UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21780

MFS SERIES TRUST XII

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

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

Date of fiscal year end: April 30

Date of reporting period: April 30, 2021

ITEM 1.

REPORTS TO STOCKHOLDERS.

Item 1(a):

Annual Report
April 30, 2021
MFS® Lifetime® Funds
MFS® Lifetime® Income Fund
MFS® Lifetime® 2020 Fund
MFS® Lifetime® 2025 Fund
MFS® Lifetime® 2030 Fund
MFS® Lifetime® 2035 Fund
MFS® Lifetime® 2040 Fund
MFS® Lifetime® 2045 Fund
MFS® Lifetime® 2050 Fund
MFS® Lifetime® 2055 Fund
MFS® Lifetime® 2060 Fund
LTF-ANN

MFS® Lifetime® Funds
CONTENTS
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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

Table of Contents

Table of Contents
LETTER FROM THE CEO
Dear Shareholders:
Markets have experienced dramatic swings since the coronavirus pandemic brought the global economy to a standstill for several months early in 2020. While the speedy development of vaccines brightened the economic and market outlook, uncertainty remains as new variants of the virus appear and questions persist over how fast vaccines can be made widely available in the developing world.
Global central banks have taken aggressive steps to cushion the economic and market fallout related to the virus, and governments are deploying unprecedented levels of fiscal support. Having passed a $1.9 trillion stimulus package in March, the U.S. Congress is expected to approve additional stimulus later this year, some of it focused on infrastructure. Along with extraordinary government expenditures, pent-up consumer demand has fueled a surge in economic activity as coronavirus restrictions have been eased. Because of this, inflation pressures are being felt, and markets have pushed up yields on global government bonds, resulting in ripple effects across many financial markets.
A spirited debate is underway among investors over whether the current price pressures will persist or prove to be temporary, the consequence of pandemic-induced bottlenecks. The policy measures put in place to counteract the pandemic's effects have helped build a supportive environment and are encouraging economic recovery; however, if markets disconnect from fundamentals, they can sow the seeds of instability. As such, recent dramatic increases in speculative trading in cryptocurrencies, special-purpose acquisition companies (SPACs), and the like, bear watching.
In the aftermath of the crisis, we could see societal changes as households, businesses, and governments adjust to a new reality, and any such alterations could affect the investment landscape. For investors, events such as the COVID-19 outbreak demonstrate the importance of having a deep understanding of company fundamentals, and we have built our global research platform to do just that.
At MFS®, we put our clients’ assets to work responsibly by carefully navigating the increasing complexity of global markets and economies. Guided by our long-term philosophy and adhering to our commitment to sustainable investing, we tune out the noise and aim to uncover what we believe are the best, most durable investment opportunities in the market. Our unique global investment platform combines collective expertise, long-term discipline, and thoughtful risk management to create sustainable value for investors.
Respectfully,
Michael W. Roberge
Chief Executive Officer
MFS Investment Management
June 15, 2021
The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.
1

Table of Contents
Portfolio Composition 
MFS Lifetime Income Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Limited Maturity Fund 19.7%
MFS Total Return Bond Fund 19.7%
MFS Inflation-Adjusted Bond Fund 9.9%
MFS Government Securities Fund 9.9%
MFS Global Opportunistic Bond Fund 4.9%
MFS Blended Research Mid Cap Equity Fund 3.1%
MFS High Income Fund 3.0%
MFS Blended Research International Equity Fund 2.5%
MFS Commodity Strategy Fund 2.1%
MFS Research Fund 2.1%
MFS Global Real Estate Fund 2.1%
MFS Blended Research Core Equity Fund 2.1%
MFS Blended Research Value Equity Fund 2.1%
MFS Value Fund 2.1%
MFS Growth Fund 2.0%
MFS Blended Research Growth Equity Fund 2.0%
MFS Emerging Markets Debt Fund 2.0%
MFS Mid Cap Value Fund 1.5%
MFS Mid Cap Growth Fund 1.5%
MFS Research International Fund 1.5%
MFS Blended Research Small Cap Equity Fund 1.0%
MFS Emerging Markets Debt Local Currency Fund 1.0%
MFS New Discovery Value Fund 0.5%
MFS New Discovery Fund 0.5%
MFS International Growth Fund 0.5%
MFS International Intrinsic Value Fund 0.5%
Cash & Cash Equivalents 0.2%
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of April 30, 2021.
The portfolio is actively managed and current holdings may be different.
2

Table of Contents
Portfolio Composition - continued
MFS Lifetime 2020 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Total Return Bond Fund 20.1%
MFS Limited Maturity Fund 20.0%
MFS Government Securities Fund 10.0%
MFS Inflation-Adjusted Bond Fund 10.0%
MFS Global Opportunistic Bond Fund 5.0%
MFS High Income Fund 3.0%
MFS Blended Research Mid Cap Equity Fund 2.9%
MFS Blended Research International Equity Fund 2.4%
MFS Emerging Markets Debt Fund 2.0%
MFS Value Fund 2.0%
MFS Commodity Strategy Fund 2.0%
MFS Blended Research Value Equity Fund 2.0%
MFS Research Fund 2.0%
MFS Global Real Estate Fund 2.0%
MFS Blended Research Core Equity Fund 2.0%
MFS Blended Research Growth Equity Fund 2.0%
MFS Growth Fund 2.0%
MFS Mid Cap Value Fund 1.5%
MFS Mid Cap Growth Fund 1.5%
MFS Research International Fund 1.5%
MFS Emerging Markets Debt Local Currency Fund 1.0%
MFS Blended Research Small Cap Equity Fund 1.0%
MFS New Discovery Value Fund 0.5%
MFS New Discovery Fund 0.5%
MFS International Intrinsic Value Fund 0.5%
MFS International Growth Fund 0.5%
Cash & Cash Equivalents 0.1%
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of April 30, 2021.
The portfolio is actively managed and current holdings may be different.
3

Table of Contents
Portfolio Composition - continued
MFS Lifetime 2025 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Total Return Bond Fund 15.5%
MFS Limited Maturity Fund 11.0%
MFS Inflation-Adjusted Bond Fund 10.0%
MFS Government Securities Fund 9.9%
MFS Global Opportunistic Bond Fund 5.0%
MFS High Income Fund 4.8%
MFS Blended Research Mid Cap Equity Fund 3.9%
MFS Blended Research International Equity Fund 3.8%
MFS Value Fund 2.9%
MFS Blended Research Value Equity Fund 2.9%
MFS Research Fund 2.9%
MFS Blended Research Core Equity Fund 2.9%
MFS Growth Fund 2.9%
MFS Emerging Markets Debt Fund 2.9%
MFS Blended Research Growth Equity Fund 2.9%
MFS Commodity Strategy Fund 2.1%
MFS Global Real Estate Fund 2.0%
MFS Mid Cap Value Fund 2.0%
MFS Mid Cap Growth Fund 1.9%
MFS Research International Fund 1.9%
MFS Emerging Markets Debt Local Currency Fund 1.9%
MFS Blended Research Small Cap Equity Fund 1.0%
MFS International Growth Fund 1.0%
MFS International Intrinsic Value Fund 0.9%
MFS New Discovery Value Fund 0.5%
MFS New Discovery Fund 0.5%
Cash & Cash Equivalents 0.1%
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of April 30, 2021.
The portfolio is actively managed and current holdings may be different.
4

Table of Contents
Portfolio Composition - continued
MFS Lifetime 2030 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Government Securities Fund 9.9%
MFS Total Return Bond Fund 8.8%
MFS Inflation-Adjusted Bond Fund 7.3%
MFS Blended Research Mid Cap Equity Fund 6.7%
MFS Blended Research International Equity Fund 5.7%
MFS High Income Fund 5.0%
MFS Global Opportunistic Bond Fund 5.0%
MFS Blended Research Value Equity Fund 3.9%
MFS Research Fund 3.9%
MFS Value Fund 3.9%
MFS Blended Research Core Equity Fund 3.9%
MFS Growth Fund 3.9%
MFS Blended Research Growth Equity Fund 3.9%
MFS Mid Cap Value Fund 3.4%
MFS Mid Cap Growth Fund 3.3%
MFS Emerging Markets Debt Fund 3.0%
MFS Commodity Strategy Fund 2.9%
MFS Global Real Estate Fund 2.9%
MFS Research International Fund 2.9%
MFS Emerging Markets Debt Local Currency Fund 2.0%
MFS Blended Research Small Cap Equity Fund 1.5%
MFS International Growth Fund 1.4%
MFS International Intrinsic Value Fund 1.4%
MFS Limited Maturity Fund 1.1%
MFS International New Discovery Fund 0.9%
MFS New Discovery Value Fund 0.7%
MFS New Discovery Fund 0.7%
Cash & Cash Equivalents 0.1%
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of April 30, 2021.
The portfolio is actively managed and current holdings may be different.
5

Table of Contents
Portfolio Composition - continued
MFS Lifetime 2035 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Blended Research Mid Cap Equity Fund 8.8%
MFS Blended Research International Equity Fund 8.1%
MFS Growth Fund 5.4%
MFS Blended Research Value Equity Fund 5.4%
MFS Value Fund 5.3%
MFS Blended Research Growth Equity Fund 5.3%
MFS Inflation-Adjusted Bond Fund 5.2%
MFS High Income Fund 5.0%
MFS Mid Cap Value Fund 4.4%
MFS Mid Cap Growth Fund 4.4%
MFS Research Fund 4.0%
MFS Commodity Strategy Fund 4.0%
MFS Blended Research Core Equity Fund 4.0%
MFS Global Real Estate Fund 3.9%
MFS Total Return Bond Fund 3.5%
MFS Research International Fund 3.4%
MFS Emerging Markets Debt Fund 3.0%
MFS International Growth Fund 2.4%
MFS International Intrinsic Value Fund 2.4%
MFS Global Opportunistic Bond Fund 2.3%
MFS Emerging Markets Debt Local Currency Fund 2.0%
MFS Blended Research Small Cap Equity Fund 1.9%
MFS International New Discovery Fund 1.9%
MFS Government Securities Fund 1.1%
MFS New Discovery Fund 1.0%
MFS New Discovery Value Fund 1.0%
MFS Blended Research Emerging Markets Equity Fund 0.4%
MFS Emerging Markets Equity Fund 0.4%
Cash & Cash Equivalents 0.1%
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of April 30, 2021.
The portfolio is actively managed and current holdings may be different.
6

Table of Contents
Portfolio Composition - continued
MFS Lifetime 2040 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Blended Research International Equity Fund 9.5%
MFS Blended Research Mid Cap Equity Fund 9.5%
MFS Blended Research Value Equity Fund 5.8%
MFS Value Fund 5.8%
MFS Growth Fund 5.8%
MFS Blended Research Growth Equity Fund 5.7%
MFS Mid Cap Value Fund 4.8%
MFS Mid Cap Growth Fund 4.7%
MFS Commodity Strategy Fund 4.5%
MFS Global Real Estate Fund 4.5%
MFS Research Fund 4.0%
MFS Blended Research Core Equity Fund 4.0%
MFS Inflation-Adjusted Bond Fund 3.9%
MFS Research International Fund 3.7%
MFS International Growth Fund 2.9%
MFS International Intrinsic Value Fund 2.9%
MFS International New Discovery Fund 2.9%
MFS High Income Fund 2.8%
MFS Total Return Bond Fund 2.7%
MFS Blended Research Small Cap Equity Fund 2.2%
MFS Emerging Markets Debt Fund 1.6%
MFS New Discovery Value Fund 1.1%
MFS New Discovery Fund 1.1%
MFS Emerging Markets Debt Local Currency Fund 1.1%
MFS Global Opportunistic Bond Fund 1.1%
MFS Blended Research Emerging Markets Equity Fund 0.7%
MFS Emerging Markets Equity Fund 0.7%
Cash & Cash Equivalents (o) 0.0%
(o) Less than 0.1%.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of April 30, 2021.
The portfolio is actively managed and current holdings may be different.
7

Table of Contents
Portfolio Composition - continued
MFS Lifetime 2045 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Blended Research International Equity Fund 10.8%
MFS Blended Research Mid Cap Equity Fund 9.9%
MFS Value Fund 6.0%
MFS Blended Research Value Equity Fund 6.0%
MFS Blended Research Growth Equity Fund 6.0%
MFS Growth Fund 6.0%
MFS Commodity Strategy Fund 5.0%
MFS Mid Cap Value Fund 5.0%
MFS Global Real Estate Fund 5.0%
MFS Mid Cap Growth Fund 4.9%
MFS Research Fund 4.0%
MFS Blended Research Core Equity Fund 4.0%
MFS Research International Fund 3.9%
MFS International New Discovery Fund 3.9%
MFS International Growth Fund 3.4%
MFS International Intrinsic Value Fund 3.4%
MFS Inflation-Adjusted Bond Fund 2.6%
MFS Total Return Bond Fund 2.5%
MFS Blended Research Small Cap Equity Fund 2.5%
MFS New Discovery Value Fund 1.2%
MFS New Discovery Fund 1.2%
MFS Blended Research Emerging Markets Equity Fund 1.0%
MFS Emerging Markets Equity Fund 1.0%
MFS High Income Fund 0.3%
MFS Emerging Markets Debt Fund 0.2%
MFS Emerging Markets Debt Local Currency Fund 0.1%
MFS Global Opportunistic Bond Fund 0.1%
Cash & Cash Equivalents 0.1%
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of April 30, 2021.
The portfolio is actively managed and current holdings may be different.
8

Table of Contents
Portfolio Composition - continued
MFS Lifetime 2050 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Blended Research International Equity Fund 10.9%
MFS Blended Research Mid Cap Equity Fund 10.0%
MFS Value Fund 6.0%
MFS Blended Research Value Equity Fund 6.0%
MFS Growth Fund 6.0%
MFS Blended Research Growth Equity Fund 6.0%
MFS Commodity Strategy Fund 5.1%
MFS Mid Cap Value Fund 5.0%
MFS Global Real Estate Fund 5.0%
MFS Mid Cap Growth Fund 5.0%
MFS Research Fund 4.0%
MFS Blended Research Core Equity Fund 4.0%
MFS Research International Fund 4.0%
MFS International New Discovery Fund 4.0%
MFS International Growth Fund 3.5%
MFS International Intrinsic Value Fund 3.4%
MFS Inflation-Adjusted Bond Fund 2.5%
MFS Total Return Bond Fund 2.5%
MFS Blended Research Small Cap Equity Fund 2.5%
MFS New Discovery Value Fund 1.3%
MFS New Discovery Fund 1.2%
MFS Blended Research Emerging Markets Equity Fund 1.0%
MFS Emerging Markets Equity Fund 1.0%
Cash & Cash Equivalents 0.1%
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of April 30, 2021.
The portfolio is actively managed and current holdings may be different.
9

Table of Contents
Portfolio Composition - continued
MFS Lifetime 2055 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Blended Research International Equity Fund 10.9%
MFS Blended Research Mid Cap Equity Fund 10.0%
MFS Blended Research Value Equity Fund 6.0%
MFS Value Fund 6.0%
MFS Growth Fund 6.0%
MFS Blended Research Growth Equity Fund 6.0%
MFS Commodity Strategy Fund 5.1%
MFS Global Real Estate Fund 5.0%
MFS Mid Cap Value Fund 5.0%
MFS Mid Cap Growth Fund 5.0%
MFS Research Fund 4.0%
MFS Blended Research Core Equity Fund 4.0%
MFS Research International Fund 4.0%
MFS International New Discovery Fund 4.0%
MFS International Growth Fund 3.5%
MFS International Intrinsic Value Fund 3.4%
MFS Inflation-Adjusted Bond Fund 2.5%
MFS Total Return Bond Fund 2.5%
MFS Blended Research Small Cap Equity Fund 2.5%
MFS New Discovery Fund 1.3%
MFS New Discovery Value Fund 1.2%
MFS Blended Research Emerging Markets Equity Fund 1.0%
MFS Emerging Markets Equity Fund 1.0%
Cash & Cash Equivalents 0.1%
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of April 30, 2021.
The portfolio is actively managed and current holdings may be different.
10

Table of Contents
Portfolio Composition - continued
MFS Lifetime 2060 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Blended Research International Equity Fund 10.9%
MFS Blended Research Mid Cap Equity Fund 10.0%
MFS Value Fund 6.0%
MFS Blended Research Value Equity Fund 6.0%
MFS Blended Research Growth Equity Fund 6.0%
MFS Growth Fund 6.0%
MFS Commodity Strategy Fund 5.1%
MFS Mid Cap Value Fund 5.0%
MFS Global Real Estate Fund 5.0%
MFS Mid Cap Growth Fund 5.0%
MFS Research Fund 4.0%
MFS Blended Research Core Equity Fund 4.0%
MFS Research International Fund 4.0%
MFS International New Discovery Fund 4.0%
MFS International Growth Fund 3.5%
MFS International Intrinsic Value Fund 3.5%
MFS Total Return Bond Fund 2.5%
MFS Inflation-Adjusted Bond Fund 2.5%
MFS Blended Research Small Cap Equity Fund 2.5%
MFS New Discovery Value Fund 1.3%
MFS New Discovery Fund 1.2%
MFS Blended Research Emerging Markets Equity Fund 1.0%
MFS Emerging Markets Equity Fund 1.0%
Cash & Cash Equivalents (o) 0.0%
(o) Less than 0.1%.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds' subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds' Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of April 30, 2021.
The portfolio is actively managed and current holdings may be different.
11

Table of Contents
Management Review 
MFS Lifetime Funds
Market Environment
After experiencing an abrupt decline in response to the initial wave of the coronavirus pandemic, markets staged a sharp rally that took global equities to record highs near the end of the period. Central banks and fiscal authorities undertook astonishing levels of stimulus to offset the economic effects of government-imposed social-distancing measures meant to slow the spread of the virus. At this point, the global economy looks to have experienced the shortest — albeit the deepest — recession in the postwar period. However, its recovery remains subject to a number of uncertainties as the rollout of coronavirus vaccines remains highly variable in different countries. Even the distribution of vaccines in developed economies has been sluggish due to supply constraints and concerns over potential side effects. In some jurisdictions, there remain worries over whether enough people will get vaccinated to bring about herd immunity.
Around the world, central banks responded quickly and massively to the crisis with programs to improve liquidity and support markets. These undertakings proved largely successful in helping to restore market function, ease volatility and stimulate a prolonged rebound. In the middle of the period, the US Federal Reserve adopted a new, flexible, average-inflation-targeting framework, which is expected to result in the federal funds rate remaining at low levels longer than under its previous model. Due to relatively manageable external liabilities and balances of payments in many countries and persistently low inflation, even emerging market countries were able to implement countercyclical policies — a departure from the usual market-dictated response to risk-off crises.
Late in the period, we saw the threat of resurgent inflation resulting from monumental levels of economic stimulus and the unleashing of pandemic-induced pent-up demand. Meanwhile, raw materials prices rebounded strongly on account of the surprising resilience of the global manufacturing sector during the pandemic. In response to these factors, global government bond yields have risen materially in recent months and market leadership has shifted from a handful of mega-cap technology companies to a broader array of small-cap and value stocks. At the same time, signs of excess investor enthusiasm have been seen in pockets of the market, such as stocks that are popular with the users of online message boards and equities issued by special purpose acquisition companies (SPACs).
MFS Lifetime Income Fund
Summary of Results
For the twelve months ended April 30, 2021, Class A shares of the MFS Lifetime Income Fund (fund) provided a total return of 16.01%, at net asset value. This compares with a return of -0.27% for the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The fund’s other benchmark, the MFS Lifetime Income Fund Blended Index (Blended Index), generated a return of 11.33%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
During the reporting period, on an absolute basis, equity markets outperformed fixed income markets. However, within the fixed income segment, the fund’s broad diversification across funds was a notable contributor to relative performance, as diversification away from the US rates market and into the credit and global markets generally benefited performance. Further, underlying funds that were overweight credit versus their respective market segments, such as the MFS Limited Maturity Fund and the MFS Total Return Bond Fund, were among the fund’s top relative contributors. Investments in the MFS Inflation-Adjusted Bond Fund also added value to the fund’s relative performance during the reporting period.
Within the US stock funds segment, the fund’s investments in middle and small capitalization strategies, such as the MFS Blended Research Mid Cap Equity Fund and MFS Blended Research Small Cap Equity Fund, contributed to relative performance. Investments in value funds, such as the MFS Mid Cap Value Fund and MFS New Discovery Value Fund, also helped.
The fund’s allocation to both specialty funds and international stock funds strengthened relative performance. Within the specialty funds segment, the MFS Commodity Strategy Fund supported relative results as the fund outperformed the commodity market segment during the reporting period. Within the international stock funds segment, the MFS Blended Research International Equity Fund was a primary contributor to relative returns as the fund outperformed its respective market segment.
MFS Lifetime 2020 Fund
Summary of Results
For the twelve months ended April 30, 2021, Class A shares of the MFS Lifetime 2020 Fund (fund) provided a total return of 16.02%, at net asset value. This compares with a return of 45.98% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2020 Fund Blended Index (Blended Index), generated a return of 11.43%. The
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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.
Factors Affecting Performance
During the reporting period, on an absolute basis, equity markets outperformed fixed income markets. However, within the fixed income segment, the fund’s broad diversification across funds was a notable contributor to relative performance, as diversification away from the US rates market and into the credit and global markets generally benefited performance. Further, underlying funds that were overweight credit versus their respective market segments, such as the MFS Limited Maturity Fund and the MFS Total Return Bond Fund, were among the fund’s top relative contributors. Investments in the MFS Inflation-Adjusted Bond Fund also added value to the fund’s relative performance during the reporting period.
Within the US stock funds segment, the fund’s investments in middle and small capitalization strategies, such as the MFS Blended Research Mid Cap Equity Fund and MFS Blended Research Small Cap Equity Fund, contributed to relative performance. Investments in value funds, such as the MFS Mid Cap Value Fund and MFS New Discovery Value Fund, also helped.
The fund’s allocation to specialty funds and international stock funds strengthened relative performance. Within the specialty funds segment, the MFS Commodity Strategy Fund supported relative results as the fund outperformed the commodity market segment during the reporting period. Within the international stock funds segment, the MFS Blended Research International Equity Fund was a primary contributor to relative returns as the fund outperformed its respective market segment.
MFS Lifetime 2025 Fund
Summary of Results
For the twelve months ended April 30, 2021, Class A shares of the MFS Lifetime 2025 Fund (fund) provided a total return of 20.70%, at net asset value. This compares with a return of 45.98% 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 16.01%. 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.
Factors Affecting Performance
During the reporting period, on an absolute basis, equity markets outperformed fixed income markets. However, within the fixed income segment, the fund’s broad diversification across funds was a notable contributor to relative performance, as diversification away from the US rates market and into the credit and global markets generally benefited performance. Further, underlying funds that were overweight credit versus their respective market segments, such as the MFS Total Return Bond Fund and the MFS High Income Fund, were among the fund’s top relative contributors. Investments in the MFS Inflation-Adjusted Bond Fund also added value to the fund’s relative performance during the reporting period.
Within the US stock funds segment, the fund’s investments in middle and small capitalization strategies, such as the MFS Blended Research Mid Cap Equity Fund and MFS Blended Research Small Cap Equity Fund, contributed to relative performance. Investments in value funds, such as the MFS Mid Cap Value Fund and MFS New Discovery Value Fund, also helped.
The fund’s allocation to specialty funds and international stock funds strengthened relative performance. Within the specialty funds segment, the MFS Commodity Strategy Fund supported relative results as the fund outperformed the commodity market segment during the reporting period. Within the international stock funds segment, the MFS Blended Research International Equity Fund was a primary contributor to relative returns as the fund outperformed its respective market segment.
MFS Lifetime 2030 Fund
Summary of Results
For the twelve months ended April 30, 2021, Class A shares of the MFS Lifetime 2030 Fund (fund) provided a total return of 29.17%, at net asset value. This compares with a return of 45.98% 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 24.71%. 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.
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Management Review - continued
Factors Affecting Performance
During the reporting period, on an absolute basis, equity markets outperformed fixed income markets. However, within the fixed income segment, most of the fund's underlying investments outperformed their respective market segments during the reporting period. The fund’s diversification into the credit and global markets generally contributed to performance. Further, underlying funds that were overweight credit versus their respective market segments, such as the MFS High Income Bond Fund and the MFS Global Opportinistic Bond Fund, were among the fund’s top relative contributors. Investments in the MFS Inflation-Adjusted Bond Fund also added value to the fund’s relative performance during the reporting period.
Within the US stock funds segment, the fund’s investments in middle and small capitalization strategies, such as the MFS Blended Research Mid Cap Equity Fund and MFS Blended Research Small Cap Equity Fund, contributed to relative performance. Investments in value funds, such as the MFS Mid Cap Value Fund and MFS New Discovery Value Fund, also helped.
The fund’s allocation to international stock funds and specialty funds strengthened relative performance. Within the international stock funds segment, the MFS Blended Research International Equity Fund helped relative returns as the fund outperformed the broader global equity markets. Within the specialty funds segment, the MFS Commodity Strategy Fund supported relative performance as the fund outperformed the commodity market segment during the reporting period.
MFS Lifetime 2035 Fund
Summary of Results
For the twelve months ended April 30, 2021, Class A shares of the MFS Lifetime 2035 Fund (fund) provided a total return of 38.48%, at net asset value. This compares with a return of 45.98% 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 33.85%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
During the reporting period, on an absolute basis, equity markets outperformed fixed income markets. However, within the fixed income segment, most of the fund's underlying investments outperformed their respective market segments during the reporting period. The fund’s diversification into the credit and global markets generally benefited performance. Further, underlying funds that were overweight credit versus their respective market segments, such as the the MFS High Income Bond Fund and the MFS Global Opportunistic Bond Fund, were among the fund’s top relative contributors. Investments in the MFS Inflation-Adjusted Bond Fund also added value to the fund’s relative performance during the reporting period.
Within the US stock funds segment, the fund’s investments in middle and small capitalization strategies, such as the MFS Blended Research Mid Cap Equity Fund and MFS Blended Research Small Cap Equity Fund, contributed to relative performance. Investments in value funds, such as the MFS Mid Cap Value Fund and MFS New Discovery Value Fund, also helped.
The fund’s allocation to both international stock funds and specialty funds strengthened relative performance. Within the international stock funds segment, the MFS Blended Research International Equity Fund helped relative returns as the fund outperformed the broader global equity markets. Within the specialty funds segment, the MFS Commodity Strategy Fund supported relative performance as the fund outperformed the commodity market segment during the reporting period.
MFS Lifetime 2040 Fund
Summary of Results
For the twelve months ended April 30, 2021, Class A shares of the MFS Lifetime 2040 Fund (fund) provided a total return of 41.38%, at net asset value. This compares with a return of 45.98% 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 37.60%. 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.
Factors Affecting Performance
During the reporting period, on an absolute basis, equity markets outperformed fixed income markets. Within the US stock funds segment, the fund’s investments in middle and small capitalization strategies, such as the MFS Blended Research Mid Cap Equity Fund and MFS Blended Research Small Cap Equity Fund, contributed to relative performance. Investments in value funds, such as the MFS Mid Cap Value Fund and MFS New Discovery Value Fund, also helped.
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Management Review - continued
Within the fixed income segment, most of the fund's underlying investments outperformed their respective market segments during the reporting period. The fund’s diversification into the credit and global markets generally benefited performance. Further, underlying funds that were overweight credit versus their respective market segments, such as the MFS High Income Bond Fund and the MFS Total Return Bond Fund, were among the fund’s top relative contributors. Investments in the MFS Inflation-Adjusted Bond Fund also added value to the fund’s relative performance during the reporting period.
The fund’s allocation to international stock funds and specialty funds strengthened relative performance. Within the international stock funds segment, the MFS Blended Research International Equity Fund helped relative returns as the fund outperformed the broader global equity markets. Within the specialty funds segment, the MFS Commodity Strategy Fund supported relative performance as the fund outperformed the commodity market segment during the reporting period.
MFS Lifetime 2045 Fund
Summary of Results
For the twelve months ended April 30, 2021, Class A shares of the MFS Lifetime 2045 Fund (fund) provided a total return of 44.10%, at net asset value. This compares with a return of 45.98% 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 41.12%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
During the reporting period, on an absolute basis, equity markets outperformed fixed income markets. Within the US stock funds segment, the fund’s investments in middle and small capitalization strategies, such as the MFS Blended Research Mid Cap Equity Fund and MFS Blended Research Small Cap Equity Fund, contributed to relative performance. Investments in value funds, such as the MFS Mid Cap Value Fund and MFS New Discovery Value Fund, also helped.
The fund’s allocation to specialty funds and international stock funds strengthened relative performance. Within the specialty funds segment, the MFS Commodity Strategy Fund supported relative results as the fund outperformed the commodity market segment during the reporting period. Within the international stock funds segment, the MFS Blended Research International Equity Fund helped relative returns as the fund outperformed the broader global equity markets.
Within the fixed income segment of the fund, the fund’s diversification into the credit and global markets generally aided performance. Further, underlying funds that were overweight credit versus their respective market segments, such as the MFS Total Return Bond Fund, were among the fund’s top relative contributors. Investments in the MFS Inflation-Adjusted Bond Fund also added value to the fund's relative performance during the reporting period.
MFS Lifetime 2050 Fund
Summary of Results
For the twelve months ended April 30, 2021, Class A shares of the MFS Lifetime 2050 Fund (fund) provided a total return of 44.17%, at net asset value. This compares with a return of 45.98% 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 41.25%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
During the reporting period, on an absolute basis, equity markets outperformed fixed income markets. Within the US stock funds segment, the fund’s investments in middle and small capitalization strategies, such as the MFS Blended Research Mid Cap Equity Fund and MFS Blended Research Small Cap Equity Fund, contributed to relative performance. Investments in value funds, such as the MFS Mid Cap Value Fund and MFS New Discovery Value Fund, also helped.
The fund’s allocation to specialty funds and international stock funds strengthened relative performance. Within the specialty funds segment, the MFS Commodity Strategy Fund supported relative results as the fund outperformed the commodity market segment during the reporting period. Within the international stock funds segment, the MFS Blended Research International Equity Fund helped relative returns as the fund outperformed the broader global equity markets.
Within the fixed income segment, the fund's investments in both the MFS Inflation-Adjusted Bond Fund and MFS Total Return Bond Fund added value to the fund’s relative performance during the reporting period.
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Management Review - continued
MFS Lifetime 2055 Fund
Summary of Results
For the twelve months ended April 30, 2021, Class A shares of the MFS Lifetime 2055 Fund (fund) provided a total return of 44.11%, at net asset value. This compares with a return of 45.98% 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 41.25%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
During the reporting period, on an absolute basis, equity markets outperformed fixed income markets. Within the US stock funds segment, the fund’s investments in middle and small capitalization strategies, such as the MFS Blended Research Mid Cap Equity Fund and MFS Blended Research Small Cap Equity Fund, contributed to relative performance. Investments in value funds, such as the MFS Mid Cap Value Fund and MFS New Discovery Value Fund, also helped.
The fund’s allocation to specialty funds and international stock funds strengthened relative performance. Within the specialty funds segment, the MFS Commodity Strategy Fund supported relative results as the fund outperformed the commodity market segment during the reporting period. Within the international stock funds segment, the MFS Blended Research International Equity Fund helped relative returns as the fund outperformed the broader global equity markets.
Within the fixed income segment, the fund's investments in both the MFS Inflation-Adjusted Bond Fund and MFS Total Return Bond Fund added value to the fund’s relative performance during the reporting period.
MFS Lifetime 2060 Fund
Summary of Results
For the twelve months ended April 30, 2021, Class A shares of the MFS Lifetime 2060 Fund (fund) provided a total return of 44.39%, at net asset value. This compares with a return of 45.98% 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 41.25%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
During the reporting period, on an absolute basis, equity markets outperformed fixed income markets. Within the US stock funds segment, the fund’s investments in middle and small capitalization strategies, such as the MFS Blended Research Mid Cap Equity Fund and MFS Blended Research Small Cap Equity Fund, contributed to relative performance. Investments in value funds, such as the MFS Mid Cap Value Fund and MFS New Discovery Value Fund, also helped.
The fund’s allocation to specialty funds and international stock funds strengthened relative performance. Within the specialty funds segment, the MFS Commodity Strategy Fund supported relative results as the fund outperformed the commodity market segment during the reporting period. Within the international stock funds segment, the MFS Blended Research International Equity Fund helped relative returns as the fund outperformed the broader global equity markets.
Within the fixed income segment, the fund's investments in both the MFS Inflation-Adjusted Bond Fund and MFS Total Return Bond Fund added value to the fund’s relative performance during the reporting period.
Respectfully,
Portfolio Manager(s)
Joseph Flaherty and Natalie Shapiro
The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
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Performance Summary THROUGH 4/30/21
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
Average annual total returns through 4/30/21
Without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 9/29/05 16.01% 6.48% 5.16% N/A
B 9/29/05 15.16% 5.69% 4.37% N/A
C 9/29/05 15.17% 5.67% 4.37% N/A
I 9/29/05 16.30% 6.74% 5.42% N/A
R1 9/29/05 15.15% 5.68% 4.38% N/A
R2 9/29/05 15.73% 6.21% 4.89% N/A
R3 9/29/05 16.01% 6.48% 5.16% N/A
R4 9/29/05 16.30% 6.74% 5.42% N/A
R6 8/29/16 16.44% N/A N/A 6.73%
529A 1/08/15 15.95% 6.45% N/A 5.50%
529B 1/08/15 15.63% 5.75% N/A 4.80%
529C 1/08/15 15.20% 5.65% N/A 4.72%
Comparative benchmark(s)
         
Bloomberg Barclays U.S. Aggregate Bond Index (f) (0.27)% 3.19% 3.39% N/A
MFS Lifetime Income Fund Blended Index (f)(z) 11.33% 6.45% 5.72% N/A
Bloomberg Commodity Index (f) 48.52% 2.26% (5.85)% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) 33.84% 5.18% 5.88% N/A
MSCI EAFE Index (net div) (f) 39.88% 8.87% 5.22% N/A
Standard & Poor’s 500 Stock Index (f) 45.98% 17.42% 14.17% N/A
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Performance Summary  - continued
With sales charge
  1-yr 5-yr 10-yr Life (t)
A
With Initial Sales Charge (4.25%) 		11.08% 5.56% 4.71% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		11.16% 5.36% 4.37% N/A
C
With CDSC (1% for 12 months) (v) 		14.17% 5.67% 4.37% N/A
529A
With Initial Sales Charge (4.25%) 		11.02% 5.53% N/A 4.78%
529B
With CDSC (Declining over six years from 4% to 0%) (v) 		11.63% 5.43% N/A 4.80%
529C
With CDSC (1% for 12 months) (v) 		14.20% 5.65% N/A 4.72%
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
(z) The weights of the components of the blended benchmark (MFS Lifetime Income Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/21 4/30/20
Bloomberg Barclays U.S. Aggregate Bond Index 71.00% 71.00%
Standard & Poor’s 500 Stock Index 20.00% 20.00%
MSCI EAFE Index (net div) 5.00% 5.00%
FTSE EPRA Nareit Developed Real Estate Index (net div) 2.00% 2.00%
Bloomberg Commodity Index 2.00% 2.00%
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Performance Summary  - continued
MFS Lifetime 2020 Fund
Growth of a Hypothetical $10,000 Investment
Average annual total returns through 4/30/21
Without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 9/29/05 16.02% 6.97% 5.91% N/A
B 9/29/05 15.15% 6.17% 5.13% N/A
C 9/29/05 15.21% 6.17% 5.12% N/A
I 9/29/05 16.35% 7.25% 6.19% N/A
R1 9/29/05 15.19% 6.16% 5.12% N/A
R2 9/29/05 15.72% 6.70% 5.65% N/A
R3 9/29/05 16.07% 6.97% 5.91% N/A
R4 9/29/05 16.36% 7.23% 6.18% N/A
R6 8/29/16 16.49% N/A N/A 7.12%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 45.98% 17.42% 14.17% N/A
MFS Lifetime 2020 Fund Blended Index (f)(z) 11.43% 6.90% 6.29% N/A
Bloomberg Barclays U.S. Aggregate Bond Index (f) (0.27)% 3.19% 3.39% N/A
Bloomberg Commodity Index (f) 48.52% 2.26% (5.85)% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) 33.84% 5.18% 5.88% N/A
MSCI EAFE Index (net div) (f) 39.88% 8.87% 5.22% N/A
With sales charge
         
A
With Initial Sales Charge (5.75%) 		9.35% 5.71% 5.29% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		11.15% 5.85% 5.13% N/A
C
With CDSC (1% for 12 months) (v) 		14.21% 6.17% 5.12% 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.
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Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2020 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:
  4/30/21 4/30/20
Bloomberg Barclays U.S. Aggregate Bond Index 71.00% 69.90%
Standard & Poor’s 500 Stock Index 20.00% 20.80%
MSCI EAFE Index (net div) 5.00% 5.30%
Bloomberg Commodity Index 2.00% 2.00%
FTSE EPRA Nareit Developed Real Estate Index (net div) 2.00% 2.00%
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Performance Summary  - continued
MFS Lifetime 2025 Fund
Growth of a Hypothetical $10,000 Investment (t)
Average annual total returns through 4/30/21
Without sales charge
Share Class Class Inception Date 1-yr 5-yr Life (t)
A 11/02/12 20.70% 8.62% 8.00%
B 11/02/12 19.83% 7.79% 7.18%
C 11/02/12 19.86% 7.79% 7.18%
I 11/02/12 21.10% 8.88% 8.26%
R1 11/02/12 19.78% 7.78% 7.17%
R2 11/02/12 20.43% 8.32% 7.71%
R3 11/02/12 20.74% 8.60% 7.98%
R4 11/02/12 21.06% 8.88% 8.25%
R6 8/29/16 21.17% N/A 8.69%
Comparative benchmark(s)
       
Standard & Poor’s 500 Stock Index (f) 45.98% 17.42% 15.80%
MFS Lifetime 2025 Fund Blended Index (f)(z) 16.01% 8.48% 8.17%
Bloomberg Barclays U.S. Aggregate Bond Index (f) (0.27)% 3.19% 2.80%
Bloomberg Commodity Index (f) 48.52% 2.26% (4.60)%
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) 33.84% 5.18% 6.22%
MSCI EAFE Index (net div) (f) 39.88% 8.87% 7.56%
With sales charge
       
A
With Initial Sales Charge (5.75%) 		13.76% 7.34% 7.25%
B
With CDSC (Declining over six years from 4% to 0%) (v) 		15.83% 7.50% 7.18%
C
With CDSC (1% for 12 months) (v) 		18.86% 7.79% 7.18%
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.
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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:
  4/30/21 4/30/20
Bloomberg Barclays U.S. Aggregate Bond Index 61.10% 58.00%
Standard & Poor’s 500 Stock Index 27.20% 29.30%
MSCI EAFE Index (net div) 7.70% 8.50%
Bloomberg Commodity Index 2.00% 2.10%
FTSE EPRA Nareit Developed Real Estate Index (net div) 2.00% 2.10%
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Performance Summary  - continued
MFS Lifetime 2030 Fund
Growth of a Hypothetical $10,000 Investment
Average annual total returns through 4/30/21
Without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 9/29/05 29.17% 10.79% 8.40% N/A
B 9/29/05 28.24% 9.97% 7.60% N/A
C 9/29/05 28.24% 9.97% 7.59% N/A
I 9/29/05 29.48% 11.01% 8.65% N/A
R1 9/29/05 28.21% 9.96% 7.59% N/A
R2 9/29/05 28.84% 10.52% 8.13% N/A
R3 9/29/05 29.18% 10.80% 8.40% N/A
R4 9/29/05 29.58% 11.07% 8.67% N/A
R6 8/29/16 29.71% N/A N/A 10.86%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 45.98% 17.42% 14.17% N/A
MFS Lifetime 2030 Fund Blended Index (f)(z) 24.71% 10.54% 8.52% N/A
Bloomberg Barclays U.S. Aggregate Bond Index (f) (0.27)% 3.19% 3.39% N/A
Bloomberg Commodity Index (f) 48.52% 2.26% (5.85)% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) 33.84% 5.18% 5.88% N/A
MSCI EAFE Index (net div) (f) 39.88% 8.87% 5.22% N/A
With sales charge
         
A
With Initial Sales Charge (5.75%) 		21.74% 9.49% 7.76% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		24.24% 9.70% 7.60% N/A
C
With CDSC (1% for 12 months) (v) 		27.24% 9.97% 7.59% 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.
23

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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:
  4/30/21 4/30/20
Standard & Poor’s 500 Stock Index 39.70% 42.10%
Bloomberg Barclays U.S. Aggregate Bond Index 42.00% 38.00%
MSCI EAFE Index (net div) 12.50% 13.70%
Bloomberg Commodity Index 2.90% 3.10%
FTSE EPRA Nareit Developed Real Estate Index (net div) 2.90% 3.10%
24

Table of Contents
Performance Summary  - continued
MFS Lifetime 2035 Fund
Growth of a Hypothetical $10,000 Investment (t)
Average annual total returns through 4/30/21
Without sales charge
Share Class Class Inception Date 1-yr 5-yr Life (t)
A 11/02/12 38.48% 12.31% 10.76%
B 11/02/12 37.44% 11.47% 9.93%
C 11/02/12 37.40% 11.46% 9.94%
I 11/02/12 38.83% 12.52% 11.01%
R1 11/02/12 37.27% 11.42% 9.91%
R2 11/02/12 38.06% 12.00% 10.48%
R3 11/02/12 38.44% 12.29% 10.76%
R4 11/02/12 38.82% 12.59% 11.04%
R6 8/29/16 39.08% N/A 12.44%
Comparative benchmark(s)
       
Standard & Poor’s 500 Stock Index (f) 45.98% 17.42% 15.80%
MFS Lifetime 2035 Fund Blended Index (f)(z) 33.85% 12.01% 10.75%
Bloomberg Barclays U.S. Aggregate Bond Index (f) (0.27)% 3.19% 2.80%
Bloomberg Commodity Index (f) 48.52% 2.26% (4.60)%
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) 33.84% 5.18% 6.22%
MSCI EAFE Index (net div) (f) 39.88% 8.87% 7.56%
With sales charge
       
A
With Initial Sales Charge (5.75%) 		30.52% 10.99% 9.99%
B
With CDSC (Declining over six years from 4% to 0%) (v) 		33.44% 11.21% 9.93%
C
With CDSC (1% for 12 months) (v) 		36.40% 11.46% 9.94%
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.
25

