5,206,962 | $284,999 |
| Year ended 4/30/23 | MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund |
| Ordinary income (including any short-term capital gains) | $15,441,704 | $11,357,402 | $18,576,383 | $13,094,415 | $14,871,553 |
| Long-term capital gains | 10,974,927 | 10,806,145 | 24,740,029 | 17,592,868 | 21,817,115 |
| Total distributions | $26,416,631 | $22,163,547 | $43,316,412 | $30,687,283 | $36,688,668 |
| Year ended 4/30/23 | MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund |
| Ordinary income (including any short-term capital gains) | $9,359,451 | $8,968,255 | $5,462,444 | $2,325,996 | $58,250 |
| Long-term capital gains | 14,504,085 | 14,083,068 | 8,382,999 | 2,957,995 | 38,750 |
| Total distributions | $23,863,536 | $23,051,323 | $13,845,443 | $5,283,991 | $97,000 |
The federal tax cost and the tax
basis components of distributable earnings were as follows:
| As of 4/30/24 | MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund |
| Cost of investments | $598,062,518 | $375,515,062 | $696,369,656 | $513,480,525 | $598,823,320 |
| Gross appreciation | 55,760,709 | 30,547,965 | 127,538,012 | 96,328,912 | 180,948,393 |
| Gross depreciation | (32,316,504) | (19,436,478) | (38,243,085) | (16,773,984) | (12,552,048) |
| Net unrealized appreciation (depreciation) | $23,444,205 | $11,111,487 | $89,294,927 | $79,554,928 | $168,396,345 |
| Undistributed ordinary income | 390,190 | 3,317,716 | 6,634,565 | 3,838,563 | 2,925,049 |
| Undistributed long-term capital gain | 10,809,586 | 6,030,577 | 15,264,314 | 7,399,941 | 10,956,788 |
| Other temporary differences | (1,610,276) | — | — | — | — |
| Total distributable earnings (loss) | $33,033,705 | $20,459,780 | $111,193,806 | $90,793,432 | $182,278,182 |
| As of 4/30/24 | MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund |
| Cost of investments | $426,218,592 | $452,646,318 | $311,418,289 | $178,036,188 | $17,172,792 |
| Gross appreciation | 86,354,425 | 99,529,442 | 50,361,756 | 16,994,732 | 1,168,023 |
| Gross depreciation | (5,012,605) | (4,195,978) | (3,917,919) | (2,230,409) | (87,337) |
| Net unrealized appreciation (depreciation) | $81,341,820 | $95,333,464 | $46,443,837 | $14,764,323 | $1,080,686 |
| Undistributed ordinary income | 1,483,751 | 1,020,431 | 698,615 | 268,803 | 27,814 |
| Undistributed long-term capital gain | 7,318,146 | 7,858,490 | 5,102,392 | 2,628,404 | 232,483 |
| Other temporary differences | — | — | — | — | 1 |
| Total distributable earnings (loss) | $90,143,717 | $104,212,385 | $52,244,844 | $17,661,530 | $1,340,984 |
125
Notes to Financial Statements -
continued
Multiple Classes of Shares of
Beneficial Interest — Each fund offers multiple classes of shares, which differ in their respective distribution, service, and program manager fees. For the MFS Lifetime Income Fund, income and
common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. For the MFS Lifetime Income Fund, realized and unrealized gain (loss) are allocated to shareholders based
on the daily net assets of each class. For all other funds, income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are
declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight
years after purchase. Effective May 20, 2022, all Class 529A shares were redeemed. Each fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class
as follows:
| MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | |||||||||
| Year Ended 4/30/24 | Year Ended 4/30/23 | Year Ended 4/30/24 | Year Ended 4/30/23 | Year Ended 4/30/24 | Year Ended 4/30/23 | ||||||
| Class A | $8,247,132 | $7,658,936 | $1,164,290 | $1,264,356 | $3,395,832 | $4,469,769 | |||||
| Class B | 41,320 | 72,364 | 11,667 | 40,256 | 73,979 | 167,329 | |||||
| Class C | 1,099,652 | 1,513,442 | 62,015 | 177,154 | 229,318 | 401,191 | |||||
| Class I | 1,930,639 | 1,937,482 | 89,170 | 170,985 | 227,722 | 411,170 | |||||
| Class R1 | 90,829 | 89,304 | 7,400 | 14,785 | 97,914 | 183,073 | |||||
| Class R2 | 990,921 | 970,048 | 341,680 | 778,630 | 1,318,013 | 2,578,672 | |||||
| Class R3 | 5,329,548 | 4,488,151 | 3,266,194 | 5,317,471 | 8,251,019 | 11,153,148 | |||||
| Class R4 | 937,577 | 1,333,712 | 933,157 | 1,750,011 | 1,511,165 | 3,223,628 | |||||
| Class R6 | 9,457,730 | 8,178,656 | 6,397,374 | 12,649,899 | 14,551,513 | 20,728,432 | |||||
| Class 529A | — | 174,536 | — | — | — | — | |||||
| Total | $28,125,348 | $26,416,631 | $12,272,947 | $22,163,547 | $29,656,475 | $43,316,412 | |||||
| MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund | MFS Lifetime 2045 Fund | |||||||||
| Year Ended 4/30/24 | Year Ended 4/30/23 | Year Ended 4/30/24 | Year Ended 4/30/23 | Year Ended 4/30/24 | Year Ended 4/30/23 | ||||||
| Class A | $1,105,908 | $1,833,455 | $2,071,166 | $2,874,116 | $939,365 | $1,260,866 | |||||
| Class B | 13,252 | 59,407 | 37,949 | 110,378 | 11,479 | 34,388 | |||||
| Class C | 104,363 | 205,622 | 184,835 | 387,440 | 72,853 | 131,064 | |||||
| Class I | 162,745 | 120,757 | 373,291 | 487,481 | 251,868 | 159,746 | |||||
| Class R1 | 20,810 | 45,789 | 78,441 | 164,288 | 12,770 | 22,090 | |||||
| Class R2 | 355,220 | 897,002 | 1,216,005 | 2,234,676 | 264,623 | 562,607 | |||||
| Class R3 | 4,253,844 | 7,968,371 | 6,649,838 | 9,870,855 | 4,617,756 | 7,153,536 | |||||
| Class R4 | 608,473 | 2,366,563 | 1,391,089 | 2,460,142 | 532,632 | 1,214,593 | |||||
| Class R6 | 8,710,465 | 17,190,317 | 12,511,321 | 18,099,292 | 7,852,724 | 13,324,646 | |||||
| Total | $15,335,080 | $30,687,283 | $24,513,935 | $36,688,668 | $14,556,070 | $23,863,536 | |||||
| MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | |||||||||
| Year Ended 4/30/24 | Year Ended 4/30/23 | Year Ended 4/30/24 | Year Ended 4/30/23 | Year Ended 4/30/24 | Year Ended 4/30/23 | ||||||
| Class A | $1,132,673 | $1,432,956 | $800,618 | $972,563 | $412,324 | $469,628 | |||||
| Class B | 16,004 | 54,886 | 10,463 | 25,204 | 2,951 | 6,556 | |||||
| Class C | 99,866 | 176,827 | 70,472 | 121,684 | 30,085 | 39,581 | |||||
| Class I | 170,303 | 347,085 | 99,505 | 41,667 | 16,185 | 16,731 | |||||
| Class R1 | 19,093 | 36,156 | 36,957 | 42,431 | 2,592 | 3,344 | |||||
| Class R2 | 492,007 | 977,549 | 274,109 | 471,625 | 75,636 | 80,011 | |||||
| Class R3 | 4,737,555 | 6,826,023 | 3,169,752 | 4,225,102 | 1,669,512 | 1,707,057 | |||||
| Class R4 | 1,450,254 | 1,427,668 | 406,752 | 892,610 | 199,256 | 192,059 | |||||
| Class R6 | 8,594,204 | 11,772,173 | 6,046,286 | 7,052,557 | 2,798,421 | 2,769,024 | |||||
| Total | $16,711,959 | $23,051,323 | $10,914,914 | $13,845,443 | $5,206,962 | $5,283,991 | |||||
126
Notes to Financial Statements -
continued
| MFS Lifetime 2065 Fund | |||
| Year Ended 4/30/24 | Year Ended 4/30/23 | ||
| Class A | $18,583 | $13,148 | |
| Class C | 1,798 | 1,908 | |
| Class I | 1,874 | 2,318 | |
| Class R1 | 717 | 1,477 | |
| Class R2 | 3,392 | 2,772 | |
| Class R3 | 109,122 | 13,541 | |
| Class R4 | 16,855 | 2,062 | |
| Class R6 | 132,658 | 59,774 | |
| Total | $284,999 | $97,000 | |
(3) Transactions with
Affiliates
Investment Adviser — Each fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the funds. MFS receives no
compensation under this agreement; however MFS receives management fees from the underlying MFS funds.
For classes other than Class R6
shares, the investment adviser has agreed in writing to pay all of each fund’s operating expenses, excluding distribution and service fees, interest, taxes, extraordinary expenses, brokerage and transaction
costs and investment-related expenses including fees and expenses associated with investments in investment companies and other similar investment vehicles (“Other Expenses”). For the year ended April 30,
2024, this reduction amounted to the following for each fund and is included in the reduction of total expenses in the Statements of Operations:
| MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund |
| $965,507 | $592,750 | $980,888 | $736,797 | $924,755 |
| MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund |
| $679,269 | $743,610 | $583,330 | $445,525 | $248,549 |
For Class R6 shares, the
investment adviser has agreed to bear each fund's expenses, or make payment to such fund, such that the “Other Expenses” of the class do not exceed (0.12)% annually of average daily net assets for the MFS
Lifetime Income Fund and (0.14)% annually of average daily net assets for all other funds. These written agreements will continue until modified by the funds’ Board of Trustees, but such agreements will continue
at least until August 31, 2024. Payments made to certain classes of the funds to further reduce “Other Expenses” below 0.00% annually of average daily net assets are included in “Payments from
investment adviser for other expenses agreement” in the Statements of Operations.
In addition to the fees and
expenses which each fund bears directly, each fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which each fund invests. Accordingly, the expense ratio for each fund reflects
only those fees and expenses borne directly by each fund.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the year ended April 30, 2024, as its portion of
the initial sales charge on sales of Class A shares of each fund:
| MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund |
| $3,379 | $7,664 | $15,178 | $13,614 | $18,895 |
| MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund |
| $12,779 | $15,890 | $14,310 | $17,379 | $2,258 |
The Board of Trustees has
adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
Each fund's distribution plan
provides that each fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution
fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and
service fees are computed daily and paid monthly.
127
Notes to Financial Statements -
continued
Distribution Plan Fee Table:
| Class A | |||||
| Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
| MFS Lifetime Income Fund | — | 0.25% | 0.25% | 0.25% | $472,215 |
| MFS Lifetime 2025 Fund | — | 0.25% | 0.25% | 0.25% | 80,473 |
| MFS Lifetime 2030 Fund | — | 0.25% | 0.25% | 0.25% | 213,923 |
| MFS Lifetime 2035 Fund | — | 0.25% | 0.25% | 0.25% | 95,740 |
| MFS Lifetime 2040 Fund | — | 0.25% | 0.25% | 0.25% | 148,555 |
| MFS Lifetime 2045 Fund | — | 0.25% | 0.25% | 0.25% | 72,027 |
| MFS Lifetime 2050 Fund | — | 0.25% | 0.25% | 0.25% | 82,396 |
| MFS Lifetime 2055 Fund | — | 0.25% | 0.25% | 0.25% | 57,660 |
| MFS Lifetime 2060 Fund | — | 0.25% | 0.25% | 0.25% | 33,408 |
| MFS Lifetime 2065 Fund | — | 0.25% | 0.25% | 0.25% | 2,152 |
| Class B | |||||
| Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
| MFS Lifetime Income Fund | 0.75% | 0.25% | 1.00% | 1.00% | $12,442 |
| MFS Lifetime 2025 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 6,354 |
| MFS Lifetime 2030 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 27,484 |
| MFS Lifetime 2035 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 8,437 |
| MFS Lifetime 2040 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 17,411 |
| MFS Lifetime 2045 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 5,680 |
| MFS Lifetime 2050 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 8,097 |
| MFS Lifetime 2055 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 4,727 |
| MFS Lifetime 2060 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 1,599 |
| Class C | |||||
| Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
| MFS Lifetime Income Fund | 0.75% | 0.25% | 1.00% | 1.00% | $316,927 |
| MFS Lifetime 2025 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 30,189 |
| MFS Lifetime 2030 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 77,400 |
| MFS Lifetime 2035 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 47,595 |
| MFS Lifetime 2040 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 66,906 |
| MFS Lifetime 2045 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 29,741 |
| MFS Lifetime 2050 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 38,060 |
| MFS Lifetime 2055 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 27,485 |
| MFS Lifetime 2060 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 12,472 |
| MFS Lifetime 2065 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 1,193 |
128
Notes to Financial Statements -
continued
| Class R1 | |||||
| Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
| MFS Lifetime Income Fund | 0.75% | 0.25% | 1.00% | 1.00% | $25,844 |
| MFS Lifetime 2025 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 3,347 |
| MFS Lifetime 2030 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 33,363 |
| MFS Lifetime 2035 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 10,655 |
| MFS Lifetime 2040 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 30,611 |
| MFS Lifetime 2045 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 5,467 |
| MFS Lifetime 2050 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 7,275 |
| MFS Lifetime 2055 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 13,285 |
| MFS Lifetime 2060 Fund | 0.75% | 0.25% | 1.00% | 0.25% | 219 |
| MFS Lifetime 2065 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 559 |
| Class R2 | |||||
| Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
| MFS Lifetime Income Fund | 0.25% | 0.25% | 0.50% | 0.50% | $122,522 |
| MFS Lifetime 2025 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 65,010 |
| MFS Lifetime 2030 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 197,700 |
| MFS Lifetime 2035 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 73,266 |
| MFS Lifetime 2040 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 198,236 |
| MFS Lifetime 2045 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 50,034 |
| MFS Lifetime 2050 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 86,484 |
| MFS Lifetime 2055 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 45,528 |
| MFS Lifetime 2060 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 12,832 |
| MFS Lifetime 2065 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 836 |
| Class R3 | |||||
| Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
| MFS Lifetime Income Fund | — | 0.25% | 0.25% | 0.25% | $305,899 |
| MFS Lifetime 2025 Fund | — | 0.25% | 0.25% | 0.25% | 265,758 |
| MFS Lifetime 2030 Fund | — | 0.25% | 0.25% | 0.25% | 537,272 |
| MFS Lifetime 2035 Fund | — | 0.25% | 0.25% | 0.25% | 394,419 |
| MFS Lifetime 2040 Fund | — | 0.25% | 0.25% | 0.25% | 490,993 |
| MFS Lifetime 2045 Fund | — | 0.25% | 0.25% | 0.25% | 369,707 |
| MFS Lifetime 2050 Fund | — | 0.25% | 0.25% | 0.25% | 347,875 |
| MFS Lifetime 2055 Fund | — | 0.25% | 0.25% | 0.25% | 229,038 |
| MFS Lifetime 2060 Fund | — | 0.25% | 0.25% | 0.25% | 132,236 |
| MFS Lifetime 2065 Fund | — | 0.25% | 0.25% | 0.25% | 12,506 |
| MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund | |
| Total Distribution and Service Fees | $1,255,849 | $451,131 | $1,087,142 | $630,112 | $952,712 |
129
Notes to Financial Statements -
continued
| MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund | |
| Total Distribution and Service Fees | $532,656 | $570,187 | $377,723 | $192,766 | $17,246 |
| (d) | In accordance with the distribution plan for certain classes, each fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
| (e) | The annual effective rates represent actual fees incurred under the distribution plan for the year ended April 30, 2024 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class’s 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates’ seed money. For the year ended April 30, 2024, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations: |
| MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund | |
| Class A | $202 | $1 | $11 | $55 | $61 |
| Class C | 53 | — | — | — | — |
| Class R2 | 165 | — | 407 | 3 | 87 |
| Class R3 | 3 | 3 | 52 | 230 | 355 |
| MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund | |
| Class A | $24 | $8 | $13 | $5 | $— |
| Class R3 | 72 | 113 | 80 | — | — |
For the MFS
Lifetime 2060 Fund, for the year ended April 30, 2024, the 0.75% distribution fee was not imposed for Class R1 shares due to the sales charge limitations contained in Financial Industry Regulatory Authority
(“FINRA”) Rule 2341.
Certain Class A shares are
subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six
years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the year ended April 30,
2024, were as follows:
| CDSC Imposed | MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund |
| Class A | $8,291 | $245 | $603 | $534 | $713 |
| Class B | 1,008 | 27 | 911 | 75 | 41 |
| Class C | 1,297 | 2,358 | 1,111 | 1,277 | 1,956 |
| CDSC Imposed | MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund |
| Class A | $755 | $2,492 | $736 | $263 | $105 |
| Class B | 245 | 341 | 349 | 206 | N/A |
| Class C | 851 | 541 | 256 | 351 | 154 |
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from each fund for its services as shareholder servicing agent calculated as a percentage of the
average daily net assets of each fund as determined periodically under the supervision of the funds’ Board of Trustees. For the year ended April 30, 2024, each fund paid the following fee, which equated to the
following annual percentage of each fund’s average daily net assets:
| MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund | |
| Expenses paid | $70,038 | $24,479 | $57,753 | $37,527 | $61,088 |
| Annual percentage of average daily net assets | 0.0111% | 0.0067% | 0.0077% | 0.0071% | 0.0089% |
| MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund | |
| Expenses paid | $40,375 | $51,122 | $45,356 | $32,736 | $7,650 |
| Annual percentage of average daily net assets | 0.0090% | 0.0107% | 0.0148% | 0.0208% | 0.0609% |
130
Notes to Financial Statements -
continued
MFSC also receives reimbursement
from each fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For
the year ended April 30, 2024, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to the following:
| MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund |
| $566,414 | $299,362 | $613,554 | $404,126 | $563,664 |
| MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund |
| $359,697 | $406,464 | $264,540 | $149,880 | $16,789 |
Administrator – MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to each fund. Under an administrative services agreement, each fund
reimburses MFS the costs incurred to provide these services. Each fund pays an annual fixed amount of $17,500. The administrative services fee is computed daily and paid monthly. The administrative services fee
incurred for the year ended April 30, 2024 was equivalent to the following annual effective rates of each fund's average daily net assets:
| MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund | |
| Percentage of average daily net assets | 0.0028% | 0.0048% | 0.0023% | 0.0033% | 0.0025% |
| MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund | |
| Percentage of average daily net assets | 0.0039% | 0.0037% | 0.0057% | 0.0111% | 0.1394% |
Trustees’ and
Officers’ Compensation — Each fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons.
Independent Trustees’ compensation is accrued daily and paid subsequent to each Trustee Board meeting. The funds do not pay compensation directly to Trustees or officers of each fund who are also officers
of the investment adviser, all of whom receive remuneration from MFS for their services to each fund. Certain officers and Trustees of each fund are officers or directors of MFS, MFD, and MFSC.
Other — Each fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money
market fund does not pay a management fee to MFS but does incur investment and operating costs.
MFS purchased or redeemed the
following fund shares:
| Fund | Date | Transaction | Class | Shares | Amount |
| MFS Lifetime 2055 Fund | 6/23/2023 | Redemption | Class I | 4,480 | $78,445 |
| MFS Lifetime 2065 Fund | 8/03/2022 | Purchase | Class I | 699 | 6,000 |
| MFS Lifetime 2065 Fund | 8/03/2022 | Purchase | Class R1 | 937 | 8,000 |
| MFS Lifetime 2065 Fund | 8/03/2022 | Purchase | Class R4 | 815 | 7,000 |
| MFS Lifeitme 2065 Fund | 6/23/2023 | Redemption | Class R3 | 5,411 | 45,831 |
| MFS Lifetime 2065 Fund | 6/23/2023 | Redemption | Class R6 | 54,236 | 461,006 |
At April 30, 2024, MFS held
approximately 62% of the outstanding shares of Class B and 100% of the outstanding shares of Class R1 of the MFS Lifetime 2060 Fund. Also, MFS held approximately 59% of the outstanding shares of Class I and 100%
of the
outstanding shares of Class R1 of the MFS Lifetime 2065 Fund.
outstanding shares of Class R1 of the MFS Lifetime 2065 Fund.
