UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-21780
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, 2019
| * | This FormN-CSR pertains to the following series of the Registrant: MFS Lifetime Income Fund, MFS Lifetime 2020 Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund and MFS Lifetime 2060 Fund. The remaining series of the Registrant has a fiscal year end of October 31. |
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
Annual Report
April 30, 2019
MFS® Lifetime® Funds
MFS® Lifetime® Income Fund
MFS® Lifetime® 2020 Fund
MFS® Lifetime® 2025 Fund
MFS® Lifetime® 2030 Fund
MFS® Lifetime® 2035 Fund
MFS® Lifetime® 2040 Fund
MFS® Lifetime® 2045 Fund
MFS® Lifetime® 2050 Fund
MFS® Lifetime® 2055 Fund
MFS® Lifetime® 2060 Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the complete reports will be made available on the fund’s Web site (funds.mfs.com), and you will be notified by mail each time a report is posted and provided with a Web site link to access the report.
If you are already signed up to receive shareholder reports by email, you will not be affected by this change and you need not take any action. You may sign up to receive shareholder reports and other communications from the fund by email by contacting your financial intermediary (such as a broker-dealer or bank) or, if you hold your shares directly with the fund, by calling 1-800-225-2606 or by logging on to MFS Access at mfs.com.
Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. Contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the fund, you can call 1-800-225-2606 or send an email request to orderliterature@mfs.com to let the fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the MFS fund complex if you invest directly.
LTF-ANN
MFS® Lifetime® Funds
CONTENTS
The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.
NOT FDIC INSURED• MAY LOSE VALUE• NO BANK GUARANTEE
LETTER FROM THE EXECUTIVE CHAIRMAN
Dear Shareholders:
Markets experienced a bout of volatility in late 2018 as a result of higher interest rates, international trade friction, and geopolitical uncertainty surrounding issues such as Brexit. Those concerns dissipated in the early months of 2019 due to the more dovish posture of the U.S. Federal Reserve and other global central banks, reported progress toward a trade pact between the United States and China, and action against ano-deal Brexit by the British Parliament. However, a last-minute breakdown in negotiations between the U.S. and China derailed the market’s momentum and increased concerns over the future pace of global growth. Compounding Brexit uncertainty was the resignation of British Prime Minister Theresa May, potentially ushering in a harder form of Brexit than she had advocated. U.S. equities have continued to outperform their global peers due in part to fiscal stimulus undertaken in late 2017 and early 2018, which contributed to the continuation of relatively healthy levels of U.S. economic output against a backdrop of slower global growth. Inflation remains largely subdued globally, which is encouraging for asset markets. Rising incomes in many developed and emerging markets are supportive of gains in consumption, though a challenging environment for global trade has hindered manufacturing in most regions.
Since launching the first U.S.open-end mutual fund in 1924, MFS® has been committed to a single purpose: to create value by allocating capital responsibly for clients. Through our powerful global investment platform, we combine collective expertise, thoughtful risk management, and long-term discipline to uncover what we believe are the best investment opportunities in the market.
Respectfully,
Robert J. Manning
Executive Chairman
MFS Investment Management
June 17, 2019
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
PORTFOLIO COMPOSITION
MFS Lifetime Income Fund
Portfolio target allocation
| | | | |
| Portfolio holdings | | | | |
| MFS Limited Maturity Fund | | | 20.0% | |
| MFS Total Return Bond Fund | | | 19.9% | |
| MFS Government Securities Fund | | | 10.0% | |
| MFS Inflation-Adjusted Bond Fund | | | 10.0% | |
| MFS Global Bond Fund | | | 5.0% | |
| MFS High Income Fund | | | 3.0% | |
| MFS Blended Research Mid Cap Equity Fund | | | 3.0% | |
| MFS Blended Research International Equity Fund | | | 2.5% | |
| MFS Value Fund | | | 2.0% | |
| MFS Global Real Estate Fund | | | 2.0% | |
| MFS Emerging Markets Debt Fund | | | 2.0% | |
| MFS Blended Research Value Equity Fund | | | 2.0% | |
| MFS Research Fund | | | 2.0% | |
| MFS Growth Fund | | | 2.0% | |
| MFS Blended Research Core Equity Fund | | | 2.0% | |
| MFS Commodity Strategy Fund | | | 2.0% | |
| MFS Blended Research Growth Equity Fund | | | 1.9% | |
| MFS Mid Cap Growth Fund | | | 1.5% | |
| MFS Mid Cap Value 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 International Value Fund | | | 0.5% | |
| MFS International Growth Fund | | | 0.5% | |
| MFS New Discovery Value Fund | | | 0.5% | |
| MFS New Discovery Fund | | | 0.5% | |
| Cash & Cash Equivalents | | | 0.2% | |
Portfolio actual allocation
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 MFSfunds-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, 2019.
The portfolio is actively managed and current holdings may be different.
2
Portfolio Composition – continued
MFS Lifetime 2020 Fund
Portfolio target allocation
| | | | |
| Portfolio holdings | | | | |
| MFS Total Return Bond Fund | | | 18.6% | |
| MFS Limited Maturity Fund | | | 17.1% | |
| MFS Government Securities Fund | | | 10.0% | |
| MFS Inflation-Adjusted Bond Fund | | | 10.0% | |
| MFS Global Bond Fund | | | 5.0% | |
| MFS High Income Fund | | | 3.6% | |
| MFS Blended Research Mid Cap Equity Fund | | | 3.3% | |
| MFS Blended Research International Equity Fund | | | 2.9% | |
| MFS Value Fund | | | 2.3% | |
| MFS Emerging Markets Debt Fund | | | 2.3% | |
| MFS Blended Research Value Equity Fund | | | 2.3% | |
| MFS Research Fund | | | 2.3% | |
| MFS Growth Fund | | | 2.3% | |
| MFS Blended Research Core Equity Fund | | | 2.3% | |
| MFS Blended Research Growth Equity Fund | | | 2.3% | |
| MFS Global Real Estate Fund | | | 2.0% | |
| MFS Commodity Strategy Fund | | | 2.0% | |
| MFS Mid Cap Growth Fund | | | 1.6% | |
| MFS Mid Cap Value Fund | | | 1.6% | |
| MFS Research International Fund | | | 1.6% | |
| MFS Emerging Markets Debt Local Currency Fund | | | 1.3% | |
| MFS Blended Research Small Cap Equity Fund | | | 1.0% | |
| MFS International Value Fund | | | 0.7% | |
| MFS International Growth Fund | | | 0.6% | |
| MFS New Discovery Value Fund | | | 0.5% | |
| MFS New Discovery Fund | | | 0.5% | |
| Cash & Cash Equivalents (o) | | | (0.0)% | |
Portfolio actual allocation
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 MFSfunds-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 MFSfunds-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 MFSfunds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
From time to time Cash & Cash Equivalents may be negative due to timing of cash receipts.
Percentages are based on net assets as of April 30, 2019.
The portfolio is actively managed and current holdings may be different.
3
Portfolio Composition – continued
MFS Lifetime 2025 Fund
Portfolio target allocation
| | | | |
| Portfolio holdings | | | | |
| MFS Total Return Bond Fund | | | 13.0% | |
| MFS Government Securities Fund | | | 10.0% | |
| MFS Inflation-Adjusted Bond Fund | | | 9.1% | |
| MFS Limited Maturity Fund | | | 7.1% | |
| MFS High Income Fund | | | 5.0% | |
| MFS Global Bond Fund | | | 5.0% | |
| MFS Blended Research Mid Cap Equity Fund | | | 4.8% | |
| MFS Blended Research International Equity Fund | | | 4.6% | |
| MFS Value Fund | | | 3.3% | |
| MFS Blended Research Value Equity Fund | | | 3.3% | |
| MFS Research Fund | | | 3.3% | |
| MFS Growth Fund | | | 3.3% | |
| MFS Blended Research Core Equity Fund | | | 3.3% | |
| MFS Blended Research Growth Equity Fund | | | 3.2% | |
| MFS Emerging Markets Debt Fund | | | 3.0% | |
| MFS Mid Cap Growth Fund | | | 2.4% | |
| MFS Mid Cap Value Fund | | | 2.4% | |
| MFS Global Real Estate Fund | | | 2.3% | |
| MFS Research International Fund | | | 2.3% | |
| MFS Commodity Strategy Fund | | | 2.3% | |
| MFS Emerging Markets Debt Local Currency Fund | | | 2.0% | |
| MFS International Value Fund | | | 1.1% | |
| MFS International Growth Fund | | | 1.1% | |
| MFS Blended Research Small Cap Equity Fund | | | 1.1% | |
| MFS New Discovery Fund | | | 0.6% | |
| MFS New Discovery Value Fund | | | 0.6% | |
| MFS International New Discovery Fund | | | 0.3% | |
| Cash & Cash Equivalents | | | 0.2% | |
Portfolio actual allocation
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 MFSfunds-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 MFSfunds-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 MFSfunds-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, 2019.
The portfolio is actively managed and current holdings may be different.
4
Portfolio Composition – continued
MFS Lifetime 2030 Fund
Portfolio target allocation
| | | | |
| Portfolio holdings | | | | |
| MFS Blended Research Mid Cap Equity Fund | | | 7.6% | |
| MFS Government Securities Fund | | | 7.1% | |
| MFS Blended Research International Equity Fund | | | 6.7% | |
| MFS Total Return Bond Fund | | | 6.6% | |
| MFS Inflation-Adjusted Bond Fund | | | 6.4% | |
| MFS High Income Fund | | | 5.0% | |
| MFS Value Fund | | | 4.5% | |
| MFS Blended Research Value Equity Fund | | | 4.4% | |
| MFS Growth Fund | | | 4.4% | |
| MFS Blended Research Growth Equity Fund | | | 4.4% | |
| MFS Global Bond Fund | | | 4.1% | |
| MFS Research Fund | | | 4.0% | |
| MFS Blended Research Core Equity Fund | | | 4.0% | |
| MFS Mid Cap Growth Fund | | | 3.8% | |
| MFS Mid Cap Value Fund | | | 3.8% | |
| MFS Global Real Estate Fund | | | 3.3% | |
| MFS Commodity Strategy Fund | | | 3.2% | |
| MFS Research International Fund | | | 3.2% | |
| MFS Emerging Markets Debt Fund | | | 3.0% | |
| MFS Emerging Markets Debt Local Currency Fund | | | 2.0% | |
| MFS International Value Fund | | | 1.8% | |
| MFS International Growth Fund | | | 1.8% | |
| MFS Blended Research Small Cap Equity Fund | | | 1.7% | |
| MFS International New Discovery Fund | | | 1.3% | |
| MFS New Discovery Fund | | | 0.8% | |
| MFS New Discovery Value Fund | | | 0.8% | |
| MFS Blended Research Emerging Markets Equity Fund | | | 0.1% | |
| MFS Emerging Markets Equity Fund | | | 0.1% | |
| Cash & Cash Equivalents | | | 0.1% | |
Portfolio actual allocation
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 MFSfunds-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 MFSfunds-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 MFSfunds-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, 2019.
The portfolio is actively managed and current holdings may be different.
5
Portfolio Composition – continued
MFS Lifetime 2035 Fund
Portfolio target allocation
| | | | |
| Portfolio holdings | | | | |
| MFS Blended Research Mid Cap Equity Fund | | | 9.2% | |
| MFS Blended Research International Equity Fund | | | 8.8% | |
| MFS Value Fund | | | 5.6% | |
| MFS Blended Research Value Equity Fund | | | 5.6% | |
| MFS Growth Fund | | | 5.5% | |
| MFS Blended Research Growth Equity Fund | | | 5.5% | |
| MFS Inflation-Adjusted Bond Fund | | | 4.6% | |
| MFS Mid Cap Growth Fund | | | 4.6% | |
| MFS Mid Cap Value Fund | | | 4.6% | |
| MFS High Income Fund | | | 4.3% | |
| MFS Global Real Estate Fund | | | 4.2% | |
| MFS Commodity Strategy Fund | | | 4.1% | |
| MFS Research Fund | | | 4.0% | |
| MFS Blended Research Core Equity Fund | | | 4.0% | |
| MFS Research International Fund | | | 3.6% | |
| MFS Total Return Bond Fund | | | 2.9% | |
| MFS International Value Fund | | | 2.6% | |
| MFS International Growth Fund | | | 2.6% | |
| MFS Emerging Markets Debt Fund | | | 2.6% | |
| MFS International New Discovery Fund | | | 2.3% | |
| MFS Blended Research Small Cap Equity Fund | | | 2.1% | |
| MFS Emerging Markets Debt Local Currency Fund | | | 1.7% | |
| MFS Global Bond Fund | | | 1.7% | |
| MFS New Discovery Fund | | | 1.0% | |
| MFS New Discovery Value Fund | | | 1.0% | |
| MFS Blended Research Emerging Markets Equity Fund | | | 0.6% | |
| MFS Emerging Markets Equity Fund | | | 0.6% | |
| Cash & Cash Equivalents | | | 0.1% | |
Portfolio actual allocation
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 MFSfunds-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 MFSfunds-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 MFSfunds-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, 2019.
The portfolio is actively managed and current holdings may be different.
6
Portfolio Composition – continued
MFS Lifetime 2040 Fund
Portfolio target allocation
| | | | |
| Portfolio holdings | | | | |
| MFS Blended Research International Equity Fund | | | 10.1% | |
| MFS Blended Research Mid Cap Equity Fund | | | 9.7% | |
| MFS Value Fund | | | 5.9% | |
| MFS Blended Research Value Equity Fund | | | 5.8% | |
| MFS Growth Fund | | | 5.8% | |
| MFS Blended Research Growth Equity Fund | | | 5.8% | |
| MFS Mid Cap Growth Fund | | | 4.8% | |
| MFS Mid Cap Value Fund | | | 4.8% | |
| MFS Global Real Estate Fund | | | 4.7% | |
| MFS Commodity Strategy Fund | | | 4.6% | |
| MFS Research Fund | | | 4.0% | |
| MFS Blended Research Core Equity Fund | | | 4.0% | |
| MFS Research International Fund | | | 3.8% | |
| MFS Inflation-Adjusted Bond Fund | | | 3.4% | |
| MFS International New Discovery Fund | | | 3.3% | |
| MFS International Value Fund | | | 3.2% | |
| MFS International Growth Fund | | | 3.1% | |
| MFS Total Return Bond Fund | | | 2.7% | |
| MFS Blended Research Small Cap Equity Fund | | | 2.3% | |
| MFS High Income Fund | | | 1.8% | |
| MFS New Discovery Value Fund | | | 1.2% | |
| MFS New Discovery Fund | | | 1.2% | |
| MFS Emerging Markets Debt Fund | | | 1.0% | |
| MFS Blended Research Emerging Markets Equity Fund | | | 0.8% | |
| MFS Emerging Markets Equity Fund | | | 0.8% | |
| MFS Emerging Markets Debt Local Currency Fund | | | 0.7% | |
| MFS Global Bond Fund | | | 0.7% | |
| Cash & Cash Equivalents (o) | | | (0.0)% | |
Portfolio actual allocation
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 MFSfunds-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 MFSfunds-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 MFSfunds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
From time to time Cash & Cash Equivalents may be negative due to timing of cash receipts.
Percentages are based on net assets as of April 30, 2019.
The portfolio is actively managed and current holdings may be different.
7
Portfolio Composition – continued
MFS Lifetime 2045 Fund
Portfolio target 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 Growth Fund | | | 6.0% | |
| MFS Blended Research Value Equity Fund | | | 6.0% | |
| MFS Blended Research Growth Equity Fund | | | 6.0% | |
| MFS Mid Cap Growth Fund | | | 5.0% | |
| MFS Global Real Estate Fund | | | 5.0% | |
| MFS Mid Cap Value Fund | | | 5.0% | |
| MFS Commodity Strategy Fund | | | 5.0% | |
| MFS Research Fund | | | 4.0% | |
| MFS Research International Fund | | | 4.0% | |
| MFS International New Discovery Fund | | | 4.0% | |
| MFS Blended Research Core Equity Fund | | | 4.0% | |
| MFS International Value Fund | | | 3.5% | |
| MFS International Growth 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 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% | |
Portfolio actual allocation
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 MFSfunds-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 MFSfunds-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 MFSfunds-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, 2019.
The portfolio is actively managed and current holdings may be different.
8
Portfolio Composition – continued
MFS Lifetime 2050 Fund
Portfolio target allocation
| | | | |
| Portfolio holdings | | | | |
| MFS Blended Research International Equity Fund | | | 11.0% | |
| MFS Blended Research Mid Cap Equity Fund | | | 10.0% | |
| MFS Value Fund | | | 6.0% | |
| MFS Growth Fund | | | 6.0% | |
| MFS Blended Research Value Equity Fund | | | 6.0% | |
| MFS Blended Research Growth Equity Fund | | | 6.0% | |
| MFS Global Real Estate Fund | | | 5.0% | |
| MFS Mid Cap Growth Fund | | | 5.0% | |
| MFS Mid Cap Value Fund | | | 5.0% | |
| MFS Commodity Strategy Fund | | | 4.9% | |
| MFS Research Fund | | | 4.0% | |
| MFS Research International Fund | | | 4.0% | |
| MFS International New Discovery Fund | | | 4.0% | |
| MFS Blended Research Core Equity Fund | | | 4.0% | |
| MFS International Value Fund | | | 3.5% | |
| MFS International Growth 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 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% | |
Portfolio actual allocation
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 MFSfunds-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 MFSfunds-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 MFSfunds-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, 2019.
The portfolio is actively managed and current holdings may be different.
9
Portfolio Composition – continued
MFS Lifetime 2055 Fund
Portfolio target 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 Growth Fund | | | 6.0% | |
| MFS Blended Research Value Equity Fund | | | 6.0% | |
| MFS Blended Research Growth Equity Fund | | | 6.0% | |
| MFS Mid Cap Growth Fund | | | 5.0% | |
| MFS Mid Cap Value Fund | | | 5.0% | |
| MFS Global Real Estate Fund | | | 5.0% | |
| MFS Commodity Strategy Fund | | | 5.0% | |
| MFS Research International Fund | | | 4.0% | |
| MFS Research Fund | | | 4.0% | |
| MFS International New Discovery Fund | | | 4.0% | |
| MFS Blended Research Core Equity Fund | | | 4.0% | |
| MFS International Value Fund | | | 3.5% | |
| MFS International Growth Fund | | | 3.5% | |
| MFS Blended Research Small Cap Equity Fund | | | 2.5% | |
| MFS Total Return Bond Fund | | | 2.5% | |
| MFS Inflation-Adjusted Bond Fund | | | 2.5% | |
| MFS New Discovery 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% | |
Portfolio actual allocation
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 MFSfunds-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 MFSfunds-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 MFSfunds-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, 2019.
The portfolio is actively managed and current holdings may be different.
10
Portfolio Composition – continued
MFS Lifetime 2060 Fund
Portfolio target allocation
| | | | |
| Portfolio holdings | | | | |
| MFS Blended Research International Equity Fund | | | 11.0% | |
| MFS Blended Research Mid Cap Equity Fund | | | 10.0% | |
| MFS Growth Fund | | | 6.0% | |
| MFS Value Fund | | | 6.0% | |
| MFS Blended Research Growth Equity Fund | | | 6.0% | |
| MFS Blended Research Value Equity Fund | | | 6.0% | |
| MFS Global Real Estate Fund | | | 5.0% | |
| MFS Commodity Strategy Fund | | | 5.0% | |
| MFS Mid Cap Value Fund | | | 5.0% | |
| MFS Mid Cap Growth Fund | | | 5.0% | |
| MFS Blended Research Core Equity Fund | | | 4.0% | |
| MFS International New Discovery Fund | | | 4.0% | |
| MFS Research Fund | | | 4.0% | |
| MFS Research International Fund | | | 4.0% | |
| MFS International Value Fund | | | 3.5% | |
| MFS International Growth Fund | | | 3.5% | |
| MFS Total Return Bond Fund | | | 2.5% | |
| MFS Blended Research Small Cap Equity Fund | | | 2.5% | |
| MFS Inflation-Adjusted Bond Fund | | | 2.5% | |
| MFS New Discovery Fund | | | 1.3% | |
| MFS New Discovery Value Fund | | | 1.3% | |
| MFS Emerging Markets Equity Fund | | | 1.0% | |
| MFS Blended Research Emerging Markets Equity Fund | | | 1.0% | |
| Cash & Cash Equivalents | | | (0.1)% | |
Portfolio actual allocation
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 MFSfunds-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 MFSfunds-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 MFSfunds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
From time to time Cash & Cash Equivalents may be negative due to timing of cash receipts.
Percentages are based on net assets as of April 30, 2019.
The portfolio is actively managed and current holdings may be different.
11
MANAGEMENT REVIEW
MFS Lifetime Funds
Market Environment
Led by weakness in China and Europe, the global economy decelerated during the reporting period as business and investor sentiment was undermined by growing trade frictions. Additionally, tighter financial conditions contributed to an uptick in market volatility late in 2018. Equity valuations fell and credit spreads widened, fueled in part by concerns that the US Federal Reserve would over-tighten policy, choking off the nearly decade-long US economic expansion.
However, the Fed reversed course in January due to slowing global growth, rising trade tensions, abating inflationary pressures and increasing market volatility, and signaled that its policy was on hold. Additionally, the Fed announced that it would maintain a larger balance sheet than it had previously indicated. These dovish shifts helped equity valuations rebound, reduced volatility and narrowed credit spreads. In early 2019, central banks globally tilted more dovish as well, with China lowering reserve requirements, the Bank of Canada and Bank of England holding rates steady and the European Central Bank (ECB) acknowledging that it may not be able to hike rates in the fall of 2019, as it had earlier projected. The ECB also extended a refinancing facility for eurozone banks.
Emerging markets experienced considerable volatility during the period as tighter global financial conditions exposed structural weakness in some countries. Those pressures were somewhat relieved at the end of the period as the Fed adopted its more dovish posture and hopes grew for a trade deal between the US and China, although idiosyncratic factors negatively impacted some emerging economies, such as Argentina and Turkey.
From a geopolitical perspective, the lack of consensus in the United Kingdom on the best path toward Brexit, a fractious Eurosceptic Italian coalition government and large-scale protests in France over stagnant wages were sources of uncertainty in Europe. In emerging markets, new Brazilian president Jair Bolsonaro took office, with markets generally encouraged by his market-friendly agenda. In contrast, markets were nervous about the less-market-friendly approach of Mexico’s new president Andrés Manuel López Obrador. For much of the period, the contentious US–China trade relationship was a drag on global sentiment. Signs of progress toward a resolution helped steady markets late in the period while China’s economy showed signs of stabilizing.
MFS Lifetime Income Fund
Summary of Results
For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime Income Fund (fund) provided a total return of 5.18%, at net asset value. This compares with a return of 5.29% 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 6.50%. 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 generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to both the fixed income segment and US equity segment negatively impacted relative performance during the reporting period.
Within the fund’s allocation to the fixed income segment, the MFS Limited Maturity Fund, MFS Inflation-Adjusted Bond Fund and MFS Global Bond Fund weakened relative performance. A shorter relative duration stance drove the underperformance of the MFS Limited Maturity Fund, while the MFS Global Bond Fund was negatively impacted by a stronger US dollar during the reporting period.
Within US stock funds, the fund’s exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.
The fund’s allocation to international stock funds positively impacted relative performance. Here, both the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.
MFS Lifetime 2020 Fund
Summary of Results
For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2020 Fund (fund) provided a total return of 5.30%, at net asset value. This compares with a return of 13.49% 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 6.64%. The Blended
12
Management Review – continued
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 generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to both the fixed income segment and US equity segment negatively impacted relative performance during the reporting period.
Within the fund’s allocation to the fixed income segment, the MFS Inflation-Adjusted Bond Fund, MFS Limited Maturity Fund and MFS Global Bond Fund weakened relative performance. A shorter relative duration stance drove the underperformance of the MFS Limited Maturity Fund, while the MFS Global Bond Fund was negatively impacted by a stronger US dollar during the reporting period.
Within US stock funds, the fund’s exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.
The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.
Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the fund’s investments in the MFS Blended Research International Equity Fund held back relative performance during the reporting period.
MFS Lifetime 2025 Fund
Summary of Results
For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2025 Fund (fund) provided a total return of 5.70%, at net asset value. This compares with a return of 13.49% 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 7.08%. 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 generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to both the fixed income segment and US equity segment negatively impacted relative performance during the reporting period.
Within the fund’s allocation to the fixed income segment, the MFS Inflation-Adjusted Bond Fund, MFS Global Bond Fund and MFS Emerging Markets Debt Local Currency Fund weakened relative performance. The MFS Global Bond Fund and MFS Emerging Markets Debt Local Currency Fund were negatively impacted by a stronger US dollar during the reporting period.
Within US stock funds, the fund’s exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.
The fund’s allocation to international stock funds positively impacted relative performance. Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.
The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.
13
Management Review – continued
MFS Lifetime 2030 Fund
Summary of Results
For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2030 Fund (fund) provided a total return of 6.24%, at net asset value. This compares with a return of 13.49% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2030 Fund Blended Index (Blended Index), generated a return of 7.42%. 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 generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to both the US equity segment and fixed income segment negatively impacted relative performance during the reporting period.
Within US stock funds, exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.
Within the fund’s allocation to the fixed income segment, the MFS Emerging Markets Debt Local Currency Fund, MFSInflation-Adjusted Bond Fund and MFS Global Bond Fund weakened relative performance. The MFS Global Bond Fund and MFS Emerging Markets Debt Local Currency Fund were negatively impacted by a stronger US dollar during the reporting period.
The fund’s allocation to international stock funds positively impacted relative performance. Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.
The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.
MFS Lifetime 2035 Fund
Summary of Results
For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2035 Fund (fund) provided a total return of 6.50%, at net asset value. This compares with a return of 13.49% 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 7.40%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
During the reporting period, on an absolute basis, equity markets generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to both the US equity segment and fixed income segment negatively impacted relative performance during the reporting period.
Within US stock funds, exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.
Within the fund’s allocation to the fixed income segment, the MFS Emerging Markets Debt Local Currency Fund, MFS Inflation-Adjusted Bond Fund and MFS Global Bond Fund weakened relative performance. The MFS Global Bond Fund and MFS Emerging Markets Debt Local Currency Fund were negatively impacted by a stronger US dollar during the reporting period.
The fund’s allocation to international stock funds positively impacted relative performance. Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.
14
Management Review – continued
The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.
MFS Lifetime 2040 Fund
Summary of Results
For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2040 Fund (fund) provided a total return of 6.45%, at net asset value. This compares with a return of 13.49% 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 7.14%. 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 generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to both the US equity segment and fixed income segment negatively impacted relative performance during the reporting period.
Within US stock funds, exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.
The fund’s allocation to international stock funds positively impacted relative performance. Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.
The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.
MFS Lifetime 2045 Fund
Summary of Results
For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2045 Fund (fund) provided a total return of 6.45%, at net asset value. This compares with a return of 13.49% 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 7.01%. 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 generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to the US equity segment negatively impacted relative performance during the reporting period.
Within US stock funds, exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.
The fund’s allocation to international stock funds positively impacted relative performance. Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.
The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.
15
Management Review – continued
MFS Lifetime 2050 Fund
Summary of Results
For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2050 Fund (fund) provided a total return of 6.47%, at net asset value. This compares with a return of 13.49% 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 7.01%. 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 generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to the US equity segment negatively impacted relative performance during the reporting period.
Within US stock funds, exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.
The fund’s allocation to international stock funds positively impacted relative performance. Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.
The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.
MFS Lifetime 2055 Fund
Summary of Results
For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2055 Fund (fund) provided a total return of 6.46%, at net asset value. This compares with a return of 13.49% 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 7.01%. 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 generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to the US equity segment negatively impacted relative performance during the reporting period.
Within US stock funds, exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.
The fund’s allocation to international stock funds positively impacted relative performance. Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.
The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.
MFS Lifetime 2060 Fund
Summary of Results
For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2060 Fund (fund) provided a total return of 6.47%, at net asset value. This compares with a return of 13.49% 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 7.01%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to
16
Management Review – continued
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 generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to the US equity segment negatively impacted relative performance during the reporting period.
Within US stock funds, exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.
The fund’s allocation to international stock funds positively impacted relative performance. Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.
The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.
Respectfully,
Portfolio Manager(s)
Joseph Flaherty and Natalie Shapiro
Note to Shareholders: Effective September 1, 2018, Natalie Shapiro became a Portfolio Manager of the Fund.
The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
17
PERFORMANCE SUMMARY THROUGH 4/30/19
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 4/30/19
Without sales charge
| | | | | | | | | | | | | | |
| | | Share Class | | Class Inception Date | | 1-yr | | 5-yr | | 10-yr | | Life (t) | | |
| | | | | | | | |
| | | A | | 9/29/05 | | 5.18% | | 3.66% | | 6.37% | | N/A | | |
| | | | | | | | |
| | | B | | 9/29/05 | | 4.48% | | 2.90% | | 5.58% | | N/A | | |
| | | | | | | | |
| | | C | | 9/29/05 | | 4.40% | | 2.89% | | 5.58% | | N/A | | |
| | | | | | | | |
| | | I | | 9/29/05 | | 5.53% | | 3.93% | | 6.64% | | N/A | | |
| | | | | | | | |
| | | R1 | | 9/29/05 | | 4.48% | | 2.90% | | 5.58% | | N/A | | |
| | | | | | | | |
| | | R2 | | 9/29/05 | | 4.92% | | 3.40% | | 6.11% | | N/A | | |
| | | | | | | | |
| | | R3 | | 9/29/05 | | 5.26% | | 3.67% | | 6.39% | | N/A | | |
| | | | | | | | |
| | | R4 | | 9/29/05 | | 5.44% | | 3.90% | | 6.63% | | N/A | | |
| | | | | | | | |
| | | R6 | | 8/29/16 | | 5.52% | | N/A | | N/A | | 4.68% | | |
| | | | | | | | |
| | | 529A | | 1/08/15 | | 5.16% | | N/A | | N/A | | 3.86% | | |
| | | | | | | | |
| | | 529B | | 1/08/15 | | 4.38% | | N/A | | N/A | | 3.09% | | |
| | | 529C | | 1/08/15 | | 4.48% | | N/A | | N/A | | 3.09% | | |
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Performance Summary – continued
| | | | | | | | | | | | | | |
| Comparative benchmark(s) | | | | | | | | | | |
| | | | | | | 1-yr | | 5-yr | | 10-yr | | Life (t) | | |
| | | | | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index (f) | | 5.29% | | 2.57% | | 3.72% | | N/A | | |
| | | | | | | |
| | | MFS Lifetime Income Fund Blended Index (f)(z) | | 6.50% | | 4.37% | | 6.39% | | N/A | | |
| | | | | | | |
| | | Bloomberg Commodity Index (f) | | (8.03)% | | (9.43)% | | (2.67)% | | N/A | | |
| | | | | | | |
| | | FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f) | | 9.62% | | 5.51% | | 11.74% | | N/A | | |
| | | | | | | |
| | | MSCI EAFE Index (net div) (f) | | (3.22)% | | 2.60% | | 7.95% | | N/A | | |
| | | Standard & Poor’s 500 Stock Index (f) | | 13.49% | | 11.63% | | 15.32% | | N/A | | |
| | | | | |
| With sales charge | | | | | | | | | | |
| | | A
With Initial Sales Charge (4.25%) | | 0.71% | | 2.76% | | 5.91% | | N/A | | |
| | | B
With CDSC (Declining over six years from 4% to 0%) (v) | | 0.48% | | 2.54% | | 5.58% | | N/A | | |
| | | C
With CDSC (1% for 12 months) (v) | | 3.40% | | 2.89% | | 5.58% | | N/A | | |
| | | 529A
With Initial Sales Charge (4.25%) | | 0.69% | | N/A | | N/A | | 2.82% | | |
| | | 529B
With CDSC (Declining over six years from 4% to 0%) (v) | | 0.38% | | N/A | | N/A | | 2.67% | | |
| | | 529C
With CDSC (1% for 12 months) (v) | | 3.48% | | N/A | | N/A | | 3.09% | | |
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 comprised of 71% Bloomberg Barclays U.S. Aggregate Bond Index, 20% Standard & Poor’s 500 Stock Index, 5% MSCI EAFE Index (net div), 2% FTSE EPRA Nareit Developed Real Estate Index (net div), and 2% Bloomberg Commodity Index. |
19
Performance Summary – continued
MFS Lifetime 2020 Fund
Growth of a hypothetical $10,000 investment
Average annual total returns through 4/30/19
Without sales charge
| | | | | | | | | | | | | | |
| | | Share Class | | Class Inception Date | | 1-yr | | 5-yr | | 10-yr | | Life (t) | | |
| | | | | | | | |
| | | A | | 9/29/05 | | 5.30% | | 4.34% | | 8.58% | | N/A | | |
| | | | | | | | |
| | | B | | 9/29/05 | | 4.49% | | 3.56% | | 7.78% | | N/A | | |
| | | | | | | | |
| | | C | | 9/29/05 | | 4.50% | | 3.56% | | 7.78% | | N/A | | |
| | | | | | | | |
| | | I | | 9/29/05 | | 5.54% | | 4.60% | | 8.85% | | N/A | | |
| | | | | | | | |
| | | R1 | | 9/29/05 | | 4.51% | | 3.56% | | 7.78% | | N/A | | |
| | | | | | | | |
| | | R2 | | 9/29/05 | | 5.04% | | 4.08% | | 8.31% | | N/A | | |
| | | | | | | | |
| | | R3 | | 9/29/05 | | 5.33% | | 4.32% | | 8.59% | | N/A | | |
| | | | | | | | |
| | | R4 | | 9/29/05 | | 5.55% | | 4.60% | | 8.86% | | N/A | | |
| | | R6 | | 8/29/16 | | 5.62% | | N/A | | N/A | | 5.38% | | |
|
| Comparative benchmark(s) |
| | | | | | | |
| | | Standard & Poor’s 500 Stock Index (f) | | 13.49% | | 11.63% | | 15.32% | | N/A | | |
| | | | | | | |
| | | MFS Lifetime 2020 Fund Blended Index (f)(z) | | 6.64% | | 4.86% | | 8.33% | | N/A | | |
| | | | | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index (f) | | 5.29% | | 2.57% | | 3.72% | | N/A | | |
| | | | | | | |
| | | Bloomberg Commodity Index (f) | | (8.03)% | | (9.43)% | | (2.67)% | | N/A | | |
| | | | | | | |
| | | FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f) | | 9.62% | | 5.51% | | 11.74% | | N/A | | |
| | | MSCI EAFE Index (net div) (f) | | (3.22)% | | 2.60% | | 7.95% | | N/A | | |
|
| With sales charge |
| | | A
With Initial Sales Charge (5.75%) | | (0.75)% | | 3.11% | | 7.94% | | N/A | | |
| | | B
With CDSC (Declining over six years from 4% to 0%) (v) | | 0.49% | | 3.22% | | 7.78% | | N/A | | |
| | | C
With CDSC (1% for 12 months) (v) | | 3.51% | | 3.56% | | 7.78% | | 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.) |
20
Performance Summary – continued
| (v) | Assuming redemption at the end of the applicable period. |
| (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: |
| | | | | | | | | | |
| | | | | | | 4/30/19 | | 4/30/18 | | |
| | | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index | | 67.70% | | 65.50% | | |
| | | | | |
| | | Standard & Poor’s 500 Stock Index | | 22.40% | | 24.00% | | |
| | | | | |
| | | MSCI EAFE Index (net div) | | 5.90% | | 6.50% | | |
| | | | | |
| | | Bloomberg Commodity Index | | 2.00% | | 2.00% | | |
| | | FTSE EPRA/NAREIT Developed Real Estate Index (net div) | | 2.00% | | 2.00% | | |
21
Performance Summary – continued
MFS Lifetime 2025 Fund
Growth of a hypothetical $10,000 investment (t)
Average annual total returns through 4/30/19
Without sales charge
| | | | | | | | | | | | |
| | | Share Class | | Class Inception Date | | 1-yr | | 5-yr | | Life (t) | | |
| | | | | | | |
| | | A | | 11/02/12 | | 5.70% | | 5.37% | | 7.23% | | |
| | | | | | | |
| | | B | | 11/02/12 | | 4.96% | | 4.56% | | 6.41% | | |
| | | | | | | |
| | | C | | 11/02/12 | | 4.94% | | 4.57% | | 6.41% | | |
| | | | | | | |
| | | I | | 11/02/12 | | 6.05% | | 5.63% | | 7.49% | | |
| | | | | | | |
| | | R1 | | 11/02/12 | | 4.97% | | 4.58% | | 6.42% | | |
| | | | | | | |
| | | R2 | | 11/02/12 | | 5.48% | | 5.09% | | 6.94% | | |
| | | | | | | |
| | | R3 | | 11/02/12 | | 5.75% | | 5.36% | | 7.21% | | |
| | | | | | | |
| | | R4 | | 11/02/12 | | 6.06% | | 5.63% | | 7.48% | | |
| | | R6 | | 8/29/16 | | 6.21% | | N/A | | 7.04% | | |
|
| Comparative benchmark(s) |
| | | | | | |
| | | Standard & Poor’s 500 Stock Index (f) | | 13.49% | | 11.63% | | 14.15% | | |
| | | | | | |
| | | MFS Lifetime 2025 Fund Blended Index (f)(z) | | 7.08% | | 5.69% | | 7.53% | | |
| | | | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index (f) | | 5.29% | | 2.57% | | 2.10% | | |
| | | | | | |
| | | Bloomberg Commodity Index (f) | | (8.03)% | | (9.43)% | | (7.86)% | | |
| | | | | | |
| | | FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f) | | 9.62% | | 5.51% | | 6.57% | | |
| | | MSCI EAFE Index (net div) (f) | | (3.22)% | | 2.60% | | 6.41% | | |
|
| With sales charge |
| | | A
With Initial Sales Charge (5.75%) | | (0.37)% | | 4.13% | | 6.26% | | |
| | | B
With CDSC (Declining over six years from 4% to 0%) (v) | | 0.96% | | 4.22% | | 6.41% | | |
| | | C
With CDSC (1% for 12 months) (v) | | 3.94% | | 4.57% | | 6.41% | | |
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.) |
22
Performance Summary – continued
| (v) | Assuming redemption at the end of the applicable period. |
| (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: |
| | | | | | | | | | |
| | | | | | | 4/30/19 | | 4/30/18 | | |
| | | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index | | 54.00% | | 50.00% | | |
| | | | | |
| | | Standard & Poor’s 500 Stock Index | | 31.90% | | 34.50% | | |
| | | | | |
| | | MSCI EAFE Index (net div) | | 9.50% | | 10.50% | | |
| | | | | |
| | | Bloomberg Commodity Index | | 2.30% | | 2.50% | | |
| | | FTSE EPRA/NAREIT Developed Real Estate Index (net div) | | 2.30% | | 2.50% | | |
23
Performance Summary – continued
MFS Lifetime 2030 Fund
Growth of a hypothetical $10,000 investment
Average annual total returns through 4/30/19
Without sales charge
| | | | | | | | | | | | | | |
| | | Share Class | | Class Inception Date | | 1-yr | | 5-yr | | 10-yr | | Life (t) | | |
| | | | | | | | |
| | | A | | 9/29/05 | | 6.24% | | 6.54% | | 11.34% | | N/A | | |
| | | | | | | | |
| | | B | | 9/29/05 | | 5.44% | | 5.74% | | 10.50% | | N/A | | |
| | | | | | | | |
| | | C | | 9/29/05 | | 5.46% | | 5.73% | | 10.49% | | N/A | | |
| | | | | | | | |
| | | I | | 9/29/05 | | 6.50% | | 6.74% | | 11.57% | | N/A | | |
| | | | | | | | |
| | | R1 | | 9/29/05 | | 5.42% | | 5.72% | | 10.50% | | N/A | | |
| | | | | | | | |
| | | R2 | | 9/29/05 | | 6.00% | | 6.26% | | 11.05% | | N/A | | |
| | | | | | | | |
| | | R3 | | 9/29/05 | | 6.21% | | 6.53% | | 11.32% | | N/A | | |
| | | | | | | | |
| | | R4 | | 9/29/05 | | 6.56% | | 6.79% | | 11.60% | | N/A | | |
| | | R6 | | 8/29/16 | | 6.71% | | N/A | | N/A | | 9.06% | | |
|
| Comparative benchmark(s) |
| | | | | | | |
| | | Standard & Poor’s 500 Stock Index (f) | | 13.49% | | 11.63% | | 15.32% | | N/A | | |
| | | | | | | |
| | | MFS Lifetime 2030 Fund Blended Index (f)(z) | | 7.42% | | 6.60% | | 10.91% | | N/A | | |
| | | | | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index (f) | | 5.29% | | 2.57% | | 3.72% | | N/A | | |
| | | | | | | |
| | | Bloomberg Commodity Index (f) | | (8.03)% | | (9.43)% | | (2.67)% | | N/A | | |
| | | | | | | |
| | | FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f) | | 9.62% | | 5.51% | | 11.74% | | N/A | | |
| | | MSCI EAFE Index (net div) (f) | | (3.22)% | | 2.60% | | 7.95% | | N/A | | |
| | | | | |
| With sales charge | | | | | | | | | | |
| | | A
With Initial Sales Charge (5.75%) | | 0.13% | | 5.29% | | 10.68% | | N/A | | |
| | | B
With CDSC (Declining over six years from 4% to 0%) (v) | | 1.44% | | 5.41% | | 10.50% | | N/A | | |
| | | C
With CDSC (1% for 12 months) (v) | | 4.46% | | 5.73% | | 10.49% | | N/A | | |
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
24
Performance Summary – continued
| (v) | Assuming redemption at the end of the applicable period. |
| (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: |
| | | | | | | | | | |
| | | | | | | 4/30/19 | | 4/30/18 | | |
| | | | | |
| | | Standard & Poor’s 500 Stock Index | | 44.30% | | 46.50% | | |
| | | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index | | 34.00% | | 30.00% | | |
| | | | | |
| | | MSCI EAFE Index (net div) | | 15.10% | | 16.50% | | |
| | | | | |
| | | Bloomberg Commodity Index | | 3.30% | | 3.50% | | |
| | | FTSE EPRA/NAREIT Developed Real Estate Index (net div) | | 3.30% | | 3.50% | | |
25
Performance Summary – continued
MFS Lifetime 2035 Fund
Growth of a hypothetical $10,000 investment (t)
Average annual total returns through 4/30/19
Without sales charge
| | | | | | | | | | | | |
| | | Share Class | | Class Inception Date | | 1-yr | | 5-yr | | Life (t) | | |
| | | | | | | |
| | | A | | 11/02/12 | | 6.50% | | 7.16% | | 9.44% | | |
| | | | | | | |
| | | B | | 11/02/12 | | 5.71% | | 6.36% | | 8.63% | | |
| | | | | | | |
| | | C | | 11/02/12 | | 5.69% | | 6.36% | | 8.64% | | |
| | | | | | | |
| | | I | | 11/02/12 | | 6.76% | | 7.38% | | 9.68% | | |
| | | | | | | |
| | | R1 | | 11/02/12 | | 5.72% | | 6.36% | | 8.63% | | |
| | | | | | | |
| | | R2 | | 11/02/12 | | 6.23% | | 6.89% | | 9.18% | | |
| | | | | | | |
| | | R3 | | 11/02/12 | | 6.46% | | 7.15% | | 9.45% | | |
| | | | | | | |
| | | R4 | | 11/02/12 | | 6.80% | | 7.43% | | 9.72% | | |
| | | R6 | | 8/29/16 | | 6.90% | | N/A | | 10.13% | | |
| | | | |
| Comparative benchmark(s) | | | | | | | | |
| | | | | | |
| | | Standard & Poor’s 500 Stock Index (f) | | 13.49% | | 11.63% | | 14.15% | | |
| | | | | | |
| | | MFS Lifetime 2035 Fund Blended Index (f)(z) | | 7.40% | | 7.02% | | 9.52% | | |
| | | | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index (f) | | 5.29% | | 2.57% | | 2.10% | | |
| | | | | | |
| | | Bloomberg Commodity Index (f) | | (8.03)% | | (9.43)% | | (7.86)% | | |
| | | | | | |
| | | FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f) | | 9.62% | | 5.51% | | 6.57% | | |
| | | MSCI EAFE Index (net div) (f) | | (3.22)% | | 2.60% | | 6.41% | | |
| | | | |
| With sales charge | | | | | | | | |
| | | A
With Initial Sales Charge (5.75%) | | 0.37% | | 5.90% | | 8.45% | | |
| | | B
With CDSC (Declining over six years from 4% to 0%) (v) | | 1.71% | | 6.04% | | 8.63% | | |
| | | C
With CDSC (1% for 12 months) (v) | | 4.69% | | 6.36% | | 8.64% | | |
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.) |
26
Performance Summary – continued
| (v) | Assuming redemption at the end of the applicable period. |
| (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: |
| | | | | | | | | | |
| | | | | | | 4/30/19 | | 4/30/18 | | |
| | | | | |
| | | Standard & Poor’s 500 Stock Index | | 52.75% | | 53.25% | | |
| | | | | |
| | | MSCI EAFE Index (net div) | | 21.20% | | 22.00% | | |
| | | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index | | 17.75% | | 16.25% | | |
| | | | | |
| | | Bloomberg Commodity Index | | 4.15% | | 4.25% | | |
| | | FTSE EPRA/NAREIT Developed Real Estate Index (net div) | | 4.15% | | 4.25% | | |
27
Performance Summary – continued
MFS Lifetime 2040 Fund
Growth of a hypothetical $10,000 investment
Average annual total returns through 4/30/19
Without sales charge
| | | | | | | | | | | | | | |
| | | Share Class | | Class Inception Date | | 1-yr | | 5-yr | | 10-yr | | Life (t) | | |
| | | | | | | | |
| | | A | | 9/29/05 | | 6.45% | | 7.47% | | 12.16% | | N/A | | |
| | | | | | | | |
| | | B | | 9/29/05 | | 5.66% | | 6.66% | | 11.32% | | N/A | | |
| | | | | | | | |
| | | C | | 9/29/05 | | 5.65% | | 6.67% | | 11.31% | | N/A | | |
| | | | | | | | |
| | | I | | 9/29/05 | | 6.75% | | 7.69% | | 12.41% | | N/A | | |
| | | | | | | | |
| | | R1 | | 9/29/05 | | 5.71% | | 6.66% | | 11.32% | | N/A | | |
| | | | | | | | |
| | | R2 | | 9/29/05 | | 6.23% | | 7.20% | | 11.87% | | N/A | | |
| | | | | | | | |
| | | R3 | | 9/29/05 | | 6.45% | | 7.46% | | 12.15% | | N/A | | |
| | | | | | | | |
| | | R4 | | 9/29/05 | | 6.73% | | 7.74% | | 12.43% | | N/A | | |
| | | R6 | | 8/29/16 | | 6.89% | | N/A | | N/A | | 10.69% | | |
|
| Comparative benchmark(s) |
| | | | | | | |
| | | Standard & Poor’s 500 Stock Index (f) | | 13.49% | | 11.63% | | 15.32% | | N/A | | |
| | | | | | | |
| | | MFS Lifetime 2040 Fund Blended Index (f)(z) | | 7.14% | | 7.19% | | 11.68% | | N/A | | |
| | | | | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index (f) | | 5.29% | | 2.57% | | 3.72% | | N/A | | |
| | | | | | | |
| | | Bloomberg Commodity Index (f) | | (8.03)% | | (9.43)% | | (2.67)% | | N/A | | |
| | | | | | | |
| | | FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f) | | 9.62% | | 5.51% | | 11.74% | | N/A | | |
| | | MSCI EAFE Index (net div) (f) | | (3.22)% | | 2.60% | | 7.95% | | N/A | | |
| | | | | |
| With sales charge | | | | | | | | | | |
| | | A
With Initial Sales Charge (5.75%) | | 0.33% | | 6.21% | | 11.50% | | N/A | | |
| | | B
With CDSC (Declining over six years from 4% to 0%) (v) | | 1.66% | | 6.35% | | 11.32% | | N/A | | |
| | | C
With CDSC (1% for 12 months) (v) | | 4.65% | | 6.67% | | 11.31% | | N/A | | |
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.) |
28
Performance Summary – continued
| (v) | Assuming redemption at the end of the applicable period. |
| (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: |
| | | | | | | | | | |
| | | | | | | 4/30/19 | | 4/30/18 | | |
| | | | | |
| | | Standard & Poor’s 500 Stock Index | | 55.25% | | 55.75% | | |
| | | | | |
| | | MSCI EAFE Index (net div) | | 25.20% | | 26.00% | | |
| | | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index | | 10.25% | | 8.75% | | |
| | | | | |
| | | Bloomberg Commodity Index | | 4.65% | | 4.75% | | |
| | | FTSE EPRA/NAREIT Developed Real Estate Index (net div) | | 4.65% | | 4.75% | | |
29
Performance Summary – continued
MFS Lifetime 2045 Fund
Growth of a hypothetical $10,000 investment (t)
Average annual total returns through 4/30/19
Without sales charge
| | | | | | | | | | | | |
| | | Share Class | | Class Inception Date | | 1-yr | | 5-yr | | Life (t) | | |
| | | | | | | |
| | | A | | 11/02/12 | | 6.45% | | 7.55% | | 9.92% | | |
| | | | | | | |
| | | B | | 11/02/12 | | 5.71% | | 6.77% | | 9.08% | | |
| | | | | | | |
| | | C | | 11/02/12 | | 5.70% | | 6.75% | | 9.07% | | |
| | | | | | | |
| | | I | | 11/02/12 | | 6.75% | | 7.86% | | 10.20% | | |
| | | | | | | |
| | | R1 | | 11/02/12 | | 5.70% | | 6.75% | | 9.08% | | |
| | | | | | | |
| | | R2 | | 11/02/12 | | 6.15% | | 7.29% | | 9.62% | | |
| | | | | | | |
| | | R3 | | 11/02/12 | | 6.49% | | 7.56% | | 9.91% | | |
| | | | | | | |
| | | R4 | | 11/02/12 | | 6.73% | | 7.82% | | 10.17% | | |
| | | R6 | | 8/29/16 | | 6.91% | | N/A | | 10.85% | | |
|
| Comparative benchmark(s) |
| | | | | | |
| | | Standard & Poor’s 500 Stock Index (f) | | 13.49% | | 11.63% | | 14.15% | | |
| | | | | | |
| | | MFS Lifetime 2045 Fund Blended Index (f)(z) | | 7.01% | | 7.29% | | 9.90% | | |
| | | | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index (f) | | 5.29% | | 2.57% | | 2.10% | | |
| | | | | | |
| | | Bloomberg Commodity Index (f) | | (8.03)% | | (9.43)% | | (7.86)% | | |
| | | | | | |
| | | FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f) | | 9.62% | | 5.51% | | 6.57% | | |
| | | MSCI EAFE Index (net div) (f) | | (3.22)% | | 2.60% | | 6.41% | | |
|
| With sales charge |
| | | A
With Initial Sales Charge (5.75%) | | 0.33% | | 6.29% | | 8.92% | | |
| | | B
With CDSC (Declining over six years from 4% to 0%) (v) | | 1.71% | | 6.46% | | 9.08% | | |
| | | C
With CDSC (1% for 12 months) (v) | | 4.70% | | 6.75% | | 9.07% | | |
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
| (f) | Source: FactSet Research Systems Inc. |
| (t) | For the period from the class inception date through the stated period end. 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.) |
30
Performance Summary – continued
| (v) | Assuming redemption at the end of the applicable period. |
| (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: |
| | | | | | | | | | |
| | | | | | | 4/30/19 | | 4/30/18 | | |
| | | | | |
| | | 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% | | |
31
Performance Summary – continued
MFS Lifetime 2050 Fund
Growth of a hypothetical $10,000 investment (t)
Average annual total returns through 4/30/19
Without sales charge
| | | | | | | | | | | | |
| | | Share Class | | Class Inception Date | | 1-yr | | 5-yr | | Life (t) | | |
| | | | | | | |
| | | A | | 9/15/10 | | 6.47% | | 7.56% | | 10.08% | | |
| | | | | | | |
| | | B | | 9/15/10 | | 5.67% | | 6.76% | | 9.26% | | |
| | | | | | | |
| | | C | | 9/15/10 | | 5.67% | | 6.76% | | 9.26% | | |
| | | | | | | |
| | | I | | 9/15/10 | | 6.70% | | 7.83% | | 10.37% | | |
| | | | | | | |
| | | R1 | | 9/15/10 | | 5.65% | | 6.76% | | 9.26% | | |
| | | | | | | |
| | | R2 | | 9/15/10 | | 6.18% | | 7.29% | | 9.81% | | |
| | | | | | | |
| | | R3 | | 9/15/10 | | 6.48% | | 7.56% | | 10.09% | | |
| | | | | | | |
| | | R4 | | 9/15/10 | | 6.71% | | 7.83% | | 10.35% | | |
| | | R6 | | 8/29/16 | | 6.89% | | N/A | | 10.83% | | |
|
| Comparative benchmark(s) |
| | | | | | |
| | | Standard & Poor’s 500 Stock Index (f) | | 13.49% | | 11.63% | | 14.20% | | |
| | | | | | |
| | | MFS Lifetime 2050 Fund Blended Index (f)(z) | | 7.01% | | 7.29% | | 9.92% | | |
| | | | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index (f) | | 5.29% | | 2.57% | | 2.84% | | |
| | | | | | |
| | | Bloomberg Commodity Index (f) | | (8.03)% | | (9.43)% | | (5.56)% | | |
| | | | | | |
| | | FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f) | | 9.62% | | 5.51% | | 7.58% | | |
| | | MSCI EAFE Index (net div) (f) | | (3.22)% | | 2.60% | | 5.58% | | |
|
| With sales charge |
| | | A
With Initial Sales Charge (5.75%) | | 0.35% | | 6.29% | | 9.33% | | |
| | | B
With CDSC (Declining over six years from 4% to 0%) (v) | | 1.67% | | 6.45% | | 9.26% | | |
| | | C
With CDSC (1% for 12 months) (v) | | 4.67% | | 6.76% | | 9.26% | | |
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.) |
32
Performance Summary – continued
| (v) | Assuming redemption at the end of the applicable period. |
| (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: |
| | | | | | | | | | |
| | | | | | | 4/30/19 | | 4/30/18 | | |
| | | | | |
| | | 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% | | |
33
Performance Summary – continued
MFS Lifetime 2055 Fund
Growth of a hypothetical $10,000 investment (t)
Average annual total returns through 4/30/19
Without sales charge
| | | | | | | | | | | | |
| | | Share Class | | Class Inception Date | | 1-yr | | 5-yr | | Life (t) | | |
| | | | | | | |
| | | A | | 11/02/12 | | 6.46% | | 7.54% | �� | 9.90% | | |
| | | | | | | |
| | | B | | 11/02/12 | | 5.65% | | 6.75% | | 9.09% | | |
| | | | | | | |
| | | C | | 11/02/12 | | 5.63% | | 6.74% | | 9.08% | | |
| | | | | | | |
| | | I | | 11/02/12 | | 6.74% | | 7.72% | | 10.11% | | |
| | | | | | | |
| | | R1 | | 11/02/12 | | 5.65% | | 6.73% | | 9.07% | | |
| | | | | | | |
| | | R2 | | 11/02/12 | | 6.19% | | 7.27% | | 9.62% | | |
| | | | | | | |
| | | R3 | | 11/02/12 | | 6.46% | | 7.55% | | 9.91% | | |
| | | | | | | |
| | | R4 | | 11/02/12 | | 6.71% | | 7.82% | | 10.18% | | |
| | | R6 | | 8/29/16 | | 6.88% | | N/A | | 10.81% | | |
|
| Comparative benchmark(s) |
| | | | | | |
| | | Standard & Poor’s 500 Stock Index (f) | | 13.49% | | 11.63% | | 14.15% | | |
| | | | | | |
| | | MFS Lifetime 2055 Fund Blended Index (f)(z) | | 7.01% | | 7.29% | | 9.90% | | |
| | | | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index (f) | | 5.29% | | 2.57% | | 2.10% | | |
| | | | | | |
| | | Bloomberg Commodity Index (f) | | (8.03)% | | (9.43)% | | (7.86)% | | |
| | | | | | |
| | | FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f) | | 9.62% | | 5.51% | | 6.57% | | |
| | | MSCI EAFE Index (net div) (f) | | (3.22)% | | 2.60% | | 6.41% | | |
|
| With sales charge |
| | | A
With Initial Sales Charge (5.75%) | | 0.33% | | 6.27% | | 8.90% | | |
| | | B
With CDSC (Declining over six years from 4% to 0%) (v) | | 1.65% | | 6.44% | | 9.09% | | |
| | | C
With CDSC (1% for 12 months) (v) | | 4.63% | | 6.74% | | 9.08% | | |
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.) |
34
Performance Summary – continued
| (v) | Assuming redemption at the end of the applicable period. |
| (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: |
| | | | | | | | | | |
| | | | | | | 4/30/19 | | 4/30/18 | | |
| | | | | |
| | | 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% | | |
35
Performance Summary – continued
MFS Lifetime 2060 Fund
Growth of a hypothetical $10,000 investment (t)
Average annual total returns through 4/30/19
Without sales charge
| | | | | | | | | | |
| | | Share Class | | Class Inception Date | | 1-yr | | Life (t) | | |
| | | | | | |
| | | A | | 12/06/16 | | 6.47% | | 11.80% | | |
| | | | | | |
| | | B | | 12/06/16 | | 5.78% | | 11.01% | | |
| | | | | | |
| | | C | | 12/06/16 | | 5.75% | | 11.00% | | |
| | | | | | |
| | | I | | 12/06/16 | | 6.76% | | 12.11% | | |
| | | | | | |
| | | R1 | | 12/06/16 | | 5.69% | | 10.98% | | |
| | | | | | |
| | | R2 | | 12/06/16 | | 6.29% | | 11.55% | | |
| | | | | | |
| | | R3 | | 12/06/16 | | 6.48% | | 11.81% | | |
| | | | | | |
| | | R4 | | 12/06/16 | | 6.72% | | 12.09% | | |
| | | R6 | | 12/06/16 | | 6.95% | | 12.19% | | |
|
| Comparative benchmark(s) |
| | | | | |
| | | Standard & Poor’s 500 Stock Index (f) | | 13.49% | | 15.08% | | |
| | | | | |
| | | MFS Lifetime 2060 Fund Blended Index (f)(z) | | 7.01% | | 11.84% | | |
| | | | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index (f) | | 5.29% | | 2.80% | | |
| | | | | |
| | | Bloomberg Commodity Index (f) | | (8.03)% | | (2.24)% | | |
| | | | | |
| | | FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f) | | 9.62% | | 8.46% | | |
| | | MSCI EAFE Index (net div) (f) | | (3.22)% | | 9.91% | | |
|
| With sales charge |
| | | A
With Initial Sales Charge (5.75%) | | 0.35% | | 9.07% | | |
| | | B
With CDSC (Declining over six years from 4% to 0%) (v) | | 1.78% | | 9.92% | | |
| | | C
With CDSC (1% for 12 months) (v) | | 4.75% | | 11.00% | | |
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.) |
36
Performance Summary – continued
| (v) | Assuming redemption at the end of the applicable period. |
| (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 |
| | | | | | | | | | |
| | | | | | | 4/30/19 | | 4/30/18 | | |
| | | | | |
| | | 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 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 (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 (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 – 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.