Table of Contents
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:
  4/30/21 4/30/20
Standard & Poor’s 500 Stock Index 50.90% 52.25%
MSCI EAFE Index (net div) 19.30% 20.40%
Bloomberg Barclays U.S. Aggregate Bond Index 22.00% 19.25%
Bloomberg Commodity Index 3.90% 4.05%
FTSE EPRA Nareit Developed Real Estate Index (net div) 3.90% 4.05%
26

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Performance Summary  - continued
MFS Lifetime 2040 Fund
Growth of a Hypothetical $10,000 Investment
Average annual total returns through 4/30/21
Without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 9/29/05 41.38% 12.90% 9.58% N/A
B 9/29/05 40.36% 12.06% 8.76% N/A
C 9/29/05 40.39% 12.07% 8.77% N/A
I 9/29/05 41.67% 13.12% 9.83% N/A
R1 9/29/05 40.32% 12.05% 8.76% N/A
R2 9/29/05 40.98% 12.61% 9.30% N/A
R3 9/29/05 41.32% 12.89% 9.58% N/A
R4 9/29/05 41.74% 13.18% 9.86% N/A
R6 8/29/16 41.92% N/A N/A 13.05%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 45.98% 17.42% 14.17% N/A
MFS Lifetime 2040 Fund Blended Index (f)(z) 37.60% 12.61% 9.56% N/A
Bloomberg Barclays U.S. Aggregate Bond Index (f) (0.27)% 3.19% 3.39% N/A
Bloomberg Commodity Index (f) 48.52% 2.26% (5.85)% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) 33.84% 5.18% 5.88% N/A
MSCI EAFE Index (net div) (f) 39.88% 8.87% 5.22% N/A
With sales charge
         
A
With Initial Sales Charge (5.75%) 		33.26% 11.57% 8.94% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		36.36% 11.81% 8.76% N/A
C
With CDSC (1% for 12 months) (v) 		39.39% 12.07% 8.77% 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.
27

Table of Contents
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:
  4/30/21 4/30/20
Standard & Poor's 500 Stock Index 54.25% 54.75%
MSCI EAFE Index (net div) 23.60% 24.40%
Bloomberg Barclays U.S. Aggregate Bond Index 13.25% 11.75%
Bloomberg Commodity Index 4.45% 4.55%
FTSE EPRA Nareit Developed Real Estate Index (net div) 4.45% 4.55%
28

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Performance Summary  - continued
MFS Lifetime 2045 Fund
Growth of a Hypothetical $10,000 Investment (t)
Average annual total returns through 4/30/21
Without sales charge
Share Class Class Inception Date 1-yr 5-yr Life (t)
A 11/02/12 44.10% 13.22% 11.42%
B 11/02/12 42.95% 12.37% 10.57%
C 11/02/12 43.01% 12.36% 10.57%
I 11/02/12 44.43% 13.52% 11.69%
R1 11/02/12 42.98% 12.35% 10.56%
R2 11/02/12 43.65% 12.92% 11.12%
R3 11/02/12 44.05% 13.21% 11.40%
R4 11/02/12 44.39% 13.50% 11.67%
R6 8/29/16 44.58% N/A 13.38%
Comparative benchmark(s)
       
Standard & Poor’s 500 Stock Index (f) 45.98% 17.42% 15.80%
MFS Lifetime 2045 Fund Blended Index (f)(z) 41.12% 12.97% 11.36%
Bloomberg Barclays U.S. Aggregate Bond Index (f) (0.27)% 3.19% 2.80%
Bloomberg Commodity Index (f) 48.52% 2.26% (4.60)%
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) 33.84% 5.18% 6.22%
MSCI EAFE Index (net div) (f) 39.88% 8.87% 7.56%
With sales charge
       
A
With Initial Sales Charge (5.75%) 		35.82% 11.88% 10.65%
B
With CDSC (Declining over six years from 4% to 0%) (v) 		38.95% 12.12% 10.57%
C
With CDSC (1% for 12 months) (v) 		42.01% 12.36% 10.57%
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.
29

Table of Contents
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:
  4/30/21 4/30/20
Standard & Poor’s 500 Stock Index 56.75% 57.00%
MSCI EAFE Index (net div) 27.60% 28.00%
Bloomberg Barclays U.S. Aggregate Bond Index 5.75% 5.00%
Bloomberg Commodity Index 4.95% 5.00%
FTSE EPRA Nareit Developed Real Estate Index (net div) 4.95% 5.00%
30

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Performance Summary  - continued
MFS Lifetime 2050 Fund
Growth of a Hypothetical $10,000 Investment (t)
Average annual total returns through 4/30/21
Without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 9/15/10 44.17% 13.23% 9.78% N/A
B 9/15/10 43.04% 12.37% 8.95% N/A
C 9/15/10 43.12% 12.37% 8.95% N/A
I 9/15/10 44.49% 13.50% 10.05% N/A
R1 9/15/10 43.08% 12.38% 8.95% N/A
R2 9/15/10 43.72% 12.95% 9.50% N/A
R3 9/15/10 44.16% 13.23% 9.77% N/A
R4 9/15/10 44.52% 13.51% 10.04% N/A
R6 8/29/16 44.70% N/A N/A 13.40%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 45.98% 17.42% 14.17% N/A
MFS Lifetime 2050 Fund Blended Index (f)(z) 41.25% 13.00% 9.75% N/A
Bloomberg Barclays U.S. Aggregate Bond Index (f) (0.27)% 3.19% 3.39% N/A
Bloomberg Commodity Index (f) 48.52% 2.26% (5.85)% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) 33.84% 5.18% 5.88% N/A
MSCI EAFE Index (net div) (f) 39.88% 8.87% 5.22% N/A
With sales charge
         
A
With Initial Sales Charge (5.75%) 		35.88% 11.89% 9.13% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		39.04% 12.12% 8.95% N/A
C
With CDSC (1% for 12 months) (v) 		42.12% 12.37% 8.95% 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.
31

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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:
  4/30/21 4/30/20
Standard & Poor’s 500 Stock Index 57.00% 57.00%
MSCI EAFE Index (net div) 28.00% 28.00%
Bloomberg Barclays 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%
32

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Performance Summary  - continued
MFS Lifetime 2055 Fund
Growth of a Hypothetical $10,000 Investment (t)
Average annual total returns through 4/30/21
Without sales charge
Share Class Class Inception Date 1-yr 5-yr Life (t)
A 11/02/12 44.11% 13.20% 11.41%
B 11/02/12 43.06% 12.36% 10.58%
C 11/02/12 43.08% 12.36% 10.58%
I 11/02/12 44.42% 13.39% 11.64%
R1 11/02/12 43.16% 12.37% 10.58%
R2 11/02/12 43.78% 12.93% 11.13%
R3 11/02/12 44.10% 13.21% 11.41%
R4 11/02/12 44.49% 13.49% 11.69%
R6 8/29/16 44.75% N/A 13.40%
Comparative benchmark(s)
       
Standard & Poor’s 500 Stock Index (f) 45.98% 17.42% 15.80%
MFS Lifetime 2055 Fund Blended Index (f)(z) 41.25% 13.00% 11.37%
Bloomberg Barclays U.S. Aggregate Bond Index (f) (0.27)% 3.19% 2.80%
Bloomberg Commodity Index (f) 48.52% 2.26% (4.60)%
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) 33.84% 5.18% 6.22%
MSCI EAFE Index (net div) (f) 39.88% 8.87% 7.56%
With sales charge
       
A
With Initial Sales Charge (5.75%) 		35.82% 11.86% 10.64%
B
With CDSC (Declining over six years from 4% to 0%) (v) 		39.06% 12.11% 10.58%
C
With CDSC (1% for 12 months) (v) 		42.08% 12.36% 10.58%
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.
33

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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:
  4/30/21 4/30/20
Standard & Poor’s 500 Stock Index 57.00% 57.00%
MSCI EAFE Index (net div) 28.00% 28.00%
Bloomberg Barclays 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%
34

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Performance Summary  - continued
MFS Lifetime 2060 Fund
Growth of a Hypothetical $10,000 Investment (t)
Total Returns through 4/30/21
Average annual without sales charge
Share Class Class Inception Date 1-yr Life (t)
A 12/06/16 44.39% 13.96%
B 12/06/16 43.16% 13.11%
C 12/06/16 43.28% 13.12%
I 12/06/16 44.66% 14.25%
R1 12/06/16 43.20% 13.12%
R2 12/06/16 43.97% 13.69%
R3 12/06/16 44.28% 13.96%
R4 12/06/16 44.61% 14.24%
R6 12/06/16 44.87% 14.36%
Comparative benchmark(s)
     
Standard & Poor's 500 Stock Index (f) 45.98% 17.87%
MFS Lifetime 2060 Fund Blended Index (f)(z) 41.25% 13.83%
Bloomberg Barclays U.S. Aggregate Bond Index (f) (0.27)% 3.85%
Bloomberg Commodity Index (f) 48.52% 1.77%
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) 33.84% 6.90%
MSCI EAFE Index (net div) (f) 39.88% 10.56%
Average annual with sales charge
     
A
With Initial Sales Charge (5.75%) 		36.09% 12.44%
B
With CDSC (Declining over six years from 4% to 0%) (v) 		39.16% 12.81%
C
With CDSC (1% for 12 months) (v) 		42.28% 13.12%
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.
35

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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:
  4/30/21 4/30/20
Standard & Poor’s 500 Stock Index 57.00% 57.00%
MSCI EAFE Index (net div) 28.00% 28.00%
Bloomberg Barclays 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 Barclays 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.
Bloomberg Commodity Index – 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.
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) BLOOMBERG ® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg's licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays 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
Class 529 shares, which currently are only offered by the MFS Lifetime Income Fund, are only available in conjunction with qualified tuition programs, such as the MFS 529 Savings Plan. There also is an additional fee, which is detailed in the program description, on qualified tuition programs. If this fee was reflected, the performance for Class 529 shares would have been lower. This annual fee is waived for Oregon residents and for those accounts with assets of $25,000 or more.
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.
36

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Performance Summary  - continued
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.
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.
37

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Expense Tables 
Fund expenses borne by the shareholders during the period,
November 1, 2020 through April 30, 2021
As a shareholder of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including distribution and service (12b-1) fees; and other fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds.
In addition to the fees and expenses which each fund bears directly, each fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which each fund invests. Because the underlying funds have varied expenses and fee levels and each fund may own different proportions of the underlying funds at different times, the amount of fees and expenses incurred indirectly by each fund will vary. If these transactional and indirect costs were included, your costs would have been higher.
These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2020 through April 30, 2021.
Actual Expenses
The first line for each share class in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the following tables provides information about hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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Expense Tables - continued
MFS LIFETIME INCOME FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/20 		Ending
Account Value
4/30/21 		Expenses
Paid During
Period (p)
11/01/20-4/30/21
A Actual 0.23% $1,000.00 $1,085.36 $1.19
Hypothetical (h) 0.23% $1,000.00 $1,023.65 $1.15
B Actual 0.98% $1,000.00 $1,081.33 $5.06
Hypothetical (h) 0.98% $1,000.00 $1,019.93 $4.91
C Actual 0.98% $1,000.00 $1,080.55 $5.06
Hypothetical (h) 0.98% $1,000.00 $1,019.93 $4.91
I Actual 0.00% $1,000.00 $1,086.70 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 0.98% $1,000.00 $1,080.44 $5.06
Hypothetical (h) 0.98% $1,000.00 $1,019.93 $4.91
R2 Actual 0.48% $1,000.00 $1,083.18 $2.48
Hypothetical (h) 0.48% $1,000.00 $1,022.41 $2.41
R3 Actual 0.23% $1,000.00 $1,085.36 $1.19
Hypothetical (h) 0.23% $1,000.00 $1,023.65 $1.15
R4 Actual 0.00% $1,000.00 $1,086.70 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,086.90 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
529A Actual 0.27% $1,000.00 $1,085.43 $1.40
Hypothetical (h) 0.27% $1,000.00 $1,023.46 $1.35
529B Actual 0.25% $1,000.00 $1,085.35 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
529C Actual 1.02% $1,000.00 $1,081.33 $5.26
Hypothetical (h) 1.02% $1,000.00 $1,019.74 $5.11
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.
Notes to Expense Table
For the MFS Lifetime Income Fund, for the period from November 1, 2020 through April 30, 2021, the distribution fee for Class 529B was not imposed. Had the distribution fee been imposed throughout the entire six month period, the annualized expense ratio, the actual expenses paid during the period, and the hypothetical expenses paid during the period would have been approximately 1.02%, $5.27, and $5.11 for Class 529B. See Note 3 in the Notes to Financial Statements for additional information.
For the MFS Lifetime Income Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class 529A, Class 529B, and Class 529C shares, this rebate reduced the expense ratios above by 0.01%. See Note 3 in the Notes to Financial Statements for additional information.
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MFS LIFETIME 2020 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/20 		Ending
Account Value
4/30/21 		Expenses
Paid During
Period (p)
11/01/20-4/30/21
A Actual 0.25% $1,000.00 $1,084.18 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
B Actual 0.99% $1,000.00 $1,080.52 $5.11
Hypothetical (h) 0.99% $1,000.00 $1,019.89 $4.96
C Actual 0.99% $1,000.00 $1,079.91 $5.11
Hypothetical (h) 0.99% $1,000.00 $1,019.89 $4.96
I Actual 0.00% $1,000.00 $1,086.20 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 1.00% $1,000.00 $1,080.16 $5.16
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
R2 Actual 0.49% $1,000.00 $1,083.31 $2.53
Hypothetical (h) 0.49% $1,000.00 $1,022.36 $2.46
R3 Actual 0.25% $1,000.00 $1,084.59 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
R4 Actual 0.00% $1,000.00 $1,086.29 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,086.63 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.
40

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MFS LIFETIME 2025 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/20 		Ending
Account Value
4/30/21 		Expenses
Paid During
Period (p)
11/01/20-4/30/21
A Actual 0.25% $1,000.00 $1,115.18 $1.31
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
B Actual 1.00% $1,000.00 $1,111.28 $5.23
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
C Actual 1.00% $1,000.00 $1,111.20 $5.23
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
I Actual 0.00% $1,000.00 $1,116.66 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 1.00% $1,000.00 $1,110.03 $5.23
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
R2 Actual 0.50% $1,000.00 $1,113.93 $2.62
Hypothetical (h) 0.50% $1,000.00 $1,022.32 $2.51
R3 Actual 0.25% $1,000.00 $1,115.36 $1.31
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
R4 Actual 0.00% $1,000.00 $1,116.45 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,117.59 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.
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MFS LIFETIME 2030 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/20 		Ending
Account Value
4/30/21 		Expenses
Paid During
Period (p)
11/01/20-4/30/21
A Actual 0.24% $1,000.00 $1,172.88 $1.29
Hypothetical (h) 0.24% $1,000.00 $1,023.60 $1.20
B Actual 0.99% $1,000.00 $1,168.89 $5.32
Hypothetical (h) 0.99% $1,000.00 $1,019.89 $4.96
C Actual 0.99% $1,000.00 $1,168.90 $5.32
Hypothetical (h) 0.99% $1,000.00 $1,019.89 $4.96
I Actual 0.00% $1,000.00 $1,174.07 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 0.99% $1,000.00 $1,167.95 $5.32
Hypothetical (h) 0.99% $1,000.00 $1,019.89 $4.96
R2 Actual 0.49% $1,000.00 $1,171.02 $2.64
Hypothetical (h) 0.49% $1,000.00 $1,022.36 $2.46
R3 Actual 0.25% $1,000.00 $1,172.72 $1.35
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
R4 Actual 0.00% $1,000.00 $1,174.34 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,174.86 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.
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MFS LIFETIME 2035 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/20 		Ending
Account Value
4/30/21 		Expenses
Paid During
Period (p)
11/01/20-4/30/21
A Actual 0.25% $1,000.00 $1,233.61 $1.38
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
B Actual 1.00% $1,000.00 $1,229.04 $5.53
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
C Actual 1.00% $1,000.00 $1,228.75 $5.53
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
I Actual 0.00% $1,000.00 $1,235.43 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 1.00% $1,000.00 $1,226.76 $5.52
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
R2 Actual 0.50% $1,000.00 $1,231.91 $2.77
Hypothetical (h) 0.50% $1,000.00 $1,022.32 $2.51
R3 Actual 0.25% $1,000.00 $1,233.40 $1.38
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
R4 Actual 0.00% $1,000.00 $1,235.82 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,235.75 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.
43

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MFS LIFETIME 2040 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/20 		Ending
Account Value
4/30/21 		Expenses
Paid During
Period (p)
11/01/20-4/30/21
A Actual 0.24% $1,000.00 $1,254.40 $1.34
Hypothetical (h) 0.24% $1,000.00 $1,023.60 $1.20
B Actual 0.99% $1,000.00 $1,250.33 $5.52
Hypothetical (h) 0.99% $1,000.00 $1,019.89 $4.96
C Actual 0.99% $1,000.00 $1,250.19 $5.52
Hypothetical (h) 0.99% $1,000.00 $1,019.89 $4.96
I Actual 0.00% $1,000.00 $1,256.57 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 0.99% $1,000.00 $1,250.03 $5.52
Hypothetical (h) 0.99% $1,000.00 $1,019.89 $4.96
R2 Actual 0.49% $1,000.00 $1,252.92 $2.74
Hypothetical (h) 0.49% $1,000.00 $1,022.36 $2.46
R3 Actual 0.24% $1,000.00 $1,254.65 $1.34
Hypothetical (h) 0.24% $1,000.00 $1,023.60 $1.20
R4 Actual 0.00% $1,000.00 $1,256.71 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,256.81 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.
44

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Expense Tables - continued
MFS LIFETIME 2045 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/20 		Ending
Account Value
4/30/21 		Expenses
Paid During
Period (p)
11/01/20-4/30/21
A Actual 0.25% $1,000.00 $1,273.69 $1.41
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
B Actual 1.00% $1,000.00 $1,269.02 $5.63
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
C Actual 1.00% $1,000.00 $1,268.66 $5.63
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
I Actual 0.00% $1,000.00 $1,274.90 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 1.00% $1,000.00 $1,268.22 $5.62
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
R2 Actual 0.50% $1,000.00 $1,272.00 $2.82
Hypothetical (h) 0.50% $1,000.00 $1,022.32 $2.51
R3 Actual 0.25% $1,000.00 $1,273.88 $1.41
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
R4 Actual 0.00% $1,000.00 $1,275.24 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,276.16 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.
45

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Expense Tables - continued
MFS LIFETIME 2050 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/20 		Ending
Account Value
4/30/21 		Expenses
Paid During
Period (p)
11/01/20-4/30/21
A Actual 0.25% $1,000.00 $1,274.42 $1.41
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
B Actual 1.00% $1,000.00 $1,269.67 $5.63
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
C Actual 1.00% $1,000.00 $1,269.56 $5.63
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
I Actual 0.00% $1,000.00 $1,275.76 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 1.00% $1,000.00 $1,270.08 $5.63
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
R2 Actual 0.50% $1,000.00 $1,272.74 $2.82
Hypothetical (h) 0.50% $1,000.00 $1,022.32 $2.51
R3 Actual 0.25% $1,000.00 $1,274.57 $1.41
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
R4 Actual 0.00% $1,000.00 $1,276.05 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,276.90 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.
46

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Expense Tables - continued
MFS LIFETIME 2055 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/20 		Ending
Account Value
4/30/21 		Expenses
Paid During
Period (p)
11/01/20-4/30/21
A Actual 0.25% $1,000.00 $1,273.83 $1.41
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
B Actual 1.00% $1,000.00 $1,269.41 $5.63
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
C Actual 1.00% $1,000.00 $1,269.95 $5.63
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
I Actual 0.00% $1,000.00 $1,276.03 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 1.00% $1,000.00 $1,269.96 $5.63
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
R2 Actual 0.50% $1,000.00 $1,272.49 $2.82
Hypothetical (h) 0.50% $1,000.00 $1,022.32 $2.51
R3 Actual 0.25% $1,000.00 $1,273.74 $1.41
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
R4 Actual 0.00% $1,000.00 $1,276.48 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,277.34 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.
47

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Expense Tables - continued
MFS LIFETIME 2060 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/20 		Ending
Account Value
4/30/21 		Expenses
Paid During
Period (p)
11/01/20-4/30/21
A Actual 0.23% $1,000.00 $1,275.07 $1.30
Hypothetical (h) 0.23% $1,000.00 $1,023.65 $1.15
B Actual 0.98% $1,000.00 $1,270.06 $5.52
Hypothetical (h) 0.98% $1,000.00 $1,019.93 $4.91
C Actual 0.98% $1,000.00 $1,270.34 $5.52
Hypothetical (h) 0.98% $1,000.00 $1,019.93 $4.91
I Actual 0.00% $1,000.00 $1,276.38 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 0.98% $1,000.00 $1,269.87 $5.52
Hypothetical (h) 0.98% $1,000.00 $1,019.93 $4.91
R2 Actual 0.48% $1,000.00 $1,273.34 $2.71
Hypothetical (h) 0.48% $1,000.00 $1,022.41 $2.41
R3 Actual 0.23% $1,000.00 $1,274.36 $1.30
Hypothetical (h) 0.23% $1,000.00 $1,023.65 $1.15
R4 Actual 0.00% $1,000.00 $1,275.81 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,277.32 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.
48

Table of Contents
Portfolio of Investments 
4/30/21
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
MFS Lifetime Income Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 70.1%
MFS Emerging Markets Debt Fund - Class R6     928,313 $ 13,766,878
MFS Emerging Markets Debt Local Currency Fund - Class R6     1,048,946 6,818,147
MFS Global Opportunistic Bond Fund - Class R6     3,655,256 34,249,746
MFS Government Securities Fund - Class R6     6,781,340 68,491,534
MFS High Income Fund - Class R6     6,039,288 20,775,151
MFS Inflation-Adjusted Bond Fund - Class R6     6,115,806 69,169,767
MFS Limited Maturity Fund - Class R6     22,582,654 137,302,541
MFS Total Return Bond Fund - Class R6     12,182,037 137,291,563
        $ 487,865,327
International Stock Funds – 5.0%
MFS Blended Research International Equity Fund - Class R6     1,306,574 $ 17,429,696
MFS International Growth Fund - Class R6     78,405 3,481,962
MFS International Intrinsic Value Fund - Class R6     66,054 3,477,076
MFS Research International Fund - Class R6     451,725 10,443,882
        $ 34,832,616
Specialty Funds – 4.1%
MFS Commodity Strategy Fund - Class R6     2,369,284 $ 14,476,327
MFS Global Real Estate Fund - Class R6     728,055 14,349,953
        $ 28,826,280
U.S. Stock Funds – 20.6%
MFS Blended Research Core Equity Fund - Class R6     414,936 $ 14,344,326
MFS Blended Research Growth Equity Fund - Class R6     699,340 14,273,533
MFS Blended Research Mid Cap Equity Fund - Class R6     1,404,340 21,528,529
MFS Blended Research Small Cap Equity Fund - Class R6     403,155 7,063,270
MFS Blended Research Value Equity Fund - Class R6     893,956 14,330,111
MFS Growth Fund - Class R6     81,199 14,277,190
MFS Mid Cap Growth Fund - Class R6     336,374 10,568,874
MFS Mid Cap Value Fund - Class R6     345,123 10,795,458
MFS New Discovery Fund - Class R6     76,767 3,487,542
MFS New Discovery Value Fund - Class R6     172,568 3,566,978
MFS Research Fund - Class R6     252,393 14,376,335
MFS Value Fund - Class R6     282,626 14,320,648
        $ 142,932,794
Money Market Funds – 0.2%  
MFS Institutional Money Market Portfolio, 0.04% (v)     1,058,335 $ 1,058,335
Total Investment Companies (Identified Cost, $572,125,795) $695,515,352
Other Assets, Less Liabilities – 0.0%   93,714
Net Assets – 100.0% $695,609,066
See Portfolio Footnotes and Notes to Financial Statements
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Table of Contents
Portfolio of Investments – continued
MFS Lifetime 2020 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 71.1%
MFS Emerging Markets Debt Fund - Class R6     491,300 $ 7,285,979
MFS Emerging Markets Debt Local Currency Fund - Class R6     557,455 3,623,458
MFS Global Opportunistic Bond Fund - Class R6     1,938,347 18,162,314
MFS Government Securities Fund - Class R6     3,598,034 36,340,148
MFS High Income Fund - Class R6     3,175,179 10,922,615
MFS Inflation-Adjusted Bond Fund - Class R6     3,208,589 36,289,143
MFS Limited Maturity Fund - Class R6     11,956,193 72,693,652
MFS Total Return Bond Fund - Class R6     6,453,416 72,729,997
        $ 258,047,306
International Stock Funds – 4.9%
MFS Blended Research International Equity Fund - Class R6     673,146 $ 8,979,763
MFS International Growth Fund - Class R6     40,309 1,790,111
MFS International Intrinsic Value Fund - Class R6     34,055 1,792,673
MFS Research International Fund - Class R6     232,879 5,384,165
        $ 17,946,712
Specialty Funds – 4.0%
MFS Commodity Strategy Fund - Class R6     1,190,340 $ 7,272,978
MFS Global Real Estate Fund - Class R6     368,596 7,265,031
        $ 14,538,009
U.S. Stock Funds – 19.9%
MFS Blended Research Core Equity Fund - Class R6     209,947 $ 7,257,880
MFS Blended Research Growth Equity Fund - Class R6     353,984 7,224,805
MFS Blended Research Mid Cap Equity Fund - Class R6     704,917 10,806,386
MFS Blended Research Small Cap Equity Fund - Class R6     204,937 3,590,496
MFS Blended Research Value Equity Fund - Class R6     453,510 7,269,760
MFS Growth Fund - Class R6     41,017 7,212,066
MFS Mid Cap Growth Fund - Class R6     171,641 5,392,952
MFS Mid Cap Value Fund - Class R6     174,146 5,447,296
MFS New Discovery Fund - Class R6     39,482 1,793,674
MFS New Discovery Value Fund - Class R6     87,601 1,810,704
MFS Research Fund - Class R6     127,567 7,266,209
MFS Value Fund - Class R6     143,717 7,282,134
        $ 72,354,362
Money Market Funds – 0.1%  
MFS Institutional Money Market Portfolio, 0.04% (v)     245,192 $ 245,192
Total Investment Companies (Identified Cost, $296,039,954) $363,131,581
Other Assets, Less Liabilities – (0.0)%   (86,523)
Net Assets – 100.0% $363,045,058
See Portfolio Footnotes and Notes to Financial Statements
50

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Portfolio of Investments – continued
MFS Lifetime 2025 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 61.0%
MFS Emerging Markets Debt Fund - Class R6     944,003 $ 13,999,564
MFS Emerging Markets Debt Local Currency Fund - Class R6     1,404,658 9,130,279
MFS Global Opportunistic Bond Fund - Class R6     2,573,380 24,112,574
MFS Government Securities Fund - Class R6     4,771,488 48,192,028
MFS High Income Fund - Class R6     6,728,182 23,144,947
MFS Inflation-Adjusted Bond Fund - Class R6     4,280,673 48,414,411
MFS Limited Maturity Fund - Class R6     8,794,037 53,467,744
MFS Total Return Bond Fund - Class R6     6,659,309 75,050,407
        $ 295,511,954
International Stock Funds – 7.6%
MFS Blended Research International Equity Fund - Class R6     1,381,236 $ 18,425,687
MFS International Growth Fund - Class R6     102,101 4,534,296
MFS International Intrinsic Value Fund - Class R6     85,888 4,521,158
MFS Research International Fund - Class R6     403,935 9,338,968
        $ 36,820,109
Specialty Funds – 4.1%
MFS Commodity Strategy Fund - Class R6     1,621,478 $ 9,907,228
MFS Global Real Estate Fund - Class R6     495,837 9,772,955
        $ 19,680,183
U.S. Stock Funds – 27.2%
MFS Blended Research Core Equity Fund - Class R6     406,275 $ 14,044,909
MFS Blended Research Growth Equity Fund - Class R6     685,427 13,989,571
MFS Blended Research Mid Cap Equity Fund - Class R6     1,231,782 18,883,225
MFS Blended Research Small Cap Equity Fund - Class R6     276,249 4,839,880
MFS Blended Research Value Equity Fund - Class R6     879,626 14,100,407
MFS Growth Fund - Class R6     79,648 14,004,515
MFS Mid Cap Growth Fund - Class R6     298,921 9,392,104
MFS Mid Cap Value Fund - Class R6     304,046 9,510,573
MFS New Discovery Fund - Class R6     53,365 2,424,352
MFS New Discovery Value Fund - Class R6     117,904 2,437,080
MFS Research Fund - Class R6     247,440 14,094,163
MFS Value Fund - Class R6     278,431 14,108,105
        $ 131,828,884
Money Market Funds – 0.1%  
MFS Institutional Money Market Portfolio, 0.04% (v)     781,292 $ 781,292
Total Investment Companies (Identified Cost, $399,989,043) $484,622,422
Other Assets, Less Liabilities – (0.0)%   (88,882)
Net Assets – 100.0% $484,533,540
See Portfolio Footnotes and Notes to Financial Statements
51

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Portfolio of Investments – continued
MFS Lifetime 2030 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 42.1%
MFS Emerging Markets Debt Fund - Class R6     1,599,536 $ 23,721,114
MFS Emerging Markets Debt Local Currency Fund - Class R6     2,427,265 15,777,220
MFS Global Opportunistic Bond Fund - Class R6     4,206,987 39,419,469
MFS Government Securities Fund - Class R6     7,809,503 78,875,980
MFS High Income Fund - Class R6     11,496,476 39,547,879
MFS Inflation-Adjusted Bond Fund - Class R6     5,134,576 58,072,059
MFS Limited Maturity Fund - Class R6     1,442,439 8,770,031
MFS Total Return Bond Fund - Class R6     6,154,796 69,364,551
        $ 333,548,303
International Stock Funds – 12.3%
MFS Blended Research International Equity Fund - Class R6     3,407,148 $ 45,451,362
MFS International Growth Fund - Class R6     255,061 11,327,255
MFS International Intrinsic Value Fund - Class R6     214,328 11,282,234
MFS International New Discovery Fund - Class R6     178,441 6,966,334
MFS Research International Fund - Class R6     980,719 22,674,216
        $ 97,701,401
Specialty Funds – 5.8%
MFS Commodity Strategy Fund - Class R6     3,831,353 $ 23,409,565
MFS Global Real Estate Fund - Class R6     1,163,528 22,933,137
        $ 46,342,702
U.S. Stock Funds – 39.7%
MFS Blended Research Core Equity Fund - Class R6     893,757 $ 30,897,194
MFS Blended Research Growth Equity Fund - Class R6     1,506,416 30,745,945
MFS Blended Research Mid Cap Equity Fund - Class R6     3,459,558 53,035,020
MFS Blended Research Small Cap Equity Fund - Class R6     656,527 11,502,345
MFS Blended Research Value Equity Fund - Class R6     1,936,839 31,047,535
MFS Growth Fund - Class R6     175,620 30,879,287
MFS Mid Cap Growth Fund - Class R6     837,785 26,323,191
MFS Mid Cap Value Fund - Class R6     854,473 26,727,924
MFS New Discovery Fund - Class R6     126,653 5,753,834
MFS New Discovery Value Fund - Class R6     278,932 5,765,521
MFS Research Fund - Class R6     544,657 31,023,676
MFS Value Fund - Class R6     610,606 30,939,428
        $ 314,640,900
Money Market Funds – 0.1%  
MFS Institutional Money Market Portfolio, 0.04% (v)     839,311 $ 839,311
Total Investment Companies (Identified Cost, $569,501,289) $793,072,617
Other Assets, Less Liabilities – (0.0)%   (126,356)
Net Assets – 100.0% $792,946,261
See Portfolio Footnotes and Notes to Financial Statements
52

Table of Contents
Portfolio of Investments – continued
MFS Lifetime 2035 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 22.1%
MFS Emerging Markets Debt Fund - Class R6     991,483 $ 14,703,695
MFS Emerging Markets Debt Local Currency Fund - Class R6     1,505,049 9,782,816
MFS Global Opportunistic Bond Fund - Class R6     1,218,687 11,419,102
MFS Government Securities Fund - Class R6     542,248 5,476,708
MFS High Income Fund - Class R6     7,129,149 24,524,272
MFS Inflation-Adjusted Bond Fund - Class R6     2,265,802 25,626,221
MFS Total Return Bond Fund - Class R6     1,546,222 17,425,922
        $ 108,958,736
International Stock Funds – 19.0%
MFS Blended Research Emerging Markets Equity Fund - Class R6     135,366 $ 2,172,619
MFS Blended Research International Equity Fund - Class R6     2,998,619 40,001,586
MFS Emerging Markets Equity Fund - Class R6     51,079 2,155,534
MFS International Growth Fund - Class R6     261,561 11,615,933
MFS International Intrinsic Value Fund - Class R6     219,907 11,575,911
MFS International New Discovery Fund - Class R6     234,950 9,172,434
MFS Research International Fund - Class R6     723,996 16,738,792
        $ 93,432,809
Specialty Funds – 7.9%
MFS Commodity Strategy Fund - Class R6     3,231,856 $ 19,746,636
MFS Global Real Estate Fund - Class R6     979,664 19,309,181
        $ 39,055,817
U.S. Stock Funds – 50.9%
MFS Blended Research Core Equity Fund - Class R6     569,343 $ 19,682,194
MFS Blended Research Growth Equity Fund - Class R6     1,290,639 26,341,948
MFS Blended Research Mid Cap Equity Fund - Class R6     2,825,976 43,322,218
MFS Blended Research Small Cap Equity Fund - Class R6     545,693 9,560,540
MFS Blended Research Value Equity Fund - Class R6     1,645,948 26,384,554
MFS Growth Fund - Class R6     150,113 26,394,288
MFS Mid Cap Growth Fund - Class R6     686,277 21,562,823
MFS Mid Cap Value Fund - Class R6     696,330 21,781,210
MFS New Discovery Fund - Class R6     105,761 4,804,711
MFS New Discovery Value Fund - Class R6     232,432 4,804,365
MFS Research Fund - Class R6     346,781 19,752,619
MFS Value Fund - Class R6     520,245 26,360,812
        $ 250,752,282
Money Market Funds – 0.1%  
MFS Institutional Money Market Portfolio, 0.04% (v)     397,611 $ 397,610
Total Investment Companies (Identified Cost, $354,868,266) $492,597,254
Other Assets, Less Liabilities – (0.0)%   (96,401)
Net Assets – 100.0% $492,500,853
See Portfolio Footnotes and Notes to Financial Statements
53

Table of Contents
Portfolio of Investments – continued
MFS Lifetime 2040 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 13.2%
MFS Emerging Markets Debt Fund - Class R6     683,179 $ 10,131,545
MFS Emerging Markets Debt Local Currency Fund - Class R6     1,038,820 6,752,333
MFS Global Opportunistic Bond Fund - Class R6     718,594 6,733,222
MFS High Income Fund - Class R6     4,909,166 16,887,532
MFS Inflation-Adjusted Bond Fund - Class R6     2,094,961 23,694,004
MFS Total Return Bond Fund - Class R6     1,497,767 16,879,831
        $ 81,078,467
International Stock Funds – 23.3%
MFS Blended Research Emerging Markets Equity Fund - Class R6     274,352 $ 4,403,343
MFS Blended Research International Equity Fund - Class R6     4,372,755 58,332,551
MFS Emerging Markets Equity Fund - Class R6     103,357 4,361,653
MFS International Growth Fund - Class R6     402,855 17,890,815
MFS International Intrinsic Value Fund - Class R6     338,851 17,837,118
MFS International New Discovery Fund - Class R6     448,592 17,513,035
MFS Research International Fund - Class R6     976,174 22,569,140
        $ 142,907,655
Specialty Funds – 9.0%
MFS Commodity Strategy Fund - Class R6     4,540,142 $ 27,740,271
MFS Global Real Estate Fund - Class R6     1,393,781 27,471,423
        $ 55,211,694
U.S. Stock Funds – 54.5%
MFS Blended Research Core Equity Fund - Class R6     713,094 $ 24,651,658
MFS Blended Research Growth Equity Fund - Class R6     1,726,172 35,231,183
MFS Blended Research Mid Cap Equity Fund - Class R6     3,786,872 58,052,744
MFS Blended Research Small Cap Equity Fund - Class R6     776,151 13,598,174
MFS Blended Research Value Equity Fund - Class R6     2,209,620 35,420,206
MFS Growth Fund - Class R6     200,544 35,261,598
MFS Mid Cap Growth Fund - Class R6     920,426 28,919,785
MFS Mid Cap Value Fund - Class R6     936,572 29,295,977
MFS New Discovery Fund - Class R6     149,793 6,805,078
MFS New Discovery Value Fund - Class R6     332,744 6,877,810
MFS Research Fund - Class R6     433,747 24,706,252
MFS Value Fund - Class R6     698,384 35,387,133
        $ 334,207,598
Money Market Funds – 0.0%  
MFS Institutional Money Market Portfolio, 0.04% (v)     345,236 $ 345,236
Total Investment Companies (Identified Cost, $384,856,799) $613,750,650
Other Assets, Less Liabilities – (0.0)%   (103,003)
Net Assets – 100.0% $613,647,647
See Portfolio Footnotes and Notes to Financial Statements
54

Table of Contents
Portfolio of Investments – continued
MFS Lifetime 2045 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 5.8%
MFS Emerging Markets Debt Fund - Class R6     41,351 $ 613,236
MFS Emerging Markets Debt Local Currency Fund - Class R6     62,793 408,155
MFS Global Opportunistic Bond Fund - Class R6     43,543 407,994
MFS High Income Fund - Class R6     297,258 1,022,568
MFS Inflation-Adjusted Bond Fund - Class R6     837,964 9,477,379
MFS Total Return Bond Fund - Class R6     803,486 9,055,287
        $ 20,984,619
International Stock Funds – 27.4%
MFS Blended Research Emerging Markets Equity Fund - Class R6     215,681 $ 3,461,673
MFS Blended Research International Equity Fund - Class R6     2,899,520 38,679,603
MFS Emerging Markets Equity Fund - Class R6     81,833 3,453,371
MFS International Growth Fund - Class R6     275,683 12,243,064
MFS International Intrinsic Value Fund - Class R6     232,141 12,219,884
MFS International New Discovery Fund - Class R6     354,064 13,822,643
MFS Research International Fund - Class R6     611,518 14,138,300
        $ 98,018,538
Specialty Funds – 10.0%
MFS Commodity Strategy Fund - Class R6     2,929,001 $ 17,896,194
MFS Global Real Estate Fund - Class R6     902,671 17,791,648
        $ 35,687,842
U.S. Stock Funds – 56.7%
MFS Blended Research Core Equity Fund - Class R6     415,208 $ 14,353,748
MFS Blended Research Growth Equity Fund - Class R6     1,045,858 21,345,959
MFS Blended Research Mid Cap Equity Fund - Class R6     2,317,286 35,523,999
MFS Blended Research Small Cap Equity Fund - Class R6     503,176 8,815,639
MFS Blended Research Value Equity Fund - Class R6     1,341,382 21,502,349
MFS Growth Fund - Class R6     121,373 21,340,933
MFS Mid Cap Growth Fund - Class R6     564,332 17,731,328
MFS Mid Cap Value Fund - Class R6     571,872 17,888,147
MFS New Discovery Fund - Class R6     97,014 4,407,358
MFS New Discovery Value Fund - Class R6     214,501 4,433,734
MFS Research Fund - Class R6     252,679 14,392,606
MFS Value Fund - Class R6     424,738 21,521,486
        $ 203,257,286
Money Market Funds – 0.1%  
MFS Institutional Money Market Portfolio, 0.04% (v)     366,634 $ 366,634
Total Investment Companies (Identified Cost, $249,927,194) $358,314,919
Other Assets, Less Liabilities – (0.0)%   (89,471)
Net Assets – 100.0% $358,225,448
See Portfolio Footnotes and Notes to Financial Statements
55

Table of Contents
Portfolio of Investments – continued
MFS Lifetime 2050 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6     809,342 $ 9,153,654
MFS Total Return Bond Fund - Class R6     811,636 9,147,142
        $ 18,300,796
International Stock Funds – 27.8%
MFS Blended Research Emerging Markets Equity Fund - Class R6     226,357 $ 3,633,026
MFS Blended Research International Equity Fund - Class R6     2,993,829 39,937,686
MFS Emerging Markets Equity Fund - Class R6     85,869 3,623,677
MFS International Growth Fund - Class R6     285,624 12,684,547
MFS International Intrinsic Value Fund - Class R6     240,398 12,654,555
MFS International New Discovery Fund - Class R6     371,512 14,503,816
MFS Research International Fund - Class R6     627,652 14,511,326
        $ 101,548,633
Specialty Funds – 10.1%
MFS Commodity Strategy Fund - Class R6     3,020,376 $ 18,454,495
MFS Global Real Estate Fund - Class R6     929,929 18,328,906
        $ 36,783,401
U.S. Stock Funds – 57.0%
MFS Blended Research Core Equity Fund - Class R6     422,989 $ 14,622,735
MFS Blended Research Growth Equity Fund - Class R6     1,070,135 21,841,452
MFS Blended Research Mid Cap Equity Fund - Class R6     2,375,420 36,415,187
MFS Blended Research Small Cap Equity Fund - Class R6     518,838 9,090,041
MFS Blended Research Value Equity Fund - Class R6     1,373,739 22,021,029
MFS Growth Fund - Class R6     124,293 21,854,383
MFS Mid Cap Growth Fund - Class R6     578,505 18,176,637
MFS Mid Cap Value Fund - Class R6     586,302 18,339,521
MFS New Discovery Fund - Class R6     100,059 4,545,695
MFS New Discovery Value Fund - Class R6     221,154 4,571,262
MFS Research Fund - Class R6     257,498 14,667,091
MFS Value Fund - Class R6     434,759 22,029,238
        $ 208,174,271
Money Market Funds – 0.1%  
MFS Institutional Money Market Portfolio, 0.04% (v)     337,934 $ 337,934
Total Investment Companies (Identified Cost, $245,955,928) $365,145,035
Other Assets, Less Liabilities – (0.0)%   (92,908)
Net Assets – 100.0% $365,052,127
See Portfolio Footnotes and Notes to Financial Statements
56