(4) Portfolio Securities
For the year ended April 30,
2024, purchases and sales of shares of underlying funds, excluding the MFS Institutional Money Market Portfolio, aggregated to the following:
| MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund | |
| Purchases | $54,828,233 | $73,755,417 | $111,343,234 | $110,590,386 | $106,422,462 |
| Sales | $120,019,404 | $60,362,450 | $101,531,405 | $57,573,214 | $59,007,821 |
131
Notes to Financial Statements -
continued
| MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund | |
| Purchases | $84,498,119 | $91,485,053 | $65,013,601 | $51,714,437 | $12,782,968 |
| Sales | $39,939,753 | $34,583,452 | $19,760,269 | $11,688,411 | $3,144,568 |
(5) Shares of Beneficial
Interest
Each fund's Declaration of Trust
permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
| MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | ||||||||||
| Year ended 4/30/24 | Year ended 4/30/23 | Year ended 4/30/24 | Year ended 4/30/23 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares sold | |||||||||||
| Class A | 2,493,897 | $ 29,695,958 | 1,939,043 | $ 23,081,811 | 1,547,894 | $ 19,697,054 | 386,169 | $ 4,922,186 | |||
| Class B | 774 | 9,197 | 9,190 | 108,855 | 606 | 7,664 | — | — | |||
| Class C | 104,903 | 1,259,063 | 253,264 | 3,026,937 | 34,841 | 440,045 | 72,046 | 904,804 | |||
| Class I | 749,432 | 8,952,644 | 843,785 | 10,123,736 | 24,813 | 315,979 | 38,312 | 483,592 | |||
| Class R1 | 49,333 | 593,056 | 51,608 | 616,153 | 4,124 | 53,064 | 5,569 | 71,520 | |||
| Class R2 | 300,855 | 3,596,047 | 365,356 | 4,351,884 | 160,657 | 2,049,877 | 244,098 | 3,113,185 | |||
| Class R3 | 2,194,012 | 26,144,260 | 2,059,654 | 24,480,194 | 2,087,112 | 26,513,263 | 1,687,674 | 21,414,360 | |||
| Class R4 | 524,726 | 6,256,801 | 1,489,589 | 18,131,500 | 1,218,675 | 15,775,209 | 892,389 | 11,413,620 | |||
| Class R6 | 4,553,678 | 54,528,806 | 8,240,043 | 99,193,242 | 5,797,647 | 74,834,673 | 5,174,368 | 65,971,483 | |||
| Class 529A | — | — | 248,093 | 2,495,454 | — | — | — | — | |||
| 10,971,610 | $131,035,832 | 15,499,625 | $185,609,766 | 10,876,369 | $139,686,828 | 8,500,625 | $108,294,750 | ||||
| Shares issued in connection with acquisition of MFS Lifetime 2020 Fund | |||||||||||
| Class A | 3,049,968 | $ 37,667,110 | |||||||||
| Class B | 95,301 | 1,176,967 | |||||||||
| Class C | 312,197 | 3,852,508 | |||||||||
| Class I | 265,139 | 3,274,471 | |||||||||
| Class R1 | 84,922 | 1,050,490 | |||||||||
| Class R2 | 1,809,715 | 22,349,976 | |||||||||
| Class R3 | 4,949,814 | 61,130,203 | |||||||||
| Class R4 | 1,478,497 | 18,259,440 | |||||||||
| Class R6 | 6,629,463 | 82,139,036 | |||||||||
| 18,675,016 | $230,900,201 | ||||||||||
| Shares issued to shareholders in reinvestment of distributions | |||||||||||
| Class A | 641,527 | $ 7,710,690 | 630,080 | $ 7,370,558 | 54,792 | $ 711,744 | 102,267 | $ 1,234,363 | |||
| Class B | 3,365 | 40,426 | 6,092 | 70,958 | 897 | 11,667 | 3,344 | 40,256 | |||
| Class C | 90,562 | 1,088,254 | 128,674 | 1,500,466 | 4,824 | 61,983 | 14,862 | 177,154 | |||
| Class I | 139,991 | 1,682,409 | 142,961 | 1,675,593 | 6,838 | 89,170 | 14,131 | 170,985 | |||
| Class R1 | 7,522 | 90,684 | 7,655 | 89,275 | 565 | 7,399 | 1,217 | 14,785 | |||
| Class R2 | 80,702 | 970,183 | 81,717 | 951,792 | 26,275 | 341,056 | 64,547 | 777,796 | |||
| Class R3 | 443,325 | 5,328,822 | 384,042 | 4,484,557 | 251,633 | 3,266,194 | 441,284 | 5,317,471 | |||
| Class R4 | 77,775 | 934,168 | 113,782 | 1,327,703 | 70,473 | 921,790 | 142,750 | 1,732,989 | |||
| Class R6 | 732,775 | 8,834,452 | 655,172 | 7,674,124 | 449,691 | 5,872,964 | 975,307 | 11,830,480 | |||
| 2,217,544 | $26,680,088 | 2,150,175 | $25,145,026 | 865,988 | $11,283,967 | 1,759,709 | $21,296,279 | ||||
132
Notes to Financial Statements -
continued
| MFS Lifetime Income Fund − continued | MFS Lifetime 2025 Fund − continued | ||||||||||
| Year ended 4/30/24 | Year ended 4/30/23 | Year ended 4/30/24 | Year ended 4/30/23 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares reacquired | |||||||||||
| Class A | (3,623,282) | $ (43,259,427) | (2,952,373) | $ (35,215,392) | (693,851) | $ (8,926,268) | (612,701) | $ (7,828,647) | |||
| Class B | (72,240) | (864,833) | (126,048) | (1,492,382) | (25,476) | (323,566) | (26,841) | (335,916) | |||
| Class C | (1,552,584) | (18,522,327) | (1,848,073) | (22,025,488) | (102,770) | (1,286,766) | (78,202) | (973,918) | |||
| Class I | (1,069,236) | (12,747,673) | (1,226,165) | (14,545,947) | (27,868) | (358,118) | (143,298) | (1,861,480) | |||
| Class R1 | (65,730) | (779,285) | (53,033) | (633,153) | (6,450) | (81,552) | (2,528) | (32,292) | |||
| Class R2 | (777,799) | (9,287,010) | (606,610) | (7,176,513) | (346,049) | (4,363,521) | (429,857) | (5,366,293) | |||
| Class R3 | (2,607,867) | (31,037,258) | (2,264,031) | (26,893,818) | (2,047,448) | (26,228,062) | (2,371,659) | (30,129,331) | |||
| Class R4 | (1,306,540) | (15,649,359) | (1,782,203) | (21,306,179) | (1,893,347) | (24,433,399) | (705,124) | (9,088,190) | |||
| Class R6 | (3,703,919) | (44,368,226) | (6,645,922) | (78,064,102) | (3,772,148) | (48,510,853) | (9,815,696) | (122,096,416) | |||
| Class 529A | — | — | (17,366,010) | (172,809,991) | — | — | — | — | |||
| (14,779,197) | $(176,515,398) | (34,870,468) | $(380,162,965) | (8,915,407) | $(114,512,105) | (14,185,906) | $(177,712,483) | ||||
| Net change | |||||||||||
| Class A | (487,858) | $ (5,852,779) | 2,666,718 | $ 32,904,087 | 908,835 | $ 11,482,530 | (124,265) | $ (1,672,098) | |||
| Class B | (68,101) | (815,210) | (15,465) | (135,602) | (23,973) | (304,235) | (23,497) | (295,660) | |||
| Class C | (1,357,119) | (16,175,010) | (1,153,938) | (13,645,577) | (63,105) | (784,738) | 8,706 | 108,040 | |||
| Class I | (179,813) | (2,112,620) | 25,720 | 527,853 | 3,783 | 47,031 | (90,855) | (1,206,903) | |||
| Class R1 | (8,875) | (95,545) | 91,152 | 1,122,765 | (1,761) | (21,089) | 4,258 | 54,013 | |||
| Class R2 | (396,242) | (4,720,780) | 1,650,178 | 20,477,139 | (159,117) | (1,972,588) | (121,212) | (1,475,312) | |||
| Class R3 | 29,470 | 435,824 | 5,129,479 | 63,201,136 | 291,297 | 3,551,395 | (242,701) | (3,397,500) | |||
| Class R4 | (704,039) | (8,458,390) | 1,299,665 | 16,412,464 | (604,199) | (7,736,400) | 330,015 | 4,058,419 | |||
| Class R6 | 1,582,534 | 18,995,032 | 8,878,756 | 110,942,300 | 2,475,190 | 32,196,784 | (3,666,021) | (44,294,453) | |||
| Class 529A | — | — | (17,117,917) | (170,314,537) | — | — | — | — | |||
| (1,590,043) | $(18,799,478) | 1,454,348 | $61,492,028 | 2,826,950 | $36,458,690 | (3,925,572) | $(48,121,454) | ||||
| MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | ||||||||||
| Year ended 4/30/24 | Year ended 4/30/23 | Year ended 4/30/24 | Year ended 4/30/23 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares sold | |||||||||||
| Class A | 1,253,897 | $ 19,198,135 | 634,470 | $ 9,625,569 | 845,920 | $ 13,745,472 | 396,735 | $ 6,240,446 | |||
| Class B | 4,401 | 65,705 | 26 | 381 | 621 | 10,126 | 8 | 132 | |||
| Class C | 67,862 | 1,021,750 | 88,213 | 1,308,553 | 99,531 | 1,553,631 | 87,644 | 1,368,091 | |||
| Class I | 116,231 | 1,772,462 | 289,608 | 4,580,850 | 447,164 | 7,342,700 | 67,567 | 1,068,723 | |||
| Class R1 | 41,152 | 625,646 | 33,857 | 509,895 | 16,183 | 267,546 | 17,097 | 261,966 | |||
| Class R2 | 336,138 | 5,115,221 | 542,629 | 8,132,715 | 203,532 | 3,322,750 | 240,895 | 3,820,373 | |||
| Class R3 | 3,166,069 | 48,354,143 | 2,849,602 | 42,962,175 | 2,836,797 | 46,043,906 | 2,089,044 | 32,704,299 | |||
| Class R4 | 950,994 | 14,921,978 | 2,180,010 | 33,788,712 | 688,297 | 11,428,190 | 780,390 | 12,309,822 | |||
| Class R6 | 8,039,922 | 124,992,412 | 7,579,454 | 115,107,062 | 6,853,768 | 112,680,361 | 6,393,615 | 100,192,969 | |||
| 13,976,666 | $216,067,452 | 14,197,869 | $216,015,912 | 11,991,813 | $196,394,682 | 10,072,995 | $157,966,821 | ||||
133
Notes to Financial Statements -
continued
| MFS Lifetime 2030 Fund − continued | MFS Lifetime 2035 Fund − continued | ||||||||||
| Year ended 4/30/24 | Year ended 4/30/23 | Year ended 4/30/24 | Year ended 4/30/23 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares issued to shareholders in reinvestment of distributions | |||||||||||
| Class A | 185,877 | $ 2,897,817 | 300,979 | $ 4,300,996 | 54,727 | $ 910,656 | 114,233 | $ 1,684,932 | |||
| Class B | 4,767 | 73,847 | 11,794 | 167,118 | 796 | 13,252 | 4,039 | 59,407 | |||
| Class C | 14,551 | 222,920 | 27,873 | 391,342 | 6,322 | 103,689 | 14,024 | 204,044 | |||
| Class I | 14,106 | 221,330 | 26,543 | 381,417 | 9,630 | 160,724 | 7,894 | 116,667 | |||
| Class R1 | 6,309 | 97,913 | 12,874 | 183,073 | 1,252 | 20,810 | 3,109 | 45,789 | |||
| Class R2 | 84,364 | 1,305,107 | 180,747 | 2,561,190 | 21,251 | 354,472 | 60,730 | 896,975 | |||
| Class R3 | 530,954 | 8,251,019 | 783,227 | 11,153,148 | 255,027 | 4,253,844 | 539,497 | 7,968,371 | |||
| Class R4 | 94,053 | 1,481,340 | 220,844 | 3,182,368 | 36,176 | 608,473 | 159,150 | 2,366,563 | |||
| Class R6 | 839,137 | 13,182,837 | 1,302,388 | 18,741,359 | 451,208 | 7,571,270 | 1,014,738 | 15,068,865 | |||
| 1,774,118 | $27,734,130 | 2,867,269 | $41,062,011 | 836,389 | $13,997,190 | 1,917,414 | $28,411,613 | ||||
| Shares reacquired | |||||||||||
| Class A | (818,593) | $ (12,615,111) | (645,688) | $ (9,809,860) | (462,799) | $ (7,592,441) | (201,754) | $ (3,157,387) | |||
| Class B | (74,274) | (1,138,964) | (81,754) | (1,221,737) | (28,720) | (465,336) | (18,522) | (289,977) | |||
| Class C | (145,312) | (2,188,657) | (247,132) | (3,709,676) | (65,728) | (1,050,066) | (32,788) | (505,703) | |||
| Class I | (185,288) | (2,833,335) | (317,537) | (4,848,674) | (93,132) | (1,527,837) | (32,998) | (518,681) | |||
| Class R1 | (75,142) | (1,148,929) | (84,132) | (1,266,228) | (8,602) | (139,711) | (12,423) | (193,708) | |||
| Class R2 | (1,253,869) | (19,054,583) | (900,130) | (13,446,089) | (334,057) | (5,479,141) | (393,276) | (6,036,023) | |||
| Class R3 | (2,848,091) | (43,809,633) | (2,660,474) | (40,239,632) | (1,596,952) | (25,788,988) | (2,226,349) | (34,962,090) | |||
| Class R4 | (2,559,145) | (40,055,368) | (2,080,364) | (32,447,960) | (1,999,670) | (32,730,415) | (431,624) | (6,912,686) | |||
| Class R6 | (3,740,405) | (58,248,436) | (9,462,838) | (140,048,239) | (3,026,268) | (49,953,904) | (7,435,492) | (113,101,010) | |||
| (11,700,119) | $(181,093,016) | (16,480,049) | $(247,038,095) | (7,615,928) | $(124,727,839) | (10,785,226) | $(165,677,265) | ||||
| Net change | |||||||||||
| Class A | 621,181 | $ 9,480,841 | 289,761 | $ 4,116,705 | 437,848 | $ 7,063,687 | 309,214 | $ 4,767,991 | |||
| Class B | (65,106) | (999,412) | (69,934) | (1,054,238) | (27,303) | (441,958) | (14,475) | (230,438) | |||
| Class C | (62,899) | (943,987) | (131,046) | (2,009,781) | 40,125 | 607,254 | 68,880 | 1,066,432 | |||
| Class I | (54,951) | (839,543) | (1,386) | 113,593 | 363,662 | 5,975,587 | 42,463 | 666,709 | |||
| Class R1 | (27,681) | (425,370) | (37,401) | (573,260) | 8,833 | 148,645 | 7,783 | 114,047 | |||
| Class R2 | (833,367) | (12,634,255) | (176,754) | (2,752,184) | (109,274) | (1,801,919) | (91,651) | (1,318,675) | |||
| Class R3 | 848,932 | 12,795,529 | 972,355 | 13,875,691 | 1,494,872 | 24,508,762 | 402,192 | 5,710,580 | |||
| Class R4 | (1,514,098) | (23,652,050) | 320,490 | 4,523,120 | (1,275,197) | (20,693,752) | 507,916 | 7,763,699 | |||
| Class R6 | 5,138,654 | 79,926,813 | (580,996) | (6,199,818) | 4,278,708 | 70,297,727 | (27,139) | 2,160,824 | |||
| 4,050,665 | $62,708,566 | 585,089 | $10,039,828 | 5,212,274 | $85,664,033 | 1,205,183 | $20,701,169 | ||||
| MFS Lifetime 2040 Fund | MFS Lifetime 2045 Fund | ||||||||||
| Year ended 4/30/24 | Year ended 4/30/23 | Year ended 4/30/24 | Year ended 4/30/23 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares sold | |||||||||||
| Class A | 946,864 | $ 16,834,351 | 513,194 | $ 8,703,305 | 666,031 | $ 11,641,031 | 360,922 | $ 6,075,782 | |||
| Class B | 48 | 875 | 1,406 | 23,383 | — | — | — | — | |||
| Class C | 62,709 | 1,082,701 | 66,352 | 1,102,996 | 41,313 | 715,050 | 58,066 | 946,570 | |||
| Class I | 420,595 | 7,615,489 | 259,384 | 4,460,483 | 538,307 | 9,500,323 | 50,698 | 857,100 | |||
| Class R1 | 28,918 | 506,325 | 42,218 | 701,564 | 8,044 | 141,409 | 10,285 | 170,810 | |||
| Class R2 | 399,453 | 6,993,541 | 504,169 | 8,499,721 | 183,933 | 3,200,852 | 145,317 | 2,419,509 | |||
| Class R3 | 2,545,885 | 44,943,987 | 2,606,391 | 43,902,492 | 2,059,762 | 35,693,902 | 1,977,527 | 32,736,692 | |||
| Class R4 | 695,059 | 12,658,694 | 1,874,637 | 32,476,792 | 501,962 | 9,036,933 | 691,181 | 11,642,980 | |||
| Class R6 | 6,079,912 | 109,493,942 | 7,294,741 | 123,888,531 | 4,291,496 | 76,058,561 | 6,350,626 | 105,138,036 | |||
| 11,179,443 | $200,129,905 | 13,162,492 | $223,759,267 | 8,290,848 | $145,988,061 | 9,644,622 | $159,987,479 | ||||
134
Notes to Financial Statements -
continued
| MFS Lifetime 2040 Fund − continued | MFS Lifetime 2045 Fund − continued | ||||||||||
| Year ended 4/30/24 | Year ended 4/30/23 | Year ended 4/30/24 | Year ended 4/30/23 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares issued to shareholders in reinvestment of distributions | |||||||||||
| Class A | 97,076 | $ 1,759,015 | 165,639 | $ 2,640,289 | 45,382 | $ 812,791 | 73,378 | $ 1,148,366 | |||
| Class B | 2,093 | 37,949 | 6,913 | 109,985 | 642 | 11,479 | 2,204 | 34,388 | |||
| Class C | 10,303 | 182,978 | 24,626 | 384,906 | 4,107 | 72,616 | 8,470 | 130,945 | |||
| Class I | 18,663 | 340,787 | 29,468 | 473,251 | 13,985 | 251,868 | 10,156 | 159,746 | |||
| Class R1 | 4,360 | 78,441 | 10,378 | 164,288 | 714 | 12,770 | 1,412 | 22,090 | |||
| Class R2 | 65,915 | 1,188,447 | 138,247 | 2,192,601 | 14,791 | 264,607 | 36,016 | 562,575 | |||
| Class R3 | 367,191 | 6,649,838 | 619,639 | 9,870,855 | 257,975 | 4,617,751 | 457,387 | 7,153,536 | |||
| Class R4 | 75,691 | 1,390,437 | 152,368 | 2,459,223 | 29,479 | 532,104 | 77,071 | 1,213,873 | |||
| Class R6 | 595,124 | 10,914,574 | 983,420 | 15,852,736 | 385,111 | 6,935,853 | 764,854 | 12,023,500 | |||
| 1,236,416 | $22,542,466 | 2,130,698 | $34,148,134 | 752,186 | $13,511,839 | 1,430,948 | $22,449,019 | ||||
| Shares reacquired | |||||||||||
| Class A | (464,821) | $ (8,373,801) | (441,711) | $ (7,479,502) | (277,650) | $ (4,949,692) | (135,163) | $ (2,252,069) | |||
| Class B | (44,382) | (792,009) | (39,301) | (659,656) | (17,663) | (310,588) | (3,423) | (56,124) | |||
| Class C | (137,989) | (2,426,973) | (128,016) | (2,107,011) | (29,605) | (521,739) | (22,144) | (358,910) | |||
| Class I | (184,739) | (3,240,198) | (113,521) | (1,939,016) | (108,758) | (1,926,746) | (9,287) | (155,223) | |||
| Class R1 | (52,026) | (918,562) | (95,222) | (1,577,743) | (5,495) | (93,704) | (2,953) | (49,597) | |||
| Class R2 | (686,221) | (11,947,615) | (693,165) | (11,684,879) | (293,980) | (5,087,073) | (195,770) | (3,180,632) | |||
| Class R3 | (1,720,379) | (30,487,687) | (2,392,144) | (40,333,406) | (1,093,003) | (19,181,629) | (1,876,195) | (31,002,736) | |||
| Class R4 | (1,555,706) | (28,437,986) | (1,307,817) | (23,037,134) | (839,579) | (15,033,360) | (533,032) | (9,073,829) | |||
| Class R6 | (2,556,551) | (46,274,734) | (5,731,402) | (94,961,768) | (2,357,427) | (41,760,702) | (4,756,652) | (76,854,711) | |||
| (7,402,814) | $(132,899,565) | (10,942,299) | $(183,780,115) | (5,023,160) | $(88,865,233) | (7,534,619) | $(122,983,831) | ||||
| Net change | |||||||||||
| Class A | 579,119 | $ 10,219,565 | 237,122 | $ 3,864,092 | 433,763 | $ 7,504,130 | 299,137 | $ 4,972,079 | |||
| Class B | (42,241) | (753,185) | (30,982) | (526,288) | (17,021) | (299,109) | (1,219) | (21,736) | |||
| Class C | (64,977) | (1,161,294) | (37,038) | (619,109) | 15,815 | 265,927 | 44,392 | 718,605 | |||
| Class I | 254,519 | 4,716,078 | 175,331 | 2,994,718 | 443,534 | 7,825,445 | 51,567 | 861,623 | |||
| Class R1 | (18,748) | (333,796) | (42,626) | (711,891) | 3,263 | 60,475 | 8,744 | 143,303 | |||
| Class R2 | (220,853) | (3,765,627) | (50,749) | (992,557) | (95,256) | (1,621,614) | (14,437) | (198,548) | |||
| Class R3 | 1,192,697 | 21,106,138 | 833,886 | 13,439,941 | 1,224,734 | 21,130,024 | 558,719 | 8,887,492 | |||
| Class R4 | (784,956) | (14,388,855) | 719,188 | 11,898,881 | (308,138) | (5,464,323) | 235,220 | 3,783,024 | |||
| Class R6 | 4,118,485 | 74,133,782 | 2,546,759 | 44,779,499 | 2,319,180 | 41,233,712 | 2,358,828 | 40,306,825 | |||
| 5,013,045 | $89,772,806 | 4,350,891 | $74,127,286 | 4,019,874 | $70,634,667 | 3,540,951 | $59,452,667 | ||||
| MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | ||||||||||
| Year ended 4/30/24 | Year ended 4/30/23 | Year ended 4/30/24 | Year ended 4/30/23 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares sold | |||||||||||
| Class A | 498,499 | $ 10,464,915 | 364,851 | $ 7,302,330 | 452,686 | $ 8,220,810 | 363,044 | $ 6,220,154 | |||
| Class B | — | — | 372 | 6,839 | — | 1 | — | — | |||
| Class C | 42,474 | 877,810 | 51,556 | 1,001,183 | 32,081 | 572,690 | 32,632 | 553,339 | |||
| Class I | 305,222 | 6,540,076 | 1,093,643 | 22,813,928 | 141,997 | 2,578,594 | 48,946 | 827,616 | |||
| Class R1 | 8,245 | 170,195 | 8,099 | 159,745 | 31,344 | 563,497 | 25,465 | 433,844 | |||
| Class R2 | 221,963 | 4,604,732 | 284,399 | 5,645,668 | 184,668 | 3,350,254 | 213,502 | 3,701,473 | |||
| Class R3 | 1,806,883 | 37,591,194 | 1,871,007 | 36,985,841 | 1,703,476 | 30,808,082 | 1,669,100 | 28,639,603 | |||
| Class R4 | 671,222 | 14,262,529 | 1,525,549 | 30,666,021 | 308,798 | 5,687,609 | 564,425 | 9,890,646 | |||
| Class R6 | 4,412,784 | 94,359,399 | 5,090,385 | 100,592,550 | 3,582,057 | 66,134,754 | 4,457,184 | 76,341,194 | |||
| 7,967,292 | $168,870,850 | 10,289,861 | $205,174,105 | 6,437,107 | $117,916,291 | 7,374,298 | $126,607,869 | ||||
135
Notes to Financial Statements -
continued
| MFS Lifetime 2050 Fund − continued | MFS Lifetime 2055 Fund − continued | ||||||||||
| Year ended 4/30/24 | Year ended 4/30/23 | Year ended 4/30/24 | Year ended 4/30/23 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares issued to shareholders in reinvestment of distributions | |||||||||||
| Class A | 46,147 | $ 991,233 | 70,311 | $ 1,319,739 | 30,445 | $ 562,927 | 46,652 | $ 753,900 | |||
| Class B | 752 | 16,004 | 2,960 | 54,886 | 565 | 10,463 | 1,560 | 25,204 | |||
| Class C | 4,575 | 96,111 | 9,289 | 170,724 | 3,779 | 69,038 | 7,468 | 119,339 | |||
| Class I | 7,892 | 169,529 | 18,433 | 345,992 | 5,373 | 99,394 | 2,574 | 41,647 | |||
| Class R1 | 904 | 19,093 | 1,958 | 36,156 | 2,018 | 36,957 | 2,645 | 42,431 | |||
| Class R2 | 23,136 | 491,870 | 52,623 | 977,206 | 14,437 | 267,237 | 28,692 | 464,238 | |||
| Class R3 | 222,629 | 4,737,550 | 366,990 | 6,826,023 | 171,338 | 3,169,752 | 261,293 | 4,225,102 | |||
| Class R4 | 67,512 | 1,450,164 | 76,054 | 1,427,526 | 21,764 | 406,558 | 54,721 | 892,500 | |||
| Class R6 | 371,385 | 7,966,216 | 582,906 | 10,917,829 | 298,627 | 5,569,392 | 398,254 | 6,487,552 | |||
| 744,932 | $15,937,770 | 1,181,524 | $22,076,081 | 548,346 | $10,191,718 | 803,859 | $13,051,913 | ||||
| Shares reacquired | |||||||||||
| Class A | (220,339) | $ (4,700,869) | (122,541) | $ (2,469,370) | (234,153) | $ (4,332,340) | (114,006) | $ (1,964,255) | |||
| Class B | (20,999) | (430,749) | (13,862) | (269,697) | (9,602) | (178,417) | (4,841) | (83,808) | |||
| Class C | (32,511) | (674,738) | (36,150) | (718,589) | (34,307) | (613,349) | (22,760) | (384,928) | |||
| Class I | (81,865) | (1,790,936) | (1,059,375) | (21,335,496) | (23,738) | (438,807) | (3,603) | (61,762) | |||
| Class R1 | (5,716) | (116,743) | (10,515) | (204,381) | (6,670) | (116,776) | (4,291) | (73,609) | |||
| Class R2 | (443,539) | (9,215,515) | (317,299) | (6,285,691) | (220,907) | (3,960,217) | (212,801) | (3,589,164) | |||
| Class R3 | (958,581) | (20,001,069) | (1,750,365) | (34,375,588) | (690,976) | (12,557,894) | (1,525,477) | (25,963,858) | |||
| Class R4 | (1,258,510) | (27,811,457) | (500,642) | (10,262,398) | (771,917) | (14,310,867) | (341,873) | (6,073,727) | |||
| Class R6 | (1,607,005) | (33,859,285) | (2,963,605) | (57,414,823) | (1,484,948) | (27,248,120) | (1,964,136) | (33,247,965) | |||
| (4,629,065) | $(98,601,361) | (6,774,354) | $(133,336,033) | (3,477,218) | $(63,756,787) | (4,193,788) | $(71,443,076) | ||||
| Net change | |||||||||||
| Class A | 324,307 | $ 6,755,279 | 312,621 | $ 6,152,699 | 248,978 | $ 4,451,397 | 295,690 | $ 5,009,799 | |||
| Class B | (20,247) | (414,745) | (10,530) | (207,972) | (9,037) | (167,953) | (3,281) | (58,604) | |||
| Class C | 14,538 | 299,183 | 24,695 | 453,318 | 1,553 | 28,379 | 17,340 | 287,750 | |||
| Class I | 231,249 | 4,918,669 | 52,701 | 1,824,424 | 123,632 | 2,239,181 | 47,917 | 807,501 | |||
| Class R1 | 3,433 | 72,545 | (458) | (8,480) | 26,692 | 483,678 | 23,819 | 402,666 | |||
| Class R2 | (198,440) | (4,118,913) | 19,723 | 337,183 | (21,802) | (342,726) | 29,393 | 576,547 | |||
| Class R3 | 1,070,931 | 22,327,675 | 487,632 | 9,436,276 | 1,183,838 | 21,419,940 | 404,916 | 6,900,847 | |||
| Class R4 | (519,776) | (12,098,764) | 1,100,961 | 21,831,149 | (441,355) | (8,216,700) | 277,273 | 4,709,419 | |||
| Class R6 | 3,177,164 | 68,466,330 | 2,709,686 | 54,095,556 | 2,395,736 | 44,456,026 | 2,891,302 | 49,580,781 | |||
| 4,083,159 | $86,207,259 | 4,697,031 | $93,914,153 | 3,508,235 | $64,351,222 | 3,984,369 | $68,216,706 | ||||
| MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund | ||||||||||
| Year ended 4/30/24 | Year ended 4/30/23 | Year ended 4/30/24 | Year ended 4/30/23 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares sold | |||||||||||
| Class A | 330,365 | $ 4,802,584 | 280,404 | $ 3,849,663 | 84,330 | $ 755,593 | 37,159 | $ 306,713 | |||
| Class C | 25,886 | 373,801 | 23,016 | 313,628 | 10,709 | 95,053 | 5,583 | 45,712 | |||
| Class I | 9,681 | 140,686 | 7,598 | 104,441 | 2,831 | 25,327 | 2,053 | 17,106 | |||
| Class R1 | — | — | — | — | — | — | 937 | 8,000 | |||
| Class R2 | 115,076 | 1,671,886 | 94,774 | 1,302,985 | 15,251 | 135,941 | 5,108 | 42,003 | |||
| Class R3 | 1,692,201 | 24,590,194 | 1,597,954 | 21,886,101 | 706,776 | 6,179,087 | 204,615 | 1,673,072 | |||
| Class R4 | 217,560 | 3,194,772 | 385,411 | 5,338,715 | 76,583 | 701,316 | 59,769 | 501,316 | |||
| Class R6 | 3,276,896 | 48,681,073 | 2,944,975 | 40,407,482 | 854,619 | 7,723,168 | 346,587 | 2,857,157 | |||
| 5,667,665 | $83,454,996 | 5,334,132 | $73,203,015 | 1,751,099 | $15,615,485 | 661,811 | $5,451,079 | ||||
136
Notes to Financial Statements -
continued
| MFS Lifetime 2060 Fund − continued | MFS Lifetime 2065 Fund − continued | ||||||||||
| Year ended 4/30/24 | Year ended 4/30/23 | Year ended 4/30/24 | Year ended 4/30/23 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares issued to shareholders in reinvestment of distributions | |||||||||||
| Class A | 26,950 | $ 400,479 | 36,105 | $ 467,922 | 1,994 | $ 18,104 | 1,679 | $ 13,148 | |||
| Class B | 198 | 2,951 | 505 | 6,556 | — | — | — | — | |||
| Class C | 1,993 | 29,379 | 3,075 | 39,581 | 198 | 1,798 | 243 | 1,908 | |||
| Class I | 1,071 | 16,051 | 1,279 | 16,695 | 206 | 1,874 | 295 | 2,318 | |||
| Class R1 | 173 | 2,592 | 257 | 3,344 | 79 | 717 | 188 | 1,477 | |||
| Class R2 | 5,090 | 75,636 | 6,174 | 80,011 | 374 | 3,392 | 354 | 2,772 | |||
| Class R3 | 112,198 | 1,669,507 | 131,616 | 1,707,057 | 12,018 | 109,122 | 1,729 | 13,541 | |||
| Class R4 | 13,310 | 199,256 | 14,728 | 192,059 | 1,852 | 16,855 | 263 | 2,062 | |||
| Class R6 | 163,715 | 2,457,355 | 185,053 | 2,418,637 | 14,578 | 132,658 | 7,624 | 59,774 | |||
| 324,698 | $4,853,206 | 378,792 | $4,931,862 | 31,299 | $284,520 | 12,375 | $97,000 | ||||
| Shares reacquired | |||||||||||
| Class A | (158,693) | $ (2,323,292) | (52,387) | $ (721,858) | (8,798) | $ (80,800) | (2,185) | $ (18,063) | |||
| Class B | (2,616) | (37,697) | (695) | (9,465) | — | — | — | — | |||
| Class C | (10,786) | (153,639) | (8,506) | (117,688) | (2,006) | (16,778) | (1,165) | (9,596) | |||
| Class I | (1,964) | (29,146) | (653) | (8,799) | (14) | (125) | (6) | (50) | |||
| Class R2 | (66,686) | (966,549) | (87,171) | (1,156,842) | (229) | (2,005) | (206) | (1,698) | |||
| Class R3 | (779,084) | (11,422,857) | (582,305) | (7,965,743) | (245,779) | (2,201,249) | (5,437) | (44,373) | |||
| Class R4 | (514,994) | (7,808,611) | (48,890) | (682,539) | (95,624) | (917,601) | (1,458) | (12,155) | |||
| Class R6 | (1,075,189) | (15,874,911) | (1,277,186) | (17,216,728) | (263,822) | (2,349,995) | (31,267) | (260,044) | |||
| (2,610,012) | $(38,616,702) | (2,057,793) | $(27,879,662) | (616,272) | $(5,568,553) | (41,724) | $(345,979) | ||||
| Net change | |||||||||||
| Class A | 198,622 | $ 2,879,771 | 264,122 | $ 3,595,727 | 77,526 | $ 692,897 | 36,653 | $ 301,798 | |||
| Class B | (2,418) | (34,746) | (190) | (2,909) | — | — | — | — | |||
| Class C | 17,093 | 249,541 | 17,585 | 235,521 | 8,901 | 80,073 | 4,661 | 38,024 | |||
| Class I | 8,788 | 127,591 | 8,224 | 112,337 | 3,023 | 27,076 | 2,342 | 19,374 | |||
| Class R1 | 173 | 2,592 | 257 | 3,344 | 79 | 717 | 1,125 | 9,477 | |||
| Class R2 | 53,480 | 780,973 | 13,777 | 226,154 | 15,396 | 137,328 | 5,256 | 43,077 | |||
| Class R3 | 1,025,315 | 14,836,844 | 1,147,265 | 15,627,415 | 473,015 | 4,086,960 | 200,907 | 1,642,240 | |||
| Class R4 | (284,124) | (4,414,583) | 351,249 | 4,848,235 | (17,189) | (199,430) | 58,574 | 491,223 | |||
| Class R6 | 2,365,422 | 35,263,517 | 1,852,842 | 25,609,391 | 605,375 | 5,505,831 | 322,944 | 2,656,887 | |||
| 3,382,351 | $49,691,500 | 3,655,131 | $50,255,215 | 1,166,126 | $10,331,452 | 632,462 | $5,202,100 | ||||
Effective June 1, 2019,
purchases of each fund's Class B shares were closed to new and existing investors subject to certain exceptions. For the MFS Lifetime Income Fund, effective after the close of business on May 13, 2022, all sales and
redemptions of Class 529A shares were suspended, and all Class 529A shares were redeemed on May 20, 2022. Effective September 29, 2023, purchases of each fund's Class R1 and Class R2 shares were closed to new eligible
investors.