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.
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
EXPENSE TABLES
Fund expenses borne by the shareholders during the period, November 1, 2018 through April 30, 2019
As a shareholder of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including distribution and service(12b-1) fees; and other fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds.
In addition to the fees and expenses which each fund bears directly, each fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which each fund invests. Because the underlying funds have varied expenses and fee levels and each fund may own different proportions of the underlying funds at different times, the amount of fees and expenses incurred indirectly by each fund will vary. If these transactional and indirect costs were included, your costs would have been higher.
These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2018 through April 30, 2019.
Actual Expenses
The first line for each share class in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the following tables provides information about hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
38
Expense Tables – continued
MFS LIFETIME INCOME FUND
| | | | | | | | | | | | | | | | | | |
Share Class | | | | Annualized
Expense
Ratio | | | Beginning
Account Value
11/01/18 | | | Ending Account Value
4/30/19 | | | Expenses
Paid During
Period (p)
11/01/18-4/30/19 | |
| A | | Actual | | | 0.23% | | | | $1,000.00 | | | | $1,061.51 | | | | $1.18 | |
| | Hypothetical (h) | | | 0.23% | | | | $1,000.00 | | | | $1,023.65 | | | | $1.15 | |
| B | | Actual | | | 0.98% | | | | $1,000.00 | | | | $1,058.42 | | | | $5.00 | |
| | Hypothetical (h) | | | 0.98% | | | | $1,000.00 | | | | $1,019.93 | | | | $4.91 | |
| C | | Actual | | | 0.98% | | | | $1,000.00 | | | | $1,057.58 | | | | $5.00 | |
| | Hypothetical (h) | | | 0.98% | | | | $1,000.00 | | | | $1,019.93 | | | | $4.91 | |
| I | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,063.68 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R1 | | Actual | | | 0.98% | | | | $1,000.00 | | | | $1,058.38 | | | | $5.00 | |
| | Hypothetical (h) | | | 0.98% | | | | $1,000.00 | | | | $1,019.93 | | | | $4.91 | |
| R2 | | Actual | | | 0.48% | | | | $1,000.00 | | | | $1,060.16 | | | | $2.45 | |
| | Hypothetical (h) | | | 0.48% | | | | $1,000.00 | | | | $1,022.41 | | | | $2.41 | |
| R3 | | Actual | | | 0.23% | | | | $1,000.00 | | | | $1,062.36 | | | | $1.18 | |
| | Hypothetical (h) | | | 0.23% | | | | $1,000.00 | | | | $1,023.65 | | | | $1.15 | |
| R4 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,062.82 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R6 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,063.10 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| 529A | | Actual | | | 0.26% | | | | $1,000.00 | | | | $1,061.55 | | | | $1.33 | |
| | Hypothetical (h) | | | 0.26% | | | | $1,000.00 | | | | $1,023.51 | | | | $1.30 | |
| 529B | | Actual | | | 1.02% | | | | $1,000.00 | | | | $1,057.61 | | | | $5.20 | |
| | Hypothetical (h) | | | 1.02% | | | | $1,000.00 | | | | $1,019.74 | | | | $5.11 | |
| 529C | | Actual | | | 1.02% | | | | $1,000.00 | | | | $1,057.60 | | | | $5.20 | |
| | 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 theone-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Notes to Expense Table
For the MFS Lifetime Income Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class 529A, Class 529B, and Class 529C shares, this rebate reduced the expense ratios above by 0.02%, 0.01%, and 0.01%, respectively. See Note 3 in the Notes to Financial Statements for additional information.
39
Expense Tables – continued
MFS LIFETIME 2020 FUND
| | | | | | | | | | | | | | | | | | |
Share Class | | | | Annualized
Expense
Ratio | | | Beginning
Account Value
11/01/18 | | | Ending Account Value 4/30/19 | | | Expenses Paid During
Period (p) 11/01/18-4/30/19 | |
| A | | Actual | | | 0.22% | | | | $1,000.00 | | | | $1,064.49 | | | | $1.13 | |
| | Hypothetical (h) | | | 0.22% | | | | $1,000.00 | | | | $1,023.70 | | | | $1.10 | |
| B | | Actual | | | 0.98% | | | | $1,000.00 | | | | $1,060.50 | | | | $5.01 | |
| | Hypothetical (h) | | | 0.98% | | | | $1,000.00 | | | | $1,019.93 | | | | $4.91 | |
| C | | Actual | | | 0.98% | | | | $1,000.00 | | | | $1,060.01 | | | | $5.01 | |
| | Hypothetical (h) | | | 0.98% | | | | $1,000.00 | | | | $1,019.93 | | | | $4.91 | |
| I | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,065.17 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R1 | | Actual | | | 0.98% | | | | $1,000.00 | | | | $1,060.66 | | | | $5.01 | |
| | Hypothetical (h) | | | 0.98% | | | | $1,000.00 | | | | $1,019.93 | | | | $4.91 | |
| R2 | | Actual | | | 0.48% | | | | $1,000.00 | | | | $1,062.72 | | | | $2.45 | |
| | Hypothetical (h) | | | 0.48% | | | | $1,000.00 | | | | $1,022.41 | | | | $2.41 | |
| R3 | | Actual | | | 0.23% | | | | $1,000.00 | | | | $1,063.92 | | | | $1.18 | |
| | Hypothetical (h) | | | 0.23% | | | | $1,000.00 | | | | $1,023.65 | | | | $1.15 | |
| R4 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,065.30 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R6 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,065.97 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| | (h) | 5% class return per year before expenses. |
| | (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
40
Expense Tables – continued
MFS LIFETIME 2025 FUND
| | | | | | | | | | | | | | | | | | |
Share Class | | | | Annualized
Expense
Ratio | | | Beginning
Account Value
11/01/18 | | | Ending Account Value
4/30/19 | | | Expenses
Paid During
Period (p)
11/01/18-4/30/19 | |
| A | | Actual | | | 0.21% | | | | $1,000.00 | | | | $1,072.93 | | | | $1.08 | |
| | Hypothetical (h) | | | 0.21% | | | | $1,000.00 | | | | $1,023.75 | | | | $1.05 | |
| B | | Actual | | | 0.97% | | | | $1,000.00 | | | | $1,068.96 | | | | $4.98 | |
| | Hypothetical (h) | | | 0.97% | | | | $1,000.00 | | | | $1,019.98 | | | | $4.86 | |
| C | | Actual | | | 0.98% | | | | $1,000.00 | | | | $1,068.78 | | | | $5.03 | |
| | Hypothetical (h) | | | 0.98% | | | | $1,000.00 | | | | $1,019.93 | | | | $4.91 | |
| I | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,074.65 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R1 | | Actual | | | 0.98% | | | | $1,000.00 | | | | $1,069.80 | | | | $5.03 | |
| | Hypothetical (h) | | | 0.98% | | | | $1,000.00 | | | | $1,019.93 | | | | $4.91 | |
| R2 | | Actual | | | 0.48% | | | | $1,000.00 | | | | $1,071.58 | | | | $2.47 | |
| | Hypothetical (h) | | | 0.48% | | | | $1,000.00 | | | | $1,022.41 | | | | $2.41 | |
| R3 | | Actual | | | 0.23% | | | | $1,000.00 | | | | $1,073.41 | | | | $1.18 | |
| | Hypothetical (h) | | | 0.23% | | | | $1,000.00 | | | | $1,023.65 | | | | $1.15 | |
| R4 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,074.75 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R6 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,075.42 | | | | $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 theone-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Notes to Expense Table
For the MFS Lifetime 2025 Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class A and Class B shares, this rebate reduced the expense ratios above by 0.02% and 0.01%, respectively. See Note 3 in the Notes to Financial Statements for additional information.
41
Expense Tables – continued
MFS LIFETIME 2030 FUND
| | | | | | | | | | | | | | | | | | |
Share Class | | | | Annualized
Expense
Ratio | | | Beginning
Account Value
11/01/18 | | | Ending
Account Value
4/30/19 | | | Expenses Paid During
Period (p) 11/01/18-4/30/19 | |
| A | | Actual | | | 0.24% | | | | $1,000.00 | | | | $1,084.12 | | | | $1.24 | |
| | Hypothetical (h) | | | 0.24% | | | | $1,000.00 | | | | $1,023.60 | | | | $1.20 | |
| B | | Actual | | | 0.99% | | | | $1,000.00 | | | | $1,079.91 | | | | $5.11 | |
| | Hypothetical (h) | | | 0.99% | | | | $1,000.00 | | | | $1,019.89 | | | | $4.96 | |
| C | | Actual | | | 0.99% | | | | $1,000.00 | | | | $1,079.52 | | | | $5.10 | |
| | Hypothetical (h) | | | 0.99% | | | | $1,000.00 | | | | $1,019.89 | | | | $4.96 | |
| I | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,085.25 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R1 | | Actual | | | 0.99% | | | | $1,000.00 | | | | $1,079.58 | | | | $5.10 | |
| | Hypothetical (h) | | | 0.99% | | | | $1,000.00 | | | | $1,019.89 | | | | $4.96 | |
| R2 | | Actual | | | 0.49% | | | | $1,000.00 | | | | $1,082.60 | | | | $2.53 | |
| | Hypothetical (h) | | | 0.49% | | | | $1,000.00 | | | | $1,022.36 | | | | $2.46 | |
| R3 | | Actual | | | 0.24% | | | | $1,000.00 | | | | $1,083.90 | | | | $1.24 | |
| | Hypothetical (h) | | | 0.24% | | | | $1,000.00 | | | | $1,023.60 | | | | $1.20 | |
| R4 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,085.85 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R6 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,086.64 | | | | $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 theone-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
42
Expense Tables – continued
MFS LIFETIME 2035 FUND
| | | | | | | | | | | | | | | | | | |
Share Class | | | | Annualized
Expense
Ratio | | | Beginning
Account Value
11/01/18 | | | Ending
Account Value
4/30/19 | | | Expenses Paid During
Period (p) 11/01/18-4/30/19 | |
| A | | Actual | | | 0.24% | | | | $1,000.00 | | | | $1,091.12 | | | | $1.24 | |
| | Hypothetical (h) | | | 0.24% | | | | $1,000.00 | | | | $1,023.60 | | | | $1.20 | |
| B | | Actual | | | 0.99% | | | | $1,000.00 | | | | $1,087.11 | | | | $5.12 | |
| | Hypothetical (h) | | | 0.99% | | | | $1,000.00 | | | | $1,019.89 | | | | $4.96 | |
| C | | Actual | | | 0.99% | | | | $1,000.00 | | | | $1,087.73 | | | | $5.12 | |
| | Hypothetical (h) | | | 0.99% | | | | $1,000.00 | | | | $1,019.89 | | | | $4.96 | |
| I | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,092.99 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R1 | | Actual | | | 0.99% | | | | $1,000.00 | | | | $1,087.17 | | | | $5.12 | |
| | Hypothetical (h) | | | 0.99% | | | | $1,000.00 | | | | $1,019.89 | | | | $4.96 | |
| R2 | | Actual | | | 0.49% | | | | $1,000.00 | | | | $1,090.05 | | | | $2.54 | |
| | Hypothetical (h) | | | 0.49% | | | | $1,000.00 | | | | $1,022.36 | | | | $2.46 | |
| R3 | | Actual | | | 0.24% | | | | $1,000.00 | | | | $1,091.45 | | | | $1.24 | |
| | Hypothetical (h) | | | 0.24% | | | | $1,000.00 | | | | $1,023.60 | | | | $1.20 | |
| R4 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,092.61 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R6 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,093.52 | | | | $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 theone-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Notes to Expense Table
For the MFS Lifetime 2035 Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class A and Class C shares, this rebate reduced the expense ratios above by 0.01%. See Note 3 in the Notes to Financial Statements for additional information.
43
Expense Tables – continued
MFS LIFETIME 2040 FUND
| | | | | | | | | | | | | | | | | | |
Share Class | | | | Annualized
Expense
Ratio | | | Beginning
Account Value
11/01/18 | | | Ending
Account Value
4/30/19 | | | Expenses
Paid During
Period (p)
11/01/18-4/30/19 | |
| A | | Actual | | | 0.23% | | | | $1,000.00 | | | | $1,093.16 | | | | $1.19 | |
| | Hypothetical (h) | | | 0.23% | | | | $1,000.00 | | | | $1,023.65 | | | | $1.15 | |
| B | | Actual | | | 0.99% | | | | $1,000.00 | | | | $1,089.50 | | | | $5.13 | |
| | Hypothetical (h) | | | 0.99% | | | | $1,000.00 | | | | $1,019.89 | | | | $4.96 | |
| C | | Actual | | | 0.99% | | | | $1,000.00 | | | | $1,089.85 | | | | $5.13 | |
| | Hypothetical (h) | | | 0.99% | | | | $1,000.00 | | | | $1,019.89 | | | | $4.96 | |
| I | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,094.78 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R1 | | Actual | | | 0.99% | | | | $1,000.00 | | | | $1,090.16 | | | | $5.13 | |
| | Hypothetical (h) | | | 0.99% | | | | $1,000.00 | | | | $1,019.89 | | | | $4.96 | |
| R2 | | Actual | | | 0.49% | | | | $1,000.00 | | | | $1,092.55 | | | | $2.54 | |
| | Hypothetical (h) | | | 0.49% | | | | $1,000.00 | | | | $1,022.36 | | | | $2.46 | |
| R3 | | Actual | | | 0.24% | | | | $1,000.00 | | | | $1,093.20 | | | | $1.25 | |
| | Hypothetical (h) | | | 0.24% | | | | $1,000.00 | | | | $1,023.60 | | | | $1.20 | |
| R4 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,095.19 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R6 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,096.14 | | | | $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 theone-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Notes to Expense Table
For the MFS Lifetime 2040 Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class A shares, this rebate reduced the expense ratio above by 0.01%. See Note 3 in the Notes to Financial Statements for additional information.
44
Expense Tables – continued
MFS LIFETIME 2045 FUND
| | | | | | | | | | | | | | | | | | |
Share Class | | | | Annualized
Expense
Ratio | | | Beginning
Account Value
11/01/18 | | | Ending
Account Value
4/30/19 | | | Expenses Paid During
Period (p) 11/01/18-4/30/19 | |
| A | | Actual | | | 0.25% | | | | $1,000.00 | | | | $1,094.89 | | | | $1.30 | |
| | Hypothetical (h) | | | 0.25% | | | | $1,000.00 | | | | $1,023.55 | | | | $1.25 | |
| B | | Actual | | | 1.00% | | | | $1,000.00 | | | | $1,091.24 | | | | $5.19 | |
| | Hypothetical (h) | | | 1.00% | | | | $1,000.00 | | | | $1,019.84 | | | | $5.01 | |
| C | | Actual | | | 0.99% | | | | $1,000.00 | | | | $1,091.30 | | | | $5.13 | |
| | Hypothetical (h) | | | 0.99% | | | | $1,000.00 | | | | $1,019.89 | | | | $4.96 | |
| I | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,097.04 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R1 | | Actual | | | 1.00% | | | | $1,000.00 | | | | $1,091.09 | | | | $5.18 | |
| | Hypothetical (h) | | | 1.00% | | | | $1,000.00 | | | | $1,019.84 | | | | $5.01 | |
| R2 | | Actual | | | 0.50% | | | | $1,000.00 | | | | $1,094.20 | | | | $2.60 | |
| | Hypothetical (h) | | | 0.50% | | | | $1,000.00 | | | | $1,022.32 | | | | $2.51 | |
| R3 | | Actual | | | 0.25% | | | | $1,000.00 | | | | $1,096.03 | | | | $1.30 | |
| | Hypothetical (h) | | | 0.25% | | | | $1,000.00 | | | | $1,023.55 | | | | $1.25 | |
| R4 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,096.94 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R6 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,097.97 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| | (h) | 5% class return per year before expenses. |
| | (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Notes to Expense Table
For the MFS Lifetime 2045 Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class C shares, this rebate reduced the expense ratio above by 0.01%. See Note 3 in the Notes to Financial Statements for additional information.
45
Expense Tables – continued
MFS LIFETIME 2050 FUND
| | | | | | | | | | | | | | | | | | |
Share Class | | | | Annualized
Expense
Ratio | | | Beginning
Account Value
11/01/18 | | | Ending Account Value
4/30/19 | | | Expenses Paid During
Period (p) 11/01/18-4/30/19 | |
| A | | Actual | | | 0.25% | | | | $1,000.00 | | | | $1,095.20 | | | | $1.30 | |
| | Hypothetical (h) | | | 0.25% | | | | $1,000.00 | | | | $1,023.55 | | | | $1.25 | |
| B | | Actual | | | 1.00% | | | | $1,000.00 | | | | $1,091.09 | | | | $5.18 | |
| | Hypothetical (h) | | | 1.00% | | | | $1,000.00 | | | | $1,019.84 | | | | $5.01 | |
| C | | Actual | | | 1.00% | | | | $1,000.00 | | | | $1,091.33 | | | | $5.19 | |
| | Hypothetical (h) | | | 1.00% | | | | $1,000.00 | | | | $1,019.84 | | | | $5.01 | |
| I | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,096.35 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R1 | | Actual | | | 1.00% | | | | $1,000.00 | | | | $1,091.09 | | | | $5.18 | |
| | Hypothetical (h) | | | 1.00% | | | | $1,000.00 | | | | $1,019.84 | | | | $5.01 | |
| R2 | | Actual | | | 0.50% | | | | $1,000.00 | | | | $1,093.86 | | | | $2.60 | |
| | Hypothetical (h) | | | 0.50% | | | | $1,000.00 | | | | $1,022.32 | | | | $2.51 | |
| R3 | | Actual | | | 0.25% | | | | $1,000.00 | | | | $1,095.55 | | | | $1.30 | |
| | Hypothetical (h) | | | 0.25% | | | | $1,000.00 | | | | $1,023.55 | | | | $1.25 | |
| R4 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,096.51 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R6 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,097.09 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| | (h) | 5% class return per year before expenses. |
| | (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-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
Expense Tables – continued
MFS LIFETIME 2055 FUND
| | | | | | | | | | | | | | | | | | |
Share Class | | | | Annualized
Expense
Ratio | | | Beginning
Account Value
11/01/18 | | | Ending
Account Value
4/30/19 | | | Expenses Paid During
Period (p) 11/01/18-4/30/19 | |
| A | | Actual | | | 0.25% | | | | $1,000.00 | | | | $1,095.04 | | | | $1.30 | |
| | Hypothetical (h) | | | 0.25% | | | | $1,000.00 | | | | $1,023.55 | | | | $1.25 | |
| B | | Actual | | | 1.00% | | | | $1,000.00 | | | | $1,091.20 | | | | $5.19 | |
| | Hypothetical (h) | | | 1.00% | | | | $1,000.00 | | | | $1,019.84 | | | | $5.01 | |
| C | | Actual | | | 1.00% | | | | $1,000.00 | | | | $1,091.31 | | | | $5.19 | |
| | Hypothetical (h) | | | 1.00% | | | | $1,000.00 | | | | $1,019.84 | | | | $5.01 | |
| I | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,096.49 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R1 | | Actual | | | 1.00% | | | | $1,000.00 | | | | $1,090.64 | | | | $5.18 | |
| | Hypothetical (h) | | | 1.00% | | | | $1,000.00 | | | | $1,019.84 | | | | $5.01 | |
| R2 | | Actual | | | 0.50% | | | | $1,000.00 | | | | $1,093.95 | | | | $2.60 | |
| | Hypothetical (h) | | | 0.50% | | | | $1,000.00 | | | | $1,022.32 | | | | $2.51 | |
| R3 | | Actual | | | 0.25% | | | | $1,000.00 | | | | $1,095.11 | | | | $1.30 | |
| | Hypothetical (h) | | | 0.25% | | | | $1,000.00 | | | | $1,023.55 | | | | $1.25 | |
| R4 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,096.73 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R6 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,097.08 | | | | $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 theone-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
Expense Tables – continued
MFS LIFETIME 2060 FUND
| | | | | | | | | | | | | | | | | | |
Share Class | | | | Annualized
Expense
Ratio | | | Beginning
Account Value
11/01/18 | | | Ending Account Value
4/30/19 | | | Expenses Paid During
Period (p) 11/01/18-4/30/19 | |
| A | | Actual | | | 0.21% | | | | $1,000.00 | | | | $1,095.21 | | | | $1.09 | |
| | Hypothetical (h) | | | 0.21% | | | | $1,000.00 | | | | $1,023.75 | | | | $1.05 | |
| B | | Actual | | | 0.96% | | | | $1,000.00 | | | | $1,091.99 | | | | $4.98 | |
| | Hypothetical (h) | | | 0.96% | | | | $1,000.00 | | | | $1,020.03 | | | | $4.81 | |
| C | | Actual | | | 0.96% | | | | $1,000.00 | | | | $1,091.74 | | | | $4.98 | |
| | Hypothetical (h) | | | 0.96% | | | | $1,000.00 | | | | $1,020.03 | | | | $4.81 | |
| I | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,097.18 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R1 | | Actual | | | 0.96% | | | | $1,000.00 | | | | $1,090.99 | | | | $4.98 | |
| | Hypothetical (h) | | | 0.96% | | | | $1,000.00 | | | | $1,020.03 | | | | $4.81 | |
| R2 | | Actual | | | 0.46% | | | | $1,000.00 | | | | $1,094.30 | | | | $2.39 | |
| | Hypothetical (h) | | | 0.46% | | | | $1,000.00 | | | | $1,022.51 | | | | $2.31 | |
| R3 | | Actual | | | 0.21% | | | | $1,000.00 | | | | $1,095.32 | | | | $1.09 | |
| | Hypothetical (h) | | | 0.21% | | | | $1,000.00 | | | | $1,023.75 | | | | $1.05 | |
| R4 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,096.77 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| R6 | | Actual | | | 0.00% | | | | $1,000.00 | | | | $1,098.15 | | | | $0.00 | |
| | Hypothetical (h) | | | 0.00% | | | | $1,000.00 | | | | $1,024.79 | | | | $0.00 | |
| | (h) | 5% class return per year before expenses. |
| | (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
48
PORTFOLIO OF INVESTMENTS
4/30/19
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
MFS LIFETIME INCOME FUND
| | | | | | | | |
| Investment Companies (h) - 99.9% | | | | | | |
| | | | | | | | |
| | |
| Issuer | | Shares/Par | | | Value ($) | |
| Bond Funds - 70.9% | | | | | | | | |
| MFS Emerging Markets Debt Fund - Class R6 | | | 803,212 | | | $ | 11,485,934 | |
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | | | 876,548 | | | | 5,750,151 | |
| MFS Global Bond Fund - Class R6 | | | 3,278,869 | | | | 28,690,105 | |
| MFS Government Securities Fund - Class R6 | | | 5,923,856 | | | | 57,342,926 | |
| MFS High Income Fund - Class R6 | | | 5,103,594 | | | | 17,250,148 | |
| MFS Inflation-Adjusted Bond Fund - Class R6 | | | 5,636,182 | | | | 57,319,971 | |
| MFS Limited Maturity Fund - Class R6 | | | 19,287,344 | | | | 114,759,694 | |
| MFS Total Return Bond Fund - Class R6 | | | 10,802,903 | | | | 114,726,834 | |
| | | | | | | $ | 407,325,763 | |
| International Stock Funds - 5.0% | | | | | | | | |
| MFS Blended Research International Equity Fund - Class R6 | | | 1,324,398 | | | $ | 14,329,986 | |
| MFS International Growth Fund - Class R6 | | | 83,305 | | | | 2,869,019 | |
| MFS International Value Fund - Class R6 | | | 65,509 | | | | 2,873,250 | |
| MFS Research International Fund - Class R6 | | | 477,661 | | | | 8,607,451 | |
| | | | | | | $ | 28,679,706 | |
| Specialty Funds - 4.0% | | | | | | | | |
| MFS Commodity Strategy Fund - Class R6 | | | 2,105,001 | | | $ | 11,430,155 | |
| MFS Global Real Estate Fund - Class R6 | | | 682,508 | | | | 11,486,614 | |
| | | | | | | $ | 22,916,769 | |
| U.S. Stock Funds - 19.9% | | | | | | | | |
| MFS Blended Research Core Equity Fund - Class R6 | | | 428,139 | | | $ | 11,448,429 | |
| MFS Blended Research Growth Equity Fund - Class R6 | | | 801,739 | | | | 11,440,815 | |
| MFS Blended Research Mid Cap Equity Fund - Class R6 | | | 1,460,781 | | | | 17,237,209 | |
| MFS Blended Research Small Cap Equity Fund - Class R6 | | | 411,220 | | | | 5,711,851 | |
| MFS Blended Research Value Equity Fund - Class R6 | | | 879,028 | | | | 11,471,311 | |
| MFS Growth Fund - Class R6 | | | 98,728 | | | | 11,455,389 | |
| MFS Mid Cap Growth Fund - Class R6 | | | 417,514 | | | | 8,613,320 | |
| MFS Mid Cap Value Fund - Class R6 | | | 361,398 | | | | 8,608,502 | |
| MFS New Discovery Fund - Class R6 | | | 92,186 | | | | 2,859,618 | |
| MFS New Discovery Value Fund - Class R6 | | | 182,033 | | | | 2,861,559 | |
| MFS Research Fund - Class R6 | | | 266,386 | | | | 11,467,931 | |
| MFS Value Fund - Class R6 | | | 278,286 | | | | 11,504,330 | |
| | | | | | | $ | 114,680,264 | |
| Money Market Funds - 0.1% | | | | | | | | |
| MFS Institutional Money Market Portfolio, 2.48% (v) | | | 597,869 | | | $ | 597,869 | |
| Total Investment Companies (Identified Cost, $518,813,190) | | | $ | 574,200,371 | |
| |
| Other Assets, Less Liabilities - 0.1% | | | | 455,588 | |
| Net Assets - 100.0% | | | | | | $ | 574,655,959 | |
See Portfolio Footnotes and Notes to Financial Statements
49
Portfolio of Investments – continued
MFS LIFETIME 2020 FUND
| | | | | | | | |
| | |
| Investment Companies (h) - 100.1% | | | | | | | | |
| | |
| Issuer | | Shares/Par | | | Value ($) | |
| Bond Funds - 67.9% | | | | | | | | |
| MFS Emerging Markets Debt Fund - Class R6 | | | 548,136 | | | $ | 7,838,347 | |
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | | | 673,204 | | | | 4,416,218 | |
| MFS Global Bond Fund - Class R6 | | | 1,957,775 | | | | 17,130,530 | |
| MFS Government Securities Fund - Class R6 | | | 3,535,765 | | | | 34,226,209 | |
| MFS High Income Fund - Class R6 | | | 3,629,700 | | | | 12,268,387 | |
| MFS Inflation-Adjusted Bond Fund - Class R6 | | | 3,361,334 | | | | 34,184,768 | |
| MFS Limited Maturity Fund - Class R6 | | | 9,876,713 | | | | 58,766,441 | |
| MFS Total Return Bond Fund - Class R6 | | | 5,989,699 | | | | 63,610,600 | |
| | | | | | | $ | 232,441,500 | |
| International Stock Funds - 5.8% | | | | | | | | |
| MFS Blended Research International Equity Fund - Class R6 | | | 924,979 | | | $ | 10,008,274 | |
| MFS International Growth Fund - Class R6 | | | 63,897 | | | | 2,200,598 | |
| MFS International Value Fund - Class R6 | | | 50,284 | | | | 2,205,476 | |
| MFS Research International Fund - Class R6 | | | 312,261 | | | | 5,626,939 | |
| | | | | | | $ | 20,041,287 | |
| Specialty Funds - 4.0% | | | | | | | | |
| MFS Commodity Strategy Fund - Class R6 | | | 1,253,685 | | | $ | 6,807,512 | |
| MFS Global Real Estate Fund - Class R6 | | | 407,769 | | | | 6,862,743 | |
| | | | | | | $ | 13,670,255 | |
| U.S. Stock Funds - 22.3% | | | | | | | | |
| MFS Blended Research Core Equity Fund - Class R6 | | | 291,390 | | | $ | 7,791,771 | |
| MFS Blended Research Growth Equity Fund - Class R6 | | | 545,341 | | | | 7,782,021 | |
| MFS Blended Research Mid Cap Equity Fund - Class R6 | | | 955,651 | | | | 11,276,687 | |
| MFS Blended Research Small Cap Equity Fund - Class R6 | | | 244,582 | | | | 3,397,237 | |
| MFS Blended Research Value Equity Fund - Class R6 | | | 599,289 | | | | 7,820,715 | |
| MFS Growth Fund - Class R6 | | | 67,225 | | | | 7,800,147 | |
| MFS Mid Cap Growth Fund - Class R6 | | | 273,044 | | | | 5,632,894 | |
| MFS Mid Cap Value Fund - Class R6 | | | 236,297 | | | | 5,628,593 | |
| MFS New Discovery Fund - Class R6 | | | 54,886 | | | | 1,702,573 | |
| MFS New Discovery Value Fund - Class R6 | | | 108,458 | | | | 1,704,964 | |
| MFS Research Fund - Class R6 | | | 181,557 | | | | 7,816,027 | |
| MFS Value Fund - Class R6 | | | 190,046 | | | | 7,856,502 | |
| | | | | | | $ | 76,210,131 | |
| Money Market Funds - 0.0% | | | | | | | | |
| MFS Institutional Money Market Portfolio, 2.48% (v) | | | 51,135 | | | $ | 51,135 | |
| Total Investment Companies (Identified Cost, $302,039,311) | | | | | | $ | 342,414,308 | |
| | |
| Other Assets, Less Liabilities - (0.0)% | | | | | | | (161,576) | |
| Net Assets - 100.0% | | | | | | $ | 342,252,732 | |
See Portfolio Footnotes and Notes to Financial Statements
50
Portfolio of Investments – continued
MFS LIFETIME 2025 FUND
| | | | | | | | |
| | |
| Investment Companies (h) - 100.1% | | | | | | | | |
| | |
| Issuer | | Shares/Par | | | Value ($) | |
| Bond Funds - 54.2% | | | | | | | | |
| MFS Emerging Markets Debt Fund - Class R6 | | | 613,076 | | | $ | 8,766,979 | |
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | | | 891,694 | | | | 5,849,515 | |
| MFS Global Bond Fund - Class R6 | | | 1,668,956 | | | | 14,603,367 | |
| MFS Government Securities Fund - Class R6 | | | 3,015,946 | | | | 29,194,356 | |
| MFS High Income Fund - Class R6 | | | 4,326,526 | | | | 14,623,656 | |
| MFS Inflation-Adjusted Bond Fund - Class R6 | | | 2,623,817 | | | | 26,684,218 | |
| MFS Limited Maturity Fund - Class R6 | | | 3,513,018 | | | | 20,902,459 | |
| MFS Total Return Bond Fund - Class R6 | | | 3,577,473 | | | | 37,992,765 | |
| | | | | | | $ | 158,617,315 | |
| International Stock Funds - 9.4% | | | | | | | | |
| MFS Blended Research International Equity Fund - Class R6 | | | 1,231,557 | | | $ | 13,325,449 | |
| MFS International Growth Fund - Class R6 | | | 96,852 | | | | 3,335,595 | |
| MFS International New Discovery Fund - Class R6 | | | 24,414 | | | | 830,561 | |
| MFS International Value Fund - Class R6 | | | 76,127 | | | | 3,338,919 | |
| MFS Research International Fund - Class R6 | | | 370,226 | | | | 6,671,462 | |
| | | | | | | $ | 27,501,986 | |
| Specialty Funds - 4.6% | | | | | | | | |
| MFS Commodity Strategy Fund - Class R6 | | | 1,224,612 | | | $ | 6,649,640 | |
| MFS Global Real Estate Fund - Class R6 | | | 396,743 | | | | 6,677,188 | |
| | | | | | | $ | 13,326,828 | |
| U.S. Stock Funds - 31.6% | | | | | | | | |
| MFS Blended Research Core Equity Fund - Class R6 | | | 357,301 | | | $ | 9,554,219 | |
| MFS Blended Research Growth Equity Fund - Class R6 | | | 668,642 | | | | 9,541,525 | |
| MFS Blended Research Mid Cap Equity Fund - Class R6 | | | 1,202,175 | | | | 14,185,666 | |
| MFS Blended Research Small Cap Equity Fund - Class R6 | | | 238,807 | | | | 3,317,030 | |
| MFS Blended Research Value Equity Fund - Class R6 | | | 734,759 | | | | 9,588,601 | |
| MFS Growth Fund - Class R6 | | | 82,430 | | | | 9,564,368 | |
| MFS Mid Cap Growth Fund - Class R6 | | | 343,657 | | | | 7,089,647 | |
| MFS Mid Cap Value Fund - Class R6 | | | 297,547 | | | | 7,087,574 | |
| MFS New Discovery Fund - Class R6 | | | 53,776 | | | | 1,668,128 | |
| MFS New Discovery Value Fund - Class R6 | | | 105,914 | | | | 1,664,968 | |
| MFS Research Fund - Class R6 | | | 222,627 | | | | 9,584,086 | |
| MFS Value Fund - Class R6 | | | 232,388 | | | | 9,606,923 | |
| | | | | | | $ | 92,452,735 | |
| Money Market Funds - 0.3% | | | | | | | | |
| MFS Institutional Money Market Portfolio, 2.48% (v) | | | 772,854 | | | $ | 772,854 | |
| Total Investment Companies (Identified Cost, $264,139,699) | | | | | | $ | 292,671,718 | |
| | |
| Other Assets, Less Liabilities - (0.1)% | | | | | | | (199,445) | |
| Net Assets - 100.0% | | | | | | $ | 292,472,273 | |
See Portfolio Footnotes and Notes to Financial Statements
51
Portfolio of Investments – continued
MFS LIFETIME 2030 FUND
| | | | | | | | |
| | |
| Investment Companies (h) - 100.1% | | | | | | | | |
| | |
| Issuer | | Shares/Par | | | Value ($) | |
| Bond Funds - 34.2% | | | | | | | | |
| MFS Emerging Markets Debt Fund - Class R6 | | | 1,236,762 | | | $ | 17,685,702 | |
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | | | 1,799,961 | | | | 11,807,746 | |
| MFS Global Bond Fund - Class R6 | | | 2,788,189 | | | | 24,396,655 | |
| MFS Government Securities Fund - Class R6 | | | 4,330,872 | | | | 41,922,835 | |
| MFS High Income Fund - Class R6 | | | 8,722,776 | | | | 29,482,982 | |
| MFS Inflation-Adjusted Bond Fund - Class R6 | | | 3,706,925 | | | | 37,699,428 | |
| MFS Total Return Bond Fund - Class R6 | | | 3,635,665 | | | | 38,610,762 | |
| | | | | | | $ | 201,606,110 | |
| International Stock Funds - 15.0% | | | | | | | | |
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | | | 63,291 | | | $ | 839,242 | |
| MFS Blended Research International Equity Fund - Class R6 | | | 3,655,542 | | | | 39,552,966 | |
| MFS Emerging Markets Equity Fund - Class R6 | | | 23,342 | | | | 837,518 | |
| MFS International Growth Fund - Class R6 | | | 305,909 | | | | 10,535,493 | |
| MFS International New Discovery Fund - Class R6 | | | 222,377 | | | | 7,565,259 | |
| MFS International Value Fund - Class R6 | | | 240,344 | | | | 10,541,475 | |
| MFS Research International Fund - Class R6 | | | 1,029,054 | | | | 18,543,558 | |
| | | | | | | $ | 88,415,511 | |
| Specialty Funds - 6.5% | | | | | | | | |
| MFS Commodity Strategy Fund - Class R6 | | | 3,532,114 | | | $ | 19,179,380 | |
| MFS Global Real Estate Fund - Class R6 | | | 1,149,713 | | | | 19,349,673 | |
| | | | | | | $ | 38,529,053 | |
| U.S. Stock Funds - 44.2% | | | | | | | | |
| MFS Blended Research Core Equity Fund - Class R6 | | | 879,035 | | | $ | 23,505,404 | |
| MFS Blended Research Growth Equity Fund - Class R6 | | | 1,823,742 | | | | 26,024,795 | |
| MFS Blended Research Mid Cap Equity Fund - Class R6 | | | 3,792,000 | | | | 44,745,605 | |
| MFS Blended Research Small Cap Equity Fund - Class R6 | | | 696,012 | | | | 9,667,611 | |
| MFS Blended Research Value Equity Fund - Class R6 | | | 1,999,241 | | | | 26,090,094 | |
| MFS Growth Fund - Class R6 | | | 224,769 | | | | 26,079,975 | |
| MFS Mid Cap Growth Fund - Class R6 | | | 1,084,608 | | | | 22,375,454 | |
| MFS Mid Cap Value Fund - Class R6 | | | 937,787 | | | | 22,338,090 | |
| MFS New Discovery Fund - Class R6 | | | 156,363 | | | | 4,850,361 | |
| MFS New Discovery Value Fund - Class R6 | | | 308,284 | | | | 4,846,225 | |
| MFS Research Fund - Class R6 | | | 547,900 | | | | 23,587,089 | |
| MFS Value Fund - Class R6 | | | 634,376 | | | | 26,225,117 | |
| | | | | | | $ | 260,335,820 | |
| Money Market Funds - 0.2% | | | | | | | | |
| MFS Institutional Money Market Portfolio, 2.48% (v) | | | 894,351 | | | $ | 894,351 | |
| Total Investment Companies (Identified Cost, $473,522,113) | | | | | | $ | 589,780,845 | |
| | |
| Other Assets, Less Liabilities - (0.1)% | | | | | | | (425,323) | |
| Net Assets - 100.0% | | | | | | $ | 589,355,522 | |
See Portfolio Footnotes and Notes to Financial Statements
52
Portfolio of Investments – continued
MFS LIFETIME 2035 FUND
| | | | | | | | |
| | |
| Investment Companies (h) - 100.1% | | | | | | | | |
| | |
| Issuer | | Shares/Par | | | Value ($) | |
| Bond Funds - 17.8% | | | | | | | | |
| MFS Emerging Markets Debt Fund - Class R6 | | | 518,750 | | | $ | 7,418,121 | |
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | | | 755,100 | | | | 4,953,455 | |
| MFS Global Bond Fund - Class R6 | | | 564,778 | | | | 4,941,811 | |
| MFS High Income Fund - Class R6 | | | 3,660,315 | | | | 12,371,866 | |
| MFS Inflation-Adjusted Bond Fund - Class R6 | | | 1,313,510 | | | | 13,358,392 | |
| MFS Total Return Bond Fund - Class R6 | | | 794,046 | | | | 8,432,768 | |
| | | | | | | $ | 51,476,413 | |
| International Stock Funds - 21.1% | | | | | | | | |
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | | | 123,920 | | | $ | 1,643,181 | |
| MFS Blended Research International Equity Fund - Class R6 | | | 2,357,322 | | | | 25,506,217 | |
| MFS Emerging Markets Equity Fund - Class R6 | | | 45,728 | | | | 1,640,722 | |
| MFS International Growth Fund - Class R6 | | | 221,353 | | | | 7,623,388 | |
| MFS International New Discovery Fund - Class R6 | | | 193,300 | | | | 6,576,061 | |
| MFS International Value Fund - Class R6 | | | 174,007 | | | | 7,631,959 | |
| MFS Research International Fund - Class R6 | | | 571,570 | | | | 10,299,695 | |
| | | | | | | $ | 60,921,223 | |
| Specialty Funds - 8.3% | | | | | | | | |
| MFS Commodity Strategy Fund - Class R6 | | | 2,190,109 | | | $ | 11,892,292 | |
| MFS Global Real Estate Fund - Class R6 | | | 709,479 | | | | 11,940,538 | |
| | | | | | | $ | 23,832,830 | |
| U.S. Stock Funds - 52.7% | | | | | | | | |
| MFS Blended Research Core Equity Fund - Class R6 | | | 430,170 | | | $ | 11,502,752 | |
| MFS Blended Research Growth Equity Fund - Class R6 | | | 1,122,520 | | | | 16,018,364 | |
| MFS Blended Research Mid Cap Equity Fund - Class R6 | | | 2,240,664 | | | | 26,439,830 | |
| MFS Blended Research Small Cap Equity Fund - Class R6 | | | 429,359 | | | | 5,963,798 | |
| MFS Blended Research Value Equity Fund - Class R6 | | | 1,229,923 | | | | 16,050,495 | |
| MFS Growth Fund - Class R6 | | | 138,246 | | | | 16,040,708 | |
| MFS Mid Cap Growth Fund - Class R6 | | | 641,105 | | | | 13,226,000 | |
| MFS Mid Cap Value Fund - Class R6 | | | 553,523 | | | | 13,184,915 | |
| MFS New Discovery Fund - Class R6 | | | 96,606 | | | | 2,996,722 | |
| MFS New Discovery Value Fund - Class R6 | | | 190,241 | | | | 2,990,582 | |
| MFS Research Fund - Class R6 | | | 267,803 | | | | 11,528,907 | |
| MFS Value Fund - Class R6 | | | 391,132 | | | | 16,169,409 | |
| | | | | | | $ | 152,112,482 | |
| Money Market Funds - 0.2% | | | | | | | | |
| MFS Institutional Money Market Portfolio, 2.48% (v) | | | 406,980 | | | $ | 406,980 | |
| Total Investment Companies (Identified Cost, $247,402,618) | | | | | | $ | 288,749,928 | |
| | |
| Other Assets, Less Liabilities - (0.1)% | | | | | | | (216,143) | |
| Net Assets - 100.0% | | | | | | $ | 288,533,785 | |
See Portfolio Footnotes and Notes to Financial Statements
53
Portfolio of Investments – continued
MFS LIFETIME 2040 FUND
| | | | | | | | |
| | |
| Investment Companies (h) - 100.0% | | | | | | | | |
| | |
| Issuer | | Shares/Par | | | Value ($) | |
| Bond Funds - 10.3% | | | | | | | | |
| MFS Emerging Markets Debt Fund - Class R6 | | | 320,040 | | | $ | 4,576,572 | |
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | | | 465,971 | | | | 3,056,769 | |
| MFS Global Bond Fund - Class R6 | | | 348,323 | | | | 3,047,829 | |
| MFS High Income Fund - Class R6 | | | 2,257,256 | | | | 7,629,526 | |
| MFS Inflation-Adjusted Bond Fund - Class R6 | | | 1,418,877 | | | | 14,429,974 | |
| MFS Total Return Bond Fund - Class R6 | | | 1,074,600 | | | | 11,412,249 | |
| | | | | | | $ | 44,152,919 | |
| International Stock Funds - 25.1% | | | | | | | | |
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | | | 263,802 | | | $ | 3,498,010 | |
| MFS Blended Research International Equity Fund - Class R6 | | | 3,986,337 | | | | 43,132,166 | |
| MFS Emerging Markets Equity Fund - Class R6 | | | 97,318 | | | | 3,491,785 | |
| MFS International Growth Fund - Class R6 | | | 390,258 | | | | 13,440,489 | |
| MFS International New Discovery Fund - Class R6 | | | 411,796 | | | | 14,009,311 | |
| MFS International Value Fund - Class R6 | | | 307,019 | | | | 13,465,844 | |
| MFS Research International Fund - Class R6 | | | 906,920 | | | | 16,342,701 | |
| | | | | | | $ | 107,380,306 | |
| Specialty Funds - 9.3% | | | | | | | | |
| MFS Commodity Strategy Fund - Class R6 | | | 3,621,046 | | | $ | 19,662,278 | |
| MFS Global Real Estate Fund - Class R6 | | | 1,181,689 | | | | 19,887,823 | |
| | | | | | | $ | 39,550,101 | |
| U.S. Stock Funds - 55.3% | | | | | | | | |
| MFS Blended Research Core Equity Fund - Class R6 | | | 637,116 | | | $ | 17,036,487 | |
| MFS Blended Research Growth Equity Fund - Class R6 | | | 1,736,245 | | | | 24,776,210 | |
| MFS Blended Research Mid Cap Equity Fund - Class R6 | | | 3,503,221 | | | | 41,338,013 | |
| MFS Blended Research Small Cap Equity Fund - Class R6 | | | 710,591 | | | | 9,870,109 | |
| MFS Blended Research Value Equity Fund - Class R6 | | | 1,904,925 | | | | 24,859,271 | |
| MFS Growth Fund - Class R6 | | | 213,942 | | | | 24,823,694 | |
| MFS Mid Cap Growth Fund - Class R6 | | | 1,001,291 | | | | 20,656,625 | |
| MFS Mid Cap Value Fund - Class R6 | | | 865,841 | | | | 20,624,332 | |
| MFS New Discovery Fund - Class R6 | | | 159,524 | | | | 4,948,434 | |
| MFS New Discovery Value Fund - Class R6 | | | 314,872 | | | | 4,949,787 | |
| MFS Research Fund - Class R6 | | | 396,856 | | | | 17,084,663 | |
| MFS Value Fund - Class R6 | | | 605,047 | | | | 25,012,652 | |
| | | | | | | $ | 235,980,277 | |
| Money Market Funds - 0.0% | | | | | | | | |
| MFS Institutional Money Market Portfolio, 2.48% (v) | | | 175 | | | $ | 176 | |
| Total Investment Companies (Identified Cost, $317,166,307) | | | | | | $ | 427,063,779 | |
| | |
| Other Assets, Less Liabilities - (0.0)% | | | | | | | (173,226) | |
| Net Assets - 100.0% | | | | | | $ | 426,890,553 | |
See Portfolio Footnotes and Notes to Financial Statements
54
Portfolio of Investments – continued
MFS LIFETIME 2045 FUND
| | | | | | | | |
| | |
| Investment Companies (h) - 100.1% | | | | | | | | |
| | |
| Issuer | | Shares/Par | | | Value ($) | |
| Bond Funds - 5.0% | | | | | | | | |
| MFS Inflation-Adjusted Bond Fund - Class R6 | | | 488,174 | | | $ | 4,964,730 | |
| MFS Total Return Bond Fund - Class R6 | | | 467,817 | | | | 4,968,214 | |
| | | | | | | $ | 9,932,944 | |
| International Stock Funds - 27.9% | | | | | | | | |
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | | | 149,323 | | | $ | 1,980,026 | |
| MFS Blended Research International Equity Fund - Class R6 | | | 2,018,127 | | | | 21,836,130 | |
| MFS Emerging Markets Equity Fund - Class R6 | | | 55,059 | | | | 1,975,514 | |
| MFS International Growth Fund - Class R6 | | | 202,452 | | | | 6,972,459 | |
| MFS International New Discovery Fund - Class R6 | | | 233,618 | | | | 7,947,702 | |
| MFS International Value Fund - Class R6 | | | 159,052 | | | | 6,976,036 | |
| MFS Research International Fund - Class R6 | | | 441,775 | | | | 7,960,778 | |
| | | | | | | $ | 55,648,645 | |
| Specialty Funds - 10.0% | | | | | | | | |
| MFS Commodity Strategy Fund - Class R6 | | | 1,814,637 | | | $ | 9,853,480 | |
| MFS Global Real Estate Fund - Class R6 | | | 592,347 | | | | 9,969,190 | |
| | | | | | | $ | 19,822,670 | |
| U.S. Stock Funds - 57.0% | | | | | | | | |
| MFS Blended Research Core Equity Fund - Class R6 | | | 296,753 | | | $ | 7,935,167 | |
| MFS Blended Research Growth Equity Fund - Class R6 | | | 834,454 | | | | 11,907,662 | |
| MFS Blended Research Mid Cap Equity Fund - Class R6 | | | 1,689,022 | | | | 19,930,464 | |
| MFS Blended Research Small Cap Equity Fund - Class R6 | | | 357,140 | | | | 4,960,674 | |
| MFS Blended Research Value Equity Fund - Class R6 | | | 914,230 | | | | 11,930,703 | |
| MFS Growth Fund - Class R6 | | | 102,972 | | | | 11,947,887 | |
| MFS Mid Cap Growth Fund - Class R6 | | | 483,263 | | | | 9,969,711 | |
| MFS Mid Cap Value Fund - Class R6 | | | 417,718 | | | | 9,950,033 | |
| MFS New Discovery Fund - Class R6 | | | 80,327 | | | | 2,491,740 | |
| MFS New Discovery Value Fund - Class R6 | | | 158,163 | | | | 2,486,326 | |
| MFS Research Fund - Class R6 | | | 185,193 | | | | 7,972,543 | |
| MFS Value Fund - Class R6 | | | 289,746 | | | | 11,978,090 | |
| | | | | | | $ | 113,461,000 | |
| Money Market Funds - 0.2% | | | | | | | | |
| MFS Institutional Money Market Portfolio, 2.48% (v) | | | 361,342 | | | $ | 361,342 | |
| Total Investment Companies (Identified Cost, $168,726,648) | | | | | | $ | 199,226,601 | |
| | |
| Other Assets, Less Liabilities - (0.1)% | | | | | | | (163,898) | |
| Net Assets - 100.0% | | | | | | $ | 199,062,703 | |
See Portfolio Footnotes and Notes to Financial Statements
55
Portfolio of Investments – continued
MFS LIFETIME 2050 FUND
| | | | | | | | |
| | |
| Investment Companies (h) - 100.0% | | | | | | | | |
| | |
| Issuer | | Shares/Par | | | Value ($) | |
| Bond Funds - 5.0% | | | | | | | | |
| MFS Inflation-Adjusted Bond Fund - Class R6 | | | 518,084 | | | $ | 5,268,916 | |
| MFS Total Return Bond Fund - Class R6 | | | 496,494 | | | | 5,272,758 | |
| | | | | | | $ | 10,541,674 | |
| International Stock Funds - 28.0% | | | | | | | | |
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | | | 158,763 | | | $ | 2,105,194 | |
| MFS Blended Research International Equity Fund - Class R6 | | | 2,144,372 | | | | 23,202,105 | |
| MFS Emerging Markets Equity Fund - Class R6 | | | 58,546 | | | | 2,100,648 | |
| MFS International Growth Fund - Class R6 | | | 215,103 | | | | 7,408,131 | |
| MFS International New Discovery Fund - Class R6 | | | 248,081 | | | | 8,439,715 | |
| MFS International Value Fund - Class R6 | | | 169,223 | | | | 7,422,120 | |
| MFS Research International Fund - Class R6 | | | 469,580 | | | | 8,461,840 | |
| | | | | | | $ | 59,139,753 | |
| Specialty Funds - 9.9% | | | | | | | | |
| MFS Commodity Strategy Fund - Class R6 | | | 1,928,605 | | | $ | 10,472,324 | |
| MFS Global Real Estate Fund - Class R6 | | | 629,938 | | | | 10,601,864 | |
| | | | | | | $ | 21,074,188 | |
| U.S. Stock Funds - 57.0% | | | | | | | | |
| MFS Blended Research Core Equity Fund - Class R6 | | | 315,188 | | | $ | 8,428,129 | |
| MFS Blended Research Growth Equity Fund - Class R6 | | | 885,463 | | | | 12,635,554 | |
| MFS Blended Research Mid Cap Equity Fund - Class R6 | | | 1,797,072 | | | | 21,205,452 | |
| MFS Blended Research Small Cap Equity Fund - Class R6 | | | 378,567 | | | | 5,258,300 | |
| MFS Blended Research Value Equity Fund - Class R6 | | | 970,854 | | | | 12,669,646 | |
| MFS Growth Fund - Class R6 | | | 109,201 | | | | 12,670,625 | |
| MFS Mid Cap Growth Fund - Class R6 | | | 513,792 | | | | 10,599,522 | |
| MFS Mid Cap Value Fund - Class R6 | | | 443,985 | | | | 10,575,728 | |
| MFS New Discovery Fund - Class R6 | | | 85,044 | | | | 2,638,052 | |
| MFS New Discovery Value Fund - Class R6 | | | 167,716 | | | | 2,636,486 | |
| MFS Research Fund - Class R6 | | | 196,586 | | | | 8,463,023 | |
| MFS Value Fund - Class R6 | | | 308,525 | | | | 12,754,438 | |
| | | | | | | $ | 120,534,955 | |
| Money Market Funds - 0.1% | | | | | | | | |
| MFS Institutional Money Market Portfolio, 2.48% (v) | | | 224,333 | | | $ | 224,333 | |
| Total Investment Companies (Identified Cost, $170,955,609) | | | | | | $ | 211,514,903 | |
| | |
| Other Assets, Less Liabilities - (0.0)% | | | | | | | (69,490) | |
| Net Assets - 100.0% | | | | | | $ | 211,445,413 | |
See Portfolio Footnotes and Notes to Financial Statements
56
Portfolio of Investments – continued
MFS LIFETIME 2055 FUND
| | | | | | | | |
| | |
| Investment Companies (h) - 100.1% | | | | | | | | |
| | |
| Issuer | | Shares/Par | | | Value ($) | |
| Bond Funds - 5.0% | | | | | | | | |
| MFS Inflation-Adjusted Bond Fund - Class R6 | | | 253,407 | | | $ | 2,577,148 | |
| MFS Total Return Bond Fund - Class R6 | | | 242,788 | | | | 2,578,408 | |
| | | | | | | $ | 5,155,556 | |
| International Stock Funds - 27.9% | | | | | | | | |
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | | | 77,792 | | | $ | 1,031,519 | |
| MFS Blended Research International Equity Fund - Class R6 | | | 1,049,176 | | | | 11,352,084 | |
| MFS Emerging Markets Equity Fund - Class R6 | | | 28,728 | | | | 1,030,751 | |
| MFS International Growth Fund - Class R6 | | | 104,972 | | | | 3,615,250 | |
| MFS International New Discovery Fund - Class R6 | | | 121,299 | | | | 4,126,603 | |
| MFS International Value Fund - Class R6 | | | 82,544 | | | | 3,620,372 | |
| MFS Research International Fund - Class R6 | | | 229,304 | | | | 4,132,056 | |
| | | | | | | $ | 28,908,635 | |
| Specialty Funds - 10.0% | | | | | | | | |
| MFS Commodity Strategy Fund - Class R6 | | | 948,396 | | | $ | 5,149,791 | |
| MFS Global Real Estate Fund - Class R6 | | | 306,557 | | | | 5,159,348 | |
| | | | | | | $ | 10,309,139 | |
| U.S. Stock Funds - 57.0% | | | | | | | | |
| MFS Blended Research Core Equity Fund - Class R6 | | | 154,240 | | | $ | 4,124,388 | |
| MFS Blended Research Growth Equity Fund - Class R6 | | | 433,457 | | | | 6,185,424 | |
| MFS Blended Research Mid Cap Equity Fund - Class R6 | | | 876,821 | | | | 10,346,483 | |
| MFS Blended Research Small Cap Equity Fund - Class R6 | | | 185,643 | | | | 2,578,585 | |
| MFS Blended Research Value Equity Fund - Class R6 | | | 474,560 | | | | 6,193,006 | |
| MFS Growth Fund - Class R6 | | | 53,376 | | | | 6,193,259 | |
| MFS Mid Cap Growth Fund - Class R6 | | | 250,903 | | | | 5,176,138 | |
| MFS Mid Cap Value Fund - Class R6 | | | 216,760 | | | | 5,163,223 | |
| MFS New Discovery Fund - Class R6 | | | 41,708 | | | | 1,293,788 | |
| MFS New Discovery Value Fund - Class R6 | | | 82,116 | | | | 1,290,855 | |
| MFS Research Fund - Class R6 | | | 95,941 | | | | 4,130,266 | |
| MFS Value Fund - Class R6 | | | 150,757 | | | | 6,232,286 | |