Table of Contents
Portfolio of Investments – continued
MFS Lifetime 2055 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6     444,649 $ 5,028,984
MFS Total Return Bond Fund - Class R6     445,666 5,022,655
        $ 10,051,639
International Stock Funds – 27.8%
MFS Blended Research Emerging Markets Equity Fund - Class R6     124,730 $ 2,001,921
MFS Blended Research International Equity Fund - Class R6     1,647,162 21,973,135
MFS Emerging Markets Equity Fund - Class R6     47,296 1,995,903
MFS International Growth Fund - Class R6     157,271 6,984,408
MFS International Intrinsic Value Fund - Class R6     132,478 6,973,665
MFS International New Discovery Fund - Class R6     204,494 7,983,446
MFS Research International Fund - Class R6     345,369 7,984,921
        $ 55,897,399
Specialty Funds – 10.1%
MFS Commodity Strategy Fund - Class R6     1,675,459 $ 10,237,051
MFS Global Real Estate Fund - Class R6     512,156 10,094,599
        $ 20,331,650
U.S. Stock Funds – 57.0%
MFS Blended Research Core Equity Fund - Class R6     232,322 $ 8,031,381
MFS Blended Research Growth Equity Fund - Class R6     588,705 12,015,475
MFS Blended Research Mid Cap Equity Fund - Class R6     1,308,583 20,060,582
MFS Blended Research Small Cap Equity Fund - Class R6     286,298 5,015,933
MFS Blended Research Value Equity Fund - Class R6     754,884 12,100,795
MFS Growth Fund - Class R6     68,429 12,031,872
MFS Mid Cap Growth Fund - Class R6     318,984 10,022,486
MFS Mid Cap Value Fund - Class R6     322,607 10,091,131
MFS New Discovery Fund - Class R6     55,405 2,517,049
MFS New Discovery Value Fund - Class R6     121,743 2,516,434
MFS Research Fund - Class R6     141,540 8,062,100
MFS Value Fund - Class R6     238,491 12,084,327
        $ 114,549,565
Money Market Funds – 0.1%  
MFS Institutional Money Market Portfolio, 0.04% (v)     201,256 $ 201,255
Total Investment Companies (Identified Cost, $145,405,402) $201,031,508
Other Assets, Less Liabilities – (0.0)%   (40,916)
Net Assets – 100.0% $200,990,592
See Portfolio Footnotes and Notes to Financial Statements
57

Table of Contents
Portfolio of Investments – continued
MFS Lifetime 2060 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.1%
Bond Funds – 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6     132,841 $ 1,502,428
MFS Total Return Bond Fund - Class R6     133,520 1,504,776
        $ 3,007,204
International Stock Funds – 27.9%
MFS Blended Research Emerging Markets Equity Fund - Class R6     37,233 $ 597,580
MFS Blended Research International Equity Fund - Class R6     492,931 6,575,704
MFS Emerging Markets Equity Fund - Class R6     14,149 597,102
MFS International Growth Fund - Class R6     47,065 2,090,153
MFS International Intrinsic Value Fund - Class R6     39,695 2,089,537
MFS International New Discovery Fund - Class R6     61,224 2,390,193
MFS Research International Fund - Class R6     103,404 2,390,698
        $ 16,730,967
Specialty Funds – 10.1%
MFS Commodity Strategy Fund - Class R6     496,488 $ 3,033,544
MFS Global Real Estate Fund - Class R6     152,245 3,000,739
        $ 6,034,283
U.S. Stock Funds – 57.0%
MFS Blended Research Core Equity Fund - Class R6     69,312 $ 2,396,121
MFS Blended Research Growth Equity Fund - Class R6     175,889 3,589,899
MFS Blended Research Mid Cap Equity Fund - Class R6     390,171 5,981,319
MFS Blended Research Small Cap Equity Fund - Class R6     85,305 1,494,537
MFS Blended Research Value Equity Fund - Class R6     225,020 3,607,069
MFS Growth Fund - Class R6     20,416 3,589,678
MFS Mid Cap Growth Fund - Class R6     95,114 2,988,481
MFS Mid Cap Value Fund - Class R6     96,013 3,003,275
MFS New Discovery Fund - Class R6     16,452 747,433
MFS New Discovery Value Fund - Class R6     36,235 748,973
MFS Research Fund - Class R6     42,148 2,400,760
MFS Value Fund - Class R6     71,199 3,607,674
        $ 34,155,219
Money Market Funds – 0.1%  
MFS Institutional Money Market Portfolio, 0.04% (v)     34,567 $ 34,567
Total Investment Companies (Identified Cost, $47,341,285) $59,962,240
Other Assets, Less Liabilities – (0.1)%   (32,569)
Net Assets – 100.0% $59,929,671
See Portfolio Footnotes and Notes to Financial Statements
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Portfolio of Investments – continued
Portfolio Footnotes:
(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of each fund’s investments in affiliated issuers were as follows:
  Affiliated Issuers
MFS Lifetime Income Fund $695,515,352
MFS Lifetime 2020 Fund 363,131,581
MFS Lifetime 2025 Fund 484,622,422
MFS Lifetime 2030 Fund 793,072,617
MFS Lifetime 2035 Fund 492,597,254
MFS Lifetime 2040 Fund 613,750,650
MFS Lifetime 2045 Fund 358,314,919
MFS Lifetime 2050 Fund 365,145,035
MFS Lifetime 2055 Fund 201,031,508
MFS Lifetime 2060 Fund 59,962,240
(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
59

Table of Contents
Financial Statements
Statements of Assets and Liabilities
At 4/30/21
These statements represent each fund's balance sheet, which details the assets and liabilities comprising the total value of each fund.
  MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund
Assets          
Investments in affiliated issuers, at value (identified cost, $572,125,795, $296,039,954, $399,989,043, $569,501,289, and $354,868,266, respectively) $695,515,352 $363,131,581 $484,622,422 $793,072,617 $492,597,254
Receivables for          
Investments sold 159,356 156,498 9,220 73,612 —
Fund shares sold 428,701 254,980 525,136 1,543,478 834,712
Receivable from investment adviser 111,038 61,452 82,481 129,152 82,064
Other assets 2,368 1,074 1,209 1,750 1,126
Total assets $696,216,815 $363,605,585 $485,240,468 $794,820,609 $493,515,156
Liabilities          
Payables for          
Distributions $39,018 $— $— $— $—
Investments purchased 169,360 142,010 131,213 1,400,339 629,285
Fund shares reacquired 139,020 266,333 405,999 223,221 214,532
Payable to affiliates          
Administrative services fee 94 94 94 94 94
Shareholder servicing costs 177,906 97,240 107,209 184,257 114,081
Distribution and service fees 10,495 3,240 2,920 6,841 3,214
Program manager fee 527 — — — —
Payable for independent Trustees' compensation 18 18 15 14 12
Accrued expenses and other liabilities 71,311 51,592 59,478 59,582 53,085
Total liabilities $607,749 $560,527 $706,928 $1,874,348 $1,014,303
Net assets $695,609,066 $363,045,058 $484,533,540 $792,946,261 $492,500,853
Net assets consist of          
Paid-in capital $582,105,822 $296,559,509 $397,858,680 $568,396,120 $357,119,844
Total distributable earnings (loss) 113,503,244 66,485,549 86,674,860 224,550,141 135,381,009
Net assets $695,609,066 $363,045,058 $484,533,540 $792,946,261 $492,500,853
60

Table of Contents
Statements of Assets and Liabilities – continued
  MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund
Net assets          
Class A $164,095,940 $46,331,281 $29,637,432 $81,398,113 $27,769,513
Class B 3,347,304 2,108,743 1,446,782 6,394,026 1,597,379
Class C 81,541,552 6,298,300 4,618,223 12,825,793 3,513,800
Class I 46,956,031 3,714,203 3,130,949 6,274,294 1,266,522
Class R1 1,932,495 1,713,752 374,332 5,635,709 469,874
Class R2 10,822,740 30,794,924 21,994,107 60,402,491 20,782,700
Class R3 75,909,427 87,642,916 112,825,739 196,178,019 141,555,344
Class R4 31,137,977 49,049,739 82,036,785 123,739,884 89,096,779
Class R6 87,750,150 135,391,200 228,469,191 300,097,932 206,448,942
Class 529A 159,423,487 — — — —
Class 529B 3,826,102 — — — —
Class 529C 28,865,861 — — — —
Total net assets $695,609,066 $363,045,058 $484,533,540 $792,946,261 $492,500,853
Shares of beneficial interest outstanding          
Class A 11,858,615 3,270,997 1,975,952 4,471,783 1,490,907
Class B 241,884 149,351 97,184 356,108 86,349
Class C 5,895,447 452,456 312,139 719,081 191,154
Class I 3,392,345 260,176 207,960 342,880 67,785
Class R1 139,489 120,667 24,897 312,248 25,277
Class R2 781,839 2,187,288 1,470,986 3,347,829 1,116,464
Class R3 5,485,994 6,187,135 7,531,611 10,811,414 7,592,270
Class R4 2,250,379 3,435,621 5,437,115 6,747,441 4,750,426
Class R6 6,322,895 9,494,607 15,142,602 16,372,434 11,004,987
Class 529A 14,135,195 — — — —
Class 529B 339,020 — — — —
Class 529C 2,560,138 — — — —
Total shares of beneficial interest outstanding 53,403,240 25,558,298 32,200,446 43,481,218 26,325,619
Class A shares          
Net asset value per share
(net assets / shares of beneficial interest outstanding) 		$13.84 $14.16 $15.00 $18.20 $18.63
Offering price per share (100 / 95.75 x net asset value per share) $14.45 $— $— $— $—
Offering price per share (100 / 94.25 x net asset value per share) $— $15.02 $15.92 $19.31 $19.77
Class B shares          
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$13.84 $14.12 $14.89 $17.96 $18.50
Class C shares          
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$13.83 $13.92 $14.80 $17.84 $18.38
Class I shares          
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$13.84 $14.28 $15.06 $18.30 $18.68
Class R1 shares          
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$13.85 $14.20 $15.04 $18.05 $18.59
Class R2 shares          
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$13.84 $14.08 $14.95 $18.04 $18.61
Class R3 shares          
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$13.84 $14.17 $14.98 $18.15 $18.64
61

Table of Contents
Statements of Assets and Liabilities – continued
  MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund
Class R4 shares          
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$13.84 $14.28 $15.09 $18.34 $18.76
Class R6 shares          
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$13.88 $14.26 $15.09 $18.33 $18.76
Class 529A shares          
Net asset value and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$11.28 $— $— $— $—
Offering price per share (100 / 95.75 x net asset value per share) $11.78 $— $— $— $—
Class 529B shares          
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$11.29 $— $— $— $—
Class 529C shares          
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$11.28 $— $— $— $—
On sales of $100,000 or more, the maximum offering price of Class A and Class 529A shares is reduced for the MFS Lifetime Income Fund. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced for all other funds. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, Class C, Class 529B, and Class 529C shares.
See Notes to Financial Statements
62

Table of Contents
Statements of Assets and Liabilities – continued
At 4/30/21 MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
Assets          
Investments in affiliated issuers, at value (identified cost, $384,856,799, $249,927,194, $245,955,928, $145,405,402, and $47,341,285, respectively) $613,750,650 $358,314,919 $365,145,035 $201,031,508 $59,962,240
Receivables for          
Investments sold 240,910 — — 30,842 —
Fund shares sold 1,073,813 600,486 780,396 543,070 284,913
Receivable from investment adviser 108,867 63,276 65,625 50,072 38,612
Other assets 1,289 930 1,074 601 662
Total assets $615,175,529 $358,979,611 $365,992,130 $201,656,093 $60,286,427
Liabilities          
Payables for          
Investments purchased $430,592 $521,294 $587,542 $481,011 $285,988
Fund shares reacquired 884,916 85,417 192,015 61,552 3,563
Payable to affiliates          
Administrative services fee 94 94 94 94 94
Shareholder servicing costs 150,965 94,393 104,190 68,277 19,859
Distribution and service fees 5,298 2,370 3,018 1,802 417
Payable for independent Trustees' compensation 14 12 12 12 13
Accrued expenses and other liabilities 56,003 50,583 53,132 52,753 46,822
Total liabilities $1,527,882 $754,163 $940,003 $665,501 $356,756
Net assets $613,647,647 $358,225,448 $365,052,127 $200,990,592 $59,929,671
Net assets consist of          
Paid-in capital $388,978,667 $251,497,665 $247,194,085 $146,152,368 $47,475,442
Total distributable earnings (loss) 224,668,980 106,727,783 117,858,042 54,838,224 12,454,229
Net assets $613,647,647 $358,225,448 $365,052,127 $200,990,592 $59,929,671
63

Table of Contents
Statements of Assets and Liabilities – continued
  MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
Net assets          
Class A $56,523,848 $18,979,713 $22,707,992 $14,314,494 $5,583,700
Class B 3,526,758 930,203 1,727,318 713,351 191,187
Class C 8,726,852 1,942,596 3,898,022 2,584,582 760,934
Class I 3,869,916 2,145,452 1,033,234 433,991 231,596
Class R1 3,965,420 551,504 694,925 663,352 85,990
Class R2 53,097,416 15,160,728 28,781,173 17,588,569 1,579,894
Class R3 156,544,270 109,034,482 113,346,448 65,613,389 17,477,481
Class R4 105,822,497 68,489,151 71,368,312 38,373,508 8,870,847
Class R6 221,570,670 140,991,619 121,494,703 60,705,356 25,148,042
Total net assets $613,647,647 $358,225,448 $365,052,127 $200,990,592 $59,929,671
Shares of beneficial interest outstanding          
Class A 2,779,683 956,730 946,923 700,846 349,280
Class B 174,595 47,191 73,134 35,090 11,983
Class C 437,760 99,012 165,972 128,153 47,971
Class I 188,865 107,595 43,133 21,219 14,392
Class R1 196,970 27,942 29,452 32,747 5,372
Class R2 2,627,014 767,479 1,214,305 864,112 98,951
Class R3 7,699,566 5,501,781 4,764,712 3,212,474 1,092,118
Class R4 5,147,818 3,435,282 2,977,818 1,866,682 551,950
Class R6 10,781,155 7,073,191 5,070,844 2,950,262 1,561,100
Total shares of beneficial interest outstanding 30,033,426 18,016,203 15,286,293 9,811,585 3,733,117
Class A shares          
Net asset value per share
(net assets / shares of beneficial interest outstanding) 		$20.33 $19.84 $23.98 $20.42 $15.99
Offering price per share (100 / 94.25 x net asset value per share) $21.57 $21.05 $25.44 $21.67 $16.97
Class B shares          
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$20.20 $19.71 $23.62 $20.33 $15.95
Class C shares          
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$19.94 $19.62 $23.49 $20.17 $15.86
Class I shares          
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$20.49 $19.94 $23.95 $20.45 $16.09
Class R1 shares          
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$20.13 $19.74 $23.59 $20.26 $16.01
Class R2 shares          
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$20.21 $19.75 $23.70 $20.35 $15.97
Class R3 shares          
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$20.33 $19.82 $23.79 $20.42 $16.00
Class R4 shares          
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$20.56 $19.94 $23.97 $20.56 $16.07
64

Table of Contents
Statements of Assets and Liabilities – continued
  MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
Class R6 shares          
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$20.55 $19.93 $23.96 $20.58 $16.11
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
65

Table of Contents
Financial Statements
Statements of Operations
Year ended 4/30/21
These statements describe how much each fund earned in investment income and accrued in expenses. They also describe any gains or losses generated by each fund’s operations.
  MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund
Net investment income (loss)          
Dividends from affiliated issuers $13,831,127 $7,583,760 $8,858,598 $12,860,140 $6,761,483
Other 95 61 59 95 58
Excess expense reimbursement from investment adviser 89,491 172,571 249,417 329,022 213,530
Total investment income $13,920,713 $7,756,392 $9,108,074 $13,189,257 $6,975,071
Expenses          
Distribution and service fees $2,304,923 $637,301 $537,415 $1,234,157 $543,951
Shareholder servicing costs 826,084 379,444 433,614 755,113 455,433
Program manager fees 89,308 — — — —
Administrative services fee 17,500 17,500 17,500 17,500 17,500
Independent Trustees' compensation 13,385 8,035 8,495 13,700 8,444
Custodian fee 24,983 11,014 12,163 16,368 11,670
Shareholder communications 42,450 16,072 14,746 23,036 16,330
Audit and tax fees 40,132 38,398 37,592 38,470 37,591
Legal fees 9,105 6,744 7,343 9,640 7,290
Registration fees 143,742 130,106 145,969 148,260 148,878
Miscellaneous 38,530 34,846 35,607 39,329 36,232
Total expenses $3,550,142 $1,279,460 $1,250,444 $2,295,573 $1,283,319
Reduction of expenses by investment adviser and distributor (1,279,442) (651,257) (710,795) (1,077,478) (735,740)
Net expenses $2,270,700 $628,203 $539,649 $1,218,095 $547,579
Net investment income (loss) $11,650,013 $7,128,189 $8,568,425 $11,971,162 $6,427,492
Realized and unrealized gain (loss)          
Realized gain (loss) (identified cost basis)          
Investments in affiliated issuers $10,368,808 $10,499,336 $4,744,499 $17,856,276 $(1,032,873)
Capital gain distributions from affiliated issuers 3,502,202 1,904,231 3,271,999 7,211,439 5,155,032
Net realized gain (loss) $13,871,010 $12,403,567 $8,016,498 $25,067,715 $4,122,159
Change in unrealized appreciation or depreciation          
Affiliated issuers $70,006,360 $33,284,885 $62,790,053 $139,628,325 $121,307,305
Net realized and unrealized gain (loss) $83,877,370 $45,688,452 $70,806,551 $164,696,040 $125,429,464
Change in net assets from operations $95,527,383 $52,816,641 $79,374,976 $176,667,202 $131,856,956
See Notes to Financial Statements
66

Table of Contents
Statements of Operations – continued
Year ended 4/30/21 MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
Net investment income (loss)          
Dividends from affiliated issuers $7,632,972 $3,888,568 $3,970,762 $2,130,485 $550,600
Other 73 43 44 29 8
Excess expense reimbursement from investment adviser 226,716 140,501 127,549 62,335 23,554
Total investment income $7,859,761 $4,029,112 $4,098,355 $2,192,849 $574,162
Expenses          
Distribution and service fees $889,186 $384,185 $477,089 $287,890 $55,211
Shareholder servicing costs 596,272 360,225 393,069 263,402 74,626
Administrative services fee 17,500 17,500 17,500 17,500 17,500
Independent Trustees' compensation 8,975 7,854 7,885 4,357 1,664
Custodian fee 13,066 9,697 9,875 7,792 5,846
Shareholder communications 21,961 16,596 22,686 22,145 15,629
Audit and tax fees 38,427 37,565 37,766 37,537 36,877
Legal fees 8,059 6,347 6,359 5,325 4,467
Registration fees 145,679 139,642 131,657 132,485 126,367
Miscellaneous 37,676 34,692 33,987 31,807 30,533
Total expenses $1,776,801 $1,014,303 $1,137,873 $810,240 $368,720
Reduction of expenses by investment adviser and distributor (894,501) (627,319) (659,306) (521,773) (315,476)
Net expenses $882,300 $386,984 $478,567 $288,467 $53,244
Net investment income (loss) $6,977,461 $3,642,128 $3,619,788 $1,904,382 $520,918
Realized and unrealized gain (loss)          
Realized gain (loss) (identified cost basis)          
Investments in affiliated issuers $3,635,506 $(2,234,788) $(1,588,255) $(981,794) $(394,427)
Capital gain distributions from affiliated issuers 6,935,147 4,241,754 4,369,274 2,342,159 609,107
Net realized gain (loss) $10,570,653 $2,006,966 $2,781,019 $1,360,365 $214,680
Change in unrealized appreciation or depreciation          
Affiliated issuers $157,970,864 $99,655,196 $101,104,166 $55,212,392 $13,782,441
Net realized and unrealized gain (loss) $168,541,517 $101,662,162 $103,885,185 $56,572,757 $13,997,121
Change in net assets from operations $175,518,978 $105,304,290 $107,504,973 $58,477,139 $14,518,039
See Notes to Financial Statements
67

Table of Contents
Financial Statements
Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
Year ended 4/30/21 MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund
Change in net assets          
From operations          
Net investment income (loss) $11,650,013 $7,128,189 $8,568,425 $11,971,162 $6,427,492
Net realized gain (loss) 13,871,010 12,403,567 8,016,498 25,067,715 4,122,159
Net unrealized gain (loss) 70,006,360 33,284,885 62,790,053 139,628,325 121,307,305
Change in net assets from operations $95,527,383 $52,816,641 $79,374,976 $176,667,202 $131,856,956
Total distributions to shareholders $(19,692,511) $(14,725,525) $(12,418,815) $(26,868,795) $(11,100,314)
Change in net assets from fund share transactions $26,103,494 $1,945,935 $90,107,523 $43,245,778 $39,426,495
Total change in net assets $101,938,366 $40,037,051 $157,063,684 $193,044,185 $160,183,137
Net assets          
At beginning of period 593,670,700 323,008,007 327,469,856 599,902,076 332,317,716
At end of period $695,609,066 $363,045,058 $484,533,540 $792,946,261 $492,500,853
Year ended 4/30/21 MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
Change in net assets          
From operations          
Net investment income (loss) $6,977,461 $3,642,128 $3,619,788 $1,904,382 $520,918
Net realized gain (loss) 10,570,653 2,006,966 2,781,019 1,360,365 214,680
Net unrealized gain (loss) 157,970,864 99,655,196 101,104,166 55,212,392 13,782,441
Change in net assets from operations $175,518,978 $105,304,290 $107,504,973 $58,477,139 $14,518,039
Total distributions to shareholders $(15,517,988) $(7,226,087) $(7,074,896) $(3,668,161) $(777,663)
Change in net assets from fund share transactions $19,166,545 $29,919,909 $26,744,709 $21,224,931 $22,136,259
Total change in net assets $179,167,535 $127,998,112 $127,174,786 $76,033,909 $35,876,635
Net assets          
At beginning of period 434,480,112 230,227,336 237,877,341 124,956,683 24,053,036
At end of period $613,647,647 $358,225,448 $365,052,127 $200,990,592 $59,929,671
See Notes to Financial Statements
68

Table of Contents
Statements of Changes in Net Assets – continued
Year ended 4/30/20 MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund
Change in net assets          
From operations          
Net investment income (loss) $13,176,201 $8,130,201 $7,492,778 $12,918,085 $6,639,305
Net realized gain (loss) 2,888,628 6,743,176 1,831,940 9,328,016 2,000,039
Net unrealized gain (loss) (2,003,984) (6,568,255) (6,688,693) (32,315,729) (24,925,627)
Change in net assets from operations $14,060,845 $8,305,122 $2,636,025 $(10,069,628) $(16,286,283)
Total distributions to shareholders $(21,037,176) $(16,362,312) $(11,561,295) $(32,529,458) $(12,938,370)
Change in net assets from fund share transactions $25,991,072 $(11,187,535) $43,922,853 $53,145,640 $73,008,584
Total change in net assets $19,014,741 $(19,244,725) $34,997,583 $10,546,554 $43,783,931
Net assets          
At beginning of period 574,655,959 342,252,732 292,472,273 589,355,522 288,533,785
At end of period $593,670,700 $323,008,007 $327,469,856 $599,902,076 $332,317,716
Year ended 4/30/20 MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
Change in net assets          
From operations          
Net investment income (loss) $8,360,469 $4,202,125 $4,250,451 $2,109,560 $339,255
Net realized gain (loss) 6,522,771 2,681,312 3,092,203 1,231,690 147,639
Net unrealized gain (loss) (38,974,485) (21,767,424) (22,474,353) (11,335,462) (1,784,565)
Change in net assets from operations $(24,091,245) $(14,883,987) $(15,131,699) $(7,994,212) $(1,297,671)
Total distributions to shareholders $(25,567,413) $(9,201,300) $(10,246,366) $(4,557,091) $(533,610)
Change in net assets from fund share transactions $57,248,217 $55,249,920 $51,809,993 $34,110,838 $15,825,604
Total change in net assets $7,589,559 $31,164,633 $26,431,928 $21,559,535 $13,994,323
Net assets          
At beginning of period 426,890,553 199,062,703 211,445,413 103,397,148 10,058,713
At end of period $434,480,112 $230,227,336 $237,877,341 $124,956,683 $24,053,036
See Notes to Financial Statements
69

Table of Contents
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 (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 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $12.29 $12.39 $12.25 $12.20 $12.08
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.23 $0.30 $0.31 $0.27 $0.21
Net realized and unrealized gain (loss) 1.72 0.05 0.30 0.20 0.39
Total from investment operations $1.95 $0.35 $0.61 $0.47 $0.60
Less distributions declared to shareholders          
From net investment income $(0.27) $(0.31) $(0.32) $(0.27) $(0.24)
From net realized gain (0.13) (0.14) (0.15) (0.15) (0.24)
Total distributions declared to shareholders $(0.40) $(0.45) $(0.47) $(0.42) $(0.48)
Net asset value, end of period (x) $13.84 $12.29 $12.39 $12.25 $12.20
Total return (%) (r)(s)(t)(x) 16.01 2.78 5.18 3.84 5.09
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.43 0.45 0.45 0.45 0.46
Expenses after expense reductions (f)(h) 0.23 0.23 0.23 0.24 0.25
Net investment income (loss) (l) 1.77 2.37 2.57 2.19 1.74
Portfolio turnover 12 15 10 11 25
Net assets at end of period (000 omitted) $164,096 $124,123 $111,591 $108,482 $115,872
See Notes to Financial Statements
70

Table of Contents
Financial Highlights − continued
MFS LIFETIME INCOME FUND − continued
  Year ended
Class B 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $12.29 $12.40 $12.25 $12.20 $12.08
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.15 $0.20 $0.22 $0.17 $0.12
Net realized and unrealized gain (loss) 1.70 0.04 0.31 0.21 0.39
Total from investment operations $1.85 $0.24 $0.53 $0.38 $0.51
Less distributions declared to shareholders          
From net investment income $(0.17) $(0.21) $(0.23) $(0.18) $(0.15)
From net realized gain (0.13) (0.14) (0.15) (0.15) (0.24)
Total distributions declared to shareholders $(0.30) $(0.35) $(0.38) $(0.33) $(0.39)
Net asset value, end of period (x) $13.84 $12.29 $12.40 $12.25 $12.20
Total return (%) (r)(s)(t)(x) 15.16 1.93 4.48 3.07 4.31
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.19 1.20 1.20 1.20 1.21
Expenses after expense reductions (f)(h) 0.98 0.98 0.99 0.99 1.00
Net investment income (loss) (l) 1.15 1.61 1.81 1.40 0.98
Portfolio turnover 12 15 10 11 25
Net assets at end of period (000 omitted) $3,347 $5,774 $9,111 $11,818 $15,801
  Year ended
Class C 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $12.28 $12.39 $12.25 $12.19 $12.08
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.15 $0.20 $0.22 $0.18 $0.12
Net realized and unrealized gain (loss) 1.70 0.04 0.30 0.21 0.38
Total from investment operations $1.85 $0.24 $0.52 $0.39 $0.50
Less distributions declared to shareholders          
From net investment income $(0.17) $(0.21) $(0.23) $(0.18) $(0.15)
From net realized gain (0.13) (0.14) (0.15) (0.15) (0.24)
Total distributions declared to shareholders $(0.30) $(0.35) $(0.38) $(0.33) $(0.39)
Net asset value, end of period (x) $13.83 $12.28 $12.39 $12.25 $12.19
Total return (%) (r)(s)(t)(x) 15.17 1.93 4.40 3.15 4.22
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.19 1.20 1.20 1.20 1.21
Expenses after expense reductions (f)(h) 0.98 0.98 0.99 0.99 1.00
Net investment income (loss) (l) 1.16 1.60 1.80 1.43 0.98
Portfolio turnover 12 15 10 11 25
Net assets at end of period (000 omitted) $81,542 $98,286 $112,773 $128,791 $147,518
See Notes to Financial Statements
71

Table of Contents
Financial Highlights − continued
MFS LIFETIME INCOME FUND − continued
  Year ended
Class I 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $12.29 $12.40 $12.25 $12.20 $12.08
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.28 $0.33 $0.34 $0.31 $0.24
Net realized and unrealized gain (loss) 1.70 0.04 0.31 0.19 0.39
Total from investment operations $1.98 $0.37 $0.65 $0.50 $0.63
Less distributions declared to shareholders          
From net investment income $(0.30) $(0.34) $(0.35) $(0.30) $(0.27)
From net realized gain (0.13) (0.14) (0.15) (0.15) (0.24)
Total distributions declared to shareholders $(0.43) $(0.48) $(0.50) $(0.45) $(0.51)
Net asset value, end of period (x) $13.84 $12.29 $12.40 $12.25 $12.20
Total return (%) (r)(s)(t)(x) 16.30 2.96 5.53 4.10 5.35
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.18 0.20 0.20 0.20 0.21
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.14 2.61 2.82 2.46 1.98
Portfolio turnover 12 15 10 11 25
Net assets at end of period (000 omitted) $46,956 $34,513 $34,654 $32,496 $32,683
  Year ended
Class R1 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $12.30 $12.41 $12.26 $12.21 $12.09
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.14 $0.20 $0.21 $0.18 $0.12
Net realized and unrealized gain (loss) 1.71 0.04 0.32 0.20 0.39
Total from investment operations $1.85 $0.24 $0.53 $0.38 $0.51
Less distributions declared to shareholders          
From net investment income $(0.17) $(0.21) $(0.23) $(0.18) $(0.15)
From net realized gain (0.13) (0.14) (0.15) (0.15) (0.24)
Total distributions declared to shareholders $(0.30) $(0.35) $(0.38) $(0.33) $(0.39)
Net asset value, end of period (x) $13.85 $12.30 $12.41 $12.26 $12.21
Total return (%) (r)(s)(t)(x) 15.15 1.93 4.48 3.06 4.31
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.19 1.20 1.20 1.20 1.21
Expenses after expense reductions (f)(h) 0.98 0.98 0.98 0.99 1.00
Net investment income (loss) (l) 1.08 1.58 1.72 1.42 0.96
Portfolio turnover 12 15 10 11 25
Net assets at end of period (000 omitted) $1,932 $2,493 $3,977 $4,344 $4,453
See Notes to Financial Statements
72

Table of Contents
Financial Highlights − continued
MFS LIFETIME INCOME FUND − continued
  Year ended
Class R2 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $12.29 $12.40 $12.26 $12.20 $12.08
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.21 $0.26 $0.28 $0.24 $0.18
Net realized and unrealized gain (loss) 1.71 0.05 0.30 0.21 0.39
Total from investment operations $1.92 $0.31 $0.58 $0.45 $0.57
Less distributions declared to shareholders          
From net investment income $(0.24) $(0.28) $(0.29) $(0.24) $(0.21)
From net realized gain (0.13) (0.14) (0.15) (0.15) (0.24)
Total distributions declared to shareholders $(0.37) $(0.42) $(0.44) $(0.39) $(0.45)
Net asset value, end of period (x) $13.84 $12.29 $12.40 $12.26 $12.20
Total return (%) (r)(s)(t)(x) 15.73 2.44 4.92 3.67 4.83
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.69 0.70 0.70 0.70 0.71
Expenses after expense reductions (f)(h) 0.48 0.48 0.49 0.49 0.50
Net investment income (loss) (l) 1.60 2.07 2.30 1.91 1.49
Portfolio turnover 12 15 10 11 25
Net assets at end of period (000 omitted) $10,823 $14,259 $19,458 $27,110 $31,542
  Year ended
Class R3 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $12.29 $12.40 $12.25 $12.20 $12.08
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.25 $0.30 $0.31 $0.27 $0.21
Net realized and unrealized gain (loss) 1.70 0.04 0.31 0.20 0.39
Total from investment operations $1.95 $0.34 $0.62 $0.47 $0.60
Less distributions declared to shareholders          
From net investment income $(0.27) $(0.31) $(0.32) $(0.27) $(0.24)
From net realized gain (0.13) (0.14) (0.15) (0.15) (0.24)
Total distributions declared to shareholders $(0.40) $(0.45) $(0.47) $(0.42) $(0.48)
Net asset value, end of period (x) $13.84 $12.29 $12.40 $12.25 $12.20
Total return (%) (r)(s)(t)(x) 16.01 2.70 5.26 3.84 5.09
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.43 0.45 0.45 0.45 0.47
Expenses after expense reductions (f)(h) 0.23 0.23 0.24 0.24 0.25
Net investment income (loss) (l) 1.90 2.39 2.57 2.21 1.74
Portfolio turnover 12 15 10 11 25
Net assets at end of period (000 omitted) $75,909 $67,237 $54,540 $54,156 $49,628
See Notes to Financial Statements
73

Table of Contents
Financial Highlights − continued
MFS LIFETIME INCOME FUND − continued
  Year ended
Class R4 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $12.29 $12.39 $12.25 $12.20 $12.08
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.28 $0.33 $0.34 $0.31 $0.24
Net realized and unrealized gain (loss) 1.70 0.05 0.30 0.19 0.39
Total from investment operations $1.98 $0.38 $0.64 $0.50 $0.63
Less distributions declared to shareholders          
From net investment income $(0.30) $(0.34) $(0.35) $(0.30) $(0.27)
From net realized gain (0.13) (0.14) (0.15) (0.15) (0.24)
Total distributions declared to shareholders $(0.43) $(0.48) $(0.50) $(0.45) $(0.51)
Net asset value, end of period (x) $13.84 $12.29 $12.39 $12.25 $12.20
Total return (%) (r)(s)(t)(x) 16.30 3.04 5.44 4.10 5.35
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.19 0.20 0.20 0.21 0.21
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.14 2.61 2.82 2.51 2.01
Portfolio turnover 12 15 10 11 25
Net assets at end of period (000 omitted) $31,138 $41,807 $47,906 $52,790 $112,472
  Year ended
Class R6 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17(i)
Net asset value, beginning of period $12.32 $12.43 $12.29 $12.23 $12.37
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.30 $0.34 $0.35 $0.35 $0.11
Net realized and unrealized gain (loss) 1.71 0.04 0.30 0.17 0.21
Total from investment operations $2.01 $0.38 $0.65 $0.52 $0.32
Less distributions declared to shareholders          
From net investment income $(0.32) $(0.35) $(0.36) $(0.31) $(0.22)
From net realized gain (0.13) (0.14) (0.15) (0.15) (0.24)
Total distributions declared to shareholders $(0.45) $(0.49) $(0.51) $(0.46) $(0.46)
Net asset value, end of period (x) $13.88 $12.32 $12.43 $12.29 $12.23
Total return (%) (r)(s)(t)(x) 16.44 3.04 5.52 4.28 2.70(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.10 0.12 0.12 0.10 0.21(a)
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00(a)
Net investment income (loss) (l) 2.24 2.69 2.84 2.83 1.34(a)
Portfolio turnover 12 15 10 11 25
Net assets at end of period (000 omitted) $87,750 $42,065 $33,595 $26,728 $6,775
See Notes to Financial Statements
74

Table of Contents
Financial Highlights − continued
MFS LIFETIME INCOME FUND − continued
  Year ended
Class 529A 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $10.04 $10.15 $10.06 $10.04 $9.98
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.20 $0.24 $0.25 $0.22 $0.17
Net realized and unrealized gain (loss) 1.39 0.04 0.25 0.17 0.32
Total from investment operations $1.59 $0.28 $0.50 $0.39 $0.49
Less distributions declared to shareholders          
From net investment income $(0.22) $(0.25) $(0.26) $(0.22) $(0.19)
From net realized gain (0.13) (0.14) (0.15) (0.15) (0.24)
Total distributions declared to shareholders $(0.35) $(0.39) $(0.41) $(0.37) $(0.43)
Net asset value, end of period (x) $11.28 $10.04 $10.15 $10.06 $10.04
Total return (%) (r)(s)(t)(x) 15.95 2.71 5.16 3.84 5.08
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.48 0.50 0.50 0.53 0.56
Expenses after expense reductions (f)(h) 0.27 0.27 0.27 0.28 0.29
Net investment income (loss) (l) 1.84 2.33 2.55 2.16 1.70
Portfolio turnover 12 15 10 11 25
Net assets at end of period (000 omitted) $159,423 $127,306 $108,398 $83,713 $73,448
  Year ended
Class 529B 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $10.04 $10.15 $10.06 $10.04 $9.98
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.16 $0.16 $0.18 $0.14 $0.10
Net realized and unrealized gain (loss) 1.40 0.04 0.24 0.17 0.32
Total from investment operations $1.56 $0.20 $0.42 $0.31 $0.42
Less distributions declared to shareholders          
From net investment income $(0.18) $(0.17) $(0.18) $(0.14) $(0.12)
From net realized gain (0.13) (0.14) (0.15) (0.15) (0.24)
Total distributions declared to shareholders $(0.31) $(0.31) $(0.33) $(0.29) $(0.36)
Net asset value, end of period (x) $11.29 $10.04 $10.15 $10.06 $10.04
Total return (%) (r)(s)(t)(x) 15.63 1.94 4.38 3.07 4.30
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.81 1.25 1.25 1.28 1.31
Expenses after expense reductions (f)(h) 0.59 1.02 1.02 1.04 1.05
Net investment income (loss) (l) 1.51 1.58 1.78 1.36 0.96
Portfolio turnover 12 15 10 11 25
Net assets at end of period (000 omitted) $3,826 $4,611 $4,492 $3,975 $4,722
See Notes to Financial Statements
75

Table of Contents
Financial Highlights − continued
MFS LIFETIME INCOME FUND − continued
  Year ended
Class 529C 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $10.03 $10.15 $10.05 $10.04 $9.98
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.12 $0.16 $0.18 $0.14 $0.09
Net realized and unrealized gain (loss) 1.40 0.03 0.25 0.16 0.33
Total from investment operations $1.52 $0.19 $0.43 $0.30 $0.42
Less distributions declared to shareholders          
From net investment income $(0.14) $(0.17) $(0.18) $(0.14) $(0.12)
From net realized gain (0.13) (0.14) (0.15) (0.15) (0.24)
Total distributions declared to shareholders $(0.27) $(0.31) $(0.33) $(0.29) $(0.36)
Net asset value, end of period (x) $11.28 $10.03 $10.15 $10.05 $10.04
Total return (%) (r)(s)(t)(x) 15.20 1.83 4.48 2.97 4.30
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.24 1.25 1.25 1.28 1.31
Expenses after expense reductions (f)(h) 1.02 1.03 1.03 1.04 1.05
Net investment income (loss) (l) 1.12 1.57 1.79 1.40 0.94
Portfolio turnover 12 15 10 11 25
Net assets at end of period (000 omitted) $28,866 $31,196 $34,160 $34,039 $32,166
(a) Annualized.
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(i) For Class R6, the period is from the class inception, August 29, 2016, through the stated period end.
(l) 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
76

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2020 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the 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 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $12.69 $12.98 $13.01 $12.94 $13.08
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.25 $0.30 $0.33 $0.29 $0.23
Net realized and unrealized gain (loss) 1.77 0.04 0.30 0.35 0.60
Total from investment operations $2.02 $0.34 $0.63 $0.64 $0.83
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.32) $(0.32) $(0.35) $(0.21)
From net realized gain (0.27) (0.31) (0.34) (0.22) (0.76)
Total distributions declared to shareholders $(0.55) $(0.63) $(0.66) $(0.57) $(0.97)
Net asset value, end of period (x) $14.16 $12.69 $12.98 $13.01 $12.94
Total return (%) (r)(s)(t)(x) 16.02 2.46 5.30 4.94 6.60
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.47 0.51 0.48 0.48 0.48
Expenses after expense reductions (f)(h) 0.24 0.24 0.23 0.24 0.25
Net investment income (loss) (l) 1.83 2.32 2.56 2.22 1.73
Portfolio turnover 30 16 17 19 35
Net assets at end of period (000 omitted) $46,331 $40,186 $44,271 $46,580 $50,239
  Year ended
Class B 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $12.63 $12.91 $12.92 $12.84 $12.98
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.15 $0.21 $0.23 $0.19 $0.13
Net realized and unrealized gain (loss) 1.75 0.03 0.31 0.35 0.59
Total from investment operations $1.90 $0.24 $0.54 $0.54 $0.72
Less distributions declared to shareholders          
From net investment income $(0.14) $(0.21) $(0.21) $(0.24) $(0.10)
From net realized gain (0.27) (0.31) (0.34) (0.22) (0.76)
Total distributions declared to shareholders $(0.41) $(0.52) $(0.55) $(0.46) $(0.86)
Net asset value, end of period (x) $14.12 $12.63 $12.91 $12.92 $12.84
Total return (%) (r)(s)(t)(x) 15.15 1.72 4.49 4.21 5.75
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.22 1.26 1.23 1.23 1.22
Expenses after expense reductions (f)(h) 0.99 0.99 0.98 0.99 1.00
Net investment income (loss) (l) 1.08 1.58 1.81 1.46 0.99
Portfolio turnover 30 16 17 19 35
Net assets at end of period (000 omitted) $2,109 $2,492 $3,148 $4,420 $5,425
See Notes to Financial Statements
77

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2020 FUND − continued
  Year ended
Class C 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $12.41 $12.71 $12.74 $12.67 $12.83
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.15 $0.20 $0.23 $0.19 $0.13
Net realized and unrealized gain (loss) 1.73 0.03 0.30 0.34 0.58
Total from investment operations $1.88 $0.23 $0.53 $0.53 $0.71
Less distributions declared to shareholders          
From net investment income $(0.10) $(0.22) $(0.22) $(0.24) $(0.11)
From net realized gain (0.27) (0.31) (0.34) (0.22) (0.76)
Total distributions declared to shareholders $(0.37) $(0.53) $(0.56) $(0.46) $(0.87)
Net asset value, end of period (x) $13.92 $12.41 $12.71 $12.74 $12.67
Total return (%) (r)(s)(t)(x) 15.21 1.64 4.50 4.20 5.76
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.23 1.26 1.23 1.23 1.23
Expenses after expense reductions (f)(h) 0.99 0.99 0.98 0.99 1.00
Net investment income (loss) (l) 1.11 1.58 1.82 1.47 0.98
Portfolio turnover 30 16 17 19 35
Net assets at end of period (000 omitted) $6,298 $10,400 $11,881 $13,178 $16,629
  Year ended
Class I 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $12.79 $13.07 $13.10 $13.03 $13.16
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.30 $0.34 $0.36 $0.33 $0.30
Net realized and unrealized gain (loss) 1.77 0.05 0.31 0.35 0.57
Total from investment operations $2.07 $0.39 $0.67 $0.68 $0.87
Less distributions declared to shareholders          
From net investment income $(0.31) $(0.36) $(0.36) $(0.39) $(0.24)
From net realized gain (0.27) (0.31) (0.34) (0.22) (0.76)
Total distributions declared to shareholders $(0.58) $(0.67) $(0.70) $(0.61) $(1.00)
Net asset value, end of period (x) $14.28 $12.79 $13.07 $13.10 $13.03
Total return (%) (r)(s)(t)(x) 16.35 2.77 5.54 5.19 6.91
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.22 0.26 0.23 0.23 0.21
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.13 2.54 2.76 2.50 2.25
Portfolio turnover 30 16 17 19 35
Net assets at end of period (000 omitted) $3,714 $1,980 $2,134 $1,742 $1,631
See Notes to Financial Statements
78