(6) Line of Credit
Each fund and certain other
funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by each fund and certain other MFS U.S. funds. The line of credit is provided by a
syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple
SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused
portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 13, 2025 unless extended or renewed. In addition, each fund and other funds managed by MFS have
established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund,
137
Notes to Financial Statements -
continued
based on its borrowings, at rates equal to
customary reference rates plus an agreed upon spread. For the year ended April 30, 2024, each fund’s commitment fee and interest expense were as follows and are included in “Miscellaneous” expense in
the Statements of Operations:
| MFS Lifetime Income Fund | MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund | |
| Commitment Fee | $3,383 | $1,911 | $3,771 | $2,583 | $3,469 |
| Interest Expense | — | — | — | — | — |
| MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | MFS Lifetime 2065 Fund | |
| Commitment Fee | $2,222 | $2,370 | $1,487 | $766 | $54 |
| Interest Expense | — | — | — | — | — |
(7) Investments in
Affiliated Issuers
An affiliated issuer may be
considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
| MFS Lifetime Income Fund | ||||||
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Blended Research Core Equity Fund | $12,753,411 | $1,192,835 | $6,448,121 | $1,311,260 | $1,169,753 | $9,979,138 |
| MFS Blended Research Growth Equity Fund | 12,750,500 | 1,089,537 | 7,453,583 | 2,735,156 | 793,064 | 9,914,674 |
| MFS Blended Research International Equity Fund | 15,855,510 | 2,305,284 | 3,714,463 | 323,630 | 748,018 | 15,517,979 |
| MFS Blended Research Mid Cap Equity Fund | 18,955,645 | 2,813,150 | 7,096,470 | 978,546 | 2,760,692 | 18,411,563 |
| MFS Blended Research Small Cap Equity Fund | 6,331,179 | 1,113,748 | 2,249,922 | 229,828 | 691,477 | 6,116,310 |
| MFS Blended Research Value Equity Fund | 12,717,549 | 1,564,140 | 3,789,651 | 561,893 | 1,299,532 | 12,353,463 |
| MFS Commodity Strategy Fund | 12,582,368 | 2,603,138 | 3,041,174 | (520,073) | 669,700 | 12,293,959 |
| MFS Emerging Markets Debt Fund | 6,383,067 | 740,223 | 976,835 | (151,256) | 262,816 | 6,258,015 |
| MFS Emerging Markets Debt Local Currency Fund | 6,374,369 | 1,007,250 | 869,568 | (117,426) | (187,518) | 6,207,107 |
| MFS Global Opportunistic Bond Fund | 44,494,136 | 4,059,538 | 4,439,946 | (648,765) | 247,856 | 43,712,819 |
| MFS Global Real Estate Fund | 12,817,794 | 3,078,686 | 3,449,488 | 75,581 | (417,998) | 12,104,575 |
| MFS Government Securities Fund | 63,637,758 | 7,443,769 | 8,952,353 | (1,572,408) | (2,542,472) | 58,014,294 |
| MFS Growth Fund | 12,799,178 | 1,544,089 | 7,409,748 | 4,737,582 | (1,815,193) | 9,855,908 |
| MFS High Income Fund | 12,734,315 | 1,318,406 | 1,668,225 | (149,987) | 313,221 | 12,547,730 |
| MFS Inflation-Adjusted Bond Fund | 63,337,536 | 8,428,404 | 5,807,188 | (871,810) | (3,440,160) | 61,646,782 |
| MFS Institutional Money Market Portfolio | 1,185,439 | 47,123,555 | 29,605,477 | (572) | (1,509) | 18,701,436 |
| MFS International Growth Fund | 3,177,724 | 602,152 | 723,126 | 83,191 | (45,512) | 3,094,429 |
| MFS International Intrinsic Value Fund | 3,167,247 | 767,026 | 805,784 | 43,293 | (82,550) | 3,089,232 |
| MFS Limited Maturity Fund | 126,986,442 | 15,400,799 | 17,245,817 | (902,407) | 850,368 | 125,089,385 |
| MFS Mid Cap Growth Fund | 9,478,592 | 1,196,565 | 3,256,838 | 1,656,554 | 27,817 | 9,102,690 |
| MFS Mid Cap Value Fund | 9,546,504 | 1,473,890 | 2,919,714 | 717,052 | 454,185 | 9,271,917 |
| MFS New Discovery Fund | 3,166,334 | 584,069 | 967,915 | 83,855 | 171,199 | 3,037,542 |
| MFS New Discovery Value Fund | 3,170,373 | 773,443 | 1,019,005 | 37,088 | 118,291 | 3,080,190 |
| MFS Research Fund | 12,773,916 | 1,621,593 | 5,899,294 | 2,803,744 | (1,359,085) | 9,940,874 |
| MFS Research International Fund | 9,529,108 | 1,500,917 | 2,001,535 | 228,853 | 48,504 | 9,305,847 |
| MFS Total Return Bond Fund | 127,339,190 | 12,931,401 | 14,676,286 | (2,189,734) | (2,931,654) | 120,472,917 |
| MFS Value Fund | 12,703,076 | 2,275,524 | 3,137,353 | 280,878 | 263,823 | 12,385,948 |
| $636,748,260 | $126,553,131 | $149,624,879 | $9,763,546 | $(1,933,335) | $621,506,723 | |
138
Notes to Financial Statements -
continued
| MFS Lifetime Income Fund - continued | ||
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Blended Research Core Equity Fund | $114,670 | $325,809 |
| MFS Blended Research Growth Equity Fund | 77,350 | — |
| MFS Blended Research International Equity Fund | 462,320 | — |
| MFS Blended Research Mid Cap Equity Fund | 231,365 | 240,591 |
| MFS Blended Research Small Cap Equity Fund | 59,561 | — |
| MFS Blended Research Value Equity Fund | 198,073 | 271,299 |
| MFS Commodity Strategy Fund | 278,566 | — |
| MFS Emerging Markets Debt Fund | 415,500 | — |
| MFS Emerging Markets Debt Local Currency Fund | 334,364 | — |
| MFS Global Opportunistic Bond Fund | 1,451,781 | — |
| MFS Global Real Estate Fund | 255,900 | — |
| MFS Government Securities Fund | 2,312,597 | — |
| MFS Growth Fund | — | 530,083 |
| MFS High Income Fund | 801,707 | — |
| MFS Inflation-Adjusted Bond Fund | 2,618,307 | — |
| MFS Institutional Money Market Portfolio | 414,254 | — |
| MFS International Growth Fund | 49,025 | 43,399 |
| MFS International Intrinsic Value Fund | 65,257 | 290,080 |
| MFS Limited Maturity Fund | 5,201,545 | — |
| MFS Mid Cap Growth Fund | — | — |
| MFS Mid Cap Value Fund | 290,494 | — |
| MFS New Discovery Fund | — | — |
| MFS New Discovery Value Fund | 42,771 | 159,443 |
| MFS Research Fund | 94,194 | 659,354 |
| MFS Research International Fund | 179,929 | — |
| MFS Total Return Bond Fund | 5,490,325 | — |
| MFS Value Fund | 162,734 | 892,951 |
| $21,602,589 | $3,413,009 | |
139
Notes to Financial Statements -
continued
| MFS Lifetime 2025 Fund | ||||||
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Blended Research Core Equity Fund | $8,492,247 | $1,257,650 | $4,148,308 | $738,559 | $987,649 | $7,327,797 |
| MFS Blended Research Growth Equity Fund | 8,492,130 | 1,234,112 | 4,876,064 | 1,587,443 | 867,621 | 7,305,242 |
| MFS Blended Research International Equity Fund | 11,025,832 | 1,953,231 | 2,450,225 | 142,889 | 630,592 | 11,302,319 |
| MFS Blended Research Mid Cap Equity Fund | 11,760,480 | 2,485,229 | 4,100,655 | 400,123 | 2,053,211 | 12,598,388 |
| MFS Blended Research Small Cap Equity Fund | 3,378,300 | 1,041,687 | 1,106,145 | 50,083 | 471,352 | 3,835,277 |
| MFS Blended Research Value Equity Fund | 8,470,913 | 1,478,855 | 2,447,144 | 258,249 | 1,031,302 | 8,792,175 |
| MFS Commodity Strategy Fund | 6,687,111 | 2,500,545 | 1,599,486 | (276,179) | 355,881 | 7,667,872 |
| MFS Emerging Markets Debt Fund | 5,064,411 | 802,952 | 950,261 | (218,876) | 309,138 | 5,007,364 |
| MFS Emerging Markets Debt Local Currency Fund | 5,067,227 | 916,119 | 745,992 | (68,498) | (180,284) | 4,988,572 |
| MFS Global Opportunistic Bond Fund | 23,787,007 | 5,564,178 | 1,982,598 | (331,962) | 127,870 | 27,164,495 |
| MFS Global Real Estate Fund | 6,838,795 | 2,417,138 | 1,413,629 | 8,144 | (219,176) | 7,631,272 |
| MFS Government Securities Fund | 34,027,368 | 8,853,257 | 4,498,148 | (747,734) | (1,587,789) | 36,046,954 |
| MFS Growth Fund | 8,532,516 | 1,602,650 | 4,889,221 | 2,303,268 | (263,185) | 7,286,028 |
| MFS High Income Fund | 10,114,699 | 1,538,880 | 1,767,631 | (186,942) | 316,555 | 10,015,561 |
| MFS Inflation-Adjusted Bond Fund | 33,870,126 | 9,635,238 | 2,827,169 | (438,216) | (1,973,261) | 38,266,718 |
| MFS Institutional Money Market Portfolio | 951,899 | 18,846,863 | 8,155,722 | (450) | (1,018) | 11,641,572 |
| MFS International Growth Fund | 2,554,329 | 502,652 | 611,624 | 49,791 | (20,103) | 2,475,045 |
| MFS International Intrinsic Value Fund | 2,547,706 | 618,070 | 660,196 | 24,169 | (59,806) | 2,469,943 |
| MFS Limited Maturity Fund | 51,272,740 | 19,191,592 | 3,909,869 | (242,312) | 226,831 | 66,538,982 |
| MFS Mid Cap Growth Fund | 5,905,229 | 1,175,721 | 1,904,856 | 466,661 | 636,066 | 6,278,821 |
| MFS Mid Cap Value Fund | 5,938,656 | 1,265,499 | 1,636,965 | 90,233 | 678,806 | 6,336,229 |
| MFS New Discovery Fund | 1,693,447 | 532,716 | 464,030 | 19,034 | 130,471 | 1,911,638 |
| MFS New Discovery Value Fund | 1,693,248 | 616,398 | 479,795 | 9,632 | 80,420 | 1,919,903 |
| MFS Research Fund | 8,504,333 | 1,563,790 | 3,747,058 | 773,434 | 224,349 | 7,318,848 |
| MFS Research International Fund | 5,973,975 | 1,288,211 | 1,115,439 | 28,958 | 161,337 | 6,337,042 |
| MFS Total Return Bond Fund | 59,783,776 | 16,232,981 | 4,052,279 | (832,371) | (1,770,780) | 69,361,327 |
| MFS Value Fund | 8,473,904 | 1,932,961 | 1,977,663 | 43,797 | 328,166 | 8,801,165 |
| $340,902,404 | $107,049,175 | $68,518,172 | $3,650,927 | $3,542,215 | $386,626,549 | |
140
Notes to Financial Statements -
continued
| MFS Lifetime 2025 Fund - continued | ||
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Blended Research Core Equity Fund | $83,368 | $236,874 |
| MFS Blended Research Growth Equity Fund | 56,162 | — |
| MFS Blended Research International Equity Fund | 336,056 | — |
| MFS Blended Research Mid Cap Equity Fund | 155,585 | 161,788 |
| MFS Blended Research Small Cap Equity Fund | 35,301 | — |
| MFS Blended Research Value Equity Fund | 140,345 | 192,229 |
| MFS Commodity Strategy Fund | 170,426 | — |
| MFS Emerging Markets Debt Fund | 333,467 | — |
| MFS Emerging Markets Debt Local Currency Fund | 268,512 | — |
| MFS Global Opportunistic Bond Fund | 847,997 | — |
| MFS Global Real Estate Fund | 152,842 | — |
| MFS Government Securities Fund | 1,342,703 | — |
| MFS Growth Fund | — | 380,576 |
| MFS High Income Fund | 642,750 | — |
| MFS Inflation-Adjusted Bond Fund | 1,504,982 | — |
| MFS Institutional Money Market Portfolio | 256,020 | — |
| MFS International Growth Fund | 45,168 | 30,041 |
| MFS International Intrinsic Value Fund | 53,072 | 235,920 |
| MFS Limited Maturity Fund | 2,445,802 | — |
| MFS Mid Cap Growth Fund | — | — |
| MFS Mid Cap Value Fund | 103,096 | 91,076 |
| MFS New Discovery Fund | — | — |
| MFS New Discovery Value Fund | 51,787 | 66,485 |
| MFS Research Fund | 68,103 | 476,703 |
| MFS Research International Fund | 120,524 | — |
| MFS Total Return Bond Fund | 2,871,712 | — |
| MFS Value Fund | 170,994 | 574,449 |
| $12,256,774 | $2,446,141 | |
141
Notes to Financial Statements -
continued
| MFS Lifetime 2030 Fund | ||||||
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Blended Research Core Equity Fund | $24,199,011 | $2,066,549 | $8,597,424 | $1,438,516 | $3,685,567 | $22,792,219 |
| MFS Blended Research Growth Equity Fund | 24,202,990 | 1,879,101 | 10,709,681 | 2,882,242 | 4,378,469 | 22,633,121 |
| MFS Blended Research International Equity Fund | 34,356,888 | 4,043,047 | 4,238,935 | 183,699 | 2,254,513 | 36,599,212 |
| MFS Blended Research Mid Cap Equity Fund | 37,514,705 | 4,433,383 | 11,275,613 | 1,587,307 | 6,060,967 | 38,320,749 |
| MFS Blended Research Small Cap Equity Fund | 8,552,667 | 1,280,596 | 2,215,077 | 175,134 | 1,104,120 | 8,897,440 |
| MFS Blended Research Value Equity Fund | 24,102,443 | 2,577,376 | 4,391,854 | 386,194 | 3,349,354 | 26,023,513 |
| MFS Commodity Strategy Fund | 16,990,558 | 3,918,214 | 3,075,900 | (737,031) | 964,839 | 18,060,680 |
| MFS Emerging Markets Debt Fund | 17,262,057 | 2,187,949 | 1,591,395 | (396,180) | 713,143 | 18,175,574 |
| MFS Emerging Markets Debt Local Currency Fund | 13,859,609 | 2,952,147 | 486,989 | (61,032) | (703,257) | 15,560,478 |
| MFS Global Opportunistic Bond Fund | 41,621,545 | 10,069,956 | 861,490 | (159,379) | (219,745) | 50,450,887 |
| MFS Global Real Estate Fund | 17,370,095 | 3,237,468 | 2,545,694 | 39,100 | (537,247) | 17,563,722 |
| MFS Government Securities Fund | 69,170,001 | 15,328,165 | 6,602,961 | (1,275,663) | (3,488,525) | 73,131,017 |
| MFS Growth Fund | 24,365,037 | 2,801,869 | 10,677,806 | 4,934,923 | 1,086,592 | 22,510,615 |
| MFS High Income Fund | 27,685,361 | 5,255,916 | 1,466,215 | (211,780) | 602,467 | 31,865,749 |
| MFS Inflation-Adjusted Bond Fund | 58,854,970 | 17,969,451 | 1,563,450 | (359,006) | (3,879,879) | 71,022,086 |
| MFS Institutional Money Market Portfolio | 861,210 | 41,540,562 | 18,454,753 | (955) | (2,077) | 23,943,987 |
| MFS International Growth Fund | 8,681,370 | 1,285,042 | 1,056,183 | 71,161 | 32,934 | 9,014,324 |
| MFS International Intrinsic Value Fund | 8,643,267 | 1,849,945 | 1,326,733 | 35,858 | (146,321) | 9,056,016 |
| MFS International New Discovery Fund | 3,443,196 | 154,109 | 1,257,693 | 394,247 | (408,604) | 2,325,255 |
| MFS Limited Maturity Fund | 35,401,757 | 20,537,599 | 453,927 | (34,070) | 21,649 | 55,473,008 |
| MFS Mid Cap Growth Fund | 18,779,895 | 1,546,592 | 4,879,145 | 2,146,956 | 1,267,633 | 18,861,931 |
| MFS Mid Cap Value Fund | 18,934,027 | 2,301,283 | 4,302,289 | 566,457 | 1,820,253 | 19,319,731 |
| MFS New Discovery Fund | 4,285,537 | 683,628 | 892,783 | 42,339 | 314,143 | 4,432,864 |
| MFS New Discovery Value Fund | 4,282,850 | 967,844 | 944,208 | 30,073 | 184,389 | 4,520,948 |
| MFS Research Fund | 24,259,980 | 2,880,051 | 7,394,108 | 1,904,849 | 1,051,429 | 22,702,201 |
| MFS Research International Fund | 17,328,831 | 2,232,375 | 1,973,171 | 85,612 | 443,881 | 18,117,528 |
| MFS Total Return Bond Fund | 83,572,771 | 22,233,682 | 3,870,398 | (915,489) | (2,776,690) | 98,243,876 |
| MFS Value Fund | 24,074,652 | 3,772,632 | 2,880,284 | 62,798 | 1,016,054 | 26,045,852 |
| $692,657,280 | $181,986,531 | $119,986,159 | $12,816,880 | $18,190,051 | $785,664,583 | |
142
Notes to Financial Statements -
continued
| MFS Lifetime 2030 Fund - continued | ||
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Blended Research Core Equity Fund | $246,626 | $700,734 |
| MFS Blended Research Growth Equity Fund | 166,636 | — |
| MFS Blended Research International Equity Fund | 1,050,100 | — |
| MFS Blended Research Mid Cap Equity Fund | 481,737 | 500,944 |
| MFS Blended Research Small Cap Equity Fund | 87,441 | — |
| MFS Blended Research Value Equity Fund | 402,571 | 551,398 |
| MFS Commodity Strategy Fund | 394,758 | — |
| MFS Emerging Markets Debt Fund | 1,167,582 | — |
| MFS Emerging Markets Debt Local Currency Fund | 786,235 | — |
| MFS Global Opportunistic Bond Fund | 1,529,201 | — |
| MFS Global Real Estate Fund | 372,605 | — |
| MFS Government Securities Fund | 2,714,522 | — |
| MFS Growth Fund | — | 1,131,001 |
| MFS High Income Fund | 1,881,279 | — |
| MFS Inflation-Adjusted Bond Fund | 2,647,522 | — |
| MFS Institutional Money Market Portfolio | 497,168 | — |
| MFS International Growth Fund | 158,200 | 105,214 |
| MFS International Intrinsic Value Fund | 185,752 | 825,711 |
| MFS International New Discovery Fund | 56,386 | 63,204 |
| MFS Limited Maturity Fund | 1,876,102 | — |
| MFS Mid Cap Growth Fund | — | — |
| MFS Mid Cap Value Fund | 317,384 | 280,381 |
| MFS New Discovery Fund | — | — |
| MFS New Discovery Value Fund | 127,083 | 161,299 |
| MFS Research Fund | 201,569 | 1,410,967 |
| MFS Research International Fund | 340,729 | — |
| MFS Total Return Bond Fund | 4,047,027 | — |
| MFS Value Fund | 492,484 | 1,640,349 |
| $22,228,699 | $7,371,202 | |
143
Notes to Financial Statements -
continued
| MFS Lifetime 2035 Fund | ||||||
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Blended Research Core Equity Fund | $20,933,184 | $2,371,650 | $5,063,821 | $291,041 | $4,427,538 | $22,959,592 |
| MFS Blended Research Emerging Markets Equity Fund | 1,131,106 | 43,149 | 342,658 | 25,162 | 45,599 | 902,358 |
| MFS Blended Research Growth Equity Fund | 20,923,361 | 2,338,962 | 7,112,976 | 1,137,968 | 5,531,352 | 22,818,667 |
| MFS Blended Research International Equity Fund | 33,480,954 | 6,392,316 | 2,144,528 | 18,104 | 2,555,916 | 40,302,762 |
| MFS Blended Research Mid Cap Equity Fund | 36,814,562 | 6,667,917 | 6,820,314 | 373,245 | 7,713,492 | 44,748,902 |
| MFS Blended Research Small Cap Equity Fund | 8,056,788 | 1,988,971 | 1,577,397 | 83,131 | 1,156,746 | 9,708,239 |
| MFS Blended Research Value Equity Fund | 20,856,626 | 3,241,357 | 2,032,783 | 53,474 | 3,362,926 | 25,481,600 |
| MFS Commodity Strategy Fund | 16,024,683 | 5,703,234 | 2,281,337 | (437,832) | 697,318 | 19,706,066 |
| MFS Emerging Markets Debt Fund | 14,018,435 | 4,131,081 | 534,000 | (162,959) | 433,962 | 17,886,519 |
| MFS Emerging Markets Debt Local Currency Fund | 9,337,763 | 3,441,928 | 373,368 | (60,457) | (528,108) | 11,817,758 |
| MFS Emerging Markets Equity Fund | 1,136,619 | 48,169 | 333,928 | 45,479 | 2,781 | 899,120 |
| MFS Global Opportunistic Bond Fund | 18,737,685 | 8,153,530 | 476,374 | (103,156) | (111,270) | 26,200,415 |
| MFS Global Real Estate Fund | 16,348,531 | 5,340,740 | 1,889,975 | (6,582) | (563,801) | 19,228,913 |
| MFS Government Securities Fund | 23,917,217 | 18,237,251 | 1,061,207 | (211,150) | (1,831,216) | 39,050,895 |
| MFS Growth Fund | 21,010,721 | 3,215,887 | 7,052,602 | 1,166,574 | 4,390,006 | 22,730,586 |
| MFS High Income Fund | 18,647,015 | 6,005,828 | 896,303 | (139,517) | 391,257 | 24,008,280 |
| MFS Inflation-Adjusted Bond Fund | 28,016,468 | 12,584,732 | 980,701 | (251,165) | (1,855,769) | 37,513,565 |
| MFS Institutional Money Market Portfolio | 405,291 | 32,854,660 | 15,432,693 | (41) | (843) | 17,826,374 |
| MFS International Growth Fund | 9,261,015 | 1,910,585 | 664,075 | (3,547) | 110,748 | 10,614,726 |
| MFS International Intrinsic Value Fund | 9,229,352 | 2,437,341 | 921,611 | (19,585) | (93,327) | 10,632,170 |
| MFS International New Discovery Fund | 6,944,688 | 1,232,533 | 504,097 | (2,350) | 3,438 | 7,674,212 |
| MFS Mid Cap Growth Fund | 18,432,674 | 3,025,250 | 2,913,129 | 173,945 | 3,389,986 | 22,108,726 |
| MFS Mid Cap Value Fund | 18,530,981 | 3,885,952 | 2,369,319 | 80,171 | 2,448,617 | 22,576,402 |
| MFS New Discovery Fund | 4,033,999 | 1,039,977 | 602,439 | (279) | 345,686 | 4,816,944 |
| MFS New Discovery Value Fund | 4,037,581 | 1,240,175 | 598,177 | 6,332 | 201,231 | 4,887,142 |
| MFS Research Fund | 20,972,227 | 3,263,406 | 4,044,007 | 130,965 | 2,576,551 | 22,899,142 |
| MFS Research International Fund | 15,087,510 | 3,710,395 | 653,305 | (11,698) | 529,889 | 18,662,791 |
| MFS Total Return Bond Fund | 28,334,754 | 14,050,625 | 2,138,101 | (502,952) | (893,439) | 38,850,887 |
| MFS Value Fund | 20,820,185 | 4,886,450 | 1,190,680 | (7,798) | 1,013,543 | 25,521,700 |
| $465,481,975 | $163,444,051 | $73,005,905 | $1,664,523 | $35,450,809 | $593,035,453 | |
144
Notes to Financial Statements -
continued
| MFS Lifetime 2035 Fund - continued | ||
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Blended Research Core Equity Fund | $228,081 | $648,040 |
| MFS Blended Research Emerging Markets Equity Fund | 27,488 | — |
| MFS Blended Research Growth Equity Fund | 154,226 | — |
| MFS Blended Research International Equity Fund | 1,073,985 | — |
| MFS Blended Research Mid Cap Equity Fund | 511,026 | 531,402 |
| MFS Blended Research Small Cap Equity Fund | 85,486 | — |
| MFS Blended Research Value Equity Fund | 365,641 | 500,815 |
| MFS Commodity Strategy Fund | 394,729 | — |
| MFS Emerging Markets Debt Fund | 1,042,050 | — |
| MFS Emerging Markets Debt Local Currency Fund | 557,608 | — |
| MFS Emerging Markets Equity Fund | 26,696 | — |
| MFS Global Opportunistic Bond Fund | 739,463 | — |
| MFS Global Real Estate Fund | 371,676 | — |
| MFS Government Securities Fund | 1,188,015 | — |
| MFS Growth Fund | — | 1,042,414 |
| MFS High Income Fund | 1,332,833 | — |
| MFS Inflation-Adjusted Bond Fund | 1,301,724 | — |
| MFS Institutional Money Market Portfolio | 334,291 | — |
| MFS International Growth Fund | 174,502 | 116,057 |
| MFS International Intrinsic Value Fund | 205,085 | 911,650 |
| MFS International New Discovery Fund | 145,139 | 162,691 |
| MFS Mid Cap Growth Fund | — | — |
| MFS Mid Cap Value Fund | 336,739 | 297,479 |
| MFS New Discovery Fund | — | — |
| MFS New Discovery Value Fund | 125,870 | 160,979 |
| MFS Research Fund | 186,308 | 1,304,135 |
| MFS Research International Fund | 320,490 | — |
| MFS Total Return Bond Fund | 1,486,418 | — |
| MFS Value Fund | 449,994 | 1,492,075 |
| $13,165,563 | $7,167,737 | |
145
Notes to Financial Statements -
continued
| MFS Lifetime 2040 Fund | ||||||
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Blended Research Core Equity Fund | $30,767,881 | $2,905,549 | $5,445,104 | $(55,935) | $7,018,621 | $35,191,012 |
| MFS Blended Research Emerging Markets Equity Fund | 3,808,808 | 674,798 | 249,838 | 2,500 | 328,946 | 4,565,214 |
| MFS Blended Research Growth Equity Fund | 31,523,456 | 2,316,416 | 8,221,850 | 981,864 | 9,045,137 | 35,645,023 |
| MFS Blended Research International Equity Fund | 55,709,237 | 10,291,105 | 1,430,636 | (8,228) | 4,399,900 | 68,961,378 |
| MFS Blended Research Mid Cap Equity Fund | 56,349,616 | 7,604,111 | 6,420,538 | 269,611 | 12,176,592 | 69,979,392 |
| MFS Blended Research Small Cap Equity Fund | 12,947,903 | 2,735,705 | 1,954,127 | 97,970 | 1,887,983 | 15,715,434 |
| MFS Blended Research Value Equity Fund | 31,385,022 | 4,336,422 | 1,901,295 | 49,021 | 5,132,894 | 39,002,064 |
| MFS Commodity Strategy Fund | 25,784,128 | 9,076,125 | 2,781,376 | (893,279) | 1,312,091 | 32,497,689 |
| MFS Emerging Markets Debt Fund | 13,981,720 | 5,762,752 | 273,746 | (80,431) | 389,071 | 19,779,366 |
| MFS Emerging Markets Debt Local Currency Fund | 9,301,734 | 4,518,370 | 155,029 | (19,860) | (613,014) | 13,032,201 |
| MFS Emerging Markets Equity Fund | 3,832,575 | 697,047 | 218,105 | 251 | 217,477 | 4,529,245 |
| MFS Global Opportunistic Bond Fund | 13,921,788 | 6,198,376 | 250,853 | (50,841) | (99,485) | 19,718,985 |
| MFS Global Real Estate Fund | 26,291,662 | 7,999,145 | 2,270,932 | (23,848) | (868,367) | 31,127,660 |
| MFS Growth Fund | 31,652,657 | 3,898,015 | 8,365,048 | 888,130 | 7,432,796 | 35,506,550 |
| MFS High Income Fund | 18,577,669 | 8,167,971 | 487,479 | (74,915) | 357,886 | 26,541,132 |
| MFS Inflation-Adjusted Bond Fund | 26,889,307 | 11,037,318 | 980,721 | (229,909) | (1,761,699) | 34,954,296 |
| MFS Institutional Money Market Portfolio | 351,457 | 32,098,988 | 14,447,677 | (603) | (1,170) | 18,000,995 |
| MFS International Growth Fund | 16,819,326 | 3,761,539 | 544,283 | 3,789 | 216,152 | 20,256,523 |
| MFS International Intrinsic Value Fund | 16,781,719 | 4,657,610 | 802,209 | (16,986) | (182,526) | 20,437,608 |
| MFS International New Discovery Fund | 15,303,063 | 3,055,382 | 721,916 | (5,094) | 31,500 | 17,662,935 |
| MFS Mid Cap Growth Fund | 28,200,760 | 3,219,632 | 2,428,620 | 135,342 | 5,307,365 | 34,434,479 |
| MFS Mid Cap Value Fund | 28,316,001 | 4,889,396 | 1,932,054 | 79,780 | 3,834,284 | 35,187,407 |
| MFS New Discovery Fund | 6,478,737 | 1,355,482 | 575,550 | (63,064) | 625,254 | 7,820,859 |