| | | | | | | $ | 58,907,701 | |
| Money Market Funds - 0.2% | | | | | | | | |
| MFS Institutional Money Market Portfolio, 2.48% (v) | | | 235,350 | | | $ | 235,351 | |
| Total Investment Companies (Identified Cost, $91,767,206) | | | | | | $ | 103,516,382 | |
| | |
| Other Assets, Less Liabilities - (0.1)% | | | | | | | (119,234) | |
| Net Assets - 100.0% | | | | | | $ | 103,397,148 | |
See Portfolio Footnotes and Notes to Financial Statements
57
Portfolio of Investments – continued
MFS LIFETIME 2060 FUND
| | | | | | | | |
| | |
| Investment Companies (h) - 100.2% | | | | | | | | |
| | |
| Issuer | | Shares/Par | | | Value ($) | |
| Bond Funds - 5.0% | | | | | | | | |
| MFS Inflation-Adjusted Bond Fund - Class R6 | | | 24,751 | | | $ | 251,719 | |
| MFS Total Return Bond Fund - Class R6 | | | 23,702 | | | | 251,718 | |
| | | | | | | $ | 503,437 | |
| International Stock Funds - 28.0% | | | | | | | | |
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | | | 7,593 | | | $ | 100,687 | |
| MFS Blended Research International Equity Fund - Class R6 | | | 102,362 | | | | 1,107,560 | |
| MFS Emerging Markets Equity Fund - Class R6 | | | 2,806 | | | | 100,687 | |
| MFS International Growth Fund - Class R6 | | | 10,233 | | | | 352,406 | |
| MFS International New Discovery Fund - Class R6 | | | 11,839 | | | | 402,749 | |
| MFS International Value Fund - Class R6 | | | 8,035 | | | | 352,406 | |
| MFS Research International Fund - Class R6 | | | 22,350 | | | | 402,749 | |
| | | | | | | $ | 2,819,244 | |
| Specialty Funds - 10.0% | | | | | | | | |
| MFS Commodity Strategy Fund - Class R6 | | | 92,714 | | | $ | 503,437 | |
| MFS Global Real Estate Fund - Class R6 | | | 29,913 | | | | 503,436 | |
| | | | | | | $ | 1,006,873 | |
| U.S. Stock Funds - 57.1% | | | | | | | | |
| MFS Blended Research Core Equity Fund - Class R6 | | | 15,062 | | | $ | 402,749 | |
| MFS Blended Research Growth Equity Fund - Class R6 | | | 42,335 | | | | 604,124 | |
| MFS Blended Research Mid Cap Equity Fund - Class R6 | | | 85,328 | | | | 1,006,873 | |
| MFS Blended Research Small Cap Equity Fund - Class R6 | | | 18,122 | | | | 251,718 | |
| MFS Blended Research Value Equity Fund - Class R6 | | | 46,293 | | | | 604,124 | |
| MFS Growth Fund - Class R6 | | | 5,207 | | | | 604,124 | |
| MFS Mid Cap Growth Fund - Class R6 | | | 24,403 | | | | 503,437 | |
| MFS Mid Cap Value Fund - Class R6 | | | 21,135 | | | | 503,437 | |
| MFS New Discovery Fund - Class R6 | | | 4,057 | | | | 125,859 | |
| MFS New Discovery Value Fund - Class R6 | | | 8,006 | | | | 125,859 | |
| MFS Research Fund - Class R6 | | | 9,356 | | | | 402,749 | |
| MFS Value Fund - Class R6 | | | 14,614 | | | | 604,124 | |
| | | | | | | $ | 5,739,177 | |
| Money Market Funds - 0.1% | | | | | | | | |
| MFS Institutional Money Market Portfolio, 2.48% (v) | | | 12,869 | | | $ | 12,869 | |
| Total Investment Companies (Identified Cost, $9,458,521) | | | | | | $ | 10,081,600 | |
| | |
| Other Assets, Less Liabilities - (0.2)% | | | | | | | (22,887) | |
| Net Assets - 100.0% | | | | | | $ | 10,058,713 | |
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 | |
| Lifetime Income Fund | | $ | 574,200,371 | |
| Lifetime 2020 Fund | | | 342,414,308 | |
| Lifetime 2025 Fund | | | 292,671,718 | |
| Lifetime 2030 Fund | | | 589,780,845 | |
| Lifetime 2035 Fund | | | 288,749,928 | |
| Lifetime 2040 Fund | | | 427,063,779 | |
| Lifetime 2045 Fund | | | 199,226,601 | |
| Lifetime 2050 Fund | | | 211,514,903 | |
| Lifetime 2055 Fund | | | 103,516,382 | |
| Lifetime 2060 Fund | | | 10,081,600 | |
| (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 annualizedseven-day yield of the fund at period end. |
See Notes to Financial Statements
58
Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES
At 4/30/19
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, $518,813,190, $302,039,311, $264,139,699, $473,522,113, and
$247,402,618, respectively) | | | $574,200,371 | | | | $342,414,308 | | | | $292,671,718 | | | | $589,780,845 | | | | $288,749,928 | |
| | | | | |
Receivables for | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investments sold | | | 952,327 | | | | 781,046 | | | | 198,851 | | | | 794,671 | | | | 36,805 | |
| | | | | |
Fund shares sold | | | 822,839 | | | | 215,054 | | | | 2,228,379 | | | | 475,831 | | | | 581,072 | |
| | | | | |
Receivable from investment adviser | | | 123,335 | | | | 84,027 | | | | 77,976 | | | | 119,159 | | | | 73,688 | |
Other assets | | | 1,760 | | | | 1,186 | | | | 987 | | | | 1,794 | | | | 983 | |
Total assets | | | $576,100,632 | | | | $343,495,621 | | | | $295,177,911 | | | | $591,172,300 | | | | $289,442,476 | |
| | | | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | |
Payables for | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions | | | $26,543 | | | | $— | | | | $— | | | | $— | | | | $— | |
| | | | | |
Investments purchased | | | 250,163 | | | | 3,739 | | | | 1,983,302 | | | | 88,992 | | | | 523,106 | |
| | | | | |
Fund shares reacquired | | | 768,500 | | | | 925,262 | | | | 456,379 | | | | 1,257,094 | | | | 118,440 | |
| | | | | |
Payable to affiliates | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shareholder servicing costs | | | 312,516 | | | | 257,840 | | | | 212,254 | | | | 406,029 | | | | 211,298 | |
| | | | | |
Distribution and service fees | | | 11,729 | | | | 4,062 | | | | 2,351 | | | | 6,769 | | | | 2,461 | |
| | | | | |
Program manager fee | | | 402 | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
Payable for independent Trustees’ compensation | | | 13 | | | | 13 | | | | 15 | | | | 13 | | | | 10 | |
Accrued expenses and other liabilities | | | 74,807 | | | | 51,973 | | | | 51,337 | | | | 57,881 | | | | 53,376 | |
Total liabilities | | | $1,444,673 | | | | $1,242,889 | | | | $2,705,638 | | | | $1,816,778 | | | | $908,691 | |
Net assets | | | $574,655,959 | | | | $342,252,732 | | | | $292,472,273 | | | | $589,355,522 | | | | $288,533,785 | |
| | | | | |
| Net assets consist of | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | $529,166,974 | | | | $304,398,790 | | | | $263,004,189 | | | | $470,206,747 | | | | $244,404,902 | |
Total distributable earnings (loss) | | | 45,488,985 | | | | 37,853,942 | | | | 29,468,084 | | | | 119,148,775 | | | | 44,128,883 | |
Net assets | | | $574,655,959 | | | | $342,252,732 | | | | $292,472,273 | | | | $589,355,522 | | | | $288,533,785 | |
59
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 | | | $111,591,229 | | | | $44,271,425 | | | | $19,689,182 | | | | $63,578,717 | | | | $16,562,972 | |
| | | | | |
Class B | | | 9,110,562 | | | | 3,148,193 | | | | 1,501,278 | | | | 8,726,875 | | | | 1,649,897 | |
| | | | | |
Class C | | | 112,772,642 | | | | 11,880,725 | | | | 4,185,716 | | | | 15,790,355 | | | | 2,730,172 | |
| | | | | |
Class I | | | 34,654,348 | | | | 2,133,953 | | | | 1,227,732 | | | | 2,282,416 | | | | 842,785 | |
| | | | | |
Class R1 | | | 3,976,518 | | | | 4,509,547 | | | | 1,577,758 | | | | 7,422,834 | | | | 2,535,200 | |
| | | | | |
Class R2 | | | 19,458,469 | | | | 47,258,936 | | | | 36,120,743 | | | | 78,171,404 | | | | 32,591,808 | |
| | | | | |
Class R3 | | | 54,540,291 | | | | 79,477,710 | | | | 76,111,500 | | | | 146,737,422 | | | | 71,027,167 | |
| | | | | |
Class R4 | | | 47,906,389 | | | | 85,763,063 | | | | 105,032,398 | | | | 158,287,888 | | | | 115,939,235 | |
| | | | | |
Class R6 | | | 33,595,354 | | | | 63,809,180 | | | | 47,025,966 | | | | 108,357,611 | | | | 44,654,549 | |
| | | | | |
Class 529A | | | 108,397,724 | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
Class 529B | | | 4,492,293 | | | | — | | | | — | | | | — | | | | — | |
Class 529C | | | 34,160,140 | | | | — | | | | — | | | | — | | | | — | |
Total net assets | | | $574,655,959 | | | | $342,252,732 | | | | $292,472,273 | | | | $589,355,522 | | | | $288,533,785 | |
| | | | | |
Shares of beneficial interest outstanding | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Class A | | | 9,003,256 | | | | 3,411,541 | | | | 1,510,865 | | | | 4,079,152 | | | | 1,108,624 | |
| | | | | |
Class B | | | 734,985 | | | | 243,906 | | | | 116,079 | | | | 567,847 | | | | 111,189 | |
| | | | | |
Class C | | | 9,101,559 | | | | 935,084 | | | | 325,357 | | | | 1,033,885 | | | | 184,758 | |
| | | | | |
Class I | | | 2,795,112 | | | | 163,262 | | | | 93,892 | | | | 145,758 | | | | 56,314 | |
| | | | | |
Class R1 | | | 320,456 | | | | 349,399 | | | | 121,879 | | | | 481,306 | | | | 170,959 | |
| | | | | |
Class R2 | | | 1,569,262 | | | | 3,670,026 | | | | 2,786,084 | | | | 5,066,675 | | | | 2,189,324 | |
| | | | | |
Class R3 | | | 4,400,178 | | | | 6,123,903 | | | | 5,845,593 | | | | 9,441,970 | | | | 4,747,946 | |
| | | | | |
Class R4 | | | 3,865,567 | | | | 6,563,999 | | | | 8,020,192 | | | | 10,096,373 | | | | 7,720,149 | |
| | | | | |
Class R6 | | | 2,702,583 | | | | 4,888,705 | | | | 3,590,828 | | | | 6,912,501 | | | | 2,972,598 | |
| | | | | |
Class 529A | | | 10,681,758 | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
Class 529B | | | 442,700 | | | | — | | | | — | | | | — | | | | — | |
Class 529C | | | 3,367,115 | | | | — | | | | — | | | | — | | | | — | |
Total shares of beneficial interest outstanding | | | 48,984,531 | | | | 26,349,825 | | | | 22,410,769 | | | | 37,825,467 | | | | 19,261,861 | |
| | | | | |
Class A shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $12.39 | | | | $12.98 | | | | $13.03 | | | | $15.59 | | | | $14.94 | |
Offering price per share (100 / 95.75 × net asset value per share) | | | $12.94 | | | | $— | | | | $— | | | | $— | | | | $— | |
Offering price per share (100 / 94.25 × net asset value per share) | | | $— | | | | $13.77 | | | | $13.82 | | | | $16.54 | | | | $15.85 | |
| | | | | |
Class B shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value and offering price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $12.40 | | | | $12.91 | | | | $12.93 | | | | $15.37 | | | | $14.84 | |
| | | | | |
Class C shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value and offering price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $12.39 | | | | $12.71 | | | | $12.86 | | | | $15.27 | | | | $14.78 | |
| | | | | |
Class I shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, offering price, and redemption price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $12.40 | | | | $13.07 | | | | $13.08 | | | | $15.66 | | | | $14.97 | |
| | | | | |
Class R1 shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, offering price, and redemption price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $12.41 | | | | $12.91 | | | | $12.95 | | | | $15.42 | | | | $14.83 | |
60
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 R2 shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, offering price, and redemption price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $12.40 | | | | $12.88 | | | | $12.96 | | | | $15.43 | | | | $14.89 | |
| | | | | |
Class R3 shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, offering price, and redemption price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $12.40 | | | | $12.98 | | | | $13.02 | | | | $15.54 | | | | $14.96 | |
| | | | | |
Class R4 shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, offering price, and redemption price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $12.39 | | | | $13.07 | | | | $13.10 | | | | $15.68 | | | | $15.02 | |
| | | | | |
Class R6 shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, offering price, and redemption price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $12.43 | | | | $13.05 | | | | $13.10 | | | | $15.68 | | | | $15.02 | |
| | | | | |
Class 529A shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value and redemption price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $10.15 | | | | $— | | | | $— | | | | $— | | | | $— | |
Offering price per share (100 / 95.75 × net asset value per share) | | | $10.60 | | | | $— | | | | $— | | | | $— | | | | $— | |
| | | | | |
Class 529B shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value and offering price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $10.15 | | | | $— | | | | $— | | | | $— | | | | $— | |
| | | | | |
Class 529C shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value and offering price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $10.15 | | | | $— | | | | $— | | | | $— | | | | $— | |
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
61
Statements of Assets and Liabilities – continued
| | | | | | | | | | | | | | | | | | | | |
| At 4/30/19 | | MFS Lifetime
2040 Fund | | | MFS Lifetime
2045 Fund | | | MFS Lifetime
2050 Fund | | | MFS Lifetime
2055 Fund | | | MFS Lifetime
2060 Fund | |
| | | | | |
| Assets | | | | | | | | | | | | | | | | | | | | |
Investments in affiliated issuers, at value (identified cost, $317,166,307, $168,726,648, $170,955,609, $91,767,206, and $9,458,521, respectively) | | | $427,063,779 | | | | $199,226,601 | | | | $211,514,903 | | | | $103,516,382 | | | | $10,081,600 | |
| | | | | |
Receivables for | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investments sold | | | 661,739 | | | | 261,682 | | | | 195,301 | | | | — | | | | — | |
| | | | | |
Fund shares sold | | | 459,999 | | | | 190,518 | | | | 466,657 | | | | 323,994 | | | | 103,247 | |
| | | | | |
Receivable from investment adviser | | | 99,368 | | | | 55,395 | | | | 64,891 | | | | 47,611 | | | | 28,376 | |
Other assets | | | 1,370 | | | | 713 | | | | 822 | | | | 461 | | | | 100 | |
Total assets | | | $428,286,255 | | | | $199,734,909 | | | | $212,242,574 | | | | $103,888,448 | | | | $10,213,323 | |
| | | | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | |
Payable to custodian | | | $419,140 | | | | $— | | | | $— | | | | $— | | | | $— | |
Payables for | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investments purchased | | | 167,494 | | | | 61,040 | | | | 72,489 | | | | 185,111 | | | | 99,676 | |
| | | | | |
Fund shares reacquired | | | 428,558 | | | | 397,436 | | | | 480,400 | | | | 144,893 | | | | 6,485 | |
| | | | | |
Payable to affiliates | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shareholder servicing costs | | | 321,649 | | | | 161,632 | | | | 192,237 | | | | 111,231 | | | | 9,201 | |
| | | | | |
Distribution and service fees | | | 4,480 | | | | 1,667 | | | | 2,049 | | | | 1,204 | | | | 101 | |
| | | | | |
Payable for independent Trustees’ compensation | | | 10 | | | | 12 | | | | 13 | | | | 12 | | | | 15 | |
Accrued expenses and other liabilities | | | 54,371 | | | | 50,419 | | | | 49,973 | | | | 48,849 | | | | 39,132 | |
Total liabilities | | | $1,395,702 | | | | $672,206 | | | | $797,161 | | | | $491,300 | | | | $154,610 | |
Net assets | | | $426,890,553 | | | | $199,062,703 | | | | $211,445,413 | | | | $103,397,148 | | | | $10,058,713 | |
| | | | | |
| Net assets consist of | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | $312,098,053 | | | | $166,099,595 | | | | $168,350,873 | | | | $90,665,385 | | | | $9,478,231 | |
Total distributable earnings (loss) | | | 114,792,500 | | | | 32,963,108 | | | | 43,094,540 | | | | 12,731,763 | | | | 580,482 | |
Net assets | | | $426,890,553 | | | | $199,062,703 | | | | $211,445,413 | | | | $103,397,148 | | | | $10,058,713 | |
62
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 | | | $36,747,279 | | | | $8,748,846 | | | | $12,791,062 | | | | $5,865,951 | | | | $1,362,064 | |
| | | | | |
Class B | | | 4,587,883 | | | | 918,577 | | | | 1,629,562 | | | | 605,339 | | | | 148,955 | |
| | | | | |
Class C | | | 10,994,469 | | | | 2,301,232 | | | | 3,344,353 | | | | 2,178,997 | | | | 283,120 | |
| | | | | |
Class I | | | 1,432,163 | | | | 295,536 | | | | 213,195 | | | | 155,821 | | | | 65,782 | |
| | | | | |
Class R1 | | | 4,957,961 | | | | 1,092,858 | | | | 1,321,522 | | | | 1,523,297 | | | | 64,221 | |
| | | | | |
Class R2 | | | 59,428,593 | | | | 21,895,267 | | | | 28,574,682 | | | | 18,694,668 | | | | 796,650 | |
| | | | | |
Class R3 | | | 89,829,979 | | | | 53,766,644 | | | | 54,561,388 | | | | 27,657,647 | | | | 2,505,066 | |
| | | | | |
Class R4 | | | 143,534,398 | | | | 83,824,493 | | | | 69,834,434 | | | | 30,136,708 | | | | 1,523,754 | |
Class R6 | | | 75,377,828 | | | | 26,219,250 | | | | 39,175,215 | | | | 16,578,720 | | | | 3,309,101 | |
Total net assets | | | $426,890,553 | | | | $199,062,703 | | | | $211,445,413 | | | | $103,397,148 | | | | $10,058,713 | |
| | | | | |
Shares of beneficial interest outstanding | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Class A | | | 2,232,016 | | | | 563,194 | | | | 680,283 | | | | 368,126 | | | | 111,075 | |
| | | | | |
Class B | | | 280,750 | | | | 59,534 | | | | 87,855 | | | | 38,149 | | | | 12,164 | |
| | | | | |
Class C | | | 681,496 | | | | 149,901 | | | | 181,283 | | | | 138,346 | | | | 23,190 | |
| | | | | |
Class I | | | 86,429 | | | | 18,945 | | | | 11,353 | | | | 9,776 | | | | 5,339 | |
| | | | | |
Class R1 | | | 304,778 | | | | 70,915 | | | | 71,595 | | | | 96,637 | | | | 5,228 | |
| | | | | |
Class R2 | | | 3,637,379 | | | | 1,419,631 | | | | 1,540,112 | | | | 1,179,884 | | | | 65,027 | |
| | | | | |
Class R3 | | | 5,456,281 | | | | 3,465,144 | | | | 2,923,004 | | | | 1,736,044 | | | | 203,926 | |
| | | | | |
Class R4 | | | 8,641,495 | | | | 5,379,735 | | | | 3,720,468 | | | | 1,882,752 | | | | 123,785 | |
Class R6 | | | 4,538,453 | | | | 1,683,007 | | | | 2,087,953 | | | | 1,035,204 | | | | 268,485 | |
Total shares of beneficial interest outstanding | | | 25,859,077 | | | | 12,810,006 | | | | 11,303,906 | | | | 6,484,918 | | | | 818,219 | |
| | | | | |
Class A shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $16.46 | | | | $15.53 | | | | $18.80 | | | | $15.93 | | | | $12.26 | |
Offering price per share (100 / 94.25 × net asset value per share) | | | $17.46 | | | | $16.48 | | | | $19.95 | | | | $16.90 | | | | $13.01 | |
| | | | | |
Class B shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value and offering price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $16.34 | | | | $15.43 | | | | $18.55 | | | | $15.87 | | | | $12.25 | |
| | | | | |
Class C shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value and offering price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $16.13 | | | | $15.35 | | | | $18.45 | | | | $15.75 | | | | $12.21 | |
| | | | | |
Class I shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, offering price, and redemption price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $16.57 | | | | $15.60 | | | | $18.78 | | | | $15.94 | | | | $12.32 | |
| | | | | |
Class R1 shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, offering price, and redemption price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $16.27 | | | | $15.41 | | | | $18.46 | | | | $15.76 | | | | $12.28 | |
| | | | | |
Class R2 shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, offering price, and redemption price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $16.34 | | | | $15.42 | | | | $18.55 | | | | $15.84 | | | | $12.25 | |
| | | | | |
Class R3 shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, offering price, and redemption price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $16.46 | | | | $15.52 | | | | $18.67 | | | | $15.93 | | | | $12.28 | |
63
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 R4 shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, offering price, and redemption price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $16.61 | | | | $15.58 | | | | $18.77 | | | | $16.01 | | | | $12.31 | |
| | | | | |
Class R6 shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, offering price, and redemption price per share | | | | | | | | | | | | | | | | | | | | |
(net assets / shares of beneficial interest outstanding) | | | $16.61 | | | | $15.58 | | | | $18.76 | | | | $16.01 | | | | $12.33 | |
On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares.
See Notes to Financial Statements
64
Financial Statements
STATEMENTS OF OPERATIONS
Year ended 4/30/19
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 | | | $15,846,656 | | | | $10,032,445 | | | | $7,322,032 | | | | $15,535,615 | | | | $6,375,545 | |
Other | | | 107 | | | | 76 | | | | 57 | | | | 102 | | | | 49 | |
Excess expense reimbursement from investment adviser | | | 39,838 | | | | 89,037 | | | | 64,250 | | | | 137,535 | | | | 48,429 | |
Total investment income | | | $15,886,601 | | | | $10,121,558 | | | | $7,386,339 | | | | $15,673,252 | | | | $6,424,023 | |
| Expenses | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distribution and service fees | | | $2,480,921 | | | | $862,516 | | | | $459,387 | | | | $1,361,429 | | | | $414,475 | |
| | | | | |
Shareholder servicing costs | | | 804,343 | | | | 516,303 | | | | 414,156 | | | | 815,661 | | | | 431,689 | |
| | | | | |
Program manager fees | | | 64,896 | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
Administrative services fee | | | 17,500 | | | | 17,500 | | | | 17,500 | | | | 17,500 | | | | 17,500 | |
| | | | | |
Independent Trustees’ compensation | | | 13,761 | | | | 8,199 | | | | 8,046 | | | | 13,793 | | | | 8,023 | |
| | | | | |
Custodian fee | | | 23,884 | | | | 11,203 | | | | 9,481 | | | | 14,879 | | | | 9,369 | |
| | | | | |
Shareholder communications | | | 43,183 | | | | 15,660 | | | | 14,689 | | | | 20,582 | | | | 16,135 | |
| | | | | |
Audit and tax fees | | | 38,591 | | | | 36,919 | | | | 36,101 | | | | 36,975 | | | | 36,099 | |
| | | | | |
Legal fees | | | 4,049 | | | | 2,391 | | | | 1,851 | | | | 4,588 | | | | 1,970 | |
| | | | | |
Registration fees | | | 132,518 | | | | 125,515 | | | | 129,582 | | | | 132,343 | | | | 133,357 | |
Miscellaneous | | | 38,177 | | | | 32,263 | | | | 30,582 | | | | 36,243 | | | | 30,613 | |
Total expenses | | | $3,661,823 | | | | $1,628,469 | | | | $1,121,375 | | | | $2,453,993 | | | | $1,099,230 | |
Reduction of expenses by investment adviser and distributor | | | (1,204,371 | ) | | | (804,303 | ) | | | (680,852 | ) | | | (1,132,569 | ) | | | (688,943 | ) |
Net expenses | | | $2,457,452 | | | | $824,166 | | | | $440,523 | | | | $1,321,424 | | | | $410,287 | |
Net investment income (loss) | | | $13,429,149 | | | | $9,297,392 | | | | $6,945,816 | | | | $14,351,828 | | | | $6,013,736 | |
| | | | | |
| Realized and unrealized gain (loss) | | | | | | | | | | | | | | | | | | | | |
| Realized gain (loss) (identified cost basis) | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investments in affiliated issuers | | | $1,231,265 | | | | $4,929,256 | | | | $(621,785 | ) | | | $6,434,808 | | | | $(1,377,638 | ) |
Capital gain distributions from affiliated issuers | | | 5,455,385 | | | | 4,122,169 | | | | 4,459,983 | | | | 13,559,579 | | | | 6,827,038 | |
Net realized gain (loss) | | | $6,686,650 | | | | $9,051,425 | | | | $3,838,198 | | | | $19,994,387 | | | | $5,449,400 | |
Change in unrealized appreciation or depreciation | | | | | | | | | | | | | | | | | | | | |
Affiliated issuers | | | $7,671,552 | | | | $384,845 | | | | $5,123,265 | | | | $2,292,247 | | | | $6,135,730 | |
Net realized and unrealized gain (loss) | | | $14,358,202 | | | | $9,436,270 | | | | $8,961,463 | | | | $22,286,634 | | | | $11,585,130 | |
Change in net assets from operations | | | $27,787,351 | | | | $18,733,662 | | | | $15,907,279 | | | | $36,638,462 | | | | $17,598,866 | |
See Notes to Financial Statements
65
Statements of Operations – continued
| | | | | | | | | | | | | | | | | | | | |
| Year ended 4/30/19 | | MFS Lifetime
2040 Fund | | | MFS Lifetime
2045 Fund | | | MFS Lifetime
2050 Fund | | | MFS Lifetime
2055 Fund | | | MFS Lifetime
2060 Fund | |
| | | | | |
| Net investment income (loss) | | | | | | | | | | | | | | | | | | | | |
Dividends from affiliated issuers | | | $10,484,989 | | | | $4,084,493 | | | | $5,155,811 | | | | $2,102,322 | | | | $154,542 | |
Other | | | 81 | | | | 40 | | | | 43 | | | | 21 | | | | 3 | |
Excess expense reimbursement from investment adviser | | | 95,115 | | | | 26,780 | | | | 40,253 | | | | 16,489 | | | | 3,350 | |
Total investment income | | | $10,580,185 | | | | $4,111,313 | | | | $5,196,107 | | | | $2,118,832 | | | | $157,895 | |
| Expenses | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distribution and service fees | | | $923,250 | | | | $278,478 | | | | $449,754 | | | | $192,417 | | | | $11,734 | |
| | | | | |
Shareholder servicing costs | | | 663,683 | | | | 354,068 | | | | 421,859 | | | | 265,132 | | | | 24,472 | |
| | | | | |
Administrative services fee | | | 17,500 | | | | 17,500 | | | | 17,500 | | | | 17,500 | | | | 17,500 | |
| | | | | |
Independent Trustees’ compensation | | | 8,338 | | | | 4,095 | | | | 5,559 | | | | 2,458 | | | | 1,033 | |
| | | | | |
Custodian fee | | | 12,508 | | | | 8,191 | | | | 8,940 | | | | 6,789 | | | | 5,412 | |
| | | | | |
Shareholder communications | | | 18,770 | | | | 15,970 | | | | 19,274 | | | | 18,977 | | | | 5,019 | |
| | | | | |
Audit and tax fees | | | 36,937 | | | | 36,079 | | | | 36,284 | | | | 36,056 | | | | 35,422 | |
| | | | | |
Legal fees | | | 3,598 | | | | 1,358 | | | | 1,683 | | | | 732 | | | | 50 | |
| | | | | |
Registration fees | | | 127,076 | | | | 127,771 | | | | 125,656 | | | | 124,579 | | | | 119,847 | |
Miscellaneous | | | 33,934 | | | | 29,219 | | | | 29,775 | | | | 27,624 | | | | 25,301 | |
Total expenses | | | $1,845,594 | | | | $872,729 | | | | $1,116,284 | | | | $692,264 | | | | $245,790 | |
Reduction of expenses by investment adviser and distributor | | | (944,412 | ) | | | (593,859 | ) | | | (666,215 | ) | | | (499,510 | ) | | | (235,542 | ) |
Net expenses | | | $901,182 | | | | $278,870 | | | | $450,069 | | | | $192,754 | | | | $10,248 | |
Net investment income (loss) | | | $9,679,003 | | | | $3,832,443 | | | | $4,746,038 | | | | $1,926,078 | | | | $147,647 | |
| | | | | |
| Realized and unrealized gain (loss) | | | | | | | | | | | | | | | | | | | | |
| Realized gain (loss) (identified cost basis) | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investments in affiliated issuers | | | $5,441,067 | | | | $(733,535 | ) | | | $(194,744 | ) | | | $(805,086 | ) | | | $(223,535 | ) |
Capital gain distributions from affiliated issuers | | | 12,754,859 | | | | 5,350,706 | | | | 6,773,407 | | | | 2,757,427 | | | | 206,811 | |
Net realized gain (loss) | | | $18,195,926 | | | | $4,617,171 | | | | $6,578,663 | | | | $1,952,341 | | | | $(16,724 | ) |
| Change in unrealized appreciation or depreciation | | | | | | | | | | | | | | | | | | | | |
Affiliated issuers | | | $748,500 | | | | $4,085,562 | | | | $3,595,525 | | | | $2,678,794 | | | | $446,750 | |
Net realized and unrealized gain (loss) | | | $18,944,426 | | | | $8,702,733 | | | | $10,174,188 | | | | $4,631,135 | | | | $430,026 | |
Change in net assets from operations | | | $28,623,429 | | | | $12,535,176 | | | | $14,920,226 | | | | $6,557,213 | | | | $577,673 | |
See Notes to Financial Statements
66
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 4/30/19 | | MFS Lifetime
Income Fund | | | MFS Lifetime
2020 Fund | | | MFS Lifetime
2025 Fund | | | MFS Lifetime
2030 Fund | | | MFS Lifetime
2035 Fund | |
| Change in net assets | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| From operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | $13,429,149 | | | | $9,297,392 | | | | $6,945,816 | | | | $14,351,828 | | | | $6,013,736 | |
| | | | | |
Net realized gain (loss) | | | 6,686,650 | | | | 9,051,425 | | | | 3,838,198 | | | | 19,994,387 | | | | 5,449,400 | |
Net unrealized gain (loss) | | | 7,671,552 | | | | 384,845 | | | | 5,123,265 | | | | 2,292,247 | | | | 6,135,730 | |
Change in net assets from operations | | | $27,787,351 | | | | $18,733,662 | | | | $15,907,279 | | | | $36,638,462 | | | | $17,598,866 | |
Total distributions to shareholders (a) | | | $(20,987,416 | ) | | | $(18,339,611 | ) | | | $(10,143,196 | ) | | | $(28,803,946 | ) | | | $(9,435,149 | ) |
Change in net assets from fund share transactions | | | $(587,657 | ) | | | $(17,882,528 | ) | | | $49,680,033 | | | | $15,493,522 | | | | $53,588,567 | |
Total change in net assets | | | $6,212,278 | | | | $(17,488,477 | ) | | | $55,444,116 | | | | $23,328,038 | | | | $61,752,284 | |
| | | | | |
| Net assets | | | | | | | | | | | | | | | | | | | | |
At beginning of period | | | 568,443,681 | | | | 359,741,209 | | | | 237,028,157 | | | | 566,027,484 | | | | 226,781,501 | |
At end of period (b) | | | $574,655,959 | | | | $342,252,732 | | | | $292,472,273 | | | | $589,355,522 | | | | $288,533,785 | |
| | | | | |
| Year ended 4/30/19 | | MFS Lifetime
2040 Fund | | | MFS Lifetime
2045 Fund | | | MFS Lifetime
2050 Fund | | | MFS Lifetime
2055 Fund | | | MFS Lifetime
2060 Fund | |
| Change in net assets | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| From operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | $9,679,003 | | | | $3,832,443 | | | | $4,746,038 | | | | $1,926,078 | | | | $147,647 | |
| | | | | |
Net realized gain (loss) | | | 18,195,926 | | | | 4,617,171 | | | | 6,578,663 | | | | 1,952,341 | | | | (16,724 | ) |
Net unrealized gain (loss) | | | 748,500 | | | | 4,085,562 | | | | 3,595,525 | | | | 2,678,794 | | | | 446,750 | |
Change in net assets from operations | | | $28,623,429 | | | | $12,535,176 | | | | $14,920,226 | | | | $6,557,213 | | | | $577,673 | |
Total distributions to shareholders (a) | | | $(22,289,256 | ) | | | $(6,197,223 | ) | | | $(7,384,189 | ) | | | $(2,720,076 | ) | | | $(174,213 | ) |
Change in net assets from fund share transactions | | | $(7,743,746 | ) | | | $31,292,577 | | | | $(3,056,119 | ) | | | $20,085,679 | | | | $6,068,672 | |
Total change in net assets | | | $(1,409,573 | ) | | | $37,630,530 | | | | $4,479,918 | | | | $23,922,816 | | | | $6,472,132 | |
| | | | | |
| Net assets | | | | | | | | | | | | | | | | | | | | |
At beginning of period | | | 428,300,126 | | | | 161,432,173 | | | | 206,965,495 | | | | 79,474,332 | | | | 3,586,581 | |
At end of period (b) | | | $426,890,553 | | | | $199,062,703 | | | | $211,445,413 | | | | $103,397,148 | | | | $10,058,713 | |
| (a) | Distributions from net investment income and from net realized gain are no longer required to be separately disclosed. |
| (b) | Disclosure of accumulated undistributed (distributions in excess of) net investment income is no longer required. |
See Notes to Financial Statements
67
Statements of Changes in Net Assets – continued
| | | | | | | | | | | | | | | | | | | | |
| Year ended 4/30/18 | | 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) | | | $12,248,558 | | | | $9,053,361 | | | | $6,104,821 | | | | $12,916,023 | | | | $5,412,821 | |
| | | | | |
Net realized gain (loss) | | | 9,149,037 | | | | 10,737,310 | | | | 3,814,032 | | | | 14,091,381 | | | | 4,378,744 | |
Net unrealized gain (loss) | | | 1,647,472 | | | | 306,667 | | | | 7,735,241 | | | | 27,519,285 | | | | 15,838,114 | |
Change in net assets from operations | | | $23,045,067 | | | | $20,097,338 | | | | $17,654,094 | | | | $54,526,689 | | | | $25,629,679 | |
| | | | | |
| Distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(11,725,110 | ) | | | $(9,447,696 | ) | | | $(6,035,032 | ) | | | $(12,700,078 | ) | | | $(5,350,080 | ) |
From net realized gain | | | (7,262,985 | ) | | | (5,976,014 | ) | | | (1,273,636 | ) | | | (6,963,252 | ) | | | (1,412,067 | ) |
Total distributions declared to shareholders | | | $(18,988,095 | ) | | | $(15,423,710 | ) | | | $(7,308,668 | ) | | | $(19,663,330 | ) | | | $(6,762,147 | ) |
Change in net assets from fund share transactions | | | $(62,694,772 | ) | | | $(41,708,495 | ) | | | $(1,214,603 | ) | | | $4,246,793 | | | | $8,153,171 | |
Total change in net assets | | | $(58,637,800 | ) | | | $(37,034,867 | ) | | | $9,130,823 | | | | $39,110,152 | | | | $27,020,703 | |
| | | | | |
| Net assets | | | | | | | | | | | | | | | | | | | | |
| At beginning of period | | | 627,081,481 | | | | 396,776,076 | | | | 227,897,334 | | | | 526,917,332 | | | | 199,760,798 | |
At end of period | | | $568,443,681 | | | | $359,741,209 | | | | $237,028,157 | | | | $566,027,484 | | | | $226,781,501 | |
Accumulated undistributed (distributions in excess of) net investment income included in net assets at end of period | | | $(59,485 | ) | | | $1,735,424 | | | | $935,857 | | | | $1,363,169 | | | | $310,762 | |
| | | | | |
| Year ended 4/30/18 | | MFS Lifetime
2040 Fund | | | MFS Lifetime
2045 Fund | | | MFS Lifetime
2050 Fund | | | MFS Lifetime
2055 Fund | | | MFS Lifetime
2060 Fund | |
| Change in net assets | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| From operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | $9,182,515 | | | | $3,461,400 | | | | $3,972,055 | | | | $1,373,717 | | | | $41,636 | |
| Net realized gain (loss) | | | 12,410,987 | | | | 2,729,112 | | | | 2,395,401 | | | | 789,950 | | | | 17,911 | |
Net unrealized gain (loss) | | | 31,575,253 | | | | 12,922,254 | | | | 16,460,846 | | | | 5,111,584 | | | | 117,954 | |
Change in net assets from operations | | | $53,168,755 | | | | $19,112,766 | | | | $22,828,302 | | | | $7,275,251 | | | | $177,501 | |
| | | | | |
| Distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(9,137,025 | ) | | | $(3,460,011 | ) | | | $(3,975,024 | ) | | | $(1,373,041 | ) | | | $(42,050 | ) |
From net realized gain | | | (4,594,684 | ) | | | (1,046,064 | ) | | | (1,503,192 | ) | | | (325,232 | ) | | | (10,550 | ) |
Total distributions declared to shareholders | | | $(13,731,709 | ) | | | $(4,506,075 | ) | | | $(5,478,216 | ) | | | $(1,698,273 | ) | | | $(52,600 | ) |
Change in net assets from fund share transactions | | | $(15,042,496 | ) | | | $14,561,368 | | | | $28,440,187 | | | | $27,743,129 | | | | $2,439,339 | |
Total change in net assets | | | $24,394,550 | | | | $29,168,059 | | | | $45,790,273 | | | | $33,320,107 | | | | $2,564,240 | |
| | | | | |
| Net assets | | | | | | | | | | | | | | | | | | | | |
| At beginning of period | | | 403,905,576 | | | | 132,264,114 | | | | 161,175,222 | | | | 46,154,225 | | | | 1,022,341 | |
At end of period | | | $428,300,126 | | | | $161,432,173 | | | | $206,965,495 | | | | $79,474,332 | | | | $3,586,581 | |
Accumulated undistributed (distributions in excess of) net investment income included in net assets at end of period | | | $163,816 | | | | $8,964 | | | | $(2,969 | ) | | | $1,066 | | | | $34 | |
See Notes to Financial Statements
68
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 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.25 | | | | $12.20 | | | | $12.08 | | | | $12.29 | | | | $12.15 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.31 | | | | $0.27 | | | | $0.21 | | | | $0.18 | | | | $0.21 | |
Net realized and unrealized gain (loss) | | | 0.30 | | | | 0.20 | | | | 0.39 | | | | (0.11 | ) | | | 0.22 | |
Total from investment operations | | | $0.61 | | | | $0.47 | | | | $0.60 | | | | $0.07 | | | | $0.43 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.32 | ) | | | $(0.27 | ) | | | $(0.24 | ) | | | $(0.19 | ) | | | $(0.22 | ) |
From net realized gain | | | (0.15 | ) | | | (0.15 | ) | | | (0.24 | ) | | | (0.09 | ) | | | (0.07 | ) |
Total distributions declared to shareholders | | | $(0.47 | ) | | | $(0.42 | ) | | | $(0.48 | ) | | | $(0.28 | ) | | | $(0.29 | ) |
Net asset value, end of period (x) | | | $12.39 | | | | $12.25 | | | | $12.20 | | | | $12.08 | | | | $12.29 | |
Total return (%) (r)(s)(t)(x) | | | 5.18 | | | | 3.84 | | | | 5.09 | | | | 0.58 | | | | 3.66 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.45 | | | | 0.45 | | | | 0.46 | | | | 0.38 | | | | 0.39 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.23 | | | | 0.24 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
| | | | | |
Net investment income (loss) (l) | | | 2.57 | | | | 2.19 | | | | 1.74 | | | | 1.54 | | | | 1.68 | |
| | | | | |
Portfolio turnover | | | 10 | | | | 11 | | | | 25 | | | | 10 | | | | 14 | |
Net assets at end of period (000 omitted) | | | $111,591 | | | | $108,482 | | | | $115,872 | | | | $120,810 | | | | $126,212 | |
| |
| | | Year ended | |
| Class B | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.25 | | | | $12.20 | | | | $12.08 | | | | $12.29 | | | | $12.15 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.22 | | | | $0.17 | | | | $0.12 | | | | $0.09 | | | | $0.11 | |
Net realized and unrealized gain (loss) | | | 0.31 | | | | 0.21 | | | | 0.39 | | | | (0.11 | ) | | | 0.23 | |
Total from investment operations | | | $0.53 | | | | $0.38 | | | | $0.51 | | | | $(0.02 | ) | | | $0.34 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.23 | ) | | | $(0.18 | ) | | | $(0.15 | ) | | | $(0.10 | ) | | | $(0.13 | ) |
From net realized gain | | | (0.15 | ) | | | (0.15 | ) | | | (0.24 | ) | | | (0.09 | ) | | | (0.07 | ) |
Total distributions declared to shareholders | | | $(0.38 | ) | | | $(0.33 | ) | | | $(0.39 | ) | | | $(0.19 | ) | | | $(0.20 | ) |
Net asset value, end of period (x) | | | $12.40 | | | | $12.25 | | | | $12.20 | | | | $12.08 | | | | $12.29 | |
Total return (%) (r)(s)(t)(x) | | | 4.48 | | | | 3.07 | | | | 4.31 | | | | (0.16 | ) | | | 2.89 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.20 | | | | 1.20 | | | | 1.21 | | | | 1.13 | | | | 1.14 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.99 | | | | 0.99 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.81 | | | | 1.40 | | | | 0.98 | | | | 0.79 | | | | 0.93 | |
| | | | | |
Portfolio turnover | | | 10 | | | | 11 | | | | 25 | | | | 10 | | | | 14 | |
Net assets at end of period (000 omitted) | | | $9,111 | | | | $11,818 | | | | $15,801 | | | | $18,088 | | | | $20,720 | |
See Notes to Financial Statements
69
Financial Highlights – continued
MFS LIFETIME INCOME FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| |
| | | Year ended | |
| Class C | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.25 | | | | $12.19 | | | | $12.08 | | | | $12.29 | | | | $12.15 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.22 | | | | $0.18 | | | | $0.12 | | | | $0.09 | | | | $0.11 | |
Net realized and unrealized gain (loss) | | | 0.30 | | | | 0.21 | | | | 0.38 | | | | (0.11 | ) | | | 0.23 | |
Total from investment operations | | | $0.52 | | | | $0.39 | | | | $0.50 | | | | $(0.02 | ) | | | $0.34 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.23 | ) | | | $(0.18 | ) | | | $(0.15 | ) | | | $(0.10 | ) | | | $(0.13 | ) |
From net realized gain | | | (0.15 | ) | | | (0.15 | ) | | | (0.24 | ) | | | (0.09 | ) | | | (0.07 | ) |
Total distributions declared to shareholders | | | $(0.38 | ) | | | $(0.33 | ) | | | $(0.39 | ) | | | $(0.19 | ) | | | $(0.20 | ) |
Net asset value, end of period (x) | | | $12.39 | | | | $12.25 | | | | $12.19 | | | | $12.08 | | | | $12.29 | |
Total return (%) (r)(s)(t)(x) | | | 4.40 | | | | 3.15 | | | | 4.22 | | | | (0.16 | ) | | | 2.89 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.20 | | | | 1.20 | | | | 1.21 | | | | 1.13 | | | | 1.14 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.99 | | | | 0.99 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.80 | | | | 1.43 | | | | 0.98 | | | | 0.79 | | | | 0.93 | |
| | | | | |
Portfolio turnover | | | 10 | | | | 11 | | | | 25 | | | | 10 | | | | 14 | |
Net assets at end of period (000 omitted) | | | $112,773 | | | | $128,791 | | | | $147,518 | | | | $153,472 | | | | $162,868 | |
| |
| | | Year ended | |
| Class I | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.25 | | | | $12.20 | | | | $12.08 | | | | $12.30 | | | | $12.15 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.34 | | | | $0.31 | | | | $0.24 | | | | $0.21 | | | | $0.23 | |
Net realized and unrealized gain (loss) | | | 0.31 | | | | 0.19 | | | | 0.39 | | | | (0.12 | ) | | | 0.25 | |
Total from investment operations | | | $0.65 | | | | $0.50 | | | | $0.63 | | | | $0.09 | | | | $0.48 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.35 | ) | | | $(0.30 | ) | | | $(0.27 | ) | | | $(0.22 | ) | | | $(0.26 | ) |
From net realized gain | | | (0.15 | ) | | | (0.15 | ) | | | (0.24 | ) | | | (0.09 | ) | | | (0.07 | ) |
Total distributions declared to shareholders | | | $(0.50 | ) | | | $(0.45 | ) | | | $(0.51 | ) | | | $(0.31 | ) | | | $(0.33 | ) |
Net asset value, end of period (x) | | | $12.40 | | | | $12.25 | | | | $12.20 | | | | $12.08 | | | | $12.30 | |
Total return (%) (r)(s)(t)(x) | | | 5.53 | | | | 4.10 | | | | 5.35 | | | | 0.75 | | | | 4.00 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.20 | | | | 0.20 | | | | 0.21 | | | | 0.13 | | | | 0.14 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.82 | | | | 2.46 | | | | 1.98 | | | | 1.76 | | | | 1.92 | |
| | | | | |
Portfolio turnover | | | 10 | | | | 11 | | | | 25 | | | | 10 | | | | 14 | |
Net assets at end of period (000 omitted) | | | $34,654 | | | | $32,496 | | | | $32,683 | | | | $26,134 | | | | $29,661 | |
See Notes to Financial Statements
70
Financial Highlights – continued
MFS LIFETIME INCOME FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| |
| | | Year ended | |
| Class R1 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.26 | | | | $12.21 | | | | $12.09 | | | | $12.30 | | | | $12.16 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.21 | | | | $0.18 | | | | $0.12 | | | | $0.10 | | | | $0.12 | |
Net realized and unrealized gain (loss) | | | 0.32 | | | | 0.20 | | | | 0.39 | | | | (0.12 | ) | | | 0.22 | |
Total from investment operations | | | $0.53 | | | | $0.38 | | | | $0.51 | | | | $(0.02 | ) | | | $0.34 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.23 | ) | | | $(0.18 | ) | | | $(0.15 | ) | | | $(0.10 | ) | | | $(0.13 | ) |
From net realized gain | | | (0.15 | ) | | | (0.15 | ) | | | (0.24 | ) | | | (0.09 | ) | | | (0.07 | ) |
Total distributions declared to shareholders | | | $(0.38 | ) | | | $(0.33 | ) | | | $(0.39 | ) | | | $(0.19 | ) | | | $(0.20 | ) |
Net asset value, end of period (x) | | | $12.41 | | | | $12.26 | | | | $12.21 | | | | $12.09 | | | | $12.30 | |
Total return (%) (r)(s)(t)(x) | | | 4.48 | | | | 3.06 | | | | 4.31 | | | | (0.16 | ) | | | 2.88 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.20 | | | | 1.20 | | | | 1.21 | | | | 1.13 | | | | 1.14 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.98 | | | | 0.99 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.72 | | | | 1.42 | | | | 0.96 | | | | 0.79 | | | | 0.95 | |
| | | | | |
Portfolio turnover | | | 10 | | | | 11 | | | | 25 | | | | 10 | | | | 14 | |
Net assets at end of period (000 omitted) | | | $3,977 | | | | $4,344 | | | | $4,453 | | | | $5,332 | | | | $5,606 | |
| |
| | | Year ended | |
| Class R2 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.26 | | | | $12.20 | | | | $12.08 | | | | $12.30 | | | | $12.16 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.28 | | | | $0.24 | | | | $0.18 | | | | $0.16 | | | | $0.18 | |
Net realized and unrealized gain (loss) | | | 0.30 | | | | 0.21 | | | | 0.39 | | | | (0.13 | ) | | | 0.22 | |
Total from investment operations | | | $0.58 | | | | $0.45 | | | | $0.57 | | | | $0.03 | | | | $0.40 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.29 | ) | | | $(0.24 | ) | | | $(0.21 | ) | | | $(0.16 | ) | | | $(0.19 | ) |
From net realized gain | | | (0.15 | ) | | | (0.15 | ) | | | (0.24 | ) | | | (0.09 | ) | | | (0.07 | ) |
Total distributions declared to shareholders | | | $(0.44 | ) | | | $(0.39 | ) | | | $(0.45 | ) | | | $(0.25 | ) | | | $(0.26 | ) |
Net asset value, end of period (x) | | | $12.40 | | | | $12.26 | | | | $12.20 | | | | $12.08 | | | | $12.30 | |
Total return (%) (r)(s)(t)(x) | | | 4.92 | | | | 3.67 | | | | 4.83 | | | | 0.25 | | | | 3.40 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.70 | | | | 0.70 | | | | 0.71 | | | | 0.63 | | | | 0.64 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.49 | | | | 0.49 | | | | 0.50 | | | | 0.50 | | | | 0.50 | |
| | | | | |
Net investment income (loss) (l) | | | 2.30 | | | | 1.91 | | | | 1.49 | | | | 1.32 | | | | 1.46 | |
| | | | | |
Portfolio turnover | | | 10 | | | | 11 | | | | 25 | | | | 10 | | | | 14 | |
Net assets at end of period (000 omitted) | | | $19,458 | | | | $27,110 | | | | $31,542 | | | | $24,621 | | | | $28,528 | |
See Notes to Financial Statements
71
Financial Highlights – continued
MFS LIFETIME INCOME FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class R3 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.25 | | | | $12.20 | | | | $12.08 | | | | $12.30 | | | | $12.15 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.31 | | | | $0.27 | | | | $0.21 | | | | $0.17 | | | | $0.21 | |
Net realized and unrealized gain (loss) | | | 0.31 | | | | 0.20 | | | | 0.39 | | | | (0.11 | ) | | | 0.23 | |
Total from investment operations | | | $0.62 | | | | $0.47 | | | | $0.60 | | | | $0.06 | | | | $0.44 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.32 | ) | | | $(0.27 | ) | | | $(0.24 | ) | | | $(0.19 | ) | | | $(0.22 | ) |
From net realized gain | | | (0.15 | ) | | | (0.15 | ) | | | (0.24 | ) | | | (0.09 | ) | | | (0.07 | ) |
Total distributions declared to shareholders | | | $(0.47 | ) | | | $(0.42 | ) | | | $(0.48 | ) | | | $(0.28 | ) | | | $(0.29 | ) |
Net asset value, end of period (x) | | | $12.40 | | | | $12.25 | | | | $12.20 | | | | $12.08 | | | | $12.30 | |
Total return (%) (r)(s)(t)(x) | | | 5.26 | | | | 3.84 | | | | 5.09 | | | | 0.50 | | | | 3.74 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.45 | | | | 0.45 | | | | 0.47 | | | | 0.38 | | | | 0.39 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.24 | | | | 0.24 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
| | | | | |
Net investment income (loss) (l) | | | 2.57 | | | | 2.21 | | | | 1.74 | | | | 1.46 | | | | 1.68 | |
| | | | | |
Portfolio turnover | | | 10 | | | | 11 | | | | 25 | | | | 10 | | | | 14 | |
Net assets at end of period (000 omitted) | | | $54,540 | | | | $54,156 | | | | $49,628 | | | | $33,728 | | | | $25,641 | |
| |
| | | Year ended | |
| Class R4 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.25 | | | | $12.20 | | | | $12.08 | | | | $12.30 | | | | $12.16 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.34 | | | | $0.31 | | | | $0.24 | | | | $0.21 | | | | $0.24 | |
Net realized and unrealized gain (loss) | | | 0.30 | | | | 0.19 | | | | 0.39 | | | | (0.12 | ) | | | 0.23 | |
Total from investment operations | | | $0.64 | | | | $0.50 | | | | $0.63 | | | | $0.09 | | | | $0.47 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.35 | ) | | | $(0.30 | ) | | | $(0.27 | ) | | | $(0.22 | ) | | | $(0.26 | ) |
From net realized gain | | | (0.15 | ) | | | (0.15 | ) | | | (0.24 | ) | | | (0.09 | ) | | | (0.07 | ) |
Total distributions declared to shareholders | | | $(0.50 | ) | | | $(0.45 | ) | | | $(0.51 | ) | | | $(0.31 | ) | | | $(0.33 | ) |
Net asset value, end of period (x) | | | $12.39 | | | | $12.25 | | | | $12.20 | | | | $12.08 | | | | $12.30 | |