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2020 FUND − continued
  Year ended
Class R1 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $12.64 $12.91 $12.94 $12.88 $13.00
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.14 $0.20 $0.23 $0.20 $0.12
Net realized and unrealized gain (loss) 1.77 0.03 0.31 0.34 0.60
Total from investment operations $1.91 $0.23 $0.54 $0.54 $0.72
Less distributions declared to shareholders          
From net investment income $(0.08) $(0.19) $(0.23) $(0.26) $(0.08)
From net realized gain (0.27) (0.31) (0.34) (0.22) (0.76)
Total distributions declared to shareholders $(0.35) $(0.50) $(0.57) $(0.48) $(0.84)
Net asset value, end of period (x) $14.20 $12.64 $12.91 $12.94 $12.88
Total return (%) (r)(s)(t)(x) 15.19 1.64 4.51 4.19 5.73
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.23 1.26 1.23 1.23 1.22
Expenses after expense reductions (f)(h) 0.99 0.99 0.98 0.99 1.00
Net investment income (loss) (l) 1.02 1.57 1.82 1.49 0.95
Portfolio turnover 30 16 17 19 35
Net assets at end of period (000 omitted) $1,714 $3,348 $4,510 $4,587 $4,355
  Year ended
Class R2 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $12.61 $12.88 $12.91 $12.84 $13.00
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.22 $0.27 $0.30 $0.26 $0.19
Net realized and unrealized gain (loss) 1.75 0.04 0.30 0.35 0.59
Total from investment operations $1.97 $0.31 $0.60 $0.61 $0.78
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.27) $(0.29) $(0.32) $(0.18)
From net realized gain (0.27) (0.31) (0.34) (0.22) (0.76)
Total distributions declared to shareholders $(0.50) $(0.58) $(0.63) $(0.54) $(0.94)
Net asset value, end of period (x) $14.08 $12.61 $12.88 $12.91 $12.84
Total return (%) (r)(s)(t)(x) 15.72 2.25 5.04 4.73 6.26
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.73 0.76 0.73 0.73 0.73
Expenses after expense reductions (f)(h) 0.49 0.49 0.48 0.49 0.50
Net investment income (loss) (l) 1.59 2.05 2.32 1.97 1.49
Portfolio turnover 30 16 17 19 35
Net assets at end of period (000 omitted) $30,795 $36,927 $47,259 $72,233 $76,217
See Notes to Financial Statements
79

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2020 FUND − continued
  Year ended
Class R3 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $12.69 $12.98 $13.01 $12.95 $13.09
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.25 $0.31 $0.34 $0.30 $0.22
Net realized and unrealized gain (loss) 1.77 0.04 0.30 0.34 0.61
Total from investment operations $2.02 $0.35 $0.64 $0.64 $0.83
Less distributions declared to shareholders          
From net investment income $(0.27) $(0.33) $(0.33) $(0.36) $(0.21)
From net realized gain (0.27) (0.31) (0.34) (0.22) (0.76)
Total distributions declared to shareholders $(0.54) $(0.64) $(0.67) $(0.58) $(0.97)
Net asset value, end of period (x) $14.17 $12.69 $12.98 $13.01 $12.95
Total return (%) (r)(s)(t)(x) 16.07 2.48 5.33 4.90 6.59
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.47 0.51 0.48 0.48 0.48
Expenses after expense reductions (f)(h) 0.24 0.24 0.23 0.24 0.25
Net investment income (loss) (l) 1.84 2.34 2.61 2.24 1.71
Portfolio turnover 30 16 17 19 35
Net assets at end of period (000 omitted) $87,643 $88,804 $79,478 $84,245 $74,655
  Year ended
Class R4 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $12.78 $13.07 $13.10 $13.01 $13.15
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.29 $0.34 $0.37 $0.34 $0.27
Net realized and unrealized gain (loss) 1.78 0.04 0.30 0.34 0.59
Total from investment operations $2.07 $0.38 $0.67 $0.68 $0.86
Less distributions declared to shareholders          
From net investment income $(0.30) $(0.36) $(0.36) $(0.37) $(0.24)
From net realized gain (0.27) (0.31) (0.34) (0.22) (0.76)
Total distributions declared to shareholders $(0.57) $(0.67) $(0.70) $(0.59) $(1.00)
Net asset value, end of period (x) $14.28 $12.78 $13.07 $13.10 $13.01
Total return (%) (r)(s)(t)(x) 16.36 2.69 5.55 5.24 6.83
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.23 0.26 0.23 0.24 0.23
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.08 2.57 2.82 2.56 2.02
Portfolio turnover 30 16 17 19 35
Net assets at end of period (000 omitted) $49,050 $77,500 $85,763 $87,475 $146,535
See Notes to Financial Statements
80

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2020 FUND − continued
  Year ended
Class R6 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17(i)
Net asset value, beginning of period $12.77 $13.05 $13.09 $13.02 $13.60
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.31 $0.36 $0.38 $0.38 $0.11
Net realized and unrealized gain (loss) 1.78 0.04 0.30 0.31 0.32
Total from investment operations $2.09 $0.40 $0.68 $0.69 $0.43
Less distributions declared to shareholders          
From net investment income $(0.33) $(0.37) $(0.38) $(0.40) $(0.25)
From net realized gain (0.27) (0.31) (0.34) (0.22) (0.76)
Total distributions declared to shareholders $(0.60) $(0.68) $(0.72) $(0.62) $(1.01)
Net asset value, end of period (x) $14.26 $12.77 $13.05 $13.09 $13.02
Total return (%) (r)(s)(t)(x) 16.49 2.91 5.62 5.33 3.43(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.08 0.12 0.11 0.10 0.16(a)
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00(a)
Net investment income (loss) (l) 2.27 2.73 2.95 2.82 1.28(a)
Portfolio turnover 30 16 17 19 35
Net assets at end of period (000 omitted) $135,391 $61,371 $63,809 $45,280 $21,091
(a) Annualized.
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(i) For Class R6, the period is from the class inception, August 29, 2016, through the stated period end.
(l) 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
81

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2025 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the 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 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $12.75 $13.03 $12.83 $12.35 $11.76
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.25 $0.30 $0.33 $0.29 $0.20
Net realized and unrealized gain (loss) 2.38 (0.11) 0.35 0.62 0.84
Total from investment operations $2.63 $0.19 $0.68 $0.91 $1.04
Less distributions declared to shareholders          
From net investment income $(0.26) $(0.28) $(0.31) $(0.35) $(0.17)
From net realized gain (0.12) (0.19) (0.17) (0.08) (0.28)
Total distributions declared to shareholders $(0.38) $(0.47) $(0.48) $(0.43) $(0.45)
Net asset value, end of period (x) $15.00 $12.75 $13.03 $12.83 $12.35
Total return (%) (r)(s)(t)(x) 20.70 1.25 5.70 7.34 9.03
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.47 0.51 0.52 0.54 0.55
Expenses after expense reductions (f)(h) 0.25 0.23 0.22 0.23 0.24
Net investment income (loss) (l) 1.77 2.25 2.62 2.28 1.62
Portfolio turnover 24 18 14 37 33
Net assets at end of period (000 omitted) $29,637 $26,335 $19,689 $16,710 $14,518
  Year ended
Class B 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $12.64 $12.93 $12.72 $12.26 $11.68
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.14 $0.20 $0.23 $0.19 $0.10
Net realized and unrealized gain (loss) 2.36 (0.12) 0.36 0.60 0.85
Total from investment operations $2.50 $0.08 $0.59 $0.79 $0.95
Less distributions declared to shareholders          
From net investment income $(0.13) $(0.18) $(0.21) $(0.25) $(0.09)
From net realized gain (0.12) (0.19) (0.17) (0.08) (0.28)
Total distributions declared to shareholders $(0.25) $(0.37) $(0.38) $(0.33) $(0.37)
Net asset value, end of period (x) $14.89 $12.64 $12.93 $12.72 $12.26
Total return (%) (r)(s)(t)(x) 19.83 0.48 4.96 6.40 8.23
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.22 1.26 1.27 1.29 1.29
Expenses after expense reductions (f)(h) 1.00 0.99 0.97 1.00 1.00
Net investment income (loss) (l) 1.00 1.49 1.82 1.47 0.86
Portfolio turnover 24 18 14 37 33
Net assets at end of period (000 omitted) $1,447 $1,632 $1,501 $1,472 $1,340
See Notes to Financial Statements
82

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2025 FUND − continued
  Year ended
Class C 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $12.58 $12.86 $12.66 $12.21 $11.63
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.14 $0.19 $0.22 $0.19 $0.10
Net realized and unrealized gain (loss) 2.35 (0.11) 0.37 0.60 0.84
Total from investment operations $2.49 $0.08 $0.59 $0.79 $0.94
Less distributions declared to shareholders          
From net investment income $(0.15) $(0.17) $(0.22) $(0.26) $(0.08)
From net realized gain (0.12) (0.19) (0.17) (0.08) (0.28)
Total distributions declared to shareholders $(0.27) $(0.36) $(0.39) $(0.34) $(0.36)
Net asset value, end of period (x) $14.80 $12.58 $12.86 $12.66 $12.21
Total return (%) (r)(s)(t)(x) 19.86 0.45 4.94 6.42 8.24
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.22 1.26 1.27 1.29 1.29
Expenses after expense reductions (f)(h) 1.00 1.00 0.99 1.00 1.00
Net investment income (loss) (l) 1.03 1.46 1.78 1.50 0.83
Portfolio turnover 24 18 14 37 33
Net assets at end of period (000 omitted) $4,618 $3,852 $4,186 $3,571 $3,311
  Year ended
Class I 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $12.79 $13.08 $12.87 $12.40 $11.79
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.30 $0.33 $0.41 $0.25 $0.27
Net realized and unrealized gain (loss) 2.38 (0.12) 0.32 0.68 0.82
Total from investment operations $2.68 $0.21 $0.73 $0.93 $1.09
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.31) $(0.35) $(0.38) $(0.20)
From net realized gain (0.12) (0.19) (0.17) (0.08) (0.28)
Total distributions declared to shareholders $(0.41) $(0.50) $(0.52) $(0.46) $(0.48)
Net asset value, end of period (x) $15.06 $12.79 $13.08 $12.87 $12.40
Total return (%) (r)(s)(t)(x) 21.10 1.38 6.05 7.44 9.42
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.22 0.26 0.27 0.32 0.28
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.08 2.49 3.23 1.96 2.25
Portfolio turnover 24 18 14 37 33
Net assets at end of period (000 omitted) $3,131 $1,445 $1,228 $538 $127
See Notes to Financial Statements
83

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2025 FUND − continued
  Year ended
Class R1 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $12.65 $12.95 $12.76 $12.33 $11.79
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.09 $0.19 $0.22 $0.20 $0.09
Net realized and unrealized gain (loss) 2.42 (0.12) 0.37 0.60 0.86
Total from investment operations $2.51 $0.07 $0.59 $0.80 $0.95
Less distributions declared to shareholders          
From net investment income $— $(0.18) $(0.23) $(0.29) $(0.13)
From net realized gain (0.12) (0.19) (0.17) (0.08) (0.28)
Total distributions declared to shareholders $(0.12) $(0.37) $(0.40) $(0.37) $(0.41)
Net asset value, end of period (x) $15.04 $12.65 $12.95 $12.76 $12.33
Total return (%) (r)(s)(t)(x) 19.86 0.37 4.97 6.46 8.24
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.23 1.26 1.27 1.30 1.31
Expenses after expense reductions (f)(h) 1.00 1.00 0.99 1.00 1.00
Net investment income (loss) (l) 0.67 1.46 1.76 1.58 0.77
Portfolio turnover 24 18 14 37 33
Net assets at end of period (000 omitted) $374 $1,902 $1,578 $1,234 $432
  Year ended
Class R2 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $12.69 $12.96 $12.74 $12.29 $11.73
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.21 $0.25 $0.28 $0.26 $0.17
Net realized and unrealized gain (loss) 2.37 (0.11) 0.37 0.60 0.84
Total from investment operations $2.58 $0.14 $0.65 $0.86 $1.01
Less distributions declared to shareholders          
From net investment income $(0.20) $(0.22) $(0.26) $(0.33) $(0.17)
From net realized gain (0.12) (0.19) (0.17) (0.08) (0.28)
Total distributions declared to shareholders $(0.32) $(0.41) $(0.43) $(0.41) $(0.45)
Net asset value, end of period (x) $14.95 $12.69 $12.96 $12.74 $12.29
Total return (%) (r)(s)(t)(x) 20.43 0.93 5.48 6.95 8.75
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.73 0.76 0.77 0.79 0.81
Expenses after expense reductions (f)(h) 0.50 0.50 0.49 0.50 0.50
Net investment income (loss) (l) 1.49 1.89 2.21 2.06 1.40
Portfolio turnover 24 18 14 37 33
Net assets at end of period (000 omitted) $21,994 $26,607 $36,121 $35,799 $23,253
See Notes to Financial Statements
84

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2025 FUND − continued
  Year ended
Class R3 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $12.73 $13.02 $12.81 $12.35 $11.76
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.25 $0.30 $0.33 $0.29 $0.20
Net realized and unrealized gain (loss) 2.38 (0.12) 0.36 0.60 0.85
Total from investment operations $2.63 $0.18 $0.69 $0.89 $1.05
Less distributions declared to shareholders          
From net investment income $(0.26) $(0.28) $(0.31) $(0.35) $(0.18)
From net realized gain (0.12) (0.19) (0.17) (0.08) (0.28)
Total distributions declared to shareholders $(0.38) $(0.47) $(0.48) $(0.43) $(0.46)
Net asset value, end of period (x) $14.98 $12.73 $13.02 $12.81 $12.35
Total return (%) (r)(s)(t)(x) 20.74 1.17 5.75 7.19 9.08
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.47 0.51 0.52 0.54 0.55
Expenses after expense reductions (f)(h) 0.25 0.25 0.24 0.25 0.25
Net investment income (loss) (l) 1.80 2.25 2.56 2.24 1.61
Portfolio turnover 24 18 14 37 33
Net assets at end of period (000 omitted) $112,826 $95,013 $76,112 $63,426 $39,042
  Year ended
Class R4 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $12.81 $13.10 $12.88 $12.40 $11.79
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.28 $0.33 $0.36 $0.35 $0.22
Net realized and unrealized gain (loss) 2.40 (0.12) 0.37 0.58 0.87
Total from investment operations $2.68 $0.21 $0.73 $0.93 $1.09
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.31) $(0.34) $(0.37) $(0.20)
From net realized gain (0.12) (0.19) (0.17) (0.08) (0.28)
Total distributions declared to shareholders $(0.40) $(0.50) $(0.51) $(0.45) $(0.48)
Net asset value, end of period (x) $15.09 $12.81 $13.10 $12.88 $12.40
Total return (%) (r)(s)(t)(x) 21.06 1.37 6.06 7.43 9.42
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.23 0.26 0.27 0.28 0.30
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.00 2.49 2.82 2.68 1.84
Portfolio turnover 24 18 14 37 33
Net assets at end of period (000 omitted) $82,037 $105,160 $105,032 $81,894 $135,040
See Notes to Financial Statements
85

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2025 FUND − continued
  Year ended
Class R6 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17(i)
Net asset value, beginning of period $12.82 $13.10 $12.88 $12.41 $12.30
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.32 $0.35 $0.38 $0.40 $0.11
Net realized and unrealized gain (loss) 2.38 (0.12) 0.37 0.55 0.48
Total from investment operations $2.70 $0.23 $0.75 $0.95 $0.59
Less distributions declared to shareholders          
From net investment income $(0.31) $(0.32) $(0.36) $(0.40) $(0.20)
From net realized gain (0.12) (0.19) (0.17) (0.08) (0.28)
Total distributions declared to shareholders $(0.43) $(0.51) $(0.53) $(0.48) $(0.48)
Net asset value, end of period (x) $15.09 $12.82 $13.10 $12.88 $12.41
Total return (%) (r)(s)(t)(x) 21.17 1.57 6.21 7.57 5.02(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.08 0.12 0.14 0.15 0.20(a)
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00(a)
Net investment income (loss) (l) 2.22 2.63 2.93 3.08 1.31(a)
Portfolio turnover 24 18 14 37 33
Net assets at end of period (000 omitted) $228,469 $65,523 $47,026 $32,384 $10,834
(a) Annualized.
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(i) For Class R6, the period is from the class inception, August 29, 2016, through the stated period end.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(n) Not annualized.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
86

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2030 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the 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 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $14.61 $15.59 $15.48 $14.57 $13.91
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.26 $0.32 $0.37 $0.34 $0.19
Net realized and unrealized gain (loss) 3.96 (0.46) 0.49 1.13 1.42
Total from investment operations $4.22 $(0.14) $0.86 $1.47 $1.61
Less distributions declared to shareholders          
From net investment income $(0.27) $(0.32) $(0.36) $(0.36) $(0.19)
From net realized gain (0.36) (0.52) (0.39) (0.20) (0.76)
Total distributions declared to shareholders $(0.63) $(0.84) $(0.75) $(0.56) $(0.95)
Net asset value, end of period (x) $18.20 $14.61 $15.59 $15.48 $14.57
Total return (%) (r)(s)(t)(x) 29.17 (1.36) 6.24 10.09 12.01
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.44 0.46 0.46 0.46 0.47
Expenses after expense reductions (f)(h) 0.24 0.24 0.23 0.23 0.25
Net investment income (loss) (l) 1.56 2.07 2.40 2.18 1.36
Portfolio turnover 27 18 18 19 50
Net assets at end of period (000 omitted) $81,398 $66,732 $63,579 $61,458 $57,961
  Year ended
Class B 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $14.41 $15.37 $15.26 $14.37 $13.73
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.13 $0.20 $0.25 $0.21 $0.08
Net realized and unrealized gain (loss) 3.91 (0.46) 0.50 1.13 1.40
Total from investment operations $4.04 $(0.26) $0.75 $1.34 $1.48
Less distributions declared to shareholders          
From net investment income $(0.13) $(0.18) $(0.25) $(0.25) $(0.08)
From net realized gain (0.36) (0.52) (0.39) (0.20) (0.76)
Total distributions declared to shareholders $(0.49) $(0.70) $(0.64) $(0.45) $(0.84)
Net asset value, end of period (x) $17.96 $14.41 $15.37 $15.26 $14.37
Total return (%) (r)(s)(t)(x) 28.24 (2.07) 5.44 9.28 11.15
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.19 1.21 1.21 1.21 1.22
Expenses after expense reductions (f)(h) 0.99 0.99 0.99 0.99 1.00
Net investment income (loss) (l) 0.82 1.29 1.67 1.42 0.60
Portfolio turnover 27 18 18 19 50
Net assets at end of period (000 omitted) $6,394 $6,495 $8,727 $8,834 $8,753
See Notes to Financial Statements
87

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2030 FUND − continued
  Year ended
Class C 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $14.31 $15.27 $15.16 $14.29 $13.66
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.14 $0.19 $0.25 $0.21 $0.09
Net realized and unrealized gain (loss) 3.87 (0.44) 0.49 1.11 1.38
Total from investment operations $4.01 $(0.25) $0.74 $1.32 $1.47
Less distributions declared to shareholders          
From net investment income $(0.12) $(0.19) $(0.24) $(0.25) $(0.08)
From net realized gain (0.36) (0.52) (0.39) (0.20) (0.76)
Total distributions declared to shareholders $(0.48) $(0.71) $(0.63) $(0.45) $(0.84)
Net asset value, end of period (x) $17.84 $14.31 $15.27 $15.16 $14.29
Total return (%) (r)(s)(t)(x) 28.24 (2.05) 5.46 9.21 11.17
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.19 1.21 1.21 1.21 1.22
Expenses after expense reductions (f)(h) 0.99 0.99 0.99 0.99 1.00
Net investment income (loss) (l) 0.85 1.26 1.63 1.42 0.61
Portfolio turnover 27 18 18 19 50
Net assets at end of period (000 omitted) $12,826 $13,474 $15,790 $15,885 $15,827
  Year ended
Class I 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $14.69 $15.66 $15.55 $14.63 $14.00
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.31 $0.36 $0.42 $0.38 $0.28
Net realized and unrealized gain (loss) 3.98 (0.46) 0.48 1.14 1.33
Total from investment operations $4.29 $(0.10) $0.90 $1.52 $1.61
Less distributions declared to shareholders          
From net investment income $(0.32) $(0.35) $(0.40) $(0.40) $(0.22)
From net realized gain (0.36) (0.52) (0.39) (0.20) (0.76)
Total distributions declared to shareholders $(0.68) $(0.87) $(0.79) $(0.60) $(0.98)
Net asset value, end of period (x) $18.30 $14.69 $15.66 $15.55 $14.63
Total return (%) (r)(s)(t)(x) 29.48 (1.07) 6.50 10.38 11.95
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.19 0.21 0.21 0.21 0.20
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.86 2.29 2.70 2.48 1.96
Portfolio turnover 27 18 18 19 50
Net assets at end of period (000 omitted) $6,274 $2,395 $2,282 $2,171 $1,743
See Notes to Financial Statements
88

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2030 FUND − continued
  Year ended
Class R1 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $14.43 $15.42 $15.32 $14.44 $13.78
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.11 $0.21 $0.26 $0.21 $0.08
Net realized and unrealized gain (loss) 3.94 (0.46) 0.48 1.13 1.40
Total from investment operations $4.05 $(0.25) $0.74 $1.34 $1.48
Less distributions declared to shareholders          
From net investment income $(0.07) $(0.22) $(0.25) $(0.26) $(0.06)
From net realized gain (0.36) (0.52) (0.39) (0.20) (0.76)
Total distributions declared to shareholders $(0.43) $(0.74) $(0.64) $(0.46) $(0.82)
Net asset value, end of period (x) $18.05 $14.43 $15.42 $15.32 $14.44
Total return (%) (r)(s)(t)(x) 28.21 (2.06) 5.42 9.26 11.13
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.20 1.21 1.21 1.21 1.22
Expenses after expense reductions (f)(h) 0.99 1.00 0.99 0.99 1.00
Net investment income (loss) (l) 0.66 1.38 1.69 1.38 0.57
Portfolio turnover 27 18 18 19 50
Net assets at end of period (000 omitted) $5,636 $7,150 $7,423 $6,825 $5,740
  Year ended
Class R2 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $14.47 $15.43 $15.32 $14.43 $13.79
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.20 $0.28 $0.33 $0.30 $0.16
Net realized and unrealized gain (loss) 3.94 (0.46) 0.49 1.12 1.40
Total from investment operations $4.14 $(0.18) $0.82 $1.42 $1.56
Less distributions declared to shareholders          
From net investment income $(0.21) $(0.26) $(0.32) $(0.33) $(0.16)
From net realized gain (0.36) (0.52) (0.39) (0.20) (0.76)
Total distributions declared to shareholders $(0.57) $(0.78) $(0.71) $(0.53) $(0.92)
Net asset value, end of period (x) $18.04 $14.47 $15.43 $15.32 $14.43
Total return (%) (r)(s)(t)(x) 28.84 (1.60) 6.00 9.80 11.73
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.70 0.71 0.71 0.71 0.72
Expenses after expense reductions (f)(h) 0.49 0.49 0.49 0.49 0.50
Net investment income (loss) (l) 1.24 1.78 2.17 1.95 1.13
Portfolio turnover 27 18 18 19 50
Net assets at end of period (000 omitted) $60,402 $66,342 $78,171 $112,223 $105,808
See Notes to Financial Statements
89

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2030 FUND − continued
  Year ended
Class R3 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $14.57 $15.54 $15.44 $14.54 $13.88
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.26 $0.32 $0.37 $0.34 $0.19
Net realized and unrealized gain (loss) 3.95 (0.45) 0.49 1.12 1.42
Total from investment operations $4.21 $(0.13) $0.86 $1.46 $1.61
Less distributions declared to shareholders          
From net investment income $(0.27) $(0.32) $(0.37) $(0.36) $(0.19)
From net realized gain (0.36) (0.52) (0.39) (0.20) (0.76)
Total distributions declared to shareholders $(0.63) $(0.84) $(0.76) $(0.56) $(0.95)
Net asset value, end of period (x) $18.15 $14.57 $15.54 $15.44 $14.54
Total return (%) (r)(s)(t)(x) 29.18 (1.31) 6.21 10.07 12.03
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.44 0.46 0.46 0.46 0.47
Expenses after expense reductions (f)(h) 0.25 0.25 0.24 0.24 0.25
Net investment income (loss) (l) 1.58 2.06 2.44 2.20 1.34
Portfolio turnover 27 18 18 19 50
Net assets at end of period (000 omitted) $196,178 $158,189 $146,737 $136,815 $109,088
  Year ended
Class R4 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $14.70 $15.68 $15.56 $14.64 $13.97
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.30 $0.37 $0.40 $0.40 $0.24
Net realized and unrealized gain (loss) 4.01 (0.48) 0.51 1.11 1.41
Total from investment operations $4.31 $(0.11) $0.91 $1.51 $1.65
Less distributions declared to shareholders          
From net investment income $(0.31) $(0.35) $(0.40) $(0.39) $(0.22)
From net realized gain (0.36) (0.52) (0.39) (0.20) (0.76)
Total distributions declared to shareholders $(0.67) $(0.87) $(0.79) $(0.59) $(0.98)
Net asset value, end of period (x) $18.34 $14.70 $15.68 $15.56 $14.64
Total return (%) (r)(s)(t)(x) 29.58 (1.14) 6.56 10.30 12.28
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.20 0.21 0.21 0.21 0.22
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.80 2.32 2.61 2.57 1.66
Portfolio turnover 27 18 18 19 50
Net assets at end of period (000 omitted) $123,740 $162,913 $158,288 $148,064 $188,413
See Notes to Financial Statements
90

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2030 FUND − continued
  Year ended
Class R6 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17(i)
Net asset value, beginning of period $14.70 $15.68 $15.56 $14.65 $14.67
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.34 $0.38 $0.44 $0.45 $0.07
Net realized and unrealized gain (loss) 3.98 (0.47) 0.49 1.08 0.90
Total from investment operations $4.32 $(0.09) $0.93 $1.53 $0.97
Less distributions declared to shareholders          
From net investment income $(0.33) $(0.37) $(0.42) $(0.42) $(0.23)
From net realized gain (0.36) (0.52) (0.39) (0.20) (0.76)
Total distributions declared to shareholders $(0.69) $(0.89) $(0.81) $(0.62) $(0.99)
Net asset value, end of period (x) $18.33 $14.70 $15.68 $15.56 $14.65
Total return (%) (r)(s)(t)(x) 29.71 (1.02) 6.71 10.43 7.05(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.06 0.08 0.08 0.08 0.13(a)
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00(a)
Net investment income (loss) (l) 2.01 2.44 2.86 2.91 0.75(a)
Portfolio turnover 27 18 18 19 50
Net assets at end of period (000 omitted) $300,098 $116,212 $108,358 $73,753 $33,584
(a) Annualized.
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(i) For Class R6, the period is from the class inception, August 29, 2016, through the stated period end.
(l) 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
91

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2035 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the 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 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $13.79 $14.94 $14.61 $13.49 $12.35
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.23 $0.29 $0.34 $0.31 $0.16
Net realized and unrealized gain (loss) 5.04 (0.85) 0.52 1.28 1.44
Total from investment operations $5.27 $(0.56) $0.86 $1.59 $1.60
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.29) $(0.32) $(0.37) $(0.15)
From net realized gain (0.20) (0.30) (0.21) (0.10) (0.31)
Total distributions declared to shareholders $(0.43) $(0.59) $(0.53) $(0.47) $(0.46)
Net asset value, end of period (x) $18.63 $13.79 $14.94 $14.61 $13.49
Total return (%) (r)(s)(t)(x) 38.48 (4.23) 6.50 11.78 13.18
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.48 0.52 0.54 0.56 0.59
Expenses after expense reductions (f)(h) 0.25 0.25 0.24 0.25 0.25
Net investment income (loss) (l) 1.41 1.96 2.36 2.13 1.23
Portfolio turnover 28 13 12 33 43
Net assets at end of period (000 omitted) $27,770 $20,382 $16,563 $15,369 $10,591
  Year ended
Class B 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $13.70 $14.84 $14.49 $13.39 $12.26
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.11 $0.17 $0.22 $0.19 $0.06
Net realized and unrealized gain (loss) 4.99 (0.85) 0.54 1.28 1.43
Total from investment operations $5.10 $(0.68) $0.76 $1.47 $1.49
Less distributions declared to shareholders          
From net investment income $(0.10) $(0.16) $(0.20) $(0.27) $(0.05)
From net realized gain (0.20) (0.30) (0.21) (0.10) (0.31)
Total distributions declared to shareholders $(0.30) $(0.46) $(0.41) $(0.37) $(0.36)
Net asset value, end of period (x) $18.50 $13.70 $14.84 $14.49 $13.39
Total return (%) (r)(s)(t)(x) 37.44 (4.98) 5.71 10.96 12.34
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.23 1.27 1.29 1.31 1.34
Expenses after expense reductions (f)(h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 0.65 1.12 1.55 1.31 0.45
Portfolio turnover 28 13 12 33 43
Net assets at end of period (000 omitted) $1,597 $1,387 $1,650 $1,730 $1,314
See Notes to Financial Statements
92

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2035 FUND − continued
  Year ended
Class C 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $13.62 $14.78 $14.45 $13.35 $12.22
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.10 $0.19 $0.22 $0.19 $0.05
Net realized and unrealized gain (loss) 4.97 (0.87) 0.53 1.28 1.43
Total from investment operations $5.07 $(0.68) $0.75 $1.47 $1.48
Less distributions declared to shareholders          
From net investment income $(0.11) $(0.18) $(0.21) $(0.27) $(0.04)
From net realized gain (0.20) (0.30) (0.21) (0.10) (0.31)
Total distributions declared to shareholders $(0.31) $(0.48) $(0.42) $(0.37) $(0.35)
Net asset value, end of period (x) $18.38 $13.62 $14.78 $14.45 $13.35
Total return (%) (r)(s)(t)(x) 37.40 (4.97) 5.69 11.00 12.28
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.23 1.27 1.29 1.31 1.34
Expenses after expense reductions (f)(h) 1.00 0.99 0.99 1.00 1.00
Net investment income (loss) (l) 0.63 1.26 1.54 1.35 0.40
Portfolio turnover 28 13 12 33 43
Net assets at end of period (000 omitted) $3,514 $2,632 $2,730 $2,510 $1,893
  Year ended
Class I 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $13.82 $14.97 $14.64 $13.51 $12.40
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.27 $0.32 $0.37 $0.38 $0.26
Net realized and unrealized gain (loss) 5.05 (0.85) 0.53 1.25 1.34
Total from investment operations $5.32 $(0.53) $0.90 $1.63 $1.60
Less distributions declared to shareholders          
From net investment income $(0.26) $(0.32) $(0.36) $(0.40) $(0.18)
From net realized gain (0.20) (0.30) (0.21) (0.10) (0.31)
Total distributions declared to shareholders $(0.46) $(0.62) $(0.57) $(0.50) $(0.49)
Net asset value, end of period (x) $18.68 $13.82 $14.97 $14.64 $13.51
Total return (%) (r)(s)(t)(x) 38.83 (4.03) 6.76 12.10 13.12
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.23 0.27 0.29 0.32 0.32
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.66 2.17 2.55 2.59 2.01
Portfolio turnover 28 13 12 33 43
Net assets at end of period (000 omitted) $1,267 $714 $843 $636 $311
See Notes to Financial Statements
93

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2035 FUND − continued
  Year ended
Class R1 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $13.70 $14.83 $14.50 $13.44 $12.39
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $(0.01) $0.15 $0.22 $0.23 $0.07
Net realized and unrealized gain (loss) 5.10 (0.84) 0.54 1.25 1.42
Total from investment operations $5.09 $(0.69) $0.76 $1.48 $1.49
Less distributions declared to shareholders          
From net investment income $— $(0.14) $(0.22) $(0.32) $(0.13)
From net realized gain (0.20) (0.30) (0.21) (0.10) (0.31)
Total distributions declared to shareholders $(0.20) $(0.44) $(0.43) $(0.42) $(0.44)
Net asset value, end of period (x) $18.59 $13.70 $14.83 $14.50 $13.44
Total return (%) (r)(s)(t)(x) 37.27 (5.01) 5.72 11.00 12.22
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.24 1.27 1.29 1.31 1.36
Expenses after expense reductions (f)(h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) (0.05) 1.00 1.55 1.61 0.57
Portfolio turnover 28 13 12 33 43
Net assets at end of period (000 omitted) $470 $1,835 $2,535 $1,974 $664
  Year ended
Class R2 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $13.75 $14.89 $14.54 $13.43 $12.33
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.16 $0.23 $0.27 $0.27 $0.13
Net realized and unrealized gain (loss) 5.04 (0.84) 0.56 1.28 1.42
Total from investment operations $5.20 $(0.61) $0.83 $1.55 $1.55
Less distributions declared to shareholders          
From net investment income $(0.14) $(0.23) $(0.27) $(0.34) $(0.14)
From net realized gain (0.20) (0.30) (0.21) (0.10) (0.31)
Total distributions declared to shareholders $(0.34) $(0.53) $(0.48) $(0.44) $(0.45)
Net asset value, end of period (x) $18.61 $13.75 $14.89 $14.54 $13.43
Total return (%) (r)(s)(t)(x) 38.06 (4.50) 6.23 11.57 12.80
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.74 0.77 0.79 0.81 0.86
Expenses after expense reductions (f)(h) 0.50 0.50 0.50 0.50 0.50
Net investment income (loss) (l) 0.97 1.58 1.84 1.86 1.00
Portfolio turnover 28 13 12 33 43
Net assets at end of period (000 omitted) $20,783 $26,572 $32,592 $32,185 $20,918
See Notes to Financial Statements
94

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2035 FUND − continued
  Year ended
Class R3 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $13.80 $14.96 $14.63 $13.50 $12.37
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.23 $0.30 $0.34 $0.30 $0.16
Net realized and unrealized gain (loss) 5.04 (0.87) 0.52 1.30 1.43
Total from investment operations $5.27 $(0.57) $0.86 $1.60 $1.59
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.29) $(0.32) $(0.37) $(0.15)
From net realized gain (0.20) (0.30) (0.21) (0.10) (0.31)
Total distributions declared to shareholders $(0.43) $(0.59) $(0.53) $(0.47) $(0.46)
Net asset value, end of period (x) $18.64 $13.80 $14.96 $14.63 $13.50
Total return (%) (r)(s)(t)(x) 38.44 (4.27) 6.46 11.85 13.11
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.48 0.52 0.54 0.56 0.60
Expenses after expense reductions (f)(h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 1.40 2.00 2.31 2.10 1.23
Portfolio turnover 28 13 12 33 43
Net assets at end of period (000 omitted) $141,555 $96,287 $71,027 $58,283 $35,284
  Year ended
Class R4 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $13.87 $15.02 $14.69 $13.54 $12.39
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.25 $0.33 $0.38 $0.38 $0.19
Net realized and unrealized gain (loss) 5.09 (0.86) 0.52 1.26 1.45
Total from investment operations $5.34 $(0.53) $0.90 $1.64 $1.64
Less distributions declared to shareholders          
From net investment income $(0.25) $(0.32) $(0.36) $(0.39) $(0.18)
From net realized gain (0.20) (0.30) (0.21) (0.10) (0.31)
Total distributions declared to shareholders $(0.45) $(0.62) $(0.57) $(0.49) $(0.49)
Net asset value, end of period (x) $18.76 $13.87 $15.02 $14.69 $13.54
Total return (%) (r)(s)(t)(x) 38.82 (4.01) 6.73 12.11 13.46
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.23 0.27 0.29 0.30 0.34
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.56 2.22 2.58 2.61 1.44
Portfolio turnover 28 13 12 33 43
Net assets at end of period (000 omitted) $89,097 $120,415 $115,939 $87,528 $119,254
See Notes to Financial Statements
95

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2035 FUND − continued
  Year ended
Class R6 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17(i)
Net asset value, beginning of period $13.87 $15.02 $14.69 $13.55 $13.04
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.31 $0.35 $0.39 $0.44 $0.06
Net realized and unrealized gain (loss) 5.07 (0.86) 0.53 1.22 0.94
Total from investment operations $5.38 $(0.51) $0.92 $1.66 $1.00
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.34) $(0.38) $(0.42) $(0.18)
From net realized gain (0.20) (0.30) (0.21) (0.10) (0.31)
Total distributions declared to shareholders $(0.49) $(0.64) $(0.59) $(0.52) $(0.49)
Net asset value, end of period (x) $18.76 $13.87 $15.02 $14.69 $13.55
Total return (%) (r)(s)(t)(x) 39.08 (3.90) 6.90 12.23 7.93(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.09 0.12 0.15 0.16 0.27(a)
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00(a)
Net investment income (loss) (l) 1.86 2.35 2.67 3.03 0.63(a)
Portfolio turnover 28 13 12 33 43
Net assets at end of period (000 omitted) $206,449 $62,093 $44,655 $26,567 $9,531
(a) Annualized.
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(i) For Class R6, the period is from the class inception, August 29, 2016, through the stated period end.
(l) 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
96

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2040 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the 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 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $14.79 $16.46 $16.38 $15.00 $14.07
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.21 $0.30 $0.35 $0.31 $0.15
Net realized and unrealized gain (loss) 5.86 (1.02) 0.57 1.61 1.72
Total from investment operations $6.07 $(0.72) $0.92 $1.92 $1.87
Less distributions declared to shareholders          
From net investment income $(0.22) $(0.30) $(0.36) $(0.36) $(0.15)
From net realized gain (0.31) (0.65) (0.48) (0.18) (0.79)
Total distributions declared to shareholders $(0.53) $(0.95) $(0.84) $(0.54) $(0.94)
Net asset value, end of period (x) $20.33 $14.79 $16.46 $16.38 $15.00
Total return (%) (r)(s)(t)(x) 41.38 (5.08) 6.45 12.86 13.76
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.46 0.49 0.48 0.48 0.50
Expenses after expense reductions (f)(h) 0.24 0.24 0.24 0.24 0.25
Net investment income (loss) (l) 1.21 1.86 2.15 1.90 1.04
Portfolio turnover 27 13 17 18 54
Net assets at end of period (000 omitted) $56,524 $41,909 $36,747 $36,354 $35,093
  Year ended
Class B 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $14.68 $16.34 $16.23 $14.87 $13.95
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.08 $0.17 $0.22 $0.19 $0.04
Net realized and unrealized gain (loss) 5.81 (1.01) 0.59 1.59 1.71
Total from investment operations $5.89 $(0.84) $0.81 $1.78 $1.75
Less distributions declared to shareholders          
From net investment income $(0.06) $(0.17) $(0.22) $(0.24) $(0.04)
From net realized gain (0.31) (0.65) (0.48) (0.18) (0.79)
Total distributions declared to shareholders $(0.37) $(0.82) $(0.70) $(0.42) $(0.83)
Net asset value, end of period (x) $20.20 $14.68 $16.34 $16.23 $14.87
Total return (%) (r)(s)(t)(x) 40.36 (5.80) 5.66 12.00 12.94
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.21 1.24 1.23 1.23 1.25
Expenses after expense reductions (f)(h) 0.99 0.99 0.99 0.99 1.00
Net investment income (loss) (l) 0.44 1.05 1.39 1.20 0.27
Portfolio turnover 27 13 17 18 54
Net assets at end of period (000 omitted) $3,527 $3,577 $4,588 $4,965 $4,924
See Notes to Financial Statements
97

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2040 FUND − continued
  Year ended
Class C 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $14.48 $16.13 $16.03 $14.70 $13.80
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.08 $0.16 $0.21 $0.19 $0.04
Net realized and unrealized gain (loss) 5.73 (0.99) 0.58 1.57 1.70
Total from investment operations $5.81 $(0.83) $0.79 $1.76 $1.74
Less distributions declared to shareholders          
From net investment income $(0.04) $(0.17) $(0.21) $(0.25) $(0.05)
From net realized gain (0.31) (0.65) (0.48) (0.18) (0.79)
Total distributions declared to shareholders $(0.35) $(0.82) $(0.69) $(0.43) $(0.84)
Net asset value, end of period (x) $19.94 $14.48 $16.13 $16.03 $14.70
Total return (%) (r)(s)(t)(x) 40.39 (5.79) 5.65 11.99 12.96
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.22 1.24 1.23 1.23 1.25
Expenses after expense reductions (f)(h) 1.00 1.00 0.99 1.00 1.00
Net investment income (loss) (l) 0.48 1.03 1.35 1.19 0.30
Portfolio turnover 27 13 17 18 54
Net assets at end of period (000 omitted) $8,727 $9,202 $10,994 $11,735 $11,035
  Year ended
Class I 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $14.91 $16.57 $16.47 $15.08 $14.17
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.28 $0.32 $0.42 $0.37 $0.26
Net realized and unrealized gain (loss) 5.88 (1.00) 0.55 1.60 1.63
Total from investment operations $6.16 $(0.68) $0.97 $1.97 $1.89
Less distributions declared to shareholders          
From net investment income $(0.27) $(0.33) $(0.39) $(0.40) $(0.19)
From net realized gain (0.31) (0.65) (0.48) (0.18) (0.79)
Total distributions declared to shareholders $(0.58) $(0.98) $(0.87) $(0.58) $(0.98)
Net asset value, end of period (x) $20.49 $14.91 $16.57 $16.47 $15.08
Total return (%) (r)(s)(t)(x) 41.67 (4.81) 6.75 13.11 13.77
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.21 0.24 0.23 0.23 0.24
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.57 1.92 2.55 2.30 1.78
Portfolio turnover 27 13 17 18 54
Net assets at end of period (000 omitted) $3,870 $1,201 $1,432 $1,622 $1,670
See Notes to Financial Statements
98