| MFS New Discovery Value Fund | 6,484,807 | 1,878,137 | 745,342 | 11,820 | 327,368 | 7,956,790 |
| MFS Research Fund | 30,832,881 | 4,688,722 | 4,453,841 | (43,047) | 4,014,580 | 35,039,295 |
| MFS Research International Fund | 22,188,167 | 5,025,236 | 557,775 | (9,019) | 781,334 | 27,427,943 |
| MFS Total Return Bond Fund | 17,674,550 | 4,343,549 | 4,063,493 | (751,080) | (19,018) | 17,184,508 |
| MFS Value Fund | 31,336,060 | 6,985,093 | 776,059 | (7,231) | 1,525,819 | 39,063,682 |
| $613,492,691 | $164,177,991 | $73,455,496 | $186,708 | $62,817,771 | $767,219,665 | |
146
Notes to Financial Statements -
continued
| MFS Lifetime 2040 Fund - continued | ||
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Blended Research Core Equity Fund | $343,170 | $975,043 |
| MFS Blended Research Emerging Markets Equity Fund | 116,318 | — |
| MFS Blended Research Growth Equity Fund | 236,395 | — |
| MFS Blended Research International Equity Fund | 1,820,740 | — |
| MFS Blended Research Mid Cap Equity Fund | 790,610 | 822,133 |
| MFS Blended Research Small Cap Equity Fund | 141,205 | — |
| MFS Blended Research Value Equity Fund | 556,629 | 762,408 |
| MFS Commodity Strategy Fund | 646,451 | — |
| MFS Emerging Markets Debt Fund | 1,096,709 | — |
| MFS Emerging Markets Debt Local Currency Fund | 585,653 | — |
| MFS Emerging Markets Equity Fund | 113,087 | — |
| MFS Global Opportunistic Bond Fund | 550,733 | — |
| MFS Global Real Estate Fund | 601,281 | — |
| MFS Growth Fund | — | 1,604,861 |
| MFS High Income Fund | 1,398,892 | — |
| MFS Inflation-Adjusted Bond Fund | 1,237,096 | — |
| MFS Institutional Money Market Portfolio | 363,284 | — |
| MFS International Growth Fund | 328,011 | 218,151 |
| MFS International Intrinsic Value Fund | 385,265 | 1,712,590 |
| MFS International New Discovery Fund | 328,550 | 368,283 |
| MFS Mid Cap Growth Fund | — | — |
| MFS Mid Cap Value Fund | 521,658 | 460,840 |
| MFS New Discovery Fund | — | — |
| MFS New Discovery Value Fund | 204,836 | 261,433 |
| MFS Research Fund | 280,220 | 1,961,515 |
| MFS Research International Fund | 473,388 | — |
| MFS Total Return Bond Fund | 798,615 | — |
| MFS Value Fund | 680,854 | 2,272,919 |
| $14,599,650 | $11,420,176 | |
147
Notes to Financial Statements -
continued
| MFS Lifetime 2045 Fund | ||||||
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Blended Research Core Equity Fund | $19,632,616 | $2,407,577 | $3,281,135 | $(4,753) | $4,528,046 | $23,282,351 |
| MFS Blended Research Emerging Markets Equity Fund | 3,408,397 | 830,432 | 262,733 | 1,672 | 311,192 | 4,288,960 |
| MFS Blended Research Growth Equity Fund | 21,094,731 | 2,244,994 | 5,332,576 | 557,726 | 6,287,084 | 24,851,959 |
| MFS Blended Research International Equity Fund | 40,420,848 | 9,692,587 | 1,471,503 | (21,658) | 3,295,604 | 51,915,878 |
| MFS Blended Research Mid Cap Equity Fund | 37,909,235 | 6,413,481 | 3,985,100 | 77,012 | 8,408,631 | 48,823,259 |
| MFS Blended Research Small Cap Equity Fund | 9,241,536 | 2,357,673 | 1,331,421 | 43,707 | 1,377,612 | 11,689,107 |
| MFS Blended Research Value Equity Fund | 21,009,775 | 3,729,404 | 1,183,494 | 7,206 | 3,516,269 | 27,079,160 |
| MFS Commodity Strategy Fund | 18,379,520 | 7,933,346 | 2,553,084 | (806,797) | 1,123,059 | 24,076,044 |
| MFS Emerging Markets Debt Fund | 3,026,203 | 2,371,115 | 51,772 | (16,832) | 98,784 | 5,427,498 |
| MFS Emerging Markets Debt Local Currency Fund | 2,014,988 | 1,752,129 | 17,341 | (3,004) | (168,795) | 3,577,977 |
| MFS Emerging Markets Equity Fund | 3,427,247 | 874,036 | 237,788 | (312) | 206,430 | 4,269,613 |
| MFS Global Opportunistic Bond Fund | 3,016,700 | 2,495,074 | 68,872 | (14,787) | (19,600) | 5,408,515 |
| MFS Global Real Estate Fund | 18,726,248 | 6,968,164 | 1,853,753 | (10,148) | (670,626) | 23,159,885 |
| MFS Growth Fund | 21,172,671 | 3,423,860 | 5,554,209 | 476,122 | 5,221,421 | 24,739,865 |
| MFS High Income Fund | 4,025,673 | 3,289,748 | 104,063 | (18,334) | 90,152 | 7,283,176 |
| MFS Inflation-Adjusted Bond Fund | 12,289,077 | 6,053,702 | 623,417 | (157,827) | (766,977) | 16,794,558 |
| MFS Institutional Money Market Portfolio | 375,108 | 23,473,850 | 11,834,429 | (237) | (820) | 12,013,472 |
| MFS International Growth Fund | 12,689,973 | 3,395,097 | 311,354 | (3,209) | 169,891 | 15,940,398 |
| MFS International Intrinsic Value Fund | 12,655,946 | 4,119,186 | 626,470 | (84,587) | (55,502) | 16,008,573 |
| MFS International New Discovery Fund | 13,686,098 | 3,619,352 | 551,349 | (35,652) | 65,529 | 16,783,978 |
| MFS Mid Cap Growth Fund | 18,970,013 | 3,139,583 | 1,765,351 | 66,937 | 3,650,243 | 24,061,425 |
| MFS Mid Cap Value Fund | 19,054,141 | 4,055,261 | 1,229,762 | 14,810 | 2,646,346 | 24,540,796 |
| MFS New Discovery Fund | 4,623,068 | 1,234,570 | 447,765 | (38,328) | 443,685 | 5,815,230 |
| MFS New Discovery Value Fund | 4,629,365 | 1,536,370 | 499,616 | (339) | 243,052 | 5,908,832 |
| MFS Research Fund | 19,657,516 | 3,580,714 | 2,611,710 | (6,823) | 2,581,830 | 23,201,527 |
| MFS Research International Fund | 15,133,658 | 4,091,213 | 332,900 | (5,534) | 542,272 | 19,428,709 |
| MFS Total Return Bond Fund | 10,320,093 | 3,007,967 | 2,779,851 | (488,550) | 34,090 | 10,093,749 |
| MFS Value Fund | 20,972,991 | 5,955,867 | 871,363 | (19,451) | 1,057,874 | 27,095,918 |
| $391,563,435 | $124,046,352 | $51,774,181 | $(491,970) | $44,216,776 | $507,560,412 | |
148
Notes to Financial Statements -
continued
| MFS Lifetime 2045 Fund - continued | ||
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Blended Research Core Equity Fund | $222,274 | $631,542 |
| MFS Blended Research Emerging Markets Equity Fund | 107,317 | — |
| MFS Blended Research Growth Equity Fund | 160,931 | — |
| MFS Blended Research International Equity Fund | 1,341,869 | — |
| MFS Blended Research Mid Cap Equity Fund | 537,627 | 559,063 |
| MFS Blended Research Small Cap Equity Fund | 100,197 | — |
| MFS Blended Research Value Equity Fund | 378,089 | 517,865 |
| MFS Commodity Strategy Fund | 471,533 | — |
| MFS Emerging Markets Debt Fund | 274,192 | — |
| MFS Emerging Markets Debt Local Currency Fund | 146,327 | — |
| MFS Emerging Markets Equity Fund | 104,341 | — |
| MFS Global Opportunistic Bond Fund | 138,406 | — |
| MFS Global Real Estate Fund | 432,156 | — |
| MFS Growth Fund | — | 1,091,208 |
| MFS High Income Fund | 348,086 | — |
| MFS Inflation-Adjusted Bond Fund | 577,026 | — |
| MFS Institutional Money Market Portfolio | 243,967 | — |
| MFS International Growth Fund | 251,674 | 167,382 |
| MFS International Intrinsic Value Fund | 295,670 | 1,314,319 |
| MFS International New Discovery Fund | 302,013 | 338,535 |
| MFS Mid Cap Growth Fund | — | — |
| MFS Mid Cap Value Fund | 355,362 | 313,931 |
| MFS New Discovery Fund | — | — |
| MFS New Discovery Value Fund | 146,864 | 188,277 |
| MFS Research Fund | 181,394 | 1,269,743 |
| MFS Research International Fund | 327,675 | — |
| MFS Total Return Bond Fund | 470,074 | — |
| MFS Value Fund | 464,575 | 1,546,847 |
| $8,379,639 | $7,938,712 | |
149
Notes to Financial Statements -
continued
| MFS Lifetime 2050 Fund | ||||||
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Blended Research Core Equity Fund | $20,728,991 | $2,817,937 | $3,208,368 | $9,690 | $4,776,921 | $25,125,171 |
| MFS Blended Research Emerging Markets Equity Fund | 4,128,768 | 1,289,202 | 179,315 | (1,609) | 406,317 | 5,643,363 |
| MFS Blended Research Growth Equity Fund | 22,814,064 | 2,849,696 | 5,369,674 | 466,420 | 7,009,376 | 27,769,882 |
| MFS Blended Research International Equity Fund | 45,346,647 | 12,906,149 | 1,107,832 | (31,913) | 3,811,072 | 60,924,123 |
| MFS Blended Research Mid Cap Equity Fund | 41,142,181 | 6,577,669 | 2,520,016 | 22,538 | 9,256,185 | 54,478,557 |
| MFS Blended Research Small Cap Equity Fund | 10,299,249 | 2,665,464 | 939,131 | 25,755 | 1,555,393 | 13,606,730 |
| MFS Blended Research Value Equity Fund | 22,715,330 | 4,414,667 | 827,200 | (3,337) | 3,849,346 | 30,148,806 |
| MFS Commodity Strategy Fund | 20,505,776 | 9,277,728 | 2,166,074 | (699,612) | 1,094,597 | 28,012,415 |
| MFS Emerging Markets Equity Fund | 4,148,839 | 1,334,216 | 139,712 | (1,277) | 266,829 | 5,608,895 |
| MFS Global Real Estate Fund | 20,857,165 | 8,317,631 | 1,213,351 | (68,239) | (755,241) | 27,137,965 |
| MFS Growth Fund | 22,912,045 | 4,016,198 | 5,470,451 | 336,322 | 5,875,439 | 27,669,553 |
| MFS Inflation-Adjusted Bond Fund | 10,324,520 | 4,632,203 | 916,135 | (166,770) | (603,445) | 13,270,373 |
| MFS Institutional Money Market Portfolio | 357,079 | 21,849,723 | 9,241,450 | (500) | (979) | 12,963,873 |
| MFS International Growth Fund | 14,461,454 | 4,823,497 | 322,313 | (13,690) | 206,292 | 19,155,240 |
| MFS International Intrinsic Value Fund | 14,433,531 | 5,313,288 | 440,750 | (55,720) | (100,530) | 19,149,819 |
| MFS International New Discovery Fund | 16,574,557 | 5,874,496 | 475,679 | (35,402) | 72,712 | 22,010,684 |
| MFS Mid Cap Growth Fund | 20,589,702 | 3,861,555 | 1,480,532 | 16,454 | 4,023,686 | 27,010,865 |
| MFS Mid Cap Value Fund | 20,652,603 | 4,591,374 | 660,590 | (4,638) | 2,903,140 | 27,481,889 |
| MFS New Discovery Fund | 5,152,398 | 1,463,980 | 287,339 | (23,392) | 470,760 | 6,776,407 |
| MFS New Discovery Value Fund | 5,156,000 | 1,793,267 | 354,930 | (4,059) | 270,807 | 6,861,085 |
| MFS Research Fund | 20,765,590 | 4,295,334 | 2,716,131 | (7,743) | 2,727,701 | 25,064,751 |
| MFS Research International Fund | 16,517,452 | 5,207,110 | 366,157 | (17,991) | 605,353 | 21,945,767 |
| MFS Total Return Bond Fund | 10,361,745 | 3,058,873 | 3,015,111 | (473,213) | 10,769 | 9,943,063 |
| MFS Value Fund | 22,685,207 | 6,812,382 | 406,661 | (10,571) | 1,140,149 | 30,220,506 |
| $413,630,893 | $130,043,639 | $43,824,902 | $(742,497) | $48,872,649 | $547,979,782 | |
150
Notes to Financial Statements -
continued
| MFS Lifetime 2050 Fund - continued | ||
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Blended Research Core Equity Fund | $235,223 | $668,336 |
| MFS Blended Research Emerging Markets Equity Fund | 134,919 | — |
| MFS Blended Research Growth Equity Fund | 175,702 | — |
| MFS Blended Research International Equity Fund | 1,531,966 | — |
| MFS Blended Research Mid Cap Equity Fund | 591,545 | 615,130 |
| MFS Blended Research Small Cap Equity Fund | 115,437 | — |
| MFS Blended Research Value Equity Fund | 411,838 | 564,090 |
| MFS Commodity Strategy Fund | 531,512 | — |
| MFS Emerging Markets Equity Fund | 131,197 | — |
| MFS Global Real Estate Fund | 495,729 | — |
| MFS Growth Fund | — | 1,193,119 |
| MFS Inflation-Adjusted Bond Fund | 472,201 | — |
| MFS Institutional Money Market Portfolio | 258,137 | — |
| MFS International Growth Fund | 293,208 | 195,004 |
| MFS International Intrinsic Value Fund | 344,372 | 1,530,808 |
| MFS International New Discovery Fund | 380,179 | 426,155 |
| MFS Mid Cap Growth Fund | — | — |
| MFS Mid Cap Value Fund | 388,745 | 343,422 |
| MFS New Discovery Fund | — | — |
| MFS New Discovery Value Fund | 166,096 | 213,869 |
| MFS Research Fund | 192,120 | 1,344,823 |
| MFS Research International Fund | 361,407 | — |
| MFS Total Return Bond Fund | 469,025 | — |
| MFS Value Fund | 508,681 | 1,683,006 |
| $8,189,239 | $8,777,762 | |
151
Notes to Financial Statements -
continued
| MFS Lifetime 2055 Fund | ||||||
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Blended Research Core Equity Fund | $13,147,678 | $2,075,302 | $1,904,083 | $(63,445) | $3,148,057 | $16,403,509 |
| MFS Blended Research Emerging Markets Equity Fund | 2,621,764 | 886,443 | 71,683 | (3,806) | 262,899 | 3,695,617 |
| MFS Blended Research Growth Equity Fund | 14,478,656 | 2,017,394 | 3,191,549 | 156,048 | 4,661,302 | 18,121,851 |
| MFS Blended Research International Equity Fund | 28,785,226 | 8,948,637 | 415,192 | (18,900) | 2,455,416 | 39,755,187 |
| MFS Blended Research Mid Cap Equity Fund | 26,146,623 | 4,796,298 | 1,307,336 | (27,054) | 6,003,807 | 35,612,338 |
| MFS Blended Research Small Cap Equity Fund | 6,544,952 | 1,994,473 | 670,177 | (2,294) | 1,018,524 | 8,885,478 |
| MFS Blended Research Value Equity Fund | 14,414,706 | 3,162,382 | 379,086 | (5,026) | 2,487,387 | 19,680,363 |
| MFS Commodity Strategy Fund | 13,039,040 | 6,380,421 | 1,224,099 | (438,365) | 677,626 | 18,434,623 |
| MFS Emerging Markets Equity Fund | 2,634,737 | 926,902 | 61,095 | (5,300) | 173,116 | 3,668,360 |
| MFS Global Real Estate Fund | 13,221,431 | 5,865,103 | 846,982 | (110,933) | (417,679) | 17,710,940 |
| MFS Growth Fund | 14,546,504 | 2,873,057 | 3,381,559 | 131,486 | 3,878,495 | 18,047,983 |
| MFS Inflation-Adjusted Bond Fund | 6,549,471 | 3,051,616 | 438,971 | (111,971) | (381,139) | 8,669,006 |
| MFS Institutional Money Market Portfolio | 250,212 | 13,343,330 | 5,138,513 | (273) | (636) | 8,454,120 |
| MFS International Growth Fund | 9,173,361 | 3,255,269 | 50,583 | (1,677) | 121,865 | 12,498,235 |
| MFS International Intrinsic Value Fund | 9,159,636 | 3,580,378 | 134,957 | (34,659) | (73,163) | 12,497,235 |
| MFS International New Discovery Fund | 10,500,569 | 4,004,112 | 157,328 | (28,485) | 54,456 | 14,373,324 |
| MFS Mid Cap Growth Fund | 13,081,214 | 2,880,732 | 948,102 | (3,245) | 2,609,274 | 17,619,873 |
| MFS Mid Cap Value Fund | 13,108,669 | 3,239,734 | 278,579 | (5,028) | 1,871,098 | 17,935,894 |
| MFS New Discovery Fund | 3,273,165 | 1,048,459 | 188,736 | (56,371) | 345,316 | 4,421,833 |
| MFS New Discovery Value Fund | 3,274,842 | 1,258,825 | 224,654 | (8,555) | 180,684 | 4,481,142 |
| MFS Research Fund | 13,166,095 | 3,106,952 | 1,663,993 | (81,823) | 1,832,038 | 16,359,269 |
| MFS Research International Fund | 10,479,261 | 3,572,763 | 106,960 | (3,554) | 381,361 | 14,322,871 |
| MFS Total Return Bond Fund | 6,563,734 | 1,997,942 | 1,776,071 | (351,058) | 56,511 | 6,491,058 |
| MFS Value Fund | 14,401,466 | 4,929,471 | 338,495 | (12,919) | 742,494 | 19,722,017 |
| $262,563,012 | $89,195,995 | $24,898,783 | $(1,087,207) | $32,089,109 | $357,862,126 | |
152
Notes to Financial Statements -
continued
| MFS Lifetime 2055 Fund - continued | ||
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Blended Research Core Equity Fund | $152,612 | $433,615 |
| MFS Blended Research Emerging Markets Equity Fund | 87,749 | — |
| MFS Blended Research Growth Equity Fund | 114,013 | — |
| MFS Blended Research International Equity Fund | 995,563 | — |
| MFS Blended Research Mid Cap Equity Fund | 383,088 | 398,363 |
| MFS Blended Research Small Cap Equity Fund | 74,225 | — |
| MFS Blended Research Value Equity Fund | 267,429 | 366,294 |
| MFS Commodity Strategy Fund | 346,204 | — |
| MFS Emerging Markets Equity Fund | 85,316 | — |
| MFS Global Real Estate Fund | 320,962 | — |
| MFS Growth Fund | — | 774,661 |
| MFS Inflation-Adjusted Bond Fund | 304,299 | — |
| MFS Institutional Money Market Portfolio | 169,289 | — |
| MFS International Growth Fund | 190,519 | 126,710 |
| MFS International Intrinsic Value Fund | 223,639 | 994,126 |
| MFS International New Discovery Fund | 247,087 | 276,969 |
| MFS Mid Cap Growth Fund | — | — |
| MFS Mid Cap Value Fund | 252,195 | 222,792 |
| MFS New Discovery Fund | — | — |
| MFS New Discovery Value Fund | 106,827 | 138,289 |
| MFS Research Fund | 124,636 | 872,442 |
| MFS Research International Fund | 234,860 | — |
| MFS Total Return Bond Fund | 302,204 | — |
| MFS Value Fund | 328,508 | 1,092,867 |
| $5,311,224 | $5,697,128 | |
153
Notes to Financial Statements -
continued
| MFS Lifetime 2060 Fund | ||||||
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Blended Research Core Equity Fund | $6,332,387 | $1,881,856 | $907,690 | $(49,171) | $1,621,145 | $8,878,527 |
| MFS Blended Research Emerging Markets Equity Fund | 1,265,721 | 622,599 | 65,936 | (9,665) | 149,671 | 1,962,390 |
| MFS Blended Research Growth Equity Fund | 6,976,170 | 1,905,554 | 1,489,448 | (17,962) | 2,449,333 | 9,823,647 |
| MFS Blended Research International Equity Fund | 13,905,966 | 6,412,885 | 283,876 | (15,003) | 1,348,054 | 21,368,026 |
| MFS Blended Research Mid Cap Equity Fund | 12,643,201 | 4,298,781 | 828,388 | (26,023) | 3,121,741 | 19,209,312 |
| MFS Blended Research Small Cap Equity Fund | 3,162,803 | 1,519,627 | 388,858 | (27,943) | 534,894 | 4,800,523 |
| MFS Blended Research Value Equity Fund | 6,958,583 | 2,723,269 | 380,921 | (5,917) | 1,305,683 | 10,600,697 |
| MFS Commodity Strategy Fund | 6,312,944 | 4,117,735 | 931,802 | (330,444) | 469,454 | 9,637,887 |
| MFS Emerging Markets Equity Fund | 1,271,630 | 655,284 | 54,754 | (8,569) | 99,494 | 1,963,085 |
| MFS Global Real Estate Fund | 6,360,165 | 4,151,868 | 606,258 | (126,228) | (153,648) | 9,625,899 |
| MFS Growth Fund | 7,012,940 | 2,411,716 | 1,651,406 | 21,600 | 2,015,447 | 9,810,297 |
| MFS Inflation-Adjusted Bond Fund | 3,161,427 | 2,080,325 | 351,981 | (85,516) | (158,356) | 4,645,899 |
| MFS Institutional Money Market Portfolio | 32,073 | 7,336,353 | 2,900,176 | (68) | (281) | 4,467,901 |
| MFS International Growth Fund | 4,426,105 | 2,372,887 | 132,478 | (10,426) | 90,403 | 6,746,491 |
| MFS International Intrinsic Value Fund | 4,423,467 | 2,513,325 | 167,460 | (52,599) | 17,236 | 6,733,969 |
| MFS International New Discovery Fund | 5,060,646 | 2,852,643 | 186,484 | (38,742) | 69,712 | 7,757,775 |
| MFS Mid Cap Growth Fund | 6,322,339 | 2,419,922 | 502,549 | (29,073) | 1,365,575 | 9,576,214 |
| MFS Mid Cap Value Fund | 6,327,327 | 2,650,198 | 288,481 | (9,057) | 985,961 | 9,665,948 |
| MFS New Discovery Fund | 1,581,251 | 789,598 | 123,681 | (37,921) | 188,501 | 2,397,748 |
| MFS New Discovery Value Fund | 1,581,803 | 895,488 | 156,366 | (19,248) | 109,909 | 2,411,586 |
| MFS Research Fund | 6,335,064 | 2,487,900 | 841,960 | (69,422) | 958,912 | 8,870,494 |
| MFS Research International Fund | 5,057,463 | 2,572,322 | 119,247 | (5,681) | 223,587 | 7,728,444 |
| MFS Total Return Bond Fund | 3,163,867 | 1,396,665 | 917,640 | (192,805) | 46,331 | 3,496,418 |
| MFS Value Fund | 6,956,260 | 3,578,442 | 310,747 | (22,838) | 420,217 | 10,621,334 |
| $126,631,602 | $64,647,242 | $14,588,587 | $(1,168,721) | $17,278,975 | $192,800,511 | |
154
Notes to Financial Statements -
continued
| MFS Lifetime 2060 Fund - continued | ||
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Blended Research Core Equity Fund | $78,856 | $224,050 |
| MFS Blended Research Emerging Markets Equity Fund | 45,912 | — |
| MFS Blended Research Growth Equity Fund | 58,757 | — |
| MFS Blended Research International Equity Fund | 516,741 | — |
| MFS Blended Research Mid Cap Equity Fund | 195,932 | 203,745 |
| MFS Blended Research Small Cap Equity Fund | 37,254 | — |
| MFS Blended Research Value Equity Fund | 138,111 | 189,169 |
| MFS Commodity Strategy Fund | 183,175 | — |
| MFS Emerging Markets Equity Fund | 44,689 | — |
| MFS Global Real Estate Fund | 162,850 | — |
| MFS Growth Fund | — | 399,092 |
| MFS Inflation-Adjusted Bond Fund | 154,548 | — |
| MFS Institutional Money Market Portfolio | 88,944 | — |
| MFS International Growth Fund | 98,801 | 65,710 |
| MFS International Intrinsic Value Fund | 116,080 | 516,005 |
| MFS International New Discovery Fund | 127,901 | 143,369 |
| MFS Mid Cap Growth Fund | — | — |
| MFS Mid Cap Value Fund | 129,575 | 114,468 |
| MFS New Discovery Fund | 53,739 | 70,672 |
| MFS New Discovery Value Fund | — | — |
| MFS Research Fund | 64,511 | 451,570 |
| MFS Research International Fund | 122,035 | — |
| MFS Total Return Bond Fund | 155,003 | — |
| MFS Value Fund | 168,812 | 565,321 |
| $2,742,226 | $2,943,171 | |
155
Notes to Financial Statements -
continued
| MFS Lifetime 2065 Fund | ||||||
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Blended Research Core Equity Fund | $324,039 | $551,989 | $150,473 | $(7,020) | $124,508 | $843,043 |
| MFS Blended Research Emerging Markets Equity Fund | 64,808 | 137,769 | 30,270 | (1,602) | 13,705 | 184,410 |
| MFS Blended Research Growth Equity Fund | 356,442 | 595,676 | 198,354 | (3,499) | 183,813 | 934,078 |
| MFS Blended Research International Equity Fund | 712,885 | 1,463,182 | 286,144 | (11,501) | 129,359 | 2,007,781 |
| MFS Blended Research Mid Cap Equity Fund | 648,077 | 1,243,377 | 312,159 | (13,506) | 256,561 | 1,822,350 |
| MFS Blended Research Small Cap Equity Fund | 162,019 | 349,522 | 91,090 | (4,441) | 39,576 | 455,586 |
| MFS Blended Research Value Equity Fund | 356,442 | 710,321 | 168,273 | (7,511) | 112,078 | 1,003,057 |
| MFS Commodity Strategy Fund | 324,038 | 753,889 | 181,211 | (36,062) | 50,433 | 911,087 |
| MFS Emerging Markets Equity Fund | 64,808 | 141,243 | 29,358 | (1,295) | 8,854 | 184,252 |
| MFS Global Real Estate Fund | 324,039 | 761,062 | 148,735 | (17,910) | (6,083) | 912,373 |
| MFS Growth Fund | 356,442 | 644,419 | 219,076 | (1,778) | 153,977 | 933,984 |
| MFS Inflation-Adjusted Bond Fund | 162,020 | 371,583 | 76,496 | (8,688) | (8,700) | 439,719 |
| MFS Institutional Money Market Portfolio | 15,662 | 1,444,741 | 1,035,314 | (22) | (16) | 425,051 |
| MFS International Growth Fund | 226,827 | 504,232 | 99,665 | (4,784) | 11,922 | 638,532 |
| MFS International Intrinsic Value Fund | 226,827 | 510,046 | 98,889 | (9,804) | 10,082 | 638,262 |
| MFS International New Discovery Fund | 259,231 | 573,806 | 104,776 | (7,734) | 12,176 | 732,703 |
| MFS Mid Cap Growth Fund | 324,039 | 645,255 | 159,323 | (5,597) | 106,770 | 911,144 |
| MFS Mid Cap Value Fund | 324,039 | 662,240 | 150,544 | (5,986) | 82,742 | 912,491 |
| MFS New Discovery Fund | 81,010 | 178,262 | 42,422 | (2,942) | 13,873 | 227,781 |
| MFS New Discovery Value Fund | 81,010 | 182,416 | 42,290 | (3,506) | 10,241 | 227,871 |
| MFS Research Fund | 324,039 | 602,973 | 147,857 | (8,072) | 71,934 | 843,017 |
| MFS Research International Fund | 259,231 | 556,929 | 105,843 | (4,670) | 24,591 | 730,238 |
| MFS Total Return Bond Fund | 162,019 | 316,841 | 137,232 | (6,947) | (3,615) | 331,066 |
| MFS Value Fund | 356,443 | 779,060 | 164,088 | (10,067) | 42,254 | 1,003,602 |
| $6,496,436 | $14,680,833 | $4,179,882 | $(184,944) | $1,441,035 | $18,253,478 | |
156
Notes to Financial Statements -
continued
| MFS Lifetime 2065 Fund - continued | ||
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Blended Research Core Equity Fund | $6,501 | $18,473 |
| MFS Blended Research Emerging Markets Equity Fund | 3,666 | — |
| MFS Blended Research Growth Equity Fund | 4,851 | — |
| MFS Blended Research International Equity Fund | 41,263 | — |
| MFS Blended Research Mid Cap Equity Fund | 16,066 | 16,707 |
| MFS Blended Research Small Cap Equity Fund | 2,951 | — |
| MFS Blended Research Value Equity Fund | 11,384 | 15,592 |
| MFS Commodity Strategy Fund | 14,692 | — |
| MFS Emerging Markets Equity Fund | 3,562 | — |
| MFS Global Real Estate Fund | 13,316 | — |
| MFS Growth Fund | — | 31,690 |
| MFS Inflation-Adjusted Bond Fund | 12,029 | — |
| MFS Institutional Money Market Portfolio | 8,337 | — |
| MFS International Growth Fund | 7,890 | 5,247 |