Total return (%) (r)(s)(t)(x) | | | 5.44 | | | | 4.10 | | | | 5.35 | | | | 0.75 | | | | 3.92 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.20 | | | | 0.21 | | | | 0.21 | | | | 0.13 | | | | 0.14 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.82 | | | | 2.51 | | | | 2.01 | | | | 1.78 | | | | 1.93 | |
| | | | | |
Portfolio turnover | | | 10 | | | | 11 | | | | 25 | | | | 10 | | | | 14 | |
Net assets at end of period (000 omitted) | | | $47,906 | | | | $52,790 | | | | $112,472 | | | | $83,522 | | | | $75,336 | |
See Notes to Financial Statements
72
Financial Highlights – continued
MFS LIFETIME INCOME FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Year ended | |
| Class R6 | | | | | | | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (i) | |
| | | | | |
Net asset value, beginning of period | | | | | | | | | | | $12.29 | | | | $12.23 | | | | $12.37 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | | | | | | | | | $0.35 | | | | $0.35 | | | | $0.11 | |
Net realized and unrealized gain (loss) | | | | | | | | | | | 0.30 | | | | 0.17 | | | | 0.21 | |
Total from investment operations | | | | | | | | | | | $0.65 | | | | $0.52 | | | | $0.32 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | | | | | | | | | $(0.36 | ) | | | $(0.31 | ) | | | $(0.22 | ) |
From net realized gain | | | | | | | | | | | (0.15 | ) | | | (0.15 | ) | | | (0.24 | ) |
Total distributions declared to shareholders | | | | | | | | | | | $(0.51 | ) | | | $(0.46 | ) | | | $(0.46 | ) |
Net asset value, end of period (x) | | | | | | | | | | | $12.43 | | | | $12.29 | | | | $12.23 | |
Total return (%) (r)(s)(t)(x) | | | | | | | | | | | 5.52 | | | | 4.28 | | | | 2.70 | (n) |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | | | | | | | | | 0.12 | | | | 0.10 | | | | 0.21 | (a) |
| | | | | |
Expenses after expense reductions (f)(h) | | | | | | | | | | | 0.00 | | | | 0.00 | | | | 0.00 | (a) |
| | | | | |
Net investment income (loss) (l) | | | | | | | | | | | 2.84 | | | | 2.83 | | | | 1.34 | (a) |
| | | | | |
Portfolio turnover | | | | | | | | | | | 10 | | | | 11 | | | | 25 | |
Net assets at end of period (000 omitted) | | | | | | | | | | | $33,595 | | | | $26,728 | | | | $6,775 | |
| |
| | | Year ended | |
| Class 529A | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 (i) | |
| | | | | |
Net asset value, beginning of period | | | $10.06 | | | | $10.04 | | | | $9.98 | | | | $10.17 | | | | $10.00 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.25 | | | | $0.22 | | | | $0.17 | | | | $0.15 | | | | $0.02 | |
Net realized and unrealized gain (loss) | | | 0.25 | | | | 0.17 | | | | 0.32 | | | | (0.10 | ) | | | 0.19 | |
Total from investment operations | | | $0.50 | | | | $0.39 | | | | $0.49 | | | | $0.05 | | | | $0.21 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.26 | ) | | | $(0.22 | ) | | | $(0.19 | ) | | | $(0.15 | ) | | | $(0.04 | ) |
From net realized gain | | | (0.15 | ) | | | (0.15 | ) | | | (0.24 | ) | | | (0.09 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.41 | ) | | | $(0.37 | ) | | | $(0.43 | ) | | | $(0.24 | ) | | | $(0.04 | ) |
Net asset value, end of period (x) | | | $10.15 | | | | $10.06 | | | | $10.04 | | | | $9.98 | | | | $10.17 | |
Total return (%) (r)(s)(t)(x) | | | 5.16 | | | | 3.84 | | | | 5.08 | | | | 0.53 | | | | 2.07 | (n) |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.50 | | | | 0.53 | | | | 0.56 | | | | 0.48 | | | | 0.53 | (a) |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.27 | | | | 0.28 | | | | 0.29 | | | | 0.29 | | | | 0.30 | (a) |
| | | | | |
Net investment income (loss) (l) | | | 2.55 | | | | 2.16 | | | | 1.70 | | | | 1.48 | | | | 0.70 | (a) |
| | | | | |
Portfolio turnover | | | 10 | | | | 11 | | | | 25 | | | | 10 | | | | 14 | |
Net assets at end of period (000 omitted) | | | $108,398 | | | | $83,713 | | | | $73,448 | | | | $52,434 | | | | $47,993 | |
See Notes to Financial Statements
73
Financial Highlights – continued
MFS LIFETIME INCOME FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class 529B | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 (i) | |
| | | | | |
Net asset value, beginning of period | | | $10.06 | | | | $10.04 | | | | $9.98 | | | | $10.17 | | | | $10.00 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.18 | | | | $0.14 | | | | $0.10 | | | | $0.07 | | | | $(0.00 | )(w) |
Net realized and unrealized gain (loss) | | | 0.24 | | | | 0.17 | | | | 0.32 | | | | (0.10 | ) | | | 0.18 | |
Total from investment operations | | | $0.42 | | | | $0.31 | | | | $0.42 | | | | $(0.03 | ) | | | $0.18 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.18 | ) | | | $(0.14 | ) | | | $(0.12 | ) | | | $(0.07 | ) | | | $(0.01 | ) |
From net realized gain | | | (0.15 | ) | | | (0.15 | ) | | | (0.24 | ) | | | (0.09 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.33 | ) | | | $(0.29 | ) | | | $(0.36 | ) | | | $(0.16 | ) | | | $(0.01 | ) |
Net asset value, end of period (x) | | | $10.15 | | | | $10.06 | | | | $10.04 | | | | $9.98 | | | | $10.17 | |
Total return (%) (r)(s)(t)(x) | | | 4.38 | | | | 3.07 | | | | 4.30 | | | | (0.22 | ) | | | 1.83 | (n) |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.25 | | | | 1.28 | | | | 1.31 | | | | 1.23 | | | | 1.28 | (a) |
| | | | | |
Expenses after expense reductions (f)(h) | | | 1.02 | | | | 1.04 | | | | 1.05 | | | | 1.04 | | | | 1.04 | (a) |
| | | | | |
Net investment income (loss) (l) | | | 1.78 | | | | 1.36 | | | | 0.96 | | | | 0.73 | | | | (0.05 | )(a) |
| | | | | |
Portfolio turnover | | | 10 | | | | 11 | | | | 25 | | | | 10 | | | | 14 | |
Net assets at end of period (000 omitted) | | | $4,492 | | | | $3,975 | | | | $4,722 | | | | $3,456 | | | | $3,428 | |
| |
| | | Year ended | |
| Class 529C | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 (i) | |
| | | | | |
Net asset value, beginning of period | | | $10.05 | | | | $10.04 | | | | $9.98 | | | | $10.17 | | | | $10.00 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.18 | | | | $0.14 | | | | $0.09 | | | | $0.07 | | | | $(0.00 | )(w) |
Net realized and unrealized gain (loss) | | | 0.25 | | | | 0.16 | | | | 0.33 | | | | (0.10 | ) | | | 0.18 | |
Total from investment operations | | | $0.43 | | | | $0.30 | | | | $0.42 | | | | $(0.03 | ) | | | $0.18 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.18 | ) | | | $(0.14 | ) | | | $(0.12 | ) | | | $(0.07 | ) | | | $(0.01 | ) |
From net realized gain | | | (0.15 | ) | | | (0.15 | ) | | | (0.24 | ) | | | (0.09 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.33 | ) | | | $(0.29 | ) | | | $(0.36 | ) | | | $(0.16 | ) | | | $(0.01 | ) |
Net asset value, end of period (x) | | | $10.15 | | | | $10.05 | | | | $10.04 | | | | $9.98 | | | | $10.17 | |
Total return (%) (r)(s)(t)(x) | | | 4.48 | | | | 2.97 | | | | 4.30 | | | | (0.22 | ) | | | 1.83 | (n) |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.25 | | | | 1.28 | | | | 1.31 | | | | 1.23 | | | | 1.28 | (a) |
| | | | | |
Expenses after expense reductions (f)(h) | | | 1.03 | | | | 1.04 | | | | 1.05 | | | | 1.04 | | | | 1.05 | (a) |
| | | | | |
Net investment income (loss) (l) | | | 1.79 | | | | 1.40 | | | | 0.94 | | | | 0.74 | | | | (0.05 | )(a) |
| | | | | |
Portfolio turnover | | | 10 | | | | 11 | | | | 25 | | | | 10 | | | | 14 | |
Net assets at end of period (000 omitted) | | | $34,160 | | | | $34,039 | | | | $32,166 | | | | $26,047 | | | | $23,987 | |
See Notes to Financial Statements
74
Financial Highlights – continued
MFS LIFETIME INCOME FUND – continued
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
| (h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
| (i) | For Class 529A, Class 529B, Class 529C, and Class R6, the period is from the class inception, January 8, 2015 (Classes 529A, 529B, and 529C) and August 29, 2016 (Class R6), respectively, through the stated period end. |
| (l) | The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (w) | Per share amount was less than $0.01. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
75
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 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $13.01 | | | | $12.94 | | | | $13.08 | | | | $13.52 | | | | $13.16 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.33 | | | | $0.29 | | | | $0.23 | | | | $0.20 | | | | $0.22 | |
Net realized and unrealized gain (loss) | | | 0.30 | | | | 0.35 | | | | 0.60 | | | | (0.18 | ) | | | 0.40 | |
Total from investment operations | | | $0.63 | | | | $0.64 | | | | $0.83 | | | | $0.02 | | | | $0.62 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.32 | ) | | | $(0.35 | ) | | | $(0.21 | ) | | | $(0.23 | ) | | | $(0.26 | ) |
From net realized gain | | | (0.34 | ) | | | (0.22 | ) | | | (0.76 | ) | | | (0.23 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.66 | ) | | | $(0.57 | ) | | | $(0.97 | ) | | | $(0.46 | ) | | | $(0.26 | ) |
Net asset value, end of period (x) | | | $12.98 | | | | $13.01 | | | | $12.94 | | | | $13.08 | | | | $13.52 | |
Total return (%) (r)(s)(t)(x) | | | 5.30 | | | | 4.94 | | | | 6.60 | | | | 0.20 | | | | 4.76 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.48 | | | | 0.48 | | | | 0.48 | | | | 0.40 | | | | 0.42 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.23 | | | | 0.24 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
| | | | | |
Net investment income (loss) (l) | | | 2.56 | | | | 2.22 | | | | 1.73 | | | | 1.52 | | | | 1.62 | |
| | | | | |
Portfolio turnover | | | 17 | | | | 19 | | | | 35 | | | | 11 | | | | 18 | |
Net assets at end of period (000 omitted) | | | $44,271 | | | | $46,580 | | | | $50,239 | | | | $46,171 | | | | $45,846 | |
| |
| | | Year ended | |
| Class B | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.92 | | | | $12.84 | | | | $12.98 | | | | $13.41 | | | | $13.06 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.23 | | | | $0.19 | | | | $0.13 | | | | $0.10 | | | | $0.12 | |
Net realized and unrealized gain (loss) | | | 0.31 | | | | 0.35 | | | | 0.59 | | | | (0.17 | ) | | | 0.39 | |
Total from investment operations | | | $0.54 | | | | $0.54 | | | | $0.72 | | | | $(0.07 | ) | | | $0.51 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.21 | ) | | | $(0.24 | ) | | | $(0.10 | ) | | | $(0.13 | ) | | | $(0.16 | ) |
From net realized gain | | | (0.34 | ) | | | (0.22 | ) | | | (0.76 | ) | | | (0.23 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.55 | ) | | | $(0.46 | ) | | | $(0.86 | ) | | | $(0.36 | ) | | | $(0.16 | ) |
Net asset value, end of period (x) | | | $12.91 | | | | $12.92 | | | | $12.84 | | | | $12.98 | | | | $13.41 | |
Total return (%) (r)(s)(t)(x) | | | 4.49 | | | | 4.21 | | | | 5.75 | | | | (0.49 | ) | | | 3.96 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.23 | | | | 1.23 | | | | 1.22 | | | | 1.15 | | | | 1.17 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.98 | | | | 0.99 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.81 | | | | 1.46 | | | | 0.99 | | | | 0.77 | | | | 0.93 | |
| | | | | |
Portfolio turnover | | | 17 | | | | 19 | | | | 35 | | | | 11 | | | | 18 | |
Net assets at end of period (000 omitted) | | | $3,148 | | | | $4,420 | | | | $5,425 | | | | $6,376 | | | | $6,605 | |
See Notes to Financial Statements
76
Financial Highlights – continued
MFS LIFETIME 2020 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| |
| | | Year ended | |
| Class C | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.74 | | | | $12.67 | | | | $12.83 | | | | $13.26 | | | | $12.92 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.23 | | | | $0.19 | | | | $0.13 | | | | $0.10 | | | | $0.12 | |
Net realized and unrealized gain (loss) | | | 0.30 | | | | 0.34 | | | | 0.58 | | | | (0.18 | ) | | | 0.39 | |
Total from investment operations | | | $0.53 | | | | $0.53 | | | | $0.71 | | | | $(0.08 | ) | | | $0.51 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.22 | ) | | | $(0.24 | ) | | | $(0.11 | ) | | | $(0.12 | ) | | | $(0.17 | ) |
From net realized gain | | | (0.34 | ) | | | (0.22 | ) | | | (0.76 | ) | | | (0.23 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.56 | ) | | | $(0.46 | ) | | | $(0.87 | ) | | | $(0.35 | ) | | | $(0.17 | ) |
Net asset value, end of period (x) | | | $12.71 | | | | $12.74 | | | | $12.67 | | | | $12.83 | | | | $13.26 | |
Total return (%) (r)(s)(t)(x) | | | 4.50 | | | | 4.20 | | | | 5.76 | | | | (0.53 | ) | | | 3.97 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.23 | | | | 1.23 | | | | 1.23 | | | | 1.15 | | | | 1.17 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.98 | | | | 0.99 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.82 | | | | 1.47 | | | | 0.98 | | | | 0.76 | | | | 0.92 | |
| | | | | |
Portfolio turnover | | | 17 | | | | 19 | | | | 35 | | | | 11 | | | | 18 | |
Net assets at end of period (000 omitted) | | | $11,881 | | | | $13,178 | | | | $16,629 | | | | $17,196 | | | | $18,428 | |
| |
| | | Year ended | |
| Class I | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $13.10 | | | | $13.03 | | | | $13.16 | | | | $13.60 | | | | $13.24 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.36 | | | | $0.33 | | | | $0.30 | | | | $0.23 | | | | $0.26 | |
Net realized and unrealized gain (loss) | | | 0.31 | | | | 0.35 | | | | 0.57 | | | | (0.18 | ) | | | 0.40 | |
Total from investment operations | | | $0.67 | | | | $0.68 | | | | $0.87 | | | | $0.05 | | | | $0.66 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.36 | ) | | | $(0.39 | ) | | | $(0.24 | ) | | | $(0.26 | ) | | | $(0.30 | ) |
From net realized gain | | | (0.34 | ) | | | (0.22 | ) | | | (0.76 | ) | | | (0.23 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.70 | ) | | | $(0.61 | ) | | | $(1.00 | ) | | | $(0.49 | ) | | | $(0.30 | ) |
Net asset value, end of period (x) | | | $13.07 | | | | $13.10 | | | | $13.03 | | | | $13.16 | | | | $13.60 | |
Total return (%) (r)(s)(t)(x) | | | 5.54 | | | | 5.19 | | | | 6.91 | | | | 0.45 | | | | 5.03 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.23 | | | | 0.23 | | | | 0.21 | | | | 0.15 | | | | 0.17 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.76 | | | | 2.50 | | | | 2.25 | | | | 1.78 | | | | 1.93 | |
| | | | | |
Portfolio turnover | | | 17 | | | | 19 | | | | 35 | | | | 11 | | | | 18 | |
Net assets at end of period (000 omitted) | | | $2,134 | | | | $1,742 | | | | $1,631 | | | | $4,466 | | | | $7,312 | |
See Notes to Financial Statements
77
Financial Highlights – continued
MFS LIFETIME 2020 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| |
| | | Year ended | |
| Class R1 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.94 | | | | $12.88 | | | | $13.00 | | | | $13.42 | | | | $13.06 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.23 | | | | $0.20 | | | | $0.12 | | | | $0.10 | | | | $0.12 | |
Net realized and unrealized gain (loss) | | | 0.31 | | | | 0.34 | | | | 0.60 | | | | (0.18 | ) | | | 0.40 | |
Total from investment operations | | | $0.54 | | | | $0.54 | | | | $0.72 | | | | $(0.08 | ) | | | $0.52 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.23 | ) | | | $(0.26 | ) | | | $(0.08 | ) | | | $(0.11 | ) | | | $(0.16 | ) |
From net realized gain | | | (0.34 | ) | | | (0.22 | ) | | | (0.76 | ) | | | (0.23 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.57 | ) | | | $(0.48 | ) | | | $(0.84 | ) | | | $(0.34 | ) | | | $(0.16 | ) |
Net asset value, end of period (x) | | | $12.91 | | | | $12.94 | | | | $12.88 | | | | $13.00 | | | | $13.42 | |
Total return (%) (r)(s)(t)(x) | | | 4.51 | | | | 4.19 | | | | 5.73 | | | | (0.54 | ) | | | 3.99 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.23 | | | | 1.23 | | | | 1.22 | | | | 1.15 | | | | 1.17 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.98 | | | | 0.99 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.82 | | | | 1.49 | | | | 0.95 | | | | 0.78 | | | | 0.93 | |
| | | | | |
Portfolio turnover | | | 17 | | | | 19 | | | | 35 | | | | 11 | | | | 18 | |
Net assets at end of period (000 omitted) | | | $4,510 | | | | $4,587 | | | | $4,355 | | | | $4,794 | | | | $6,357 | |
| |
| | | Year ended | |
| Class R2 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.91 | | | | $12.84 | | | | $13.00 | | | | $13.43 | | | | $13.08 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.30 | | | | $0.26 | | | | $0.19 | | | | $0.17 | | | | $0.19 | |
Net realized and unrealized gain (loss) | | | 0.30 | | | | 0.35 | | | | 0.59 | | | | (0.18 | ) | | | 0.39 | |
Total from investment operations | | | $0.60 | | | | $0.61 | | | | $0.78 | | | | $(0.01 | ) | | | $0.58 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.29 | ) | | | $(0.32 | ) | | | $(0.18 | ) | | | $(0.19 | ) | | | $(0.23 | ) |
From net realized gain | | | (0.34 | ) | | | (0.22 | ) | | | (0.76 | ) | | | (0.23 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.63 | ) | | | $(0.54 | ) | | | $(0.94 | ) | | | $(0.42 | ) | | | $(0.23 | ) |
Net asset value, end of period (x) | | | $12.88 | | | | $12.91 | | | | $12.84 | | | | $13.00 | | | | $13.43 | |
Total return (%) (r)(s)(t)(x) | | | 5.04 | | | | 4.73 | | | | 6.26 | | | | 0.01 | | | | 4.48 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.73 | | | | 0.73 | | | | 0.73 | | | | 0.65 | | | | 0.67 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.48 | | | | 0.49 | | | | 0.50 | | | | 0.50 | | | | 0.50 | |
| | | | | |
Net investment income (loss) (l) | | | 2.32 | | | | 1.97 | | | | 1.49 | | | | 1.28 | | | | 1.42 | |
| | | | | |
Portfolio turnover | | | 17 | | | | 19 | | | | 35 | | | | 11 | | | | 18 | |
Net assets at end of period (000 omitted) | | | $47,259 | | | | $72,233 | | | | $76,217 | | | | $63,116 | | | | $68,263 | |
See Notes to Financial Statements
78
Financial Highlights – continued
MFS LIFETIME 2020 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| |
| | | Year ended | |
| Class R3 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $13.01 | | | | $12.95 | | | | $13.09 | | | | $13.53 | | | | $13.18 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.34 | | | | $0.30 | | | | $0.22 | | | | $0.19 | | | | $0.22 | |
Net realized and unrealized gain (loss) | | | 0.30 | | | | 0.34 | | | | 0.61 | | | | (0.17 | ) | | | 0.40 | |
Total from investment operations | | | $0.64 | | | | $0.64 | | | | $0.83 | | | | $0.02 | | | | $0.62 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.33 | ) | | | $(0.36 | ) | | | $(0.21 | ) | | | $(0.23 | ) | | | $(0.27 | ) |
From net realized gain | | | (0.34 | ) | | | (0.22 | ) | | | (0.76 | ) | | | (0.23 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.67 | ) | | | $(0.58 | ) | | | $(0.97 | ) | | | $(0.46 | ) | | | $(0.27 | ) |
Net asset value, end of period (x) | | | $12.98 | | | | $13.01 | | | | $12.95 | | | | $13.09 | | | | $13.53 | |
Total return (%) (r)(s)(t)(x) | | | 5.33 | | | | 4.90 | | | | 6.59 | | | | 0.20 | | | | 4.72 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.48 | | | | 0.48 | | | | 0.48 | | | | 0.40 | | | | 0.42 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.23 | | | | 0.24 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
| | | | | |
Net investment income (loss) (l) | | | 2.61 | | | | 2.24 | | | | 1.71 | | | | 1.45 | | | | 1.67 | |
| | | | | |
Portfolio turnover | | | 17 | | | | 19 | | | | 35 | | | | 11 | | | | 18 | |
Net assets at end of period (000 omitted) | | | $79,478 | | | | $84,245 | | | | $74,655 | | | | $63,904 | | | | $51,380 | |
| |
| | | Year ended | |
| Class R4 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $13.10 | | | | $13.01 | | | | $13.15 | | | | $13.58 | | | | $13.23 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.37 | | | | $0.34 | | | | $0.27 | | | | $0.23 | | | | $0.26 | |
Net realized and unrealized gain (loss) | | | 0.30 | | | | 0.34 | | | | 0.59 | | | | (0.17 | ) | | | 0.39 | |
Total from investment operations | | | $0.67 | | | | $0.68 | | | | $0.86 | | | | $0.06 | | | | $0.65 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.36 | ) | | | $(0.37 | ) | | | $(0.24 | ) | | | $(0.26 | ) | | | $(0.30 | ) |
From net realized gain | | | (0.34 | ) | | | (0.22 | ) | | | (0.76 | ) | | | (0.23 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.70 | ) | | | $(0.59 | ) | | | $(1.00 | ) | | | $(0.49 | ) | | | $(0.30 | ) |
Net asset value, end of period (x) | | | $13.07 | | | | $13.10 | | | | $13.01 | | | | $13.15 | | | | $13.58 | |
Total return (%) (r)(s)(t)(x) | | | 5.55 | | | | 5.24 | | | | 6.83 | | | | 0.53 | | | | 4.96 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.23 | | | | 0.24 | | | | 0.23 | | | | 0.15 | | | | 0.17 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.82 | | | | 2.56 | | | | 2.02 | | | | 1.76 | | | | 1.94 | |
| | | | | |
Portfolio turnover | | | 17 | | | | 19 | | | | 35 | | | | 11 | | | | 18 | |
Net assets at end of period (000 omitted) | | | $85,763 | | | | $87,475 | | | | $146,535 | | | | $165,273 | | | | $159,446 | |
See Notes to Financial Statements
79
Financial Highlights – continued
MFS LIFETIME 2020 FUND – continued
| | | | | | | | | | | | |
| | | Year ended | |
| Class R6 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (i) | |
| | | |
Net asset value, beginning of period | | | $13.09 | | | | $13.02 | | | | $13.60 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.38 | | | | $0.38 | | | | $0.11 | |
Net realized and unrealized gain (loss) | | | 0.30 | | | | 0.31 | | | | 0.32 | |
Total from investment operations | | | $0.68 | | | | $0.69 | | | | $0.43 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
From net investment income | | | $(0.38 | ) | | | $(0.40 | ) | | | $(0.25 | ) |
From net realized gain | | | (0.34 | ) | | | (0.22 | ) | | | (0.76 | ) |
Total distributions declared to shareholders | | | $(0.72 | ) | | | $(0.62 | ) | | | $(1.01 | ) |
Net asset value, end of period (x) | | | $13.05 | | | | $13.09 | | | | $13.02 | |
Total return (%) (r)(s)(t)(x) | | | 5.62 | | | | 5.33 | | | | 3.43 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.11 | | | | 0.10 | | | | 0.16 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | (a) |
| | | |
Net investment income (loss) (l) | | | 2.95 | | | | 2.82 | | | | 1.28 | (a) |
| | | |
Portfolio turnover | | | 17 | | | | 19 | | | | 35 | |
Net assets at end of period (000 omitted) | | | $63,809 | | | | $45,280 | | | | $21,091 | |
| (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. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
80
Financial Highlights – continued
MFS LIFETIME 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 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.83 | | | | $12.35 | | | | $11.76 | | | | $12.19 | | | | $11.81 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.33 | | | | $0.29 | | | | $0.20 | | | | $0.16 | | | | $0.19 | |
Net realized and unrealized gain (loss) | | | 0.35 | | | | 0.62 | | | | 0.84 | | | | (0.24 | ) | | | 0.47 | |
Total from investment operations | | | $0.68 | | | | $0.91 | | | | $1.04 | | | | $(0.08 | ) | | | $0.66 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.31 | ) | | | $(0.35 | ) | | | $(0.17 | ) | | | $(0.18 | ) | | | $(0.20 | ) |
From net realized gain | | | (0.17 | ) | | | (0.08 | ) | | | (0.28 | ) | | | (0.17 | ) | | | (0.08 | ) |
Total distributions declared to shareholders | | | $(0.48 | ) | | | $(0.43 | ) | | | $(0.45 | ) | | | $(0.35 | ) | | | $(0.28 | ) |
Net asset value, end of period (x) | | | $13.03 | | | | $12.83 | | | | $12.35 | | | | $11.76 | | | | $12.19 | |
Total return (%) (r)(s)(t)(x) | | | 5.70 | | | | 7.34 | | | | 9.03 | | | | (0.60 | ) | | | 5.64 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.52 | | | | 0.54 | | | | 0.55 | | | | 0.53 | | | | 0.48 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.22 | | | | 0.23 | | | | 0.24 | | | | 0.23 | | | | 0.23 | |
| | | | | |
Net investment income (loss) (l) | | | 2.62 | | | | 2.28 | | | | 1.62 | | | | 1.34 | | | | 1.58 | |
| | | | | |
Portfolio turnover | | | 14 | | | | 37 | | | | 33 | | | | 10 | | | | 13 | |
Net assets at end of period (000 omitted) | | | $19,689 | | | | $16,710 | | | | $14,518 | | | | $12,598 | | | | $8,807 | |
| |
| | | Year ended | |
| Class B | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.72 | | | | $12.26 | | | | $11.68 | | | | $12.11 | | | | $11.75 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.23 | | | | $0.19 | | | | $0.10 | | | | $0.07 | | | | $0.10 | |
Net realized and unrealized gain (loss) | | | 0.36 | | | | 0.60 | | | | 0.85 | | | | (0.24 | ) | | | 0.47 | |
Total from investment operations | | | $0.59 | | | | $0.79 | | | | $0.95 | | | | $(0.17 | ) | | | $0.57 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.21 | ) | | | $(0.25 | ) | | | $(0.09 | ) | | | $(0.09 | ) | | | $(0.13 | ) |
From net realized gain | | | (0.17 | ) | | | (0.08 | ) | | | (0.28 | ) | | | (0.17 | ) | | | (0.08 | ) |
Total distributions declared to shareholders | | | $(0.38 | ) | | | $(0.33 | ) | | | $(0.37 | ) | | | $(0.26 | ) | | | $(0.21 | ) |
Net asset value, end of period (x) | | | $12.93 | | | | $12.72 | | | | $12.26 | | | | $11.68 | | | | $12.11 | |
Total return (%) (r)(s)(t)(x) | | | 4.96 | | | | 6.40 | | | | 8.23 | | | | (1.37 | ) | | | 4.83 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.27 | | | | 1.29 | | | | 1.29 | | | | 1.28 | | | | 1.23 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.97 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.82 | | | | 1.47 | | | | 0.86 | | | | 0.59 | | | | 0.83 | |
| | | | | |
Portfolio turnover | | | 14 | | | | 37 | | | | 33 | | | | 10 | | | | 13 | |
Net assets at end of period (000 omitted) | | | $1,501 | | | | $1,472 | | | | $1,340 | | | | $1,190 | | | | $1,035 | |
See Notes to Financial Statements
81
Financial Highlights – continued
MFS LIFETIME 2025 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class C | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.66 | | | | $12.21 | | | | $11.63 | | | | $12.07 | | | | $11.71 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.22 | | | | $0.19 | | | | $0.10 | | | | $0.07 | | | | $0.10 | |
Net realized and unrealized gain (loss) | | | 0.37 | | | | 0.60 | | | | 0.84 | | | | (0.24 | ) | | | 0.47 | |
Total from investment operations | | | $0.59 | | | | $0.79 | | | | $0.94 | | | | $(0.17 | ) | | | $0.57 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.22 | ) | | | $(0.26 | ) | | | $(0.08 | ) | | | $(0.10 | ) | | | $(0.13 | ) |
From net realized gain | | | (0.17 | ) | | | (0.08 | ) | | | (0.28 | ) | | | (0.17 | ) | | | (0.08 | ) |
Total distributions declared to shareholders | | | $(0.39 | ) | | | $(0.34 | ) | | | $(0.36 | ) | | | $(0.27 | ) | | | $(0.21 | ) |
Net asset value, end of period (x) | | | $12.86 | | | | $12.66 | | | | $12.21 | | | | $11.63 | | | | $12.07 | |
Total return (%) (r)(s)(t)(x) | | | 4.94 | | | | 6.42 | | | | 8.24 | | | | (1.37 | ) | | | 4.86 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.27 | | | | 1.29 | | | | 1.29 | | | | 1.28 | | | | 1.23 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.99 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.78 | | | | 1.50 | | | | 0.83 | | | | 0.59 | | | | 0.80 | |
| | | | | |
Portfolio turnover | | | 14 | | | | 37 | | | | 33 | | | | 10 | | | | 13 | |
Net assets at end of period (000 omitted) | | | $4,186 | | | | $3,571 | | | | $3,311 | | | | $2,846 | | | | $2,213 | |
| |
| | | Year ended | |
| Class I | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.87 | | | | $12.40 | | | | $11.79 | | | | $12.22 | | | | $11.83 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.41 | | | | $0.25 | | | | $0.27 | | | | $0.19 | | | | $0.23 | |
Net realized and unrealized gain (loss) | | | 0.32 | | | | 0.68 | | | | 0.82 | | | | (0.25 | ) | | | 0.46 | |
Total from investment operations | | | $0.73 | | | | $0.93 | | | | $1.09 | | | | $(0.06 | ) | | | $0.69 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.35 | ) | | | $(0.38 | ) | | | $(0.20 | ) | | | $(0.20 | ) | | | $(0.22 | ) |
From net realized gain | | | (0.17 | ) | | | (0.08 | ) | | | (0.28 | ) | | | (0.17 | ) | | | (0.08 | ) |
Total distributions declared to shareholders | | | $(0.52 | ) | | | $(0.46 | ) | | | $(0.48 | ) | | | $(0.37 | ) | | | $(0.30 | ) |
Net asset value, end of period (x) | | | $13.08 | | | | $12.87 | | | | $12.40 | | | | $11.79 | | | | $12.22 | |
Total return (%) (r)(s)(t)(x) | | | 6.05 | | | | 7.44 | | | | 9.42 | | | | (0.39 | ) | | | 5.89 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.27 | | | | 0.32 | | | | 0.28 | | | | 0.29 | | | | 0.23 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 3.23 | | | | 1.96 | | | | 2.25 | | | | 1.59 | | | | 1.87 | |
| | | | | |
Portfolio turnover | | | 14 | | | | 37 | | | | 33 | | | | 10 | | | | 13 | |
Net assets at end of period (000 omitted) | | | $1,228 | | | | $538 | | | | $127 | | | | $4,563 | | | | $1,889 | |
See Notes to Financial Statements
82
Financial Highlights – continued
MFS LIFETIME 2025 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class R1 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.76 | | | | $12.33 | | | | $11.79 | | | | $12.17 | | | | $11.78 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.22 | | | | $0.20 | | | | $0.09 | | | | $0.06 | | | | $0.09 | |
Net realized and unrealized gain (loss) | | | 0.37 | | | | 0.60 | | | | 0.86 | | | | (0.24 | ) | | | 0.48 | |
Total from investment operations | | | $0.59 | | | | $0.80 | | | | $0.95 | | | | $(0.18 | ) | | | $0.57 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.23 | ) | | | $(0.29 | ) | | | $(0.13 | ) | | | $(0.03 | ) | | | $(0.10 | ) |
From net realized gain | | | (0.17 | ) | | | (0.08 | ) | | | (0.28 | ) | | | (0.17 | ) | | | (0.08 | ) |
Total distributions declared to shareholders | | | $(0.40 | ) | | | $(0.37 | ) | | | $(0.41 | ) | | | $(0.20 | ) | | | $(0.18 | ) |
Net asset value, end of period (x) | | | $12.95 | | | | $12.76 | | | | $12.33 | | | | $11.79 | | | | $12.17 | |
Total return (%) (r)(s)(t)(x) | | | 4.97 | | | | 6.46 | | | | 8.24 | | | | (1.40 | ) | | | 4.88 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 1.27 | | | | 1.30 | | | | 1.31 | | | | 1.26 | | | | 1.23 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.99 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.76 | | | | 1.58 | | | | 0.77 | | | | 0.51 | | | | 0.73 | |
| | | | | |
Portfolio turnover | | | 14 | | | | 37 | | | | 33 | | | | 10 | | | | 13 | |
Net assets at end of period (000 omitted) | | | $1,578 | | | | $1,234 | | | | $432 | | | | $87 | | | | $163 | |
| |
| | | Year ended | |
| Class R2 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.74 | | | | $12.29 | | | | $11.73 | | | | $12.17 | | | | $11.78 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.28 | | | | $0.26 | | | | $0.17 | | | | $0.12 | | | | $0.15 | |
Net realized and unrealized gain (loss) | | | 0.37 | | | | 0.60 | | | | 0.84 | | | | (0.24 | ) | | | 0.49 | |
Total from investment operations | | | $0.65 | | | | $0.86 | | | | $1.01 | | | | $(0.12 | ) | | | $0.64 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.26 | ) | | | $(0.33 | ) | | | $(0.17 | ) | | | $(0.15 | ) | | | $(0.17 | ) |
From net realized gain | | | (0.17 | ) | | | (0.08 | ) | | | (0.28 | ) | | | (0.17 | ) | | | (0.08 | ) |
Total distributions declared to shareholders | | | $(0.43 | ) | | | $(0.41 | ) | | | $(0.45 | ) | | | $(0.32 | ) | | | $(0.25 | ) |
Net asset value, end of period (x) | | | $12.96 | | | | $12.74 | | | | $12.29 | | | | $11.73 | | | | $12.17 | |
Total return (%) (r)(s)(t)(x) | | | 5.48 | | | | 6.95 | | | | 8.75 | | | | (0.89 | ) | | | 5.42 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.77 | | | | 0.79 | | | | 0.81 | | | | 0.79 | | | | 0.73 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.49 | | | | 0.50 | | | | 0.50 | | | | 0.50 | | | | 0.50 | |
| | | | | |
Net investment income (loss) (l) | | | 2.21 | | | | 2.06 | | | | 1.40 | | | | 1.02 | | | | 1.27 | |
| | | | | |
Portfolio turnover | | | 14 | | | | 37 | | | | 33 | | | | 10 | | | | 13 | |
Net assets at end of period (000 omitted) | | | $36,121 | | | | $35,799 | | | | $23,253 | | | | $7,489 | | | | $4,200 | |
See Notes to Financial Statements
83
Financial Highlights – continued
MFS LIFETIME 2025 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class R3 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.81 | | | | $12.35 | | | | $11.76 | | | | $12.19 | | | | $11.80 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.33 | | | | $0.29 | | | | $0.20 | | | | $0.15 | | | | $0.17 | |
Net realized and unrealized gain (loss) | | | 0.36 | | | | 0.60 | | | | 0.85 | | | | (0.23 | ) | | | 0.49 | |
Total from investment operations | | | $0.69 | | | | $0.89 | | | | $1.05 | | | | $(0.08 | ) | | | $0.66 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.31 | ) | | | $(0.35 | ) | | | $(0.18 | ) | | | $(0.18 | ) | | | $(0.19 | ) |
From net realized gain | | | (0.17 | ) | | | (0.08 | ) | | | (0.28 | ) | | | (0.17 | ) | | | (0.08 | ) |
Total distributions declared to shareholders | | | $(0.48 | ) | | | $(0.43 | ) | | | $(0.46 | ) | | | $(0.35 | ) | | | $(0.27 | ) |
Net asset value, end of period (x) | | | $13.02 | | | | $12.81 | | | | $12.35 | | | | $11.76 | | | | $12.19 | |
Total return (%) (r)(s)(t)(x) | | | 5.75 | | | | 7.19 | | | | 9.08 | | | | (0.60 | ) | | | 5.65 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.52 | | | | 0.54 | | | | 0.55 | | | | 0.54 | | | | 0.48 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.24 | | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
| | | | | |
Net investment income (loss) (l) | | | 2.56 | | | | 2.24 | | | | 1.61 | | | | 1.27 | | | | 1.45 | |
| | | | | |
Portfolio turnover | | | 14 | | | | 37 | | | | 33 | | | | 10 | | | | 13 | |
Net assets at end of period (000 omitted) | | | $76,112 | | | | $63,426 | | | | $39,042 | | | | $22,370 | | | | $12,732 | |
| |
| | | Year ended | |
| Class R4 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $12.88 | | | | $12.40 | | | | $11.79 | | | | $12.22 | | | | $11.83 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.36 | | | | $0.35 | | | | $0.22 | | | | $0.19 | | | | $0.22 | |
Net realized and unrealized gain (loss) | | | 0.37 | | | | 0.58 | | | | 0.87 | | | | (0.25 | ) | | | 0.47 | |
Total from investment operations | | | $0.73 | | | | $0.93 | | | | $1.09 | | | | $(0.06 | ) | | | $0.69 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.34 | ) | | | $(0.37 | ) | | | $(0.20 | ) | | | $(0.20 | ) | | | $(0.22 | ) |
From net realized gain | | | (0.17 | ) | | | (0.08 | ) | | | (0.28 | ) | | | (0.17 | ) | | | (0.08 | ) |
Total distributions declared to shareholders | | | $(0.51 | ) | | | $(0.45 | ) | | | $(0.48 | ) | | | $(0.37 | ) | | | $(0.30 | ) |
Net asset value, end of period (x) | | | $13.10 | | | | $12.88 | | | | $12.40 | | | | $11.79 | | | | $12.22 | |
Total return (%) (r)(s)(t)(x) | | | 6.06 | | | | 7.43 | | | | 9.42 | | | | (0.40 | ) | | | 5.88 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.27 | | | | 0.28 | | | | 0.30 | | | | 0.28 | | | | 0.23 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.82 | | | | 2.68 | | | | 1.84 | | | | 1.59 | | | | 1.82 | |
| | | | | |
Portfolio turnover | | | 14 | | | | 37 | | | | 33 | | | | 10 | | | | 13 | |
Net assets at end of period (000 omitted) | | | $105,032 | | | | $81,894 | | | | $135,040 | | | | $105,570 | | | | $98,370 | |
See Notes to Financial Statements
84
Financial Highlights – continued
MFS LIFETIME 2025 FUND – continued
| | | | | | | | | | | | |
| | | Year ended | |
| Class R6 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (i) | |
| | | |
Net asset value, beginning of period | | | $12.88 | | | | $12.41 | | | | $12.30 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.38 | | | | $0.40 | | | | $0.11 | |
Net realized and unrealized gain (loss) | | | 0.37 | | | | 0.55 | | | | 0.48 | |
Total from investment operations | | | $0.75 | | | | $0.95 | | | | $0.59 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
| From net investment income | | | $(0.36 | ) | | | $(0.40 | ) | | | $(0.20 | ) |
From net realized gain | | | (0.17 | ) | | | (0.08 | ) | | | (0.28 | ) |
Total distributions declared to shareholders | | | $(0.53 | ) | | | $(0.48 | ) | | | $(0.48 | ) |
Net asset value, end of period (x) | | | $13.10 | | | | $12.88 | | | | $12.41 | |
Total return (%) (r)(s)(t)(x) | | | 6.21 | | | | 7.57 | | | | 5.02 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.14 | | | | 0.15 | | | | 0.20 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | (a) |
| | | |
Net investment income (loss) (l) | | | 2.93 | | | | 3.08 | | | | 1.31 | (a) |
| | | |
Portfolio turnover | | | 14 | | | | 37 | | | | 33 | |
Net assets at end of period (000 omitted) | | | $47,026 | | | | $32,384 | | | | $10,834 | |
| (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. |
| (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
85
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 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.48 | | | | $14.57 | | | | $13.91 | | | | $14.55 | | | | $13.90 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.37 | | | | $0.34 | | | | $0.19 | | | | $0.16 | | | | $0.18 | |
Net realized and unrealized gain (loss) | | | 0.49 | | | | 1.13 | | | | 1.42 | | | | (0.38 | ) | | | 0.70 | |
Total from investment operations | | | $0.86 | | | | $1.47 | | | | $1.61 | | | | $(0.22 | ) | | | $0.88 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.36 | ) | | | $(0.36 | ) | | | $(0.19 | ) | | | $(0.20 | ) | | | $(0.23 | ) |
From net realized gain | | | (0.39 | ) | | | (0.20 | ) | | | (0.76 | ) | | | (0.22 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.75 | ) | | | $(0.56 | ) | | | $(0.95 | ) | | | $(0.42 | ) | | | $(0.23 | ) |
Net asset value, end of period (x) | | | $15.59 | | | | $15.48 | | | | $14.57 | | | | $13.91 | | | | $14.55 | |
Total return (%) (r)(s)(t)(x) | | | 6.24 | | | | 10.09 | | | | 12.01 | | | | (1.51 | ) | | | 6.37 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.46 | | | | 0.46 | | | | 0.47 | | | | 0.42 | | | | 0.44 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.23 | | | | 0.23 | | | | 0.25 | | | | 0.24 | | | | 0.24 | |
| | | | | |
Net investment income (loss) (l) | | | 2.40 | | | | 2.18 | | | | 1.36 | | | | 1.13 | | | | 1.29 | |
| | | | | |
Portfolio turnover | | | 18 | | | | 19 | | | | 50 | | | | 6 | | | | 11 | |
Net assets at end of period (000 omitted) | | | $63,579 | | | | $61,458 | | | | $57,961 | | | | $44,995 | | | | $42,887 | |
| |
| | | Year ended | |
| Class B | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.26 | | | | $14.37 | | | | $13.73 | | | | $14.37 | | | | $13.73 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.25 | | | | $0.21 | | | | $0.08 | | | | $0.05 | | | | $0.07 | |
Net realized and unrealized gain (loss) | | | 0.50 | | | | 1.13 | | | | 1.40 | | | | (0.38 | ) | | | 0.69 | |
Total from investment operations | | | $0.75 | | | | $1.34 | | | | $1.48 | | | | $(0.33 | ) | | | $0.76 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.25 | ) | | | $(0.25 | ) | | | $(0.08 | ) | | | $(0.09 | ) | | | $(0.12 | ) |
From net realized gain | | | (0.39 | ) | | | (0.20 | ) | | | (0.76 | ) | | | (0.22 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.64 | ) | | | $(0.45 | ) | | | $(0.84 | ) | | | $(0.31 | ) | | | $(0.12 | ) |
Net asset value, end of period (x) | | | $15.37 | | | | $15.26 | | | | $14.37 | | | | $13.73 | | | | $14.37 | |
Total return (%) (r)(s)(t)(x) | | | 5.44 | | | | 9.28 | | | | 11.15 | | | | (2.27 | ) | | | 5.59 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.21 | | | | 1.21 | | | | 1.22 | | | | 1.17 | | | | 1.19 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.99 | | | | 0.99 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.67 | | | | 1.42 | | | | 0.60 | | | | 0.37 | | | | 0.53 | |
| | | | | |
Portfolio turnover | | | 18 | | | | 19 | | | | 50 | | | | 6 | | | | 11 | |
Net assets at end of period (000 omitted) | | | $8,727 | | | | $8,834 | | | | $8,753 | | | | $8,498 | | | | $8,414 | |
See Notes to Financial Statements
86
Financial Highlights – continued
MFS LIFETIME 2030 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class C | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.16 | | | | $14.29 | | | | $13.66 | | | | $14.29 | | | | $13.67 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.25 | | | | $0.21 | | | | $0.09 | | | | $0.05 | | | | $0.08 | |
Net realized and unrealized gain (loss) | | | 0.49 | | | | 1.11 | | | | 1.38 | | | | (0.37 | ) | | | 0.67 | |
Total from investment operations | | | $0.74 | | | | $1.32 | | | | $1.47 | | | | $(0.32 | ) | | | $0.75 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.24 | ) | | | $(0.25 | ) | | | $(0.08 | ) | | | $(0.09 | ) | | | $(0.13 | ) |
From net realized gain | | | (0.39 | ) | | | (0.20 | ) | | | (0.76 | ) | | | (0.22 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.63 | ) | | | $(0.45 | ) | | | $(0.84 | ) | | | $(0.31 | ) | | | $(0.13 | ) |
Net asset value, end of period (x) | | | $15.27 | | | | $15.16 | | | | $14.29 | | | | $13.66 | | | | $14.29 | |
Total return (%) (r)(s)(t)(x) | | | 5.46 | | | | 9.21 | | | | 11.17 | | | | (2.20 | ) | | | 5.51 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.21 | | | | 1.21 | | | | 1.22 | | | | 1.17 | | | | 1.19 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.99 | | | | 0.99 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.63 | | | | 1.42 | | | | 0.61 | | | | 0.38 | | | | 0.55 | |
| | | | | |
Portfolio turnover | | | 18 | | | | 19 | | | | 50 | | | | 6 | | | | 11 | |
Net assets at end of period (000 omitted) | | | $15,790 | | | | $15,885 | | | | $15,827 | | | | $15,554 | | | | $15,521 | |
| |
| | | Year ended | |
| Class I | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.55 | | | | $14.63 | | | | $14.00 | | | | $14.63 | | | | $13.98 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.42 | | | | $0.38 | | | | $0.28 | | | | $0.19 | | | | $0.23 | |
Net realized and unrealized gain (loss) | | | 0.48 | | | | 1.14 | | | | 1.33 | | | | (0.37 | ) | | | 0.68 | |
Total from investment operations | | | $0.90 | | | | $1.52 | | | | $1.61 | | | | $(0.18 | ) | | | $0.91 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.40 | ) | | | $(0.40 | ) | | | $(0.22 | ) | | | $(0.23 | ) | | | $(0.26 | ) |
From net realized gain | | | (0.39 | ) | | | (0.20 | ) | | | (0.76 | ) | | | (0.22 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.79 | ) | | | $(0.60 | ) | | | $(0.98 | ) | | | $(0.45 | ) | | | $(0.26 | ) |
Net asset value, end of period (x) | | | $15.66 | | | | $15.55 | | | | $14.63 | | | | $14.00 | | | | $14.63 | |
Total return (%) (r)(s)(t)(x) | | | 6.50 | | | | 10.38 | | | | 11.95 | | | | (1.19 | ) | | | 6.57 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.21 | | | | 0.21 | | | | 0.20 | | | | 0.17 | | | | 0.20 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.70 | | | | 2.48 | | | | 1.96 | | | | 1.36 | | | | 1.61 | |
| | | | | |
Portfolio turnover | | | 18 | | | | 19 | | | | 50 | | | | 6 | | | | 11 | |
Net assets at end of period (000 omitted) | | | $2,282 | | | | $2,171 | | | | $1,743 | | | | $12,156 | | | | $11,665 | |
See Notes to Financial Statements
87
Financial Highlights – continued
MFS LIFETIME 2030 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class R1 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.32 | | | | $14.44 | | | | $13.78 | | | | $14.39 | | | | $13.75 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.26 | | | | $0.21 | | | | $0.08 | | | | $0.04 | | | | $0.09 | |
Net realized and unrealized gain (loss) | | | 0.48 | | | | 1.13 | | | | 1.40 | | | | (0.36 | ) | | | 0.67 | |
Total from investment operations | | | $0.74 | | | | $1.34 | | | | $1.48 | | | | $(0.32 | ) | | | $0.76 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.25 | ) | | | $(0.26 | ) | | | $(0.06 | ) | | | $(0.07 | ) | | | $(0.12 | ) |
From net realized gain | | | (0.39 | ) | | | (0.20 | ) | | | (0.76 | ) | | | (0.22 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.64 | ) | | | $(0.46 | ) | | | $(0.82 | ) | | | $(0.29 | ) | | | $(0.12 | ) |
Net asset value, end of period (x) | | | $15.42 | | | | $15.32 | | | | $14.44 | | | | $13.78 | | | | $14.39 | |
Total return (%) (r)(s)(t)(x) | | | 5.42 | | | | 9.26 | | | | 11.13 | | | | (2.25 | ) | | | 5.56 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.21 | | | | 1.21 | | | | 1.22 | | | | 1.17 | | | | 1.19 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.99 | | | | 0.99 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.69 | | | | 1.38 | | | | 0.57 | | �� | | 0.31 | | | | 0.61 | |
| | | | | |
Portfolio turnover | | | 18 | | | | 19 | | | | 50 | | | | 6 | | | | 11 | |
Net assets at end of period (000 omitted) | | | $7,423 | | | | $6,825 | | | | $5,740 | | | | $6,427 | | | | $8,165 | |
| |
| | | Year ended | |
| Class R2 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.32 | | | | $14.43 | | | | $13.79 | | | | $14.43 | | | | $13.79 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.33 | | | | $0.30 | | | | $0.16 | | | | $0.12 | | | | $0.14 | |
Net realized and unrealized gain (loss) | | | 0.49 | | | | 1.12 | | | | 1.40 | | | | (0.38 | ) | | | 0.69 | |
Total from investment operations | | | $0.82 | | | | $1.42 | | | | $1.56 | | | | $(0.26 | ) | | | $0.83 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.32 | ) | | | $(0.33 | ) | | | $(0.16 | ) | | | $(0.16 | ) | | | $(0.19 | ) |
From net realized gain | | | (0.39 | ) | | | (0.20 | ) | | | (0.76 | ) | | | (0.22 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.71 | ) | | | $(0.53 | ) | | | $(0.92 | ) | | | $(0.38 | ) | | | $(0.19 | ) |
Net asset value, end of period (x) | | | $15.43 | | | | $15.32 | | | | $14.43 | | | | $13.79 | | | | $14.43 | |
Total return (%) (r)(s)(t)(x) | | | 6.00 | | | | 9.80 | | | | 11.73 | | | | (1.78 | ) | | | 6.07 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.71 | | | | 0.71 | | | | 0.72 | | | | 0.67 | | | | 0.69 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.49 | | | | 0.49 | | | | 0.50 | | | | 0.50 | | | | 0.50 | |
| | | | | |
Net investment income (loss) (l) | | | 2.17 | | | | 1.95 | | | | 1.13 | | | | 0.88 | | | | 1.01 | |
| | | | | |
Portfolio turnover | | | 18 | | | | 19 | | | | 50 | | | | 6 | | | | 11 | |
Net assets at end of period (000 omitted) | | | $78,171 | | | | $112,223 | | | | $105,808 | | | | $83,102 | | | | $79,912 | |
See Notes to Financial Statements
88
Financial Highlights – continued
MFS LIFETIME 2030 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class R3 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.44 | | | | $14.54 | | | | $13.88 | | | | $14.52 | | | | $13.87 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.37 | | | | $0.34 | | | | $0.19 | | | | $0.15 | | | | $0.18 | |
Net realized and unrealized gain (loss) | | | 0.49 | | | | 1.12 | | | | 1.42 | | | | (0.37 | ) | | | 0.70 | |
Total from investment operations | | | $0.86 | | | | $1.46 | | | | $1.61 | | | | $(0.22 | ) | | | $0.88 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.37 | ) | | | $(0.36 | ) | | | $(0.19 | ) | | | $(0.20 | ) | | | $(0.23 | ) |