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2040 FUND − continued
  Year ended
Class R1 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $14.61 $16.27 $16.16 $14.82 $13.87
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.05 $0.16 $0.21 $0.18 $0.02
Net realized and unrealized gain (loss) 5.81 (1.00) 0.60 1.58 1.73
Total from investment operations $5.86 $(0.84) $0.81 $1.76 $1.75
Less distributions declared to shareholders          
From net investment income $(0.03) $(0.17) $(0.22) $(0.24) $(0.01)
From net realized gain (0.31) (0.65) (0.48) (0.18) (0.79)
Total distributions declared to shareholders $(0.34) $(0.82) $(0.70) $(0.42) $(0.80)
Net asset value, end of period (x) $20.13 $14.61 $16.27 $16.16 $14.82
Total return (%) (r)(s)(t)(x) 40.32 (5.80) 5.71 11.91 12.96
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.22 1.24 1.23 1.23 1.25
Expenses after expense reductions (f)(h) 1.00 1.00 0.99 1.00 1.00
Net investment income (loss) (l) 0.29 1.01 1.32 1.16 0.17
Portfolio turnover 27 13 17 18 54
Net assets at end of period (000 omitted) $3,965 $4,153 $4,958 $4,606 $4,130
  Year ended
Class R2 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $14.70 $16.34 $16.24 $14.88 $13.97
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.16 $0.24 $0.31 $0.27 $0.11
Net realized and unrealized gain (loss) 5.82 (0.99) 0.57 1.59 1.71
Total from investment operations $5.98 $(0.75) $0.88 $1.86 $1.82
Less distributions declared to shareholders          
From net investment income $(0.16) $(0.24) $(0.30) $(0.32) $(0.12)
From net realized gain (0.31) (0.65) (0.48) (0.18) (0.79)
Total distributions declared to shareholders $(0.47) $(0.89) $(0.78) $(0.50) $(0.91)
Net asset value, end of period (x) $20.21 $14.70 $16.34 $16.24 $14.88
Total return (%) (r)(s)(t)(x) 40.98 (5.30) 6.23 12.55 13.46
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.72 0.74 0.73 0.73 0.75
Expenses after expense reductions (f)(h) 0.50 0.50 0.49 0.50 0.50
Net investment income (loss) (l) 0.90 1.49 1.92 1.69 0.79
Portfolio turnover 27 13 17 18 54
Net assets at end of period (000 omitted) $53,097 $48,086 $59,429 $86,042 $82,965
See Notes to Financial Statements
99

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2040 FUND − continued
  Year ended
Class R3 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $14.80 $16.46 $16.37 $15.00 $14.07
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.22 $0.30 $0.36 $0.31 $0.15
Net realized and unrealized gain (loss) 5.84 (1.01) 0.56 1.61 1.72
Total from investment operations $6.06 $(0.71) $0.92 $1.92 $1.87
Less distributions declared to shareholders          
From net investment income $(0.22) $(0.30) $(0.35) $(0.37) $(0.15)
From net realized gain (0.31) (0.65) (0.48) (0.18) (0.79)
Total distributions declared to shareholders $(0.53) $(0.95) $(0.83) $(0.55) $(0.94)
Net asset value, end of period (x) $20.33 $14.80 $16.46 $16.37 $15.00
Total return (%) (r)(s)(t)(x) 41.32 (5.02) 6.45 12.81 13.76
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.46 0.49 0.48 0.48 0.50
Expenses after expense reductions (f)(h) 0.25 0.25 0.24 0.25 0.25
Net investment income (loss) (l) 1.26 1.82 2.20 1.94 1.03
Portfolio turnover 27 13 17 18 54
Net assets at end of period (000 omitted) $156,544 $104,521 $89,830 $88,577 $63,409
  Year ended
Class R4 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $14.94 $16.61 $16.51 $15.11 $14.16
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.25 $0.34 $0.39 $0.39 $0.19
Net realized and unrealized gain (loss) 5.93 (1.02) 0.58 1.58 1.74
Total from investment operations $6.18 $(0.68) $0.97 $1.97 $1.93
Less distributions declared to shareholders          
From net investment income $(0.25) $(0.34) $(0.39) $(0.39) $(0.19)
From net realized gain (0.31) (0.65) (0.48) (0.18) (0.79)
Total distributions declared to shareholders $(0.56) $(0.99) $(0.87) $(0.57) $(0.98)
Net asset value, end of period (x) $20.56 $14.94 $16.61 $16.51 $15.11
Total return (%) (r)(s)(t)(x) 41.74 (4.84) 6.73 13.09 14.08
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.22 0.24 0.23 0.23 0.25
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.40 2.07 2.36 2.44 1.33
Portfolio turnover 27 13 17 18 54
Net assets at end of period (000 omitted) $105,822 $144,006 $143,534 $145,328 $174,887
See Notes to Financial Statements
100

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2040 FUND − continued
  Year ended
Class R6 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17(i)
Net asset value, beginning of period $14.94 $16.61 $16.51 $15.12 $14.91
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.31 $0.36 $0.43 $0.43 $0.04
Net realized and unrealized gain (loss) 5.89 (1.02) 0.56 1.56 1.15
Total from investment operations $6.20 $(0.66) $0.99 $1.99 $1.19
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.36) $(0.41) $(0.42) $(0.19)
From net realized gain (0.31) (0.65) (0.48) (0.18) (0.79)
Total distributions declared to shareholders $(0.59) $(1.01) $(0.89) $(0.60) $(0.98)
Net asset value, end of period (x) $20.55 $14.94 $16.61 $16.51 $15.12
Total return (%) (r)(s)(t)(x) 41.92 (4.72) 6.89 13.21 8.46(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.08 0.10 0.10 0.10 0.16(a)
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00(a)
Net investment income (loss) (l) 1.69 2.20 2.62 2.63 0.43(a)
Portfolio turnover 27 13 17 18 54
Net assets at end of period (000 omitted) $221,571 $77,824 $75,378 $49,071 $25,793
(a) Annualized.
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(i) For Class R6, the period is from the class inception, August 29, 2016, through the stated period end.
(l) 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
101

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2045 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the 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 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $14.08 $15.53 $15.15 $13.79 $12.52
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.19 $0.28 $0.32 $0.30 $0.14
Net realized and unrealized gain (loss) 5.97 (1.12) 0.57 1.52 1.57
Total from investment operations $6.16 $(0.84) $0.89 $1.82 $1.71
Less distributions declared to shareholders          
From net investment income $(0.19) $(0.27) $(0.31) $(0.35) $(0.14)
From net realized gain (0.21) (0.34) (0.20) (0.11) (0.30)
Total distributions declared to shareholders $(0.40) $(0.61) $(0.51) $(0.46) $(0.44)
Net asset value, end of period (x) $19.84 $14.08 $15.53 $15.15 $13.79
Total return (%) (r)(s)(t)(x) 44.10 (5.93) 6.45 13.18 13.89
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.51 0.57 0.60 0.62 0.69
Expenses after expense reductions (f)(h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 1.09 1.78 2.13 1.99 1.04
Portfolio turnover 30 8 12 30 45
Net assets at end of period (000 omitted) $18,980 $11,409 $8,749 $7,789 $6,135
  Year ended
Class B 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $14.00 $15.43 $15.03 $13.70 $12.44
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.05 $0.14 $0.20 $0.17 $0.03
Net realized and unrealized gain (loss) 5.93 (1.10) 0.59 1.51 1.57
Total from investment operations $5.98 $(0.96) $0.79 $1.68 $1.60
Less distributions declared to shareholders          
From net investment income $(0.06) $(0.13) $(0.19) $(0.24) $(0.04)
From net realized gain (0.21) (0.34) (0.20) (0.11) (0.30)
Total distributions declared to shareholders $(0.27) $(0.47) $(0.39) $(0.35) $(0.34)
Net asset value, end of period (x) $19.71 $14.00 $15.43 $15.03 $13.70
Total return (%) (r)(s)(t)(x) 42.95 (6.62) 5.71 12.28 13.09
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.26 1.32 1.35 1.37 1.43
Expenses after expense reductions (f)(h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 0.30 0.89 1.31 1.15 0.24
Portfolio turnover 30 8 12 30 45
Net assets at end of period (000 omitted) $930 $724 $919 $948 $746
See Notes to Financial Statements
102

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2045 FUND − continued
  Year ended
Class C 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $13.91 $15.35 $14.97 $13.66 $12.42
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.05 $0.16 $0.20 $0.19 $0.03
Net realized and unrealized gain (loss) 5.90 (1.11) 0.58 1.48 1.56
Total from investment operations $5.95 $(0.95) $0.78 $1.67 $1.59
Less distributions declared to shareholders          
From net investment income $(0.03) $(0.15) $(0.20) $(0.25) $(0.05)
From net realized gain (0.21) (0.34) (0.20) (0.11) (0.30)
Total distributions declared to shareholders $(0.24) $(0.49) $(0.40) $(0.36) $(0.35)
Net asset value, end of period (x) $19.62 $13.91 $15.35 $14.97 $13.66
Total return (%) (r)(s)(t)(x) 43.01 (6.60) 5.70 12.24 13.03
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.27 1.32 1.35 1.37 1.44
Expenses after expense reductions (f)(h) 0.99 0.97 0.99 1.00 1.00
Net investment income (loss) (l) 0.30 1.02 1.37 1.28 0.26
Portfolio turnover 30 8 12 30 45
Net assets at end of period (000 omitted) $1,943 $1,960 $2,301 $1,966 $1,640
  Year ended
Class I 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $14.15 $15.60 $15.22 $13.85 $12.55
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.24 $0.31 $0.36 $0.33 $0.25
Net realized and unrealized gain (loss) 6.00 (1.12) 0.57 1.53 1.51
Total from investment operations $6.24 $(0.81) $0.93 $1.86 $1.76
Less distributions declared to shareholders          
From net investment income $(0.24) $(0.30) $(0.35) $(0.38) $(0.16)
From net realized gain (0.21) (0.34) (0.20) (0.11) (0.30)
Total distributions declared to shareholders $(0.45) $(0.64) $(0.55) $(0.49) $(0.46)
Net asset value, end of period (x) $19.94 $14.15 $15.60 $15.22 $13.85
Total return (%) (r)(s)(t)(x) 44.43 (5.72) 6.75 13.42 14.34
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.25 0.32 0.35 0.37 0.41
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.37 2.01 2.40 2.24 1.89
Portfolio turnover 30 8 12 30 45
Net assets at end of period (000 omitted) $2,145 $395 $296 $161 $138
See Notes to Financial Statements
103

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2045 FUND − continued
  Year ended
Class R1 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $13.97 $15.41 $15.06 $13.75 $12.51
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $(0.04) $0.15 $0.23 $0.17 $0.03
Net realized and unrealized gain (loss) 6.02 (1.11) 0.55 1.52 1.58
Total from investment operations $5.98 $(0.96) $0.78 $1.69 $1.61
Less distributions declared to shareholders          
From net investment income $— $(0.14) $(0.23) $(0.27) $(0.07)
From net realized gain (0.21) (0.34) (0.20) (0.11) (0.30)
Total distributions declared to shareholders $(0.21) $(0.48) $(0.43) $(0.38) $(0.37)
Net asset value, end of period (x) $19.74 $13.97 $15.41 $15.06 $13.75
Total return (%) (r)(s)(t)(x) 42.98 (6.67) 5.70 12.27 13.05
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.28 1.32 1.35 1.37 1.45
Expenses after expense reductions (f)(h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) (0.25) 0.98 1.54 1.14 0.22
Portfolio turnover 30 8 12 30 45
Net assets at end of period (000 omitted) $552 $995 $1,093 $872 $463
  Year ended
Class R2 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $14.00 $15.42 $15.04 $13.71 $12.47
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.11 $0.20 $0.25 $0.25 $0.12
Net realized and unrealized gain (loss) 5.96 (1.07) 0.59 1.51 1.55
Total from investment operations $6.07 $(0.87) $0.84 $1.76 $1.67
Less distributions declared to shareholders          
From net investment income $(0.11) $(0.21) $(0.26) $(0.32) $(0.13)
From net realized gain (0.21) (0.34) (0.20) (0.11) (0.30)
Total distributions declared to shareholders $(0.32) $(0.55) $(0.46) $(0.43) $(0.43)
Net asset value, end of period (x) $19.75 $14.00 $15.42 $15.04 $13.71
Total return (%) (r)(s)(t)(x) 43.65 (6.12) 6.15 12.87 13.65
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.77 0.82 0.85 0.87 0.95
Expenses after expense reductions (f)(h) 0.50 0.50 0.50 0.50 0.50
Net investment income (loss) (l) 0.67 1.31 1.65 1.70 0.89
Portfolio turnover 30 8 12 30 45
Net assets at end of period (000 omitted) $15,161 $17,299 $21,895 $20,428 $10,716
See Notes to Financial Statements
104

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2045 FUND − continued
  Year ended
Class R3 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $14.07 $15.52 $15.14 $13.78 $12.52
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.18 $0.27 $0.32 $0.28 $0.14
Net realized and unrealized gain (loss) 5.97 (1.11) 0.57 1.54 1.56
Total from investment operations $6.15 $(0.84) $0.89 $1.82 $1.70
Less distributions declared to shareholders          
From net investment income $(0.19) $(0.27) $(0.31) $(0.35) $(0.14)
From net realized gain (0.21) (0.34) (0.20) (0.11) (0.30)
Total distributions declared to shareholders $(0.40) $(0.61) $(0.51) $(0.46) $(0.44)
Net asset value, end of period (x) $19.82 $14.07 $15.52 $15.14 $13.78
Total return (%) (r)(s)(t)(x) 44.05 (5.93) 6.49 13.20 13.83
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.51 0.57 0.60 0.62 0.69
Expenses after expense reductions (f)(h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 1.08 1.77 2.10 1.87 1.06
Portfolio turnover 30 8 12 30 45
Net assets at end of period (000 omitted) $109,034 $69,136 $53,767 $42,729 $23,479
  Year ended
Class R4 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $14.14 $15.58 $15.20 $13.82 $12.54
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.21 $0.32 $0.35 $0.36 $0.17
Net realized and unrealized gain (loss) 6.02 (1.12) 0.57 1.50 1.57
Total from investment operations $6.23 $(0.80) $0.92 $1.86 $1.74
Less distributions declared to shareholders          
From net investment income $(0.22) $(0.30) $(0.34) $(0.37) $(0.16)
From net realized gain (0.21) (0.34) (0.20) (0.11) (0.30)
Total distributions declared to shareholders $(0.43) $(0.64) $(0.54) $(0.48) $(0.46)
Net asset value, end of period (x) $19.94 $14.14 $15.58 $15.20 $13.82
Total return (%) (r)(s)(t)(x) 44.39 (5.67) 6.73 13.47 14.18
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.27 0.32 0.35 0.36 0.44
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.23 2.04 2.33 2.43 1.27
Portfolio turnover 30 8 12 30 45
Net assets at end of period (000 omitted) $68,489 $90,453 $83,824 $70,628 $84,597
See Notes to Financial Statements
105

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2045 FUND − continued
  Year ended
Class R6 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17(i)
Net asset value, beginning of period $14.14 $15.58 $15.20 $13.83 $13.21
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.27 $0.33 $0.36 $0.47 $0.03
Net realized and unrealized gain (loss) 5.98 (1.11) 0.59 1.41 1.06
Total from investment operations $6.25 $(0.78) $0.95 $1.88 $1.09
Less distributions declared to shareholders          
From net investment income $(0.25) $(0.32) $(0.37) $(0.40) $(0.17)
From net realized gain (0.21) (0.34) (0.20) (0.11) (0.30)
Total distributions declared to shareholders $(0.46) $(0.66) $(0.57) $(0.51) $(0.47)
Net asset value, end of period (x) $19.93 $14.14 $15.58 $15.20 $13.83
Total return (%) (r)(s)(t)(x) 44.58 (5.55) 6.91 13.57 8.52(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.11 0.17 0.21 0.23 0.36(a)
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00(a)
Net investment income (loss) (l) 1.56 2.14 2.42 3.11 0.39(a)
Portfolio turnover 30 8 12 30 45
Net assets at end of period (000 omitted) $140,992 $37,856 $26,219 $15,910 $4,351
(a) Annualized.
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(i) For Class R6, the period is from the class inception, August 29, 2016, through the stated period end.
(l) 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
106

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2050 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the 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 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $16.99 $18.80 $18.30 $16.63 $15.14
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.22 $0.32 $0.38 $0.33 $0.17
Net realized and unrealized gain (loss) 7.23 (1.33) 0.71 1.86 1.89
Total from investment operations $7.45 $(1.01) $1.09 $2.19 $2.06
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.32) $(0.37) $(0.37) $(0.16)
From net realized gain (0.23) (0.48) (0.22) (0.15) (0.41)
Total distributions declared to shareholders $(0.46) $(0.80) $(0.59) $(0.52) $(0.57)
Net asset value, end of period (x) $23.98 $16.99 $18.80 $18.30 $16.63
Total return (%) (r)(s)(t)(x) 44.17 (5.93) 6.47 13.16 13.89
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.51 0.57 0.57 0.58 0.65
Expenses after expense reductions (f)(h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 1.08 1.74 2.11 1.83 1.06
Portfolio turnover 24 8 24 20 52
Net assets at end of period (000 omitted) $22,708 $14,315 $12,791 $12,353 $11,383
  Year ended
Class B 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $16.75 $18.55 $18.07 $16.44 $14.98
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.06 $0.18 $0.25 $0.20 $0.04
Net realized and unrealized gain (loss) 7.11 (1.32) 0.70 1.83 1.88
Total from investment operations $7.17 $(1.14) $0.95 $2.03 $1.92
Less distributions declared to shareholders          
From net investment income $(0.07) $(0.18) $(0.25) $(0.25) $(0.05)
From net realized gain (0.23) (0.48) (0.22) (0.15) (0.41)
Total distributions declared to shareholders $(0.30) $(0.66) $(0.47) $(0.40) $(0.46)
Net asset value, end of period (x) $23.62 $16.75 $18.55 $18.07 $16.44
Total return (%) (r)(s)(t)(x) 43.04 (6.61) 5.67 12.36 12.99
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.26 1.32 1.32 1.33 1.39
Expenses after expense reductions (f)(h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 0.32 0.97 1.39 1.15 0.24
Portfolio turnover 24 8 24 20 52
Net assets at end of period (000 omitted) $1,727 $1,359 $1,630 $1,270 $1,048
See Notes to Financial Statements
107

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2050 FUND − continued
  Year ended
Class C 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $16.65 $18.45 $17.96 $16.35 $14.91
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.06 $0.17 $0.23 $0.20 $0.04
Net realized and unrealized gain (loss) 7.08 (1.31) 0.72 1.81 1.87
Total from investment operations $7.14 $(1.14) $0.95 $2.01 $1.91
Less distributions declared to shareholders          
From net investment income $(0.07) $(0.18) $(0.24) $(0.25) $(0.06)
From net realized gain (0.23) (0.48) (0.22) (0.15) (0.41)
Total distributions declared to shareholders $(0.30) $(0.66) $(0.46) $(0.40) $(0.47)
Net asset value, end of period (x) $23.49 $16.65 $18.45 $17.96 $16.35
Total return (%) (r)(s)(t)(x) 43.12 (6.66) 5.67 12.30 13.04
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.26 1.32 1.32 1.33 1.39
Expenses after expense reductions (f)(h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 0.31 0.94 1.31 1.16 0.28
Portfolio turnover 24 8 24 20 52
Net assets at end of period (000 omitted) $3,898 $3,029 $3,344 $2,775 $2,535
  Year ended
Class I 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $16.97 $18.78 $18.29 $16.62 $15.12
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.28 $0.41 $0.50 $0.41 $0.30
Net realized and unrealized gain (loss) 7.21 (1.37) 0.62 1.83 1.81
Total from investment operations $7.49 $(0.96) $1.12 $2.24 $2.11
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.37) $(0.41) $(0.42) $(0.20)
From net realized gain (0.23) (0.48) (0.22) (0.15) (0.41)
Total distributions declared to shareholders $(0.51) $(0.85) $(0.63) $(0.57) $(0.61)
Net asset value, end of period (x) $23.95 $16.97 $18.78 $18.29 $16.62
Total return (%) (r)(s)(t)(x) 44.49 (5.71) 6.70 13.47 14.21
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.26 0.32 0.32 0.33 0.38
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.36 2.23 2.73 2.26 1.92
Portfolio turnover 24 8 24 20 52
Net assets at end of period (000 omitted) $1,033 $354 $213 $566 $423
See Notes to Financial Statements
108

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2050 FUND − continued
  Year ended
Class R1 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $16.67 $18.46 $17.97 $16.38 $14.94
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $(0.04) $0.16 $0.25 $0.21 $0.04
Net realized and unrealized gain (loss) 7.20 (1.30) 0.69 1.82 1.88
Total from investment operations $7.16 $(1.14) $0.94 $2.03 $1.92
Less distributions declared to shareholders          
From net investment income $— $(0.17) $(0.23) $(0.29) $(0.07)
From net realized gain (0.24) (0.48) (0.22) (0.15) (0.41)
Total distributions declared to shareholders $(0.24) $(0.65) $(0.45) $(0.44) $(0.48)
Net asset value, end of period (x) $23.59 $16.67 $18.46 $17.97 $16.38
Total return (%) (r)(s)(t)(x) 43.08 (6.64) 5.65 12.35 13.06
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.28 1.32 1.32 1.33 1.40
Expenses after expense reductions (f)(h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) (0.21) 0.90 1.42 1.18 0.26
Portfolio turnover 24 8 24 20 52
Net assets at end of period (000 omitted) $695 $1,184 $1,322 $1,052 $606
  Year ended
Class R2 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $16.79 $18.55 $18.07 $16.44 $14.98
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.15 $0.26 $0.34 $0.30 $0.13
Net realized and unrealized gain (loss) 7.15 (1.30) 0.69 1.82 1.88
Total from investment operations $7.30 $(1.04) $1.03 $2.12 $2.01
Less distributions declared to shareholders          
From net investment income $(0.15) $(0.24) $(0.33) $(0.34) $(0.14)
From net realized gain (0.24) (0.48) (0.22) (0.15) (0.41)
Total distributions declared to shareholders $(0.39) $(0.72) $(0.55) $(0.49) $(0.55)
Net asset value, end of period (x) $23.70 $16.79 $18.55 $18.07 $16.44
Total return (%) (r)(s)(t)(x) 43.72 (6.12) 6.18 12.89 13.64
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.77 0.82 0.82 0.83 0.90
Expenses after expense reductions (f)(h) 0.50 0.50 0.50 0.50 0.50
Net investment income (loss) (l) 0.72 1.41 1.92 1.67 0.82
Portfolio turnover 24 8 24 20 52
Net assets at end of period (000 omitted) $28,781 $26,545 $28,575 $46,468 $33,805
See Notes to Financial Statements
109

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2050 FUND − continued
  Year ended
Class R3 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $16.86 $18.67 $18.18 $16.53 $15.05
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.22 $0.33 $0.38 $0.34 $0.16
Net realized and unrealized gain (loss) 7.17 (1.33) 0.70 1.84 1.89
Total from investment operations $7.39 $(1.00) $1.08 $2.18 $2.05
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.33) $(0.37) $(0.38) $(0.16)
From net realized gain (0.23) (0.48) (0.22) (0.15) (0.41)
Total distributions declared to shareholders $(0.46) $(0.81) $(0.59) $(0.53) $(0.57)
Net asset value, end of period (x) $23.79 $16.86 $18.67 $18.18 $16.53
Total return (%) (r)(s)(t)(x) 44.16 (5.96) 6.48 13.19 13.91
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.51 0.57 0.57 0.58 0.65
Expenses after expense reductions (f)(h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 1.08 1.77 2.10 1.90 1.03
Portfolio turnover 24 8 24 20 52
Net assets at end of period (000 omitted) $113,346 $70,610 $54,561 $48,180 $27,276
  Year ended
Class R4 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $16.97 $18.77 $18.28 $16.60 $15.11
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.26 $0.37 $0.42 $0.42 $0.21
Net realized and unrealized gain (loss) 7.24 (1.33) 0.70 1.82 1.89
Total from investment operations $7.50 $(0.96) $1.12 $2.24 $2.10
Less distributions declared to shareholders          
From net investment income $(0.26) $(0.36) $(0.41) $(0.41) $(0.20)
From net realized gain (0.24) (0.48) (0.22) (0.15) (0.41)
Total distributions declared to shareholders $(0.50) $(0.84) $(0.63) $(0.56) $(0.61)
Net asset value, end of period (x) $23.97 $16.97 $18.77 $18.28 $16.60
Total return (%) (r)(s)(t)(x) 44.52 (5.69) 6.71 13.49 14.15
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.27 0.32 0.32 0.33 0.39
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.28 2.01 2.30 2.35 1.30
Portfolio turnover 24 8 24 20 52
Net assets at end of period (000 omitted) $71,368 $76,018 $69,834 $70,936 $75,323
See Notes to Financial Statements
110

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2050 FUND − continued
  Year ended
Class R6 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17(i)
Net asset value, beginning of period $16.97 $18.76 $18.27 $16.60 $15.91
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.32 $0.39 $0.44 $0.51 $0.04
Net realized and unrealized gain (loss) 7.20 (1.31) 0.71 1.75 1.26
Total from investment operations $7.52 $(0.92) $1.15 $2.26 $1.30
Less distributions declared to shareholders          
From net investment income $(0.30) $(0.39) $(0.44) $(0.44) $(0.20)
From net realized gain (0.23) (0.48) (0.22) (0.15) (0.41)
Total distributions declared to shareholders $(0.53) $(0.87) $(0.66) $(0.59) $(0.61)
Net asset value, end of period (x) $23.96 $16.97 $18.76 $18.27 $16.60
Total return (%) (r)(s)(t)(x) 44.70 (5.52) 6.89 13.60 8.46(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.12 0.17 0.18 0.19 0.32(a)
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00(a)
Net investment income (loss) (l) 1.54 2.11 2.44 2.82 0.41(a)
Portfolio turnover 24 8 24 20 52
Net assets at end of period (000 omitted) $121,495 $44,463 $39,175 $23,365 $8,776
(a) Annualized.
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(i) For Class R6, the period is from the class inception, August 29, 2016, through the stated period end.
(l) 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
111

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2055 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the 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 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $14.47 $15.93 $15.45 $14.00 $12.61
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.19 $0.28 $0.32 $0.29 $0.13
Net realized and unrealized gain (loss) 6.15 (1.14) 0.60 1.55 1.59
Total from investment operations $6.34 $(0.86) $0.92 $1.84 $1.72
Less distributions declared to shareholders          
From net investment income $(0.20) $(0.27) $(0.31) $(0.31) $(0.13)
From net realized gain (0.19) (0.33) (0.13) (0.08) (0.20)
Total distributions declared to shareholders $(0.39) $(0.60) $(0.44) $(0.39) $(0.33)
Net asset value, end of period (x) $20.42 $14.47 $15.93 $15.45 $14.00
Total return (%) (r)(s)(t)(x) 44.11 (5.87) 6.46 13.10 13.80
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.61 0.72 0.81 0.92 1.34
Expenses after expense reductions (f)(h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 1.09 1.78 2.08 1.91 1.01
Portfolio turnover 24 11 20 18 45
Net assets at end of period (000 omitted) $14,314 $7,729 $5,866 $4,833 $3,516
  Year ended
Class B 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $14.41 $15.87 $15.39 $13.95 $12.58
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.05 $0.15 $0.21 $0.18 $0.04
Net realized and unrealized gain (loss) 6.13 (1.14) 0.60 1.55 1.57
Total from investment operations $6.18 $(0.99) $0.81 $1.73 $1.61
Less distributions declared to shareholders          
From net investment income $(0.07) $(0.14) $(0.20) $(0.21) $(0.04)
From net realized gain (0.19) (0.33) (0.13) (0.08) (0.20)
Total distributions declared to shareholders $(0.26) $(0.47) $(0.33) $(0.29) $(0.24)
Net asset value, end of period (x) $20.33 $14.41 $15.87 $15.39 $13.95
Total return (%) (r)(s)(t)(x) 43.06 (6.61) 5.65 12.36 12.94
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.36 1.48 1.56 1.67 2.09
Expenses after expense reductions (f)(h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 0.31 0.93 1.34 1.22 0.28
Portfolio turnover 24 11 20 18 45
Net assets at end of period (000 omitted) $713 $517 $605 $470 $407
See Notes to Financial Statements
112

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Financial Highlights − continued
MFS LIFETIME 2055 FUND − continued
  Year ended
Class C 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $14.29 $15.75 $15.28 $13.86 $12.49
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.05 $0.14 $0.20 $0.18 $0.03
Net realized and unrealized gain (loss) 6.08 (1.11) 0.60 1.53 1.58
Total from investment operations $6.13 $(0.97) $0.80 $1.71 $1.61
Less distributions declared to shareholders          
From net investment income $(0.06) $(0.16) $(0.20) $(0.21) $(0.04)
From net realized gain (0.19) (0.33) (0.13) (0.08) (0.20)
Total distributions declared to shareholders $(0.25) $(0.49) $(0.33) $(0.29) $(0.24)
Net asset value, end of period (x) $20.17 $14.29 $15.75 $15.28 $13.86
Total return (%) (r)(s)(t)(x) 43.08 (6.59) 5.63 12.29 12.98
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.36 1.48 1.56 1.67 2.08
Expenses after expense reductions (f)(h) 1.00 0.99 1.00 1.00 1.00
Net investment income (loss) (l) 0.29 0.92 1.32 1.19 0.26
Portfolio turnover 24 11 20 18 45
Net assets at end of period (000 omitted) $2,585 $2,126 $2,179 $1,789 $1,284
  Year ended
Class I 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $14.49 $15.94 $15.46 $14.00 $12.65
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.25 $0.32 $0.35 $0.30 $0.26
Net realized and unrealized gain (loss) 6.14 (1.14) 0.61 1.58 1.45
Total from investment operations $6.39 $(0.82) $0.96 $1.88 $1.71
Less distributions declared to shareholders          
From net investment income $(0.24) $(0.30) $(0.35) $(0.34) $(0.16)
From net realized gain (0.19) (0.33) (0.13) (0.08) (0.20)
Total distributions declared to shareholders $(0.43) $(0.63) $(0.48) $(0.42) $(0.36)
Net asset value, end of period (x) $20.45 $14.49 $15.94 $15.46 $14.00
Total return (%) (r)(s)(t)(x) 44.42 (5.65) 6.74 13.40 13.66
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.35 0.48 0.56 0.67 1.09
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.39 1.99 2.29 1.98 2.01
Portfolio turnover 24 11 20 18 45
Net assets at end of period (000 omitted) $434 $98 $156 $114 $79
See Notes to Financial Statements
113

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2055 FUND − continued
  Year ended
Class R1 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $14.30 $15.76 $15.32 $13.92 $12.63
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $(0.06) $0.14 $0.20 $0.17 $0.15
Net realized and unrealized gain (loss) 6.21 (1.12) 0.60 1.55 1.46
Total from investment operations $6.15 $(0.98) $0.80 $1.72 $1.61
Less distributions declared to shareholders          
From net investment income $— $(0.15) $(0.23) $(0.24) $(0.12)
From net realized gain (0.19) (0.33) (0.13) (0.08) (0.20)
Total distributions declared to shareholders $(0.19) $(0.48) $(0.36) $(0.32) $(0.32)
Net asset value, end of period (x) $20.26 $14.30 $15.76 $15.32 $13.92
Total return (%) (r)(s)(t)(x) 43.16 (6.60) 5.65 12.31 12.93
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.39 1.48 1.56 1.66 2.08
Expenses after expense reductions (f)(h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) (0.34) 0.93 1.32 1.13 1.10
Portfolio turnover 24 11 20 18 45
Net assets at end of period (000 omitted) $663 $1,597 $1,523 $854 $318
  Year ended
Class R2 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $14.39 $15.84 $15.36 $13.94 $12.57
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.11 $0.22 $0.26 $0.26 $0.11
Net realized and unrealized gain (loss) 6.16 (1.12) 0.62 1.53 1.58
Total from investment operations $6.27 $(0.90) $0.88 $1.79 $1.69
Less distributions declared to shareholders          
From net investment income $(0.12) $(0.22) $(0.27) $(0.29) $(0.12)
From net realized gain (0.19) (0.33) (0.13) (0.08) (0.20)
Total distributions declared to shareholders $(0.31) $(0.55) $(0.40) $(0.37) $(0.32)
Net asset value, end of period (x) $20.35 $14.39 $15.84 $15.36 $13.94
Total return (%) (r)(s)(t)(x) 43.78 (6.12) 6.19 12.82 13.59
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.87 0.98 1.06 1.16 1.60
Expenses after expense reductions (f)(h) 0.50 0.50 0.50 0.50 0.50
Net investment income (loss) (l) 0.64 1.39 1.73 1.73 0.85
Portfolio turnover 24 11 20 18 45
Net assets at end of period (000 omitted) $17,589 $17,485 $18,695 $15,534 $6,657
See Notes to Financial Statements
114

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2055 FUND − continued
  Year ended
Class R3 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17
Net asset value, beginning of period $14.47 $15.93 $15.45 $14.00 $12.61
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.19 $0.27 $0.32 $0.29 $0.14
Net realized and unrealized gain (loss) 6.15 (1.13) 0.60 1.55 1.58
Total from investment operations $6.34 $(0.86) $0.92 $1.84 $1.72
Less distributions declared to shareholders          
From net investment income $(0.20) $(0.27) $(0.31) $(0.31) $(0.13)
From net realized gain (0.19) (0.33) (0.13) (0.08) (0.20)
Total distributions declared to shareholders $(0.39) $(0.60) $(0.44) $(0.39) $(0.33)
Net asset value, end of period (x) $20.42 $14.47 $15.93 $15.45 $14.00
Total return (%) (r)(s)(t)(x) 44.10 (5.88) 6.46 13.14 13.83
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.61 0.73 0.81 0.92 1.34
Expenses after expense reductions (f)(h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 1.09 1.73 2.07 1.89 1.07
Portfolio turnover 24 11 20 18 45
Net assets at end of period (000 omitted) $65,613 $36,674 $27,658 $21,438 $10,285
  Year ended
Class R4 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17
Net asset value, beginning of period $14.55 $16.01 $15.53 $14.06 $12.65
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.22 $0.32 $0.36 $0.37 $0.17
Net realized and unrealized gain (loss) 6.21 (1.14) 0.60 1.52 1.60
Total from investment operations $6.43 $(0.82) $0.96 $1.89 $1.77
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.31) $(0.35) $(0.34) $(0.16)
From net realized gain (0.19) (0.33) (0.13) (0.08) (0.20)
Total distributions declared to shareholders $(0.42) $(0.64) $(0.48) $(0.42) $(0.36)
Net asset value, end of period (x) $20.56 $14.55 $16.01 $15.53 $14.06
Total return (%) (r)(s)(t)(x) 44.49 (5.67) 6.71 13.42 14.14
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.36 0.47 0.56 0.67 1.09
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.27 2.04 2.31 2.43 1.31
Portfolio turnover 24 11 20 18 45
Net assets at end of period (000 omitted) $38,374 $37,665 $30,137 $26,747 $21,882
See Notes to Financial Statements
115

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2055 FUND − continued
  Year ended
Class R6 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17(i)
Net asset value, beginning of period $14.56 $16.01 $15.53 $14.06 $13.32
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.28 $0.34 $0.37 $0.49 $0.04
Net realized and unrealized gain (loss) 6.18 (1.13) 0.61 1.42 1.06
Total from investment operations $6.46 $(0.79) $0.98 $1.91 $1.10
Less distributions declared to shareholders          
From net investment income $(0.25) $(0.33) $(0.37) $(0.36) $(0.16)
From net realized gain (0.19) (0.33) (0.13) (0.08) (0.20)
Total distributions declared to shareholders $(0.44) $(0.66) $(0.50) $(0.44) $(0.36)
Net asset value, end of period (x) $20.58 $14.56 $16.01 $15.53 $14.06
Total return (%) (r)(s)(t)(x) 44.75 (5.50) 6.88 13.56 8.44(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.21 0.33 0.42 0.52 0.95(a)
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00(a)
Net investment income (loss) (l) 1.54 2.16 2.40 3.15 0.44(a)
Portfolio turnover 24 11 20 18 45
Net assets at end of period (000 omitted) $60,705 $21,065 $16,579 $7,695 $1,726
(a) Annualized.
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(i) For Class R6, the period is from the class inception, August 29, 2016, through the stated period end.
(l) 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
116

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2060 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the 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 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17(c)
Net asset value, beginning of period $11.25 $12.26 $11.85 $10.73 $10.00
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.15 $0.22 $0.41 $0.25 $0.10
Net realized and unrealized gain (loss) 4.82 (0.89) 0.30 1.16 0.74
Total from investment operations $4.97 $(0.67) $0.71 $1.41 $0.84
Less distributions declared to shareholders          
From net investment income $(0.14) $(0.21) $(0.25) $(0.23) $(0.11)
From net realized gain (0.09) (0.13) (0.05) (0.06) —
Total distributions declared to shareholders $(0.23) $(0.34) $(0.30) $(0.29) $(0.11)
Net asset value, end of period (x) $15.99 $11.25 $12.26 $11.85 $10.73
Total return (%) (r)(s)(t)(x) 44.39 (5.83) 6.47 13.19 8.45(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.08 1.84 4.01 9.75 15.07(a)
Expenses after expense reductions (f)(h) 0.24 0.22 0.20 0.16 0.12(a)
Net investment income (loss) (l) 1.06 1.81 3.49 2.17 2.42(a)
Portfolio turnover 21 9 34 37 2(n)
Net assets at end of period (000 omitted) $5,584 $2,879 $1,362 $306 $59
  Year ended
Class B 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17(c)
Net asset value, beginning of period $11.24 $12.25 $11.82 $10.70 $10.00
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.04 $0.12 $0.17 $0.14 $0.07
Net realized and unrealized gain (loss) 4.80 (0.89) 0.48 1.19 0.73
Total from investment operations $4.84 $(0.77) $0.65 $1.33 $0.80
Less distributions declared to shareholders          
From net investment income $(0.04) $(0.11) $(0.17) $(0.15) $(0.10)
From net realized gain (0.09) (0.13) (0.05) (0.06) —
Total distributions declared to shareholders $(0.13) $(0.24) $(0.22) $(0.21) $(0.10)
Net asset value, end of period (x) $15.95 $11.24 $12.25 $11.82 $10.70
Total return (%) (r)(s)(t)(x) 43.16 (6.53) 5.78 12.39 8.08(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.83 2.65 4.98 11.79 15.87(a)
Expenses after expense reductions (f)(h) 0.99 0.97 0.95 0.90 0.87(a)
Net investment income (loss) (l) 0.33 0.99 1.44 1.26 1.76(a)
Portfolio turnover 21 9 34 37 2(n)
Net assets at end of period (000 omitted) $191 $137 $149 $73 $55
See Notes to Financial Statements
117

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2060 FUND − continued
  Year ended
Class C 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17(c)
Net asset value, beginning of period $11.18 $12.21 $11.81 $10.70 $10.00
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.05 $0.13 $0.20 $0.14 $0.07
Net realized and unrealized gain (loss) 4.78 (0.89) 0.44 1.19 0.73
Total from investment operations $4.83 $(0.76) $0.64 $1.33 $0.80
Less distributions declared to shareholders          
From net investment income $(0.06) $(0.14) $(0.19) $(0.16) $(0.10)
From net realized gain (0.09) (0.13) (0.05) (0.06) —
Total distributions declared to shareholders $(0.15) $(0.27) $(0.24) $(0.22) $(0.10)
Net asset value, end of period (x) $15.86 $11.18 $12.21 $11.81 $10.70
Total return (%) (r)(s)(t)(x) 43.28 (6.53) 5.75 12.38 8.08(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.83 2.61 4.88 11.46 15.81(a)
Expenses after expense reductions (f)(h) 0.99 0.96 0.95 0.90 0.87(a)
Net investment income (loss) (l) 0.34 1.11 1.68 1.24 1.68(a)
Portfolio turnover 21 9 34 37 2(n)
Net assets at end of period (000 omitted) $761 $432 $283 $107 $60
  Year ended
Class I 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17(c)
Net asset value, beginning of period $11.32 $12.32 $11.88 $10.74 $10.00
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.19 $0.23 $0.28 $0.26 $0.11
Net realized and unrealized gain (loss) 4.84 (0.87) 0.47 1.19 0.74
Total from investment operations $5.03 $(0.64) $0.75 $1.45 $0.85
Less distributions declared to shareholders          
From net investment income $(0.17) $(0.23) $(0.26) $(0.25) $(0.11)
From net realized gain (0.09) (0.13) (0.05) (0.06) —
Total distributions declared to shareholders $(0.26) $(0.36) $(0.31) $(0.31) $(0.11)
Net asset value, end of period (x) $16.09 $11.32 $12.32 $11.88 $10.74
Total return (%) (r)(s)(t)(x) 44.66 (5.58) 6.76 13.50 8.57(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.82 1.60 4.04 11.01 14.88(a)
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00(a)
Net investment income (loss) (l) 1.33 1.86 2.37 2.23 2.76(a)
Portfolio turnover 21 9 34 37 2(n)
Net assets at end of period (000 omitted) $232 $103 $66 $62 $54
See Notes to Financial Statements
118