| MFS International Intrinsic Value Fund | 9,285 | 41,276 |
| MFS International New Discovery Fund | 10,247 | 11,486 |
| MFS Mid Cap Growth Fund | — | — |
| MFS Mid Cap Value Fund | 10,678 | 9,433 |
| MFS New Discovery Fund | — | — |
| MFS New Discovery Value Fund | 4,218 | 5,733 |
| MFS Research Fund | 5,324 | 37,266 |
| MFS Research International Fund | 9,742 | — |
| MFS Total Return Bond Fund | 12,174 | — |
| MFS Value Fund | 13,780 | 46,602 |
| $221,956 | $239,505 | |
(8) Acquisitions
At close of business on August
5, 2022, the MFS Lifetime Income Fund with net assets of approximately $466,542,514, acquired all of the assets and liabilities of MFS Lifetime 2020 Fund, a series of MFS Series Trust XII. The purpose of the
transaction was to provide shareholders of MFS Lifetime 2020 Fund the opportunity to participate in a larger combined portfolio with a similar investment objective and similar investment policies and strategies. The
acquisition was accomplished by a tax-free exchange of approximately 18,675,016 shares of the MFS Lifetime Income Fund (valued at approximately $230,900,201) for all of the assets and liabilities of MFS Lifetime
2020 Fund. MFS Lifetime 2020 Fund then distributed the shares of the MFS Lifetime Income Fund that MFS Lifetime 2020 Fund received from the MFS Lifetime Income Fund to its shareholders. MFS Lifetime 2020 Fund’s
investments on that date were valued at approximately $230,624,564 with a cost basis of approximately $205,704,676. For financial reporting purposes, assets received and shares issued by the MFS Lifetime Income Fund
were recorded at fair value; however, the cost basis of the investments received from MFS Lifetime 2020 Fund were carried forward to align ongoing reporting of the MFS Lifetime Income Fund’s realized and
unrealized gains and losses with amounts distributable to shareholders for tax purposes.
157
Report of Independent
Registered Public Accounting Firm
To the Shareholders of MFS
Lifetime Income Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, MFS Lifetime 2060 Fund and
MFS Lifetime 2065 Fund and the Board of Trustees of MFS Series Trust XII
Opinion on the Financial
Statements
We have audited the accompanying statements of assets and liabilities of MFS Lifetime Income Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, MFS Lifetime 2060 Fund and MFS Lifetime 2065 Fund (collectively referred to as the “Funds”), (ten of the funds constituting MFS Series Trust XII (the “Trust”)), including the portfolios of investments, as of April 30, 2024, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (ten of the funds constituting MFS Series Trust XII) at April 30, 2024, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
We have audited the accompanying statements of assets and liabilities of MFS Lifetime Income Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, MFS Lifetime 2060 Fund and MFS Lifetime 2065 Fund (collectively referred to as the “Funds”), (ten of the funds constituting MFS Series Trust XII (the “Trust”)), including the portfolios of investments, as of April 30, 2024, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (ten of the funds constituting MFS Series Trust XII) at April 30, 2024, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
| Individual fund constituting the MFS Series Trust XII | Statement of operations | Statements of changes in net assets | Financial Highlights |
| MFS Lifetime Income Fund MFS Lifetime 2025 Fund MFS Lifetime 2030 Fund MFS Lifetime 2035 Fund MFS Lifetime 2040 Fund MFS Lifetime 2045 Fund MFS Lifetime 2050 Fund MFS Lifetime 2055 Fund MFS Lifetime 2060 Fund | For the year ended April 30, 2024 | For each of the two years in the period ended April 30, 2024 | For each of the five years in the period ended April 30, 2024 |
| MFS Lifetime 2065 Fund | For the year ended April 30, 2024 | For each of the two years in the period ended April 30, 2024 | For each of the two years in the period ended April 30, 2024 and the period from September 1, 2021 (commencement of operations) through April 30, 2022 |
Basis for Opinion
These financial statements are
the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the
Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in
accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether
due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express
no such opinion.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024, by correspondence with the custodian, brokers and others;
when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well
as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/ Ernst & Young LLP
We have served as the auditor of
one or more MFS investment companies since 1993.
Boston, Massachusetts
June 14, 2024
June 14, 2024
158
Trustees and
Officers — Identification and Background
The Trustees and Officers of
the Trust, as of June 1, 2024, are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.) The address of each Trustee and Officer
is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
| Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
| INTERESTED TRUSTEE | ||||||||||
| Michael W. Roberge (k) (age 57) | Trustee | January 2021 | 135 | Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022) | N/A | |||||
| INDEPENDENT TRUSTEES | ||||||||||
| John P. Kavanaugh (age 69) | Trustee and Chair of Trustees | January 2009 | 135 | Private investor | N/A | |||||
| Steven E. Buller (age 72) | Trustee | February 2014 | 135 | Private investor | N/A | |||||
| John A. Caroselli (age 69) | Trustee | March 2017 | 135 | Private investor; JC Global Advisors, LLC (management consulting), President (since 2015) | N/A | |||||
| Maureen R. Goldfarb (age 69) | Trustee | January 2009 | 135 | Private investor | N/A | |||||
| Peter D. Jones (age 68) | Trustee | January 2019 | 135 | Private investor | N/A | |||||
| James W. Kilman, Jr. (age 63) | Trustee | January 2019 | 135 | Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016) | Alpha-En Corporation, Director (2016-2019) | |||||
| Clarence Otis, Jr. (age 68) | Trustee | March 2017 | 135 | Private investor | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director | |||||
| Maryanne L. Roepke (age 68) | Trustee | May 2014 | 135 | Private investor | N/A | |||||
| Laurie J. Thomsen (age 66) | Trustee | March 2005 | 135 | Private investor | The Travelers Companies, Director; Dycom Industries, Inc., Director |
| Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
| OFFICERS | ||||||||
| William T. Allen (k) (age 57) | Deputy Assistant Treasurer | April 2024 | 135 | Massachusetts Financial Services Company, Vice President | ||||
| Brian Balasco (k) (age 46) | Assistant Treasurer | April 2024 | 135 | Massachusetts Financial Services Company, Vice President | ||||
| Christopher R. Bohane (k) (age 50) | Assistant Secretary and Assistant Clerk | July 2005 | 135 | Massachusetts Financial Services Company, Senior Vice President and Deputy General Counsel |
159
Trustees and Officers - continued
| Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
| James L. Byrne (k) (age 48) | Assistant Treasurer | April 2024 | 135 | Massachusetts Financial Services Company, Vice President | ||||
| John W. Clark, Jr. (k) (age 57) | Deputy Treasurer | April 2017 | 135 | Massachusetts Financial Services Company, Vice President | ||||
| David L. DiLorenzo (k) (age 55) | President | July 2005 | 135 | Massachusetts Financial Services Company, Senior Vice President | ||||
| Heidi W. Hardin (k) (age 56) | Secretary and Clerk | April 2017 | 135 | Massachusetts Financial Services Company, Executive Vice President and General Counsel | ||||
| Brian E. Langenfeld (k) (age 51) | Assistant Secretary and Assistant Clerk | June 2006 | 135 | Massachusetts Financial Services Company, Vice President and Managing Counsel | ||||
| Rosa E. Licea-Mailloux (k) (age 47) | Chief Compliance Officer | March 2022 | 135 | Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022) | ||||
| Amanda S. Mooradian (k) (age 45) | Assistant Secretary and Assistant Clerk | September 2018 | 135 | Massachusetts Financial Services Company, Vice President and Senior Counsel | ||||
| Susan A. Pereira (k) (age 53) | Assistant Secretary and Assistant Clerk | July 2005 | 135 | Massachusetts Financial Services Company, Vice President and Managing Counsel | ||||
| Kasey L. Phillips (k) (age 53) | Treasurer | September 2012 | 135 | Massachusetts Financial Services Company, Vice President | ||||
| Matthew A. Stowe (k) (age 49) | Assistant Secretary and Assistant Clerk | October 2014 | 135 | Massachusetts Financial Services Company, Vice President and Senior Managing Counsel | ||||
| William B. Wilson (k) (age 41) | Assistant Secretary and Assistant Clerk | October 2022 | 135 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel |
| (h) | Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Mr. DiLorenzo served as Treasurer and of the Funds. From September 2012 through March 2024, Ms. Phillips served as Assistant Treasurer of the Funds. From April 2017 through March 2024, Mr. Clark served as Assistant Treasurer of the Funds. |
| (j) | Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”). |
| (k) | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618. |
Each Trustee (other than
Messrs. Jones, Kilman and Roberge) has been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation,
retirement or removal. Mr. Roberge became a Trustee of the Funds on January 1, 2021 and Messrs. Jones and Kilman became Trustees of the Funds on January 1, 2019. The Trust does not hold annual meetings for
the purpose of electing Trustees, and Trustees are not elected for fixed terms. Under the terms of the Board's retirement policy, an Independent Trustee shall retire at the end of the calendar year in which he
or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on the Board).
Messrs. Buller, Caroselli,
Jones and Otis are members of the Trust’s Audit Committee.
Each of the Interested
Trustees and certain Officers hold comparable officer positions with certain affiliates of MFS.
160
Trustees and Officers - continued
The Statement of Additional
Information for a Fund includes further information about the Trustees and is available without charge upon request by calling 1-800-225-2606.
| Investment Adviser | Custodian |
| Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199-7618 | State Street Bank and Trust Company 1 Congress Street, Suite 1 Boston, MA 02114-2016 |
| Distributor | Independent Registered Public Accounting Firm |
| MFS Fund Distributors, Inc. 111 Huntington Avenue Boston, MA 02199-7618 | Ernst & Young LLP 200 Clarendon Street Boston, MA 02116 |
| Portfolio Manager(s) | |
| Joseph Flaherty Benjamin Nastou Natalie Shapiro Erich Shigley |
161
Statement Regarding Liquidity
Risk Management Program
Each fund has adopted and
implemented a liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. Each fund’s Board of Trustees (the “Board”)
has designated MFS as the administrator of the Program. The Program is reasonably designed to assess and manage the liquidity risk of each fund. Liquidity risk is the risk that each fund could not meet requests to
redeem shares issued by each fund without significant dilution of remaining investors' interests.
MFS provided a written report to
the Board for consideration at its March 2024 meeting that addressed the operation of the Program and provided an assessment of the adequacy and effectiveness of the Program during the period from January 1,
2023 to December 31, 2023 (the “Covered Period”). The report concluded that during the Covered Period the Program had operated effectively in all material respects and had adequately and effectively
been implemented to assess and manage each fund’s liquidity risk. MFS also reported that there were no liquidity events that impacted each fund or its ability to timely meet redemptions without dilution to
existing shareholders during the Covered Period.
There can be no assurance that
the Program will achieve its objectives in the future. Further information on liquidity risk, and other principal risks to which an investment in each fund may be subject, can be found in each fund's prospectus.
162
Proxy Voting Policies and
Information
MFS votes proxies on behalf of
the funds pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Information regarding how each
fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Quarterly Portfolio
Disclosure
Each fund files a complete
schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Each fund's Form N-PORT reports are available on the SEC's Web site at
http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of each fund's fiscal year at mfs.com/openendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Shareholder Reports” tab.
Further Information
From time to time, MFS may post
important information about each fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at mfs.com/openendfunds by choosing each fund’s name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Information About Fund
Contracts and Legal Claims
Each fund has entered into
contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are
not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek
any remedy under them against the service providers, either directly or on behalf of the fund.
Under the Trust’s By-Laws
and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of
Massachusetts.
Federal Tax Information
(unaudited)
The funds will notify
shareholders of amounts for use in preparing 2024 income tax forms in January 2025. The following information is provided pursuant to provisions of the Internal Revenue Code.
The funds designate the maximum
amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.
The funds below designated the
following amounts as capital gain dividends paid during the fiscal year:
| Capital Gains | |
| MFS Lifetime Income Fund | $4,979,000 |
| MFS Lifetime 2025 Fund | $1,962,000 |
| MFS Lifetime 2030 Fund | $11,094,000 |
| MFS Lifetime 2035 Fund | $3,907,000 |
| MFS Lifetime 2040 Fund | $13,298,000 |
| MFS Lifetime 2045 Fund | $8,002,000 |
| MFS Lifetime 2050 Fund | $10,479,000 |
| MFS Lifetime 2055 Fund | $6,933,000 |
| MFS Lifetime 2060 Fund | $3,127,000 |
| MFS Lifetime 2065 Fund | $95,000 |
163
Federal Tax Information (unaudited) - continued
For corporate shareholders,
the percentages of the ordinary income dividends paid during the prior calendar year that qualify for the corporate dividends received deduction are as follows:
| Dividends Received Deductions | |
| MFS Lifetime Income Fund | 5.50% |
| MFS Lifetime 2025 Fund | 7.39% |
| MFS Lifetime 2030 Fund | 11.67% |
| MFS Lifetime 2035 Fund | 19.15% |
| MFS Lifetime 2040 Fund | 27.57% |
| MFS Lifetime 2045 Fund | 31.36% |
| MFS Lifetime 2050 Fund | 34.08% |
| MFS Lifetime 2055 Fund | 34.81% |
| MFS Lifetime 2060 Fund | 34.30% |
| MFS Lifetime 2065 Fund | 33.82% |
The fund designates the maximum
amount allowable as Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).
The funds intend to pass through
the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).
164
rev. 3/16
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| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
| • Social Security number and account balances | |
| • Account transactions and transaction history | |
| • Checking account information and wire transfer instructions | |
| When you are no longer our customer, we continue to share your information as described in this notice. |
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Does MFS share? | Can you limit this sharing? |
| For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes – to offer our products and services to you | No | We don't share |
| For joint marketing with other financial companies | No | We don't share |
| For our affiliates' everyday business purposes – information about your transactions and experiences | No | We don't share |
| For our affiliates' everyday business purposes – information about your creditworthiness | No | We don't share |
| For nonaffiliates to market to you | No | We don't share |
| Questions? | Call 800-225-2606 or go to mfs.com. |
165
Page 2
| Who we are | |
| Who is providing this notice? | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
| What we do | |
| How does MFS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
| How does MFS collect my personal information? | We collect your personal information, for example, when you |
| • open an account or provide account information | |
| • direct us to buy securities or direct us to sell your securities | |
| • make a wire transfer | |
| We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
| Why can't I limit all sharing? | Federal law gives you the right to limit only |
| • sharing for affiliates' everyday business purposes – information about your creditworthiness | |
| • affiliates from using your information to market to you | |
| • sharing for nonaffiliates to market to you | |
| State laws and individual companies may give you additional rights to limit sharing. | |
| Definitions | |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| • MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. | |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
| • MFS does not share with nonaffiliates so they can market to you. | |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
| • MFS doesn't jointly market. | |
| Other important information |
| If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
166
Annual Report
April 30, 2024
MFS® Core Bond Fund
MCB-ANN
MFS® Core Bond Fund
CONTENTS
| 1 | |
| 3 | |
| 5 | |
| 8 | |
| 10 | |
| 19 | |
| 21 | |
| 22 | |
| 23 | |
| 31 | |
| 44 | |
| 46 | |
| 50 | |
| 51 | |
| 51 | |
| 51 | |
| 51 | |
| 51 | |
| 52 |
| back cover |
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
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. |
The fund may or may
not have held all of these instruments on this date. The fund is not rated by these agencies.
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
1
Portfolio Composition - continued
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
Where the fund holds convertible
bonds, they are treated as part of the equity portion of the portfolio.
Cash & Cash Equivalents includes
any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash
position and other assets and liabilities.
Other includes equivalent exposure
from currency derivatives and/or any offsets to derivative positions and may be negative.
Percentages are based on net assets
as of April 30, 2024.
The portfolio is actively managed
and current holdings may be different.
2
Management Review
Summary of Results
For the twelve months ended April
30, 2024, Class A shares of the MFS Core Bond Fund (fund) provided a total return of -1.00%, at net asset value. This compares with a return of -1.47% for the fund’s benchmark, the Bloomberg U.S. Aggregate
Bond Index.
Market Environment
In response to the strongest
inflationary period in four decades, global central banks tightened monetary policy significantly during the reporting period, helping reduce price pressures, although more work is needed before inflation returns to
target. Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense. The US sought to restrict the flow of advanced technologies
to China and China looked to use its industrial overcapacity to increase exports to developed markets to bolster its slow-growing domestic economy. The conflict in the Middle East caused trade flow disruptions between
Asia and Europe as shipping traffic was routed away from the Red Sea.
Although inflation has yet to reach
central banks’ targets, policymakers have indicated their desire to begin cutting rates in the months ahead, although stickier-than-expected inflation could delay cuts in the US. The prospects for easier
monetary policy along with resilient global economic growth have been supportive factors for risky assets, such as equities and high-yield bonds. Long-term interest rates moderated during the latter half of the
reporting period, although rising government debt levels remained a concern over the medium term. Advancements in artificial intelligence and the adoption of novel weight-loss drugs were two areas of focus for
investors during the period.
Factors Affecting Performance
Relative to the Bloomberg U.S.
Aggregate Bond Index, the fund’s underweight exposure to the treasury sector, exposure to the collateralized mortgage obligation (CMO) sector, for which the benchmark has no exposure, and an overweight exposure
to both the financials and industrials sectors contributed to relative performance. From a credit perspective, bond selection within “A” rated(r) bonds also aided relative returns.
Conversely, the fund’s bond
selection within “AA” rated securities and an overweight exposure to the “AAA” rated credit quality segment detracted from relative performance.
Respectfully,
Portfolio Manager(s)
Alexander Mackey and Joshua
Marston
| (r) | Securities rated “BBB”, “Baa”, or higher are considered investment grade; securities rated “BB”, “Ba”, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the |
3
Management Review - continued
security is rated by DBRS
Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is
assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). For securities that are not rated by any of the rating agencies, the security is considered Not Rated.
The views expressed in this report
are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views
are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading
intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
4
Performance Summary THROUGH 4/30/24
The following chart illustrates a
representative class of the fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in
net asset value, including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Benchmarks are unmanaged
and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past
performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or
higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
Growth of a Hypothetical $10,000
Investment (t)
5
Performance Summary - continued
Total Returns through 4/30/24
Average annual without sales
charge
| Share Class | Class Inception Date | 1-yr | Life (t) |
| A | 6/22/2022 | (1.00)% | 0.39% |
| C | 6/22/2022 | (1.71)% | (0.36)% |
| I | 6/22/2022 | (0.76)% | 0.63% |
| R1 | 6/22/2022 | (1.74)% | (0.36)% |
| R2 | 6/22/2022 | (1.15)% | 0.19% |
| R3 | 6/22/2022 | (0.90)% | 0.44% |
| R4 | 6/22/2022 | (0.65)% | 0.69% |
| R6 | 6/22/2022 | (0.62)% | 0.71% |
Comparative benchmark(s)
| Bloomberg U.S. Aggregate Bond Index (f) | (1.47)% | 0.36% |
Average annual with sales
charge
| A With Initial Sales Charge (4.25%) | (5.20)% | (1.93)% |
| C With CDSC (1% for 12 months) (v) | (2.65)% | (0.36)% |
CDSC – Contingent Deferred
Sales Charge.