From net realized gain | | | (0.39 | ) | | | (0.20 | ) | | | (0.76 | ) | | | (0.22 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.76 | ) | | | $(0.56 | ) | | | $(0.95 | ) | | | $(0.42 | ) | | | $(0.23 | ) |
Net asset value, end of period (x) | | | $15.54 | | | | $15.44 | | | | $14.54 | | | | $13.88 | | | | $14.52 | |
Total return (%) (r)(s)(t)(x) | | | 6.21 | | | | 10.07 | | | | 12.03 | | | | (1.52 | ) | | | 6.37 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.46 | | | | 0.46 | | | | 0.47 | | | | 0.42 | | | | 0.44 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.24 | | | | 0.24 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
| | | | | |
Net investment income (loss) (l) | | | 2.44 | | | | 2.20 | | | | 1.34 | | | | 1.06 | | | | 1.27 | |
| | | | | |
Portfolio turnover | | | 18 | | | | 19 | | | | 50 | | | | 6 | | | | 11 | |
Net assets at end of period (000 omitted) | | | $146,737 | | | | $136,815 | | | | $109,088 | | | | $90,624 | | | | $71,753 | |
| |
| | | Year ended | |
| Class R4 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.56 | | | | $14.64 | | | | $13.97 | | | | $14.61 | | | | $13.96 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.40 | | | | $0.40 | | | | $0.24 | | | | $0.19 | | | | $0.22 | |
Net realized and unrealized gain (loss) | | | 0.51 | | | | 1.11 | | | | 1.41 | | | | (0.38 | ) | | | 0.69 | |
Total from investment operations | | | $0.91 | | | | $1.51 | | | | $1.65 | | | | $(0.19 | ) | | | $0.91 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.40 | ) | | | $(0.39 | ) | | | $(0.22 | ) | | | $(0.23 | ) | | | $(0.26 | ) |
From net realized gain | | | (0.39 | ) | | | (0.20 | ) | | | (0.76 | ) | | | (0.22 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.79 | ) | | | $(0.59 | ) | | | $(0.98 | ) | | | $(0.45 | ) | | | $(0.26 | ) |
Net asset value, end of period (x) | | | $15.68 | | | | $15.56 | | | | $14.64 | | | | $13.97 | | | | $14.61 | |
Total return (%) (r)(s)(t)(x) | | | 6.56 | | | | 10.30 | | | | 12.28 | | | | (1.26 | ) | | | 6.58 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.21 | | | | 0.21 | | | | 0.22 | | | | 0.17 | | | | 0.20 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.61 | | | | 2.57 | | | | 1.66 | | | | 1.37 | | | | 1.56 | |
| | | | | |
Portfolio turnover | | | 18 | | | | 19 | | | | 50 | | | | 6 | | | | 11 | |
Net assets at end of period (000 omitted) | | | $158,288 | | | | $148,064 | | | | $188,413 | | | | $184,249 | | | | $169,285 | |
See Notes to Financial Statements
89
Financial Highlights – continued
MFS LIFETIME 2030 FUND – continued
| | | | | | | | | | | | |
| | | Year ended | |
| Class R6 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (i) | |
| | | |
Net asset value, beginning of period | | | $15.56 | | | | $14.65 | | | | $14.67 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.44 | | | | $0.45 | | | | $0.07 | |
Net realized and unrealized gain (loss) | | | 0.49 | | | | 1.08 | | | | 0.90 | |
Total from investment operations | | | $0.93 | | | | $1.53 | | | | $0.97 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
From net investment income | | | $(0.42 | ) | | | $(0.42 | ) | | | $(0.23 | ) |
From net realized gain | | | (0.39 | ) | | | (0.20 | ) | | | (0.76 | ) |
Total distributions declared to shareholders | | | $(0.81 | ) | | | $(0.62 | ) | | | $(0.99 | ) |
Net asset value, end of period (x) | | | $15.68 | | | | $15.56 | | | | $14.65 | |
Total return (%) (r)(s)(t)(x) | | | 6.71 | | | | 10.43 | | | | 7.05 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.08 | | | | 0.08 | | | | 0.13 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | (a) |
| | | |
Net investment income (loss) (l) | | | 2.86 | | | | 2.91 | | | | 0.75 | (a) |
| | | |
Portfolio turnover | | | 18 | | | | 19 | | | | 50 | |
Net assets at end of period (000 omitted) | | | $108,358 | | | | $73,753 | | | | $33,584 | |
| (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. |
| (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
90
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 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $14.61 | | | | $13.49 | | | | $12.35 | | | | $12.96 | | | | $12.41 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.34 | | | | $0.31 | | | | $0.16 | | | | $0.12 | | | | $0.15 | |
Net realized and unrealized gain (loss) | | | 0.52 | | | | 1.28 | | | | 1.44 | | | | (0.35 | ) | | | 0.67 | |
Total from investment operations | | | $0.86 | | | | $1.59 | | | | $1.60 | | | | $(0.23 | ) | | | $0.82 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.32 | ) | | | $(0.37 | ) | | | $(0.15 | ) | | | $(0.16 | ) | | | $(0.18 | ) |
From net realized gain | | | (0.21 | ) | | | (0.10 | ) | | | (0.31 | ) | | | (0.22 | ) | | | (0.09 | ) |
Total distributions declared to shareholders | | | $(0.53 | ) | | | $(0.47 | ) | | | $(0.46 | ) | | | $(0.38 | ) | | | $(0.27 | ) |
Net asset value, end of period (x) | | | $14.94 | | | | $14.61 | | | | $13.49 | | | | $12.35 | | | | $12.96 | |
Total return (%) (r)(s)(t)(x) | | | 6.50 | | | | 11.78 | | | | 13.18 | | | | (1.71 | ) | | | 6.72 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.54 | | | | 0.56 | | | | 0.59 | | | | 0.59 | | | | 0.54 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.24 | | | | 0.25 | | | | 0.25 | | | | 0.24 | | | | 0.24 | |
| | | | | |
Net investment income (loss) (l) | | | 2.36 | | | | 2.13 | | | | 1.23 | | | | 0.98 | | | | 1.19 | |
| | | | | |
Portfolio turnover | | | 12 | | | | 33 | | | | 43 | | | | 7 | | | | 8 | |
Net assets at end of period (000 omitted) | | | $16,563 | | | | $15,369 | | | | $10,591 | | | | $7,454 | | | | $6,353 | |
| |
| | | Year ended | |
| Class B | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $14.49 | | | | $13.39 | | | | $12.26 | | | | $12.88 | | | | $12.36 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.22 | | | | $0.19 | | | | $0.06 | | | | $0.02 | | | | $0.04 | |
Net realized and unrealized gain (loss) | | | 0.54 | | | | 1.28 | | | | 1.43 | | | | (0.34 | ) | | | 0.68 | |
Total from investment operations | | | $0.76 | | | | $1.47 | | | | $1.49 | | | | $(0.32 | ) | | | $0.72 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.20 | ) | | | $(0.27 | ) | | | $(0.05 | ) | | | $(0.08 | ) | | | $(0.11 | ) |
From net realized gain | | | (0.21 | ) | | | (0.10 | ) | | | (0.31 | ) | | | (0.22 | ) | | | (0.09 | ) |
Total distributions declared to shareholders | | | $(0.41 | ) | | | $(0.37 | ) | | | $(0.36 | ) | | | $(0.30 | ) | | | $(0.20 | ) |
Net asset value, end of period (x) | | | $14.84 | | | | $14.49 | | | | $13.39 | | | | $12.26 | | | | $12.88 | |
Total return (%) (r)(s)(t)(x) | | | 5.71 | | | | 10.96 | | | | 12.34 | | | | (2.45 | ) | | | 5.88 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.29 | | | | 1.31 | | | | 1.34 | | | | 1.34 | | | | 1.29 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.55 | | | | 1.31 | | | | 0.45 | | | | 0.20 | | | | 0.33 | |
| | | | | |
Portfolio turnover | | | 12 | | | | 33 | | | | 43 | | | | 7 | | | | 8 | |
Net assets at end of period (000 omitted) | | | $1,650 | | | | $1,730 | | | | $1,314 | | | | $1,261 | | | | $950 | |
See Notes to Financial Statements
91
Financial Highlights – continued
MFS LIFETIME 2035 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class C | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $14.45 | | | | $13.35 | | | | $12.22 | | | | $12.83 | | | | $12.32 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.22 | | | | $0.19 | | | | $0.05 | | | | $0.03 | | | | $0.05 | |
Net realized and unrealized gain (loss) | | | 0.53 | | | | 1.28 | | | | 1.43 | | | | (0.35 | ) | | | 0.67 | |
Total from investment operations | | | $0.75 | | | | $1.47 | | | | $1.48 | | | | $(0.32 | ) | | | $0.72 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.21 | ) | | | $(0.27 | ) | | | $(0.04 | ) | | | $(0.07 | ) | | | $(0.12 | ) |
From net realized gain | | | (0.21 | ) | | | (0.10 | ) | | | (0.31 | ) | | | (0.22 | ) | | | (0.09 | ) |
Total distributions declared to shareholders | | | $(0.42 | ) | | | $(0.37 | ) | | | $(0.35 | ) | | | $(0.29 | ) | | | $(0.21 | ) |
Net asset value, end of period (x) | | | $14.78 | | | | $14.45 | | | | $13.35 | | | | $12.22 | | | | $12.83 | |
Total return (%) (r)(s)(t)(x) | | | 5.69 | | | | 11.00 | | | | 12.28 | | | | (2.40 | ) | | | 5.89 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.29 | | | | 1.31 | | | | 1.34 | | | | 1.33 | | | | 1.29 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.99 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.54 | | | | 1.35 | | | | 0.40 | | | | 0.27 | | | | 0.39 | |
| | | | | |
Portfolio turnover | | | 12 | | | | 33 | | | | 43 | | | | 7 | | | | 8 | |
Net assets at end of period (000 omitted) | | | $2,730 | | | | $2,510 | | | | $1,893 | | | | $1,950 | | | | $1,965 | |
| |
| | | Year ended | |
| Class I | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $14.64 | | | | $13.51 | | | | $12.40 | | | | $13.00 | | | | $12.44 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.37 | | | | $0.38 | | | | $0.26 | | | | $0.15 | | | | $0.17 | |
Net realized and unrealized gain (loss) | | | 0.53 | | | | 1.25 | | | | 1.34 | | | | (0.34 | ) | | | 0.69 | |
Total from investment operations | | | $0.90 | | | | $1.63 | | | | $1.60 | | | | $(0.19 | ) | | | $0.86 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.36 | ) | | | $(0.40 | ) | | | $(0.18 | ) | | | $(0.19 | ) | | | $(0.21 | ) |
From net realized gain | | | (0.21 | ) | | | (0.10 | ) | | | (0.31 | ) | | | (0.22 | ) | | | (0.09 | ) |
Total distributions declared to shareholders | | | $(0.57 | ) | | | $(0.50 | ) | | | $(0.49 | ) | | | $(0.41 | ) | | | $(0.30 | ) |
Net asset value, end of period (x) | | | $14.97 | | | | $14.64 | | | | $13.51 | | | | $12.40 | | | | $13.00 | |
Total return (%) (r)(s)(t)(x) | | | 6.76 | | | | 12.10 | | | | 13.12 | | | | (1.40 | ) | | | 6.98 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.29 | | | | 0.32 | | | | 0.32 | | | | 0.33 | | | | 0.29 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.55 | | | | 2.59 | | | | 2.01 | | | | 1.19 | | | | 1.36 | |
| | | | | |
Portfolio turnover | | | 12 | | | | 33 | | | | 43 | | | | 7 | | | | 8 | |
Net assets at end of period (000 omitted) | | | $843 | | | | $636 | | | | $311 | | | | $3,921 | | | | $3,507 | |
See Notes to Financial Statements
92
Financial Highlights – continued
MFS LIFETIME 2035 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class R1 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $14.50 | | | | $13.44 | | | | $12.39 | | | | $12.93 | | | | $12.39 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.22 | | | | $0.23 | | | | $0.07 | | | | $0.00 | (w) | | | $0.04 | |
Net realized and unrealized gain (loss) | | | 0.54 | | | | 1.25 | | | | 1.42 | | | | (0.32 | ) | | | 0.68 | |
Total from investment operations | | | $0.76 | | | | $1.48 | | | | $1.49 | | | | $(0.32 | ) | | | $0.72 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.22 | ) | | | $(0.32 | ) | | | $(0.13 | ) | | | $(0.00 | )(w) | | | $(0.09 | ) |
From net realized gain | | | (0.21 | ) | | | (0.10 | ) | | | (0.31 | ) | | | (0.22 | ) | | | (0.09 | ) |
Total distributions declared to shareholders | | | $(0.43 | ) | | | $(0.42 | ) | | | $(0.44 | ) | | | $(0.22 | ) | | | $(0.18 | ) |
Net asset value, end of period (x) | | | $14.83 | | | | $14.50 | | | | $13.44 | | | | $12.39 | | | | $12.93 | |
Total return (%) (r)(s)(t)(x) | | | 5.72 | | | | 11.00 | | | | 12.22 | | | | (2.39 | ) | | | 5.90 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.29 | | | | 1.31 | | | | 1.36 | | | | 1.31 | | | | 1.29 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.55 | | | | 1.61 | | | | 0.57 | | | | 0.01 | | | | 0.35 | |
| | | | | |
Portfolio turnover | | | 12 | | | | 33 | | | | 43 | | | | 7 | | | | 8 | |
Net assets at end of period (000 omitted) | | | $2,535 | | | | $1,974 | | | | $664 | | | | $118 | | | | $180 | |
| |
| | | Year ended | |
| Class R2 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $14.54 | | | | $13.43 | | | | $12.33 | | | | $12.93 | | | | $12.39 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.27 | | | | $0.27 | | | | $0.13 | | | | $0.08 | | | | $0.11 | |
Net realized and unrealized gain (loss) | | | 0.56 | | | | 1.28 | | | | 1.42 | | | | (0.33 | ) | | | 0.67 | |
Total from investment operations | | | $0.83 | | | | $1.55 | | | | $1.55 | | | | $(0.25 | ) | | | $0.78 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.27 | ) | | | $(0.34 | ) | | | $(0.14 | ) | | | $(0.13 | ) | | | $(0.15 | ) |
From net realized gain | | | (0.21 | ) | | | (0.10 | ) | | | (0.31 | ) | | | (0.22 | ) | | | (0.09 | ) |
Total distributions declared to shareholders | | | $(0.48 | ) | | | $(0.44 | ) | | | $(0.45 | ) | | | $(0.35 | ) | | | $(0.24 | ) |
Net asset value, end of period (x) | | | $14.89 | | | | $14.54 | | | | $13.43 | | | | $12.33 | | | | $12.93 | |
Total return (%) (r)(s)(t)(x) | | | 6.23 | | | | 11.57 | | | | 12.80 | | | | (1.87 | ) | | | 6.38 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.79 | | | | 0.81 | | | | 0.86 | | | | 0.84 | | | | 0.79 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.50 | | | | 0.50 | | | | 0.50 | | | | 0.50 | | | | 0.50 | |
| | | | | |
Net investment income (loss) (l) | | | 1.84 | | | | 1.86 | | | | 1.00 | | | | 0.66 | | | | 0.86 | |
| | | | | |
Portfolio turnover | | | 12 | | | | 33 | | | | 43 | | | | 7 | | | | 8 | |
Net assets at end of period (000 omitted) | | | $32,592 | | | | $32,185 | | | | $20,918 | | | | $5,805 | | | | $3,758 | |
See Notes to Financial Statements
93
Financial Highlights – continued
MFS LIFETIME 2035 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class R3 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $14.63 | | | | $13.50 | | | | $12.37 | | | | $12.97 | | | | $12.43 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.34 | | | | $0.30 | | | | $0.16 | | | | $0.12 | | | | $0.14 | |
Net realized and unrealized gain (loss) | | | 0.52 | | | | 1.30 | | | | 1.43 | | | | (0.34 | ) | | | 0.67 | |
Total from investment operations | | | $0.86 | | | | $1.60 | | | | $1.59 | | | | $(0.22 | ) | | | $0.81 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.32 | ) | | | $(0.37 | ) | | | $(0.15 | ) | | | $(0.16 | ) | | | $(0.18 | ) |
From net realized gain | | | (0.21 | ) | | | (0.10 | ) | | | (0.31 | ) | | | (0.22 | ) | | | (0.09 | ) |
Total distributions declared to shareholders | | | $(0.53 | ) | | | $(0.47 | ) | | | $(0.46 | ) | | | $(0.38 | ) | | | $(0.27 | ) |
Net asset value, end of period (x) | | | $14.96 | | | | $14.63 | | | | $13.50 | | | | $12.37 | | | | $12.97 | |
Total return (%) (r)(s)(t)(x) | | | 6.46 | | | | 11.85 | | | | 13.11 | | | | (1.63 | ) | | | 6.61 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.54 | | | | 0.56 | | | | 0.60 | | | | 0.59 | | | | 0.54 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
| | | | | |
Net investment income (loss) (l) | | | 2.31 | | | | 2.10 | | | | 1.23 | | | | 0.95 | | | | 1.08 | |
| | | | | |
Portfolio turnover | | | 12 | | | | 33 | | | | 43 | | | | 7 | | | | 8 | |
Net assets at end of period (000 omitted) | | | $71,027 | | | | $58,283 | | | | $35,284 | | | | $20,110 | | | | $12,389 | |
| |
| | | Year ended | |
| Class R4 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $14.69 | | | | $13.54 | | | | $12.39 | | | | $13.00 | | | | $12.44 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.38 | | | | $0.38 | | | | $0.19 | | | | $0.15 | | | | $0.19 | |
Net realized and unrealized gain (loss) | | | 0.52 | | | | 1.26 | | | | 1.45 | | | | (0.35 | ) | | | 0.67 | |
Total from investment operations | | | $0.90 | | | | $1.64 | | | | $1.64 | | | | $(0.20 | ) | | | $0.86 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.36 | ) | | | $(0.39 | ) | | | $(0.18 | ) | | | $(0.19 | ) | | | $(0.21 | ) |
From net realized gain | | | (0.21 | ) | | | (0.10 | ) | | | (0.31 | ) | | | (0.22 | ) | | | (0.09 | ) |
Total distributions declared to shareholders | | | $(0.57 | ) | | | $(0.49 | ) | | | $(0.49 | ) | | | $(0.41 | ) | | | $(0.30 | ) |
Net asset value, end of period (x) | | | $15.02 | | | | $14.69 | | | | $13.54 | | | | $12.39 | | | | $13.00 | |
Total return (%) (r)(s)(t)(x) | | | 6.73 | | | | 12.11 | | | | 13.46 | | | | (1.48 | ) | | | 6.98 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.29 | | | | 0.30 | | | | 0.34 | | | | 0.34 | | | | 0.29 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.58 | | | | 2.61 | | | | 1.44 | | | | 1.22 | | | | 1.49 | |
| | | | | |
Portfolio turnover | | | 12 | | | | 33 | | | | 43 | | | | 7 | | | | 8 | |
Net assets at end of period (000 omitted) | | | $115,939 | | | | $87,528 | | | | $119,254 | | | | $86,982 | | | | $77,094 | |
See Notes to Financial Statements
94
Financial Highlights – continued
MFS LIFETIME 2035 FUND – continued
| | | | | | | | | | | | |
| | | Year ended | |
| Class R6 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (i) | |
| | | |
Net asset value, beginning of period | | | $14.69 | | | | $13.55 | | | | $13.04 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.39 | | | | $0.44 | | | | $0.06 | |
Net realized and unrealized gain (loss) | | | 0.53 | | | | 1.22 | | | | 0.94 | |
Total from investment operations | | | $0.92 | | | | $1.66 | | | | $1.00 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
From net investment income | | | $(0.38 | ) | | | $(0.42 | ) | | | $(0.18 | ) |
From net realized gain | | | (0.21 | ) | | | (0.10 | ) | | | (0.31 | ) |
Total distributions declared to shareholders | | | $(0.59 | ) | | | $(0.52 | ) | | | $(0.49 | ) |
Net asset value, end of period (x) | | | $15.02 | | | | $14.69 | | | | $13.55 | |
Total return (%) (r)(s)(t)(x) | | | 6.90 | | | | 12.23 | | | | 7.93 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.15 | | | | 0.16 | | | | 0.27 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | (a) |
| | | |
Net investment income (loss) (l) | | | 2.67 | | | | 3.03 | | | | 0.63 | (a) |
| | | |
Portfolio turnover | | | 12 | | | | 33 | | | | 43 | |
Net assets at end of period (000 omitted) | | | $44,655 | | | | $26,567 | | | | $9,531 | |
| (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. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (w) | Per share amount was less than $0.01. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
95
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 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $16.38 | | | | $15.00 | | | | $14.07 | | | | $14.83 | | | | $14.09 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.35 | | | | $0.31 | | | | $0.15 | | | | $0.12 | | | | $0.14 | |
Net realized and unrealized gain (loss) | | | 0.57 | | | | 1.61 | | | | 1.72 | | | | (0.41 | ) | | | 0.84 | |
Total from investment operations | | | $0.92 | | | | $1.92 | | | | $1.87 | | | | $(0.29 | ) | | | $0.98 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.36 | ) | | | $(0.36 | ) | | | $(0.15 | ) | | | $(0.17 | ) | | | $(0.21 | ) |
From net realized gain | | | (0.48 | ) | | | (0.18 | ) | | | (0.79 | ) | | | (0.30 | ) | | | (0.03 | ) |
Total distributions declared to shareholders | | | $(0.84 | ) | | | $(0.54 | ) | | | $(0.94 | ) | | | $(0.47 | ) | | | $(0.24 | ) |
Net asset value, end of period (x) | | | $16.46 | | | | $16.38 | | | | $15.00 | | | | $14.07 | | | | $14.83 | |
Total return (%) (r)(s)(t)(x) | | | 6.45 | | | | 12.86 | | | | 13.76 | | | | (1.94 | ) | | | 6.97 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.48 | | | | 0.48 | | | | 0.50 | | | | 0.45 | | | | 0.48 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.24 | | | | 0.24 | | | | 0.25 | | | | 0.24 | | | | 0.25 | |
| | | | | |
Net investment income (loss) (l) | | | 2.15 | | | | 1.90 | | | | 1.04 | | | | 0.83 | | | | 0.99 | |
| | | | | |
Portfolio turnover | | | 17 | | | | 18 | | | | 54 | | | | 6 | | | | 10 | |
Net assets at end of period (000 omitted) | | | $36,747 | | | | $36,354 | | | | $35,093 | | | | $28,324 | | | | $26,564 | |
| |
| | | Year ended | |
| Class B | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $16.23 | | | | $14.87 | | | | $13.95 | | | | $14.71 | | | | $13.98 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.22 | | | | $0.19 | | | | $0.04 | | | | $0.01 | | | | $0.03 | |
Net realized and unrealized gain (loss) | | | 0.59 | | | | 1.59 | | | | 1.71 | | | | (0.41 | ) | | | 0.83 | |
Total from investment operations | | | $0.81 | | | | $1.78 | | | | $1.75 | | | | $(0.40 | ) | | | $0.86 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.22 | ) | | | $(0.24 | ) | | | $(0.04 | ) | | | $(0.06 | ) | | | $(0.10 | ) |
From net realized gain | | | (0.48 | ) | | | (0.18 | ) | | | (0.79 | ) | | | (0.30 | ) | | | (0.03 | ) |
Total distributions declared to shareholders | | | $(0.70 | ) | | | $(0.42 | ) | | | $(0.83 | ) | | | $(0.36 | ) | | | $(0.13 | ) |
Net asset value, end of period (x) | | | $16.34 | | | | $16.23 | | | | $14.87 | | | | $13.95 | | | | $14.71 | |
Total return (%) (r)(s)(t)(x) | | | 5.66 | | | | 12.00 | | | | 12.94 | | | | (2.69 | ) | | | 6.16 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 1.23 | | | | 1.23 | | | | 1.25 | | | | 1.20 | | | | 1.23 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.99 | | | | 0.99 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.39 | | | | 1.20 | | | | 0.27 | | | | 0.06 | | | | 0.23 | |
| | | | | |
Portfolio turnover | | | 17 | | | | 18 | | | | 54 | | | | 6 | | | | 10 | |
Net assets at end of period (000 omitted) | | | $4,588 | | | | $4,965 | | | | $4,924 | | | | $4,527 | | | | $4,432 | |
See Notes to Financial Statements
96
Financial Highlights – continued
MFS LIFETIME 2040 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class C | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $16.03 | | | | $14.70 | | | | $13.80 | | | | $14.55 | | | | $13.83 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.21 | | | | $0.19 | | | | $0.04 | | | | $(0.00 | )(w) | | | $0.04 | |
Net realized and unrealized gain (loss) | | | 0.58 | | | | 1.57 | | | | 1.70 | | | | (0.40 | ) | | | 0.82 | |
Total from investment operations | | | $0.79 | | | | $1.76 | | | | $1.74 | | | | $(0.40 | ) | | | $0.86 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.21 | ) | | | $(0.25 | ) | | | $(0.05 | ) | | | $(0.05 | ) | | | $(0.11 | ) |
From net realized gain | | | (0.48 | ) | | | (0.18 | ) | | | (0.79 | ) | | | (0.30 | ) | | | (0.03 | ) |
Total distributions declared to shareholders | | | $(0.69 | ) | | | $(0.43 | ) | | | $(0.84 | ) | | | $(0.35 | ) | | | $(0.14 | ) |
Net asset value, end of period (x) | | | $16.13 | | | | $16.03 | | | | $14.70 | | | | $13.80 | | | | $14.55 | |
Total return (%) (r)(s)(t)(x) | | | 5.65 | | | | 11.99 | | | | 12.96 | | | | (2.71 | ) | | | 6.21 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.23 | | | | 1.23 | | | | 1.25 | | | | 1.20 | | | | 1.23 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.99 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.35 | | | | 1.19 | | | | 0.30 | | | | (0.01 | ) | | | 0.26 | |
| | | | | |
Portfolio turnover | | | 17 | | | | 18 | | | | 54 | | | | 6 | | | | 10 | |
Net assets at end of period (000 omitted) | | | $10,994 | | | | $11,735 | | | | $11,035 | | | | $10,226 | | | | $11,840 | |
| |
| | | Year ended | |
| Class I | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (i) | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $16.47 | | | | $15.08 | | | | $14.17 | | | | $14.93 | | | | $14.18 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.42 | | | | $0.37 | | | | $0.26 | | | | $0.15 | | | | $0.19 | |
Net realized and unrealized gain (loss) | | | 0.55 | | | | 1.60 | | | | 1.63 | | | | (0.41 | ) | | | 0.83 | |
Total from investment operations | | | $0.97 | | | | $1.97 | | | | $1.89 | | | | $(0.26 | ) | | | $1.02 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.39 | ) | | | $(0.40 | ) | | | $(0.19 | ) | | | $(0.20 | ) | | | $(0.24 | ) |
From net realized gain | | | (0.48 | ) | | | (0.18 | ) | | | (0.79 | ) | | | (0.30 | ) | | | (0.03 | ) |
Total distributions declared to shareholders | | | $(0.87 | ) | | | $(0.58 | ) | | | $(0.98 | ) | | | $(0.50 | ) | | | $(0.27 | ) |
Net asset value, end of period (x) | | | $16.57 | | | | $16.47 | | | | $15.08 | | | | $14.17 | | | | $14.93 | |
Total return (%) (r)(s)(t)(x) | | | 6.75 | | | | 13.11 | | | | 13.77 | | | | (1.68 | ) | | | 7.24 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.23 | | | | 0.23 | | | | 0.24 | | | | 0.20 | | | | 0.23 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.55 | | | | 2.30 | | | | 1.78 | | | | 1.09 | | | | 1.30 | |
| | | | | |
Portfolio turnover | | | 17 | | | | 18 | | | | 54 | | | | 6 | | | | 10 | |
Net assets at end of period (000 omitted) | | | $1,432 | | | | $1,622 | | | | $1,670 | | | | $9,766 | | | | $8,679 | |
See Notes to Financial Statements
97
Financial Highlights – continued
MFS LIFETIME 2040 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class R1 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $16.16 | | | | $14.82 | | | | $13.87 | | | | $14.62 | | | | $13.88 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.21 | | | | $0.18 | | | | $0.02 | | | | $0.00 | (w) | | | $0.04 | |
Net realized and unrealized gain (loss) | | | 0.60 | | | | 1.58 | | | | 1.73 | | | | (0.40 | ) | | | 0.82 | |
Total from investment operations | | | $0.81 | | | | $1.76 | | | | $1.75 | | | | $(0.40 | ) | | | $0.86 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.22 | ) | | | $(0.24 | ) | | | $(0.01 | ) | | | $(0.05 | ) | | | $(0.09 | ) |
From net realized gain | | | (0.48 | ) | | | (0.18 | ) | | | (0.79 | ) | | | (0.30 | ) | | | (0.03 | ) |
Total distributions declared to shareholders | | | $(0.70 | ) | | | $(0.42 | ) | | | $(0.80 | ) | | | $(0.35 | ) | | | $(0.12 | ) |
Net asset value, end of period (x) | | | $16.27 | | | | $16.16 | | | | $14.82 | | | | $13.87 | | | | $14.62 | |
Total return (%) (r)(s)(t)(x) | | | 5.71 | | | | 11.91 | | | | 12.96 | | | | (2.70 | ) | | | 6.18 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 1.23 | | | | 1.23 | | | | 1.25 | | | | 1.20 | | | | 1.22 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.99 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.32 | | | | 1.16 | | | | 0.17 | | | | 0.02 | | | | 0.28 | |
| | | | | |
Portfolio turnover | | | 17 | | | | 18 | | | | 54 | | | | 6 | | | | 10 | |
Net assets at end of period (000 omitted) | | | $4,958 | | | | $4,606 | | | | $4,130 | | | | $5,279 | | | | $5,528 | |
| |
| | | Year ended | |
| Class R2 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $16.24 | | | | $14.88 | | | | $13.97 | | | | $14.73 | | | | $14.00 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.31 | | | | $0.27 | | | | $0.11 | | | | $0.08 | | | | $0.11 | |
Net realized and unrealized gain (loss) | | | 0.57 | | | | 1.59 | | | | 1.71 | | | | (0.41 | ) | | | 0.82 | |
Total from investment operations | | | $0.88 | | | | $1.86 | | | | $1.82 | | | | $(0.33 | ) | | | $0.93 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.30 | ) | | | $(0.32 | ) | | | $(0.12 | ) | | | $(0.13 | ) | | | $(0.17 | ) |
From net realized gain | | | (0.48 | ) | | | (0.18 | ) | | | (0.79 | ) | | | (0.30 | ) | | | (0.03 | ) |
Total distributions declared to shareholders | | | $(0.78 | ) | | | $(0.50 | ) | | | $(0.91 | ) | | | $(0.43 | ) | | | $(0.20 | ) |
Net asset value, end of period (x) | | | $16.34 | | | | $16.24 | | | | $14.88 | | | | $13.97 | | | | $14.73 | |
Total return (%) (r)(s)(t)(x) | | | 6.23 | | | | 12.55 | | | | 13.46 | | | | (2.18 | ) | | | 6.68 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.73 | | | | 0.73 | | | | 0.75 | | | | 0.70 | | | | 0.73 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.49 | | | | 0.50 | | | | 0.50 | | | | 0.50 | | | | 0.50 | |
| | | | | |
Net investment income (loss) (l) | | | 1.92 | | | | 1.69 | | | | 0.79 | | | | 0.58 | | | | 0.76 | |
| | | | | |
Portfolio turnover | | | 17 | | | | 18 | | | | 54 | | | | 6 | | | | 10 | |
Net assets at end of period (000 omitted) | | | $59,429 | | | | $86,042 | | | | $82,965 | | | | $66,272 | | | | $61,127 | |
See Notes to Financial Statements
98
Financial Highlights – continued
MFS LIFETIME 2040 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class R3 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $16.37 | | | | $15.00 | | | | $14.07 | | | | $14.83 | | | | $14.09 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.36 | | | | $0.31 | | | | $0.15 | | | | $0.10 | | | | $0.14 | |
Net realized and unrealized gain (loss) | | | 0.56 | | | | 1.61 | | | | 1.72 | | | | (0.39 | ) | | | 0.84 | |
Total from investment operations | | | $0.92 | | | | $1.92 | | | | $1.87 | | | | $(0.29 | ) | | | $0.98 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.35 | ) | | | $(0.37 | ) | | | $(0.15 | ) | | | $(0.17 | ) | | | $(0.21 | ) |
From net realized gain | | | (0.48 | ) | | | (0.18 | ) | | | (0.79 | ) | | | (0.30 | ) | | | (0.03 | ) |
Total distributions declared to shareholders | | | $(0.83 | ) | | | $(0.55 | ) | | | $(0.94 | ) | | | $(0.47 | ) | | | $(0.24 | ) |
Net asset value, end of period (x) | | | $16.46 | | | | $16.37 | | | | $15.00 | | | | $14.07 | | | | $14.83 | |
Total return (%) (r)(s)(t)(x) | | | 6.45 | | | | 12.81 | | | | 13.76 | | | | (1.93 | ) | | | 6.97 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.48 | | | | 0.48 | | | | 0.50 | | | | 0.46 | | | | 0.48 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.24 | | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
| | | | | |
Net investment income (loss) (l) | | | 2.20 | | | | 1.94 | | | | 1.03 | | | | 0.74 | | | | 0.98 | |
| | | | | |
Portfolio turnover | | | 17 | | | | 18 | | | | 54 | | | | 6 | | | | 10 | |
Net assets at end of period (000 omitted) | | | $89,830 | | | | $88,577 | | | | $63,409 | | | | $49,816 | | | | $38,524 | |
| |
| | | Year ended | |
| Class R4 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $16.51 | | | | $15.11 | | | | $14.16 | | | | $14.92 | | | | $14.17 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.39 | | | | $0.39 | | | | $0.19 | | | | $0.15 | | | | $0.19 | |
Net realized and unrealized gain (loss) | | | 0.58 | | | | 1.58 | | | | 1.74 | | | | (0.41 | ) | | | 0.83 | |
Total from investment operations | | | $0.97 | | | | $1.97 | | | | $1.93 | | | | $(0.26 | ) | | | $1.02 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.39 | ) | | | $(0.39 | ) | | | $(0.19 | ) | | | $(0.20 | ) | | | $(0.24 | ) |
From net realized gain | | | (0.48 | ) | | | (0.18 | ) | | | (0.79 | ) | | | (0.30 | ) | | | (0.03 | ) |
Total distributions declared to shareholders | | | $(0.87 | ) | | | $(0.57 | ) | | | $(0.98 | ) | | | $(0.50 | ) | | | $(0.27 | ) |
Net asset value, end of period (x) | | | $16.61 | | | | $16.51 | | | | $15.11 | | | | $14.16 | | | | $14.92 | |
Total return (%) (r)(s)(t)(x) | | | 6.73 | | | | 13.09 | | | | 14.08 | | | | (1.68 | ) | | | 7.25 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.23 | | | | 0.23 | | | | 0.25 | | | | 0.20 | | | | 0.24 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.36 | | | | 2.44 | | | | 1.33 | | | | 1.07 | | | | 1.30 | |
| | | | | |
Portfolio turnover | | | 17 | | | | 18 | | | | 54 | | | | 6 | | | | 10 | |
Net assets at end of period (000 omitted) | | | $143,534 | | | | $145,328 | | | | $174,887 | | | | $166,141 | | | | $153,594 | |
See Notes to Financial Statements
99
Financial Highlights – continued
MFS LIFETIME 2040 FUND – continued
| | | | | | | | | | | | |
| | | Year ended | |
| Class R6 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (i) | |
| | | |
Net asset value, beginning of period | | | $16.51 | | | | $15.12 | | | | $14.91 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.43 | | | | $0.43 | | | | $0.04 | |
Net realized and unrealized gain (loss) | | | 0.56 | | | | 1.56 | | | | 1.15 | |
Total from investment operations | | | $0.99 | | | | $1.99 | | | | $1.19 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
From net investment income | | | $(0.41 | ) | | | $(0.42 | ) | | | $(0.19 | ) |
From net realized gain | | | (0.48 | ) | | | (0.18 | ) | | | (0.79 | ) |
Total distributions declared to shareholders | | | $(0.89 | ) | | | $(0.60 | ) | | | $(0.98 | ) |
Net asset value, end of period (x) | | | $16.61 | | | | $16.51 | | | | $15.12 | |
Total return (%) (r)(s)(t)(x) | | | 6.89 | | | | 13.21 | | | | 8.46 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.10 | | | | 0.10 | | | | 0.16 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | (a) |
| | | |
Net investment income (loss) (l) | | | 2.62 | | | | 2.63 | | | | 0.43 | (a) |
| | | |
Portfolio turnover | | | 17 | | | | 18 | | | | 54 | |
Net assets at end of period (000 omitted) | | | $75,378 | | | | $49,071 | | | | $25,793 | |
| (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. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (w) | Per share amount was less than $0.01. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
100
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 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.15 | | | | $13.79 | | | | $12.52 | | | | $13.14 | | | | $12.55 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.32 | | | | $0.30 | | | | $0.14 | | | | $0.11 | | | | $0.13 | |
Net realized and unrealized gain (loss) | | | 0.57 | | | | 1.52 | | | | 1.57 | | | | (0.36 | ) | | | 0.73 | |
Total from investment operations | | | $0.89 | | | | $1.82 | | | | $1.71 | | | | $(0.25 | ) | | | $0.86 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.31 | ) | | | $(0.35 | ) | | | $(0.14 | ) | | | $(0.15 | ) | | | $(0.18 | ) |
From net realized gain | | | (0.20 | ) | | | (0.11 | ) | | | (0.30 | ) | | | (0.22 | ) | | | (0.09 | ) |
Total distributions declared to shareholders | | | $(0.51 | ) | | | $(0.46 | ) | | | $(0.44 | ) | | | $(0.37 | ) | | | $(0.27 | ) |
Net asset value, end of period (x) | | | $15.53 | | | | $15.15 | | | | $13.79 | | | | $12.52 | | | | $13.14 | |
Total return (%) (r)(s)(t)(x) | | | 6.45 | | | | 13.18 | | | | 13.89 | | | | (1.93 | ) | | | 6.95 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.60 | | | | 0.62 | | | | 0.69 | | | | 0.70 | | | | 0.72 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.24 | | | | 0.24 | |
| | | | | |
Net investment income (loss) (l) | | | 2.13 | | | | 1.99 | | | | 1.04 | | | | 0.85 | | | | 1.02 | |
| | | | | |
Portfolio turnover | | | 12 | | | | 30 | | | | 45 | | | | 6 | | | | 7 | |
Net assets at end of period (000 omitted) | | | $8,749 | | | | $7,789 | | | | $6,135 | | | | $4,576 | | | | $2,811 | |
| |
| | | Year ended | |
| Class B | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.03 | | | | $13.70 | | | | $12.44 | | | | $13.06 | | | | $12.47 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.20 | | | | $0.17 | | | | $0.03 | | | | $0.00 | (w) | | | $0.03 | |
Net realized and unrealized gain (loss) | | | 0.59 | | | | 1.51 | | | | 1.57 | | | | (0.35 | ) | | | 0.73 | |
Total from investment operations | | | $0.79 | | | | $1.68 | | | | $1.60 | | | | $(0.35 | ) | | | $0.76 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.19 | ) | | | $(0.24 | ) | | | $(0.04 | ) | | | $(0.05 | ) | | | $(0.08 | ) |
From net realized gain | | | (0.20 | ) | | | (0.11 | ) | | | (0.30 | ) | | | (0.22 | ) | | | (0.09 | ) |
Total distributions declared to shareholders | | | $(0.39 | ) | | | $(0.35 | ) | | | $(0.34 | ) | | | $(0.27 | ) | | | $(0.17 | ) |
Net asset value, end of period (x) | | | $15.43 | | | | $15.03 | | | | $13.70 | | | | $12.44 | | | | $13.06 | |
Total return (%) (r)(s)(t)(x) | | | 5.71 | | | | 12.28 | | | | 13.09 | | | | (2.67 | ) | | | 6.19 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 1.35 | | | | 1.37 | | | | 1.43 | | | | 1.45 | | | | 1.48 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.31 | | | | 1.15 | | | | 0.24 | | | | 0.02 | | | | 0.22 | |
| | | | | |
Portfolio turnover | | | 12 | | | | 30 | | | | 45 | | | | 6 | | | | 7 | |
Net assets at end of period (000 omitted) | | | $919 | | | | $948 | | | | $746 | | | | $593 | | | | $408 | |
See Notes to Financial Statements
101
Financial Highlights – continued
MFS LIFETIME 2045 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class C | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $14.97 | | | | $13.66 | | | | $12.42 | | | | $13.04 | | | | $12.48 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.20 | | | | $0.19 | | | | $0.03 | | | | $0.01 | | | | $0.04 | |
Net realized and unrealized gain (loss) | | | 0.58 | | | | 1.48 | | | | 1.56 | | | | (0.35 | ) | | | 0.72 | |
Total from investment operations | | | $0.78 | | | | $1.67 | | | | $1.59 | | | | $(0.34 | ) | | | $0.76 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.20 | ) | | | $(0.25 | ) | | | $(0.05 | ) | | | $(0.06 | ) | | | $(0.11 | ) |
From net realized gain | | | (0.20 | ) | | | (0.11 | ) | | | (0.30 | ) | | | (0.22 | ) | | | (0.09 | ) |
Total distributions declared to shareholders | | | $(0.40 | ) | | | $(0.36 | ) | | | $(0.35 | ) | | | $(0.28 | ) | | | $(0.20 | ) |
Net asset value, end of period (x) | | | $15.35 | | | | $14.97 | | | | $13.66 | | | | $12.42 | | | | $13.04 | |
Total return (%) (r)(s)(t)(x) | | | 5.70 | | | | 12.24 | | | | 13.03 | | | | (2.64 | ) | | | 6.17 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 1.35 | | | | 1.37 | | | | 1.44 | | | | 1.45 | | | | 1.47 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.99 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.37 | | | | 1.28 | | | | 0.26 | | | | 0.04 | | | | 0.33 | |
| | | | | |
Portfolio turnover | | | 12 | | | | 30 | | | | 45 | | | | 6 | | | | 7 | |
Net assets at end of period (000 omitted) | | | $2,301 | | | | $1,966 | | | | $1,640 | | | | $1,104 | | | | $909 | |
| |
| | | Year ended | |
| Class I | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.22 | | | | $13.85 | | | | $12.55 | | | | $13.16 | | | | $12.56 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.36 | | | | $0.33 | | | | $0.25 | | | | $0.14 | | | | $0.20 | |
Net realized and unrealized gain (loss) | | | 0.57 | | | | 1.53 | | | | 1.51 | | | | (0.36 | ) | | | 0.69 | |
Total from investment operations | | | $0.93 | | | | $1.86 | | | | $1.76 | | | | $(0.22 | ) | | | $0.89 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.35 | ) | | | $(0.38 | ) | | | $(0.16 | ) | | | $(0.17 | ) | | | $(0.20 | ) |
From net realized gain | | | (0.20 | ) | | | (0.11 | ) | | | (0.30 | ) | | | (0.22 | ) | | | (0.09 | ) |
Total distributions declared to shareholders | | | $(0.55 | ) | | | $(0.49 | ) | | | $(0.46 | ) | | | $(0.39 | ) | | | $(0.29 | ) |
Net asset value, end of period (x) | | | $15.60 | | | | $15.22 | | | | $13.85 | | | | $12.55 | | | | $13.16 | |
Total return (%) (r)(s)(t)(x) | | | 6.75 | | | | 13.42 | | | | 14.34 | | | | (1.66 | ) | | | 7.21 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.35 | | | | 0.37 | | | | 0.41 | | | | 0.45 | | | | 0.46 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.40 | | | | 2.24 | | | | 1.89 | | | | 1.10 | | | | 1.53 | |
| | | | | |
Portfolio turnover | | | 12 | | | | 30 | | | | 45 | | | | 6 | | | | 7 | |
Net assets at end of period (000 omitted) | | | $296 | | | | $161 | | | | $138 | | | | $1,718 | | | | $1,108 | |
See Notes to Financial Statements
102
Financial Highlights – continued
MFS LIFETIME 2045 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class R1 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.06 | | | | $13.75 | | | | $12.51 | | | | $13.10 | | | | $12.51 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.23 | | | | $0.17 | | | | $0.03 | | | | $(0.01 | ) | | | $0.02 | |
Net realized and unrealized gain (loss) | | | 0.55 | | | | 1.52 | | | | 1.58 | | | | (0.34 | ) | | | 0.74 | |
Total from investment operations | | | $0.78 | | | | $1.69 | | | | $1.61 | | | | $(0.35 | ) | | | $0.76 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.23 | ) | | | $(0.27 | ) | | | $(0.07 | ) | | | $(0.02 | ) | | | $(0.08 | ) |
From net realized gain | | | (0.20 | ) | | | (0.11 | ) | | | (0.30 | ) | | | (0.22 | ) | | | (0.09 | ) |
Total distributions declared to shareholders | | | $(0.43 | ) | | | $(0.38 | ) | | | $(0.37 | ) | | | $(0.24 | ) | | | $(0.17 | ) |
Net asset value, end of period (x) | | | $15.41 | | | | $15.06 | | | | $13.75 | | | | $12.51 | | | | $13.10 | |
Total return (%) (r)(s)(t)(x) | | | 5.70 | | | | 12.27 | | | | 13.05 | | | | (2.66 | ) | | | 6.13 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 1.35 | | | | 1.37 | | | | 1.45 | | | | 1.43 | | | | 1.48 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.54 | | | | 1.14 | | | | 0.22 | | | | (0.09 | ) | | | 0.19 | |
| | | | | |
Portfolio turnover | | | 12 | | | | 30 | | | | 45 | | | | 6 | | | | 7 | |
Net assets at end of period (000 omitted) | | | $1,093 | | | | $872 | | | | $463 | | | | $152 | | | | $172 | |
| |
| | | Year ended | |
| Class R2 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.04 | | | | $13.71 | | | | $12.47 | | | | $13.10 | | | | $12.51 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.25 | | | | $0.25 | | | | $0.12 | | | | $0.07 | | | | $0.09 | |
Net realized and unrealized gain (loss) | | | 0.59 | | | | 1.51 | | | | 1.55 | | | | (0.36 | ) | | | 0.74 | |
Total from investment operations | | | $0.84 | | | | $1.76 | | | | $1.67 | | | | $(0.29 | ) | | | $0.83 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.26 | ) | | | $(0.32 | ) | | | $(0.13 | ) | | | $(0.12 | ) | | | $(0.15 | ) |
From net realized gain | | | (0.20 | ) | | | (0.11 | ) | | | (0.30 | ) | | | (0.22 | ) | | | (0.09 | ) |
Total distributions declared to shareholders | | | $(0.46 | ) | | | $(0.43 | ) | | | $(0.43 | ) | | | $(0.34 | ) | | | $(0.24 | ) |
Net asset value, end of period (x) | | | $15.42 | | | | $15.04 | | | | $13.71 | | | | $12.47 | | | | $13.10 | |
Total return (%) (r)(s)(t)(x) | | | 6.15 | | | | 12.87 | | | | 13.65 | | | | (2.20 | ) | | | 6.74 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.85 | | | | 0.87 | | | | 0.95 | | | | 0.96 | | | | 0.97 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.50 | | | | 0.50 | | | | 0.50 | | | | 0.50 | | | | 0.50 | |
| | | | | |
Net investment income (loss) (l) | | | 1.65 | | | | 1.70 | | | | 0.89 | | | | 0.55 | | | | 0.71 | |
| | | | | |
Portfolio turnover | | | 12 | | | | 30 | | | | 45 | | | | 6 | | | | 7 | |
Net assets at end of period (000 omitted) | | | $21,895 | | | | $20,428 | | | | $10,716 | | | | $3,583 | �� | | | $1,769 | |
See Notes to Financial Statements
103
Financial Highlights – continued
MFS LIFETIME 2045 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class R3 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.14 | | | | $13.78 | | | | $12.52 | | | | $13.13 | | | | $12.54 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.32 | | | | $0.28 | | | | $0.14 | | | | $0.10 | | | | $0.11 | |
Net realized and unrealized gain (loss) | | | 0.57 | | | | 1.54 | | | | 1.56 | | | | (0.34 | ) | | | 0.75 | |
Total from investment operations | | | $0.89 | | | | $1.82 | | | | $1.70 | | | | $(0.24 | ) | | | $0.86 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.31 | ) | | | $(0.35 | ) | | | $(0.14 | ) | | | $(0.15 | ) | | | $(0.18 | ) |
From net realized gain | | | (0.20 | ) | | | (0.11 | ) | | | (0.30 | ) | | | (0.22 | ) | | | (0.09 | ) |
Total distributions declared to shareholders | | | $(0.51 | ) | | | $(0.46 | ) | | | $(0.44 | ) | | | $(0.37 | ) | | | $(0.27 | ) |
Net asset value, end of period (x) | | | $15.52 | | | | $15.14 | | | | $13.78 | | | | $12.52 | | | | $13.13 | |
Total return (%) (r)(s)(t)(x) | | | 6.49 | | | | 13.20 | | | | 13.83 | | | | (1.87 | ) | | | 6.92 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.60 | | | | 0.62 | | | | 0.69 | | | | 0.70 | | | | 0.72 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
| | | | | |
Net investment income (loss) (l) | | | 2.10 | | | | 1.87 | | | | 1.06 | | | | 0.78 | | | | 0.86 | |
| | | | | |
Portfolio turnover | | | 12 | | | | 30 | | | | 45 | | | | 6 | | | | 7 | |
Net assets at end of period (000 omitted) | | | $53,767 | | | | $42,729 | | | | $23,479 | | | | $12,721 | | | | $7,566 | |
| |
| | | Year ended | |
| Class R4 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.20 | | | | $13.82 | | | | $12.54 | | | | $13.15 | | | | $12.56 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.35 | | | | $0.36 | | | | $0.17 | | | | $0.13 | | | | $0.17 | |
Net realized and unrealized gain (loss) | | | 0.57 | | | | 1.50 | | | | 1.57 | | | | (0.35 | ) | | | 0.71 | |
Total from investment operations | | | $0.92 | | | | $1.86 | | | | $1.74 | | | | $(0.22 | ) | | | $0.88 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.34 | ) | | | $(0.37 | ) | | | $(0.16 | ) | | | $(0.17 | ) | | | $(0.20 | ) |
From net realized gain | | | (0.20 | ) | | | (0.11 | ) | | | (0.30 | ) | | | (0.22 | ) | | | (0.09 | ) |
Total distributions declared to shareholders | | | $(0.54 | ) | | | $(0.48 | ) | | | $(0.46 | ) | | | $(0.39 | ) | | | $(0.29 | ) |
Net asset value, end of period (x) | | | $15.58 | | | | $15.20 | | | | $13.82 | | | | $12.54 | | | | $13.15 | |
Total return (%) (r)(s)(t)(x) | | | 6.73 | | | | 13.47 | | | | 14.18 | | | | (1.67 | ) | | | 7.13 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.35 | | | | 0.36 | | | | 0.44 | | | | 0.45 | | | | 0.47 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.33 | | | | 2.43 | | | | 1.27 | | | | 1.04 | | | | 1.34 | |
| | | | | |
Portfolio turnover | | | 12 | | | | 30 | | | | 45 | | | | 6 | | | | 7 | |
Net assets at end of period (000 omitted) | | | $83,824 | | | | $70,628 | | | | $84,597 | | | | $58,947 | | | | $47,311 | |
See Notes to Financial Statements
104
Financial Highlights – continued
MFS LIFETIME 2045 FUND – continued
| | | | | | | | | | | | |
| | | Year ended | |
| Class R6 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (i) | |
| | | |
Net asset value, beginning of period | | | $15.20 | | | | $13.83 | | | | $13.21 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.36 | | | | $0.47 | | | | $0.03 | |
Net realized and unrealized gain (loss) | | | 0.59 | | | | 1.41 | | | | 1.06 | |
Total from investment operations | | | $0.95 | | | | $1.88 | | | | $1.09 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
From net investment income | | | $(0.37 | ) | | | $(0.40 | ) | | | $(0.17 | ) |
From net realized gain | | | (0.20 | ) | | | (0.11 | ) | | | (0.30 | ) |
Total distributions declared to shareholders | | | $(0.57 | ) | | | $(0.51 | ) | | | $(0.47 | ) |
Net asset value, end of period (x) | | | $15.58 | | | | $15.20 | | | | $13.83 | |
Total return (%) (r)(s)(t)(x) | | | 6.91 | | | | 13.57 | | | | 8.52 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.21 | | | | 0.23 | | | | 0.36 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | (a) |
| | | |
Net investment income (loss) (l) | | | 2.42 | | | | 3.11 | | | | 0.39 | (a) |
| | | |
Portfolio turnover | | | 12 | | | | 30 | | | | 45 | |