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2060 FUND − continued
  Year ended
Class R1 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17(c)
Net asset value, beginning of period $11.28 $12.28 $11.83 $10.70 $10.00
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.04 $0.12 $0.16 $0.14 $0.07
Net realized and unrealized gain (loss) 4.82 (0.88) 0.48 1.19 0.73
Total from investment operations $4.86 $(0.76) $0.64 $1.33 $0.80
Less distributions declared to shareholders          
From net investment income $(0.04) $(0.11) $(0.14) $(0.14) $(0.10)
From net realized gain (0.09) (0.13) (0.05) (0.06) —
Total distributions declared to shareholders $(0.13) $(0.24) $(0.19) $(0.20) $(0.10)
Net asset value, end of period (x) $16.01 $11.28 $12.28 $11.83 $10.70
Total return (%) (r)(s)(t)(x) 43.20 (6.46) 5.69 12.41 8.08(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.83 2.65 5.04 12.02 15.88(a)
Expenses after expense reductions (f)(h) 0.99 0.97 0.95 0.90 0.87(a)
Net investment income (loss) (l) 0.32 0.99 1.36 1.23 1.76(a)
Portfolio turnover 21 9 34 37 2(n)
Net assets at end of period (000 omitted) $86 $60 $64 $61 $54
  Year ended
Class R2 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17(c)
Net asset value, beginning of period $11.25 $12.25 $11.84 $10.72 $10.00
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.13 $0.17 $0.27 $0.18 $0.09
Net realized and unrealized gain (loss) 4.80 (0.87) 0.42 1.21 0.73
Total from investment operations $4.93 $(0.70) $0.69 $1.39 $0.82
Less distributions declared to shareholders          
From net investment income $(0.12) $(0.17) $(0.23) $(0.21) $(0.10)
From net realized gain (0.09) (0.13) (0.05) (0.06) —
Total distributions declared to shareholders $(0.21) $(0.30) $(0.28) $(0.27) $(0.10)
Net asset value, end of period (x) $15.97 $11.25 $12.25 $11.84 $10.72
Total return (%) (r)(s)(t)(x) 43.97 (6.03) 6.29 12.92 8.32(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.33 2.13 4.31 10.36 15.38(a)
Expenses after expense reductions (f)(h) 0.49 0.47 0.45 0.41 0.37(a)
Net investment income (loss) (l) 0.99 1.39 2.34 1.56 2.26(a)
Portfolio turnover 21 9 34 37 2(n)
Net assets at end of period (000 omitted) $1,580 $980 $797 $151 $54
See Notes to Financial Statements
119

Table of Contents
Financial Highlights − continued
MFS LIFETIME 2060 FUND − continued
  Year ended
Class R3 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17(c)
Net asset value, beginning of period $11.27 $12.28 $11.85 $10.73 $10.00
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.16 $0.24 $0.24 $0.25 $0.10
Net realized and unrealized gain (loss) 4.81 (0.90) 0.48 1.17 0.74
Total from investment operations $4.97 $(0.66) $0.72 $1.42 $0.84
Less distributions declared to shareholders          
From net investment income $(0.15) $(0.22) $(0.24) $(0.24) $(0.11)
From net realized gain (0.09) (0.13) (0.05) (0.06) —
Total distributions declared to shareholders $(0.24) $(0.35) $(0.29) $(0.30) $(0.11)
Net asset value, end of period (x) $16.00 $11.27 $12.28 $11.85 $10.73
Total return (%) (r)(s)(t)(x) 44.28 (5.78) 6.48 13.21 8.45(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 1.07 1.80 4.15 9.15 14.31(a)
Expenses after expense reductions (f)(h) 0.24 0.22 0.20 0.16 0.12(a)
Net investment income (loss) (l) 1.12 1.99 2.04 2.11 2.41(a)
Portfolio turnover 21 9 34 37 2(n)
Net assets at end of period (000 omitted) $17,477 $7,252 $2,505 $1,203 $88
  Year ended
Class R4 4/30/21 4/30/20 4/30/19 4/30/18 4/30/17(c)
Net asset value, beginning of period $11.31 $12.31 $11.88 $10.74 $10.00
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.18 $0.28 $0.31 $0.30 $0.11
Net realized and unrealized gain (loss) 4.84 (0.92) 0.43 1.15 0.74
Total from investment operations $5.02 $(0.64) $0.74 $1.45 $0.85
Less distributions declared to shareholders          
From net investment income $(0.17) $(0.23) $(0.26) $(0.25) $(0.11)
From net realized gain (0.09) (0.13) (0.05) (0.06) —
Total distributions declared to shareholders $(0.26) $(0.36) $(0.31) $(0.31) $(0.11)
Net asset value, end of period (x) $16.07 $11.31 $12.31 $11.88 $10.74
Total return (%) (r)(s)(t)(x) 44.61 (5.55) 6.72 13.51 8.57(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.83 1.55 3.79 8.82 14.88(a)
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00(a)
Net investment income (loss) (l) 1.33 2.29 2.63 2.54 2.75(a)
Portfolio turnover 21 9 34 37 2(n)
Net assets at end of period (000 omitted) $8,871 $4,568 $1,524 $356 $55
See Notes to Financial Statements
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Financial Highlights − continued
MFS LIFETIME 2060 FUND − continued
  Year ended
Class R6 4/30/21 4/30/20 4/30/19
4/30/18 4/30/17(c)
Net asset value, beginning of period $11.33 $12.33 $11.88 $10.74 $10.00
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.21 $0.27 $0.29 $0.25 $0.11
Net realized and unrealized gain (loss) 4.85 (0.90) 0.48 1.20 0.74
Total from investment operations $5.06 $(0.63) $0.77 $1.45 $0.85
Less distributions declared to shareholders          
From net investment income $(0.19) $(0.24) $(0.27) $(0.25) $(0.11)
From net realized gain (0.09) (0.13) (0.05) (0.06) —
Total distributions declared to shareholders $(0.28) $(0.37) $(0.32) $(0.31) $(0.11)
Net asset value, end of period (x) $16.11 $11.33 $12.33 $11.88 $10.74
Total return (%) (r)(s)(t)(x) 44.87 (5.50) 6.95 13.51 8.57(n)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f)(h) 0.69 1.48 3.80 10.10 14.87(a)
Expenses after expense reductions (f)(h) 0.00 0.00 0.00 0.00 0.00(a)
Net investment income (loss) (l) 1.49 2.21 2.43 2.18 2.76(a)
Portfolio turnover 21 9 34 37 2(n)
Net assets at end of period (000 omitted) $25,148 $7,641 $3,309 $1,268 $543
(a) Annualized.
(c) For the period from the commencement of the fund’s investment operations, December 6, 2016, through the stated period end.
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) 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
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Notes to Financial Statements 
(1)  Business and Organization
MFS Lifetime Income Fund, MFS Lifetime 2020 Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, and MFS Lifetime 2060 Fund (the funds) are each a diversified series of MFS Series Trust XII (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
Each fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2)  Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of each fund’s Statement of Assets and Liabilities through the date that the financial statements were issued.
Each fund is a “fund of funds”, which invests the majority of its assets in other MFS mutual funds (hereafter referred to as “underlying affiliated funds” or “underlying funds”), which may have different fiscal year ends than the funds. The underlying funds, in turn, may engage in a number of investment techniques and practices, which involve certain risks. Certain underlying funds invest their portfolio in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. Certain underlying funds invest a significant portion of their assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae. Certain underlying funds invest in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting, and auditing systems, and greater political, social, and economic instability than developed markets.
The accounting policies of the underlying funds in which each fund invests are outlined in the underlying funds’ shareholder reports, which are available without charge by calling 1-800-225-2606, at mfs.com and on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov. The underlying funds' shareholder reports are not covered by this report.
In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief for certain reference rate-related contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other IBOR-based reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Management is still evaluating the impact of ASU 2020-04 on each fund's accounting for investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform.
Investment Valuations — Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of this policy disclosure, “fund” also refers to the underlying funds in which the fund-of-funds invests.
Equity securities, including restricted equity securities and equity securities sold short, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Equity securities sold short, for which there were no sales reported that day, are generally valued at the last quoted daily ask quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing
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Notes to Financial Statements  - continued
service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. Securities and other assets, including commodity-linked structured notes, generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of each fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Each fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of April 30, 2021 in valuing each fund's assets or liabilities:
  Level 1 Level 2 Level 3 Total
MFS Lifetime Income Fund        
Financial Instruments        
Mutual Funds $695,515,352 $— $— $695,515,352
MFS Lifetime 2020 Fund        
Financial Instruments        
Mutual Funds $363,131,581 $— $— $363,131,581
MFS Lifetime 2025 Fund        
Financial Instruments        
Mutual Funds $484,622,422 $— $— $484,622,422
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  Level 1 Level 2 Level 3 Total
MFS Lifetime 2030 Fund        
Financial Instruments        
Mutual Funds $793,072,617 $— $— $793,072,617
MFS Lifetime 2035 Fund        
Financial Instruments        
Mutual Funds $492,597,254 $— $— $492,597,254
MFS Lifetime 2040 Fund        
Financial Instruments        
Mutual Funds $613,750,650 $— $— $613,750,650
MFS Lifetime 2045 Fund        
Financial Instruments        
Mutual Funds $358,314,919 $— $— $358,314,919
MFS Lifetime 2050 Fund        
Financial Instruments        
Mutual Funds $365,145,035 $— $— $365,145,035
MFS Lifetime 2055 Fund        
Financial Instruments        
Mutual Funds $201,031,508 $— $— $201,031,508
MFS Lifetime 2060 Fund        
Financial Instruments        
Mutual Funds $59,962,240 $— $— $59,962,240
For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds’ shareholder reports for further information regarding the levels used in valuing the underlying funds’ assets or liabilities.
Derivatives — Each fund does not invest in derivatives directly. Each fund does invest in underlying funds that may use derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the underlying funds use derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.
Indemnifications — Under each fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each fund. Additionally, in the normal course of business, each fund enters into agreements with service providers that may contain indemnification clauses. Each fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against each fund that have not yet occurred.
Investment Transactions and Income — Investment transactions are recorded on the trade date. Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Distributions of income and capital gains from the underlying funds are recorded on the ex-dividend date. Recognition of net investment income by each fund is affected by the timing of the declaration of distributions by the underlying funds in which each fund invests. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
Each fund and/or the underlying funds may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statements of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statements of Operations.
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Tax Matters and Distributions — Each fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. Each fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed each fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to wash sale loss deferrals and treating a portion of the proceeds from redemptions as a distribution for tax purposes.
The tax character of distributions declared to shareholders for the last two fiscal years is as follows:
Year ended 4/30/21 MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund
Ordinary income (including any short-term capital gains) $14,200,058 $8,278,306 $9,900,724 $12,288,450 $7,093,260
Long-term capital gains 5,492,453 6,447,219 2,518,091 14,580,345 4,007,054
Total distributions $19,692,511 $14,725,525 $12,418,815 $26,868,795 $11,100,314
Year ended 4/30/21 MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
Ordinary income (including any short-term capital gains) $6,720,305 $4,094,061 $3,811,033 $2,105,126 $542,646
Long-term capital gains 8,797,683 3,132,026 3,263,863 1,563,035 235,017
Total distributions $15,517,988 $7,226,087 $7,074,896 $3,668,161 $777,663
Year ended 4/30/20 MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund
Ordinary income (including any short-term capital gains) $15,159,683 $9,562,168 $7,461,279 $14,729,384 $6,728,265
Long-term capital gains 5,877,493 6,800,144 4,100,016 17,800,074 6,210,105
Total distributions $21,037,176 $16,362,312 $11,561,295 $32,529,458 $12,938,370
Year ended 4/30/20 MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
Ordinary income (including any short-term capital gains) $10,530,309 $4,289,230 $4,501,307 $2,125,062 $354,104
Long-term capital gains 15,037,104 4,912,070 5,745,059 2,432,029 179,506
Total distributions $25,567,413 $9,201,300 $10,246,366 $4,557,091 $533,610
The federal tax cost and the tax basis components of distributable earnings were as follows:
As of 4/30/21 MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund
Cost of investments $588,891,151 $305,836,175 $406,123,236 $586,965,375 $364,830,196
Gross appreciation 106,624,201 57,295,406 78,499,186 206,122,309 127,838,854
Gross depreciation — — — (15,067) (71,796)
Net unrealized appreciation (depreciation) $106,624,201 $57,295,406 $78,499,186 $206,107,242 $127,767,058
Undistributed ordinary income 666,474 1,922,106 3,586,370 3,623,588 1,416,369
Undistributed long-term capital gain 7,122,603 7,268,037 4,589,304 14,819,311 6,197,582
Other temporary differences (910,034) — — — —
Total distributable earnings (loss) $113,503,244 $66,485,549 $86,674,860 $224,550,141 $135,381,009
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Notes to Financial Statements  - continued
As of 4/30/21 MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
Cost of investments $398,905,918 $257,043,188 $252,692,010 $148,970,613 $48,154,432
Gross appreciation 214,849,330 101,294,019 112,453,025 52,060,895 11,807,808
Gross depreciation (4,598) (22,288) — — —
Net unrealized appreciation (depreciation) $214,844,732 $101,271,731 $112,453,025 $52,060,895 $11,807,808
Undistributed ordinary income 560,843 913,460 906,128 389,323 48,957
Undistributed long-term capital gain 9,263,405 4,542,592 4,498,889 2,388,006 597,464
Total distributable earnings (loss) $224,668,980 $106,727,783 $117,858,042 $54,838,224 $12,454,229
Multiple Classes of Shares of Beneficial Interest — Each fund offers multiple classes of shares, which differ in their respective distribution, service, and program manager fees. For the MFS Lifetime Income Fund, income and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. For the MFS Lifetime Income Fund, realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. For all other funds, income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight years after purchase. Class 529B and Class 529C shares will convert to Class 529A shares approximately eight years after purchase. Each fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:
  MFS Lifetime
Income Fund 		  MFS Lifetime
2020 Fund 		  MFS Lifetime
2025 Fund
  Year Ended
4/30/21 		  Year Ended
4/30/20 		  Year Ended
4/30/21 		  Year Ended
4/30/20 		  Year Ended
4/30/21 		  Year Ended
4/30/20
Class A $4,440,952   $4,407,821   $1,728,511   $1,999,361   $715,288   $777,253
Class B 107,790   218,127   62,858   117,080   25,518   47,836
Class C 1,988,334   3,022,560   177,876   459,121   81,093   107,535
Class I 1,395,428   1,339,749   164,610   100,576   82,251   56,795
Class R1 43,668   81,286   50,050   134,890   3,842   51,474
Class R2 344,006   542,189   1,193,361   1,765,644   537,269   891,461
Class R3 2,294,730   2,427,903   3,382,396   4,245,484   2,922,888   3,272,003
Class R4 1,028,013   1,747,049   2,154,076   4,064,720   2,227,777   4,107,186
Class R6 2,570,522   1,463,758   5,811,787   3,475,436   5,822,889   2,249,752
Class 529A 4,657,038   4,597,821   —   —   —   —
Class 529B 114,498   140,761   —   —   —   —
Class 529C 707,532   1,048,152   —   —   —   —
Total $19,692,511   $21,037,176   $14,725,525   $16,362,312   $12,418,815   $11,561,295
  MFS Lifetime
2030 Fund 		  MFS Lifetime
2035 Fund 		  MFS Lifetime
2040 Fund
  Year Ended
4/30/21 		  Year Ended
4/30/20 		  Year Ended
4/30/21 		  Year Ended
4/30/20 		  Year Ended
4/30/21 		  Year Ended
4/30/20
Class A $2,792,471   $3,607,326   $655,847   $709,204   $1,448,809   $2,423,402
Class B 185,248   344,130   28,814   45,965   70,942   209,405
Class C 364,875   659,315   56,624   96,504   163,716   510,136
Class I 180,296   127,203   27,954   36,169   90,494   71,232
Class R1 139,602   379,131   4,854   54,932   69,952   226,033
Class R2 1,956,246   3,593,363   431,793   987,675   1,240,248   2,844,840
Class R3 6,849,556   8,333,046   3,090,755   3,552,699   4,071,997   5,824,292
Class R4 4,423,985   9,167,036   2,078,985   5,061,792   2,804,411   8,910,957
Class R6 9,976,516   6,318,908   4,724,688   2,393,430   5,557,419   4,547,116
Total $26,868,795   $32,529,458   $11,100,314   $12,938,370   $15,517,988   $25,567,413
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Notes to Financial Statements  - continued
  MFS Lifetime
2045 Fund 		  MFS Lifetime
2050 Fund 		  MFS Lifetime
2055 Fund
  Year Ended
4/30/21 		  Year Ended
4/30/20 		  Year Ended
4/30/21 		  Year Ended
4/30/20 		  Year Ended
4/30/21 		  Year Ended
4/30/20
Class A $372,428   $428,168   $422,477   $617,761   $251,988   $273,957
Class B 13,179   24,535   23,417   59,161   8,997   17,232
Class C 25,637   71,451   52,386   116,858   31,625   68,852
Class I 36,305   15,774   17,631   15,361   6,828   4,553
Class R1 5,546   34,430   6,487   42,823   6,086   46,392
Class R2 278,472   654,420   482,437   1,074,074   267,226   635,025
Class R3 2,157,912   2,619,895   2,127,815   2,897,038   1,167,617   1,249,916
Class R4 1,480,617   3,908,511   1,465,957   3,480,585   763,015   1,459,561
Class R6 2,855,991   1,444,116   2,476,289   1,942,705   1,164,779   801,603
Total $7,226,087   $9,201,300   $7,074,896   $10,246,366   $3,668,161   $4,557,091
  MFS Lifetime
2060 Fund
  Year Ended
4/30/21 		  Year Ended
4/30/20
Class A $67,510   $55,465
Class B 1,543   2,927
Class C 6,317   9,126
Class I 3,010   2,134
Class R1 686   1,250
Class R2 23,658   22,290
Class R3 221,980   169,401
Class R4 115,208   104,930
Class R6 337,751   166,087
Total $777,663   $533,610
(3)  Transactions with Affiliates
Investment Adviser — Each fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the funds. MFS receives no compensation under this agreement; however MFS receives management fees from the underlying MFS funds.
The investment adviser has agreed in writing to pay all of each fund’s operating expenses, excluding distribution and service fees, program manager fees, interest, taxes, extraordinary expenses, brokerage and transaction costs and investment-related expenses including fees and expenses associated with investments in investment companies and other similar investment vehicles (“Other Expenses”). For the year ended April 30, 2021, this reduction amounted to the following for each fund and is included in the reduction of total expenses in the Statements of Operations:
MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
$1,255,521 $650,371 $709,669 $1,075,340 $735,305 $892,977 $627,093 $658,463 $521,626 $315,462
For Class R6 shares, the investment adviser has agreed to bear each fund's expenses, or make payment to such fund, such that the “Other Expenses” of the class do not exceed (0.10)% annually of average daily net assets for the MFS Lifetime Income Fund and (0.14)% annually of average daily net assets for all other funds. These written agreements will continue until modified by the funds’ Board of Trustees, but such agreements will continue at least until August 31, 2021. Payments made to certain classes of the funds to further reduce “Other Expenses” below 0.00% annually of average daily net assets are included in “Excess expense reimbursement from investment adviser” in the Statements of Operations.
In addition to the fees and expenses which each fund bears directly, each fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which each fund invests. Accordingly, the expense ratio for each fund reflects only those fees and expenses borne directly by each fund.
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Notes to Financial Statements  - continued
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the year ended April 30, 2021, as its portion of the initial sales charge on sales of Class A and Class 529A shares of each fund:
  Class A Class 529A
MFS Lifetime Income Fund $9,750 $10,179
MFS Lifetime 2020 Fund 7,488 —
MFS Lifetime 2025 Fund 13,471 —
MFS Lifetime 2030 Fund 22,918 —
MFS Lifetime 2035 Fund 13,863 —
MFS Lifetime 2040 Fund 22,118 —
MFS Lifetime 2045 Fund 15,656 —
MFS Lifetime 2050 Fund 17,027 —
MFS Lifetime 2055 Fund 15,415 —
MFS Lifetime 2060 Fund 11,630 —
The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
Each fund's distribution plan provides that each fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries.
Distribution Plan Fee Table:
  Class A
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
MFS Lifetime Income Fund — 0.25% 0.25% 0.25% $359,797
MFS Lifetime 2020 Fund — 0.25% 0.25% 0.25% 108,545
MFS Lifetime 2025 Fund — 0.25% 0.25% 0.25% 68,957
MFS Lifetime 2030 Fund — 0.25% 0.25% 0.25% 186,510
MFS Lifetime 2035 Fund — 0.25% 0.25% 0.25% 62,421
MFS Lifetime 2040 Fund — 0.25% 0.25% 0.25% 123,288
MFS Lifetime 2045 Fund — 0.25% 0.25% 0.25% 38,183
MFS Lifetime 2050 Fund — 0.25% 0.25% 0.25% 46,340
MFS Lifetime 2055 Fund — 0.25% 0.25% 0.25% 27,343
MFS Lifetime 2060 Fund — 0.25% 0.25% 0.25% 10,264
  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% $48,487
MFS Lifetime 2020 Fund 0.75% 0.25% 1.00% 1.00% 22,912
MFS Lifetime 2025 Fund 0.75% 0.25% 1.00% 1.00% 15,461
MFS Lifetime 2030 Fund 0.75% 0.25% 1.00% 1.00% 64,744
MFS Lifetime 2035 Fund 0.75% 0.25% 1.00% 1.00% 15,708
MFS Lifetime 2040 Fund 0.75% 0.25% 1.00% 1.00% 36,624
MFS Lifetime 2045 Fund 0.75% 0.25% 1.00% 1.00% 8,352
MFS Lifetime 2050 Fund 0.75% 0.25% 1.00% 1.00% 15,634
MFS Lifetime 2055 Fund 0.75% 0.25% 1.00% 1.00% 6,130
MFS Lifetime 2060 Fund 0.75% 0.25% 1.00% 1.00% 1,646
128

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Notes to Financial Statements  - continued
  Class C
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
MFS Lifetime Income Fund 0.75% 0.25% 1.00% 1.00% $931,656
MFS Lifetime 2020 Fund 0.75% 0.25% 1.00% 1.00% 83,187
MFS Lifetime 2025 Fund 0.75% 0.25% 1.00% 1.00% 42,900
MFS Lifetime 2030 Fund 0.75% 0.25% 1.00% 1.00% 136,596
MFS Lifetime 2035 Fund 0.75% 0.25% 1.00% 1.00% 30,593
MFS Lifetime 2040 Fund 0.75% 0.25% 1.00% 1.00% 92,654
MFS Lifetime 2045 Fund 0.75% 0.25% 1.00% 0.99% 19,327
MFS Lifetime 2050 Fund 0.75% 0.25% 1.00% 1.00% 35,702
MFS Lifetime 2055 Fund 0.75% 0.25% 1.00% 1.00% 22,547
MFS Lifetime 2060 Fund 0.75% 0.25% 1.00% 1.00% 5,848
  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% $21,084
MFS Lifetime 2020 Fund 0.75% 0.25% 1.00% 1.00% 25,460
MFS Lifetime 2025 Fund 0.75% 0.25% 1.00% 1.00% 14,495
MFS Lifetime 2030 Fund 0.75% 0.25% 1.00% 1.00% 70,411
MFS Lifetime 2035 Fund 0.75% 0.25% 1.00% 1.00% 14,515
MFS Lifetime 2040 Fund 0.75% 0.25% 1.00% 1.00% 44,680
MFS Lifetime 2045 Fund 0.75% 0.25% 1.00% 1.00% 9,120
MFS Lifetime 2050 Fund 0.75% 0.25% 1.00% 1.00% 10,867
MFS Lifetime 2055 Fund 0.75% 0.25% 1.00% 1.00% 14,069
MFS Lifetime 2060 Fund 0.75% 0.25% 1.00% 1.00% 729
  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% $65,277
MFS Lifetime 2020 Fund 0.25% 0.25% 0.50% 0.50% 175,764
MFS Lifetime 2025 Fund 0.25% 0.25% 0.50% 0.50% 127,452
MFS Lifetime 2030 Fund 0.25% 0.25% 0.50% 0.50% 322,974
MFS Lifetime 2035 Fund 0.25% 0.25% 0.50% 0.50% 125,256
MFS Lifetime 2040 Fund 0.25% 0.25% 0.50% 0.50% 258,660
MFS Lifetime 2045 Fund 0.25% 0.25% 0.50% 0.50% 83,796
MFS Lifetime 2050 Fund 0.25% 0.25% 0.50% 0.50% 138,713
MFS Lifetime 2055 Fund 0.25% 0.25% 0.50% 0.50% 89,526
MFS Lifetime 2060 Fund 0.25% 0.25% 0.50% 0.50% 6,812
  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% $187,149
MFS Lifetime 2020 Fund — 0.25% 0.25% 0.25% 221,433
MFS Lifetime 2025 Fund — 0.25% 0.25% 0.25% 268,150
MFS Lifetime 2030 Fund — 0.25% 0.25% 0.25% 452,922
MFS Lifetime 2035 Fund — 0.25% 0.25% 0.25% 295,458
MFS Lifetime 2040 Fund — 0.25% 0.25% 0.25% 333,280
MFS Lifetime 2045 Fund — 0.25% 0.25% 0.25% 225,407
MFS Lifetime 2050 Fund — 0.25% 0.25% 0.25% 229,833
MFS Lifetime 2055 Fund — 0.25% 0.25% 0.25% 128,275
MFS Lifetime 2060 Fund — 0.25% 0.25% 0.25% 29,912
129

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Notes to Financial Statements  - continued
  Class 529A
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
MFS Lifetime Income Fund — 0.25% 0.25% 0.24% $358,834
  Class 529B
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
MFS Lifetime Income Fund 0.75% 0.25% 1.00% 0.56% $24,310
  Class 529C
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
MFS Lifetime Income Fund 0.75% 0.25% 1.00% 0.99% $308,329
  MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund
Total Distribution and Service Fees $2,304,923 $637,301 $537,415 $1,234,157 $543,951
  MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
Total Distribution and Service Fees $889,186 $384,185 $477,089 $287,890 $55,211
(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, 2021 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class’s 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates’ seed money. For the year ended April 30, 2021, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations:
  MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund
Class A $1,646 $779 $1,055 $1,490 $291
Class B 10 18 41 103 —
Class C 238 18 28 67 52
Class R2 175 62 — 461 —
Class R3 3 9 2 17 92
Class 529A 19,647 N/A N/A N/A N/A
Class 529B 485 N/A N/A N/A N/A
Class 529C 1,717 N/A N/A N/A N/A
  MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
Class A $967 $80 $149 $69 $5
Class B 79 1 7 — —
Class C 96 144 44 50 9
Class R2 82 — 366 — —
Class R3 300 1 277 28 —
  For the MFS Lifetime Income Fund, for the period from October 1, 2020 through April 30, 2021, the 0.75% distribution fee was not imposed for Class 529B shares due to the sales charge limitations contained in Financial Industry Regulatory Authority (“FINRA”) Rule 2341.
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Notes to Financial Statements  - continued
Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B and Class 529B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C and Class 529C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the year ended April 30, 2021, were as follows:
CDSC Imposed MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund
Class A $7,905 $341 $183 $718 $195
Class B 3,584 2,658 598 3,159 2,290
Class C 4,191 432 591 835 681
Class 529B 320 N/A N/A N/A N/A
Class 529C 568 N/A N/A N/A N/A
CDSC Imposed MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
Class A $513 $416 $572 $313 $420
Class B 2,084 814 1,057 346 —
Class C 541 331 635 388 281
The MFS Lifetime Income Fund has entered into and may from time to time enter into contracts with program managers and other parties which administer the tuition programs through which an investment in the fund’s 529 share classes is made. The MFS Lifetime Income Fund has entered into an agreement with MFD pursuant to which MFD receives an annual fee of up to 0.05% of the average daily net assets attributable to each 529 share class. The services provided by MFD, or a third party with which MFD contracts, include recordkeeping and tax reporting and account services, as well as services designed to maintain the program’s compliance with the Internal Revenue Code and other regulatory requirements. Program manager fees for the MFS Lifetime Income Fund for the year ended April 30, 2021, were as follows:
  Fee
Class 529A $71,767
Class 529B 2,125
Class 529C 15,416
Total Program Manager Fees $89,308
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, 2021, each fund paid the following fee, which equated to the following annual percentage of each fund’s average daily net assets:
  MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund
Expenses paid $234,952 $27,840 $25,617 $51,906 $31,039
Percentage of average daily net assets 0.0356% 0.0077% 0.0059% 0.0074% 0.0075%
  MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
Expenses paid $47,720 $30,249 $37,052 $36,332 $13,689
Percentage of average daily net assets 0.0093% 0.0103% 0.0124% 0.0224% 0.0335%
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, 2021, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to the following:
MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
$591,132 $351,604 $407,997 $703,207 $424,394 $548,552 $329,976 $356,017 $227,070 $60,937
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Notes to Financial Statements  - continued
Administrator – MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to each fund. Under an administrative services agreement, each fund reimburses MFS the costs incurred to provide these services. Each fund pays an annual fixed amount of $17,500. The administrative services fee incurred for the year ended April 30, 2021 was equivalent to the following annual effective rates of each fund's average daily net assets:
  MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund
Percentage of average daily net assets 0.0027% 0.0048% 0.0040% 0.0025% 0.0042%
  MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
Percentage of average daily net assets 0.0034% 0.0060% 0.0058% 0.0108% 0.0429%
Trustees’ and Officers’ Compensation — Each fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Each fund does not pay compensation directly to Trustees or officers of each fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to each fund. Certain officers and Trustees of each fund are officers or directors of MFS, MFD, and MFSC.
Other — 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.
At April 30, 2021, MFS held 100% of the outstanding shares of Class R1 of the MFS Lifetime 2060 Fund.
(4)  Portfolio Securities
For the year ended April 30, 2021, purchases and sales of shares of underlying funds, excluding the MFS Institutional Money Market Portfolio, aggregated to the following:
  MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund
Purchases $83,764,949 $106,436,914 $182,550,191 $204,726,107 $141,678,511
Sales $79,655,117 $119,943,987 $105,292,319 $189,477,443 $113,827,659
  MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
Purchases $140,824,883 $109,226,569 $89,352,665 $56,474,989 $29,920,177
Sales $138,260,415 $86,892,264 $70,135,899 $39,208,133 $8,620,435
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Notes to Financial Statements  - continued
(5)  Shares of Beneficial Interest
Each fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
  MFS Lifetime Income Fund   MFS Lifetime 2020 Fund
  Year ended
4/30/21 		  Year ended
4/30/20 		  Year ended
4/30/21 		  Year ended
4/30/20
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A   3,636,158   $48,469,993     3,266,456   $41,112,670       701,173    $9,662,663       551,418    $7,202,734
Class B      19,461      262,138        13,621      171,648        12,251      168,657         8,002      106,008
Class C     577,844    7,662,531       695,255    8,686,803        67,465      909,461        68,106      879,761
Class I   1,066,700   14,171,151       566,902    7,083,823       169,971    2,293,150        55,186      700,017
Class R1      26,121      346,607        55,361      689,078        34,272      463,292        97,071    1,270,011
Class R2     231,204    3,040,908       424,928    5,356,077       667,514    9,094,252       796,150   10,422,891
Class R3   1,624,394   21,441,159     2,631,438   33,012,419     2,157,321   29,453,146     2,524,929   33,310,873
Class R4     454,730    6,046,824       601,664    7,607,361       669,411    9,152,737     1,230,841   16,285,674
Class R6   4,258,235   55,728,831     1,493,085   18,879,867     7,448,955 101,625,866     1,777,228   23,536,474
Class 529A   8,110,431   88,375,981     7,163,201   73,349,435            —           —            —           —
Class 529B     161,581    1,765,607       294,372    3,015,190            —           —            —           —
Class 529C   1,742,326   18,884,800     1,806,166   18,556,752            —           —            —           —
   21,909,185  $266,196,530    19,012,449  $217,521,123    11,928,333  $162,823,224     7,108,931   $93,714,443
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A     318,893    $4,280,753       340,931    $4,318,717       116,164    $1,600,746       145,572    $1,909,905
Class B       7,819      104,999        16,816      213,554         4,394       60,503         8,724      114,198
Class C     146,646    1,969,078       233,822    2,968,147        12,992      176,429        31,284      402,623
Class I      87,998    1,181,508        87,698    1,110,727        10,868      150,842         7,044       93,047
Class R1       3,246       43,609         6,379       81,061         3,614       50,050        10,289      134,890
Class R2      24,075      322,382        39,037      495,011        84,987    1,165,168       127,355    1,661,981
Class R3     170,980    2,294,119       191,514    2,426,503       245,457    3,382,396       323,589    4,245,484
Class R4      75,073    1,004,029       137,906    1,745,726       155,190    2,154,040       307,700    4,064,720
Class R6     176,635    2,380,343       102,113    1,295,716       402,613    5,580,218       240,738    3,175,331
Class 529A     414,483    4,539,550       440,968    4,570,456            —           —            —           —
Class 529B      10,303      113,199        13,493      140,127            —           —            —           —
Class 529C      62,718      687,706       100,370    1,042,074            —           —            —           —
    1,498,869   $18,921,275     1,711,047   $20,407,819     1,036,279   $14,320,392     1,202,295   $15,802,179
Shares reacquired                      
Class A  (2,197,366) $(29,109,181)    (2,509,713) $(31,302,968)      (712,792)   $(9,753,409)      (942,079) $(12,227,555)
Class B    (255,203)   (3,396,374)      (295,615)   (3,696,440)       (64,615)     (874,448)       (63,311)     (802,794)
Class C  (2,830,092) (37,895,044)    (2,029,587) (25,308,469)      (465,741)   (6,277,817)      (196,734)   (2,531,929)
Class I    (570,253)   (7,567,944)      (641,812)   (7,985,546)       (75,504)   (1,062,224)       (70,651)     (921,928)
Class R1     (92,522)   (1,222,699)      (179,552)   (2,250,516)      (181,996)   (2,475,615)      (191,982)   (2,449,708)
Class R2    (633,352)   (8,428,551)      (873,315) (10,977,195)    (1,494,725) (20,439,669)    (1,664,019) (21,676,574)
Class R3  (1,781,121) (23,699,084)    (1,751,389) (22,029,179)    (3,214,364) (43,812,124)    (1,973,700) (25,716,896)
Class R4  (1,682,034) (21,651,258)    (1,202,527) (14,989,584)    (3,452,292) (46,587,015)    (2,039,228) (26,793,723)
Class R6  (1,525,219) (20,290,999)      (884,537) (11,053,808)    (3,163,122) (43,915,360)    (2,100,510) (27,583,050)
Class 529A  (7,073,411) (76,954,898)    (5,602,235) (57,394,727)            —           —            —           —
Class 529B    (292,301)   (3,174,647)      (291,128)   (2,973,342)            —           —            —           —
Class 529C  (2,353,738) (25,623,632)    (2,164,819) (21,976,096)            —           —            —           —
   (21,286,612)  $(259,014,311)    (18,426,229)  $(211,937,870)    (12,825,151)  $(175,197,681)    (9,242,214)  $(120,704,157)
133

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Notes to Financial Statements  - continued
  MFS Lifetime Income Fund − continued   MFS Lifetime 2020 Fund − continued
  Year ended
4/30/21 		  Year ended
4/30/20 		  Year ended
4/30/21 		  Year ended
4/30/20
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Net change                      
Class A   1,757,685   $23,641,565     1,097,674   $14,128,419       104,545    $1,510,000      (245,089)   $(3,114,916)
Class B    (227,923)   (3,029,237)      (265,178)   (3,311,238)       (47,970)     (645,288)       (46,585)     (582,588)
Class C  (2,105,602) (28,263,435)    (1,100,510) (13,653,519)      (385,284)   (5,191,927)       (97,344)   (1,249,545)
Class I     584,445    7,784,715        12,788      209,004       105,335    1,381,768        (8,421)     (128,864)
Class R1     (63,155)     (832,483)      (117,812)   (1,480,377)      (144,110)   (1,962,273)       (84,622)   (1,044,807)
Class R2    (378,073)   (5,065,261)      (409,350)   (5,126,107)      (742,224) (10,180,249)      (740,514)   (9,591,702)
Class R3      14,253       36,194     1,071,563   13,409,743      (811,586) (10,976,582)       874,818   11,839,461
Class R4  (1,152,231) (14,600,405)      (462,957)   (5,636,497)    (2,627,691) (35,280,238)      (500,687)   (6,443,329)
Class R6   2,909,651   37,818,175       710,661    9,121,775     4,688,446   63,290,724       (82,544)     (871,245)
Class 529A   1,451,503   15,960,633     2,001,934   20,525,164            —           —            —           —
Class 529B    (120,417)   (1,295,841)        16,737      181,975            —           —            —           —
Class 529C    (548,694)   (6,051,126)      (258,283)   (2,377,270)            —           —            —           —
    2,121,442   $26,103,494     2,297,267   $25,991,072       139,461    $1,945,935      (930,988)  $(11,187,535)
  MFS Lifetime 2025 Fund   MFS Lifetime 2030 Fund
  Year ended
4/30/21 		  Year ended
4/30/20 		  Year ended
4/30/21 		  Year ended
4/30/20
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A     497,756    $7,072,342       729,452    $9,492,890       983,482   $16,584,993       986,081   $15,470,303
Class B       1,458       20,633        23,351      306,765         7,323      122,224        10,127      152,796
Class C      88,660    1,231,556        59,063      779,383       106,359    1,740,251       130,665    2,005,222
Class I     171,587    2,354,963        31,666      416,897       222,204    3,742,891        38,225      597,580
Class R1      57,823      790,122        95,299    1,244,387       101,115    1,640,693       180,571    2,815,251
Class R2     412,008    5,737,076       726,458    9,581,179       895,051   14,692,350     1,196,753   18,461,871
Class R3   2,716,144   38,181,386     3,411,078   45,118,953     3,471,275   57,344,243     3,648,083   56,872,959
Class R4   1,378,393   19,453,637     1,941,059   25,706,963     1,569,210   26,066,191     2,584,993   40,828,337
Class R6  12,443,825 172,384,366     2,460,279   32,479,994    11,080,399 181,702,653     2,741,727   42,757,924
   17,767,654  $247,226,081     9,477,705  $125,127,411    18,436,418  $303,636,489    11,517,225  $179,962,243
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A      45,895      $661,785        53,186      $715,889       153,806    $2,628,550       212,292    $3,388,181
Class B       1,778       25,518         3,575       47,836        10,706      180,936        21,188      334,351
Class C       5,656       80,651         7,659      102,011        21,062      353,624        37,414      586,649
Class I       5,684       82,251         4,008       54,103        10,083      173,127         7,338      117,629
Class R1         265        3,842         3,843       51,474         8,217      139,602        23,980      379,131
Class R2      37,034      532,918        65,063      872,509       114,205    1,935,774       216,849    3,430,557
Class R3     202,837    2,922,888       243,453    3,272,003       401,969    6,849,556       523,432    8,333,046
Class R4     152,678    2,213,831       303,787    4,107,186       254,616    4,379,397       570,955    9,163,831
Class R6     384,951    5,577,938       144,130    1,947,198       528,702    9,088,395       328,144    5,266,709
      836,778   $12,101,622       828,704   $11,170,209     1,503,366   $25,728,961     1,941,592   $31,000,084
134

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Notes to Financial Statements  - continued
  MFS Lifetime 2025 Fund − continued   MFS Lifetime 2030 Fund − continued
  Year ended
4/30/21 		  Year ended
4/30/20 		  Year ended
4/30/21 		  Year ended
4/30/20
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares reacquired                      
Class A    (633,824)   $(8,897,164)      (227,378)   $(2,955,071)    (1,233,043) $(20,528,783)      (709,987) $(10,984,153)
Class B     (35,188)     (487,399)       (13,869)     (179,418)      (112,680)   (1,837,131)      (148,403)   (2,257,269)
Class C     (88,356)   (1,229,683)       (85,900)   (1,107,846)      (349,948)   (5,808,846)      (260,356)   (4,011,249)
Class I     (82,279)   (1,136,459)       (16,598)     (208,720)       (52,505)     (887,011)       (28,223)     (443,971)
Class R1    (183,544)   (2,604,981)       (70,668)     (894,736)      (292,561)   (4,915,712)      (190,380)   (2,804,203)
Class R2  (1,074,138) (15,101,323)    (1,481,523) (19,592,729)    (2,246,271) (36,980,574)    (1,895,433) (29,252,656)
Class R3  (2,849,931) (40,298,459)    (2,037,563) (26,521,302)    (3,921,515) (65,225,940)    (2,753,800) (42,397,218)
Class R4  (4,300,393) (59,347,439)    (2,058,601) (26,749,852)    (6,155,369) (97,025,823)    (2,173,337) (33,754,982)
Class R6  (2,798,408) (40,117,273)    (1,083,003) (14,165,093)    (3,139,765) (52,909,852)    (2,079,274) (31,910,986)
   (12,046,061)  $(169,220,180)    (7,075,103)  $(92,374,767)    (17,503,657)  $(286,119,672)    (10,239,193)  $(157,816,687)
Net change                      
Class A     (90,173)   $(1,163,037)       555,260    $7,253,708       (95,755)   $(1,315,240)       488,386    $7,874,331
Class B     (31,952)     (441,248)        13,057      175,183       (94,651)   (1,533,971)      (117,088)   (1,770,122)
Class C       5,960       82,524       (19,178)     (226,452)      (222,527)   (3,714,971)       (92,277)   (1,419,378)
Class I      94,992    1,300,755        19,076      262,280       179,782    3,029,007        17,340      271,238
Class R1    (125,456)   (1,811,017)        28,474      401,125      (183,229)   (3,135,417)        14,171      390,179
Class R2    (625,096)   (8,831,329)      (690,002)   (9,139,041)    (1,237,015) (20,352,450)      (481,831)   (7,360,228)
Class R3      69,050      805,815     1,616,968   21,869,654       (48,271)   (1,032,141)     1,417,715   22,808,787
Class R4  (2,769,322) (37,679,971)       186,245    3,064,297    (4,331,543) (66,580,235)       982,611   16,237,186
Class R6  10,030,368 137,845,031     1,521,406   20,262,099     8,469,336 137,881,196       990,597   16,113,647
    6,558,371   $90,107,523     3,231,306   $43,922,853     2,436,127   $43,245,778     3,219,624   $53,145,640
  MFS Lifetime 2035 Fund   MFS Lifetime 2040 Fund
  Year ended
4/30/21 		  Year ended
4/30/20 		  Year ended
4/30/21 		  Year ended
4/30/20
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A     339,710    $5,553,068       575,789    $8,324,870       591,419   $10,490,702       758,651   $12,168,952
Class B          60        1,100         2,707       40,863         2,396       45,739        11,905      195,211
Class C      41,441      663,579        68,741    1,012,699        60,508    1,033,581        85,686    1,356,141
Class I      46,504      744,741        10,621      153,597       129,571    2,281,878        22,790      358,662
Class R1      45,049      693,289        62,635      924,785        99,898    1,688,768        94,132    1,515,916
Class R2     404,612    6,424,466       749,806   11,143,765       686,851   11,893,883     1,015,038   16,470,147
Class R3   2,740,280   44,293,043     3,565,321   53,768,520     2,991,484   51,820,833     2,760,201   44,991,464
Class R4   1,070,121   17,587,005     1,990,015   29,925,113     1,206,230   21,025,505     1,845,398   30,374,833
Class R6   7,729,866 122,474,591     2,066,400   30,909,296     6,923,997 120,413,821     1,811,518   29,720,610
   12,417,643  $198,434,882     9,092,035  $136,203,508    12,692,354  $220,694,710     8,405,319  $137,151,936
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A      30,694      $523,647        40,006      $625,299        65,837    $1,215,349       127,872    $2,166,154
Class B       1,697       28,814         2,909       45,298         3,795       69,751        12,310      207,426
Class C       3,325       56,129         5,997       92,830         8,968      162,680        27,560      458,038
Class I       1,523       26,034         2,147       33,602         4,530       84,166         3,552       60,556
Class R1         284        4,854         3,526       54,932         3,818       69,952        13,479      226,032
Class R2      25,302      431,653        62,038      967,788        66,388    1,218,884       163,758    2,757,697
Class R3     181,064    3,090,755       227,155    3,552,699       220,704    4,071,997       343,819    5,824,292
Class R4     120,293    2,064,233       322,202    5,061,792       149,713    2,790,654       521,415    8,910,957
Class R6     247,186    4,241,704       122,179    1,919,425       259,476    4,834,033       200,167    3,418,857
      611,368   $10,467,823       788,159   $12,353,665       783,229   $14,517,466     1,413,932   $24,030,009
135