Class I, R1, R2, R3, R4, and R6
shares do not have a sales charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end. (See Notes to Performance Summary.) |
| (v) | Assuming redemption at the end of the applicable period. |
Benchmark Definition(s)
Bloomberg U.S. Aggregate Bond
Index(a) – a market capitalization-weighted index that measures the performance of the U.S. investment-grade, fixed rate bond market, with index
components for government and corporate securities, mortgage pass-through securities, and asset-backed securities with at least one year to final maturity.
It is not possible to invest
directly in an index.
| (a) | Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. |
Notes to Performance Summary
Average annual total return
represents the average annual change in value for each share class for the periods presented. Life returns are presented where the share class has less than 10 years of performance history and represent the average
annual total return from the class inception date to the stated period end date.
6
Performance Summary - continued
Performance results reflect any
applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. Please see the prospectus and financial
statements for complete details.
Performance results do not include
adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.
From time to time the fund may
receive proceeds from litigation settlements, without which performance would be lower.
7
Expense Table
Fund expenses borne by the
shareholders during the period,
November 1, 2023 through April 30, 2024
November 1, 2023 through April 30, 2024
As a shareholder of the fund, you
incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and
other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an
investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2023 through April 30, 2024.
Actual Expenses
The first line for each share class
in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over
the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled
“Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for
Comparison Purposes
The second line for each share class
in the following table provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information
to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown
in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in
comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
8
Expense Table - continued
| Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/23 | Ending Account Value 4/30/24 | Expenses Paid During Period (p) 11/01/23-4/30/24 | |
| A | Actual | 0.62% | $1,000.00 | $1,052.19 | $3.16 |
| Hypothetical (h) | 0.62% | $1,000.00 | $1,021.78 | $3.12 | |
| C | Actual | 1.37% | $1,000.00 | $1,048.39 | $6.98 |
| Hypothetical (h) | 1.37% | $1,000.00 | $1,018.05 | $6.87 | |
| I | Actual | 0.37% | $1,000.00 | $1,053.42 | $1.89 |
| Hypothetical (h) | 0.37% | $1,000.00 | $1,023.02 | $1.86 | |
| R1 | Actual | 1.37% | $1,000.00 | $1,048.22 | $6.98 |
| Hypothetical (h) | 1.37% | $1,000.00 | $1,018.05 | $6.87 | |
| R2 | Actual | 0.87% | $1,000.00 | $1,051.94 | $4.44 |
| Hypothetical (h) | 0.87% | $1,000.00 | $1,020.54 | $4.37 | |
| R3 | Actual | 0.62% | $1,000.00 | $1,053.25 | $3.17 |
| Hypothetical (h) | 0.62% | $1,000.00 | $1,021.78 | $3.12 | |
| R4 | Actual | 0.37% | $1,000.00 | $1,054.55 | $1.89 |
| Hypothetical (h) | 0.37% | $1,000.00 | $1,023.02 | $1.86 | |
| R6 | Actual | 0.33% | $1,000.00 | $1,054.76 | $1.69 |
| Hypothetical (h) | 0.33% | $1,000.00 | $1,023.22 | $1.66 |
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
9
Portfolio of Investments
4/30/24
The Portfolio of Investments is a
complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
| Issuer | Shares/Par | Value ($) | ||
| Bonds – 98.9% | ||||
| Asset-Backed & Securitized – 16.0% | ||||
| ACRES 2021-FL2 Issuer Ltd., “C”, FLR, 8.081% ((SOFR - 1mo. + 0.11448%) + 2.65%), 1/15/2037 (n) | $ | 200,000 | $194,186 | |
| Allegro CLO V Ltd., 2017-1A, “BR”, FLR, 7.039% ((SOFR - 3mo. + 0.26161%) + 1.45%), 10/16/2030 (n) | 250,000 | 249,389 | ||
| Arbor Realty Trust, Inc., CLO, 2021-FL3, “B”, FLR, 7.035% ((SOFR - 1mo. + 0.11448%) + 1.6%), 8/15/2034 (n) | 200,000 | 193,738 | ||
| ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n) | 100,000 | 100,290 | ||
| BDS 2021-FL10 Ltd., “A”, FLR, 6.503% ((SOFR - 1mo. + 0.11448%) + 1.07%), 6/16/2036 (n) | 117,324 | 116,196 | ||
| Benchmark 2023-V3 Mortgage Trust, “A3”, 6.363%, 7/15/2056 | 10,878 | 11,089 | ||
| BSPRT 2021-FL6 Issuer Ltd., “C”, FLR, 7.485% ((SOFR - 1mo. + 0.11448%) + 2.05%), 3/15/2036 (n) | 100,000 | 96,222 | ||
| Business Jet Securities LLC, 2024-1A, “A”, 6.197%, 5/15/2039 (n) | 100,000 | 99,882 | ||
| Chesapeake Funding II LLC, 2023-1A, “A1”, 5.65%, 5/15/2035 (n) | 75,219 | 75,041 | ||
| Commercial Mortgage Pass-Through Certificates, 2023-BNK46, “A4”, 5.745%, 8/15/2056 | 145,414 | 146,339 | ||
| Commercial Mortgage Trust, 2015-PC1, “A5”, 3.902%, 7/10/2050 | 250,000 | 245,010 | ||
| Consumers 2023 Securitization Funding LLC, 5.55%, 3/01/2028 | 44,000 | 43,844 | ||
| Dryden 68 CLO, Ltd., 2019-68A, “BR”, FLR, 7.29% ((SOFR - 3mo. + 0.26161%) + 1.7%), 7/15/2035 (n) | 250,000 | 249,757 | ||
| Dryden Senior Loan Fund, 2022-113A, “A1R”, CLO, FLR, 6.955% (SOFR - 3mo. + 1.63%), 10/20/2035 (n) | 250,000 | 250,550 | ||
| DT Auto Owner Trust, 2023-1A, “A”, 5.48%, 4/15/2027 (n) | 23,117 | 23,092 | ||
| Empire District Bondco LLC, 4.943%, 1/01/2033 | 41,000 | 40,182 | ||
| Enterprise Fleet Financing 2023-1 LLC, “A2”, 5.51%, 1/22/2029 (n) | 46,405 | 46,293 | ||
| GLS Auto Select Receivables Trust, 2023-1A, “A2”, 6.27%, 8/16/2027 (n) | 43,050 | 43,181 | ||
| JPMBB Commercial Mortgage Securities Trust, 2014-C26, “A4”, 3.494%, 1/15/2048 | 75,000 | 73,736 | ||
| KREF 2018-FT1 Ltd., “A”, FLR, 6.501% ((SOFR - 1mo. + 0.11448%) + 1.07%), 2/15/2039 (n) | 199,595 | 196,104 | ||
| Kubota Credit Owner Trust, 2023-2A, “A2”, 5.61%, 7/15/2026 (n) | 90,932 | 90,840 | ||
| LoanCore 2021-CRE5 Ltd., “B”, FLR, 7.435% ((SOFR - 1mo. + 0.11448%) + 2.0%), 7/15/2036 (n) | 100,000 | 97,643 | ||
| MF1 2021-FL7 Ltd., “AS”, FLR, 6.883% ((SOFR - 1mo. + 0.11448%) + 1.45%), 10/16/2036 (n) | 250,000 | 245,381 | ||
| MF1 2022-FL10 Ltd., “AS”, FLR, 8.506% (SOFR - 1mo. + 3.187%), 9/17/2037 (n) | 250,000 | 249,994 | ||
| MF1 2022-FL8 Ltd., “B”, FLR, 7.269% (SOFR - 30 day + 1.95%), 2/19/2037 (n) | 100,000 | 98,063 | ||
10
Portfolio of Investments –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Asset-Backed & Securitized – continued | ||||
| MF1 2023-FL12 LLC, FLR, “A”, 7.385% (SOFR - 1mo. + 2.066%), 10/19/2038 (n) | $ | 128,500 | $128,735 | |
| MSWF Commercial Mortgage Trust 2023-2, “A5”, 6.014%, 12/15/2056 | 69,165 | 71,361 | ||
| Nissan Master Owner Trust, 2024-A, “A”, 6% (SOFR - 1mo. + 0.67%), 2/15/2028 (n) | 100,000 | 100,034 | ||
| OneMain Financial Issuance Trust 2022-3A, “A”, 5.94%, 5/15/2034 (n) | 89,000 | 89,089 | ||
| Palmer Square Loan Funding 2020-2A Ltd., “A1”, FLR, 6.381% ((SOFR - 3mo. + 0.26161%) + 0.8%), 5/20/2029 (n) | 48,912 | 48,912 | ||
| Ready Capital Mortgage Financing LLC, 2022-FL9, FLR, 8.428% (SOFR - 1mo. + 3.111%), 6/25/2037 (n) | 250,000 | 249,999 | ||
| Toyota Lease Owner Trust, 2023-A, “A2”, 5.3%, 8/20/2025 (n) | 7,975 | 7,966 | ||
| Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027 | 45,000 | 44,642 | ||
| Wells Fargo Commercial Mortgage Trust, 2015-C28, “A4”, 3.54%, 5/15/2048 | 250,000 | 243,636 | ||
| Wells Fargo Commercial Mortgage Trust, 2015-NXS1, “A5”, 3.148%, 5/15/2048 | 250,000 | 243,015 | ||
| Wells Fargo Commercial Mortgage Trust, 2017-RB1, “A5”, 3.635%, 3/15/2050 | 175,000 | 161,288 | ||
| $4,664,719 | ||||
| Automotive – 0.8% | ||||
| Lear Corp., 3.8%, 9/15/2027 | $ | 68,000 | $64,384 | |
| Stellantis Finance US, Inc., 2.691%, 9/15/2031 (n) | 200,000 | 163,603 | ||
| $227,987 | ||||
| Broadcasting – 0.6% | ||||
| Walt Disney Co., 3.5%, 5/13/2040 | $ | 68,000 | $52,960 | |
| WarnerMedia Holdings, Inc., 5.141%, 3/15/2052 | 161,000 | 123,312 | ||
| $176,272 | ||||
| Brokerage & Asset Managers – 1.7% | ||||
| Charles Schwab Corp., 5.853% to 5/19/2033, FLR (SOFR - 1 day + 2.5%) to 5/19/2034 | $ | 198,000 | $197,152 | |
| Intercontinental Exchange, Inc., 2.1%, 6/15/2030 | 103,000 | 85,484 | ||
| LPL Holdings, Inc., 4.625%, 11/15/2027 (n) | 43,000 | 40,975 | ||
| LPL Holdings, Inc., 6.75%, 11/17/2028 | 11,000 | 11,305 | ||
| LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 178,000 | 158,367 | ||
| $493,283 | ||||
| Building – 0.3% | ||||
| Masco Corp., 2%, 2/15/2031 | $ | 117,000 | $93,282 | |
11
Portfolio of Investments –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Business Services – 1.4% | ||||
| Equinix, Inc., 1.8%, 7/15/2027 | $ | 83,000 | $73,827 | |
| Equinix, Inc., 2.5%, 5/15/2031 | 69,000 | 56,264 | ||
| Fiserv, Inc., 2.65%, 6/01/2030 | 88,000 | 74,893 | ||
| Global Payments, Inc., 1.2%, 3/01/2026 | 87,000 | 80,323 | ||
| Global Payments, Inc., 2.9%, 11/15/2031 | 77,000 | 63,246 | ||
| Verisk Analytics, Inc., 5.75%, 4/01/2033 | 70,000 | 70,520 | ||
| $419,073 | ||||
| Cable TV – 0.9% | ||||
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035 | $ | 69,000 | $65,198 | |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.375%, 5/01/2047 | 98,000 | 74,920 | ||
| Cox Communications, Inc., 1.8%, 10/01/2030 (n) | 88,000 | 68,896 | ||
| Time Warner Entertainment Co. LP, 8.375%, 7/15/2033 | 58,000 | 62,836 | ||
| $271,850 | ||||
| Computer Software – 0.3% | ||||
| Oracle Corp., 4.9%, 2/06/2033 | $ | 22,000 | $20,827 | |
| Roper Technologies, Inc., 2%, 6/30/2030 | 89,000 | 72,778 | ||
| $93,605 | ||||
| Conglomerates – 0.4% | ||||
| Westinghouse Air Brake Technologies Corp., 3.2%, 6/15/2025 | $ | 129,000 | $125,203 | |
| Consumer Products – 0.2% | ||||
| Kenvue, Inc., 4.9%, 3/22/2033 | $ | 60,000 | $58,074 | |
| Consumer Services – 0.5% | ||||
| Booking Holdings, Inc., 4.625%, 4/13/2030 | $ | 138,000 | $133,029 | |
| Electrical Equipment – 0.4% | ||||
| Arrow Electronics, Inc., 2.95%, 2/15/2032 | $ | 147,000 | $119,870 | |
| Electronics – 0.5% | ||||
| Broadcom, Inc., 4.3%, 11/15/2032 | $ | 63,000 | $57,389 | |
| Broadcom, Inc., 4.926%, 5/15/2037 (n) | 108,000 | 98,628 | ||
| $156,017 | ||||
| Financial Institutions – 1.0% | ||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/2026 | $ | 150,000 | $138,590 | |
| Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n) | 79,000 | 76,106 | ||
| Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n) | 78,000 | 71,919 | ||
| $286,615 | ||||
12
Portfolio of Investments –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Food & Beverages – 1.1% | ||||
| Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038 | $ | 163,000 | $144,435 | |
| Diageo Capital PLC, 2.375%, 10/24/2029 | 200,000 | 173,088 | ||
| $317,523 | ||||
| Gaming & Lodging – 0.8% | ||||
| GLP Capital LP/GLP Financing II, Inc., 5.3%, 1/15/2029 | $ | 64,000 | $62,130 | |
| Las Vegas Sands Corp., 3.9%, 8/08/2029 | 65,000 | 58,000 | ||
| Marriott International, Inc., 4.625%, 6/15/2030 | 108,000 | 102,631 | ||
| $222,761 | ||||
| Insurance – 0.9% | ||||
| Corebridge Financial, Inc., 3.9%, 4/05/2032 | $ | 82,000 | $71,536 | |
| Corebridge Financial, Inc., 5.75%, 1/15/2034 | 42,000 | 41,258 | ||
| Metropolitan Life Global Funding I, 3.3%, 3/21/2029 (n) | 150,000 | 136,177 | ||
| $248,971 | ||||
| Insurance - Health – 0.1% | ||||
| Humana, Inc., 5.875%, 3/01/2033 | $ | 38,000 | $37,969 | |
| Insurance - Property & Casualty – 0.8% | ||||
| Aon Corp., 4.5%, 12/15/2028 | $ | 61,000 | $58,561 | |
| Brown & Brown, Inc., 4.2%, 3/17/2032 | 84,000 | 74,749 | ||
| Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032 | 85,000 | 82,507 | ||
| $215,817 | ||||
| Machinery & Tools – 0.9% | ||||
| Ashtead Capital, Inc., 5.5%, 8/11/2032 (n) | $ | 200,000 | $191,763 | |
| CNH Industrial Capital LLC, 1.875%, 1/15/2026 | 79,000 | 74,116 | ||
| $265,879 | ||||
| Major Banks – 6.9% | ||||
| Bank of America Corp., 2.572% to 10/20/2031, FLR (SOFR - 1 day + 1.21%) to 10/20/2032 | $ | 302,000 | $243,627 | |
| Capital One Financial Corp., 3.273% to 3/01/2029, FLR (SOFR - 1 day + 1.79%) to 3/01/2030 | 160,000 | 141,262 | ||
| Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027 | 150,000 | 136,455 | ||
| Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029 | 150,000 | 152,982 | ||
| Goldman Sachs Group, Inc., 2.6%, 2/07/2030 | 172,000 | 147,529 | ||
| Goldman Sachs Group, Inc., 2.383% to 7/21/2031, FLR (SOFR - 1 day + 1.248%) to 7/21/2032 | 98,000 | 78,427 | ||
| JPMorgan Chase & Co., 4.323% to 4/26/2027, FLR (SOFR - 1 day + 1.56%) to 4/26/2028 | 74,000 | 71,537 | ||
13
Portfolio of Investments –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Major Banks – continued | ||||
| JPMorgan Chase & Co., 2.956% to 5/13/2030, FLR (SOFR - 1 day + 2.515%) to 5/13/2031 | $ | 72,000 | $61,617 | |
| JPMorgan Chase & Co., 2.963% to 1/25/2032, FLR (SOFR - 1 day + 1.26%) to 1/25/2033 | 69,000 | 57,331 | ||
| JPMorgan Chase & Co., 3.109% to 4/22/2040, FLR (SOFR - 1 day + 2.46%) to 4/22/2041 | 102,000 | 74,161 | ||
| JPMorgan Chase & Co., 3.157% to 4/22/2041, FLR (SOFR - 1 day + 1.46%) to 4/22/2042 | 152,000 | 109,802 | ||
| Morgan Stanley, 1.512% to 7/20/2026, FLR (SOFR - 1 day + 0.858%) to 7/20/2027 | 131,000 | 119,629 | ||
| Morgan Stanley, 2.699% to 1/22/2030, FLR (SOFR - 1 day + 1.143%) to 1/22/2031 | 97,000 | 83,092 | ||
| Morgan Stanley, 2.943% to 1/21/2032, FLR (SOFR - 1 day + 1.29%) to 1/21/2033 | 127,000 | 104,831 | ||
| PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%) to 1/22/2035 | 147,000 | 144,020 | ||
| UBS Group AG, 2.095% to 2/11/2031, FLR (CMT - 1yr. + 1.0%) to 2/11/2032 (n) | 200,000 | 156,191 | ||
| Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033 | 162,000 | 136,754 | ||
| $2,019,247 | ||||
| Medical & Health Technology & Services – 1.1% | ||||
| Adventist Health System/West, 5.43%, 3/01/2032 | $ | 75,000 | $73,567 | |
| Alcon Finance Corp., 2.6%, 5/27/2030 (n) | 200,000 | 169,492 | ||
| CVS Health Corp., 5.3%, 6/01/2033 | 85,000 | 82,179 | ||
| $325,238 | ||||
| Metals & Mining – 0.9% | ||||
| Anglo American Capital PLC, 5.625%, 4/01/2030 (n) | $ | 200,000 | $199,252 | |
| Glencore Funding LLC, 2.5%, 9/01/2030 (n) | 87,000 | 71,994 | ||
| $271,246 | ||||
| Midstream – 1.7% | ||||
| DCP Midstream Operating, LP, 3.25%, 2/15/2032 | $ | 167,000 | $140,488 | |
| Plains All American Pipeline LP, 3.8%, 9/15/2030 | 174,000 | 155,935 | ||
| Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030 | 75,000 | 70,415 | ||
| Targa Resources Corp., 6.125%, 3/15/2033 | 138,000 | 139,717 | ||
| $506,555 | ||||
| Mortgage-Backed – 30.5% | ||||
| Fannie Mae, 3%, 8/01/2046 | $ | 31,186 | $26,497 | |
| Fannie Mae, UMBS, 2%, 4/01/2037 - 7/01/2052 | 1,001,978 | 778,163 | ||
| Fannie Mae, UMBS, 2.5%, 5/01/2037 - 5/01/2052 | 1,498,007 | 1,194,490 | ||
14
Portfolio of Investments –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Mortgage-Backed – continued | ||||
| Fannie Mae, UMBS, 5%, 10/01/2037 - 5/01/2053 | $ | 165,364 | $156,934 | |
| Fannie Mae, UMBS, 5.5%, 10/01/2038 - 3/01/2054 | 163,809 | 159,463 | ||
| Fannie Mae, UMBS, 3%, 5/01/2043 - 8/01/2052 | 478,925 | 397,321 | ||
| Fannie Mae, UMBS, 3.5%, 7/01/2043 - 6/01/2053 | 139,926 | 122,687 | ||
| Fannie Mae, UMBS, 4%, 9/01/2046 - 10/01/2050 | 52,107 | 47,626 | ||
| Fannie Mae, UMBS, 1.5%, 6/01/2051 - 10/01/2051 | 138,237 | 99,381 | ||
| Fannie Mae, UMBS, 4.5%, 6/01/2052 - 9/01/2052 | 155,197 | 143,252 | ||
| Fannie Mae, UMBS, 6%, 11/01/2052 - 2/01/2053 | 117,422 | 117,354 | ||
| Freddie Mac, UMBS, 2%, 3/01/2037 - 3/01/2052 | 791,852 | 609,096 | ||
| Freddie Mac, UMBS, 2.5%, 5/01/2037 - 6/01/2052 | 227,284 | 180,142 | ||
| Freddie Mac, UMBS, 3.5%, 1/01/2041 - 11/01/2053 | 376,018 | 327,609 | ||
| Freddie Mac, UMBS, 1.5%, 3/01/2051 | 39,578 | 28,569 | ||
| Freddie Mac, UMBS, 3%, 7/01/2051 - 6/01/2052 | 476,552 | 394,012 | ||
| Freddie Mac, UMBS, 4%, 7/01/2052 | 208,315 | 186,685 | ||
| Freddie Mac, UMBS, 4.5%, 10/01/2052 | 136,276 | 125,630 | ||
| Freddie Mac, UMBS, 5.5%, 4/01/2053 - 6/01/2053 | 243,225 | 236,800 | ||
| Freddie Mac, UMBS, 5%, 6/01/2053 - 11/01/2053 | 148,084 | 140,360 | ||
| Freddie Mac, UMBS, 6.5%, 8/01/2053 | 24,920 | 25,129 | ||
| Ginnie Mae, 4.5%, 10/20/2033 - 5/20/2053 | 371,790 | 346,993 | ||
| Ginnie Mae, 5.53%, 9/20/2041 | 31,050 | 30,431 | ||
| Ginnie Mae, 3%, 1/20/2051 - 11/20/2052 | 267,050 | 227,249 | ||
| Ginnie Mae, 2%, 3/20/2052 - 6/20/2052 | 175,304 | 138,111 | ||
| Ginnie Mae, 3.5%, 6/20/2052 - 9/20/2052 | 265,346 | 233,791 | ||
| Ginnie Mae, 4%, 7/20/2052 - 10/20/2052 | 138,689 | 125,713 | ||
| Ginnie Mae, 5%, 1/20/2053 - 5/20/2053 | 310,284 | 297,219 | ||
| Ginnie Mae, 5.5%, 2/20/2053 - 6/20/2053 | 137,780 | 135,204 | ||
| Ginnie Mae, 6.48%, 3/20/2064 | 24,956 | 24,957 | ||
| Ginnie Mae, TBA, 2%, 5/15/2054 | 250,000 | 196,692 | ||
| Ginnie Mae, TBA, 2.5%, 5/15/2054 | 325,000 | 266,399 | ||
| Ginnie Mae, TBA, 3%, 5/15/2054 | 75,000 | 63,794 | ||
| Ginnie Mae, TBA, 5.5%, 5/15/2054 | 125,000 | 122,540 | ||
| Ginnie Mae, TBA, 6%, 6/15/2054 | 50,000 | 49,892 | ||
| Ginnie Mae, TBA, 6.5%, 6/15/2054 | 50,000 | 50,499 | ||
| UMBS, TBA, 2%, 5/25/2039 | 75,000 | 64,600 | ||
| UMBS, TBA, 2.5%, 5/25/2039 - 5/25/2054 | 375,000 | 306,070 | ||
| UMBS, TBA, 3%, 5/25/2039 | 100,000 | 90,710 | ||
| UMBS, TBA, 4.5%, 5/25/2039 | 50,000 | 48,341 | ||
| UMBS, TBA, 5%, 5/25/2039 | 50,000 | 49,083 | ||
| UMBS, TBA, 3.5%, 5/25/2054 | 100,000 | 86,184 | ||
| UMBS, TBA, 4%, 5/25/2054 | 224,324 | 200,619 | ||
| UMBS, TBA, 6%, 5/25/2054 | 200,000 | 198,141 | ||
| UMBS, TBA, 6.5%, 5/25/2054 | 50,000 | 50,377 | ||
| $8,900,809 | ||||
15
Portfolio of Investments –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Municipals – 0.3% | ||||
| Rhode Island Student Loan Authority Education Loan Rev., Taxable, 6.081%, 12/01/2042 | $ | 95,000 | $92,855 | |
| Natural Gas - Distribution – 0.2% | ||||
| NiSource, Inc., 5.65%, 2/01/2045 | $ | 73,000 | $68,366 | |
| Network & Telecom – 0.2% | ||||
| Verizon Communications, Inc., 2.55%, 3/21/2031 | $ | 57,000 | $47,303 | |
| Oils – 0.3% | ||||
| Marathon Petroleum Corp., 4.75%, 9/15/2044 | $ | 83,000 | $69,671 | |
| Other Banks & Diversified Financials – 0.5% | ||||
| Macquarie Group Ltd., 4.442% to 6/21/2032, FLR (SOFR - 1 day + 2.405%) to 6/21/2033 (n) | $ | 148,000 | $133,535 | |
| Pollution Control – 0.6% | ||||
| Waste Management, Inc., 4.875%, 2/15/2034 | $ | 179,000 | $172,105 | |
| Retailers – 0.5% | ||||
| Alimentation Couche-Tard, Inc., 2.95%, 1/25/2030 (n) | $ | 62,000 | $54,270 | |
| Alimentation Couche-Tard, Inc., 3.439%, 5/13/2041 (n) | 117,000 | 85,568 | ||
| $139,838 | ||||
| Specialty Stores – 0.3% | ||||
| Genuine Parts Co., 2.75%, 2/01/2032 | $ | 115,000 | $93,543 | |
| Telecommunications - Wireless – 1.2% | ||||
| Crown Castle, Inc., REIT, 3.65%, 9/01/2027 | $ | 79,000 | $74,038 | |
| Rogers Communications, Inc., 3.8%, 3/15/2032 | 146,000 | 127,379 | ||
| T-Mobile USA, Inc., 2.05%, 2/15/2028 | 69,000 | 60,999 | ||
| T-Mobile USA, Inc., 4.5%, 4/15/2050 | 83,000 | 67,508 | ||
| Vodafone Group PLC, 5.625%, 2/10/2053 | 22,000 | 20,593 | ||
| $350,517 | ||||
| Tobacco – 1.0% | ||||
| B.A.T. International Finance PLC, 4.448%, 3/16/2028 | $ | 158,000 | $151,133 | |
| Philip Morris International, Inc., 5.125%, 11/17/2027 | 25,000 | 24,767 | ||
| Philip Morris International, Inc., 5.625%, 11/17/2029 | 11,000 | 11,093 | ||
| Philip Morris International, Inc., 5.125%, 2/15/2030 | 52,000 | 51,117 | ||
| Philip Morris International, Inc., 5.75%, 11/17/2032 | 48,000 | 48,325 | ||
| $286,435 | ||||
| Transportation - Services – 0.1% | ||||
| ERAC USA Finance LLC, 7%, 10/15/2037 (n) | $ | 36,000 | $39,388 | |
16
Portfolio of Investments –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| U.S. Treasury Obligations – 21.0% | ||||
| U.S. Treasury Bonds, 2.375%, 2/15/2042 | $ | 1,288,000 | $903,059 | |
| U.S. Treasury Bonds, 4%, 11/15/2042 | 437,000 | 389,357 | ||
| U.S. Treasury Bonds, 4.375%, 8/15/2043 | 150,000 | 140,086 | ||
| U.S. Treasury Bonds, 4.75%, 11/15/2043 | 100,000 | 98,094 | ||
| U.S. Treasury Bonds, 4.5%, 2/15/2044 | 50,000 | 47,469 | ||
| U.S. Treasury Bonds, 2.25%, 2/15/2052 (f) | 800,000 | 487,843 | ||
| U.S. Treasury Bonds, 4%, 11/15/2052 | 383,000 | 335,604 | ||
| U.S. Treasury Notes, 4%, 1/15/2027 | 2,550,000 | 2,491,330 | ||
| U.S. Treasury Notes, 4.125%, 2/15/2027 | 650,000 | 637,000 | ||
| U.S. Treasury Notes, 2.5%, 3/31/2027 | 650,000 | 608,537 | ||
| $6,138,379 | ||||
| Utilities - Electric Power – 1.5% | ||||
| American Electric Power Co., Inc., 5.95%, 11/01/2032 | $ | 43,000 | $43,448 | |
| Duke Energy Carolinas LLC, 4.95%, 1/15/2033 | 118,000 | 113,571 | ||
| Duke Energy Progress LLC, 3.45%, 3/15/2029 | 118,000 | 108,724 | ||
| Pacific Gas & Electric Co., 2.1%, 8/01/2027 | 82,000 | 73,035 | ||
| Pacific Gas & Electric Co., 3%, 6/15/2028 | 108,000 | 97,181 | ||
| $435,959 | ||||
| Utilities - Gas – 0.5% | ||||
| East Ohio Gas Co., 2%, 6/15/2030 (n) | $ | 176,000 | $141,438 | |
| Total Bonds (Identified Cost, $30,053,852) | $28,860,226 | |||
| Investment Companies (h) – 7.1% | ||||
| Money Market Funds – 7.1% | ||||
| MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $2,083,506) | 2,083,507 | $2,083,506 | ||
| Other Assets, Less Liabilities – (6.0)% | (1,744,592) | |||
| Net Assets – 100.0% | $29,199,140 | |||
| (f) | All or a portion of the security has been segregated as collateral for open futures contracts. | |||
| (h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $2,083,506 and $28,860,226, respectively. | |||
| (n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $5,398,139, representing 18.5% of net assets. | |||
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
17
Portfolio of Investments –
continued
| The following abbreviations are used in this report and are defined: | |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| TBA | To Be Announced |
| UMBS | Uniform Mortgage-Backed Security |
Derivative Contracts at 4/30/24
| Futures Contracts | ||||||
| Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Asset Derivatives | ||||||
| Interest Rate Futures | ||||||
| U.S. Treasury Ultra Note 10 yr | Short | USD | 6 | $661,313 | June – 2024 | $20,365 |
| Liability Derivatives | ||||||
| Interest Rate Futures | ||||||
| U.S. Treasury Note 2 yr | Long | USD | 2 | $405,313 | June – 2024 | $(3,858) |
| U.S. Treasury Note 5 yr | Long | USD | 14 | 1,466,391 | June – 2024 | (28,039) |
| U.S. Treasury Ultra Bond 30 yr | Long | USD | 7 | 836,937 | June – 2024 | (69,113) |
| $(101,010) | ||||||
At April 30, 2024, the fund had
liquid securities with an aggregate value of $58,541 to cover any collateral or margin obligations for certain derivative contracts.