Net assets at end of period (000 omitted) | | | $26,219 | | | | $15,910 | | | | $4,351 | |
| (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. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (w) | Per share amount was less than $0.01. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
105
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 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $18.30 | | | | $16.63 | | | | $15.14 | | | | $15.88 | | | | $15.17 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.38 | | | | $0.33 | | | | $0.17 | | | | $0.13 | | | | $0.15 | |
Net realized and unrealized gain (loss) | | | 0.71 | | | | 1.86 | | | | 1.89 | | | | (0.43 | ) | | | 0.89 | |
Total from investment operations | | | $1.09 | �� | | | $2.19 | | | | $2.06 | | | | $(0.30 | ) | | | $1.04 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.37 | ) | | | $(0.37 | ) | | | $(0.16 | ) | | | $(0.18 | ) | | | $(0.22 | ) |
From net realized gain | | | (0.22 | ) | | | (0.15 | ) | | | (0.41 | ) | | | (0.26 | ) | | | (0.11 | ) |
Total distributions declared to shareholders | | | $(0.59 | ) | | | $(0.52 | ) | | | $(0.57 | ) | | | $(0.44 | ) | | | $(0.33 | ) |
Net asset value, end of period (x) | | | $18.80 | | | | $18.30 | | | | $16.63 | | | | $15.14 | | | | $15.88 | |
Total return (%) (r)(s)(t)(x) | | | 6.47 | | | | 13.16 | | | | 13.89 | | | | (1.89 | ) | | | 6.92 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.57 | | | | 0.58 | | | | 0.65 | | | | 0.60 | | | | 0.69 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
| | | | | |
Net investment income (loss) (l) | | | 2.11 | | | | 1.83 | | | | 1.06 | | | | 0.88 | | | | 0.99 | |
| | | | | |
Portfolio turnover | | | 24 | | | | 20 | | | | 52 | | | | 7 | | | | 9 | |
Net assets at end of period (000 omitted) | | | $12,791 | | | | $12,353 | | | | $11,383 | | | | $7,624 | | | | $5,730 | |
| |
| | | Year ended | |
| Class B | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $18.07 | | | | $16.44 | | | | $14.98 | | | | $15.72 | | | | $15.01 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.25 | | | | $0.20 | | | | $0.04 | | | | $0.00 | (w) | | | $0.04 | |
Net realized and unrealized gain (loss) | | | 0.70 | | | | 1.83 | | | | 1.88 | | | | (0.42 | ) | | | 0.89 | |
Total from investment operations | | | $0.95 | | | | $2.03 | | | | $1.92 | | | | $(0.42 | ) | | | $0.93 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.25 | ) | | | $(0.25 | ) | | | $(0.05 | ) | | | $(0.06 | ) | | | $(0.11 | ) |
From net realized gain | | | (0.22 | ) | | | (0.15 | ) | | | (0.41 | ) | | | (0.26 | ) | | | (0.11 | ) |
Total distributions declared to shareholders | | | $(0.47 | ) | | | $(0.40 | ) | | | $(0.46 | ) | | | $(0.32 | ) | | | $(0.22 | ) |
Net asset value, end of period (x) | | | $18.55 | | | | $18.07 | | | | $16.44 | | | | $14.98 | | | | $15.72 | |
Total return (%) (r)(s)(t)(x) | | | 5.67 | | | | 12.36 | | | | 12.99 | | | | (2.66 | ) | | | 6.21 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 1.32 | | | | 1.33 | | | | 1.39 | | | | 1.35 | | | | 1.44 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.39 | | | | 1.15 | | | | 0.24 | | | | 0.02 | | | | 0.23 | |
| | | | | |
Portfolio turnover | | | 24 | | | | 20 | | | | 52 | | | | 7 | | | | 9 | |
Net assets at end of period (000 omitted) | | | $1,630 | | | | $1,270 | | | | $1,048 | | | | $853 | | | | $828 | |
See Notes to Financial Statements
106
Financial Highlights – continued
MFS LIFETIME 2050 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class C | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $17.96 | | | | $16.35 | | | | $14.91 | | | | $15.63 | | | | $14.96 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.23 | | | | $0.20 | | | | $0.04 | | | | $(0.00 | )(w) | | | $0.04 | |
Net realized and unrealized gain (loss) | | | 0.72 | | | | 1.81 | | | | 1.87 | | | | (0.41 | ) | | | 0.87 | |
Total from investment operations | | | $0.95 | | | | $2.01 | | | | $1.91 | | | | $(0.41 | ) | | | $0.91 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.24 | ) | | | $(0.25 | ) | | | $(0.06 | ) | | | $(0.05 | ) | | | $(0.13 | ) |
From net realized gain | | | (0.22 | ) | | | (0.15 | ) | | | (0.41 | ) | | | (0.26 | ) | | | (0.11 | ) |
Total distributions declared to shareholders | | | $(0.46 | ) | | | $(0.40 | ) | | | $(0.47 | ) | | | $(0.31 | ) | | | $(0.24 | ) |
Net asset value, end of period (x) | | | $18.45 | | | | $17.96 | | | | $16.35 | | | | $14.91 | | | | $15.63 | |
Total return (%) (r)(s)(t)(x) | | | 5.67 | | | | 12.30 | | | | 13.04 | | | | (2.59 | ) | | | 6.13 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 1.32 | | | | 1.33 | | | | 1.39 | | | | 1.35 | | | | 1.44 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.31 | | | | 1.16 | | | | 0.28 | | | | (0.00 | )(w) | | | 0.28 | |
| | | | | |
Portfolio turnover | | | 24 | | | | 20 | | | | 52 | | | | 7 | | | | 9 | |
Net assets at end of period (000 omitted) | | | $3,344 | | | | $2,775 | | | | $2,535 | | | | $1,775 | | | | $1,835 | |
| |
| | | Year ended | |
| Class I | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $18.29 | | | | $16.62 | | | | $15.12 | | | | $15.85 | | | | $15.14 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.50 | | | | $0.41 | | | | $0.30 | | | | $0.15 | | | | $0.20 | |
Net realized and unrealized gain (loss) | | | 0.62 | | | | 1.83 | | | | 1.81 | | | | (0.41 | ) | | | 0.87 | |
Total from investment operations | | | $1.12 | | | | $2.24 | | | | $2.11 | | | | $(0.26 | ) | | | $1.07 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.41 | ) | | | $(0.42 | ) | | | $(0.20 | ) | | | $(0.21 | ) | | | $(0.25 | ) |
From net realized gain | | | (0.22 | ) | | | (0.15 | ) | | | (0.41 | ) | | | (0.26 | ) | | | (0.11 | ) |
Total distributions declared to shareholders | | | $(0.63 | ) | | | $(0.57 | ) | | | $(0.61 | ) | | | $(0.47 | ) | | | $(0.36 | ) |
Net asset value, end of period (x) | | | $18.78 | | | | $18.29 | | | | $16.62 | | | | $15.12 | | | | $15.85 | |
Total return (%) (r)(s)(t)(x) | | | 6.70 | | | | 13.47 | | | | 14.21 | | | | (1.61 | ) | | | 7.16 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.32 | | | | 0.33 | | | | 0.38 | | | | 0.35 | | | | 0.44 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.73 | | | | 2.26 | | | | 1.92 | | | | 0.97 | | | | 1.31 | |
| | | | | |
Portfolio turnover | | | 24 | | | | 20 | | | | 52 | | | | 7 | | | | 9 | |
Net assets at end of period (000 omitted) | | | $213 | | | | $566 | | | | $423 | | | | $1,560 | | | | $1,132 | |
See Notes to Financial Statements
107
Financial Highlights – continued
MFS LIFETIME 2050 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class R1 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $17.97 | | | | $16.38 | | | | $14.94 | | | | $15.64 | | | | $14.98 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.25 | | | | $0.21 | | | | $0.04 | | | | $(0.01 | ) | | | $0.12 | |
Net realized and unrealized gain (loss) | | | 0.69 | | | | 1.82 | | | | 1.88 | | | | (0.40 | ) | | | 0.79 | |
Total from investment operations | | | $0.94 | | | | $2.03 | | | | $1.92 | | | | $(0.41 | ) | | | $0.91 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.23 | ) | | | $(0.29 | ) | | | $(0.07 | ) | | | $(0.03 | ) | | | $(0.14 | ) |
From net realized gain | | | (0.22 | ) | | | (0.15 | ) | | | (0.41 | ) | | | (0.26 | ) | | | (0.11 | ) |
Total distributions declared to shareholders | | | $(0.45 | ) | | | $(0.44 | ) | | | $(0.48 | ) | | | $(0.29 | ) | | | $(0.25 | ) |
Net asset value, end of period (x) | | | $18.46 | | | | $17.97 | | | | $16.38 | | | | $14.94 | | | | $15.64 | |
Total return (%) (r)(s)(t)(x) | | | 5.65 | | | | 12.35 | | | | 13.06 | | | | (2.64 | ) | | | 6.14 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 1.32 | | | | 1.33 | | | | 1.40 | | | | 1.34 | | | | 1.42 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.42 | | | | 1.18 | | | | 0.26 | | | | (0.05 | ) | | | 0.77 | |
| | | | | |
Portfolio turnover | | | 24 | | | | 20 | | | | 52 | | | | 7 | | | | 9 | |
Net assets at end of period (000 omitted) | | | $1,322 | | | | $1,052 | | | | $606 | | | | $316 | | | | $377 | |
| |
| | | Year ended | |
| Class R2 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $18.07 | | | | $16.44 | | | | $14.98 | | | | $15.73 | | | | $15.04 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.34 | | | | $0.30 | | | | $0.13 | | | | $0.09 | | | | $0.12 | |
Net realized and unrealized gain (loss) | | | 0.69 | | | | 1.82 | | | | 1.88 | | | | (0.43 | ) | | | 0.87 | |
Total from investment operations | | | $1.03 | | | | $2.12 | | | | $2.01 | | | | $(0.34 | ) | | | $0.99 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.33 | ) | | | $(0.34 | ) | | | $(0.14 | ) | | | $(0.15 | ) | | | $(0.19 | ) |
From net realized gain | | | (0.22 | ) | | | (0.15 | ) | | | (0.41 | ) | | | (0.26 | ) | | | (0.11 | ) |
Total distributions declared to shareholders | | | $(0.55 | ) | | | $(0.49 | ) | | | $(0.55 | ) | | | $(0.41 | )�� | | | $(0.30 | ) |
Net asset value, end of period (x) | | | $18.55 | | | | $18.07 | | | | $16.44 | | | | $14.98 | | | | $15.73 | |
Total return (%) (r)(s)(t)(x) | | | 6.18 | | | | 12.89 | | | | 13.64 | | | | (2.16 | ) | | | 6.67 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.82 | | | | 0.83 | | | | 0.90 | | | | 0.85 | | | | 0.94 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.50 | | | | 0.50 | | | | 0.50 | | | | 0.50 | | | | 0.50 | |
| | | | | |
Net investment income (loss) (l) | | | 1.92 | | | | 1.67 | | | | 0.82 | | | | 0.60 | | | | 0.81 | |
| | | | | |
Portfolio turnover | | | 24 | | | | 20 | | | | 52 | | | | 7 | | | | 9 | |
Net assets at end of period (000 omitted) | | | $28,575 | | | | $46,468 | | | | $33,805 | | | | $19,041 | | | | $13,030 | |
See Notes to Financial Statements
108
Financial Highlights – continued
MFS LIFETIME 2050 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class R3 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $18.18 | | | | $16.53 | | | | $15.05 | | | | $15.80 | | | | $15.09 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.38 | | | | $0.34 | | | | $0.16 | | | | $0.11 | | | | $0.14 | |
Net realized and unrealized gain (loss) | | | 0.70 | | | | 1.84 | | | | 1.89 | | | | (0.42 | ) | | | 0.90 | |
Total from investment operations | | | $1.08 | | | | $2.18 | | | | $2.05 | | | | $(0.31 | ) | | | $1.04 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.37 | ) | | | $(0.38 | ) | | | $(0.16 | ) | | | $(0.18 | ) | | | $(0.22 | ) |
From net realized gain | | | (0.22 | ) | | | (0.15 | ) | | | (0.41 | ) | | | (0.26 | ) | | | (0.11 | ) |
Total distributions declared to shareholders | | | $(0.59 | ) | | | $(0.53 | ) | | | $(0.57 | ) | | | $(0.44 | ) | | | $(0.33 | ) |
Net asset value, end of period (x) | | | $18.67 | | | | $18.18 | | | | $16.53 | | | | $15.05 | | | | $15.80 | |
Total return (%) (r)(s)(t)(x) | | | 6.48 | | | | 13.19 | | | | 13.91 | | | | (1.96 | ) | | | 6.95 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.57 | | | | 0.58 | | | | 0.65 | | | | 0.60 | | | | 0.69 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
| | | | | |
Net investment income (loss) (l) | | | 2.10 | | | | 1.90 | | | | 1.03 | | | | 0.76 | | | | 0.90 | |
| | | | | |
Portfolio turnover | | | 24 | | | | 20 | | | | 52 | | | | 7 | | | | 9 | |
Net assets at end of period (000 omitted) | | | $54,561 | | | | $48,180 | | | | $27,276 | | | | $15,980 | | | | $9,089 | |
| |
| | | Year ended | |
| Class R4 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $18.28 | | | | $16.60 | | | | $15.11 | | | | $15.85 | | | | $15.13 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.42 | | | | $0.42 | | | | $0.21 | | | | $0.16 | | | | $0.20 | |
Net realized and unrealized gain (loss) | | | 0.70 | | | | 1.82 | | | | 1.89 | | | | (0.43 | ) | | | 0.88 | |
Total from investment operations | | | $1.12 | | | | $2.24 | | | | $2.10 | | | | $(0.27 | ) | | | $1.08 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | $(0.41 | ) | | | $(0.41 | ) | | | $(0.20 | ) | | | $(0.21 | ) | | | $(0.25 | ) |
From net realized gain | | | (0.22 | ) | | | (0.15 | ) | | | (0.41 | ) | | | (0.26 | ) | | | (0.11 | ) |
Total distributions declared to shareholders | | | $(0.63 | ) | | | $(0.56 | ) | | | $(0.61 | ) | | | $(0.47 | ) | | | $(0.36 | ) |
Net asset value, end of period (x) | | | $18.77 | | | | $18.28 | | | | $16.60 | | | | $15.11 | | | | $15.85 | |
Total return (%) (r)(s)(t)(x) | | | 6.71 | | | | 13.49 | | | | 14.15 | | | | (1.68 | ) | | | 7.23 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.32 | | | | 0.33 | | | | 0.39 | | | | 0.35 | | | | 0.44 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.30 | | | | 2.35 | | | | 1.30 | | | | 1.06 | | | | 1.28 | |
| | | | | |
Portfolio turnover | | | 24 | | | | 20 | | | | 52 | | | | 7 | | | | 9 | |
Net assets at end of period (000 omitted) | | | $69,834 | | | | $70,936 | | | | $75,323 | | | | $66,990 | | | | $58,759 | |
See Notes to Financial Statements
109
Financial Highlights – continued
MFS LIFETIME 2050 FUND – continued
| | | | | | | | | | | | |
| | | Year ended | |
| Class R6 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (i) | |
| | | |
Net asset value, beginning of period | | | $18.27 | | | | $16.60 | | | | $15.91 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.44 | | | | $0.51 | | | | $0.04 | |
Net realized and unrealized gain (loss) | | | 0.71 | | | | 1.75 | | | | 1.26 | |
Total from investment operations | | | $1.15 | | | | $2.26 | | | | $1.30 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
| From net investment income | | | $(0.44 | ) | | | $(0.44 | ) | | | $(0.20 | ) |
From net realized gain | | | (0.22 | ) | | | (0.15 | ) | | | (0.41 | ) |
Total distributions declared to shareholders | | | $(0.66 | ) | | | $(0.59 | ) | | | $(0.61 | ) |
Net asset value, end of period (x) | | | $18.76 | | | | $18.27 | | | | $16.60 | |
Total return (%) (r)(s)(t)(x) | | | 6.89 | | | | 13.60 | | | | 8.46 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.18 | | | | 0.19 | | | | 0.32 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | (a) |
| | | |
Net investment income (loss) (l) | | | 2.44 | | | | 2.82 | | | | 0.41 | (a) |
| | | |
Portfolio turnover | | | 24 | | | | 20 | | | | 52 | |
Net assets at end of period (000 omitted) | | | $39,175 | | | | $23,365 | | | | $8,776 | |
| (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. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (w) | Per share amount was less than $0.01 and total return or ratio was less than 0.01%, as applicable. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
110
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 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.45 | | | | $14.00 | | | | $12.61 | | | | $13.16 | | | | $12.54 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.32 | | | | $0.29 | | | | $0.13 | | | | $0.13 | | | | $0.14 | |
Net realized and unrealized gain (loss) | | | 0.60 | | | | 1.55 | | | | 1.59 | | | | (0.38 | ) | | | 0.72 | |
Total from investment operations | | | $0.92 | | | | $1.84 | | | | $1.72 | | | | $(0.25 | ) | | | $0.86 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.31 | ) | | | $(0.31 | ) | | | $(0.13 | ) | | | $(0.14 | ) | | | $(0.18 | ) |
From net realized gain | | | (0.13 | ) | | | (0.08 | ) | | | (0.20 | ) | | | (0.16 | ) | | | (0.06 | ) |
Total distributions declared to shareholders | | | $(0.44 | ) | | | $(0.39 | ) | | | $(0.33 | ) | | | $(0.30 | ) | | | $(0.24 | ) |
Net asset value, end of period (x) | | | $15.93 | | | | $15.45 | | | | $14.00 | | | | $12.61 | | | | $13.16 | |
Total return (%) (r)(s)(t)(x) | | | 6.46 | | | | 13.10 | | | | 13.80 | | | | (1.81 | ) | | | 6.90 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.81 | | | | 0.92 | | | | 1.34 | | | | 1.73 | | | | 2.84 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
| | | | | |
Net investment income (loss) (l) | | | 2.08 | | | | 1.91 | | | | 1.01 | | | | 1.00 | | | | 1.10 | |
| | | | | |
Portfolio turnover | | | 20 | | | | 18 | | | | 45 | | | | 14 | | | | 18 | |
Net assets at end of period (000 omitted) | | | $5,866 | | | | $4,833 | | | | $3,516 | | | | $2,014 | | | | $1,036 | |
| |
| | | Year ended | |
| Class B | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.39 | | | | $13.95 | | | | $12.58 | | | | $13.12 | | | | $12.51 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.21 | | | | $0.18 | | | | $0.04 | | | | $(0.01 | ) | | | $0.03 | |
Net realized and unrealized gain (loss) | | | 0.60 | | | | 1.55 | | | | 1.57 | | | | (0.33 | ) | | | 0.73 | |
Total from investment operations | | | $0.81 | | | | $1.73 | | | | $1.61 | | | | $(0.34 | ) | | | $0.76 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.20 | ) | | | $(0.21 | ) | | | $(0.04 | ) | | | $(0.04 | ) | | | $(0.09 | ) |
From net realized gain | | | (0.13 | ) | | | (0.08 | ) | | | (0.20 | ) | | | (0.16 | ) | | | (0.06 | ) |
Total distributions declared to shareholders | | | $(0.33 | ) | | | $(0.29 | ) | | | $(0.24 | ) | | | $(0.20 | ) | | | $(0.15 | ) |
Net asset value, end of period (x) | | | $15.87 | | | | $15.39 | | | | $13.95 | | | | $12.58 | | | | $13.12 | |
Total return (%) (r)(s)(t)(x) | | | 5.65 | | | | 12.36 | | | | 12.94 | | | | (2.58 | ) | | | 6.13 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.56 | | | | 1.67 | | | | 2.09 | | | | 2.50 | | | | 3.67 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.34 | | | | 1.22 | | | | 0.28 | | | | (0.06 | ) | | | 0.26 | |
| | | | | |
Portfolio turnover | | | 20 | | | | 18 | | | | 45 | | | | 14 | | | | 18 | |
Net assets at end of period (000 omitted) | | | $605 | | | | $470 | | | | $407 | | | | $270 | | | | $244 | |
See Notes to Financial Statements
111
Financial Highlights – continued
MFS LIFETIME 2055 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class C | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.28 | | | | $13.86 | | | | $12.49 | | | | $13.04 | | | | $12.45 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.20 | | | | $0.18 | | | | $0.03 | | | | $(0.00 | )(w) | | | $0.05 | |
Net realized and unrealized gain (loss) | | | 0.60 | | | | 1.53 | | | | 1.58 | | | | (0.34 | ) | | | 0.71 | |
Total from investment operations | | | $0.80 | | | | $1.71 | | | | $1.61 | | | | $(0.34 | ) | | | $0.76 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.20 | ) | | | $(0.21 | ) | | | $(0.04 | ) | | | $(0.05 | ) | | | $(0.11 | ) |
From net realized gain | | | (0.13 | ) | | | (0.08 | ) | | | (0.20 | ) | | | (0.16 | ) | | | (0.06 | ) |
Total distributions declared to shareholders | | | $(0.33 | ) | | | $(0.29 | ) | | | $(0.24 | ) | | | $(0.21 | ) | | | $(0.17 | ) |
Net asset value, end of period (x) | | | $15.75 | | | | $15.28 | | | | $13.86 | | | | $12.49 | | | | $13.04 | |
Total return (%) (r)(s)(t)(x) | | | 5.63 | | | | 12.29 | | | | 12.98 | | | | (2.59 | ) | | | 6.17 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.56 | | | | 1.67 | | | | 2.08 | | | | 2.50 | | | | 3.61 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.32 | | | | 1.19 | | | | 0.26 | | | | (0.00 | )(w) | | | 0.37 | |
| | | | | |
Portfolio turnover | | | 20 | | | | 18 | | | | 45 | | | | 14 | | | | 18 | |
Net assets at end of period (000 omitted) | | | $2,179 | | | | $1,789 | | | | $1,284 | | | | $1,100 | | | | $1,031 | |
| |
| | | Year ended | |
| Class I | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.46 | | | | $14.00 | | | | $12.65 | | | | $13.20 | | | | $12.57 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.35 | | | | $0.30 | | | | $0.26 | | | | $0.12 | | | | $0.12 | |
Net realized and unrealized gain (loss) | | | 0.61 | | | | 1.58 | | | | 1.45 | | | | (0.34 | ) | | | 0.77 | |
Total from investment operations | | | $0.96 | | | | $1.88 | | | | $1.71 | | | | $(0.22 | ) | | | $0.89 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.35 | ) | | | $(0.34 | ) | | | $(0.16 | ) | | | $(0.17 | ) | | | $(0.20 | ) |
From net realized gain | | | (0.13 | ) | | | (0.08 | ) | | | (0.20 | ) | | | (0.16 | ) | | | (0.06 | ) |
Total distributions declared to shareholders | | | $(0.48 | ) | | | $(0.42 | ) | | | $(0.36 | ) | | | $(0.33 | ) | | | $(0.26 | ) |
Net asset value, end of period (x) | | | $15.94 | | | | $15.46 | | | | $14.00 | | | | $12.65 | | | | $13.20 | |
Total return (%) (r)(s)(t)(x) | | | 6.74 | | | | 13.40 | | | | 13.66 | | | | (1.61 | ) | | | 7.14 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.56 | | | | 0.67 | | | | 1.09 | | | | 1.50 | | | | 2.80 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.29 | | | | 1.98 | | | | 2.01 | | | | 0.94 | | | | 0.95 | |
| | | | | |
Portfolio turnover | | | 20 | | | | 18 | | | | 45 | | | | 14 | | | | 18 | |
Net assets at end of period (000 omitted) | | | $156 | | | | $114 | | | | $79 | | | | $608 | | | | $391 | |
See Notes to Financial Statements
112
Financial Highlights – continued
MFS LIFETIME 2055 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class R1 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.32 | | | | $13.92 | | | | $12.63 | | | | $13.14 | | | | $12.51 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.20 | | | | $0.17 | | | | $0.15 | | | | $(0.04 | ) | | | $0.03 | |
Net realized and unrealized gain (loss) | | | 0.60 | | | | 1.55 | | | | 1.46 | | | | (0.31 | ) | | | 0.73 | |
Total from investment operations | | | $0.80 | | | | $1.72 | | | | $1.61 | | | | $(0.35 | ) | | | $0.76 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.23 | ) | | | $(0.24 | ) | | | $(0.12 | ) | | | $— | | | | $(0.07 | ) |
From net realized gain | | | (0.13 | ) | | | (0.08 | ) | | | (0.20 | ) | | | (0.16 | ) | | | (0.06 | ) |
Total distributions declared to shareholders | | | $(0.36 | ) | | | $(0.32 | ) | | | $(0.32 | ) | | | $(0.16 | ) | | | $(0.13 | ) |
Net asset value, end of period (x) | | | $15.76 | | | | $15.32 | | | | $13.92 | | | | $12.63 | | | | $13.14 | |
Total return (%) (r)(s)(t)(x) | | | 5.65 | | | | 12.31 | | | | 12.93 | | | | (2.62 | ) | | | 6.14 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.56 | | | | 1.66 | | | | 2.08 | | | | 2.53 | | | | 3.71 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 1.00 | |
| | | | | |
Net investment income (loss) (l) | | | 1.32 | | | | 1.13 | | | | 1.10 | | | | (0.31 | ) | | | 0.21 | |
| | | | | |
Portfolio turnover | | | 20 | | | | 18 | | | | 45 | | | | 14 | | | | 18 | |
Net assets at end of period (000 omitted) | | | $1,523 | | | | $854 | | | | $318 | | | | $62 | | | | $141 | |
| |
| | | Year ended | |
| Class R2 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.36 | | | | $13.94 | | | | $12.57 | | | | $13.14 | | | | $12.53 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.26 | | | | $0.26 | | | | $0.11 | | | | $0.07 | | | | $0.09 | |
Net realized and unrealized gain (loss) | | | 0.62 | | | | 1.53 | | | | 1.58 | | | | (0.36 | ) | | | 0.73 | |
Total from investment operations | | | $0.88 | | | | $1.79 | | | | $1.69 | | | | $(0.29 | ) | | | $0.82 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.27 | ) | | | $(0.29 | ) | | | $(0.12 | ) | | | $(0.12 | ) | | | $(0.15 | ) |
From net realized gain | | | (0.13 | ) | | | (0.08 | ) | | | (0.20 | ) | | | (0.16 | ) | | | (0.06 | ) |
Total distributions declared to shareholders | | | $(0.40 | ) | | | $(0.37 | ) | | | $(0.32 | ) | | | $(0.28 | ) | | | $(0.21 | ) |
Net asset value, end of period (x) | | | $15.84 | | | | $15.36 | | | | $13.94 | | | | $12.57 | | | | $13.14 | |
Total return (%) (r)(s)(t)(x) | | | 6.19 | | | | 12.82 | | | | 13.59 | | | | (2.12 | ) | | | 6.63 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 1.06 | | | | 1.16 | | | | 1.60 | | | | 1.98 | | | | 3.11 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.50 | | | | 0.50 | | | | 0.50 | | | | 0.50 | | | | 0.50 | |
| | | | | |
Net investment income (loss) (l) | | | 1.73 | | | | 1.73 | | | | 0.85 | | | | 0.57 | | | | 0.73 | |
| | | | | |
Portfolio turnover | | | 20 | | | | 18 | | | | 45 | | | | 14 | | | | 18 | |
Net assets at end of period (000 omitted) | | | $18,695 | | | | $15,534 | | | | $6,657 | | | | $1,855 | | | | $773 | |
See Notes to Financial Statements
113
Financial Highlights – continued
MFS LIFETIME 2055 FUND – continued
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended | |
| Class R3 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.45 | | | | $14.00 | | | | $12.61 | | | | $13.17 | | | | $12.54 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.32 | | | | $0.29 | | | | $0.14 | | | | $0.10 | | | | $0.11 | |
Net realized and unrealized gain (loss) | | | 0.60 | | | | 1.55 | | | | 1.58 | | | | (0.36 | ) | | | 0.75 | |
Total from investment operations | | | $0.92 | | | | $1.84 | | | | $1.72 | | | | $(0.26 | ) | | | $0.86 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.31 | ) | | | $(0.31 | ) | | | $(0.13 | ) | | | $(0.14 | ) | | | $(0.17 | ) |
From net realized gain | | | (0.13 | ) | | | (0.08 | ) | | | (0.20 | ) | | | (0.16 | ) | | | (0.06 | ) |
Total distributions declared to shareholders | | | $(0.44 | ) | | | $(0.39 | ) | | | $(0.33 | ) | | | $(0.30 | ) | | | $(0.23 | ) |
Net asset value, end of period (x) | | | $15.93 | | | | $15.45 | | | | $14.00 | | | | $12.61 | | | | $13.17 | |
Total return (%) (r)(s)(t)(x) | | | 6.46 | | | | 13.14 | | | | 13.83 | | | | (1.89 | ) | | | 6.95 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.81 | | | | 0.92 | | | | 1.34 | | | | 1.74 | | | | 2.81 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
| | | | | |
Net investment income (loss) (l) | | | 2.07 | | | | 1.89 | | | | 1.07 | | | | 0.76 | | | | 0.84 | |
| | | | | |
Portfolio turnover | | | 20 | | | | 18 | | | | 45 | | | | 14 | | | | 18 | |
Net assets at end of period (000 omitted) | | | $27,658 | | | | $21,438 | | | | $10,285 | | | | $3,915 | | | | $2,353 | |
| |
| | | Year ended | |
| Class R4 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 | | | 4/30/16 | | | 4/30/15 | |
| | | | | |
Net asset value, beginning of period | | | $15.53 | | | | $14.06 | | | | $12.65 | | | | $13.20 | | | | $12.56 | |
| | | | | |
| Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (d)(l) | | | $0.36 | | | | $0.37 | | | | $0.17 | | | | $0.13 | | | | $0.18 | |
Net realized and unrealized gain (loss) | | | 0.60 | | | | 1.52 | | | | 1.60 | | | | (0.35 | ) | | | 0.72 | |
Total from investment operations | | | $0.96 | | | | $1.89 | | | | $1.77 | | | | $(0.22 | ) | | | $0.90 | |
| | | | | |
| Less distributions declared to shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | $(0.35 | ) | | | $(0.34 | ) | | | $(0.16 | ) | | | $(0.17 | ) | | | $(0.20 | ) |
From net realized gain | | | (0.13 | ) | | | (0.08 | ) | | | (0.20 | ) | | | (0.16 | ) | | | (0.06 | ) |
Total distributions declared to shareholders | | | $(0.48 | ) | | | $(0.42 | ) | | | $(0.36 | ) | | | $(0.33 | ) | | | $(0.26 | ) |
Net asset value, end of period (x) | | | $16.01 | | | | $15.53 | | | | $14.06 | | | | $12.65 | | | | $13.20 | |
Total return (%) (r)(s)(t)(x) | | | 6.71 | | | | 13.42 | | | | 14.14 | | | | (1.61 | ) | | | 7.23 | |
| | | | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Expenses before expense reductions (f)(h) | | | 0.56 | | | | 0.67 | | | | 1.09 | | | | 1.48 | | | | 2.51 | |
| | | | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | |
Net investment income (loss) (l) | | | 2.31 | | | | 2.43 | | | | 1.31 | | | | 1.07 | | | | 1.42 | |
| | | | | |
Portfolio turnover | | | 20 | | | | 18 | | | | 45 | | | | 14 | | | | 18 | |
Net assets at end of period (000 omitted) | | | $30,137 | | | | $26,747 | | | | $21,882 | | | | $10,776 | | | | $5,056 | |
See Notes to Financial Statements
114
Financial Highlights – continued
MFS LIFETIME 2055 FUND – continued
| | | | | | | | | | | | |
| | | Year ended | |
| Class R6 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (i) | |
| | | |
Net asset value, beginning of period | | | $15.53 | | | | $14.06 | | | | $13.32 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.37 | | | | $0.49 | | | | $0.04 | |
Net realized and unrealized gain (loss) | | | 0.61 | | | | 1.42 | | | | 1.06 | |
Total from investment operations | | | $0.98 | | | | $1.91 | | | | $1.10 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
| From net investment income | | | $(0.37 | ) | | | $(0.36 | ) | | | $(0.16 | ) |
From net realized gain | | | (0.13 | ) | | | (0.08 | ) | | | (0.20 | ) |
Total distributions declared to shareholders | | | $(0.50 | ) | | | $(0.44 | ) | | | $(0.36 | ) |
Net asset value, end of period (x) | | | $16.01 | | | | $15.53 | | | | $14.06 | |
Total return (%) (r)(s)(t)(x) | | | 6.88 | | | | 13.56 | | | | 8.44 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 0.42 | | | | 0.52 | | | | 0.95 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | (a) |
| | | |
Net investment income (loss) (l) | | | 2.40 | | | | 3.15 | | | | 0.44 | (a) |
| | | |
Portfolio turnover | | | 20 | | | | 18 | | | | 45 | |
Net assets at end of period (000 omitted) | | | $16,579 | | | | $7,695 | | | | $1,726 | |
| (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. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (t) | Total returns do not include any applicable sales charges. |
| (w) | Per share amount was less than $0.01 and total return or ratio was less than 0.01%, as applicable. |
| (x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
115
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 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (c) | |
| | | |
Net asset value, beginning of period | | | $11.85 | | | | $10.73 | | | | $10.00 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.41 | | | | $0.25 | | | | $0.10 | |
Net realized and unrealized gain (loss) | | | 0.30 | | | | 1.16 | | | | 0.74 | |
Total from investment operations | | | $0.71 | | | | $1.41 | | | | $0.84 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
| From net investment income | | | $(0.25 | ) | | | $(0.23 | ) | | | $(0.11 | ) |
From net realized gain | | | (0.05 | ) | | | (0.06 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.30 | ) | | | $(0.29 | ) | | | $(0.11 | ) |
Net asset value, end of period (x) | | | $12.26 | | | | $11.85 | | | | $10.73 | |
Total return (%) (r)(s)(t)(x) | | | 6.47 | | | | 13.19 | | | | 8.45 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 4.01 | | | | 9.75 | | | | 15.07 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.20 | | | | 0.16 | | | | 0.12 | (a) |
| | | |
Net investment income (loss) (l) | | | 3.49 | | | | 2.17 | | | | 2.42 | (a) |
| | | |
Portfolio turnover | | | 34 | | | | 37 | | | | 2 | (n) |
Net assets at end of period (000 omitted) | | | $1,362 | | | | $306 | | | | $59 | |
| |
| | | Year ended | |
| Class B | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (c) | |
| | | |
Net asset value, beginning of period | | | $11.82 | | | | $10.70 | | | | $10.00 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.17 | | | | $0.14 | | | | $0.07 | |
Net realized and unrealized gain (loss) | | | 0.48 | | | | 1.19 | | | | 0.73 | |
Total from investment operations | | | $0.65 | | | | $1.33 | | | | $0.80 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
| From net investment income | | | $(0.17 | ) | | | $(0.15 | ) | | | $(0.10 | ) |
From net realized gain | | | (0.05 | ) | | | (0.06 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.22 | ) | | | $(0.21 | ) | | | $(0.10 | ) |
Net asset value, end of period (x) | | | $12.25 | | | | $11.82 | | | | $10.70 | |
Total return (%) (r)(s)(t)(x) | | | 5.78 | | | | 12.39 | | | | 8.08 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 4.98 | | | | 11.79 | | | | 15.87 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.95 | | | | 0.90 | | | | 0.87 | (a) |
| | | |
Net investment income (loss) (l) | | | 1.44 | | | | 1.26 | | | | 1.76 | (a) |
| | | |
Portfolio turnover | | | 34 | | | | 37 | | | | 2 | (n) |
Net assets at end of period (000 omitted) | | | $149 | | | | $73 | | | | $55 | |
See Notes to Financial Statements
116
Financial Highlights – continued
MFS LIFETIME 2060 FUND – continued
| | | | | | | | | | | | |
| | | Year ended | |
| Class C | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (c) | |
| | | |
Net asset value, beginning of period | | | $11.81 | | | | $10.70 | | | | $10.00 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.20 | | | | $0.14 | | | | $0.07 | |
Net realized and unrealized gain (loss) | | | 0.44 | | | | 1.19 | | | | 0.73 | |
Total from investment operations | | | $0.64 | | | | $1.33 | | | | $0.80 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
| From net investment income | | | $(0.19 | ) | | | $(0.16 | ) | | | $(0.10 | ) |
From net realized gain | | | (0.05 | ) | | | (0.06 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.24 | ) | | | $(0.22 | ) | | | $(0.10 | ) |
Net asset value, end of period (x) | | | $12.21 | | | | $11.81 | | | | $10.70 | |
Total return (%) (r)(s)(t)(x) | | | 5.75 | | | | 12.38 | | | | 8.08 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 4.88 | | | | 11.46 | | | | 15.81 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.95 | | | | 0.90 | | | | 0.87 | (a) |
| | | |
Net investment income (loss) (l) | | | 1.68 | | | | 1.24 | | | | 1.68 | (a) |
| | | |
Portfolio turnover | | | 34 | | | | 37 | | | | 2 | (n) |
Net assets at end of period (000 omitted) | | | $283 | | | | $107 | | | | $60 | |
| |
| | | Year ended | |
| Class I | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (c) | |
| | | |
Net asset value, beginning of period | | | $11.88 | | | | $10.74 | | | | $10.00 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.28 | | | | $0.26 | | | | $0.11 | |
Net realized and unrealized gain (loss) | | | 0.47 | | | | 1.19 | | | | 0.74 | |
Total from investment operations | | | $0.75 | | | | $1.45 | | | | $0.85 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
| From net investment income | | | $(0.26 | ) | | | $(0.25 | ) | | | $(0.11 | ) |
From net realized gain | | | (0.05 | ) | | | (0.06 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.31 | ) | | | $(0.31 | ) | | | $(0.11 | ) |
Net asset value, end of period (x) | | | $12.32 | | | | $11.88 | | | | $10.74 | |
Total return (%) (r)(s)(t)(x) | | | 6.76 | | | | 13.50 | | | | 8.57 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 4.04 | | | | 11.01 | | | | 14.88 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | (a) |
| | | |
Net investment income (loss) (l) | | | 2.37 | | | | 2.23 | | | | 2.76 | (a) |
| | | |
Portfolio turnover | | | 34 | | | | 37 | | | | 2 | (n) |
Net assets at end of period (000 omitted) | | | $66 | | | | $62 | | | | $54 | |
See Notes to Financial Statements
117
Financial Highlights – continued
MFS LIFETIME 2060 FUND – continued
| | | | | | | | | | | | |
| | | Year ended | |
| Class R1 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (c) | |
| | | |
Net asset value, beginning of period | | | $11.83 | | | | $10.70 | | | | $10.00 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.16 | | | | $0.14 | | | | $0.07 | |
Net realized and unrealized gain (loss) | | | 0.48 | | | | 1.19 | | | | 0.73 | |
Total from investment operations | | | $0.64 | | | | $1.33 | | | | $0.80 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
| From net investment income | | | $(0.14 | ) | | | $(0.14 | ) | | | $(0.10 | ) |
From net realized gain | | | (0.05 | ) | | | (0.06 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.19 | ) | | | $(0.20 | ) | | | $(0.10 | ) |
Net asset value, end of period (x) | | | $12.28 | | | | $11.83 | | | | $10.70 | |
Total return (%) (r)(s)(t)(x) | | | 5.69 | | | | 12.41 | | | | 8.08 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 5.04 | | | | 12.02 | | | | 15.88 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.95 | | | | 0.90 | | | | 0.87 | (a) |
| | | |
Net investment income (loss) (l) | | | 1.36 | | | | 1.23 | | | | 1.76 | (a) |
| | | |
Portfolio turnover | | | 34 | | | | 37 | | | | 2 | (n) |
Net assets at end of period (000 omitted) | | | $64 | | | | $61 | | | | $54 | |
| |
| | | Year ended | |
| Class R2 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (c) | |
| | | |
Net asset value, beginning of period | | | $11.84 | | | | $10.72 | | | | $10.00 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.27 | | | | $0.18 | | | | $0.09 | |
Net realized and unrealized gain (loss) | | | 0.42 | | | | 1.21 | | | | 0.73 | |
Total from investment operations | | | $0.69 | | | | $1.39 | | | | $0.82 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
| From net investment income | | | $(0.23 | ) | | | $(0.21 | ) | | | $(0.10 | ) |
From net realized gain | | | (0.05 | ) | | | (0.06 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.28 | ) | | | $(0.27 | ) | | | $(0.10 | ) |
Net asset value, end of period (x) | | | $12.25 | | | | $11.84 | | | | $10.72 | |
Total return (%) (r)(s)(t)(x) | | | 6.29 | | | | 12.92 | | | | 8.32 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 4.31 | | | | 10.36 | | | | 15.38 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.45 | | | | 0.41 | | | | 0.37 | (a) |
| | | |
Net investment income (loss) (l) | | | 2.34 | | | | 1.56 | | | | 2.26 | (a) |
| | | |
Portfolio turnover | | | 34 | | | | 37 | | | | 2 | (n) |
Net assets at end of period (000 omitted) | | | $797 | | | | $151 | | | | $54 | |
See Notes to Financial Statements
118
Financial Highlights – continued
MFS LIFETIME 2060 FUND – continued
| | | | | | | | | | | | |
| | | Year ended | |
| Class R3 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (c) | |
| | | |
Net asset value, beginning of period | | | $11.85 | | | | $10.73 | | | | $10.00 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.24 | | | | $0.25 | | | | $0.10 | |
Net realized and unrealized gain (loss) | | | 0.48 | | | | 1.17 | | | | 0.74 | |
Total from investment operations | | | $0.72 | | | | $1.42 | | | | $0.84 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
| From net investment income | | | $(0.24 | ) | | | $(0.24 | ) | | | $(0.11 | ) |
From net realized gain | | | (0.05 | ) | | | (0.06 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.29 | ) | | | $(0.30 | ) | | | $(0.11 | ) |
Net asset value, end of period (x) | | | $12.28 | | | | $11.85 | | | | $10.73 | |
Total return (%) (r)(s)(t)(x) | | | 6.48 | | | | 13.21 | | | | 8.45 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 4.15 | | | | 9.15 | | | | 14.31 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.20 | | | | 0.16 | | | | 0.12 | (a) |
| | | |
Net investment income (loss) (l) | | | 2.04 | | | | 2.11 | | | | 2.41 | (a) |
| | | |
Portfolio turnover | | | 34 | | | | 37 | | | | 2 | (n) |
Net assets at end of period (000 omitted) | | | $2,505 | | | | $1,203 | | | | $88 | |
| |
| | | Year ended | |
| Class R4 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (c) | |
| | | |
Net asset value, beginning of period | | | $11.88 | | | | $10.74 | | | | $10.00 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.31 | | | | $0.30 | | | | $0.11 | |
Net realized and unrealized gain (loss) | | | 0.43 | | | | 1.15 | | | | 0.74 | |
Total from investment operations | | | $0.74 | | | | $1.45 | | | | $0.85 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
| From net investment income | | | $(0.26 | ) | | | $(0.25 | ) | | | $(0.11 | ) |
From net realized gain | | | (0.05 | ) | | | (0.06 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.31 | ) | | | $(0.31 | ) | | | $(0.11 | ) |
Net asset value, end of period (x) | | | $12.31 | | | | $11.88 | | | | $10.74 | |
Total return (%) (r)(s)(t)(x) | | | 6.72 | | | | 13.51 | | | | 8.57 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 3.79 | | | | 8.82 | | | | 14.88 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | (a) |
| | | |
Net investment income (loss) (l) | | | 2.63 | | | | 2.54 | | | | 2.75 | (a) |
| | | |
Portfolio turnover | | | 34 | | | | 37 | | | | 2 | (n) |
Net assets at end of period (000 omitted) | | | $1,524 | | | | $356 | | | | $55 | |
See Notes to Financial Statements
119
Financial Highlights – continued
MFS LIFETIME 2060 FUND – continued
| | | | | | | | | | | | |
| | | Year ended | |
| Class R6 | | 4/30/19 | | | 4/30/18 | | | 4/30/17 (c) | |
| | | |
Net asset value, beginning of period | | | $11.88 | | | | $10.74 | | | | $10.00 | |
| | | |
| Income (loss) from investment operations | | | | | | | | | | | | |
| Net investment income (loss) (d)(l) | | | $0.29 | | | | $0.25 | | | | $0.11 | |
Net realized and unrealized gain (loss) | | | 0.48 | | | | 1.20 | | | | 0.74 | |
Total from investment operations | | | $0.77 | | | | $1.45 | | | | $0.85 | |
| | | |
| Less distributions declared to shareholders | | | | | | | | | | | | |
| From net investment income | | | $(0.27 | ) | | | $(0.25 | ) | | | $(0.11 | ) |
From net realized gain | | | (0.05 | ) | | | (0.06 | ) | | | — | |
Total distributions declared to shareholders | | | $(0.32 | ) | | | $(0.31 | ) | | | $(0.11 | ) |
Net asset value, end of period (x) | | | $12.33 | | | | $11.88 | | | | $10.74 | |
Total return (%) (r)(s)(t)(x) | | | 6.95 | | | | 13.51 | | | | 8.57 | (n) |
| | | |
| Ratios (%) (to average net assets) and Supplemental data: | | | | | | | | | | | | |
| Expenses before expense reductions (f)(h) | | | 3.80 | | | | 10.10 | | | | 14.87 | (a) |
| | | |
Expenses after expense reductions (f)(h) | | | 0.00 | | | | 0.00 | | | | 0.00 | (a) |
| | | |
Net investment income (loss) (l) | | | 2.43 | | | | 2.18 | | | | 2.76 | (a) |
| | | |
Portfolio turnover | | | 34 | | | | 37 | | | | 2 | (n) |
Net assets at end of period (000 omitted) | | | $3,309 | | | | $1,268 | | | | $543 | |
| (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. |
| (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
120
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 anopen-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/ormortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae. Certain underlying funds invest in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s market, economic, industrial, political, regulatory, geopolitical, and other conditions. Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, and greater political, social, and economic instability than developed markets.
The accounting policies of the underlying funds in which each fund invests are outlined in the underlying funds’ shareholder reports, which are available without charge by calling1-800-225-2606, at mfs.com and on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov. The underlying funds’ shareholder reports are not covered by this report.
Investment Valuations –Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of this policy disclosure, “fund” also refers to the underlying funds in which thefund-of-funds invests.
Equity securities, including restricted equity securities and equity securities sold short, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Equity securities sold short, for which there were no sales reported for that day, are generally valued at the last quoted daily ask quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by athird-party pricing service. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are
121
Notes to Financial Statements – continued
generally valued at valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses.Open-end investment companies are generally valued at net asset value per share. Securities and other assets, including commodity-linked structured notes, generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting 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 on a frequent basis 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, 2019 in valuing each fund’s assets or liabilities:
| | | | | | | | | | | | | | | | |
| | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
MFS Lifetime Income Fund | | | | | | | | | | | | |
| | | | |
| Financial Instruments | | | | | | | | | | | | |
| Mutual Funds | | | $574,200,371 | | | | $— | | | | $— | | | | $574,200,371 | |
| | | | |
MFS Lifetime 2020 Fund | | | | | | | | | | | | |
| | | | |
| Financial Instruments | | | | | | | | | | | | |
| Mutual Funds | | | $342,414,308 | | | | $— | | | | $— | | | | $342,414,308 | |
| | | | |
MFS Lifetime 2025 Fund | | | | | | | | | | | | |
| | | | |
| Financial Instruments | | | | | | | | | | | | |
| Mutual Funds | | | $292,671,718 | | | | $— | | | | $— | | | | $292,671,718 | |
| | | | |
MFS Lifetime 2030 Fund | | | | | | | | | | | | |
| | | | |
| Financial Instruments | | | | | | | | | | | | |
| Mutual Funds | | | $589,780,845 | | | | $— | | | | $— | | | | $589,780,845 | |
| | | | |
MFS Lifetime 2035 Fund | | | | | | | | | | | | |
| | | | |
| Financial Instruments | | | | | | | | | | | | |
| Mutual Funds | | | $288,749,928 | | | | $— | | | | $— | | | | $288,749,928 | |
122
Notes to Financial Statements – continued
| | | | | | | | | | | | | | | | |
| | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
MFS Lifetime 2040 Fund | | | | | | | | | | | | |
| | | | |
| Financial Instruments | | | | | | | | | | | | |
| Mutual Funds | | | $427,063,779 | | | | $— | | | | $— | | | | $427,063,779 | |
| | | | |
MFS Lifetime 2045 Fund | | | | | | | | | | | | |
| | | | |
| Financial Instruments | | | | | | | | | | | | |
| Mutual Funds | | | $199,226,601 | | | | $— | | | | $— | | | | $199,226,601 | |
| | | | |
MFS Lifetime 2050 Fund | | | | | | | | | | | | |
| | | | |
| Financial Instruments | | | | | | | | | | | | |
| Mutual Funds | | | $211,514,903 | | | | $— | | | | $— | | | | $211,514,903 | |
| | | | |
MFS Lifetime 2055 Fund | | | | | | | | | | | | |
| | | | |
| Financial Instruments | | | | | | | | | | | | |
| Mutual Funds | | | $103,516,382 | | | | $— | | | | $— | | | | $103,516,382 | |
| | | | |
MFS Lifetime 2060 Fund | | | | | | | | | | | | |
| | | | |
| Financial Instruments | | | | | | | | | | | | |
| Mutual Funds | | | $10,081,600 | | | | $— | | | | $— | | | | $10,081,600 | |
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 ornon-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 theex-dividend date. Recognition of net investment income by each fund is affected by the timing of the declaration of distributions by the underlying funds in which each fund invests. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
Each fund and/or the underlying funds may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statements of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statements of Operations.
Tax Matters and Distributions – Each fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. Each fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed each fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Distributions to shareholders are recorded on theex-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. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes.
123
Notes to Financial Statements – continued
Book/tax differences primarily relate to wash sale loss deferrals and treating a portion of the proceeds from redemptions as a distribution for tax purposes.