Table of Contents
Notes to Financial Statements  - continued
  MFS Lifetime 2035 Fund − continued   MFS Lifetime 2040 Fund − continued
  Year ended
4/30/21 		  Year ended
4/30/20 		  Year ended
4/30/21 		  Year ended
4/30/20
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares reacquired                      
Class A    (357,938)   $(6,062,515)      (245,978)   $(3,478,531)      (710,268) $(12,479,327)      (285,844)   $(4,615,026)
Class B     (16,687)     (287,064)       (15,526)     (236,115)       (75,198)   (1,334,292)       (61,363)     (983,185)
Class C     (46,870)     (743,908)       (66,238)     (980,162)      (267,027)   (4,657,076)      (159,431)   (2,499,292)
Class I     (31,937)     (503,329)       (17,387)     (244,654)       (25,835)     (483,686)       (32,172)     (534,938)
Class R1    (153,929)   (2,531,903)      (103,247)   (1,530,349)      (190,967)   (3,394,158)      (128,168)   (2,042,716)
Class R2  (1,246,545) (20,208,795)    (1,068,073) (15,897,812)    (1,398,212) (24,443,982)    (1,544,188) (25,166,336)
Class R3  (2,306,373) (37,044,494)    (1,563,123) (23,235,833)    (2,577,092) (45,257,451)    (1,495,831) (24,235,075)
Class R4  (5,123,963) (77,951,339)    (1,348,391) (19,730,521)    (5,846,735) (94,872,112)    (1,369,698) (22,174,301)
Class R6  (1,447,461) (24,142,863)      (685,781) (10,214,612)    (1,610,914) (29,123,547)    (1,341,542) (21,682,859)
   (10,731,703)  $(169,476,210)    (5,113,744)  $(75,548,589)    (12,702,248)  $(216,045,631)    (6,418,237)  $(103,933,728)
Net change                      
Class A      12,466       $14,200       369,817    $5,471,638       (53,012)     $(773,276)       600,679    $9,720,080
Class B     (14,930)     (257,150)        (9,910)     (149,954)       (69,007)   (1,218,802)       (37,148)     (580,548)
Class C      (2,104)      (24,200)         8,500      125,367      (197,551)   (3,460,815)       (46,185)     (685,113)
Class I      16,090      267,446        (4,619)      (57,455)       108,266    1,882,358        (5,830)     (115,720)
Class R1    (108,596)   (1,833,760)       (37,086)     (550,632)       (87,251)   (1,635,438)       (20,557)     (300,768)
Class R2    (816,631) (13,352,676)      (256,229)   (3,786,259)      (644,973) (11,331,215)      (365,392)   (5,938,492)
Class R3     614,971   10,339,304     2,229,353   34,085,386       635,096   10,635,379     1,608,189   26,580,681
Class R4  (3,933,549) (58,300,101)       963,826   15,256,384    (4,490,792) (71,055,953)       997,115   17,111,489
Class R6   6,529,591 102,573,432     1,502,798   22,614,109     5,572,559   96,124,307       670,143   11,456,608
    2,297,308   $39,426,495     4,766,450   $73,008,584       773,335   $19,166,545     3,401,014   $57,248,217
  MFS Lifetime 2045 Fund   MFS Lifetime 2050 Fund
  Year ended
4/30/21 		  Year ended
4/30/20 		  Year ended
4/30/21 		  Year ended
4/30/20
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A     308,154    $5,272,970       310,028    $4,776,747       275,350    $5,648,674       268,596    $4,966,014
Class B          —           —           184        2,793         1,823       35,778         4,676       83,717
Class C      20,126      334,778        33,496      481,515        31,908      645,449        31,480      576,145
Class I      84,960    1,423,288        10,584      166,000        27,511      566,087        12,630      237,605
Class R1      25,476      403,334        41,336      625,050        31,807      616,235        37,238      677,052
Class R2     295,923    4,850,770       483,723    7,427,045       395,923    7,935,350       619,064   11,324,889
Class R3   2,155,702   36,083,420     2,226,739   34,384,000     1,902,345   38,381,188     1,812,124   33,532,786
Class R4   1,053,258   17,901,754     1,678,897   26,064,119       960,256   19,396,295     1,307,695   24,325,814
Class R6   5,386,589   88,896,158     1,283,852   19,771,943     3,439,436   68,293,004       976,734   18,125,477
    9,330,188  $155,166,472     6,068,839   $93,699,212     7,066,359  $141,518,060     5,070,237   $93,849,499
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A      15,821      $282,716        22,227      $362,073        17,999      $388,597        30,170      $593,134
Class B         740       13,179         1,512       24,535         1,098       23,417         3,046       59,161
Class C       1,447       25,637         3,642       58,739         2,471       52,386         5,814      112,273
Class I       2,024       36,305           964       15,774           818       17,631           783       15,361
Class R1         311        5,546         2,124       34,430           305        6,487         2,215       42,823
Class R2      15,630      278,370        39,627      641,963        22,575      482,197        53,322    1,036,054
Class R3     120,891    2,157,912       161,026    2,619,895        99,338    2,127,811       148,567    2,897,038
Class R4      82,150    1,473,762       239,199    3,908,511        67,416    1,453,486       177,490    3,480,585
Class R6     146,152    2,620,498        71,496    1,167,526       104,708    2,255,406        82,287    1,612,812
      385,166    $6,893,925       541,817    $8,833,446       316,728    $6,807,418       503,694    $9,849,241
136

Table of Contents
Notes to Financial Statements  - continued
  MFS Lifetime 2045 Fund − continued   MFS Lifetime 2050 Fund − continued
  Year ended
4/30/21 		  Year ended
4/30/20 		  Year ended
4/30/21 		  Year ended
4/30/20
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares reacquired                      
Class A    (177,348)   $(3,121,075)       (85,346)   $(1,328,976)      (188,749)   $(3,907,668)      (136,726)   $(2,479,910)
Class B      (5,242)      (90,666)        (9,537)     (144,314)       (10,964)     (225,424)       (14,400)     (229,224)
Class C     (63,474)   (1,045,380)       (46,126)     (699,946)       (50,292)   (1,048,689)       (36,692)     (648,180)
Class I      (7,280)     (134,100)        (2,602)      (39,626)        (6,031)     (126,349)        (3,931)      (70,814)
Class R1     (69,050)   (1,173,975)       (43,170)     (657,841)       (73,693)   (1,499,110)       (40,015)     (726,702)
Class R2    (780,101) (12,998,494)      (706,954) (10,988,838)      (785,572) (15,706,596)      (631,119) (11,599,636)
Class R3  (1,689,659) (28,693,615)      (938,062) (14,419,607)    (1,424,218) (28,692,617)      (696,448) (12,912,862)
Class R4  (4,098,720) (65,092,848)      (899,237) (13,588,281)    (2,529,134) (47,651,570)      (726,373) (13,595,054)
Class R6  (1,137,118) (19,790,335)      (360,787)   (5,415,309)    (1,093,693) (22,722,746)      (526,581)   (9,626,365)
   (8,027,992)  $(132,140,488)    (3,091,821)  $(47,282,738)    (6,162,346)  $(121,580,769)    (2,812,285)  $(51,888,747)
Net change                      
Class A     146,627    $2,434,611       246,909    $3,809,844       104,600    $2,129,603       162,040    $3,079,238
Class B      (4,502)      (77,487)        (7,841)     (116,986)        (8,043)     (166,229)        (6,678)      (86,346)
Class C     (41,901)     (684,965)        (8,988)     (159,692)       (15,913)     (350,854)           602       40,238
Class I      79,704    1,325,493         8,946      142,148        22,298      457,369         9,482      182,152
Class R1     (43,263)     (765,095)           290        1,639       (41,581)     (876,388)          (562)       (6,827)
Class R2    (468,548)   (7,869,354)      (183,604)   (2,919,830)      (367,074)   (7,289,049)        41,267      761,307
Class R3     586,934    9,547,717     1,449,703   22,584,288       577,465   11,816,382     1,264,243   23,516,962
Class R4  (2,963,312) (45,717,332)     1,018,859   16,384,349    (1,501,462) (26,801,789)       758,812   14,211,345
Class R6   4,395,623   71,726,321       994,561   15,524,160     2,450,451   47,825,664       532,440   10,111,924
    1,687,362   $29,919,909     3,518,835   $55,249,920     1,220,741   $26,744,709     2,761,646   $51,809,993
  MFS Lifetime 2055 Fund   MFS Lifetime 2060 Fund
  Year ended
4/30/21 		  Year ended
4/30/20 		  Year ended
4/30/21 		  Year ended
4/30/20
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A     264,759    $4,677,948       207,125    $3,256,651       145,816    $2,018,504       161,398    $1,924,091
Class B          —           —           217        3,375            —           —           187        2,236
Class C      21,912      375,882        34,884      552,200        18,380      245,665        16,379      198,582
Class I      16,089      279,413         1,495       24,039         5,267       73,651         3,589       47,308
Class R1      45,394      748,164        65,141    1,011,489            —           —            —           —
Class R2     336,104    5,741,394       535,895    8,457,047        74,005    1,009,775        61,682      756,107
Class R3   1,614,159   27,991,257     1,377,456   21,613,001       719,026    9,900,593       510,606    6,212,336
Class R4     718,896   12,652,515     1,028,373   16,315,521       315,827    4,361,535       336,051    4,096,780
Class R6   1,974,317   33,919,276       662,989   10,536,421     1,504,954   20,393,163       547,986    6,468,554
    4,991,630   $86,385,849     3,913,575   $61,769,744     2,783,275   $38,002,886     1,637,878   $19,705,994
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A      11,281      $207,460        14,645      $245,010         4,689       $67,477         4,263       $55,465
Class B         491        8,997         1,031       17,232           107        1,543           225        2,927
Class C       1,724       31,378         3,492       57,860           441        6,317           704        9,126
Class I         371        6,828           272        4,553           208        3,010           163        2,134
Class R1         333        6,086         2,798       46,392            48          686            96        1,250
Class R2      14,544      266,729        37,499      624,738         1,645       23,658         1,713       22,290
Class R3      63,492    1,167,617        74,711    1,249,916        15,415      221,980        13,001      169,401
Class R4      40,767      753,781        86,827    1,459,561         7,973      115,208         8,034      104,930
Class R6      55,408    1,025,057        38,150      641,296        20,084      290,820         9,109      119,152
      188,411    $3,473,933       259,425    $4,346,558        50,610      $730,699        37,308      $486,675
137

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Notes to Financial Statements  - continued
  MFS Lifetime 2055 Fund − continued   MFS Lifetime 2060 Fund − continued
  Year ended
4/30/21 		  Year ended
4/30/20 		  Year ended
4/30/21 		  Year ended
4/30/20
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares reacquired                      
Class A    (109,397)   $(1,979,925)       (55,693)     $(891,591)       (57,074)     $(798,677)       (20,887)     $(251,781)
Class B      (1,296)      (21,611)        (3,502)      (56,952)          (343)       (4,811)          (357)       (4,278)
Class C     (44,268)     (722,786)       (27,937)     (444,223)        (9,507)     (124,725)        (1,616)      (19,573)
Class I      (2,029)      (35,059)        (4,755)      (75,342)          (168)       (2,511)            (6)          (72)
Class R1    (124,641)   (2,186,371)       (52,915)     (824,757)            —           —            —           —
Class R2    (701,522) (12,031,752)      (538,292)   (8,490,365)       (63,853)     (899,029)       (41,268)     (513,697)
Class R3  (1,000,062) (17,476,103)      (653,326) (10,299,314)      (285,733)   (3,958,103)       (84,123)   (1,014,347)
Class R4  (1,482,284) (24,718,469)      (408,649)   (6,387,064)      (175,874)   (2,248,614)       (63,846)     (773,018)
Class R6    (526,337)   (9,462,775)      (289,469)   (4,535,856)      (638,384)   (8,560,856)      (151,134)   (1,790,299)
   (3,991,836)  $(68,634,851)    (2,034,538)  $(32,005,464)    (1,230,936)  $(16,597,326)      (363,237)   $(4,367,065)
Net change                      
Class A     166,643    $2,905,483       166,077    $2,610,070        93,431    $1,287,304       144,774    $1,727,775
Class B        (805)      (12,614)        (2,254)      (36,345)          (236)       (3,268)            55          885
Class C     (20,632)     (315,526)        10,439      165,837         9,314      127,257        15,467      188,135
Class I      14,431      251,182        (2,988)      (46,750)         5,307       74,150         3,746       49,370
Class R1     (78,914)   (1,432,121)        15,024      233,124            48          686            96        1,250
Class R2    (350,874)   (6,023,629)        35,102      591,420        11,797      134,404        22,127      264,700
Class R3     677,589   11,682,771       798,841   12,563,603       448,708    6,164,470       439,484    5,367,390
Class R4    (722,621) (11,312,173)       706,551   11,388,018       147,926    2,228,129       280,239    3,428,692
Class R6   1,503,388   25,481,558       411,670    6,641,861       886,654   12,123,127       405,961    4,797,407
    1,188,205   $21,224,931     2,138,462   $34,110,838     1,602,949   $22,136,259     1,311,949   $15,825,604
Effective June 1, 2019, purchases of each fund's Class B and Class 529B (if applicable) shares are closed to new and existing investors subject to certain exceptions. Please see each fund’s prospectus for details.
(6)  Line of Credit
Each fund and certain other funds managed by MFS participate in a $1.25 billion unsecured committed line of credit of which $1 billion is reserved for use by each fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of one month LIBOR, the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus an agreed upon spread. A commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds. In addition, each fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended April 30, 2021, each fund’s commitment fee and interest expense were as follows and are included in “Miscellaneous” expense in the Statements of Operations:
  MFS Lifetime
Income Fund 		MFS Lifetime
2020 Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund
Commitment Fee $2,961 $1,627 $1,957 $3,149 $1,762
Interest Expense — 786 1,331 1,974 2,171
  MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund
Commitment Fee $2,285 $1,223 $1,248 $715 $159
Interest Expense 2,390 1,725 1,012 — —
138

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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:
  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 $12,628,522 $1,643,394 $4,146,634 $543,605 $3,675,439 $14,344,326
MFS Blended Research Growth Equity Fund 12,793,246 1,695,369 4,434,417 902,619 3,316,716 14,273,533
MFS Blended Research International Equity Fund 15,156,550 990,591 4,748,662 486,658 5,544,559 17,429,696
MFS Blended Research Mid Cap Equity Fund 19,165,862 1,156,441 7,390,866 1,213,179 7,383,913 21,528,529
MFS Blended Research Small Cap Equity Fund 6,456,901 464,125 3,186,831 546,394 2,782,681 7,063,270
MFS Blended Research Value Equity Fund 12,541,458 1,123,234 4,326,912 666,066 4,326,265 14,330,111
MFS Commodity Strategy Fund 11,194,579 1,337,291 3,660,804 (503,067) 6,108,328 14,476,327
MFS Emerging Markets Debt Fund 11,816,178 1,465,853 799,154 (19,580) 1,303,582 13,766,878
MFS Emerging Markets Debt Local Currency Fund(a) 5,941,280 752,780 650,458 (24,690) 799,235 6,818,147
MFS Global Opportunistic Bond Fund 29,305,837 5,049,463 1,444,890 4,208 1,335,128 34,249,746
MFS Global Real Estate Fund 12,389,028 824,398 2,991,176 232,379 3,895,324 14,349,953
MFS Government Securities Fund 56,613,616 16,157,324 2,054,415 (9,869) (2,215,122) 68,491,534
MFS Growth Fund 12,595,517 1,354,278 3,951,237 1,398,527 2,880,105 14,277,190
MFS High Income Fund 17,950,290 2,422,815 1,258,446 (61,487) 1,721,979 20,775,151
MFS Inflation-Adjusted Bond Fund 56,844,752 12,116,129 2,416,110 7,472 2,617,523 69,169,767
MFS Institutional Money Market Portfolio 1,176,620 26,124,592 26,242,749 (104) (24) 1,058,335
MFS International Growth Fund 3,064,734 140,244 749,859 162,392 864,451 3,481,962
MFS International Intrinsic Value Fund 3,042,349 313,224 602,507 79,721 644,289 3,477,076
MFS Limited Maturity Fund 115,480,821 24,579,029 5,711,092 (5,410) 2,959,193 137,302,541
MFS Mid Cap Growth Fund 9,474,698 608,778 3,401,051 1,425,893 2,460,556 10,568,874
MFS Mid Cap Value Fund 9,553,023 532,164 3,968,890 942,321 3,736,840 10,795,458
MFS New Discovery Fund 3,278,456 511,122 1,770,284 429,114 1,039,134 3,487,542
MFS New Discovery Value Fund 3,250,810 328,822 1,756,139 417,585 1,325,900 3,566,978
MFS Research Fund 12,588,213 1,281,670 3,556,108 541,167 3,521,393 14,376,335
MFS Research International Fund 9,093,886 469,187 2,329,436 424,968 2,785,277 10,443,882
MFS Total Return Bond Fund 117,955,963 22,624,398 4,874,630 (16,052) 1,601,884 137,291,563
MFS Value Fund 12,463,332 1,154,818 3,474,113 584,799 3,591,812 14,320,648
  $593,816,521 $127,221,533 $105,897,870 $10,368,808 $70,006,360 $695,515,352
139

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Notes to Financial Statements  - continued
  MFS Lifetime Income Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $218,204 $736,231
MFS Blended Research Growth Equity Fund 211,529 703,758
MFS Blended Research International Equity Fund 427,770 —
MFS Blended Research Mid Cap Equity Fund 220,543 500
MFS Blended Research Small Cap Equity Fund 53,121 —
MFS Blended Research Value Equity Fund 272,693 —
MFS Commodity Strategy Fund 129,144 —
MFS Emerging Markets Debt Fund 552,673 —
MFS Emerging Markets Debt Local Currency Fund (a) 143,518 —
MFS Global Opportunistic Bond Fund 1,008,157 201,700
MFS Global Real Estate Fund 146,440 —
MFS Government Securities Fund 1,208,438 —
MFS Growth Fund — 486,252
MFS High Income Fund 945,857 —
MFS Inflation-Adjusted Bond Fund 845,077 —
MFS Institutional Money Market Portfolio 1,338 —
MFS International Growth Fund 28,390 —
MFS International Intrinsic Value Fund 26,231 162,689
MFS Limited Maturity Fund 2,875,019 —
MFS Mid Cap Growth Fund — 84,041
MFS Mid Cap Value Fund 118,172 —
MFS New Discovery Fund 131,507 183,863
MFS New Discovery Value Fund 40,558 38,599
MFS Research Fund 133,595 592,866
MFS Research International Fund 110,717 —
MFS Total Return Bond Fund 3,748,600 168,227
MFS Value Fund 233,836 143,476
  $13,831,127 $3,502,202
140

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Notes to Financial Statements  - continued
  MFS Lifetime 2020 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $7,252,202 $2,426,632 $4,702,722 $483,168 $1,798,600 $7,257,880
MFS Blended Research Growth Equity Fund 7,360,640 2,518,287 4,959,850 857,847 1,447,881 7,224,805
MFS Blended Research International Equity Fund 8,691,790 2,309,354 5,349,882 447,605 2,880,896 8,979,763
MFS Blended Research Mid Cap Equity Fund 10,807,938 2,776,765 7,421,694 958,266 3,685,111 10,806,386
MFS Blended Research Small Cap Equity Fund 3,528,387 1,195,725 2,926,674 399,571 1,393,487 3,590,496
MFS Blended Research Value Equity Fund 7,186,107 2,244,483 4,854,081 524,013 2,169,238 7,269,760
MFS Commodity Strategy Fund 6,155,938 2,017,534 3,934,234 (509,017) 3,542,757 7,272,978
MFS Emerging Markets Debt Fund 6,710,335 1,984,908 2,136,268 (6,320) 733,324 7,285,979
MFS Emerging Markets Debt Local Currency Fund (a) 3,545,097 1,032,285 1,409,457 (656) 456,189 3,623,458
MFS Global Opportunistic Bond Fund 15,898,413 5,614,549 4,102,455 (283) 752,090 18,162,314
MFS Global Real Estate Fund 6,719,056 2,120,831 3,797,336 254,503 1,967,977 7,265,031
MFS Government Securities Fund 31,019,919 13,171,667 6,637,427 (40,118) (1,173,893) 36,340,148
MFS Growth Fund 7,235,262 2,446,244 4,825,159 1,486,954 868,765 7,212,066
MFS High Income Fund 10,324,507 3,100,736 3,428,882 (71,403) 997,657 10,922,615
MFS Inflation-Adjusted Bond Fund 31,078,577 11,722,478 7,967,755 11,994 1,443,849 36,289,143
MFS Institutional Money Market Portfolio 111,160 7,769,261 7,635,218 (11) — 245,192
MFS International Growth Fund 1,830,175 440,771 1,058,517 327,167 250,515 1,790,111
MFS International Intrinsic Value Fund 1,821,651 528,877 971,530 269,975 143,700 1,792,673
MFS Limited Maturity Fund 59,948,834 25,005,891 13,820,109 (1,869) 1,560,905 72,693,652
MFS Mid Cap Growth Fund 5,359,252 1,518,898 3,630,985 1,287,806 857,981 5,392,952
MFS Mid Cap Value Fund 5,378,512 1,580,829 4,044,080 1,038,321 1,493,714 5,447,296
MFS New Discovery Fund 1,799,630 643,759 1,445,381 383,671 411,995 1,793,674
MFS New Discovery Value Fund 1,773,031 685,333 1,581,177 317,371 616,146 1,810,704
MFS Research Fund 7,222,329 2,220,237 4,384,006 915,239 1,292,410 7,266,209
MFS Research International Fund 5,096,873 1,356,104 2,832,725 470,738 1,293,175 5,384,165
MFS Total Return Bond Fund 62,247,148 22,972,323 13,322,391 (59,929) 892,846 72,729,997
MFS Value Fund 7,129,787 2,289,254 4,399,210 754,733 1,507,570 7,282,134
  $323,232,550 $123,694,015 $127,579,205 $10,499,336 $33,284,885 $363,131,581
141

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Notes to Financial Statements  - continued
  MFS Lifetime 2020 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $118,279 $399,080
MFS Blended Research Growth Equity Fund 115,390 383,902
MFS Blended Research International Equity Fund 226,246 —
MFS Blended Research Mid Cap Equity Fund 117,730 267
MFS Blended Research Small Cap Equity Fund 27,749 —
MFS Blended Research Value Equity Fund 145,931 —
MFS Commodity Strategy Fund 71,222 —
MFS Emerging Markets Debt Fund 306,866 —
MFS Emerging Markets Debt Local Currency Fund (a) 76,316 —
MFS Global Opportunistic Bond Fund 554,899 110,861
MFS Global Real Estate Fund 80,076 —
MFS Government Securities Fund 669,478 —
MFS Growth Fund — 268,003
MFS High Income Fund 526,530 —
MFS Inflation-Adjusted Bond Fund 467,200 —
MFS Institutional Money Market Portfolio 149 —
MFS International Growth Fund 15,158 —
MFS International Intrinsic Value Fund 14,151 87,767
MFS Limited Maturity Fund 1,570,764 —
MFS Mid Cap Growth Fund — 44,754
MFS Mid Cap Value Fund 62,783 —
MFS New Discovery Fund 70,149 98,076
MFS New Discovery Value Fund 22,190 21,119
MFS Research Fund 71,847 318,843
MFS Research International Fund 59,473 —
MFS Total Return Bond Fund 2,061,652 93,398
MFS Value Fund 131,532 78,161
  $7,583,760 $1,904,231
142

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Notes to Financial Statements  - continued
  MFS Lifetime 2025 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $10,513,321 $4,265,373 $4,800,173 $308,020 $3,758,368 $14,044,909
MFS Blended Research Growth Equity Fund 10,591,015 4,846,956 5,522,793 366,992 3,707,401 13,989,571
MFS Blended Research International Equity Fund 13,784,718 5,382,616 6,902,172 343,065 5,817,460 18,425,687
MFS Blended Research Mid Cap Equity Fund 14,831,006 4,073,529 7,459,219 916,912 6,520,997 18,883,225
MFS Blended Research Small Cap Equity Fund 3,685,807 1,339,123 2,371,944 257,523 1,929,371 4,839,880
MFS Blended Research Value Equity Fund 10,497,965 4,156,549 5,391,061 404,352 4,432,602 14,100,407
MFS Commodity Strategy Fund 6,602,813 3,297,638 3,697,176 (565,969) 4,269,922 9,907,228
MFS Emerging Markets Debt Fund 9,692,373 5,355,987 2,177,904 (36,105) 1,165,213 13,999,564
MFS Emerging Markets Debt Local Currency Fund (a) 6,522,169 3,931,315 2,244,968 (47,904) 969,667 9,130,279
MFS Global Opportunistic Bond Fund 16,027,142 10,795,276 3,466,401 4,063 752,494 24,112,574
MFS Global Real Estate Fund 7,054,639 2,747,233 2,715,762 78,564 2,608,281 9,772,955
MFS Government Securities Fund 31,540,573 23,971,170 5,830,235 (16,732) (1,472,748) 48,192,028
MFS Growth Fund 10,444,694 4,788,270 5,367,302 348,079 3,790,774 14,004,515
MFS High Income Fund 16,168,559 8,946,192 3,627,945 (141,181) 1,799,322 23,144,947
MFS Inflation-Adjusted Bond Fund 30,671,779 21,962,982 5,901,618 17,260 1,664,008 48,414,411
MFS Institutional Money Market Portfolio 784,432 11,421,350 11,424,411 (14) (65) 781,292
MFS International Growth Fund 3,467,332 1,316,612 1,564,343 105,568 1,209,127 4,534,296
MFS International Intrinsic Value Fund 3,437,958 1,514,873 1,348,017 46,624 869,720 4,521,158
MFS International New Discovery Fund 317,978 — 360,148 85,191 (43,021) —
MFS Limited Maturity Fund 28,910,845 27,989,609 4,196,985 (929) 765,204 53,467,744
MFS Mid Cap Growth Fund 7,264,159 2,704,804 3,954,736 662,607 2,715,270 9,392,104
MFS Mid Cap Value Fund 7,408,421 2,307,366 4,262,091 589,611 3,467,266 9,510,573
MFS New Discovery Fund 1,845,781 824,349 1,197,235 177,269 774,188 2,424,352
MFS New Discovery Value Fund 1,864,267 703,823 1,273,469 152,742 989,717 2,437,080
MFS Research Fund 10,456,583 4,103,594 4,371,182 265,361 3,639,807 14,094,163
MFS Research International Fund 6,896,371 2,589,246 2,877,152 150,045 2,580,458 9,338,968
MFS Total Return Bond Fund 46,023,045 36,553,183 7,868,461 (20,240) 362,880 75,050,407
MFS Value Fund 10,397,593 4,384,222 4,713,805 293,725 3,746,370 14,108,105
  $327,703,338 $206,273,240 $116,888,708 $4,744,499 $62,790,053 $484,622,422
143

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Notes to Financial Statements  - continued
  MFS Lifetime 2025 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $213,544 $720,508
MFS Blended Research Growth Equity Fund 208,599 694,011
MFS Blended Research International Equity Fund 441,658 —
MFS Blended Research Mid Cap Equity Fund 191,345 434
MFS Blended Research Small Cap Equity Fund 34,706 —
MFS Blended Research Value Equity Fund 265,005 —
MFS Commodity Strategy Fund 86,763 —
MFS Emerging Markets Debt Fund 536,985 —
MFS Emerging Markets Debt Local Currency Fund (a) 198,863 —
MFS Global Opportunistic Bond Fund 669,783 135,136
MFS Global Real Estate Fund 97,264 —
MFS Government Securities Fund 791,280 —
MFS Growth Fund — 481,940
MFS High Income Fund 1,017,032 —
MFS Inflation-Adjusted Bond Fund 562,191 —
MFS Institutional Money Market Portfolio 877 —
MFS International Growth Fund 36,813 —
MFS International Intrinsic Value Fund 34,091 211,441
MFS International New Discovery Fund — —
MFS Limited Maturity Fund 946,458 —
MFS Mid Cap Growth Fund — 73,562
MFS Mid Cap Value Fund 102,506 —
MFS New Discovery Fund 86,296 120,652
MFS New Discovery Value Fund 26,720 25,429
MFS Research Fund 131,174 582,123
MFS Research International Fund 96,055 —
MFS Total Return Bond Fund 1,847,310 85,859
MFS Value Fund 235,280 140,904
  $8,858,598 $3,271,999
144

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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 $24,860,305 $6,835,091 $9,523,802 $478,419 $8,247,181 $30,897,194
MFS Blended Research Emerging Markets Equity Fund 297,208 — 326,006 23,208 5,590 —
MFS Blended Research Growth Equity Fund 26,136,753 6,341,897 10,521,480 1,829,513 6,959,262 30,745,945
MFS Blended Research International Equity Fund 37,170,740 7,374,488 14,149,746 758,950 14,296,930 45,451,362
MFS Blended Research Mid Cap Equity Fund 45,453,257 7,487,155 20,640,180 2,214,529 18,520,259 53,035,020
MFS Blended Research Small Cap Equity Fund 9,888,907 1,809,121 5,400,241 637,670 4,566,888 11,502,345
MFS Blended Research Value Equity Fund 25,652,391 5,862,089 10,941,394 916,243 9,558,206 31,047,535
MFS Commodity Strategy Fund 17,290,506 4,680,722 7,405,543 (1,314,062) 10,157,942 23,409,565
MFS Emerging Markets Debt Fund 17,382,522 7,528,858 3,096,161 (78,977) 1,984,872 23,721,114
MFS Emerging Markets Debt Local Currency Fund (a) 11,670,628 5,135,987 2,563,915 (112,658) 1,647,178 15,777,220
MFS Emerging Markets Equity Fund 298,001 — 331,914 146,473 (112,560) —
MFS Global Opportunistic Bond Fund 27,126,192 15,570,138 4,498,853 (15,054) 1,237,046 39,419,469
MFS Global Real Estate Fund 18,917,648 3,541,030 5,964,941 132,193 6,307,207 22,933,137
MFS Government Securities Fund 50,839,494 38,002,714 7,578,158 (25,522) (2,362,548) 78,875,980
MFS Growth Fund 25,717,261 5,853,304 9,631,108 3,049,115 5,890,715 30,879,287
MFS High Income Fund 29,389,897 12,448,853 5,052,922 (267,294) 3,029,345 39,547,879
MFS Inflation-Adjusted Bond Fund 38,475,262 23,734,795 6,046,793 8,773 1,900,022 58,072,059
MFS Institutional Money Market Portfolio 839,087 16,719,700 16,719,403 (34) (39) 839,311
MFS International Growth Fund 9,622,368 1,784,319 3,304,474 595,179 2,629,863 11,327,255
MFS International Intrinsic Value Fund 9,537,354 2,446,529 2,975,483 559,273 1,714,561 11,282,234
MFS International New Discovery Fund 6,753,391 1,140,422 2,852,001 352,910 1,571,612 6,966,334
MFS Limited Maturity Fund — 8,790,131 5,008 (25) (15,067) 8,770,031
MFS Mid Cap Growth Fund 22,388,925 4,484,292 9,951,255 3,283,803 6,117,426 26,323,191
MFS Mid Cap Value Fund 22,664,905 4,126,653 11,422,501 2,084,178 9,274,689 26,727,924
MFS New Discovery Fund 5,026,607 1,212,032 2,756,304 559,761 1,711,738 5,753,834
MFS New Discovery Value Fund 4,985,177 1,119,662 3,075,624 550,898 2,185,408 5,765,521
MFS Research Fund 24,786,357 6,096,807 8,246,109 350,736 8,035,885 31,023,676
MFS Research International Fund 18,147,804 3,654,311 5,733,815 472,640 6,133,276 22,674,216
MFS Total Return Bond Fund 43,465,069 31,636,219 6,103,980 (25,356) 392,599 69,364,551
MFS Value Fund 25,484,392 6,099,135 9,377,732 690,794 8,042,839 30,939,428
  $600,268,408 $241,516,454 $206,196,846 $17,856,276 $139,628,325 $793,072,617
145

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Notes to Financial Statements  - continued
  MFS Lifetime 2030 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $459,162 $1,549,236
MFS Blended Research Emerging Markets Equity Fund — —
MFS Blended Research Growth Equity Fund 445,107 1,480,874
MFS Blended Research International Equity Fund 1,073,656 —
MFS Blended Research Mid Cap Equity Fund 537,201 1,218
MFS Blended Research Small Cap Equity Fund 83,384 —
MFS Blended Research Value Equity Fund 573,424 —
MFS Commodity Strategy Fund 204,051 —
MFS Emerging Markets Debt Fund 880,124 —
MFS Emerging Markets Debt Local Currency Fund (a) 316,580 —
MFS Emerging Markets Equity Fund — —
MFS Global Opportunistic Bond Fund 1,067,052 214,650
MFS Global Real Estate Fund 230,854 —
MFS Government Securities Fund 1,251,575 —
MFS Growth Fund — 1,024,342
MFS High Income Fund 1,670,814 —
MFS Inflation-Adjusted Bond Fund 635,030 —
MFS Institutional Money Market Portfolio 926 —
MFS International Growth Fund 89,277 —
MFS International Intrinsic Value Fund 82,470 511,500
MFS International New Discovery Fund 35,268 250,301
MFS Limited Maturity Fund 36,518 —
MFS Mid Cap Growth Fund — 205,328
MFS Mid Cap Value Fund 288,174 —
MFS New Discovery Fund 207,351 289,903
MFS New Discovery Value Fund 62,852 59,816
MFS Research Fund 281,306 1,248,379
MFS Research International Fund 231,919 —
MFS Total Return Bond Fund 1,605,763 73,012
MFS Value Fund 510,302 302,880
  $12,860,140 $7,211,439
146

Table of Contents
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 $13,498,142 $4,956,677 $3,925,077 $34,718 $5,117,734 $19,682,194
MFS Blended Research Emerging Markets Equity Fund 1,725,287 531,513 819,765 8,882 726,702 2,172,619
MFS Blended Research Growth Equity Fund 18,826,303 7,805,266 7,282,738 434,682 6,558,435 26,341,948
MFS Blended Research International Equity Fund 28,211,679 9,941,781 10,400,838 (457,126) 12,706,090 40,001,586
MFS Blended Research Mid Cap Equity Fund 30,872,275 8,084,941 11,195,732 (204,217) 15,764,951 43,322,218
MFS Blended Research Small Cap Equity Fund 7,010,141 1,924,833 3,433,390 72,627 3,986,329 9,560,540
MFS Blended Research Value Equity Fund 18,473,097 6,317,210 6,765,486 (269,123) 8,628,856 26,384,554
MFS Commodity Strategy Fund 12,857,163 5,449,880 5,474,642 (1,130,348) 8,044,583 19,746,636
MFS Emerging Markets Debt Fund 9,263,971 6,654,125 2,241,143 (52,388) 1,079,130 14,703,695
MFS Emerging Markets Debt Local Currency Fund(a) 6,219,054 4,485,278 1,739,123 (96,413) 914,020 9,782,816
MFS Emerging Markets Equity Fund 1,724,092 545,667 827,573 13,807 699,541 2,155,534
MFS Global Opportunistic Bond Fund 6,153,290 6,518,353 1,489,736 66 237,129 11,419,102
MFS Global Real Estate Fund 13,422,244 4,622,161 3,750,187 (253,130) 5,268,093 19,309,181
MFS Government Securities Fund — 5,548,504 — — (71,796) 5,476,708
MFS Growth Fund 18,668,259 7,899,509 7,283,645 589,257 6,520,908 26,394,288
MFS High Income Fund 15,387,549 11,367,894 3,750,182 (174,743) 1,693,754 24,524,272
MFS Inflation-Adjusted Bond Fund 15,612,071 13,185,865 3,960,854 13,378 775,761 25,626,221
MFS Institutional Money Market Portfolio 393,256 7,014,274 7,009,877 (30) (13) 397,610
MFS International Growth Fund 8,382,249 2,920,184 2,734,645 35,866 3,012,279 11,615,933
MFS International Intrinsic Value Fund 8,316,177 3,704,208 2,562,253 36,780 2,080,999 11,575,911
MFS International New Discovery Fund 6,953,686 2,451,563 2,419,631 (59,090) 2,245,906 9,172,434
MFS Mid Cap Growth Fund 15,232,388 5,524,158 6,127,395 416,400 6,517,272 21,562,823
MFS Mid Cap Value Fund 15,378,861 4,460,689 6,583,251 (26,573) 8,551,484 21,781,210
MFS New Discovery Fund 3,530,219 1,392,643 1,857,422 174,904 1,564,367 4,804,711
MFS New Discovery Value Fund 3,546,925 1,075,108 1,954,354 48,084 2,088,602 4,804,365
MFS Research Fund 13,420,713 5,037,302 3,650,993 46,102 4,899,495 19,752,619
MFS Research International Fund 11,555,555 4,274,198 3,530,938 (25,332) 4,465,309 16,738,792
MFS Total Return Bond Fund 9,580,865 10,139,990 2,349,964 (4,506) 59,537 17,425,922
MFS Value Fund 18,335,984 6,935,339 5,876,952 (205,407) 7,171,848 26,360,812
  $332,551,495 $160,769,113 $120,997,786 $(1,032,873) $121,307,305 $492,597,254
147

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Notes to Financial Statements  - continued
  MFS Lifetime 2035 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $267,801 $903,576
MFS Blended Research Emerging Markets Equity Fund 34,383 —
MFS Blended Research Growth Equity Fund 354,811 1,180,459
MFS Blended Research International Equity Fund 882,480 —
MFS Blended Research Mid Cap Equity Fund 404,226 917
MFS Blended Research Small Cap Equity Fund 64,999 —
MFS Blended Research Value Equity Fund 458,172 —
MFS Commodity Strategy Fund 159,696 —
MFS Emerging Markets Debt Fund 507,601 —
MFS Emerging Markets Debt Local Currency Fund (a) 193,178 —
MFS Emerging Markets Equity Fund 16,987 —
MFS Global Opportunistic Bond Fund 263,414 52,866
MFS Global Real Estate Fund 179,572 —
MFS Government Securities Fund 20,780 —
MFS Growth Fund — 819,976
MFS High Income Fund 962,984 —
MFS Inflation-Adjusted Bond Fund 266,126 —
MFS Institutional Money Market Portfolio 439 —
MFS International Growth Fund 86,042 —
MFS International Intrinsic Value Fund 79,580 493,576
MFS International New Discovery Fund 41,272 292,914
MFS Mid Cap Growth Fund — 153,682
MFS Mid Cap Value Fund 217,078 —
MFS New Discovery Fund 160,292 224,107
MFS New Discovery Value Fund 47,235 44,953
MFS Research Fund 164,350 729,351
MFS Research International Fund 157,214 —
MFS Total Return Bond Fund 363,458 16,468
MFS Value Fund 407,313 242,187
  $6,761,483 $5,155,032
148

Table of Contents
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 $17,556,812 $5,300,179 $4,600,781 $(44,413) $6,439,861 $24,651,658
MFS Blended Research Emerging Markets Equity Fund 3,319,443 1,041,450 1,349,143 61,170 1,330,423 4,403,343
MFS Blended Research Growth Equity Fund 25,662,641 9,207,792 8,773,298 1,169,634 7,964,414 35,231,183
MFS Blended Research International Equity Fund 42,188,549 12,276,435 13,801,315 (218,448) 17,887,330 58,332,551
MFS Blended Research Mid Cap Equity Fund 42,618,586 8,631,410 13,800,486 (118,945) 20,722,179 58,052,744
MFS Blended Research Small Cap Equity Fund 10,293,849 2,547,324 4,919,328 240,085 5,436,244 13,598,174
MFS Blended Research Value Equity Fund 25,167,888 7,202,448 7,990,059 (120,488) 11,160,417 35,420,206
MFS Commodity Strategy Fund 18,950,430 6,749,584 7,680,846 (1,581,335) 11,302,438 27,740,271
MFS Emerging Markets Debt Fund 5,787,512 4,974,151 1,240,815 (37,924) 648,621 10,131,545
MFS Emerging Markets Debt Local Currency Fund(a) 3,880,472 3,205,340 814,463 (53,981) 534,965 6,752,333
MFS Emerging Markets Equity Fund 3,318,102 1,052,363 1,350,067 83,501 1,257,754 4,361,653
MFS Global Opportunistic Bond Fund 3,845,114 3,606,722 863,885 (1,268) 146,539 6,733,222
MFS Global Real Estate Fund 19,688,527 5,935,060 5,264,722 (258,394) 7,370,952 27,471,423
MFS Growth Fund 25,329,193 9,190,631 8,572,587 1,902,065 7,412,296 35,261,598
MFS High Income Fund 9,629,426 8,298,373 1,982,861 (96,646) 1,039,240 16,887,532
MFS Inflation-Adjusted Bond Fund 15,215,380 11,446,664 3,693,891 8,512 717,339 23,694,004
MFS Institutional Money Market Portfolio 113,308 6,250,441 6,018,503 (14) 4 345,236
MFS International Growth Fund 13,087,824 4,073,234 3,866,386 137,185 4,458,958 17,890,815
MFS International Intrinsic Value Fund 12,998,766 5,195,300 3,551,836 176,017 3,018,871 17,837,118
MFS International New Discovery Fund 13,419,787 4,259,008 4,255,366 (64,543) 4,154,149 17,513,035
MFS Mid Cap Growth Fund 20,926,484 6,537,351 7,736,744 1,668,463 7,524,231 28,919,785
MFS Mid Cap Value Fund 21,247,370 4,925,220 8,211,123 390,014 10,944,496 29,295,977
MFS New Discovery Fund 5,210,093 1,850,971 2,700,537 346,092 2,098,459 6,805,078
MFS New Discovery Value Fund 5,201,311 1,380,412 2,719,248 286,459 2,728,876 6,877,810
MFS Research Fund 17,463,530 5,394,050 4,308,910 (20,635) 6,178,217 24,706,252
MFS Research International Fund 16,153,423 4,938,740 4,497,557 29,039 5,945,495 22,569,140
MFS Total Return Bond Fund 11,506,462 8,154,501 2,883,907 (8,930) 111,705 16,879,831
MFS Value Fund 24,999,616 8,018,146 6,830,254 (236,766) 9,436,391 35,387,133
  $434,779,898 $161,643,300 $144,278,918 $3,635,506 $157,970,864 $613,750,650
149