See Notes to Financial Statements
18
Financial Statements
Statement of Assets and
Liabilities
At 4/30/24
This statement represents your
fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
| Assets | |
| Investments in unaffiliated issuers, at value (identified cost, $30,053,852) | $28,860,226 |
| Investments in affiliated issuers, at value (identified cost, $2,083,506) | 2,083,506 |
| Cash | 6,546 |
| Receivables for | |
| TBA sale commitments | 101,042 |
| Fund shares sold | 58 |
| Interest and dividends | 200,314 |
| Receivable from investment adviser | 16,546 |
| Other assets | 183 |
| Total assets | $31,268,421 |
| Liabilities | |
| Payables for | |
| Distributions | $35 |
| Net daily variation margin on open futures contracts | 8,953 |
| TBA purchase commitments | 1,996,612 |
| Fund shares reacquired | 1,553 |
| Payable to affiliates | |
| Administrative services fee | 97 |
| Shareholder servicing costs | 710 |
| Distribution and service fees | 99 |
| Payable for independent Trustees' compensation | 13 |
| Accrued expenses and other liabilities | 61,209 |
| Total liabilities | $2,069,281 |
| Net assets | $29,199,140 |
| Net assets consist of | |
| Paid-in capital | $31,061,634 |
| Total distributable earnings (loss) | (1,862,494) |
| Net assets | $29,199,140 |
| Shares of beneficial interest outstanding | 3,127,811 |
19
Statement of Assets and Liabilities – continued
| Net assets | Shares outstanding | Net asset value per share (a) | |
| Class A | $2,642,576 | 283,204 | $9.33 |
| Class C | 1,051,393 | 112,758 | 9.32 |
| Class I | 465,816 | 49,901 | 9.33 |
| Class R1 | 59,791 | 6,406 | 9.33 |
| Class R2 | 50,156 | 5,372 | 9.34 |
| Class R3 | 50,389 | 5,397 | 9.34 |
| Class R4 | 50,624 | 5,422 | 9.34 |
| Class R6 | 24,828,395 | 2,659,351 | 9.34 |
| (a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $9.74 [100 / 95.75 x $9.33]. On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
See Notes to Financial Statements
20
Financial Statements
Statement of Operations
Year ended 4/30/24
This statement describes how much
your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
| Net investment income (loss) | |
| Income | |
| Interest | $1,327,788 |
| Dividends from affiliated issuers | 50,477 |
| Other | 5,189 |
| Total investment income | $1,383,454 |
| Expenses | |
| Management fee | $91,430 |
| Distribution and service fees | 13,819 |
| Shareholder servicing costs | 4,685 |
| Administrative services fee | 17,500 |
| Independent Trustees' compensation | 3,025 |
| Custodian fee | 15,384 |
| Shareholder communications | 6,317 |
| Audit and tax fees | 58,042 |
| Legal fees | 152 |
| Registration fees | 49,110 |
| Miscellaneous | 35,873 |
| Total expenses | $295,337 |
| Fees paid indirectly | (86) |
| Reduction of expenses by investment adviser | (187,454) |
| Net expenses | $107,797 |
| Net investment income (loss) | $1,275,657 |
| Realized and unrealized gain (loss) | |
| Realized gain (loss) (identified cost basis) | |
| Unaffiliated issuers | $(278,605) |
| Affiliated issuers | (55) |
| Futures contracts | (30,142) |
| Net realized gain (loss) | $(308,802) |
| Change in unrealized appreciation or depreciation | |
| Unaffiliated issuers | $(1,030,570) |
| Affiliated issuers | (241) |
| Futures contracts | (120,247) |
| Net unrealized gain (loss) | $(1,151,058) |
| Net realized and unrealized gain (loss) | $(1,459,860) |
| Change in net assets from operations | $(184,203) |
See Notes to Financial Statements
21
Financial Statements
Statements of Changes in Net
Assets
These statements describe the
increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
| Year ended | Year ended | |
| 4/30/24 | 4/30/23 (c) | |
| Change in net assets | ||
| From operations | ||
| Net investment income (loss) | $1,275,657 | $873,237 |
| Net realized gain (loss) | (308,802) | (231,449) |
| Net unrealized gain (loss) | (1,151,058) | (123,213) |
| Change in net assets from operations | $(184,203) | $518,575 |
| Total distributions to shareholders | $(1,342,532) | $(855,456) |
| Change in net assets from fund share transactions | $3,747,306 | $27,315,450 |
| Total change in net assets | $2,220,571 | $26,978,569 |
| Net assets | ||
| At beginning of period | 26,978,569 | — |
| At end of period | $29,199,140 | $26,978,569 |
| (c) | For the period from the commencement of the fund’s investment operations, June 22, 2022, through the stated period end. |
See Notes to Financial Statements
22
Financial Statements
Financial Highlights
The financial highlights table is
intended to help you understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The
total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
| Class A | Year ended | |
| 4/30/24 | 4/30/23(c) | |
| Net asset value, beginning of period | $9.86 | $10.00 |
| Income (loss) from investment operations | ||
| Net investment income (loss) (d) | $0.41 | $0.32 |
| Net realized and unrealized gain (loss) | (0.51) | (0.15) |
| Total from investment operations | $(0.10) | $0.17 |
| Less distributions declared to shareholders | ||
| From net investment income | $(0.43) | $(0.31) |
| Net asset value, end of period (x) | $9.33 | $9.86 |
| Total return (%) (r)(s)(t)(x) | (1.00) | 1.75(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||
| Expenses before expense reductions (f) | 1.27 | 1.59(a) |
| Expenses after expense reductions (f) | 0.61 | 0.60(a) |
| Net investment income (loss) | 4.31 | 3.85(a) |
| Portfolio turnover | 100 | 129(n) |
| Net assets at end of period (000 omitted) | $2,643 | $947 |
| Supplemental Ratios (%): | ||
| Portfolio turnover (excluding TBA transactions) | 53 | N/A |
See Notes to Financial Statements
23
Financial Highlights – continued
| Class C | Year ended | |
| 4/30/24 | 4/30/23(c) | |
| Net asset value, beginning of period | $9.85 | $10.00 |
| Income (loss) from investment operations | ||
| Net investment income (loss) (d) | $0.34 | $0.26 |
| Net realized and unrealized gain (loss) | (0.51) | (0.16) |
| Total from investment operations | $(0.17) | $0.10 |
| Less distributions declared to shareholders | ||
| From net investment income | $(0.36) | $(0.25) |
| Net asset value, end of period (x) | $9.32 | $9.85 |
| Total return (%) (r)(s)(t)(x) | (1.71) | 1.06(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||
| Expenses before expense reductions (f) | 2.02 | 3.12(a) |
| Expenses after expense reductions (f) | 1.37 | 1.35(a) |
| Net investment income (loss) | 3.56 | 3.12(a) |
| Portfolio turnover | 100 | 129(n) |
| Net assets at end of period (000 omitted) | $1,051 | $391 |
| Supplemental Ratios (%): | ||
| Portfolio turnover (excluding TBA transactions) | 53 | N/A |
See Notes to Financial Statements
24
Financial Highlights – continued
| Class I | Year ended | |
| 4/30/24 | 4/30/23(c) | |
| Net asset value, beginning of period | $9.86 | $10.00 |
| Income (loss) from investment operations | ||
| Net investment income (loss) (d) | $0.44 | $0.35 |
| Net realized and unrealized gain (loss) | (0.51) | (0.16) |
| Total from investment operations | $(0.07) | $0.19 |
| Less distributions declared to shareholders | ||
| From net investment income | $(0.46) | $(0.33) |
| Net asset value, end of period (x) | $9.33 | $9.86 |
| Total return (%) (r)(s)(t)(x) | (0.76) | 1.95(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||
| Expenses before expense reductions (f) | 1.03 | 1.36(a) |
| Expenses after expense reductions (f) | 0.36 | 0.35(a) |
| Net investment income (loss) | 4.56 | 4.19(a) |
| Portfolio turnover | 100 | 129(n) |
| Net assets at end of period (000 omitted) | $466 | $445 |
| Supplemental Ratios (%): | ||
| Portfolio turnover (excluding TBA transactions) | 53 | N/A |
See Notes to Financial Statements
25
Financial Highlights – continued
| Class R1 | Year ended | |
| 4/30/24 | 4/30/23(c) | |
| Net asset value, beginning of period | $9.86 | $10.00 |
| Income (loss) from investment operations | ||
| Net investment income (loss) (d) | $0.34 | $0.25 |
| Net realized and unrealized gain (loss) | (0.51) | (0.15) |
| Total from investment operations | $(0.17) | $0.10 |
| Less distributions declared to shareholders | ||
| From net investment income | $(0.36) | $(0.24) |
| Net asset value, end of period (x) | $9.33 | $9.86 |
| Total return (%) (r)(s)(t)(x) | (1.74) | 1.09(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||
| Expenses before expense reductions (f) | 2.03 | 2.20(a) |
| Expenses after expense reductions (f) | 1.36 | 1.35(a) |
| Net investment income (loss) | 3.56 | 2.97(a) |
| Portfolio turnover | 100 | 129(n) |
| Net assets at end of period (000 omitted) | $60 | $51 |
| Supplemental Ratios (%): | ||
| Portfolio turnover (excluding TBA transactions) | 53 | N/A |
See Notes to Financial Statements
26
Financial Highlights – continued
| Class R2 | Year ended | |
| 4/30/24 | 4/30/23(c) | |
| Net asset value, beginning of period | $9.86 | $10.00 |
| Income (loss) from investment operations | ||
| Net investment income (loss) (d) | $0.39 | $0.29 |
| Net realized and unrealized gain (loss) | (0.50) | (0.14) |
| Total from investment operations | $(0.11) | $0.15 |
| Less distributions declared to shareholders | ||
| From net investment income | $(0.41) | $(0.29) |
| Net asset value, end of period (x) | $9.34 | $9.86 |
| Total return (%) (r)(s)(t)(x) | (1.15) | 1.52(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||
| Expenses before expense reductions (f) | 1.53 | 1.70(a) |
| Expenses after expense reductions (f) | 0.86 | 0.85(a) |
| Net investment income (loss) | 4.06 | 3.47(a) |
| Portfolio turnover | 100 | 129(n) |
| Net assets at end of period (000 omitted) | $50 | $51 |
| Supplemental Ratios (%): | ||
| Portfolio turnover (excluding TBA transactions) | 53 | N/A |
See Notes to Financial Statements
27
Financial Highlights – continued
| Class R3 | Year ended | |
| 4/30/24 | 4/30/23(c) | |
| Net asset value, beginning of period | $9.86 | $10.00 |
| Income (loss) from investment operations | ||
| Net investment income (loss) (d) | $0.41 | $0.31 |
| Net realized and unrealized gain (loss) | (0.50) | (0.14) |
| Total from investment operations | $(0.09) | $0.17 |
| Less distributions declared to shareholders | ||
| From net investment income | $(0.43) | $(0.31) |
| Net asset value, end of period (x) | $9.34 | $9.86 |
| Total return (%) (r)(s)(t)(x) | (0.90) | 1.74(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||
| Expenses before expense reductions (f) | 1.28 | 1.45(a) |
| Expenses after expense reductions (f) | 0.61 | 0.60(a) |
| Net investment income (loss) | 4.31 | 3.71(a) |
| Portfolio turnover | 100 | 129(n) |
| Net assets at end of period (000 omitted) | $50 | $51 |
| Supplemental Ratios (%): | ||
| Portfolio turnover (excluding TBA transactions) | 53 | N/A |
See Notes to Financial Statements
28
Financial Highlights – continued
| Class R4 | Year ended | |
| 4/30/24 | 4/30/23(c) | |
| Net asset value, beginning of period | $9.86 | $10.00 |
| Income (loss) from investment operations | ||
| Net investment income (loss) (d) | $0.44 | $0.33 |
| Net realized and unrealized gain (loss) | (0.50) | (0.14) |
| Total from investment operations | $(0.06) | $0.19 |
| Less distributions declared to shareholders | ||
| From net investment income | $(0.46) | $(0.33) |
| Net asset value, end of period (x) | $9.34 | $9.86 |
| Total return (%) (r)(s)(t)(x) | (0.65) | 1.95(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||
| Expenses before expense reductions (f) | 1.03 | 1.20(a) |
| Expenses after expense reductions (f) | 0.36 | 0.35(a) |
| Net investment income (loss) | 4.56 | 3.96(a) |
| Portfolio turnover | 100 | 129(n) |
| Net assets at end of period (000 omitted) | $51 | $51 |
| Supplemental Ratios (%): | ||
| Portfolio turnover (excluding TBA transactions) | 53 | N/A |
See Notes to Financial Statements
29
Financial Highlights – continued
| Class R6 | Year ended | |
| 4/30/24 | 4/30/23(c) | |
| Net asset value, beginning of period | $9.86 | $10.00 |
| Income (loss) from investment operations | ||
| Net investment income (loss) (d) | $0.44 | $0.34 |
| Net realized and unrealized gain (loss) | (0.50) | (0.15) |
| Total from investment operations | $(0.06) | $0.19 |
| Less distributions declared to shareholders | ||
| From net investment income | $(0.46) | $(0.33) |
| Net asset value, end of period (x) | $9.34 | $9.86 |
| Total return (%) (r)(s)(t)(x) | (0.62) | 1.97(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||
| Expenses before expense reductions (f) | 1.00 | 1.18(a) |
| Expenses after expense reductions (f) | 0.33 | 0.33(a) |
| Net investment income (loss) | 4.59 | 3.99(a) |
| Portfolio turnover | 100 | 129(n) |
| Net assets at end of period (000 omitted) | $24,828 | $24,992 |
| Supplemental Ratios (%): | ||
| Portfolio turnover (excluding TBA transactions) | 53 | N/A |
| (a) | Annualized. |
| (c) | For the period from the commencement of the fund’s investment operations, June 22, 2022, through the stated period end. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
30
Notes to Financial Statements
(1) Business and
Organization
MFS Core Bond Fund (the fund)
is a diversified series of MFS Series Trust XII (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end
management investment company.
The fund is an investment company
and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment
Companies.
(2) Significant Accounting
Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations
during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s
Statement of Assets and Liabilities through the date that the financial statements were issued.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International
Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and
Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which
a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note
under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as
the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of
1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for
an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy
and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term
instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary
exchange as provided by a third-party pricing service.
31
Notes to Financial Statements -
continued
Futures contracts for which there were no trades
that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Open-end investment companies are generally valued at net
asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a
third-party pricing service.
Under the fund’s valuation
policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based
on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the
basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information
such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the
investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the
determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally
traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment
characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The
value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used
to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it
were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in
determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a
particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or
liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant
unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a
summary of the levels used as of April 30, 2024 in valuing the fund's assets and liabilities:
32
Notes to Financial Statements -
continued
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | $— | $6,138,379 | $— | $6,138,379 |
| Municipal Bonds | — | 92,855 | — | 92,855 |
| U.S. Corporate Bonds | — | 6,726,212 | — | 6,726,212 |
| Residential Mortgage-Backed Securities | — | 8,900,809 | — | 8,900,809 |
| Commercial Mortgage-Backed Securities | — | 1,445,473 | — | 1,445,473 |
| Asset-Backed Securities (including CDOs) | — | 3,219,246 | — | 3,219,246 |
| Foreign Bonds | — | 2,337,252 | — | 2,337,252 |
| Mutual Funds | 2,083,506 | — | — | 2,083,506 |
| Total | $2,083,506 | $28,860,226 | $— | $30,943,732 |
| Other Financial Instruments | ||||
| Futures Contracts – Assets | $20,365 | $— | $— | $20,365 |
| Futures Contracts – Liabilities | (101,010) | — | — | (101,010) |
For further information regarding
security characteristics, see the Portfolio of Investments.
Derivatives — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency
exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses
derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.
The derivative instruments used by
the fund during the period were futures contracts. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange,
negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the
price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are
indicative of the volume of its derivative activity during the period.
The following table presents, by
major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at April 30, 2024 as reported in the Statement of Assets and Liabilities:
| Fair Value (a) | |||
| Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
| Interest Rate | Futures Contracts | $20,365 | $(101,010) |
(a) Values presented in this
table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is reported separately within the Statement of Assets and
Liabilities.
33
Notes to Financial Statements -
continued
The following table presents, by
major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the year ended April 30, 2024 as reported in the Statement of Operations:
| Risk | Futures Contracts |
| Interest Rate | $(30,142) |
The following table presents, by
major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the year ended April 30, 2024 as reported in the Statement of Operations:
| Risk | Futures Contracts |
| Interest Rate | $(120,247) |
Derivative counterparty credit risk
is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk
whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if
there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions
traded under such agreement and to net amounts owed under each agreement to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA
Master Agreement could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.
Collateral and margin requirements
differ by type of derivative. For cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the clearing broker and the clearing house and collateral, in
the form of cash or securities, is posted by the fund directly with the clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange
contracts, uncleared swap agreements, and uncleared options) and collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For
derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount
is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts, if any, will be
reported separately in the Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for cleared derivatives. Securities pledged as collateral or margin for the same
purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in
“Miscellaneous” expense in the Statement of Operations.
34
Notes to Financial Statements -
continued
Futures Contracts — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, currency exposure, or to manage duration. A
futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
Upon entering into a futures
contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a specified percentage of the notional amount of the contract. Subsequent payments
(variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund
until the contract is closed or expires at which point the gain or loss on futures contracts is realized.
The fund bears the risk of interest
rates, exchange rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present
less counterparty risk to the fund since the contracts are exchange traded and the exchange’s clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the
broker. The fund’s maximum risk of loss due to counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.
Mortgage-Backed/Asset-Backed
Securities — The fund invests a significant portion of its assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on
the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying
assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home
Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to
the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown
as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and
Income — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.
The fund may receive proceeds from
litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in
unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
35
Notes to Financial Statements -
continued
Investment transactions are recorded
on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
To mitigate the counterparty credit
risk on TBA transactions, mortgage dollar rolls, and other types of forward settling mortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master Securities Forward
Transaction Agreement (“MSFTA”) on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The MSFTA gives each party to the agreement the right to
terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the MSFTA, the non-defaulting party
has the right to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments
across all transactions traded under the MSFTA could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.
For mortgage-backed and asset-backed
securities traded under a MSFTA, the collateral and margining requirements are contract specific. Collateral amounts across all transactions traded under such agreement are netted and an amount is posted from one
party to the other to collateralize such obligations. Cash that has been pledged to cover the fund's collateral or margin obligations under a MSFTA, if any, will be reported separately on the Statement of Assets and
Liabilities as restricted cash. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments.
Fees Paid Indirectly — The fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. The amount of the
credit, for the year ended April 30, 2024, is shown as a reduction of total expenses in the Statement of Operations.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including
realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three
year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require
recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by
certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those
countries.
Distributions to shareholders are
recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital
accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary
differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
36
Notes to Financial Statements -
continued
Book/tax differences primarily
relate to derivative transactions.
The tax character of distributions
declared to shareholders for the last two fiscal years is as follows:
| Year ended 4/30/24 | Year ended 4/30/23 (c) | |
| Ordinary income (including any short-term capital gains) | $1,342,532 | $855,456 |
| (c) | For the period from the commencement of the fund’s investment operations, June 22, 2022, through the stated period end. |
The federal tax cost and the tax
basis components of distributable earnings were as follows:
| As of 4/30/24 | |
| Cost of investments | $32,051,623 |
| Gross appreciation | 93,188 |
| Gross depreciation | (1,281,724) |
| Net unrealized appreciation (depreciation) | $(1,188,536) |
| Undistributed ordinary income | 122,861 |
| Capital loss carryforwards | (686,807) |
| Other temporary differences | (110,012) |
| Total distributable earnings (loss) | $(1,862,494) |
As of April 30, 2024, the fund had
capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are
characterized as follows:
| Short-Term | $(322,022) |
| Long-Term | (364,785) |
| Total | $(686,807) |
Multiple Classes of Shares of
Beneficial Interest — The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund's income and common expenses are allocated to shareholders
based on the value of settled shares outstanding of each class. The fund's realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. Dividends are declared
separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class C shares will convert to Class A
37
Notes to Financial Statements -
continued
shares approximately eight years after purchase.
The fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:
| Year ended 4/30/24 | Year ended 4/30/23(c) | ||
| Class A | $91,006 | $19,815 | |
| Class C | 32,793 | 3,261 | |
| Class I | 21,782 | 9,785 | |
| Class R1 | 2,239 | 1,231 | |
| Class R2 | 2,140 | 1,445 | |
| Class R3 | 2,273 | 1,552 | |
| Class R4 | 2,408 | 1,660 | |
| Class R6 | 1,187,891 | 816,707 | |
| Total | $1,342,532 | $855,456 |
| (c) | For the period from the commencement of the fund’s investment operations, June 22, 2022, through the stated period end. |
(3) Transactions with
Affiliates
Investment Adviser — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is
computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:
| Up to $1 billion | 0.325% |
| In excess of $1 billion and up to $2.5 billion | 0.31% |
| In excess of $2.5 billion | 0.30% |
MFS has agreed in writing to reduce
its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management
fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until August 31, 2025.
For the year ended April 30, 2024, this management fee reduction amounted to $3,604, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended
April 30, 2024 was equivalent to an annual effective rate of 0.31% of the fund's average daily net assets.
The investment adviser has agreed in
writing to pay a portion of the fund’s total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including
contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of each class’s average daily net assets:
| Classes | |||||||
| A | C | I | R1 | R2 | R3 | R4 | R6 |
| 0.64% | 1.39% | 0.39% | 1.39% | 0.89% | 0.64% | 0.39% | 0.33% |
38
Notes to Financial Statements -
continued
This written agreement will continue
until modified by the fund’s Board of Trustees, but such agreement will continue at least until August 31, 2024. For the year ended April 30, 2024, this reduction amounted to $183,850, which is included in
the reduction of total expenses in the Statement of Operations.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $758 for the year ended April 30, 2024, as its portion of the initial sales charge on
sales of Class A shares of the fund.
The Board of Trustees has adopted a
distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
The fund's distribution plan
provides that the fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee
paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and service
fees are computed daily and paid monthly.
Distribution Plan Fee Table:
| Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
| Class A | — | 0.25% | 0.25% | 0.25% | $ 4,793 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 8,065 |
| Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 584 |
| Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 251 |
| Class R3 | — | 0.25% | 0.25% | 0.25% | 126 |
| Total Distribution and Service Fees | $13,819 |
| (d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
| (e) | The annual effective rates represent actual fees incurred under the distribution plan for the year ended April 30, 2024 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. There were no service fee rebates for the year ended April 30, 2024. |
Certain Class A shares are subject
to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of
purchase. There were no contingent deferred sales charges imposed during the year ended April 30, 2024.
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the
average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the year ended April 30, 2024, the fee was $1,144, which equated to 0.0041% annually of the
fund's average daily net assets. MFSC also receives reimbursement from the fund
39
Notes to Financial Statements -
continued
for out-of-pocket expenses, sub-accounting and
other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the year ended April 30, 2024, these out-of-pocket expenses,
sub-accounting and other shareholder servicing costs amounted to $3,541.
Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the
fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is
computed daily and paid monthly. The administrative services fee incurred for the year ended April 30, 2024 was equivalent to an annual effective rate of 0.0622% of the fund's average daily net assets.
Trustees’ and Officers’
Compensation — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons.
Independent Trustees’ compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers
of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.
Other — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money
market fund does not pay a management fee to MFS but does incur investment and operating costs.
On June 21, 2022, MFS purchased
20,000 shares of Class A, 5,000 shares each of Class C, Class I, Class R1, Class R2, Class R3, and Class R4, and 2,450,000 shares of Class R6, for an aggregate amount of $25,000,000 as an initial investment in the
fund.
On June 23, 2023, MFS purchased
1,044 shares of Class R1 for an aggregate amount of $10,154.
At April 30, 2024, MFS held
approximately 100% of the outstanding shares of Class R6, and 100% of Class R1, Class R2, Class R3, and Class R4.
(4) Portfolio Securities
For the year ended April 30, 2024,
purchases and sales of investments, other short-term obligations, were as follows:
| Purchases | Sales | |
| U.S. Government securities | $28,308,874 | $25,636,756 |
| Non-U.S. Government securities | 2,937,484 | 2,256,224 |
40
Notes to Financial Statements -
continued
(5) Shares of Beneficial
Interest
The fund's Declaration of Trust
permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
| Year ended 4/30/24 | Year ended 4/30/23 (c) | ||||
| Shares | Amount | Shares | Amount | ||
| Shares sold | |||||
| Class A | 209,006 | $1,999,742 | 97,146 | $964,385 | |
| Class C | 73,439 | 700,325 | 39,583 | 388,631 | |
| Class I | 2,730 | 25,554 | 44,581 | 432,292 | |
| Class R1 | 1,044 | 10,154 | 5,000 | 50,000 | |
| Class R2 | — | — | 5,000 | 50,000 | |
| Class R3 | — | — | 5,000 | 50,000 | |
| Class R4 | — | — | 5,000 | 50,000 | |
| Class R6 | 187 | 1,795 | 2,451,061 | 24,510,500 | |
| 286,406 | $2,737,570 | 2,652,371 | $26,495,808 | ||
| Shares issued to shareholders in reinvestment of distributions | |||||
| Class A | 9,558 | $91,006 | 2,034 | $19,815 | |
| Class C | 3,424 | 32,682 | 333 | 3,261 | |
| Class I | 2,282 | 21,782 | 1,007 | 9,785 | |
| Class R1 | 235 | 2,239 | 127 | 1,231 | |
| Class R2 | 224 | 2,140 | 148 | 1,445 | |
| Class R3 | 238 | 2,273 | 159 | 1,552 | |
| Class R4 | 252 | 2,408 | 170 | 1,660 | |
| Class R6 | 124,415 | 1,187,891 | 83,688 | 816,707 | |
| 140,628 | $1,342,421 | 87,666 | $855,456 | ||
| Shares reacquired | |||||
| Class A | (31,432) | $(293,498) | (3,108) | $(29,990) | |
| Class C | (3,822) | (36,404) | (199) | (1,954) | |
| Class I | (292) | (2,783) | (407) | (3,870) | |
| (35,546) | $(332,685) | (3,714) | $(35,814) | ||
41
Notes to Financial Statements -
continued
| Year ended 4/30/24 | Year ended 4/30/23 (c) | ||||
| Shares | Amount | Shares | Amount | ||
| Net change | |||||
| Class A | 187,132 | $1,797,250 | 96,072 | $954,210 | |
| Class C | 73,041 | 696,603 | 39,717 | 389,938 | |
| Class I | 4,720 | 44,553 | 45,181 | 438,207 | |
| Class R1 | 1,279 | 12,393 | 5,127 | 51,231 | |
| Class R2 | 224 | 2,140 | 5,148 | 51,445 | |
| Class R3 | 238 | 2,273 | 5,159 | 51,552 | |
| Class R4 | 252 | 2,408 | 5,170 | 51,660 | |
| Class R6 | 124,602 | 1,189,686 | 2,534,749 | 25,327,207 | |
| 391,488 | $3,747,306 | 2,736,323 | $27,315,450 | ||
| (c) | For the period from the commencement of the fund’s investment operations, June 22, 2022, through the stated period end. |
Effective September 29, 2023,
purchases of Class R1 and Class R2 shares were closed to new eligible investors.
(6) Line of Credit
The fund and certain other funds
managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of
banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR
(Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion
of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 13, 2025 unless extended or renewed. In addition, the fund and other funds managed by MFS have
established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an
agreed upon spread. For the year ended April 30, 2024, the fund’s commitment fee and interest expense were $136 and $0, respectively, and are included in “Miscellaneous” expense in the Statement of
Operations.
42
Notes to Financial Statements -
continued
(7) Investments in Affiliated
Issuers
An affiliated issuer may be
considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Institutional Money Market Portfolio | $1,202,650 | $8,302,466 | $7,421,314 | $(55) | $(241) | $2,083,506 |
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $50,477 | $— |
43
Report of Independent Registered Public
Accounting Firm
To the Shareholders of MFS Core
Bond Fund and the Board of Trustees of
MFS Series Trust XII
MFS Series Trust XII
Opinion on the Financial Statements
We have audited the accompanying
statement of assets and liabilities of MFS Core Bond Fund (the “Fund”) (one of the funds constituting MFS Series Trust XII (the “Trust”)), including the portfolio of investments, as of April
30, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended April 30, 2024 and the period from June 22, 2022
(commencement of operations) through April 30, 2023 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material
respects, the financial position of the Fund (one of the funds constituting MFS Series Trust XII) at April 30, 2024, the results of its operations for the year then ended and the changes in its net assets and its
financial highlights for the year ended April 30, 2024 and the period from June 22, 2022 (commencement of operations) through April 30, 2023, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the
responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in
accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether
due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express
no such opinion.
44
Report of Independent Registered Public
Accounting Firm – continued
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024, by correspondence with the custodian, brokers and others;
when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well
as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/ Ernst & Young LLP
We have served as the auditor of one
or more MFS investment companies since 1993.
Boston, Massachusetts
June 20, 2024
45
Trustees and
Officers — Identification and Background
The Trustees and Officers of the
Trust, as of June 1, 2024, are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.) The address of each Trustee and Officer is
111 Huntington Avenue, Boston, Massachusetts 02199-7618.
| Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
| INTERESTED TRUSTEE | ||||||||||
| Michael W. Roberge (k) (age 57) | Trustee | January 2021 | 135 | Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022) | N/A | |||||
| INDEPENDENT TRUSTEES | ||||||||||
| John P. Kavanaugh (age 69) | Trustee and Chair of Trustees | January 2009 | 135 | Private investor | N/A | |||||
| Steven E. Buller (age 72) | Trustee | February 2014 | 135 | Private investor | N/A | |||||
| John A. Caroselli (age 69) | Trustee | March 2017 | 135 | Private investor; JC Global Advisors, LLC (management consulting), President (since 2015) | N/A | |||||
| Maureen R. Goldfarb (age 69) | Trustee | January 2009 | 135 | Private investor | N/A | |||||
| Peter D. Jones (age 68) | Trustee | January 2019 | 135 | Private investor | N/A | |||||
| James W. Kilman, Jr. (age 63) | Trustee | January 2019 | 135 | Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016) | Alpha-En Corporation, Director (2016-2019) |
46
Trustees and Officers - continued
| Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
| Clarence Otis, Jr. (age 68) | Trustee | March 2017 | 135 | Private investor | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director | |||||
| Maryanne L. Roepke (age 68) | Trustee | May 2014 | 135 | Private investor | N/A | |||||
| Laurie J. Thomsen (age 66) | Trustee | March 2005 | 135 | Private investor | The Travelers Companies, Director; Dycom Industries, Inc., Director |
| Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
| OFFICERS | ||||||||
| William T. Allen (k) (age 57) | Deputy Assistant Treasurer | April 2024 | 135 | Massachusetts Financial Services Company, Vice President | ||||
| Brian Balasco (k) (age 46) | Assistant Treasurer | April 2024 | 135 | Massachusetts Financial Services Company, Vice President | ||||
| Christopher R. Bohane (k) (age 50) | Assistant Secretary and Assistant Clerk | July 2005 | 135 | Massachusetts Financial Services Company, Senior Vice President and Deputy General Counsel | ||||
| James L. Byrne (k) (age 48) | Assistant Treasurer | April 2024 | 135 | Massachusetts Financial Services Company, Vice President | ||||
| John W. Clark, Jr. (k) (age 57) | Deputy Treasurer | April 2017 | 135 | Massachusetts Financial Services Company, Vice President | ||||
| David L. DiLorenzo (k) (age 55) | President | July 2005 | 135 | Massachusetts Financial Services Company, Senior Vice President | ||||
| Heidi W. Hardin (k) (age 56) | Secretary and Clerk | April 2017 | 135 | Massachusetts Financial Services Company, Executive Vice President and General Counsel | ||||
| Brian E. Langenfeld (k) (age 51) | Assistant Secretary and Assistant Clerk | June 2006 | 135 | Massachusetts Financial Services Company, Vice President and Managing Counsel |
47
Trustees and Officers - continued
| Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
| Rosa E. Licea-Mailloux (k) (age 47) | Chief Compliance Officer | March 2022 | 135 | Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022) | ||||
| Amanda S. Mooradian (k) (age 45) | Assistant Secretary and Assistant Clerk | September 2018 | 135 | Massachusetts Financial Services Company, Vice President and Senior Counsel | ||||
| Susan A. Pereira (k) (age 53) | Assistant Secretary and Assistant Clerk | July 2005 | 135 | Massachusetts Financial Services Company, Vice President and Managing Counsel | ||||
| Kasey L. Phillips (k) (age 53) | Treasurer | September 2012 | 135 | Massachusetts Financial Services Company, Vice President | ||||
| Matthew A. Stowe (k) (age 49) | Assistant Secretary and Assistant Clerk | October 2014 | 135 | Massachusetts Financial Services Company, Vice President and Senior Managing Counsel | ||||
| William B. Wilson (k) (age 41) | Assistant Secretary and Assistant Clerk | October 2022 | 135 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel |
| (h) | Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Mr. DiLorenzo served as Treasurer and of the Funds. From September 2012 through March 2024, Ms. Phillips served as Assistant Treasurer of the Funds. From April 2017 through March 2024, Mr. Clark served as Assistant Treasurer of the Funds. |
| (j) | Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”). |
| (k) | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618. |
Each Trustee (other than Messrs.
Jones, Kilman and Roberge) has been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or
removal. Mr. Roberge became a Trustee of the Funds on January 1, 2021 and Messrs. Jones and Kilman became Trustees of the Funds on January 1, 2019. The Trust does not hold annual meetings for the purpose
of electing Trustees, and Trustees are not elected for fixed terms. Under the terms of the Board's retirement policy, an Independent Trustee
48
Trustees and Officers - continued
shall retire at the end of the calendar year in
which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on the Board).
Messrs. Buller, Caroselli, Jones and
Otis are members of the Trust’s Audit Committee.
Each of the Interested Trustees and
certain Officers hold comparable officer positions with certain affiliates of MFS.
The Statement of Additional
Information for a Fund includes further information about the Trustees and is available without charge upon request by calling 1-800-225-2606.
| Investment Adviser | Custodian |
| Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199-7618 | JPMorgan Chase Bank, NA 4 Metrotech Center New York, NY 11245 |
| Portfolio Manager(s) | Independent Registered Public Accounting Firm |
| Alexander Mackey Joshua Marston | Ernst & Young LLP 200 Clarendon Street Boston, MA 02116 |
49
Statement Regarding Liquidity Risk Management
Program
The fund has adopted and
implemented a liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The fund’s Board of Trustees (the “Board”)
has designated MFS as the administrator of the Program. The Program is reasonably designed to assess and manage the liquidity risk of the fund. Liquidity risk is the risk that the fund could not meet requests to
redeem shares issued by the fund without significant dilution of remaining investors' interests.
MFS provided a written report to the
Board for consideration at its March 2024 meeting that addressed the operation of the Program and provided an assessment of the adequacy and effectiveness of the Program during the period since the fund's inception on
June 22, 2022 to December 31, 2023 (the “Covered Period”). The report concluded that during the Covered Period the Program had operated effectively in all material respects and had adequately and
effectively been implemented to assess and manage the fund’s liquidity risk. MFS also reported that there were no liquidity events that impacted the fund or its ability to timely meet redemptions without
dilution to existing shareholders during the Covered Period.
There can be no assurance that the
Program will achieve its objectives in the future. Further information on liquidity risk, and other principal risks to which an investment in the fund may be subject, can be found in the prospectus.
50
Proxy Voting Policies and
Information
MFS votes proxies on behalf of the
fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Information regarding how the fund
voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Quarterly Portfolio
Disclosure
The fund files a complete schedule
of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at mfs.com/openendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Shareholder Reports” tab.
Further Information
From time to time, MFS may post
important information about the fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at mfs.com/openendfunds by choosing the fund’s name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Information About Fund
Contracts and Legal Claims
The fund has entered into
contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are
not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek
any remedy under them against the service providers, either directly or on behalf of the fund.
Under the Trust’s By-Laws and
Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of
Massachusetts.
Federal Tax Information
(unaudited)
The fund will notify shareholders of
amounts for use in preparing 2024 income tax forms in January 2025. The following information is provided pursuant to provisions of the Internal Revenue Code.
The fund intends to pass through the
maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).
51
rev. 3/16
| FACTS | WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
| • Social Security number and account balances | |
| • Account transactions and transaction history | |
| • Checking account information and wire transfer instructions | |
| When you are no longer our customer, we continue to share your information as described in this notice. |
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Does MFS share? | Can you limit this sharing? |
| For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes – to offer our products and services to you | No | We don't share |
| For joint marketing with other financial companies | No | We don't share |
| For our affiliates' everyday business purposes – information about your transactions and experiences | No | We don't share |
| For our affiliates' everyday business purposes – information about your creditworthiness | No | We don't share |
| For nonaffiliates to market to you | No | We don't share |
| Questions? | Call 800-225-2606 or go to mfs.com. |
52
Page 2
| Who we are | |
| Who is providing this notice? | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
| What we do | |
| How does MFS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
| How does MFS collect my personal information? | We collect your personal information, for example, when you |
| • open an account or provide account information | |
| • direct us to buy securities or direct us to sell your securities | |
| • make a wire transfer | |
| We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
| Why can't I limit all sharing? | Federal law gives you the right to limit only |
| • sharing for affiliates' everyday business purposes – information about your creditworthiness | |
| • affiliates from using your information to market to you | |
| • sharing for nonaffiliates to market to you | |
| State laws and individual companies may give you additional rights to limit sharing. | |
| Definitions | |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| • MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. | |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
| • MFS does not share with nonaffiliates so they can market to you. | |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
| • MFS doesn't jointly market. | |
| Other important information |
| If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
53
Item 1(b):
Not applicable.
ITEM 2. CODE OF ETHICS.
The Registrant has adopted a Code of Ethics (the “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant’s principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in the Code that relates to an element of the Code’s definition enumerated in paragraph
(b)of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit
waiver, from any provision of the Code. David L. DiLorenzo (Principal Executive Officer) and James O. Yost (Principal Financial Officer) were the two persons covered by the Code prior to April 1, 2024. Beginning April 1, 2024, David L. DiLorenzo (Principal Executive Officer) and Kasey L. Phillips (Principal Financial Officer) are the two persons covered by the Code.
A copy of the Code is attached hereto as EX-99.COE.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Messrs. Steven E. Buller and Clarence Otis, Jr., members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of “audit committee financial expert” as such term is defined in Form N-CSR. In addition, Messrs. Buller and Otis are “independent” members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Items 4(a) through 4(d) and 4(g):
The Board of Trustees has appointed Ernst & Young LLP (“E&Y”) to serve as independent accountant to a series of the Registrant (each a "Fund" and collectively the "Funds"). The tables below set forth the audit fees billed to each Fund as well as fees for non-audit services provided to each Fund and/or to the Fund's investment adviser, Massachusetts Financial Services Company (“MFS”) and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Fund (“MFS Related Entities”).
For the fiscal years ended April 30, 2024 and 2023, audit fees billed to each Fund by E&Y were as follows:
|
Fees billed by E&Y: |
|
Audit Fees |
|
|
|
2024 |
|
2023 |
|
MFS Core Bond Fund |
47,300 |
|
31,800 |
|
MFS Lifetime Income Fund |
37,244 |
|
35,942 |
|
MFS Lifetime 2020 Fund+ |
N/A |
|
0 |
|
MFS Lifetime 2025 Fund |
36,091 |
|
34,832 |
|
MFS Lifetime 2030 Fund |
36,915 |
|
35,626 |
|
MFS Lifetime 2035 Fund |
36,091 |
|
34,832 |
|
MFS Lifetime 2040 Fund |
36,915 |
|
35,626 |
|
MFS Lifetime 2045 Fund |
36,091 |
|
34,832 |
|
MFS Lifetime 2050 Fund |
36,223 |
|
34,958 |
|
MFS Lifetime 2055 Fund |
36,091 |
|
34,832 |
|
MFS Lifetime 2060 Fund |
35,299 |
|
34,068 |
|
MFS Lifetime 2065 Fund |
29,800 |
|
22,550 |
|
Total |
404,060 |
|
369,898 |
For the fiscal years ended April 30, 2024 and 2023, fees billed by E&Y for audit-related, tax and other services provided to each Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:
|
Fees billed by E&Y: |
|
Audit-Related Fees1 |
Tax Fees2 |
All Other Fees3 |
|||||||
|
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
2024 |
2023 |
|
To MFS Core Bond Fund** |
|
0 |
|
0 |
|
267 |
|
259 |
0 |
0 |
|
|
To MFS Lifetime Income Fund |
|
0 |
|
0 |
|
0 |
|
0 |
0 |
0 |
|
|
To MFS Lifetime |
2020 Fund+ |
|
N/A |
0 |
|
N/A |
0 |
N/A |
0 |
||
|
To MFS Lifetime |
2025 Fund |
|
0 |
|
0 |
|
0 |
|
0 |
0 |
0 |
|
To MFS Lifetime |
2030 Fund |
|
0 |
|
0 |
|
0 |
|
0 |
0 |
0 |
|
To MFS Lifetime |
2035 Fund |
|
0 |
|
0 |
|
0 |
|
0 |
0 |
0 |
|
To MFS Lifetime |
2040 Fund |
|
0 |
|
0 |
|
0 |
|
0 |
0 |
0 |
|
To MFS Lifetime |
2045 Fund |
|
0 |
|
0 |
|
0 |
|
0 |
0 |
0 |
|
To MFS Lifetime |
2050 Fund |
|
0 |
|
0 |
|
0 |
|
0 |
0 |
0 |
|
To MFS Lifetime |
2055 Fund |
|
0 |
|
0 |
|
0 |
|
0 |
0 |
0 |
|
To MFS Lifetime 2060 Fund |
|
0 |
|
0 |
|
0 |
|
0 |
0 |
0 |
|
|
To MFS Lifetime 2065 Fund |
|
0 |
|
0 |
|
0 |
|
0 |
0 |
0 |
|
|
Total fees billed by E&Y |
|
0 |
|
0 |
|
267 |
|
259 |
0 |
0 |
|
|
To above Funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Fees billed by E&Y: |
|
Audit-Related Fees1 |
|
Tax Fees2 |
All Other Fees3 |
||||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
2024 |
20234 |
|
|
To MFS and MFS Related |
|
|
|
|
|
|
|
|
|
|
|
|
Entities of MFS Core Bond |
0 |
|
|
0 |
|
0 |
|
0 |
3,600 |
6,765 |
|
|
Fund* |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS and MFS Related |
|
|
|
|
|
|
|
|
|
|
|
|
Entities of MFS Lifetime |
0 |
|
0 |
|
0 |
|
0 |
3,600 |
6,765 |
||
|
Income Fund* |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS and MFS Related |
|
|
|
|
|
|
|
|
|
|
|
|
Entities of MFS Lifetime |
|
N/A |
|
0 |
|
N/A |
|
0 |
N/A |
6,765 |
|
|
2020 Fund*+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
To MFS and MFS Related |
|
|
|
|
|
|
|
|
|
|
|
|
Entities of MFS Lifetime |
0 |
0 |
|
0 |
0 |
|
3,600 |
|
6,765 |
|
|
|
2025 Fund* |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS and MFS Related |
|
|
|
|
|
|
|
|
|
|
|
|
Entities of MFS Lifetime |
0 |
0 |
|
0 |
0 |
|
3,600 |
|
6,765 |
|
|
|
2030 Fund* |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS and MFS Related |
|
|
|
|
|
|
|
|
|
|
|
|
Entities of MFS Lifetime |
0 |
0 |
|
0 |
0 |
|
3,600 |
|
6,765 |
|
|
|
2035 Fund* |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS and MFS Related |
|
|
|
|
|
|
|
|
|
|
|
|
Entities of MFS Lifetime |
0 |
0 |
|
0 |
0 |
|
3,600 |
|
6,765 |
|
|
|
2040 Fund* |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS and MFS Related |
|
|
|
|
|
|
|
|
|
|
|
|
Entities of MFS Lifetime |
0 |
0 |
|
0 |
0 |
|
3,600 |
|
6,765 |
|
|
|
2045 Fund* |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS and MFS Related |
|
|
|
|
|
|
|
|
|
|
|
|
Entities of MFS Lifetime |
0 |
0 |
|
0 |
0 |
|
3,600 |
|
6,765 |
|
|
|
2050 Fund* |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS and MFS Related |
|
|
|
|
|
|
|
|
|
|
|
|
Entities of MFS Lifetime |
0 |
0 |
|
0 |
0 |
|
3,600 |
|
6,765 |
|
|
|
2055 Fund* |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS and MFS Related |
|
|
|
|
|
|
|
|
|
|
|
|
Entities of MFS Lifetime |
0 |
0 |
|
0 |
0 |
|
3,600 |
|
6,765 |
|
|
|
2060 Fund* |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS and MFS Related |
|
|
|
|
|
|
|
|
|
|
|
|
Entities of MFS Lifetime |
0 |
0 |
|
0 |
0 |
|
3,600 |
|
6,765 |
|
|
|
2065 Fund* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Fees billed by E&Y: |
|
|
|
Aggregate Fees for Non-audit Services |
|
|||||
|
|
|
|
|
|
2024 |
|
|
20234 |
|
||
|
|
To MFS Core Bond Fund, MFS and MFS |
|
|
229,807 |
|
|
231,774 |
|
|||
|
|
Related Entities# |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS Lifetime Income Fund, |
|
|
|
229,540 |
|
|
231,515 |
|
||
|
|
MFS and MFS Related Entities# |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS Lifetime 2020 Fund, MFS and MFS |
|
|
|
N/A |
|
|
231,515 |
|
||
|
|
Related Entities# + |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS Lifetime 2025 Fund, MFS and MFS |
|
|
229,540 |
|
|
231,515 |
|
|||
|
|
Related Entities# |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS Lifetime 2030 Fund, MFS and MFS |
|
|
229,540 |
|
|
231,515 |
|
|||
|
|
Related Entities# |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS Lifetime 2035 Fund, MFS and MFS |
|
|
229,540 |
|
|
231,515 |
|
|||
|
|
Related Entities# |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS Lifetime 2040 Fund, MFS and MFS |
|
|
229,540 |
|
|
231,515 |
|
|||
|
|
Related Entities# |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS Lifetime 2045 Fund, MFS and MFS |
|
|
229,540 |
|
|
231,515 |
|
|||
|
|
Related Entities# |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS Lifetime 2050 Fund, MFS and MFS |
|
|
229,540 |
|
|
231,515 |
|
|||
|
|
Related Entities# |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS Lifetime 2055 Fund, MFS and MFS |
|
|
229,540 |
|
|
231,515 |
|
|||
|
|
Related Entities# |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS Lifetime 2060 Fund, MFS and MFS |
|
|
229,540 |
|
|
231,515 |
|
|||
|
|
Related Entities# |
|
|
|
|
|
|
|
|
|
|
|
|
To MFS Lifetime 2065 Fund, MFS and MFS |
|
|
229,540 |
|
|
231,515 |
|
|||
|
|
Related Entities# |
|
|
|
|
|
|
|
|
|
|
+MFS Lifetime 2020 Fund was reorganized into the MFS Lifetime Income Fund, as of August 2022, both series of MFS Series Trust XII.
* This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Funds (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex).
#This amount reflects the aggregate fees billed by E&Y for non-audit services rendered to the Funds and for non-audit services rendered to MFS and the MFS Related Entities.
1 The fees included under “Audit-Related Fees” are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ‘‘Audit Fees,’’ including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews.
2 The fees included under “Tax Fees” are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis.
3 The fees included under “All Other Fees” are fees for products and services provided by Deloitte other than those reported under “Audit Fees,” “Audit-Related Fees” and “Tax Fees”.
4 Certain fees reported in 2023 have been restated in this filing from those reported in the Registrant’s filing for the reporting period ended April 30, 2023.
Item 4(e)(1):
Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre- approval of audit and non-audit related services:
To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Fund and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by-engagement basis. In the event pre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 in each period between regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.
Item 4(e)(2):
None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
Item 4(f):
Not applicable.
Item 4(h):
The Registrant’s Audit Committee has considered whether the provision by a Registrant’s independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre-approved by the Committee (because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant’s principal auditors.
Item 4(i):
Not applicable.
Item 4(j):
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.
ITEM 6. INVESTMENTS
A schedule of investments for each series covered by this Form N-CSR is included as part of the report to shareholders of such series under Item 1(a) of this Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a)Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b)There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 13. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not Applicable.
ITEM 14. EXHIBITS.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto as EX-99.COE.
(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.
(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(4)Change in the registrant’s independent public accountant. Not applicable.
(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.
Notice
A copy of the Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS SERIES TRUST XII
This Notice pertains only to the following series of the Registrant: MFS Lifetime Income Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, MFS Lifetime 2060 Fund, and MFS Lifetime 2065 Fund. Each remaining series of the Registrant will be certifying on a different date.
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: June 14, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President (Principal Executive Officer)
Date: June 14, 2024
By (Signature and Title)*
/S/ KASEY L. PHILLIPS
Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer) Date: June 14, 2024
* Print name and title of each signing officer under his or her signature.
Notice
A copy of the Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS SERIES TRUST XII
This Notice pertains only to the following series of the Registrant: MFS Core Bond Fund. Each remaining series of the Registrant will be certifying on a different date.
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: June 20, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President (Principal Executive Officer)
Date: June 20, 2024
By (Signature and Title)*
/S/ KASEY L. PHILLIPS
Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer) Date: June 20, 2024
* Print name and title of each signing officer under his or her signature.