The tax character of distributions declared to shareholders for the last two fiscal years is as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Year ended 4/30/19 | | MFS Lifetime
Income Fund | | | MFS Lifetime
2020 Fund | | | MFS Lifetime
2025 Fund | | | MFS Lifetime
2030 Fund | | | MFS Lifetime
2035 Fund | |
| Ordinary income (including any short-term capital gains) | | | $14,151,442 | | | | $9,359,915 | | | | $7,672,089 | | | | $14,927,515 | | | | $7,625,114 | |
| Long-term capital gains | | | 6,835,974 | | | | 8,979,696 | | | | 2,471,107 | | | | 13,876,431 | | | | 1,810,035 | |
| Total distributions | | | $20,987,416 | | | | $18,339,611 | | | | $10,143,196 | | | | $28,803,946 | | | | $9,435,149 | |
| | | | | |
| Year ended 4/30/19 | | MFS Lifetime
2040 Fund | | | MFS Lifetime
2045 Fund | | | MFS Lifetime
2050 Fund | | | MFS Lifetime
2055 Fund | | | MFS Lifetime
2060 Fund | |
| Ordinary income (including any short-term capital gains) | | | $10,699,061 | | | | $4,711,122 | | | | $5,205,028 | | | | $1,995,019 | | | | $146,710 | |
| Long-term capital gains | | | 11,590,195 | | | | 1,486,101 | | | | 2,179,161 | | | | 725,057 | | | | 27,503 | |
| Total distributions | | | $22,289,256 | | | | $6,197,223 | | | | $7,384,189 | | | | $2,720,076 | | | | $174,213 | |
| | | | | |
| Year ended 4/30/18 | | 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) | | | $12,605,779 | | | | $10,537,384 | | | | $6,358,589 | | | | $14,663,281 | | | | $5,512,109 | |
| Long-term capital gains | | | 6,382,316 | | | | 4,886,326 | | | | 950,079 | | | | 5,000,049 | | | | 1,250,038 | |
| Total distributions | | | $18,988,095 | | | | $15,423,710 | | | | $7,308,668 | | | | $19,663,330 | | | | $6,762,147 | |
| | | | | |
| Year ended 4/30/18 | | 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) | | | $10,491,232 | | | | $3,550,071 | | | | $4,260,080 | | | | $1,398,251 | | | | $44,075 | |
| Long-term capital gains | | | 3,240,477 | | | | 956,004 | | | | 1,218,136 | | | | 300,022 | | | | 8,525 | |
| Total distributions | | | $13,731,709 | | | | $4,506,075 | | | | $5,478,216 | | | | $1,698,273 | | | | $52,600 | |
The federal tax cost and the tax basis components of distributable earnings were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| As of 4/30/19 | | MFS Lifetime
Income Fund | | | MFS Lifetime
2020 Fund | | | MFS Lifetime
2025 Fund | | | MFS Lifetime
2030 Fund | | | MFS Lifetime
2035 Fund | |
| | | | | |
| Cost of investments | | | $534,732,337 | | | | $312,420,309 | | | | $268,669,839 | | | | $489,041,425 | | | | $251,327,227 | |
| | | | | |
| Gross appreciation | | | 42,619,530 | | | | 30,860,535 | | | | 24,681,844 | | | | 101,964,022 | | | | 37,976,102 | |
| Gross depreciation | | | (3,151,496 | ) | | | (866,536 | ) | | | (679,965 | ) | | | (1,224,602 | ) | | | (553,401 | ) |
| Net unrealized appreciation (depreciation) | | | $39,468,034 | | | | $29,993,999 | | | | $24,001,879 | | | | $100,739,420 | | | | $37,422,701 | |
| Undistributed ordinary income | | | 1,503,026 | | | | 2,964,847 | | | | 1,493,120 | | | | 3,668,104 | | | | 649,145 | |
| Undistributed long-term capital gain | | | 5,348,729 | | | | 4,895,096 | | | | 3,973,085 | | | | 14,741,251 | | | | 6,057,037 | |
| Other temporary differences | | | (830,804 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | |
| As of 4/30/19 | | MFS Lifetime
2040 Fund | | | MFS Lifetime
2045 Fund | | | MFS Lifetime
2050 Fund | | | MFS Lifetime
2055 Fund | | | MFS Lifetime
2060 Fund | |
| | | | | |
| Cost of investments | | | $327,487,462 | | | | $171,192,517 | | | | $174,111,866 | | | | $93,126,426 | | | | $9,697,298 | |
| | | | | |
| Gross appreciation | | | 100,550,575 | | | | 28,428,079 | | | | 37,793,695 | | | | 10,561,831 | | | | 393,933 | |
| Gross depreciation | | | (974,258 | ) | | | (393,995 | ) | | | (390,658 | ) | | | (171,875 | ) | | | (9,631 | ) |
| Net unrealized appreciation (depreciation) | | | $99,576,317 | | | | $28,034,084 | | | | $37,403,037 | | | | $10,389,956 | | | | $384,302 | |
| Undistributed ordinary income | | | 2,383,912 | | | | 100,292 | | | | 186,226 | | | | 9,448 | | | | 21,523 | |
| Undistributed long-term capital gain | | | 12,832,271 | | | | 4,828,732 | | | | 5,505,277 | | | | 2,357,193 | | | | 174,657 | |
| Post-October capital loss deferral | | | — | | | | — | | | | — | | | | (24,834 | ) | | | — | |
Multiple Classes of Shares of Beneficial Interest – Each fund offers multiple classes of shares, which differ in their respective distribution, service, and program manager fees. For the MFS Lifetime Income Fund, income and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. For the MFS Lifetime Income Fund, realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. For all other funds, income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class 529B shares will convert to Class A and Class 529A shares, respectively, approximately eight years after
124
Notes to Financial Statements – continued
purchase. Class C and Class 529C shares will convert to Class A and Class 529A shares, respectively, approximately ten years after purchase. Each fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:
From net investment income
| | | | | | | | | | | | |
| | | MFS Lifetime
Income Fund | | MFS Lifetime
2020 Fund | | MFS Lifetime
2025 Fund |
| | | | | | |
| | | Year Ended
4/30/19 | | Year Ended
4/30/18 | | Year Ended
4/30/19 | | Year Ended
4/30/18 | | Year Ended
4/30/19 | | Year Ended
4/30/18 |
| Class A | | $2,820,303 | | $2,398,788 | | $1,055,726 | | $1,249,773 | | $483,914 | | $432,896 |
| Class B | | 194,797 | | 186,981 | | 60,584 | | 91,371 | | 24,559 | | 26,321 |
| Class C | | 2,191,182 | | 1,985,495 | | 211,940 | | 279,201 | | 67,927 | | 73,131 |
| Class I | | 1,095,806 | | 797,088 | | 50,379 | | 53,819 | | 30,784 | | 3,368 |
| Class R1 | | 63,985 | | 60,968 | | 80,226 | | 89,059 | | 28,105 | | 18,945 |
| Class R2 | | 623,419 | | 558,776 | | 1,467,452 | | 1,767,538 | | 677,183 | | 854,419 |
| Class R3 | | 1,422,751 | | 1,174,314 | | 2,140,164 | | 2,259,963 | | 1,667,677 | | 1,442,800 |
| Class R4 | | 1,461,663 | | 1,904,479 | | 2,322,474 | | 2,431,246 | | 2,585,504 | | 2,364,609 |
| Class R6 | | 813,392 | | 458,470 | | 1,610,762 | | 1,225,726 | | 1,084,376 | | 818,543 |
| Class 529A | | 2,378,350 | | 1,673,544 | | — | | — | | — | | — |
| Class 529B | | 73,400 | | 58,435 | | — | | — | | — | | — |
| Class 529C | | 628,220 | | 467,772 | | — | | — | | — | | — |
| Total | | $13,767,268 | | $11,725,110 | | $8,999,707 | | $9,447,696 | | $6,650,029 | | $6,035,032 |
| | | |
| | | MFS Lifetime
2030 Fund | | MFS Lifetime
2035 Fund | | MFS Lifetime
2040 Fund |
| | | | | | |
| | | Year Ended
4/30/19 | | Year Ended
4/30/18 | | Year Ended
4/30/19 | | Year Ended
4/30/18 | | Year Ended
4/30/19 | | Year Ended
4/30/18 |
| Class A | | $1,368,959 | | $1,387,972 | | $338,583 | | $337,208 | | $751,120 | | $789,985 |
| Class B | | 138,382 | | 141,645 | | 22,637 | | 27,870 | | 61,851 | | 73,989 |
| Class C | | 246,088 | | 264,745 | | 36,994 | | 42,702 | | 143,159 | | 180,808 |
| Class I | | 54,680 | | 50,068 | | 17,672 | | 13,040 | | 39,770 | | 46,257 |
| Class R1 | | 119,691 | | 106,904 | | 33,030 | | 36,641 | | 59,997 | | 58,974 |
| Class R2 | | 2,307,109 | | 2,427,710 | | 532,212 | | 668,384 | | 1,543,180 | | 1,759,698 |
| Class R3 | | 3,390,118 | | 2,990,300 | | 1,312,009 | | 1,220,662 | | 1,870,697 | | 1,703,757 |
| Class R4 | | 3,883,993 | | 3,583,069 | | 2,557,870 | | 2,367,031 | | 3,441,499 | | 3,421,430 |
| Class R6 | | 2,491,402 | | 1,747,665 | | 949,054 | | 636,542 | | 1,568,737 | | 1,102,127 |
| Total | | $14,000,422 | | $12,700,078 | | $5,800,061 | | $5,350,080 | | $9,480,010 | | $9,137,025 |
| | | |
| | | MFS Lifetime
2045 Fund | | MFS Lifetime
2050 Fund | | MFS Lifetime
2055 Fund |
| | | | | | |
| | | Year Ended
4/30/19 | | Year Ended
4/30/18 | | Year Ended
4/30/19 | | Year Ended
4/30/18 | | Year Ended
4/30/19 | | Year Ended
4/30/18 |
| Class A | | $150,250 | | $170,187 | | $239,727 | | $236,172 | | $96,725 | | $83,567 |
| Class B | | 11,021 | | 14,121 | | 20,407 | | 16,826 | | 6,862 | | 6,631 |
| Class C | | 28,802 | | 36,236 | | 39,103 | | 40,269 | | 25,435 | | 22,020 |
| Class I | | 4,923 | | 4,138 | | 12,033 | | 14,180 | | 2,854 | | 1,782 |
| Class R1 | | 21,381 | | 11,938 | | 14,480 | | 13,471 | | 18,135 | | 9,021 |
| Class R2 | | 330,178 | | 370,779 | | 910,115 | | 803,171 | | 285,147 | | 232,915 |
| Class R3 | | 931,011 | | 727,135 | | 1,039,197 | | 776,294 | | 464,328 | | 311,034 |
| Class R4 | | 1,795,722 | | 1,757,947 | | 1,687,365 | | 1,576,226 | | 689,848 | | 558,543 |
| Class R6 | | 521,732 | | 367,530 | | 752,584 | | 498,415 | | 327,676 | | 147,528 |
| Total | | $3,795,020 | | $3,460,011 | | $4,715,011 | | $3,975,024 | | $1,917,010 | | $1,373,041 |
125
Notes to Financial Statements – continued
| | | | | | | | | | | | |
| | | MFS Lifetime
2060 Fund | | | | |
| | | | | | |
| | | Year Ended
4/30/19 | | Year Ended
4/30/18 | | | | | | | | |
| Class A | | $23,953 | | $3,710 | | | | | | | | |
| Class B | | 1,623 | | 810 | | | | | | | | |
| Class C | | 3,217 | | 1,084 | | | | | | | | |
| Class I | | 1,341 | | 1,261 | | | | | | | | |
| Class R1 | | 716 | | 704 | | | | | | | | |
| Class R2 | | 12,388 | | 1,344 | | | | | | | | |
| Class R3 | | 30,938 | | 12,696 | | | | | | | | |
| Class R4 | | 19,514 | | 4,710 | | | | | | | | |
| Class R6 | | 50,919 | | 15,731 | | | | | | | | |
| Total | | $144,609 | | $42,050 | | | | | | | | |
From net realized gain
| | | | | | | | | | | | |
| | | MFS Lifetime
Income Fund | | MFS Lifetime
2020 Fund | | MFS Lifetime
2025 Fund |
| | | | | | |
| | | Year Ended
4/30/19 | | Year Ended
4/30/18 | | Year Ended
4/30/19 | | Year Ended
4/30/18 | | Year Ended
4/30/19 | | Year Ended
4/30/18 |
| Class A | | $1,299,159 | | $1,323,158 | | $1,109,087 | | $787,622 | | $258,825 | | $92,868 |
| Class B | | 124,865 | | 155,225 | | 100,188 | | 83,367 | | 19,197 | | 7,913 |
| Class C | | 1,392,126 | | 1,677,548 | | 330,698 | | 252,436 | | 52,293 | | 21,166 |
| Class I | | 488,455 | | 403,673 | | 48,034 | | 30,731 | | 14,936 | | 672 |
| Class R1 | | 36,203 | | 50,876 | | 120,126 | | 75,203 | | 20,079 | | 4,876 |
| Class R2 | | 315,151 | | 340,570 | | 1,733,979 | | 1,228,335 | | 428,648 | | 194,805 |
| Class R3 | | 662,741 | | 658,794 | | 2,227,102 | | 1,402,030 | | 906,395 | | 308,197 |
| Class R4 | | 613,987 | | 669,958 | | 2,208,683 | | 1,445,562 | | 1,281,216 | | 486,778 |
| Class R6 | | 339,976 | | 271,378 | | 1,462,007 | | 670,728 | | 511,578 | | 156,361 |
| Class 529A | | 1,384,640 | | 1,155,342 | | — | | — | | — | | — |
| Class 529B | | 58,188 | | 60,914 | | — | | — | | — | | — |
| Class 529C | | 504,657 | | 495,549 | | — | | — | | — | | — |
| Total | | $7,220,148 | | $7,262,985 | | $9,339,904 | | $5,976,014 | | $3,493,167 | | $1,273,636 |
| | | |
| | | MFS Lifetime
2030 Fund | | MFS Lifetime
2035 Fund | | MFS Lifetime
2040 Fund |
| | | | | | |
| | | Year Ended
4/30/19 | | Year Ended
4/30/18 | | Year Ended
4/30/19 | | Year Ended
4/30/18 | | Year Ended
4/30/19 | | Year Ended
4/30/18 |
| Class A | | $1,471,361 | | $762,335 | | $220,190 | | $91,006 | | $1,010,676 | | $398,600 |
| Class B | | 219,956 | | 114,519 | | 23,542 | | 10,307 | | 138,045 | | 56,391 |
| Class C | | 394,625 | | 211,589 | | 36,234 | | 15,777 | | 322,729 | | 133,920 |
| Class I | | 53,090 | | 24,922 | | 10,385 | | 3,214 | | 49,335 | | 21,200 |
| Class R1 | | 183,512 | | 81,645 | | 31,437 | | 11,393 | | 131,744 | | 44,925 |
| Class R2 | | 2,793,687 | | 1,481,346 | | 415,604 | | 193,626 | | 2,456,434 | | 999,949 |
| Class R3 | | 3,611,479 | | 1,628,664 | | 862,857 | | 328,483 | | 2,581,036 | | 855,727 |
| Class R4 | | 3,770,000 | | 1,828,737 | | 1,506,435 | | 605,985 | | 4,277,296 | | 1,603,287 |
| Class R6 | | 2,305,814 | | 829,495 | | 528,404 | | 152,276 | | 1,841,951 | | 480,685 |
| Total | | $14,803,524 | | $6,963,252 | | $3,635,088 | | $1,412,067 | | $12,809,246 | | $4,594,684 |
| | | |
| | | MFS Lifetime
2045 Fund | | MFS Lifetime
2050 Fund | | MFS Lifetime
2055 Fund |
| | | | | | |
| | | Year Ended
4/30/19 | | Year Ended
4/30/18 | | Year Ended
4/30/19 | | Year Ended
4/30/18 | | Year Ended
4/30/19 | | Year Ended
4/30/18 |
| Class A | | $100,848 | | $53,084 | | $140,725 | | $92,817 | | $41,898 | | $20,516 |
| Class B | | 12,049 | | 6,297 | | 17,631 | | 9,631 | | 4,605 | | 2,409 |
| Class C | | 29,427 | | 15,525 | | 35,743 | | 23,130 | | 16,944 | | 7,998 |
| Class I | | 2,906 | | 1,187 | | 6,319 | | 4,927 | | 1,102 | | 398 |
| Class R1 | | 19,001 | | 4,814 | | 13,391 | | 6,860 | | 10,523 | | 2,874 |
| Class R2 | | 260,014 | | 123,741 | | 599,353 | | 342,907 | | 141,772 | | 60,382 |
| Class R3 | | 616,581 | | 226,378 | | 603,513 | | 296,244 | | 200,723 | | 75,049 |
| Class R4 | | 1,069,590 | | 514,360 | | 882,648 | | 560,958 | | 266,764 | | 124,530 |
| Class R6 | | 291,787 | | 100,678 | | 369,855 | | 165,718 | | 118,735 | | 31,076 |
| Total | | $2,402,203 | | $1,046,064 | | $2,669,178 | | $1,503,192 | | $803,066 | | $325,232 |
126
Notes to Financial Statements – continued
| | | | | | | | | | | | |
| | | MFS Lifetime
2060 Fund | | | | |
| | | | | | |
| | | Year Ended
4/30/19 | | Year Ended
4/30/18 | | | | | | | | |
| Class A | | $4,838 | | $927 | | | | | | | | |
| Class B | | 503 | | 325 | | | | | | | | |
| Class C | | 876 | | 407 | | | | | | | | |
| Class I | | 265 | | 297 | | | | | | | | |
| Class R1 | | 263 | | 296 | | | | | | | | |
| Class R2 | | 2,703 | | 385 | | | | | | | | |
| Class R3 | | 6,666 | | 3,132 | | | | | | | | |
| Class R4 | | 3,795 | | 1,104 | | | | | | | | |
| Class R6 | | 9,695 | | 3,677 | | | | | | | | |
| Total | | $29,604 | | $10,550 | | | | | | | | |
| (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, 2019, this reduction amounted to the following for each fund and is included in the reduction of total expenses in the Statements of Operations:
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
MFS Lifetime
Income Fund | | MFS Lifetime
2020 Fund | | MFS Lifetime
2025 Fund | | MFS Lifetime
2030 Fund | | MFS Lifetime
2035 Fund | | MFS Lifetime
2040 Fund | | MFS Lifetime
2045 Fund | | MFS Lifetime
2050 Fund | | MFS Lifetime
2055 Fund | | MFS Lifetime
2060 Fund |
| | | | | | | | | |
| $1,181,504 | | $801,998 | | $676,895 | | $1,127,957 | | $687,869 | | $941,113 | | $593,332 | | $665,431 | | $499,379 | | $235,541 |
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, 2019. Payments made to certain classes of the funds to further reduce “Other Expenses” below 0.00% annually of average daily net assets are included in “Excess expense reimbursement from investment adviser” in the Statements of Operations.
In addition to the fees and expenses which each fund bears directly, each fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which each fund invests. Accordingly, the expense ratio for each fund reflects only those fees and expenses borne directly by each fund.
Distributor– MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the year ended April 30, 2019, as its portion of the initial sales charge on sales of Class A and Class 529A shares of each fund:
| | | | | | | | |
| | |
| | | Class A | | | Class 529A | |
| MFS Lifetime Income Fund | | | $7,643 | | | | $7,196 | |
| MFS Lifetime 2020 Fund | | | 4,360 | | | | — | |
| MFS Lifetime 2025 Fund | | | 12,022 | | | | — | |
| MFS Lifetime 2030 Fund | | | 25,116 | | | | — | |
| MFS Lifetime 2035 Fund | | | 13,165 | | | | — | |
| MFS Lifetime 2040 Fund | | | 15,600 | | | | — | |
| MFS Lifetime 2045 Fund | | | 9,372 | | | | — | |
| MFS Lifetime 2050 Fund | | | 14,569 | | | | — | |
| MFS Lifetime 2055 Fund | | | 8,045 | | | | — | |
| MFS Lifetime 2060 Fund | | | 2,724 | | | | — | |
The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule12b-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.
127
Notes to Financial Statements – continued
Distribution Plan Fee Table:
| | | | | | | | | | | | | | | | | | | | |
| | | Class A | |
| | | | | |
| | | Distribution
Fee Rate (d) | | | Service
Fee Rate (d) | | | Total
Distribution
Plan (d) | | | Annual
Effective
Rate (e) | | | Distribution
and Service
Fee | |
| MFS Lifetime Income Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.25% | | | | $268,806 | |
| MFS Lifetime 2020 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.25% | | | | 108,897 | |
| MFS Lifetime 2025 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.23% | | | | 44,937 | |
| MFS Lifetime 2030 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.25% | | | | 148,149 | |
| MFS Lifetime 2035 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.24% | | | | 36,467 | |
| MFS Lifetime 2040 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.24% | | | | 85,365 | |
| MFS Lifetime 2045 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.25% | | | | 18,798 | |
| MFS Lifetime 2050 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.25% | | | | 29,312 | |
| MFS Lifetime 2055 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.25% | | | | 12,035 | |
| MFS Lifetime 2060 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.25% | | | | 1,795 | |
| |
| | | 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% | | | | $105,272 | |
| MFS Lifetime 2020 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 39,701 | |
| MFS Lifetime 2025 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 0.99% | | | | 14,344 | |
| MFS Lifetime 2030 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 86,820 | |
| MFS Lifetime 2035 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 16,763 | |
| MFS Lifetime 2040 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 47,367 | |
| MFS Lifetime 2045 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 8,960 | |
| MFS Lifetime 2050 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 14,316 | |
| MFS Lifetime 2055 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 5,239 | |
| MFS Lifetime 2060 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 1,120 | |
| |
| | | 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% | | | | $1,187,408 | |
| MFS Lifetime 2020 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 126,793 | |
| MFS Lifetime 2025 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 39,060 | |
| MFS Lifetime 2030 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 156,311 | |
| MFS Lifetime 2035 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 0.99% | | | | 24,836 | |
| MFS Lifetime 2040 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 111,525 | |
| MFS Lifetime 2045 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 0.99% | | | | 20,853 | |
| MFS Lifetime 2050 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 29,803 | |
| MFS Lifetime 2055 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 19,240 | |
| MFS Lifetime 2060 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 1,719 | |
| |
| | | 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% | | | | $39,125 | |
| MFS Lifetime 2020 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 46,297 | |
| MFS Lifetime 2025 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 14,823 | |
| MFS Lifetime 2030 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 71,407 | |
| MFS Lifetime 2035 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 21,568 | |
| MFS Lifetime 2040 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 46,526 | |
| MFS Lifetime 2045 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 12,664 | |
| MFS Lifetime 2050 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 11,789 | |
| MFS Lifetime 2055 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 11,220 | |
| MFS Lifetime 2060 Fund | | | 0.75% | | | | 0.25% | | | | 1.00% | | | | 1.00% | | | | 609 | |
128
Notes to Financial Statements – continued
| | | | | | | | | | | | | | | | | | | | |
| | | 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% | | | | $132,314 | |
| MFS Lifetime 2020 Fund | | | 0.25% | | | | 0.25% | | | | 0.50% | | | | 0.50% | | | | 334,532 | |
| MFS Lifetime 2025 Fund | | | 0.25% | | | | 0.25% | | | | 0.50% | | | | 0.50% | | | | 175,290 | |
| MFS Lifetime 2030 Fund | | | 0.25% | | | | 0.25% | | | | 0.50% | | | | 0.50% | | | | 549,004 | |
| MFS Lifetime 2035 Fund | | | 0.25% | | | | 0.25% | | | | 0.50% | | | | 0.50% | | | | 161,234 | |
| MFS Lifetime 2040 Fund | | | 0.25% | | | | 0.25% | | | | 0.50% | | | | 0.50% | | | | 415,114 | |
| MFS Lifetime 2045 Fund | | | 0.25% | | | | 0.25% | | | | 0.50% | | | | 0.50% | | | | 103,544 | |
| MFS Lifetime 2050 Fund | | | 0.25% | | | | 0.25% | | | | 0.50% | | | | 0.50% | | | | 238,667 | |
| MFS Lifetime 2055 Fund | | | 0.25% | | | | 0.25% | | | | 0.50% | | | | 0.50% | | | | 85,096 | |
| MFS Lifetime 2060 Fund | | | 0.25% | | | | 0.25% | | | | 0.50% | | | | 0.50% | | | | 2,521 | |
| |
| | | 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% | | | | $134,858 | |
| MFS Lifetime 2020 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.25% | | | | 206,296 | |
| MFS Lifetime 2025 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.25% | | | | 170,933 | |
| MFS Lifetime 2030 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.25% | | | | 349,738 | |
| MFS Lifetime 2035 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.25% | | | | 153,607 | |
| MFS Lifetime 2040 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.25% | | | | 217,353 | |
| MFS Lifetime 2045 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.25% | | | | 113,659 | |
| MFS Lifetime 2050 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.25% | | | | 125,867 | |
| MFS Lifetime 2055 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.25% | | | | 59,587 | |
| MFS Lifetime 2060 Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.25% | | | | 3,970 | |
| |
| | | Class 529A | |
| | | | | |
| | | Distribution
Fee Rate (d) | | | Service
Fee Rate (d) | | | Total
Distribution
Plan (d) | | | Annual
Effective
Rate (e) | | | Distribution
and Service
Fee | |
| MFS Lifetime Income Fund | | | — | | | | 0.25% | | | | 0.25% | | | | 0.23% | | | | $228,261 | |
| |
| | | 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% | | | | 0.99% | | | | $40,501 | |
| |
| | | 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% | | | | $344,376 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 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 | | | $2,480,921 | | | | $862,516 | | | | $459,387 | | | | $1,361,429 | | | | $414,475 | |
| | | | | |
| | | 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 | | | $923,250 | | | | $278,478 | | | | $449,754 | | | | $192,417 | | | | $11,734 | |
| (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. |
129
Notes to Financial Statements – continued
| (e) | The annual effective rates represent actual fees incurred under the distribution plan for the year ended April 30, 2019 based on each class’s average daily net assets. MFD has voluntarily agreed to rebate a portion of each class’s 0.25% service fee attributable to accounts for which MFD retains the 0.25% service fee except for accounts attributable to MFS or its affiliates’ seed money. For the year ended April 30, 2019, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations: |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | MFS Lifetime
Income Fund | | | MFS Lifetime
2020 Fund | | | MFS Lifetime
2025 Fund | | | MFS Lifetime
2030 Fund | | | MFS Lifetime
2035 Fund | |
| Class A | | | $3,159 | | | | $1,579 | | | | $3,731 | | | | $2,877 | | | | $817 | |
| Class B | | | 2 | | | | 39 | | | | 194 | | | | 122 | | | | 5 | |
| Class C | | | 95 | | | | 81 | | | | 5 | | | | 345 | | | | 118 | |
| Class R1 | | | 81 | | | | 1 | | | | — | | | | 95 | | | | 1 | |
| Class R2 | | | 170 | | | | 601 | | | | 7 | | | | 1,149 | | | | 26 | |
| Class R3 | | | 7 | | | | 4 | | | | 20 | | | | 24 | | | | 107 | |
| Class 529A | | | 15,983 | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
| Class 529B | | | 563 | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
| Class 529C | | | 2,807 | | | | 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 | | | $2,054 | | | | $226 | | | | $355 | | | | $85 | | | | $1 | |
| Class B | | | 208 | | | | 24 | | | | 28 | | | | — | | | | — | |
| Class C | | | 138 | | | | 130 | | | | 24 | | | | 41 | | | | — | |
| Class R1 | | | 1 | | | | — | | | | 1 | | | | — | | | | — | |
| Class R2 | | | 699 | | | | 146 | | | | 216 | | | | 1 | | | | — | |
| Class R3 | | | 199 | | | | 1 | | | | 160 | | | | 4 | | | | — | |
Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B and Class 529B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C and Class 529C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the year ended April 30, 2019, were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| CDSC Imposed | | MFS Lifetime
Income Fund | | | MFS Lifetime
2020 Fund | | | MFS Lifetime
2025 Fund | | | MFS Lifetime
2030 Fund | | | MFS Lifetime
2035 Fund | |
| Class A | | | $2,069 | | | | $37 | | | | $321 | | | | $784 | | | | $287 | |
| Class B | | | 11,334 | | | | 6,470 | | | | 1,426 | | | | 10,797 | | | | 2,046 | |
| Class C | | | 10,263 | | | | 1,039 | | | | 545 | | | | 1,646 | | | | 308 | |
| Class 529B | | | 601 | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
| Class 529C | | | 308 | | | | 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 | | | $399 | | | | $173 | | | | $383 | | | | $173 | | | | $7 | |
| Class B | | | 5,997 | | | | 943 | | | | 2,043 | | | | 337 | | | | — | |
| Class C | | | 1,201 | | | | 215 | | | | 767 | | | | 237 | | | | 175 | |
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, 2019, were as follows:
| | | | |
| |
| | | Fee | |
| Class 529A | | | $45,652 | |
| Class 529B | | | 2,025 | |
| Class 529C | | | 17,219 | |
| Total Program Manager Fees | | | $64,896 | |
130
Notes to Financial Statements – continued
Shareholder Servicing Agent– MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from each fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of each fund as determined periodically under the supervision of the funds’ Board of Trustees. For the year ended April 30, 2019, each fund paid the following fee, which equated to the following annual percentage of each fund’s average daily net assets:
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | MFS Lifetime
Income Fund | | | MFS Lifetime
2020 Fund | | | MFS Lifetime
2025 Fund | | | MFS Lifetime
2030 Fund | | | MFS Lifetime
2035 Fund | |
| Expenses paid | | | $168,312 | | | | $28,022 | | | | $22,271 | | | | $45,322 | | | | $26,457 | |
| Percentage of average daily net assets | | | 0.0297% | | | | 0.0079% | | | | 0.0085% | | | | 0.0077% | | | | 0.0105% | |
| | | | | |
| | | MFS Lifetime
2040 Fund | | | MFS Lifetime
2045 Fund | | | MFS Lifetime
2050 Fund | | | MFS Lifetime
2055 Fund | | | MFS Lifetime
2060 Fund | |
| Expenses paid | | | $43,030 | | | | $26,658 | | | | $32,777 | | | | $31,827 | | | | $4,036 | |
| Percentage of average daily net assets | | | 0.0099% | | | | 0.0151% | | | | 0.0149% | | | | 0.0347% | | | | 0.0661% | |
MFSC also receives payment from each fund forout-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 incursub-accounting fees. For the year ended April 30, 2019, theseout-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 |
| | | | | | | | | |
| $636,031 | | $488,281 | | $391,885 | | $770,339 | | $405,232 | | $620,653 | | $327,410 | | $389,082 | | $233,305 | | $20,436 |
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, 2019 was equivalent to the following annual effective rates of each fund’s average daily net assets:
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | MFS Lifetime
Income Fund | | | MFS Lifetime
2020 Fund | | | MFS Lifetime
2025 Fund | | | MFS Lifetime
2030 Fund | | | MFS Lifetime
2035 Fund | |
| Percentage of average daily net assets | | | 0.0031% | | | | 0.0049% | | | | 0.0067% | | | | 0.0030% | | | | 0.0070% | |
| | | | | |
| | | 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 | | | 0.0040% | | | | 0.0099% | | | | 0.0080% | | | | 0.0191% | | | | 0.2865% | |
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 for their services to each fund from MFS. Certain officers and Trustees of each fund are officers or directors of MFS, MFD, and MFSC.
Other– These funds and certain other funds managed by MFS (the funds) have entered into a service agreement (the ISO
Agreement) which provides for payment of fees solely by the funds to Tarantino LLC in return for the provision of services of an Independent Senior Officer (ISO) for the funds. Frank L. Tarantino serves as the ISO and is an officer of the funds and the sole member of Tarantino LLC. The funds can terminate the ISO Agreement with Tarantino LLC at any time under the terms of the ISO Agreement. For the year ended April 30, 2019, the fee paid by each fund under this agreement amounted to the following and is included in “Miscellaneous” expense in the Statements of Operations:
| | | | | | | | |
| | | | |
MFS Lifetime
Income Fund | | MFS Lifetime
2020 Fund | | MFS Lifetime
2025 Fund | | MFS Lifetime
2030 Fund | | MFS Lifetime
2035 Fund |
| | | | |
| $983 | | $595 | | $425 | | $1,007 | | $409 |
| | | | |
MFS Lifetime
2040 Fund | | MFS Lifetime
2045 Fund | | MFS Lifetime
2050 Fund | | MFS Lifetime
2055 Fund | | MFS Lifetime
2060 Fund |
| | | | |
| $726 | | $301 | | $377 | | $157 | | $10 |
MFS has agreed to bear all expenses associated with office space, other administrative support, and supplies provided to the ISO.
Each fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS.
131
Notes to Financial Statements – continued
On December 14, 2018, MFS redeemed the following fund shares:
| | | | | | | | | | | | |
| | | |
| Fund | | Class | | | Shares | | | Amount | |
| MFS Lifetime 2025 Fund | | | Class R1 | | | | 4,630 | | | | $57,137 | |
| MFS Lifetime 2035 Fund | | | Class R1 | | | | 3,712 | | | | 50,748 | |
| MFS Lifetime 2045 Fund | | | Class R1 | | | | 3,607 | | | | 50,829 | |
| MFS Lifetime 2050 Fund | | | Class R1 | | | | 3,026 | | | | 50,839 | |
| MFS Lifetime 2060 Fund | | | Class R3 | | | | 5,178 | | | | 57,686 | |
| MFS Lifetime 2060 Fund | | | Class R6 | | | | 51,866 | | | | 580,381 | |
On August 15, 2017, MFS redeemed the following fund shares:
| | | | | | | | | | | | |
| | | |
| Fund | | Class | | | Shares | | | Amount | |
| MFS Lifetime Income Fund | | | Class R6 | | | | 4,213 | | | | $52,321 | |
| MFS Lifetime 2020 Fund | | | Class R6 | | | | 3,970 | | | | 52,878 | |
| MFS Lifetime 2025 Fund | | | Class R6 | | | | 4,229 | | | | 54,006 | |
| MFS Lifetime 2030 Fund | | | Class R6 | | | | 3,651 | | | | 55,393 | |
| MFS Lifetime 2035 Fund | | | Class R1 | | | | 678 | | | | 9,446 | |
| MFS Lifetime 2035 Fund | | | Class R6 | | | | 3,981 | | | | 56,089 | |
| MFS Lifetime 2040 Fund | | | Class R6 | | | | 3,585 | | | | 56,496 | |
| MFS Lifetime 2045 Fund | | | Class B | | | | 699 | | | | 9,958 | |
| MFS Lifetime 2045 Fund | | | Class R1 | | | | 696 | | | | 9,947 | |
| MFS Lifetime 2045 Fund | | | Class R6 | | | | 3,921 | | | | 56,546 | |
| MFS Lifetime 2050 Fund | | | Class B | | | | 3,525 | | | | 60,244 | |
| MFS Lifetime 2050 Fund | | | Class R1 | | | | 582 | | | | 9,919 | |
| MFS Lifetime 2050 Fund | | | Class R6 | | | | 3,265 | | | | 56,547 | |
| MFS Lifetime 2055 Fund | | | Class B | | | | 823 | | | | 11,938 | |
| MFS Lifetime 2055 Fund | | | Class I | | | | 744 | | | | 10,855 | |
| MFS Lifetime 2055 Fund | | | Class R1 | | | | 820 | | | | 11,865 | |
| MFS Lifetime 2055 Fund | | | Class R6 | | | | 3,854 | | | | 56,544 | |
At April 30, 2019, MFS held 100% of the outstanding shares of Class I and Class R1 of the MFS Lifetime 2060 Fund.
For the year ended April 30, 2019, purchases and sales of shares of underlying funds 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 | | | $56,965,769 | | | | $60,521,194 | | | | $75,487,641 | | | | $106,544,682 | | | | $75,299,185 | |
| Sales | | | $81,012,313 | | | | $97,479,554 | | | | $36,302,259 | | | | $120,974,141 | | | | $31,458,692 | |
| | | | | |
| | | MFS Lifetime
2040 Fund | | | MFS Lifetime
2045 Fund | | | MFS Lifetime
2050 Fund | | | MFS Lifetime
2055 Fund | | | MFS Lifetime
2060 Fund | |
| Purchases | | | $72,969,265 | | | | $46,607,125 | | | | $51,845,425 | | | | $35,962,721 | | | | $8,014,772 | |
| Sales | | | $103,784,826 | | | | $21,714,580 | | | | $62,644,849 | | | | $18,720,940 | | | | $2,120,204 | |
132
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
4/30/19 | | | Year ended
4/30/18 | | | Year ended
4/30/19 | | | Year ended
4/30/18 | |
| | | | | | | | |
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | 1,847,214 | | | | $22,585,377 | | | | 1,570,740 | | | | $19,455,932 | | | | 564,103 | | | | $7,238,411 | | | | 874,650 | | | | $11,535,936 | |
| | | | | | | | |
Class B | | | 72,255 | | | | 871,139 | | | | 41,009 | | | | 509,648 | | | | 28,088 | | | | 360,967 | | | | 20,859 | | | | 273,064 | |
| | | | | | | | |
Class C | | | 744,303 | | | | 9,078,830 | | | | 1,058,685 | | | | 13,125,576 | | | | 113,595 | | | | 1,421,637 | | | | 124,141 | | | | 1,598,345 | |
| | | | | | | | |
Class I | | | 1,822,886 | | | | 22,106,905 | | | | 1,054,906 | | | | 13,083,468 | | | | 186,312 | | | | 2,438,993 | | | | 43,525 | | | | 577,609 | |
| | | | | | | | |
Class R1 | | | 200,891 | | | | 2,432,039 | | | | 76,139 | | | | 943,967 | | | | 86,084 | | | | 1,103,481 | | | | 58,349 | | | | 767,529 | |
| | | | | | | | |
Class R2 | | | 664,264 | | | | 8,109,192 | | | | 770,210 | | | | 9,540,633 | | | | 1,540,597 | | | | 19,699,792 | | | | 1,816,565 | | | | 23,850,777 | |
| | | | | | | | |
Class R3 | | | 1,101,831 | | | | 13,410,501 | | | | 1,578,766 | | | | 19,605,115 | | | | 2,670,176 | | | | 34,461,787 | | | | 2,178,484 | | | | 28,760,987 | |
| | | | | | | | |
Class R4 | | | 708,696 | | | | 8,669,602 | | | | 977,153 | | | | 12,095,704 | | | | 1,848,609 | | | | 24,102,640 | | | | 1,872,609 | | | | 24,848,676 | |
| | | | | | | | |
Class R6 | | | 1,212,170 | | | | 14,591,892 | | | | 1,864,974 | | | | 23,340,425 | | | | 2,196,708 | | | | 28,396,542 | | | | 2,379,969 | | | | 32,044,301 | |
| | | | | | | | |
Class 529A | | | 6,574,351 | | | | 65,564,555 | | | | 4,868,641 | | | | 49,659,678 | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | |
Class 529B | | | 299,079 | | | | 2,980,144 | | | | 278,741 | | | | 2,844,484 | | | | — | | | | — | | | | — | | | | — | |
Class 529C | | | 1,979,803 | | | | 19,725,207 | | | | 2,362,887 | | | | 24,093,144 | | | | — | | | | — | | | | — | | | | — | |
| | | 17,227,743 | | | | $190,125,383 | | | | 16,502,851 | | | | $188,297,774 | | | | 9,234,272 | | | | $119,224,250 | | | | 9,369,151 | | | | $124,257,224 | |
| | | | | | |
Shares issued to shareholders in
reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | 341,016 | | | | $4,062,769 | | | | 292,591 | | | | $3,638,273 | | | | 165,902 | | | | $1,987,511 | | | | 137,450 | | | | $1,797,843 | |
| | | | | | | | |
Class B | | | 26,118 | | | | 309,489 | | | | 26,741 | | | | 332,903 | | | | 13,142 | | | | 157,051 | | | | 13,169 | | | | 171,460 | |
| | | | | | | | |
Class C | | | 295,866 | | | | 3,505,070 | | | | 287,628 | | �� | | 3,578,466 | | | | 40,235 | | | | 473,163 | | | | 35,653 | | | | 457,789 | |
| | | | | | | | |
Class I | | | 106,067 | | | | 1,264,014 | | | | 72,022 | | | | 896,019 | | | | 7,525 | | | | 90,755 | | | | 5,756 | | | | 75,752 | |
| | | | | | | | |
Class R1 | | | 8,342 | | | | 99,287 | | | | 8,972 | | | | 111,786 | | | | 16,766 | | | | 200,352 | | | | 12,597 | | | | 164,262 | |
| | | | | | | | |
Class R2 | | | 72,937 | | | | 867,906 | | | | 66,213 | | | | 823,895 | | | | 245,658 | | | | 2,923,334 | | | | 208,430 | | | | 2,707,503 | |
| | | | | | | | |
Class R3 | | | 174,810 | | | | 2,082,264 | | | | 147,244 | | | | 1,831,616 | | | | 364,546 | | | | 4,367,264 | | | | 279,755 | | | | 3,661,993 | |
| | | | | | | | |
Class R4 | | | 173,791 | | | | 2,073,601 | | | | 206,323 | | | | 2,566,100 | | | | 376,030 | | | | 4,531,157 | | | | 294,590 | | | | 3,876,808 | |
| | | | | | | | |
Class R6 | | | 84,145 | | | | 1,007,101 | | | | 49,628 | | | | 618,687 | | | | 230,076 | | | | 2,770,111 | | | | 127,866 | | | | 1,680,156 | |
| | | | | | | | |
Class 529A | | | 384,144 | | | | 3,740,994 | | | | 275,125 | | | | 2,811,781 | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | |
Class 529B | | | 13,521 | | | | 131,004 | | | | 11,617 | | | | 118,801 | | | | — | | | | — | | | | — | | | | — | |
Class 529C | | | 116,314 | | | | 1,126,589 | | | | 93,840 | | | | 958,836 | | | | — | | | | — | | | | — | | | | — | |
| | | 1,797,071 | | | | $20,270,088 | | | | 1,537,944 | | | | $18,287,163 | | | | 1,459,880 | | | | $17,500,698 | | | | 1,115,266 | | | | $14,593,566 | |
| | | | | | |
| Shares reacquired | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | (2,040,158 | ) | | | $(24,838,227 | ) | | | (2,509,753 | ) | | | $(31,085,779 | ) | | | (898,874 | ) | | | $(11,630,896 | ) | | | (1,314,434 | ) | | | $(17,415,297 | ) |
| | | | | | | | |
Class B | | | (327,953 | ) | | | (3,994,084 | ) | | | (398,723 | ) | | | (4,947,769 | ) | | | (139,556 | ) | | | (1,771,432 | ) | | | (114,201 | ) | | | (1,496,009 | ) |
| | | | | | | | |
Class C | | | (2,454,438 | ) | | | (29,919,300 | ) | | | (2,930,152 | ) | | | (36,287,026 | ) | | | (253,368 | ) | | | (3,179,163 | ) | | | (437,526 | ) | | | (5,639,052 | ) |
| | | | | | | | |
Class I | | | (1,785,685 | ) | | | (21,503,321 | ) | | | (1,154,296 | ) | | | (14,326,758 | ) | | | (163,579 | ) | | | (2,156,647 | ) | | | (41,460 | ) | | | (549,913 | ) |
| | | | | | | | |
Class R1 | | | (243,007 | ) | | | (2,935,981 | ) | | | (95,654 | ) | | | (1,189,500 | ) | | | (107,998 | ) | | | (1,379,784 | ) | | | (54,447 | ) | | | (716,502 | ) |
| | | | | | | | |
Class R2 | | | (1,380,033 | ) | | | (16,883,006 | ) | | | (1,209,849 | ) | | | (15,015,150 | ) | | | (3,711,863 | ) | | | (47,418,906 | ) | | | (2,363,331 | ) | | | (31,013,425 | ) |
| | | | | | | | |
Class R3 | | | (1,296,899 | ) | | | (15,776,205 | ) | | | (1,374,650 | ) | | | (17,055,452 | ) | | | (3,383,935 | ) | | | (43,644,096 | ) | | | (1,750,424 | ) | | | (23,118,351 | ) |
| | | | | | | | |
Class R4 | | | (1,326,467 | ) | | | (16,095,604 | ) | | | (6,094,327 | ) | | | (76,564,127 | ) | | | (2,339,803 | ) | | | (30,513,779 | ) | | | (6,752,614 | ) | | | (91,728,500 | ) |
| | | | | | | | |
Class R6 | | | (769,099 | ) | | | (9,366,737 | ) | | | (293,127 | ) | | | (3,644,616 | ) | | | (998,215 | ) | | | (12,912,773 | ) | | | (668,138 | ) | | | (8,882,236 | ) |
| | | | | | | | |
Class 529A | | | (4,600,709 | ) | | | (45,965,876 | ) | | | (4,138,056 | ) | | | (42,244,514 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | |
Class 529B | | | (265,130 | ) | | | (2,646,621 | ) | | | (365,560 | ) | | | (3,734,820 | ) | | | — | | | | — | | | | — | | | | — | |
Class 529C | | | (2,114,359 | ) | | | (21,058,166 | ) | | | (2,276,627 | ) | | | (23,184,198 | ) | | | — | | | | — | | | | — | | | | — | |
| | | (18,603,937 | ) | | | $(210,983,128 | ) | | | (22,840,774 | ) | | | $(269,279,709 | ) | | | (11,997,191 | ) | | | $(154,607,476 | ) | | | (13,496,575 | ) | | | $(180,559,285 | ) |
133
Notes to Financial Statements – continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | MFS Lifetime Income Fund – continued | | | MFS Lifetime 2020 Fund – continued | |
| | | | |
| | | Year ended
4/30/19 | | | Year ended
4/30/18 | | | Year ended
4/30/19 | | | Year ended
4/30/18 | |
| | | | | | | | |
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | |
| Net change | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | 148,072 | | | | $1,809,919 | | | | (646,422 | ) | | | $(7,991,574 | ) | | | (168,869 | ) | | | $(2,404,974 | ) | | | (302,334 | ) | | | $(4,081,518 | ) |
| | | | | | | | |
Class B | | | (229,580 | ) | | | (2,813,456 | ) | | | (330,973 | ) | | | (4,105,218 | ) | | | (98,326 | ) | | | (1,253,414 | ) | | | (80,173 | ) | | | (1,051,485 | ) |
| | | | | | | | |
Class C | | | (1,414,269 | ) | | | (17,335,400 | ) | | | (1,583,839 | ) | | | (19,582,984 | ) | | | (99,538 | ) | | | (1,284,363 | ) | | | (277,732 | ) | | | (3,582,918 | ) |
| | | | | | | | |
Class I | | | 143,268 | | | | 1,867,598 | | | | (27,368 | ) | | | (347,271 | ) | | | 30,258 | | | | 373,101 | | | | 7,821 | | | | 103,448 | |
| | | | | | | | |
Class R1 | | | (33,774 | ) | | | (404,655 | ) | | | (10,543 | ) | | | (133,747 | ) | | | (5,148 | ) | | | (75,951 | ) | | | 16,499 | | | | 215,289 | |
| | | | | | | | |
Class R2 | | | (642,832 | ) | | | (7,905,908 | ) | | | (373,426 | ) | | | (4,650,622 | ) | | | (1,925,608 | ) | | | (24,795,780 | ) | | | (338,336 | ) | | | (4,455,145 | ) |
| | | | | | | | |
Class R3 | | | (20,258 | ) | | | (283,440 | ) | | | 351,360 | | | | 4,381,279 | | | | (349,213 | ) | | | (4,815,045 | ) | | | 707,815 | | | | 9,304,629 | |
| | | | | | | | |
Class R4 | | | (443,980 | ) | | | (5,352,401 | ) | | | (4,910,851 | ) | | | (61,902,323 | ) | | | (115,164 | ) | | | (1,879,982 | ) | | | (4,585,415 | ) | | | (63,003,016 | ) |
| | | | | | | | |
Class R6 | | | 527,216 | | | | 6,232,256 | | | | 1,621,475 | | | | 20,314,496 | | | | 1,428,569 | | | | 18,253,880 | | | | 1,839,697 | | | | 24,842,221 | |
| | | | | | | | |
Class 529A | | | 2,357,786 | | | | 23,339,673 | | | | 1,005,710 | | | | 10,226,945 | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | |
Class 529B | | | 47,470 | | | | 464,527 | | | | (75,202 | ) | | | (771,535 | ) | | | — | | | | — | | | | — | | | | — | |
Class 529C | | | (18,242 | ) | | | (206,370 | ) | | | 180,100 | | | | 1,867,782 | | | | — | | | | — | | | | — | | | | — | |
| | | 420,877 | | | | $(587,657 | ) | | | (4,799,979 | ) | | | $(62,694,772 | ) | | | (1,303,039 | ) | | | $(17,882,528 | ) | | | (3,012,158 | ) | | | $(41,708,495 | ) |
| | |
| | | MFS Lifetime 2025 Fund | | | MFS Lifetime 2030 Fund | |
| | | | |
| | | Year ended
4/30/19 | | | Year ended
4/30/18 | | | Year ended
4/30/19 | | | Year ended
4/30/18 | |
| | | | | | | | |
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | 567,330 | | | | $7,189,298 | | | | 439,342 | | | | $5,659,951 | | | | 871,533 | | | | $13,343,800 | | | | 792,497 | | | | $12,242,729 | |
| | | | | | | | |
Class B | | | 14,316 | | | | 183,102 | | | | 22,994 | | | | 292,465 | | | | 79,920 | | | | 1,204,490 | | | | 48,645 | | | | 737,390 | |
| | | | | | | | |
Class C | | | 74,764 | | | | 942,228 | | | | 86,290 | | | | 1,100,035 | | | | 156,614 | | | | 2,332,793 | | | | 150,628 | | | | 2,271,328 | |
| | | | | | | | |
Class I | | | 55,035 | | | | 695,114 | | | | 68,375 | | | | 883,133 | | | | 50,313 | | | | 770,645 | | | | 38,067 | | | | 592,551 | |
| | | | | | | | |
Class R1 | | | 84,642 | | | | 1,072,437 | | | | 79,777 | | | | 1,018,577 | | | | 145,709 | | | | 2,215,727 | | | | 158,961 | | | | 2,413,570 | |
| | | | | | | | |
Class R2 | | | 1,130,263 | | | | 14,397,361 | | | | 1,571,472 | | | | 20,053,970 | | | | 2,150,624 | | | | 32,736,983 | | | | 2,686,924 | | | | 40,756,518 | |
| | | | | | | | |
Class R3 | | | 2,509,467 | | | | 32,054,842 | | | | 2,407,920 | | | | 30,860,791 | | | | 3,436,146 | | | | 52,676,545 | | | | 2,723,768 | | | | 41,722,708 | |
| | | | | | | | |
Class R4 | | | 2,766,476 | | | | 35,583,331 | | | | 1,831,071 | | | | 23,611,322 | | | | 2,834,408 | | | | 43,601,309 | | | | 2,396,549 | | | | 36,938,959 | |
Class R6 | | | 1,513,889 | | | | 19,289,218 | | | | 2,171,031 | | | | 28,488,221 | | | | 2,615,019 | | | | 40,297,219 | | | | 3,039,876 | | | | 47,374,211 | |
| | | 8,716,182 | | | | $111,406,931 | | | | 8,678,272 | | | | $111,968,465 | | | | 12,340,286 | | | | $189,179,511 | | | | 12,035,915 | | | | $185,049,964 | |
| | | | | | | | |
Shares issued to shareholders in
reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | 59,399 | | | | $700,316 | | | | 36,062 | | | | $464,122 | | | | 193,530 | | | | $2,655,232 | | | | 122,981 | | | | $1,902,517 | |
| | | | | | | | |
Class B | | | 3,730 | | | | 43,756 | | | | 2,674 | | | | 34,231 | | | | 25,680 | | | | 348,203 | | | | 16,260 | | | | 248,610 | |
| | | | | | | | |
Class C | | | 9,928 | | | | 115,863 | | | | 7,133 | | | | 90,868 | | | | 41,322 | | | | 557,018 | | | | 26,789 | | | | 407,191 | |
| | | | | | | | |
Class I | | | 3,868 | | | | 45,720 | | | | 313 | | | | 4,040 | | | | 7,082 | | | | 97,527 | | | | 4,356 | | | | 67,649 | |