Table of Contents
Notes to Financial Statements  - continued
  MFS Lifetime 2040 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $335,754 $1,132,852
MFS Blended Research Emerging Markets Equity Fund 65,935 —
MFS Blended Research Growth Equity Fund 467,868 1,556,601
MFS Blended Research International Equity Fund 1,275,580 —
MFS Blended Research Mid Cap Equity Fund 536,661 1,217
MFS Blended Research Small Cap Equity Fund 91,951 —
MFS Blended Research Value Equity Fund 605,517 —
MFS Commodity Strategy Fund 224,478 —
MFS Emerging Markets Debt Fund 325,412 —
MFS Emerging Markets Debt Local Currency Fund (a) 128,269 —
MFS Emerging Markets Equity Fund 32,579 —
MFS Global Opportunistic Bond Fund 161,508 32,451
MFS Global Real Estate Fund 254,187 —
MFS Growth Fund — 1,079,204
MFS High Income Fund 617,658 —
MFS Inflation-Adjusted Bond Fund 249,026 —
MFS Institutional Money Market Portfolio 144 —
MFS International Growth Fund 130,283 —
MFS International Intrinsic Value Fund 120,371 746,571
MFS International New Discovery Fund 77,991 553,510
MFS Mid Cap Growth Fund — 203,926
MFS Mid Cap Value Fund 288,931 —
MFS New Discovery Fund 226,321 316,425
MFS New Discovery Value Fund 65,485 62,323
MFS Research Fund 205,569 912,272
MFS Research International Fund 211,524 —
MFS Total Return Bond Fund 399,614 17,974
MFS Value Fund 534,356 319,821
  $7,632,972 $6,935,147
150

Table of Contents
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 $9,244,335 $4,176,173 $2,693,408 $(16,526) $3,643,174 $14,353,748
MFS Blended Research Emerging Markets Equity Fund 2,275,197 1,175,131 1,030,449 (19,187) 1,060,981 3,461,673
MFS Blended Research Growth Equity Fund 14,416,602 7,185,730 5,672,358 209,704 5,206,281 21,345,959
MFS Blended Research International Equity Fund 24,816,053 11,743,069 9,089,357 (507,068) 11,716,906 38,679,603
MFS Blended Research Mid Cap Equity Fund 22,918,666 8,833,191 8,519,180 (379,958) 12,671,280 35,523,999
MFS Blended Research Small Cap Equity Fund 5,772,624 2,669,496 3,227,570 30,659 3,570,430 8,815,639
MFS Blended Research Value Equity Fund 13,599,456 6,391,854 5,019,116 (327,220) 6,857,375 21,502,349
MFS Commodity Strategy Fund 11,069,112 6,380,050 5,698,421 (981,364) 7,126,817 17,896,194
MFS Emerging Markets Debt Fund — 619,662 — — (6,426) 613,236
MFS Emerging Markets Debt Local Currency Fund(a) — 416,909 — — (8,754) 408,155
MFS Emerging Markets Equity Fund 2,265,132 1,168,254 976,401 (20,430) 1,016,816 3,453,371
MFS Global Opportunistic Bond Fund — 415,103 — — (7,109) 407,994
MFS Global Real Estate Fund 11,238,226 5,857,738 3,796,614 (256,744) 4,749,042 17,791,648
MFS Growth Fund 14,279,852 7,399,532 5,860,140 288,261 5,233,428 21,340,933
MFS High Income Fund — 1,017,567 — — 5,001 1,022,568
MFS Inflation-Adjusted Bond Fund 6,036,606 4,898,173 1,735,160 7,257 270,503 9,477,379
MFS Institutional Money Market Portfolio 365,476 5,155,545 5,154,350 (15) (22) 366,634
MFS International Growth Fund 8,042,500 3,820,490 2,623,001 (3,230) 3,006,305 12,243,064
MFS International Intrinsic Value Fund 8,202,342 4,546,688 2,591,579 3,760 2,058,673 12,219,884
MFS International New Discovery Fund 9,136,821 4,690,443 3,027,178 (153,107) 3,175,664 13,822,643
MFS Mid Cap Growth Fund 11,601,424 5,778,514 5,109,149 225,969 5,234,570 17,731,328
MFS Mid Cap Value Fund 11,359,658 4,838,920 5,056,389 (167,884) 6,913,842 17,888,147
MFS New Discovery Fund 2,977,241 1,623,991 1,727,170 103,313 1,429,983 4,407,358
MFS New Discovery Value Fund 2,916,437 1,352,449 1,739,725 2,620 1,901,953 4,433,734
MFS Research Fund 9,242,965 4,232,545 2,572,152 7,452 3,481,796 14,392,606
MFS Research International Fund 9,089,514 4,361,702 2,888,121 (41,973) 3,617,178 14,138,300
MFS Total Return Bond Fund 5,960,294 4,793,698 1,744,601 (5,317) 51,213 9,055,287
MFS Value Fund 13,602,572 6,969,403 4,495,025 (233,760) 5,678,296 21,521,486
  $230,429,105 $122,512,020 $92,046,614 $(2,234,788) $99,655,196 $358,314,919
151

Table of Contents
Notes to Financial Statements  - continued
  MFS Lifetime 2045 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $192,455 $649,354
MFS Blended Research Emerging Markets Equity Fund 50,352 —
MFS Blended Research Growth Equity Fund 280,823 934,300
MFS Blended Research International Equity Fund 819,229 —
MFS Blended Research Mid Cap Equity Fund 321,795 730
MFS Blended Research Small Cap Equity Fund 57,920 —
MFS Blended Research Value Equity Fund 357,717 —
MFS Commodity Strategy Fund 144,144 —
MFS Emerging Markets Debt Fund 6,290 —
MFS Emerging Markets Debt Local Currency Fund (a) 4,644 —
MFS Emerging Markets Equity Fund 24,772 —
MFS Global Opportunistic Bond Fund 3,511 695
MFS Global Real Estate Fund 162,353 —
MFS Growth Fund — 648,430
MFS High Income Fund 11,800 —
MFS Inflation-Adjusted Bond Fund 96,399 —
MFS Institutional Money Market Portfolio 415 —
MFS International Growth Fund 87,025 —
MFS International Intrinsic Value Fund 80,700 500,517
MFS International New Discovery Fund 59,520 422,419
MFS Mid Cap Growth Fund — 123,474
MFS Mid Cap Value Fund 172,250 —
MFS New Discovery Fund 143,335 200,400
MFS New Discovery Value Fund 40,090 38,154
MFS Research Fund 117,763 522,607
MFS Research International Fund 129,067 —
MFS Total Return Bond Fund 207,867 9,457
MFS Value Fund 316,332 191,217
  $3,888,568 $4,241,754
152

Table of Contents
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 $9,506,278 $3,658,725 $2,237,302 $(28,642) $3,723,676 $14,622,735
MFS Blended Research Emerging Markets Equity Fund 2,339,143 1,088,529 865,069 (3,602) 1,074,025 3,633,026
MFS Blended Research Growth Equity Fund 14,954,213 6,446,694 4,993,344 103,276 5,330,613 21,841,452
MFS Blended Research International Equity Fund 25,578,145 10,082,455 7,227,877 (275,585) 11,780,548 39,937,686
MFS Blended Research Mid Cap Equity Fund 23,748,658 6,485,889 6,415,400 (262,253) 12,858,293 36,415,187
MFS Blended Research Small Cap Equity Fund 6,006,340 1,980,511 2,589,116 28,591 3,663,715 9,090,041
MFS Blended Research Value Equity Fund 14,054,148 5,245,153 4,008,422 (168,376) 6,898,526 22,021,029
MFS Commodity Strategy Fund 11,370,682 5,363,082 4,549,000 (795,904) 7,065,635 18,454,495
MFS Emerging Markets Equity Fund 2,329,644 1,090,910 817,025 (8,119) 1,028,267 3,623,677
MFS Global Real Estate Fund 11,621,151 4,618,798 2,520,968 (201,671) 4,811,596 18,328,906
MFS Growth Fund 14,826,368 6,575,407 5,080,593 334,074 5,199,127 21,854,383
MFS Inflation-Adjusted Bond Fund 6,287,997 4,341,313 1,752,800 19,968 257,176 9,153,654
MFS Institutional Money Market Portfolio 347,483 5,594,310 5,603,825 (46) 12 337,934
MFS International Growth Fund 8,263,622 3,448,611 2,091,296 (31,150) 3,094,760 12,684,547
MFS International Intrinsic Value Fund 8,471,101 4,324,904 2,232,441 (28,585) 2,119,576 12,654,555
MFS International New Discovery Fund 9,418,526 4,339,386 2,347,728 (138,967) 3,232,599 14,503,816
MFS Mid Cap Growth Fund 11,940,621 4,833,424 4,106,828 95,329 5,414,091 18,176,637
MFS Mid Cap Value Fund 11,801,799 3,635,939 4,064,733 (47,776) 7,014,292 18,339,521
MFS New Discovery Fund 3,086,343 1,410,602 1,494,631 65,218 1,478,163 4,545,695
MFS New Discovery Value Fund 3,038,589 1,053,748 1,490,375 28,247 1,941,053 4,571,262
MFS Research Fund 9,508,799 3,682,318 2,073,650 (26,281) 3,575,905 14,667,091
MFS Research International Fund 9,366,533 3,728,470 2,233,330 (51,389) 3,701,042 14,511,326
MFS Total Return Bond Fund 6,178,134 4,546,619 1,620,815 (1,997) 45,201 9,147,142
MFS Value Fund 14,037,900 5,710,834 3,323,156 (192,615) 5,796,275 22,029,238
  $238,082,217 $103,286,631 $75,739,724 $(1,588,255) $101,104,166 $365,145,035
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Notes to Financial Statements  - continued
  MFS Lifetime 2050 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $197,959 $667,925
MFS Blended Research Emerging Markets Equity Fund 52,147 —
MFS Blended Research Growth Equity Fund 289,312 962,540
MFS Blended Research International Equity Fund 844,743 —
MFS Blended Research Mid Cap Equity Fund 331,557 752
MFS Blended Research Small Cap Equity Fund 59,577 —
MFS Blended Research Value Equity Fund 368,112 —
MFS Commodity Strategy Fund 149,300 —
MFS Emerging Markets Equity Fund 25,653 —
MFS Global Real Estate Fund 167,503 —
MFS Growth Fund — 665,354
MFS Inflation-Adjusted Bond Fund 97,092 —
MFS Institutional Money Market Portfolio 377 —
MFS International Growth Fund 89,879 —
MFS International Intrinsic Value Fund 83,478 517,749
MFS International New Discovery Fund 61,704 447,656
MFS Mid Cap Growth Fund — 127,088
MFS Mid Cap Value Fund 177,370 —
MFS New Discovery Fund 147,875 206,747
MFS New Discovery Value Fund 41,054 39,072
MFS Research Fund 121,235 538,013
MFS Research International Fund 133,063 —
MFS Total Return Bond Fund 211,143 —
MFS Value Fund 320,629 196,378
  $3,970,762 $4,369,274
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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 $4,978,574 $2,258,559 $1,227,164 $(3,974) $2,025,386 $8,031,381
MFS Blended Research Emerging Markets Equity Fund 1,236,348 648,829 463,212 (10,704) 590,660 2,001,921
MFS Blended Research Growth Equity Fund 7,664,373 3,894,423 2,537,911 90,656 2,903,934 12,015,475
MFS Blended Research International Equity Fund 13,546,585 6,340,818 4,152,483 (234,372) 6,472,587 21,973,135
MFS Blended Research Mid Cap Equity Fund 12,549,483 4,360,542 3,701,039 (140,855) 6,992,451 20,060,582
MFS Blended Research Small Cap Equity Fund 3,188,114 1,200,090 1,376,125 (20,862) 2,024,716 5,015,933
MFS Blended Research Value Equity Fund 7,415,091 3,339,367 2,317,973 (124,166) 3,788,476 12,100,795
MFS Commodity Strategy Fund 6,108,364 3,326,718 2,612,429 (396,120) 3,810,518 10,237,051
MFS Emerging Markets Equity Fund 1,234,307 671,908 462,369 (8,486) 560,543 1,995,903
MFS Global Real Estate Fund 6,182,249 3,084,336 1,695,403 (130,177) 2,653,594 10,094,599
MFS Growth Fund 7,604,484 4,038,429 2,654,495 114,532 2,928,922 12,031,872
MFS Inflation-Adjusted Bond Fund 3,250,187 2,447,404 819,974 1,469 149,898 5,028,984
MFS Institutional Money Market Portfolio 237,837 3,016,692 3,053,251 (2) (21) 201,255
MFS International Growth Fund 4,337,672 2,150,335 1,167,749 (11,909) 1,676,059 6,984,408
MFS International Intrinsic Value Fund 4,360,966 2,603,831 1,130,127 987 1,138,008 6,973,665
MFS International New Discovery Fund 4,964,352 2,692,526 1,356,598 (53,024) 1,736,190 7,983,446
MFS Mid Cap Growth Fund 6,223,831 3,064,718 2,268,796 89,165 2,913,568 10,022,486
MFS Mid Cap Value Fund 6,258,422 2,450,068 2,401,793 (57,681) 3,842,115 10,091,131
MFS New Discovery Fund 1,611,949 804,337 746,443 50,640 796,566 2,517,049
MFS New Discovery Value Fund 1,618,357 650,775 820,726 (14,886) 1,082,914 2,516,434
MFS Research Fund 4,973,047 2,324,931 1,179,766 6,996 1,936,892 8,062,100
MFS Research International Fund 4,941,591 2,371,209 1,308,270 (22,173) 2,002,564 7,984,921
MFS Total Return Bond Fund 3,207,386 2,597,657 804,636 (4,948) 27,196 5,022,655
MFS Value Fund 7,404,666 3,625,558 2,002,653 (101,900) 3,158,656 12,084,327
  $125,098,235 $63,964,060 $42,261,385 $(981,794) $55,212,392 $201,031,508
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Notes to Financial Statements  - continued
  MFS Lifetime 2055 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $106,216 $358,376
MFS Blended Research Emerging Markets Equity Fund 27,927 —
MFS Blended Research Growth Equity Fund 155,242 516,490
MFS Blended Research International Equity Fund 452,102 —
MFS Blended Research Mid Cap Equity Fund 177,080 402
MFS Blended Research Small Cap Equity Fund 31,726 —
MFS Blended Research Value Equity Fund 196,975 —
MFS Commodity Strategy Fund 80,051 —
MFS Emerging Markets Equity Fund 13,745 —
MFS Global Real Estate Fund 89,883 —
MFS Growth Fund — 357,168
MFS Inflation-Adjusted Bond Fund 52,604 —
MFS Institutional Money Market Portfolio 269 —
MFS International Growth Fund 48,038 —
MFS International Intrinsic Value Fund 44,679 277,114
MFS International New Discovery Fund 33,002 234,213
MFS Mid Cap Growth Fund — 67,902
MFS Mid Cap Value Fund 94,762 —
MFS New Discovery Fund 79,095 110,584
MFS New Discovery Value Fund 22,279 21,203
MFS Research Fund 64,838 287,736
MFS Research International Fund 71,196 —
MFS Total Return Bond Fund 115,030 5,225
MFS Value Fund 173,746 105,746
  $2,130,485 $2,342,159
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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 $960,085 $1,206,885 $274,160 $(8,895) $512,206 $2,396,121
MFS Blended Research Emerging Markets Equity Fund 240,240 324,425 109,089 (2,536) 144,540 597,580
MFS Blended Research Growth Equity Fund 1,446,163 2,023,180 598,868 (271) 719,695 3,589,899
MFS Blended Research International Equity Fund 2,634,560 3,337,136 924,080 (49,316) 1,577,404 6,575,704
MFS Blended Research Mid Cap Equity Fund 2,427,196 2,479,453 647,231 (50,305) 1,772,206 5,981,319
MFS Blended Research Small Cap Equity Fund 622,689 648,103 284,730 (14,010) 522,485 1,494,537
MFS Blended Research Value Equity Fund 1,435,327 1,682,467 453,460 (46,910) 989,645 3,607,069
MFS Commodity Strategy Fund 1,205,956 1,556,566 587,677 (64,142) 922,841 3,033,544
MFS Emerging Markets Equity Fund 240,279 333,067 106,859 (3,075) 133,690 597,102
MFS Global Real Estate Fund 1,202,275 1,569,509 403,610 (38,943) 671,508 3,000,739
MFS Growth Fund 1,444,959 2,055,529 642,657 760 731,087 3,589,678
MFS Inflation-Adjusted Bond Fund 597,365 1,107,054 237,431 (310) 35,750 1,502,428
MFS Institutional Money Market Portfolio 15,861 1,046,877 1,028,171 — — 34,567
MFS International Growth Fund 839,284 1,131,104 278,449 (2,272) 400,486 2,090,153
MFS International Intrinsic Value Fund 836,349 1,270,840 278,922 (740) 262,010 2,089,537
MFS International New Discovery Fund 960,324 1,359,500 322,312 (11,228) 403,909 2,390,193
MFS Mid Cap Growth Fund 1,198,490 1,546,229 468,567 (4,248) 716,577 2,988,481
MFS Mid Cap Value Fund 1,214,689 1,256,230 427,640 (37,200) 997,196 3,003,275
MFS New Discovery Fund 304,030 384,817 138,021 913 195,694 747,433
MFS New Discovery Value Fund 317,670 315,619 158,776 (17,167) 291,627 748,973
MFS Research Fund 959,872 1,226,198 267,605 (6,003) 488,298 2,400,760
MFS Research International Fund 958,500 1,284,292 326,579 (4,947) 479,432 2,390,698
MFS Total Return Bond Fund 599,563 1,141,057 233,498 (1,130) (1,216) 1,504,776
MFS Value Fund 1,434,364 1,840,605 450,214 (32,452) 815,371 3,607,674
  $24,096,090 $32,126,742 $9,648,606 $(394,427) $13,782,441 $59,962,240
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Notes to Financial Statements  - continued
  MFS Lifetime 2060 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $27,754 $93,644
MFS Blended Research Emerging Markets Equity Fund 7,262 —
MFS Blended Research Growth Equity Fund 40,546 134,898
MFS Blended Research International Equity Fund 117,274 —
MFS Blended Research Mid Cap Equity Fund 46,099 104
MFS Blended Research Small Cap Equity Fund 8,239 —
MFS Blended Research Value Equity Fund 51,418 —
MFS Commodity Strategy Fund 20,831 —
MFS Emerging Markets Equity Fund 3,555 —
MFS Global Real Estate Fund 23,496 —
MFS Growth Fund — 92,469
MFS Inflation-Adjusted Bond Fund 13,565 —
MFS Institutional Money Market Portfolio 19 —
MFS International Growth Fund 12,485 —
MFS International Intrinsic Value Fund 11,618 72,057
MFS International New Discovery Fund 8,591 60,967
MFS Mid Cap Growth Fund — 17,651
MFS Mid Cap Value Fund 24,623 —
MFS New Discovery Fund 20,377 28,490
MFS New Discovery Value Fund 5,126 4,879
MFS Research Fund 16,884 74,928
MFS Research International Fund 18,516 —
MFS Total Return Bond Fund 28,760 1,354
MFS Value Fund 43,562 27,666
  $550,600 $609,107
(a) Amounts reflect the impact of a return of capital distribution adjustment which has the effect of reducing dividend income and increasing realized gain (loss) and/or change in unrealized appreciation (depreciation).
(8)  Impacts of COVID-19
The pandemic related to the global spread of novel coronavirus disease (COVID-19), which was first detected in December 2019, has resulted in significant disruptions to global business activity and the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the securities and commodities markets in general. Multiple surges in cases globally, the availability and widespread adoption of vaccines, and the emergence of variant strains of the virus continue to create uncertainty as to the future and long-term impacts resulting from the pandemic including impacts to the prices and liquidity of each fund's investments and each fund's performance.
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Report of Independent Registered Public Accounting Firm 
To the Shareholders of MFS Lifetime Funds 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 2020 Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund and MFS Lifetime 2060 Fund (collectively referred to as the “MFS Lifetime Funds”) (ten of the funds constituting MFS Series Trust XII (the “Trust”)), including the portfolios of investments, as of April 30, 2021, and the related statements of openrations 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 MFS Lifetime Funds (ten of the funds constituting MFS Series Trust XII) at April 30, 2021, 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 2020 Fund MFS Lifetime 2025 Fund MFS Lifetime 2030 Fund MFS Lifetime 2035 Fund MFS Lifetime 2040 Fund MFS Lifetime 2045 Fund MFS Lifetime 2050 Fund MFS Lifetime 2055 Fund For the year ended April 30, 2021 For each of the two years in the
period ended April 30, 2021 		For each of the five years in the
period ended April 30, 2021
MFS Lifetime 2060 Fund For the year ended April 30, 2021 For each of the two years in the
period ended April 30, 2021 		For each of the four years in the
period ended April 30, 2021 and
the period from December 6, 2016 (commencement of operations)
through April 30, 2017
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 MFS Lifetime 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, 2021, by correspondence with the transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more MFS investment companies since 1993.
Boston, Massachusetts
June 15, 2021
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Trustees and Officers — Identification and Background
The Trustees and Officers of the Trust, as of June 1, 2021, 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 TRUSTEES    
Robert J. Manning (k)
(age 57) 		  Trustee   February 2004   135   Massachusetts Financial Services Company, Non-Executive Chairman (since January 2021); Director; Chairman of the Board; Executive Chairman (January 2017-2020); Co-Chief Executive Officer (2015-2016)   N/A
Michael W. Roberge (k)
(age 54) 		  Trustee   January 2021   135   Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; President (until December 2018); Chief Investment Officer (until December 2018); Co-Chief Executive Officer (until December 2016)   N/A
INDEPENDENT TRUSTEES    
John P. Kavanaugh
(age 66) 		  Trustee and Chair of Trustees   January 2009   135   Private investor   N/A
Steven E. Buller
(age 69) 		  Trustee   February 2014   135   Private investor   N/A
John A. Caroselli
(age 66) 		  Trustee   March 2017   135   Private investor; JC Global Advisors, LLC (management consulting), President (since 2015)   N/A
Maureen R. Goldfarb
(age 66) 		  Trustee   January 2009   135   Private investor   N/A
Peter D. Jones
(age 65) 		  Trustee   January 2019   135   Private investor   N/A
James W. Kilman, Jr.
(age 60) 		  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); Morgan Stanley & Co. (financial services), Vice Chairman of Investment Banking, Co-Head of Diversified Financials Coverage – Financial Institutions Investment Banking Group (until 2016)   Alpha-En Corporation, Director (2016-2019)
Clarence Otis, Jr.
(age 65) 		  Trustee   March 2017   135   Private investor   VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director
Maryanne L. Roepke
(age 65) 		  Trustee   May 2014   135   Private investor   N/A
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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)
Laurie J. Thomsen
(age 63) 		  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                
Christopher R. Bohane (k)
(age 47) 		  Assistant Secretary and Assistant Clerk   July 2005   135   Massachusetts Financial Services Company, Senior Vice President and Associate General Counsel
Kino Clark (k)
(age 52) 		  Assistant Treasurer   January 2012   135   Massachusetts Financial Services Company, Vice President
John W. Clark, Jr. (k)
(age 54) 		  Assistant Treasurer   April 2017   135   Massachusetts Financial Services Company, Vice President (since March 2017); Deutsche Bank (financial services), Department Head - Treasurer's Office (until February 2017)
Thomas H. Connors (k)
(age 61) 		  Assistant Secretary and Assistant Clerk   September 2012   135   Massachusetts Financial Services Company, Vice President and Senior Counsel
David L. DiLorenzo (k)
(age 52) 		  President   July 2005   135   Massachusetts Financial Services Company, Senior Vice President
Heidi W. Hardin (k)
(age 53) 		  Secretary and Clerk   April 2017   135   Massachusetts Financial Services Company, Executive Vice President and General Counsel (since March 2017); Harris Associates (investment management), General Counsel (until January 2017)
Brian E. Langenfeld (k)
(age 48) 		  Assistant Secretary and Assistant Clerk   June 2006   135   Massachusetts Financial Services Company, Vice President and Senior Counsel
Amanda S. Mooradian (k)
(age 42) 		  Assistant Secretary and Assistant Clerk   September 2018   135   Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel
Susan A. Pereira (k)
(age 50) 		  Assistant Secretary and Assistant Clerk   July 2005   135   Massachusetts Financial Services Company, Vice President and Assistant General Counsel
Kasey L. Phillips (k)
(age 50) 		  Assistant Treasurer   September 2012   135   Massachusetts Financial Services Company, Vice President
Matthew A. Stowe (k)
(age 46) 		  Assistant Secretary and Assistant Clerk   October 2014   135   Massachusetts Financial Services Company, Vice President and Assistant General Counsel
Martin J. Wolin (k)
(age 53) 		  Chief Compliance Officer   July 2015   135   Massachusetts Financial Services Company, Senior Vice President and Chief Compliance Officer
James O. Yost (k)
(age 60) 		  Treasurer   September 1990   135   Massachusetts Financial Services Company, Senior Vice President
(h) Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. For the period from December 15, 2004 until February 22, 2005, Mr. Manning served as Advisory Trustee. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively.
(j) Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”).
(k) “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
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Trustees and Officers - continued
Each Trustee (other than Messrs. Jones, Kilman and Roberge) has been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal. Mr. Roberge became a Trustee of the Funds on January 1, 2021 and Messrs. Jones and Kilman became Trustees of the Funds on January 1, 2019. The Trust does not hold annual meetings for the purpose of electing Trustees, and Trustees are not elected for fixed terms. Under the terms of the Board's retirement policy, an Independent Trustee shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on the Board).
Messrs. Buller, Kilman and Otis and Ms. Roepke are members of the Trust’s Audit Committee.
Each of the Interested Trustees and certain Officers hold comparable officer positions with certain affiliates of MFS.
Investment Adviser Custodian
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, MA 02199-7618 		State Street Bank and Trust Company
1 Lincoln Street
Boston, MA 02111-2900
Distributor Independent Registered Public Accounting Firm
MFS Fund Distributors, Inc.
111 Huntington Avenue
Boston, MA 02199-7618 		Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
Portfolio Manager(s)  
Joseph Flaherty
Natalie Shapiro 		 
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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 April 2021 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, 2020 to December 31, 2020 (the “Covered Period”). The report concluded that during the Covered Period the Program had operated effectively 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.
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Proxy Voting Policies and Information
MFS votes proxies on behalf of the funds pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Information regarding how each fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Quarterly Portfolio Disclosure
Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Each fund's Form N-PORT reports are available on the SEC's Web site at  http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of each fund's fiscal year at mfs.com/openendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Prospectus and Reports” tab.
Further Information
From time to time, MFS may post important information about each fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at mfs.com/openendfunds by choosing each fund’s name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Information About Fund Contracts and Legal Claims
Each fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, 529 program manager (if applicable), and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.
Federal Tax Information (unaudited)
The funds will notify shareholders of amounts for use in preparing 2021 income tax forms in January 2022. 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 $6,847,000
MFS Lifetime 2020 Fund $7,969,000
MFS Lifetime 2025 Fund $3,217,000
MFS Lifetime 2030 Fund $17,263,000
MFS Lifetime 2035 Fund $4,496,000
MFS Lifetime 2040 Fund $9,912,000
MFS Lifetime 2045 Fund $3,493,000
MFS Lifetime 2050 Fund $3,706,000
MFS Lifetime 2055 Fund $1,792,000
MFS Lifetime 2060 Fund $275,000
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Federal Tax Information (unaudited) - continued
For corporate shareholders, the percentages of the ordinary income dividends paid during the fiscal year that qualify for the corporate dividends received deduction are as follows:
  Dividends Received
Deductions
MFS Lifetime Income Fund 9.47%
MFS Lifetime 2020 Fund 8.55%
MFS Lifetime 2025 Fund 11.39%
MFS Lifetime 2030 Fund 21.33%
MFS Lifetime 2035 Fund 27.35%
MFS Lifetime 2040 Fund 40.44%
MFS Lifetime 2045 Fund 34.17%
MFS Lifetime 2050 Fund 37.49%
MFS Lifetime 2055 Fund 37.83%
MFS Lifetime 2060 Fund 41.16%
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).
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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.
166

Table of Contents
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.
167

Table of Contents
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CONTACT
WEB SITE
mfs.com
MFS TALK
1-800-637-8255
24 hours a day
ACCOUNT SERVICE AND LITERATURE
Shareholders
1-800-225-2606
Financial advisors
1-800-343-2829
Retirement plan services
1-800-637-1255
MAILING ADDRESS
MFS Service Center, Inc.
P.O. Box 219341
Kansas City, MO 64121-9341
OVERNIGHT MAIL
MFS Service Center, Inc.
Suite 219341
430 W 7th Street
Kansas City, MO 64105-1407

Item 1(b):

Not applicable

ITEM 2.

CODE OF ETHICS.

The Registrant has adopted a Code of Ethics (the “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant’s principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in its Code that relates to an element of the Code’s definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.

A copy of the Code is filed as an exhibit to this Form N-CSR.

 

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

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

 

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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, 2021 and 2020, audit fees billed to each Fund by E&Y were as follows:

 

     Audit Fees  
   2021      2020  

Fees billed by E&Y:

      

MFS Lifetime Income Fund

      33,004        32,559  

MFS Lifetime 2020 Fund

      31,338        30,916  

MFS Lifetime 2025 Fund

      30,642        30,230  

MFS Lifetime 2030 Fund

      31,338        30,916  

MFS Lifetime 2035 Fund

      30,642        30,230  

MFS Lifetime 2040 Fund

      31,338        30,916  

MFS Lifetime 2045 Fund

      30,642        30,230  

MFS Lifetime 2050 Fund

      30,753        30,339  

MFS Lifetime 2055 Fund

      30,642        30,230  

MFS Lifetime 2060 Fund

      29,972        29,569  
  

 

 

     

 

 

  

Total

      310,311        306,135  

For the fiscal years ended April 30, 2021 and 2020, 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:

 

     Audit-Related  Fees1      Tax Fees2      All Other Fees3  
   2021      2020      2021      2020      2021      2020  

Fees billed by E&Y:

                  

To MFS Lifetime Income Fund

      0        0        5,575        5,498        1,152        1,151  

To MFS Lifetime 2020 Fund

      0        0        5,575        5,498        1,085        1,091  

To MFS Lifetime 2025 Fund

      0        0        5,463        5,387        1,090        1,076  

To MFS Lifetime 2030 Fund

      0        0        5,575        5,498        1,157        1,154  

To MFS Lifetime 2035 Fund

      0        0        5,463        5,387        1,087        1,073  

To MFS Lifetime 2040 Fund

      0        0        5,575        5,498        1,113        1,113  

To MFS Lifetime 2045 Fund

      0        0        5,463        5,387        1,061        1,051  

To MFS Lifetime 2050 Fund

      0        0        5,550        5,474        1,063        1,058  

To MFS Lifetime 2055 Fund

      0        0        5,463        5,387        1,033        1,027  

To MFS Lifetime 2060 Fund

      0        0        5,499        5,423        1,007        1,003  

Total fees billed by E&Y To above Funds:

      0        0        55,201        54,437        10,848        10,797  

 

     Audit-Related Fees1      Tax Fees2      All Other Fees3  
   2021      2020      2021      2020      2021      2020  

Fees billed by E&Y:

                  

To MFS and MFS Related Entities of MFS Lifetime Income Fund*

      1,783,260        1,661,127        0        0        107,150        104,750  

To MFS and MFS Related Entities of MFS Lifetime 2020 Fund*

      1,783,260        1,661,127        0        0        107,150        104,750  

To MFS and MFS Related Entities of MFS Lifetime 2025 Fund*

      1,783,260        1,661,127        0        0        107,150        104,750  

To MFS and MFS Related Entities of MFS Lifetime 2030 Fund*

      1,783,260        1,661,127        0        0        107,150        104,750  

To MFS and MFS Related Entities of MFS Lifetime 2035 Fund*

      1,783,260        1,661,127        0        0        107,150        104,750  

To MFS and MFS Related Entities of MFS Lifetime 2040 Fund*

      1,783,260        1,661,127        0        0        107,150        104,750  

To MFS and MFS Related Entities of MFS Lifetime 2045 Fund*

      1,783,260        1,661,127        0        0        107,150        104,750  

To MFS and MFS Related Entities of MFS Lifetime 2050 Fund*

      1,783,260        1,661,127        0        0        107,150        104,750  

To MFS and MFS Related Entities of MFS Lifetime 2055 Fund*

      1,783,260        1,661,127        0        0        107,150        104,750  

To MFS and MFS Related Entities of MFS Lifetime 2060 Fund*

      1,783,260        1,661,127        0        0        107,150        104,750  

    

Aggregate Fees for Non-audit

Services

  
   2021      2020  

Fees billed by E&Y:

      

To MFS Lifetime Income Fund, MFS and MFS Related Entities#

      2,139,367        1,956,526  

To MFS Lifetime 2020 Fund, MFS and MFS Related Entities#

     2,139,300        1,956,466  

To MFS Lifetime 2025 Fund, MFS and MFS Related Entities#

     2,139,192        1,956,340  

To MFS Lifetime 2030 Fund, MFS and MFS Related Entities#

     2,139,372        1,956,529  

To MFS Lifetime 2035 Fund, MFS and MFS Related Entities#

     2,139,190        1,956,337  

To MFS Lifetime 2040 Fund, MFS and MFS Related Entities#

     2,139,329        1,956,488  

To MFS Lifetime 2045 Fund, MFS and MFS Related Entities#

     2,139,164        1,956,315  

To MFS Lifetime 2050 Fund, MFS and MFS Related Entities#

     2,139,253        1,956,409  

To MFS Lifetime 2055 Fund, MFS and MFS Related Entities#

     2,139,136        1,956,291  

To MFS Lifetime 2060 Fund, MFS and MFS Related Entities#

     2,139,145        1,956,303  

 

*

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

#

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

1 

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

2 

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

3 

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

Item 4(e)(1):

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

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

Item 4(e)(2):

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

Item 4(f):

Not applicable.

Item 4(h):

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

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the Registrant.

 

ITEM 6.

INVESTMENTS

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

 

ITEM 7.

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

Not applicable to the Registrant.

 

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

 

ITEM 9.

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

Not applicable to the Registrant.

 

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

 

ITEM 11.

CONTROLS AND PROCEDURES.

 

(a)

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

 

(b)

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

ITEM 12.

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

Not applicable to the Registrant.

 

ITEM 13.

EXHIBITS.

 

(a)

File the exhibits listed below as part of this form. Letter or number the exhibits in the sequence indicated.

 

  (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: Code of Ethics attached hereto as EX-99.COE.

 

  (2)

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

 

  (3)

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

 

  (4)

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

 

(b)

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

Notice

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

SIGNATURES

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

(Registrant) MFS SERIES TRUST XII

 

By (Signature and Title)*   /S/ DAVID L. DILORENZO
  David L. DiLorenzo, President

Date: June 15, 2021

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

 

By (Signature and Title)*   /S/ DAVID L. DILORENZO
 

David L. DiLorenzo, President

(Principal Executive Officer)

Date: June 15, 2021

 

By (Signature and Title)*   /S/ JAMES O. YOST
  James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer)

Date: June 15, 2021

 

*

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

CODE OF ETHICS

EX-99.COE

 

LOGO

Code of Ethics for Principal Executive and Principal Financial Officers

Effective February 13, 2018

 

I.

Policy Purpose and Summary

Section 406 of the Sarbanes-Oxley Act requires that each MFS Fund registered under the Investment Company Act of 1940 disclose whether or not it has adopted a code of ethics for senior financial officers, applicable to its principal financial officer and principal accounting officer.

 

II.

Overview

 

  A.

Covered Officers/Purpose of the Code

This code of ethics (this “Code”) has been adopted by the funds (collectively, “Funds” and each, “Fund”) under supervision of the MFS Funds Board (the “Board”) and applies to the Funds’ Principal Executive Officer and Principal Financial Officer (the “Covered Officers” each of whom is set forth in Exhibit A) for the purpose of promoting:

 

  •  

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

 

  •  

full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Funds;

 

  •  

compliance by the Funds with applicable laws and governmental rules and regulations;

 

  •  

the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

 

  •  

accountability for adherence to the Code.

 

  B.

Conduct Guidelines

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. In addition, each Covered Officer should not place his or her personal interests ahead of the Funds’ interests and should endeavor to act honestly and ethically. In furtherance of the foregoing, each Covered Officer must:

 

  •  

not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting for any Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; and

  •  

not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund.

The following activities, which could create the appearance of a conflict of interest, are permitted only with the approval of the Funds’ Chief Legal Officer (“CLO”):

 

  •  

service as a director on the board of any “for profit” company other than the board of the Funds’ investment adviser or its subsidiaries or board of a pooled investment vehicle sponsored by the Funds’ investment adviser or its subsidiaries;

 

  •  

running for political office;

 

  •  

the receipt of any Fund business-related gift or any entertainment from any company with which a Fund has current or prospective business dealings unless such gift or entertainment is permitted by the gifts and entertainment policy of the Funds’ investment adviser;

 

  •  

any material ownership interest in, or any consulting or employment relationship with, any Fund service providers (e.g., custodian banks, audit firms), other than the Funds’ investment adviser, principal underwriter, administrator or any affiliated person thereof;

 

  •  

a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer’s employment or securities ownership.

 

  C.

Disclosure and Compliance

 

  •  

Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

 

  •  

each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the Fund, including to the Fund’s trustees and auditors, and to governmental regulators and self-regulatory organizations;

 

  •  

each Covered Officer should, to the extent appropriate within his or her area of Fund responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

 

  •  

it is the responsibility of each Covered Officer to promote compliance within his or her area of Fund responsibility with the standards and restrictions imposed by applicable laws, rules and regulations.

  D.

Reporting and Accountability

Each Covered Officer must:

 

  •  

upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he or she has received, read, and understands the Code;

 

  •  

annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

 

  •  

annually report to the CLO affiliations and relationships which are or may raise the appearance of a conflict of interest with the Covered Officer’s duties to the Funds, as identified in the annual Trustee and Officer Questionnaire;

 

  •  

not retaliate against any other Covered Officer or any officer or employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

 

  •  

notify the CLO promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CLO is responsible for applying this Code to specific situations in which questions are presented under it, granting waivers upon consultation with the Board or its designee, investigating violations, and has the authority to interpret this Code in any particular situation. The CLO will report requests for waivers to the Board (or a designee thereof) promptly upon receipt of a waiver request and will periodically report to the Board any approvals granted since the last report.

The CLO will take all appropriate action to investigate any potential violations reported to him or her and to report any violations to the Board. If the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer.

Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

 

  E.

Confidentiality

All reports and records prepared or maintained pursuant to this Code and under the direction of the CLO will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Funds’ Board, its counsel, counsel to the Board’s independent trustees and senior management and the board of directors of the Fund’s investment adviser and its counsel.

  F.

Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

 

III.

Supervision

The Board of Trustees of the Funds, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of the Funds, shall review no less frequently than annually, a report from the CLO regarding the affirmations of the principal executive officer and the principal financial officer as to compliance with this Code.

 

IV.

Interpretation and Escalation

Breaches of the Code are reviewed by the CLO and communicated to the Board of Trustees of the affected Fund(s). Interpretations of this Policy shall be made from time to time by the CLO, as needed, and questions regarding the application of this Policy to a specific set of facts are escalated to the CLO.

 

V.

Authority

Section 406 of the Sarbanes-Oxley Act.

 

VI.

Monitoring

Adherence to this policy is monitored by the CLO.

 

VII.

Related Policies

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds’ and their investment adviser’s codes of ethics under Rule 17j-1 under the Investment Company Act and any other codes or policies or procedures adopted by the Funds or their investment adviser or other service providers are separate requirements and are not part of this Code.

 

VIII.

Amendment

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

 

IX.

Recordkeeping

All required books, records and other documentation shall be retained in accordance with MFS’ related record retention policy.

Additional procedures may need to be implemented by departments to properly comply with this policy.

Exhibit A

As of January 1, 2017

Persons Covered by this Code of Ethics

Funds’ Principal Executive Officer: David L. DiLorenzo

Funds’ Principal Financial Officer: James O. Yost

SECTION 302 CERTIFICATIONS

EX-99.302CERT

MFS SERIES TRUST XII

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, James O. Yost, certify that:

 

1.

I have reviewed this report on Form N-CSR of MFS Series Trust XII;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.

The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: June 15, 2021     /S/ JAMES O. YOST
    James O. Yost
   

Treasurer (Principal Financial Officer and

Accounting Officer)

EX-99.302CERT

MFS SERIES TRUST XII

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, David L. DiLorenzo, certify that:

 

1.

I have reviewed this report on Form N-CSR of MFS Series Trust XII;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.

The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: June 15, 2021     /S/ DAVID L. DILORENZO
    David L. DiLorenzo
    President (Principal Executive Officer)
SECTION 906 CERTIFICATIONS

EX-99.906CERT

MFS SERIES TRUST XII

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, James O. Yost, certify that, to my knowledge:

 

1.

The Form N-CSR (the “Report”) of MFS Series Trust XII (the “Registrant”) fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date: June 15, 2021     /S/ JAMES O. YOST
    James O. Yost
    Treasurer (Principal Financial Officer and
Accounting Officer)

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

EX-99.906CERT

MFS SERIES TRUST XII

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, David L. DiLorenzo, certify that, to my knowledge:

 

1.

The Form N-CSR (the “Report”) of MFS Series Trust XII (the “Registrant”) fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date: June 15, 2021     /S/ DAVID L. DILORENZO
    David L. DiLorenzo
    President (Principal Executive Officer)

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.