| | | | | | | | |
Class R1 | | | 4,104 | | | | 48,184 | | | | 1,857 | | | | 23,821 | | | | 22,277 | | | | 303,202 | | | | 12,283 | | | | 188,549 | |
| | | | | | | | |
Class R2 | | | 83,510 | | | | 980,403 | | | | 70,893 | | | | 907,430 | | | | 348,214 | | | | 4,732,212 | | | | 233,981 | | | | 3,586,923 | |
| | | | | | | | |
Class R3 | | | 218,512 | | | | 2,574,072 | | | | 136,264 | | | | 1,750,997 | | | | 511,813 | | | | 7,001,597 | | | | 299,350 | | | | 4,618,964 | |
| | | | | | | | |
Class R4 | | | 326,581 | | | | 3,866,720 | | | | 220,867 | | | | 2,851,387 | | | | 554,849 | | | | 7,651,363 | | | | 348,141 | | | | 5,410,114 | |
Class R6 | | | 109,152 | | | | 1,291,267 | | | | 61,003 | | | | 787,543 | | | | 281,709 | | | | 3,881,976 | | | | 131,223 | | | | 2,039,201 | |
| | | 818,784 | | | | $9,666,301 | | | | 537,066 | | | | $6,914,439 | | | | 1,986,476 | | | | $27,228,330 | | | | 1,195,364 | | | | $18,469,718 | |
134
Notes to Financial Statements – continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | MFS Lifetime 2025 Fund – continued | | | MFS Lifetime 2030 Fund – continued | |
| | | | |
| | | Year ended
4/30/19 | | | Year ended
4/30/18 | | | Year ended
4/30/19 | | | Year ended
4/30/18 | |
| | | | | | | | |
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares reacquired | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | (418,765 | ) | | | $(5,272,674 | ) | | | (347,589 | ) | | | $(4,443,758 | ) | | | (957,301 | ) | | | $(14,772,195 | ) | | | (923,005 | ) | | | $(14,185,368 | ) |
| | | | | | | | |
Class B | | | (17,685 | ) | | | (224,395 | ) | | | (19,239 | ) | | | (243,320 | ) | | | (116,768 | ) | | | (1,762,903 | ) | | | (94,951 | ) | | | (1,435,970 | ) |
| | | | | | | | |
Class C | | | (41,360 | ) | | | (523,597 | ) | | | (82,528 | ) | | | (1,044,970 | ) | | | (211,637 | ) | | | (3,170,193 | ) | | | (237,561 | ) | | | (3,574,873 | ) |
| | | | | | | | |
Class I | | | (6,764 | ) | | | (88,665 | ) | | | (37,202 | ) | | | (479,223 | ) | | | (51,257 | ) | | | (781,569 | ) | | | (21,950 | ) | | | (344,511 | ) |
| | | | | | | | |
Class R1 | | | (63,589 | ) | | | (807,690 | ) | | | (19,980 | ) | | | (257,485 | ) | | | (132,217 | ) | | | (1,985,985 | ) | | | (123,254 | ) | | | (1,860,960 | ) |
| | | | | | | | |
Class R2 | | | (1,236,726 | ) | | | (15,707,675 | ) | | | (725,005 | ) | | | (9,215,230 | ) | | | (4,757,324 | ) | | | (71,938,609 | ) | | | (2,928,379 | ) | | | (44,562,712 | ) |
| | | | | | | | |
Class R3 | | | (1,833,067 | ) | | | (23,448,568 | ) | | | (755,969 | ) | | | (9,721,463 | ) | | | (3,368,822 | ) | | | (51,830,605 | ) | | | (1,665,039 | ) | | | (25,650,805 | ) |
| | | | | | | | |
Class R4 | | | (1,429,789 | ) | | | (18,341,244 | ) | | | (6,589,685 | ) | | | (87,093,536 | ) | | | (2,805,747 | ) | | | (43,696,853 | ) | | | (6,102,456 | ) | | | (96,547,086 | ) |
Class R6 | | | (545,617 | ) | | | (6,978,691 | ) | | | (591,896 | ) | | | (7,598,522 | ) | | | (722,887 | ) | | | (10,975,407 | ) | | | (725,589 | ) | | | (11,110,604 | ) |
| | | (5,593,362 | ) | | | $(71,393,199 | ) | | | (9,169,093 | ) | | | $(120,097,507 | ) | | | (13,123,960 | ) | | | $(200,914,319 | ) | | | (12,822,184 | ) | | | $(199,272,889 | ) |
| | | | | | | | |
| Net change | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | 207,964 | | | | $2,616,940 | | | | 127,815 | | | | $1,680,315 | | | | 107,762 | | | | $1,226,837 | | | | (7,527 | ) | | | $(40,122 | ) |
| | | | | | | | |
Class B | | | 361 | | | | 2,463 | | | | 6,429 | | | | 83,376 | | | | (11,168 | ) | | | (210,210 | ) | | | (30,046 | ) | | | (449,970 | ) |
| | | | | | | | |
Class C | | | 43,332 | | | | 534,494 | | | | 10,895 | | | | 145,933 | | | | (13,701 | ) | | | (280,382 | ) | | | (60,144 | ) | | | (896,354 | ) |
| | | | | | | | |
Class I | | | 52,139 | | | | 652,169 | | | | 31,486 | | | | 407,950 | | | | 6,138 | | | | 86,603 | | | | 20,473 | | | | 315,689 | |
| | | | | | | | |
Class R1 | | | 25,157 | | | | 312,931 | | | | 61,654 | | | | 784,913 | | | | 35,769 | | | | 532,944 | | | | 47,990 | | | | 741,159 | |
| | | | | | | | |
Class R2 | | | (22,953 | ) | | | (329,911 | ) | | | 917,360 | | | | 11,746,170 | | | | (2,258,486 | ) | | | (34,469,414 | ) | | | (7,474 | ) | | | (219,271 | ) |
| | | | | | | | |
Class R3 | | | 894,912 | | | | 11,180,346 | | | | 1,788,215 | | | | 22,890,325 | | | | 579,137 | | | | 7,847,537 | | | | 1,358,079 | | | | 20,690,867 | |
| | | | | | | | |
Class R4 | | | 1,663,268 | | | | 21,108,807 | | | | (4,537,747 | ) | | | (60,630,827 | ) | | | 583,510 | | | | 7,555,819 | | | | (3,357,766 | ) | | | (54,198,013 | ) |
Class R6 | | | 1,077,424 | | | | 13,601,794 | | | | 1,640,138 | | | | 21,677,242 | | | | 2,173,841 | | | | 33,203,788 | | | | 2,445,510 | | | | 38,302,808 | |
| | | 3,941,604 | | | | $49,680,033 | | | | 46,245 | | | | $(1,214,603 | ) | | | 1,202,802 | | | | $15,493,522 | | | | 409,095 | | | | $4,246,793 | |
| | |
| | | MFS Lifetime 2035 Fund | | | MFS Lifetime 2040 Fund | |
| | | | |
| | | Year ended
4/30/19 | | | Year ended
4/30/18 | | | Year ended
4/30/19 | | | Year ended
4/30/18 | |
| | | | | | | | |
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | 317,699 | | | | $4,554,781 | | | | 456,502 | | | | $6,526,819 | | | | 476,877 | | | | $7,636,531 | | | | 566,906 | | | | $9,118,996 | |
| | | | | | | | |
Class B | | | 12,665 | | | | 182,929 | | | | 27,756 | | | | 404,504 | | | | 23,510 | | | | 375,858 | | | | 28,889 | | | | 457,124 | |
| | | | | | | | |
Class C | | | 57,595 | | | | 820,223 | | | | 58,484 | | | | 826,502 | | | | 109,199 | | | | 1,720,732 | | | | 112,298 | | | | 1,767,637 | |
| | | | | | | | |
Class I | | | 22,602 | | | | 325,765 | | | | 27,363 | | | | 398,188 | | | | 36,372 | | | | 600,270 | | | | 33,293 | | | | 534,779 | |
| | | | | | | | |
Class R1 | | | 84,674 | | | | 1,216,315 | | | | 158,580 | | | | 2,259,004 | | | | 115,349 | | | | 1,849,793 | | | | 129,646 | | | | 2,069,716 | |
| | | | | | | | |
Class R2 | | | 1,033,700 | | | | 14,968,075 | | | | 1,201,115 | | | | 17,182,087 | | | | 1,728,999 | | | | 27,600,406 | | | | 2,041,886 | | | | 32,521,105 | |
| | | | | | | | |
Class R3 | | | 1,924,656 | | | | 28,015,898 | | | | 1,952,076 | | | | 28,095,710 | | | | 1,901,160 | | | | 30,517,741 | | | | 1,976,416 | | | | 31,789,457 | |
| | | | | | | | |
Class R4 | | | 2,611,266 | | | | 38,102,038 | | | | 1,636,022 | | | | 23,602,579 | | | | 2,368,577 | | | | 38,701,506 | | | | 2,238,497 | | | | 36,205,561 | |
Class R6 | | | 1,380,361 | | | | 19,775,494 | | | | 1,266,185 | | | | 18,699,329 | | | | 1,873,600 | | | | 30,218,453 | | | | 1,461,342 | | | | 23,936,198 | |
| | | 7,445,218 | | | | $107,961,518 | | | | 6,784,083 | | | | $97,994,722 | | | | 8,633,643 | | | | $139,221,290 | | | | 8,589,173 | | | | $138,400,573 | |
| | | | | | | |
Shares issued to shareholders in
reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | 39,574 | | | | $510,104 | | | | 26,822 | | | | $390,791 | | | | 113,626 | | | | $1,603,256 | | | | 63,997 | | | | $1,043,784 | |
| | | | | | | | |
Class B | | | 3,597 | | | | 46,179 | | | | 2,635 | | | | 38,177 | | | | 14,088 | | | | 197,794 | | | | 7,882 | | | | 127,694 | |
| | | | | | | | |
Class C | | | 5,571 | | | | 72,752 | | | | 3,688 | | | | 53,258 | | | | 29,290 | | | | 405,962 | | | | 16,745 | | | | 267,914 | |
| | | | | | | | |
Class I | | | 1,991 | | | | 25,699 | | | | 972 | | | | 14,173 | | | | 4,494 | | | | 63,765 | | | | 3,053 | | | | 50,032 | |
| | | | | | | | |
Class R1 | | | 5,025 | | | | 64,467 | | | | 3,313 | | | | 48,034 | | | | 13,715 | | | | 191,741 | | | | 6,437 | | | | 103,899 | |
| | | | | | | | |
Class R2 | | | 64,591 | | | | 830,637 | | | | 51,210 | | | | 743,064 | | | | 262,197 | | | | 3,673,383 | | | | 153,118 | | | | 2,478,978 | |
| | | | | | | | |
Class R3 | | | 168,464 | | | | 2,174,866 | | | | 106,251 | | | | 1,549,145 | | | | 315,502 | | | | 4,451,727 | | | | 157,024 | | | | 2,559,484 | |
| | | | | | | | |
Class R4 | | | 313,846 | | | | 4,064,305 | | | | 203,214 | | | | 2,973,016 | | | | 542,812 | | | | 7,718,793 | | | | 305,826 | | | | 5,024,717 | |
Class R6 | | | 80,291 | | | | 1,039,767 | | | | 36,046 | | | | 527,354 | | | | 179,906 | | | | 2,558,269 | | | | 66,594 | | | | 1,093,476 | |
| | | 682,950 | | | | $8,828,776 | | | | 434,151 | | | | $6,337,012 | | | | 1,475,630 | | | | $20,864,690 | | | | 780,676 | | | | $12,749,978 | |
135
Notes to Financial Statements – continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | MFS Lifetime 2035 Fund – continued | | | MFS Lifetime 2040 Fund – continued | |
| | | | |
| | | Year ended
4/30/19 | | | Year ended
4/30/18 | | | Year ended
4/30/19 | | | Year ended
4/30/18 | |
| | | | | | | | |
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares reacquired | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | (300,417 | ) | | | $(4,344,723 | ) | | | (216,888 | ) | | | $(3,065,616 | ) | | | (578,011 | ) | | | $(9,421,937 | ) | | | (750,115 | ) | | | $(12,120,811 | ) |
| | | | | | | | |
Class B | | | (24,450 | ) | | | (348,840 | ) | | | (9,178 | ) | | | (130,176 | ) | | | (62,787 | ) | | | (998,114 | ) | | | (61,949 | ) | | | (977,838 | ) |
| | | | | | | | |
Class C | | | (52,115 | ) | | | (748,013 | ) | | | (30,283 | ) | | | (427,897 | ) | | | (189,258 | ) | | | (3,031,158 | ) | | | (147,583 | ) | | | (2,319,106 | ) |
| | | | | | | | |
Class I | | | (11,702 | ) | | | (169,059 | ) | | | (7,910 | ) | | | (111,456 | ) | | | (52,911 | ) | | | (836,947 | ) | | | (48,595 | ) | | | (803,760 | ) |
| | | | | | | | |
Class R1 | | | (54,848 | ) | | | (784,704 | ) | | | (75,180 | ) | | | (1,085,773 | ) | | | (109,275 | ) | | | (1,753,085 | ) | | | (129,884 | ) | | | (2,013,528 | ) |
| | | | | | | | |
Class R2 | | | (1,122,676 | ) | | | (16,213,841 | ) | | | (595,883 | ) | | | (8,464,857 | ) | | | (3,651,175 | ) | | | (58,240,251 | ) | | | (2,471,692 | ) | | | (39,422,790 | ) |
| | | | | | | | |
Class R3 | | | (1,330,185 | ) | | | (19,148,602 | ) | | | (686,777 | ) | | | (9,976,722 | ) | | | (2,171,183 | ) | | | (35,224,499 | ) | | | (950,303 | ) | | | (15,320,665 | ) |
| | | | | | | | |
Class R4 | | | (1,165,343 | ) | | | (17,092,326 | ) | | | (4,686,868 | ) | | | (70,040,299 | ) | | | (3,072,543 | ) | | | (50,447,233 | ) | | | (5,318,065 | ) | | | (88,921,009 | ) |
Class R6 | | | (296,367 | ) | | | (4,351,619 | ) | | | (197,343 | ) | | | (2,875,767 | ) | | | (487,056 | ) | | | (7,876,502 | ) | | | (262,338 | ) | | | (4,293,540 | ) |
| | | (4,358,103 | ) | | | $(63,201,727 | ) | | | (6,506,310 | ) | | | $(96,178,563 | ) | | | (10,374,199 | ) | | | $(167,829,726 | ) | | | (10,140,524 | ) | | | $(166,193,047 | ) |
| | | | | | | | |
| Net change | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | 56,856 | | | | $720,162 | | | | 266,436 | | | | $3,851,994 | | | | 12,492 | | | | $(182,150 | ) | | | (119,212 | ) | | | $(1,958,031 | ) |
| | | | | | | | |
Class B | | | (8,188 | ) | | | (119,732 | ) | | | 21,213 | | | | 312,505 | | | | (25,189 | ) | | | (424,462 | ) | | | (25,178 | ) | | | (393,020 | ) |
| | | | | | | | |
Class C | | | 11,051 | | | | 144,962 | | | | 31,889 | | | | 451,863 | | | | (50,769 | ) | | | (904,464 | ) | | | (18,540 | ) | | | (283,555 | ) |
| | | | | | | | |
Class I | | | 12,891 | | | | 182,405 | | | | 20,425 | | | | 300,905 | | | | (12,045 | ) | | | (172,912 | ) | | | (12,249 | ) | | | (218,949 | ) |
| | | | | | | | |
Class R1 | | | 34,851 | | | | 496,078 | | | | 86,713 | | | | 1,221,265 | | | | 19,789 | | | | 288,449 | | | | 6,199 | | | | 160,087 | |
| | | | | | | | |
Class R2 | | | (24,385 | ) | | | (415,129 | ) | | | 656,442 | | | | 9,460,294 | | | | (1,659,979 | ) | | | (26,966,462 | ) | | | (276,688 | ) | | | (4,422,707 | ) |
| | | | | | | | |
Class R3 | | | 762,935 | | | | 11,042,162 | | | | 1,371,550 | | | | 19,668,133 | | | | 45,479 | | | | (255,031 | ) | | | 1,183,137 | | | | 19,028,276 | |
| | | | | | | | |
Class R4 | | | 1,759,769 | | | | 25,074,017 | | | | (2,847,632 | ) | | | (43,464,704 | ) | | | (161,154 | ) | | | (4,026,934 | ) | | | (2,773,742 | ) | | | (47,690,731 | ) |
Class R6 | | | 1,164,285 | | | | 16,463,642 | | | | 1,104,888 | | | | 16,350,916 | | | | 1,566,450 | | | | 24,900,220 | | | | 1,265,598 | | | | 20,736,134 | |
| | | 3,770,065 | | | | $53,588,567 | | | | 711,924 | | | | $8,153,171 | | | | (264,926 | ) | | | $(7,743,746 | ) | | | (770,675 | ) | | | $(15,042,496 | ) |
| | |
| | | MFS Lifetime 2045 Fund | | | MFS Lifetime 2050 Fund | |
| | | | |
| | | Year ended
4/30/19 | | | Year ended
4/30/18 | | | Year ended
4/30/19 | | | Year ended
4/30/18 | |
| | | | | | | | |
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | 205,891 | | | | $3,073,934 | | | | 205,909 | | | | $3,078,824 | | | | 212,106 | | | | $3,874,731 | | | | 208,910 | | | | $3,748,870 | |
| | | | | | | | |
Class B | | | 3,765 | | | | 56,892 | | | | 14,466 | | | | 213,109 | | | | 21,129 | | | | 381,150 | | | | 14,164 | | | | 251,649 | |
| | | | | | | | |
Class C | | | 32,933 | | | | 489,680 | | | | 50,434 | | | | 735,389 | | | | 40,380 | | | | 719,263 | | | | 37,732 | | | | 666,022 | |
| | | | | | | | |
Class I | | | 9,647 | | | | 142,402 | | | | 5,325 | | | | 81,375 | | | | 5,701 | | | | 103,885 | | | | 11,887 | | | | 209,225 | |
| | | | | | | | |
Class R1 | | | 62,118 | | | | 944,961 | | | | 36,490 | | | | 538,253 | | | | 48,506 | | | | 865,633 | | | | 40,471 | | | | 714,936 | |
| | | | | | | | |
Class R2 | | | 720,610 | | | | 10,753,797 | | | | 831,560 | | | | 12,267,212 | | | | 1,325,864 | | | | 23,688,118 | | | | 1,378,613 | | | | 24,381,437 | |
| | | | | | | | |
Class R3 | | | 1,378,306 | | | | 20,744,811 | | | | 1,519,379 | | | | 22,643,543 | | | | 1,121,091 | | | | 20,203,947 | | | | 1,397,753 | | | | 25,009,017 | |
| | | | | | | | |
Class R4 | | | 1,667,525 | | | | 25,084,521 | | | | 1,472,346 | | | | 21,844,889 | | | | 1,379,193 | | | | 25,037,200 | | | | 1,459,139 | | | | 25,972,233 | |
Class R6 | | | 836,684 | | | | 12,396,334 | | | | 878,888 | | | | 13,313,294 | | | | 1,008,037 | | | | 17,954,337 | | | | 876,884 | | | | 15,883,236 | |
| | | 4,917,479 | | | | $73,687,332 | | | | 5,014,797 | | | | $74,715,888 | | | | 5,162,007 | | | | $92,828,264 | | | | 5,425,553 | | | | $96,836,625 | |
| | | | | | | |
Shares issued to shareholders in
reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | 17,511 | | | | $232,026 | | | | 13,745 | | | | $207,280 | | | | 23,172 | | | | $371,686 | | | | 16,639 | | | | $303,168 | |
| | | | | | | | |
Class B | | | 1,748 | | | | 23,070 | | | | 1,359 | | | | 20,418 | | | | 2,397 | | | | 38,038 | | | | 1,467 | | | | 26,454 | |
| | | | | | | | |
Class C | | | 3,408 | | | | 44,746 | | | | 2,547 | | | | 38,071 | | | | 4,260 | | | | 67,224 | | | | 3,122 | | | | 55,946 | |
| | | | | | | | |
Class I | | | 589 | | | | 7,829 | | | | 352 | | | | 5,325 | | | | 1,146 | | | | 18,352 | | | | 1,050 | | | | 19,107 | |
| | | | | | | | |
Class R1 | | | 3,064 | | | | 40,382 | | | | 1,114 | | | | 16,750 | | | | 1,765 | | | | 27,871 | | | | 1,134 | | | | 20,331 | |
| | | | | | | | |
Class R2 | | | 40,282 | | | | 530,514 | | | | 28,438 | | | | 426,005 | | | | 90,222 | | | | 1,429,114 | | | | 58,618 | | | | 1,055,119 | |
| | | | | | | | |
Class R3 | | | 116,888 | | | | 1,547,592 | | | | 63,272 | | | | 953,513 | | | | 103,121 | | | | 1,642,710 | | | | 59,256 | | | | 1,072,536 | |
| | | | | | | | |
Class R4 | | | 215,761 | | | | 2,865,312 | | | | 150,285 | | | | 2,272,307 | | | | 160,618 | | | | 2,569,892 | | | | 117,557 | | | | 2,137,183 | |
Class R6 | | | 48,661 | | | | 646,219 | | | | 23,148 | | | | 349,772 | | | | 58,498 | | | | 935,388 | | | | 29,666 | | | | 539,036 | |
| | | 447,912 | | | | $5,937,690 | | | | 284,260 | | | | $4,289,441 | | | | 445,199 | | | | $7,100,275 | | | | 288,509 | | | | $5,228,880 | |
136
Notes to Financial Statements – continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | MFS Lifetime 2045 Fund – continued | | | MFS Lifetime 2050 Fund – continued | |
| | | | |
| | | Year ended
4/30/19 | | | Year ended
4/30/18 | | | Year ended
4/30/19 | | | Year ended
4/30/18 | |
| | | | | | | | |
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares reacquired | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | (174,295 | ) | | | $(2,610,623 | ) | | | (150,367 | ) | | | $(2,212,403 | ) | | | (229,935 | ) | | | $(4,219,239 | ) | | | (235,042 | ) | | | $(4,180,453 | ) |
| | | | | | | | |
Class B | | | (9,067 | ) | | | (137,439 | ) | | | (7,228 | ) | | | (106,632 | ) | | | (5,945 | ) | | | (104,142 | ) | | | (9,104 | ) | | | (159,713 | ) |
| | | | | | | | |
Class C | | | (17,737 | ) | | | (265,356 | ) | | | (41,757 | ) | | | (624,943 | ) | | | (17,910 | ) | | | (320,913 | ) | | | (41,392 | ) | | | (736,810 | ) |
| | | | | | | | |
Class I | | | (1,894 | ) | | | (26,294 | ) | | | (5,004 | ) | | | (77,136 | ) | | | (26,443 | ) | | | (457,483 | ) | | | (7,446 | ) | | | (134,385 | ) |
| | | | | | | | |
Class R1 | | | (52,124 | ) | | | (778,340 | ) | | | (13,397 | ) | | | (196,477 | ) | | | (37,257 | ) | | | (652,110 | ) | | | (20,039 | ) | | | (346,261 | ) |
| | | | | | | | |
Class R2 | | | (699,937 | ) | | | (10,458,430 | ) | | | (283,210 | ) | | | (4,167,931 | ) | | | (2,448,179 | ) | | | (44,022,350 | ) | | | (921,667 | ) | | | (16,254,014 | ) |
| | | | | | | | |
Class R3 | | | (852,525 | ) | | | (12,823,226 | ) | | | (463,617 | ) | | | (6,925,830 | ) | | | (951,483 | ) | | | (17,269,437 | ) | | | (456,605 | ) | | | (8,149,930 | ) |
| | | | | | | | |
Class R4 | | | (1,149,915 | ) | | | (17,507,428 | ) | | | (3,095,993 | ) | | | (47,589,071 | ) | | | (1,700,206 | ) | | | (31,322,071 | ) | | | (2,232,305 | ) | | | (40,832,891 | ) |
Class R6 | | | (249,014 | ) | | | (3,725,309 | ) | | | (170,040 | ) | | | (2,543,538 | ) | | | (257,215 | ) | | | (4,616,913 | ) | | | (156,495 | ) | | | (2,830,861 | ) |
| | | (3,206,508 | ) | | | $(48,332,445 | ) | | | (4,230,613 | ) | | | $(64,443,961 | ) | | | (5,674,573 | ) | | | $(102,984,658 | ) | | | (4,080,095 | ) | | | $(73,625,318 | ) |
| | | | | | | |
| Net change | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | 49,107 | | | | $695,337 | | | | 69,287 | | | | $1,073,701 | | | | 5,343 | | | | $27,178 | | | | (9,493 | ) | | | $(128,415 | ) |
| | | | | | | | |
Class B | | | (3,554 | ) | | | (57,477 | ) | | | 8,597 | | | | 126,895 | | | | 17,581 | | | | 315,046 | | | | 6,527 | | | | 118,390 | |
| | | | | | | | |
Class C | | | 18,604 | | | | 269,070 | | | | 11,224 | | | | 148,517 | | | | 26,730 | | | | 465,574 | | | | (538 | ) | | | (14,842 | ) |
| | | | | | | | |
Class I | | | 8,342 | | | | 123,937 | | | | 673 | | | | 9,564 | | | | (19,596 | ) | | | (335,246 | ) | | | 5,491 | | | | 93,947 | |
| | | | | | | | |
Class R1 | | | 13,058 | | | | 207,003 | | | | 24,207 | | | | 358,526 | | | | 13,014 | | | | 241,394 | | | | 21,566 | | | | 389,006 | |
| | | | | | | | |
Class R2 | | | 60,955 | | | | 825,881 | | | | 576,788 | | | | 8,525,286 | | | | (1,032,093 | ) | | | (18,905,118 | ) | | | 515,564 | | | | 9,182,542 | |
| | | | | | | | |
Class R3 | | | 642,669 | | | | 9,469,177 | | | | 1,119,034 | | | | 16,671,226 | | | | 272,729 | | | | 4,577,220 | | | | 1,000,404 | | | | 17,931,623 | |
| | | | | | | | |
Class R4 | | | 733,371 | | | | 10,442,405 | | | | (1,473,362 | ) | | | (23,471,875 | ) | | | (160,395 | ) | | | (3,714,979 | ) | | | (655,609 | ) | | | (12,723,475 | ) |
Class R6 | | | 636,331 | | | | 9,317,244 | | | | 731,996 | | | | 11,119,528 | | | | 809,320 | | | | 14,272,812 | | | | 750,055 | | | | 13,591,411 | |
| | | 2,158,883 | | | | $31,292,577 | | | | 1,068,444 | | | | $14,561,368 | | | | (67,367 | ) | | | $(3,056,119 | ) | | | 1,633,967 | | | | $28,440,187 | |
| | |
| | | MFS Lifetime 2055 Fund | | | MFS Lifetime 2060 Fund | |
| | | | |
| | | Year ended
4/30/19 | | | Year ended
4/30/18 | | | Year ended
4/30/19 | | | Year ended
4/30/18 | |
| | | | | | | | |
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | 129,673 | | | | $1,995,896 | | | | 135,897 | | | | $2,061,650 | | | | 132,642 | | | | $1,540,130 | | | | 20,978 | | | | $245,093 | |
| | | | | | | | |
Class B | | | 7,695 | | | | 119,724 | | | | 5,887 | | | | 87,495 | | | | 5,784 | | | | 67,883 | | | | 1,005 | | | | 11,898 | |
| | | | | | | | |
Class C | | | 33,623 | | | | 507,577 | | | | 37,573 | | | | 563,827 | | | | 15,414 | | | | 180,074 | | | | 3,714 | | | | 43,468 | |
| | | | | | | | |
Class I | | | 2,851 | | | | 43,856 | | | | 3,368 | | | | 52,959 | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | |
Class R1 | | | 59,257 | | | | 894,529 | | | | 41,788 | | | | 633,186 | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | |
Class R2 | | | 704,148 | | | | 10,748,621 | | | | 692,977 | | | | 10,422,166 | | | | 69,621 | | | | 821,311 | | | | 7,827 | | | | 93,754 | |
| | | | | | | | |
Class R3 | | | 976,652 | | | | 15,060,511 | | | | 884,135 | | | | 13,410,315 | | | | 183,340 | | | | 2,148,135 | | | | 96,480 | | | | 1,128,433 | |
| | | | | | | | |
Class R4 | | | 1,184,157 | | | | 18,272,183 | | | | 1,093,741 | | | | 16,568,171 | | | | 119,553 | | | | 1,415,534 | | | | 48,464 | | | | 571,598 | |
Class R6 | | | 694,479 | | | | 10,488,257 | | | | 432,778 | | | | 6,696,227 | | | | 242,210 | | | | 2,840,940 | | | | 58,397 | | | | 698,436 | |
| | | 3,792,535 | | | | $58,131,154 | | | | 3,328,144 | | | | $50,495,996 | | | | 768,564 | | | | $9,014,007 | | | | 236,865 | | | | $2,792,680 | |
| | | | | | | |
Shares issued to shareholders in
reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | 9,624 | | | | $130,882 | | | | 6,323 | | | | $97,308 | | | | 2,753 | | | | $28,791 | | | | 393 | | | | $4,637 | |
| | | | | | | | |
Class B | | | 845 | | | | 11,467 | | | | 589 | | | | 9,040 | | | | 203 | | | | 2,126 | | | | 96 | | | | 1,135 | |
| | | | | | | | |
Class C | | | 2,372 | | | | 31,952 | | | | 1,486 | | | | 22,660 | | | | 392 | | | | 4,093 | | | | 126 | | | | 1,491 | |
| | | | | | | | |
Class I | | | 291 | | | | 3,956 | | | | 142 | | | | 2,180 | | | | 153 | | | | 1,606 | | | | 132 | | | | 1,558 | |
| | | | | | | | |
Class R1 | | | 2,126 | | | | 28,658 | | | | 778 | | | | 11,895 | | | | 93 | | | | 979 | | | | 84 | | | | 1,000 | |
| | | | | | | | |
Class R2 | | | 27,555 | | | | 372,822 | | | | 16,753 | | | | 256,482 | | | | 1,443 | | | | 15,091 | | | | 148 | | | | 1,729 | |
| | | | | | | | |
Class R3 | | | 48,937 | | | | 665,051 | | | | 25,103 | | | | 386,083 | | | | 3,588 | | | | 37,604 | | | | 1,341 | | | | 15,828 | |
| | | | | | | | |
Class R4 | | | 70,082 | | | | 956,612 | | | | 44,240 | | | | 683,073 | | | | 2,222 | | | | 23,309 | | | | 491 | | | | 5,814 | |
Class R6 | | | 25,400 | | | | 346,708 | | | | 7,857 | | | | 121,315 | | | | 4,209 | | | | 44,196 | | | | 1,594 | | | | 18,825 | |
| | | 187,232 | | | | $2,548,108 | | | | 103,271 | | | | $1,590,036 | | | | 15,056 | | | | $157,795 | | | | 4,405 | | | | $52,017 | |
137
Notes to Financial Statements – continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | MFS Lifetime 2055 Fund – continued | | | MFS Lifetime 2060 Fund – continued | |
| | | | |
| | | Year ended
4/30/19 | | | Year ended
4/30/18 | | | Year ended
4/30/19 | | | Year ended
4/30/18 | |
| | | | | | | | |
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares reacquired | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | (83,896 | ) | | | $(1,306,200 | ) | | | (80,647 | ) | | | $(1,215,307 | ) | | | (50,134 | ) | | | $(569,011 | ) | | | (1,077 | ) | | | $(12,803 | ) |
| | | | | | | | |
Class B | | | (966 | ) | | | (14,757 | ) | | | (5,069 | ) | | | (77,185 | ) | | | (35 | ) | | | (405 | ) | | | (7 | ) | | | (83 | ) |
| | | | | | | | |
Class C | | | (14,762 | ) | | | (223,196 | ) | | | (14,597 | ) | | | (217,359 | ) | | | (1,687 | ) | | | (19,772 | ) | | | (330 | ) | | | (3,968 | ) |
| | | | | | | | |
Class I | | | (744 | ) | | | (11,977 | ) | | | (1,799 | ) | | | (27,446 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | |
Class R1 | | | (20,468 | ) | | | (311,203 | ) | | | (9,717 | ) | | | (146,933 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | |
Class R2 | | | (562,874 | ) | | | (8,528,243 | ) | | | (176,227 | ) | | | (2,665,755 | ) | | | (18,794 | ) | | | (215,839 | ) | | | (270 | ) | | | (3,145 | ) |
| | | | | | | | |
Class R3 | | | (676,831 | ) | | | (10,359,570 | ) | | | (256,438 | ) | | | (3,886,504 | ) | | | (84,467 | ) | | | (1,003,900 | ) | | | (4,550 | ) | | | (53,797 | ) |
| | | | | | | | |
Class R4 | | | (1,094,209 | ) | | | (17,126,342 | ) | | | (972,079 | ) | | | (15,064,682 | ) | | | (27,944 | ) | | | (328,316 | ) | | | (24,111 | ) | | | (285,509 | ) |
Class R6 | | | (180,037 | ) | | | (2,712,095 | ) | | | (67,992 | ) | | | (1,041,732 | ) | | | (84,675 | ) | | | (965,887 | ) | | | (3,852 | ) | | | (46,053 | ) |
| | | (2,634,787 | ) | | | $(40,593,583 | ) | | | (1,584,565 | ) | | | $(24,342,903 | ) | | | (267,736 | ) | | | $(3,103,130 | ) | | | (34,197 | ) | | | $(405,358 | ) |
| | | | | | | | |
| Net change | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Class A | | | 55,401 | | | | $820,578 | | | | 61,573 | | | | $943,651 | | | | 85,261 | | | | $999,910 | | | | 20,294 | | | | $236,927 | |
| | | | | | | | |
Class B | | | 7,574 | | | | 116,434 | | | | 1,407 | | | | 19,350 | | | | 5,952 | | | | 69,604 | | | | 1,094 | | | | 12,950 | |
| | | | | | | | |
Class C | | | 21,233 | | | | 316,333 | | | | 24,462 | | | | 369,128 | | | | 14,119 | | | | 164,395 | | | | 3,510 | | | | 40,991 | |
| | | | | | | | |
Class I | | | 2,398 | | | | 35,835 | | | | 1,711 | | | | 27,693 | | | | 153 | | | | 1,606 | | | | 132 | | | | 1,558 | |
| | | | | | | | |
Class R1 | | | 40,915 | | | | 611,984 | | | | 32,849 | | | | 498,148 | | | | 93 | | | | 979 | | | | 84 | | | | 1,000 | |
| | | | | | | | |
Class R2 | | | 168,829 | | | | 2,593,200 | | | | 533,503 | | | | 8,012,893 | | | | 52,270 | | | | 620,563 | | | | 7,705 | | | | 92,338 | |
| | | | | | | | |
Class R3 | | | 348,758 | | | | 5,365,992 | | | | 652,800 | | | | 9,909,894 | | | | 102,461 | | | | 1,181,839 | | | | 93,271 | | | | 1,090,464 | |
| | | | | | | | |
Class R4 | | | 160,030 | | | | 2,102,453 | | | | 165,902 | | | | 2,186,562 | | | | 93,831 | | | | 1,110,527 | | | | 24,844 | | | | 291,903 | |
Class R6 | | | 539,842 | | | | 8,122,870 | | | | 372,643 | | | | 5,775,810 | | | | 161,744 | | | | 1,919,249 | | | | 56,139 | | | | 671,208 | |
| | | 1,344,980 | | | | $20,085,679 | | | | 1,846,850 | | | | $27,743,129 | | | | 515,884 | | | | $6,068,672 | | | | 207,073 | | | | $2,439,339 | |
Class T shares were not publicly available for sale during the period. Please see each fund’s prospectus for details.
Effective June 1, 2019, purchases of each fund’s Class B and Class 529B (if applicable) shares are closed to new and existing investors subject to certain exceptions. Please see each fund’s prospectus for details.
Each fund and certain other funds managed by MFS participate in a $1.25 billion unsecured committed line of credit, subject to a $1 billion sublimit, provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of one month LIBOR, the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus an agreed upon spread. A commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds. In addition, each fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary 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, 2019, each fund’s commitment fee and interest expense were as follows and are included in “Miscellaneous” expense in the Statements of Operations:
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | MFS Lifetime
Income Fund | | | MFS Lifetime
2020 Fund | | | MFS Lifetime
2025 Fund | | | MFS Lifetime
2030 Fund | | | MFS Lifetime
2035 Fund | |
Commitment Fee | | | $2,718 | | | | $1,690 | | | | $1,347 | | | | $3,323 | | | | $1,362 | |
| Interest Expense | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
| | | MFS Lifetime
2040 Fund | | | MFS Lifetime
2045 Fund | | | MFS Lifetime
2050 Fund | | | MFS Lifetime
2055 Fund | | | MFS Lifetime
2060 Fund | |
Commitment Fee | | | $2,506 | | | | $987 | | | | $1,265 | | | | $523 | | | | $34 | |
Interest Expense | | | — | | | | — | | | | — | | | | — | | | | — | |
138
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, each fund assumes the following to be affiliated issuers:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | MFS Lifetime Income Fund | |
Affiliated Issuers | | Beginning
Value | | | Purchases | | | Sales
Proceeds | | | Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation or
Depreciation | | | Ending
Value | |
MFS Blended Research Core Equity Fund | | | $11,320,422 | | | | $2,851,391 | | | | $2,722,949 | | | | $179,434 | | | | $(179,869) | | | | $11,448,429 | |
MFS Blended Research Growth Equity Fund | | | 11,277,275 | | | | 2,685,942 | | | | 3,333,176 | | | | 345,862 | | | | 464,912 | | | | 11,440,815 | |
MFS Blended Research International Equity Fund | | | 14,178,836 | | | | 4,295,387 | | | | 2,408,545 | | | | (134,606) | | | | (1,601,086) | | | | 14,329,986 | |
MFS Blended Research Mid Cap Equity Fund | | | 16,886,121 | | | | 3,954,286 | | | | 3,995,558 | | | | 218,004 | | | | 174,356 | | | | 17,237,209 | |
MFS Blended Research Small Cap Equity Fund | | | 5,655,964 | | | | 1,395,484 | | | | 1,824,616 | | | | 207,212 | | | | 277,807 | | | | 5,711,851 | |
MFS Blended Research Value Equity Fund | | | 11,325,995 | | | | 2,254,886 | | | | 2,429,186 | | | | 154,491 | | | | 165,125 | | | | 11,471,311 | |
MFS Commodity Strategy Fund | | | 11,419,938 | | | | 2,917,776 | | | | 1,762,430 | | | | (199,713) | | | | (945,416) | | | | 11,430,155 | |
MFS Emerging Markets Debt Fund | | | 11,322,231 | | | | 1,580,485 | | | | 1,279,106 | | | | (65,077) | | | | (72,599) | | | | 11,485,934 | |
MFS Emerging Markets Debt Local Currency Fund (a) | | | 5,623,842 | | | | 1,351,576 | | | | 914,625 | | | | (179,814) | | | | (130,828) | | | | 5,750,151 | |
MFS Global Bond Fund | | | 28,237,475 | | | | 3,392,912 | | | | 2,568,915 | | | | (316,776) | | | | (54,591) | | | | 28,690,105 | |
MFS Global Real Estate Fund | | | 11,473,405 | | | | 1,829,455 | | | | 2,989,148 | | | | 130,547 | | | | 1,042,355 | | | | 11,486,614 | |
MFS Government Securities Fund | | | 56,811,391 | | | | 5,742,782 | | | | 6,247,379 | | | | (466,667) | | | | 1,502,799 | | | | 57,342,926 | |
MFS Growth Fund | | | 11,361,168 | | | | 2,341,006 | | | | 4,008,783 | | | | 900,632 | | | | 861,366 | | | | 11,455,389 | |
MFS High Income Fund | | | 17,056,809 | | | | 1,635,281 | | | | 1,601,381 | | | | (79,087) | | | | 238,526 | | | | 17,250,148 | |
MFS Inflation-Adjusted Bond Fund | | | 56,895,207 | | | | 5,942,879 | | | | 5,394,405 | | | | (303,497) | | | | 179,787 | | | | 57,319,971 | |
MFS Institutional Money Market Portfolio | | | 1,355,658 | | | | 48,314,625 | | | | 49,071,493 | | | | (878) | | | | (43) | | | | 597,869 | |
MFS International Growth Fund | | | 2,850,935 | | | | 582,610 | | | | 628,026 | | | | 39,311 | | | �� | 24,189 | | | | 2,869,019 | |
MFS International Value Fund | | | 2,836,279 | | | | 521,612 | | | | 570,624 | | | | 28,885 | | | | 57,098 | | | | 2,873,250 | |
MFS Limited Maturity Fund | | | 113,676,685 | | | | 10,247,631 | | | | 10,488,330 | | | | (342,005) | | | | 1,665,713 | | | | 114,759,694 | |
MFS Mid Cap Growth Fund | | | 8,451,646 | | | | 1,817,602 | | | | 3,088,638 | | | | 711,617 | | | | 721,093 | | | | 8,613,320 | |
MFS Mid Cap Value Fund | | | 8,516,550 | | | | 1,826,219 | | | | 1,964,573 | | | | 212,629 | | | | 17,677 | | | | 8,608,502 | |
MFS New Discovery Fund | | | 2,839,747 | | | | 1,117,552 | | | | 1,161,670 | | | | 176,057 | | | | (112,068) | | | | 2,859,618 | |
MFS New Discovery Value Fund | | | 2,831,606 | | | | 680,127 | | | | 751,959 | | | | 87,428 | | | | 14,357 | | | | 2,861,559 | |
MFS Research Fund | | | 11,324,867 | | | | 2,800,530 | | | | 3,114,999 | | | | 438,991 | | | | 18,542 | | | | 11,467,931 | |
MFS Research International Fund | | | 8,518,393 | | | | 2,118,785 | | | | 1,565,125 | | | | (19,820) | | | | (444,782) | | | | 8,607,451 | |
MFS Total Return Bond Fund | | | 113,544,726 | | | | 10,163,184 | | | | 11,409,392 | | | | (638,152) | | | | 3,066,468 | | | | 114,726,834 | |
MFS Value Fund | | | 11,232,980 | | | | 2,223,767 | | | | 2,819,338 | | | | 146,257 | | | | 720,664 | | | | 11,504,330 | |
| | | $568,826,151 | | | | $126,585,772 | | | | $130,114,369 | | | | $1,231,265 | | | | $7,671,552 | | | | $574,200,371 | |
139
Notes to Financial Statements – continued
| | | | | | | | |
| | | MFS Lifetime Income Fund – continued | |
Affiliated Issuers | | Dividend
Income | | | Capital Gain
Distributions | |
MFS Blended Research Core Equity Fund | | | $357,768 | | | | $733,196 | |
MFS Blended Research Growth Equity Fund | | | 282,872 | | | | 455,369 | |
MFS Blended Research International Equity Fund | | | 383,885 | | | | 470,885 | |
MFS Blended Research Mid Cap Equity Fund | | | 393,148 | | | | 779,830 | |
MFS Blended Research Small Cap Equity Fund | | | 197,761 | | | | 94,778 | |
MFS Blended Research Value Equity Fund | | | 339,927 | | | | 149,959 | |
MFS Commodity Strategy Fund | | | 348,050 | | | | — | |
MFS Emerging Markets Debt Fund | | | 551,860 | | | | — | |
MFS Emerging Markets Debt Local Currency Fund (a) | | | 115,193 | | | | — | |
MFS Global Bond Fund | | | 671,809 | | | | — | |
MFS Global Real Estate Fund | | | 285,820 | | | | 40,061 | |
MFS Government Securities Fund | | | 1,490,115 | | | | — | |
MFS Growth Fund | | | 30,538 | | | | 387,429 | |
MFS High Income Fund | | | 894,711 | | | | — | |
MFS Inflation-Adjusted Bond Fund | | | 1,654,150 | | | | — | |
MFS Institutional Money Market Portfolio | | | 27,226 | | | | — | |
MFS International Growth Fund | | | 47,257 | | | | 59,678 | |
MFS International Value Fund | | | 45,521 | | | | 76,866 | |
MFS Limited Maturity Fund | | | 2,906,702 | | | | — | |
MFS Mid Cap Growth Fund | | | — | | | | 321,948 | |
MFS Mid Cap Value Fund | | | 195,649 | | | | 273,237 | |
MFS New Discovery Fund | | | 158,536 | | | | 311,664 | |
MFS New Discovery Value Fund | | | 98,686 | | | | 91,096 | |
MFS Research Fund | | | 185,135 | | | | 1,003,732 | |
MFS Research International Fund | | | 373,682 | | | | 61,431 | |
MFS Total Return Bond Fund | | | 3,577,094 | | | | — | |
MFS Value Fund | | | 233,561 | | | | 144,226 | |
| | | $15,846,656 | | | | $5,455,385 | |
140
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 | | | $8,932,301 | | | | $2,513,683 | | | | $3,617,095 | | | | $281,031 | | | | $(318,149) | | | | $7,791,771 | |
MFS Blended Research Growth Equity Fund | | | 8,930,672 | | | | 2,473,010 | | | | 4,207,273 | | | | 519,957 | | | | 65,655 | | | | 7,782,021 | |
MFS Blended Research International Equity Fund | | | 11,631,919 | | | | 3,664,981 | | | | 3,891,525 | | | | 67,520 | | | | (1,464,621) | | | | 10,008,274 | |
MFS Blended Research Mid Cap Equity Fund | | | 12,507,137 | | | | 3,406,223 | | | | 4,882,302 | | | | 367,877 | | | | (122,248) | | | | 11,276,687 | |
MFS Blended Research Small Cap Equity Fund | | | 3,589,632 | | | | 1,105,085 | | | | 1,592,847 | | | | 164,817 | | | | 130,550 | | | | 3,397,237 | |
MFS Blended Research Value Equity Fund | | | 8,926,067 | | | | 1,967,297 | | | | 3,284,782 | | | | 296,009 | | | | (83,876) | | | | 7,820,715 | |
MFS Commodity Strategy Fund | | | 7,203,334 | | | | 2,254,919 | | | | 1,935,847 | | | | (135,114) | | | | (579,780) | | | | 6,807,512 | |
MFS Emerging Markets Debt Fund | | | 8,929,729 | | | | 1,400,112 | | | | 2,377,409 | | | | (92,252) | | | | (21,833) | | | | 7,838,347 | |
MFS Emerging Markets Debt Local Currency Fund (a) | | | 5,310,100 | | | | 1,139,281 | | | | 1,736,735 | | | | (233,505) | | | | (62,923) | | | | 4,416,218 | |
MFS Global Bond Fund | | | 17,920,660 | | | | 3,018,532 | | | | 3,577,618 | | | | (355,610) | | | | 124,566 | | | | 17,130,530 | |
MFS Global Real Estate Fund | | | 7,293,070 | | | | 1,436,053 | | | | 2,614,713 | | | | 119,337 | | | | 628,996 | | | | 6,862,743 | |
MFS Government Securities Fund | | | 36,002,509 | | | | 5,631,935 | | | | 8,060,293 | | | | (481,427) | | | | 1,133,485 | | | | 34,226,209 | |
MFS Growth Fund | | | 8,982,531 | | | | 2,152,496 | | | | 4,637,678 | | | | 1,559,935 | | | | (257,137) | | | | 7,800,147 | |
MFS High Income Fund | | | 14,333,858 | | | | 1,978,263 | | | | 4,157,526 | | | | (200,354) | | | | 314,146 | | | | 12,268,387 | |
MFS Inflation-Adjusted Bond Fund | | | 36,116,667 | | | | 5,617,413 | | | | 7,473,394 | | | | (295,520) | | | | 219,602 | | | | 34,184,768 | |
MFS Institutional Money Market Portfolio | | | 102,394 | | | | 7,002,662 | | | | 7,053,918 | | | | (6) | | | | 3 | | | | 51,135 | |
MFS International Growth Fund | | | 2,698,135 | | | | 573,717 | | | | 1,112,875 | | | | 306,563 | | | | (264,942) | | | | 2,200,598 | |
MFS International Value Fund | | | 2,678,431 | | | | 510,656 | | | | 1,043,236 | | | | 328,569 | | | | (268,944) | | | | 2,205,476 | |
MFS Limited Maturity Fund | | | 54,450,458 | | | | 12,319,685 | | | | 8,706,947 | | | | (203,414) | | | | 906,659 | | | | 58,766,441 | |
MFS Mid Cap Growth Fund | | | 6,255,654 | | | | 1,568,791 | | | | 3,192,925 | | | | 1,061,493 | | | | (60,119) | | | | 5,632,894 | |
MFS Mid Cap Value Fund | | | 6,265,168 | | | | 1,570,327 | | | | 2,344,873 | | | | 480,814 | | | | (342,843) | | | | 5,628,593 | |
MFS New Discovery Fund | | | 1,800,134 | | | | 839,684 | | | | 959,839 | | | | 160,703 | | | | (138,109) | | | | 1,702,573 | |
MFS New Discovery Value Fund | | | 1,793,128 | | | | 552,122 | | | | 700,978 | | | | 70,128 | | | | (9,436) | | | | 1,704,964 | |
MFS Research Fund | | | 8,946,619 | | | | 2,391,258 | | | | 3,824,620 | | | | 755,481 | | | | (452,711) | | | | 7,816,027 | |
MFS Research International Fund | | | 6,287,370 | | | | 1,833,712 | | | | 2,143,936 | | | | 110,594 | | | | (460,801) | | | | 5,626,939 | |
MFS Total Return Bond Fund | | | 63,164,167 | | | | 10,924,612 | | | | 11,908,717 | | | | (378,260) | | | | 1,808,798 | | | | 63,610,600 | |
MFS Value Fund | | | 8,905,489 | | | | 1,884,122 | | | | 3,547,856 | | | | 653,890 | | | | (39,143) | | | | 7,856,502 | |
| | | $359,957,333 | | | | $81,730,631 | | | | $104,587,757 | | | | $4,929,256 | | | | $384,845 | | | | $342,414,308 | |
141
Notes to Financial Statements – continued
| | | | | | | | |
| | | MFS Lifetime 2020 Fund – continued | |
Affiliated Issuers | | Dividend
Income | | | Capital Gain
Distributions | |
MFS Blended Research Core Equity Fund | | | $276,542 | | | | $566,736 | |
MFS Blended Research Growth Equity Fund | | | 219,485 | | | | 353,328 | |
MFS Blended Research International Equity Fund | | | 304,648 | | | | 373,691 | |
MFS Blended Research Mid Cap Equity Fund | | | 287,496 | | | | 570,265 | |
MFS Blended Research Small Cap Equity Fund | | | 130,669 | | | | 62,623 | |
MFS Blended Research Value Equity Fund | | | 262,576 | | | | 115,835 | |
MFS Commodity Strategy Fund | | | 221,277 | | | | — | |
MFS Emerging Markets Debt Fund | | | 415,462 | | | | — | |
MFS Emerging Markets Debt Local Currency Fund (a) | | | 90,498 | | | | — | |
MFS Global Bond Fund | | | 423,332 | | | | — | |
MFS Global Real Estate Fund | | | 180,977 | | | | 25,366 | |
MFS Government Securities Fund | | | 937,949 | | | | — | |
MFS Growth Fund | | | 23,756 | | | | 298,733 | |
MFS High Income Fund | | | 710,693 | | | | — | |
MFS Inflation-Adjusted Bond Fund | | | 1,041,736 | | | | — | |
MFS Institutional Money Market Portfolio | | | 2,124 | | | | — | |
MFS International Growth Fund | | | 41,879 | | | | 52,886 | |
MFS International Value Fund | | | 40,089 | | | | 67,694 | |
MFS Limited Maturity Fund | | | 1,478,533 | | | | — | |
MFS Mid Cap Growth Fund | | | — | | | | 238,281 | |
MFS Mid Cap Value Fund | | | 144,244 | | | | 201,447 | |
MFS New Discovery Fund | | | 105,309 | | | | 207,026 | |
MFS New Discovery Value Fund | | | 63,938 | | | | 58,797 | |
MFS Research Fund | | | 142,547 | | | | 772,838 | |
MFS Research International Fund | | | 273,914 | | | | 45,030 | |
MFS Total Return Bond Fund | | | 2,034,133 | | | | — | |
MFS Value Fund | | | 178,639 | | | | 111,593 | |
| | | $10,032,445 | | | | $4,122,169 | |
142
Notes to Financial Statements – continued
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | MFS Lifetime 2025 Fund | |
Affiliated Issuers | | Beginning
Value | | | Purchases | | | Sales
Proceeds | | | Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation or
Depreciation | | | Ending
Value | |
MFS Blended Research Core Equity Fund | | | $8,256,174 | | | | $2,810,406 | | | | $1,442,989 | | | | $(51,945) | | | | $(17,427) | | | | $9,554,219 | |
MFS Blended Research Growth Equity Fund | | | 8,224,869 | | | | 2,562,823 | | | | 1,822,259 | | | | (2,340) | | | | 578,432 | | | | 9,541,525 | |
MFS Blended Research International Equity Fund | | | 11,768,055 | | | | 4,858,921 | | | | 1,799,599 | | | | (151,347) | | | | (1,350,581) | | | | 13,325,449 | |
MFS Blended Research Mid Cap Equity Fund | | | 12,869,952 | | | | 3,929,869 | | | | 2,879,143 | | | | (58,727) | | | | 323,715 | | | | 14,185,666 | |
MFS Blended Research Small Cap Equity Fund | | | 2,946,777 | | | | 931,911 | | | | 800,048 | | | | 28,598 | | | | 209,792 | | | | 3,317,030 | |
MFS Blended Research Value Equity Fund | | | 8,247,910 | | | | 2,346,951 | | | | 1,224,819 | | | | (17,016) | | | | 235,575 | | | | 9,588,601 | |
MFS Commodity Strategy Fund | | | 5,947,866 | | | | 2,229,433 | | | | 919,991 | | | | (38,698) | | | | (568,970) | | | | 6,649,640 | |
MFS Emerging Markets Debt Fund | | | 7,067,031 | | | | 2,515,227 | | | | 761,016 | | | | (66,512) | | | | 12,249 | | | | 8,766,979 | |
MFS Emerging Markets Debt Local Currency Fund (a) | | | 4,685,883 | | | | 2,088,210 | | | | 675,246 | | | | (76,297) | | | | (173,035) | | | | 5,849,515 | |
MFS Global Bond Fund | | | 11,759,417 | | | | 4,307,106 | | | | 1,341,098 | | | | (80,280) | | | | (41,778) | | | | 14,603,367 | |
MFS Global Real Estate Fund | | | 5,952,739 | | | | 1,337,838 | | | | 1,254,340 | | | | 10,953 | | | | 629,998 | | | | 6,677,188 | |
MFS Government Securities Fund | | | 23,639,701 | | | | 8,108,624 | | | | 3,056,157 | | | | (211,368) | | | | 713,556 | | | | 29,194,356 | |
MFS Growth Fund | | | 8,289,172 | | | | 2,204,200 | | | | 2,290,056 | | | | 182,732 | | | | 1,178,320 | | | | 9,564,368 | |
MFS High Income Fund | | | 11,821,798 | | | | 3,625,790 | | | | 987,017 | | | | (57,239) | | | | 220,324 | | | | 14,623,656 | |
MFS Inflation-Adjusted Bond Fund | | | 20,211,758 | | | | 8,459,929 | | | | 2,007,404 | | | | (97,908) | | | | 117,843 | | | | 26,684,218 | |
MFS Institutional Money Market Portfolio | | | 591,300 | | | | 11,245,256 | | | | 11,063,791 | | | | 89 | | | | — | | | | 772,854 | |
MFS International Growth Fund | | | 2,959,875 | | | | 845,068 | | | | 544,424 | | | | (8,659) | | | | 83,735 | | | | 3,335,595 | |
MFS International New Discovery Fund | | | 1,154,761 | | | | 176,090 | | | | 427,416 | | | | 58,053 | | | | (130,927) | | | | 830,561 | |
MFS International Value Fund | | | 2,934,229 | | | | 807,361 | | | | 504,204 | | | | (5,856) | | | | 107,389 | | | | 3,338,919 | |
MFS Limited Maturity Fund | | | 12,119,134 | | | | 9,263,358 | | | | 702,701 | | | | (13,011) | | | | 235,679 | | | | 20,902,459 | |
MFS Mid Cap Growth Fund | | | 6,444,682 | | | | 1,706,479 | | | | 2,171,700 | | | | 231,009 | | | | 879,177 | | | | 7,089,647 | |
MFS Mid Cap Value Fund | | | 6,484,605 | | | | 1,770,909 | | | | 1,328,314 | | | | (11,130) | | | | 171,504 | | | | 7,087,574 | |
MFS New Discovery Fund | | | 1,482,456 | | | | 704,129 | | | | 538,081 | | | | 24,281 | | | | (4,657) | | | | 1,668,128 | |
MFS New Discovery Value Fund | | | 1,472,888 | | | | 480,823 | | | | 338,074 | | | | (5,742) | | | | 55,073 | | | | 1,664,968 | |
MFS Research Fund | | | 8,243,850 | | | | 2,648,779 | | | | 1,624,292 | | | | (25,748) | | | | 341,497 | | | | 9,584,086 | |
MFS Research International Fund | | | 5,897,988 | | | | 2,049,350 | | | | 952,722 | | | | (51,240) | | | | (271,914) | | | | 6,671,462 | |
MFS Total Return Bond Fund | | | 27,370,947 | | | | 12,243,893 | | | | 2,415,520 | | | | (120,953) | | | | 914,398 | | | | 37,992,765 | |
MFS Value Fund | | | 8,191,939 | | | | 2,260,198 | | | | 1,514,028 | | | | (5,484) | | | | 674,298 | | | | 9,606,923 | |
| | | $237,037,756 | | | | $98,518,931 | | | | $47,386,449 | | | | $(621,785) | | | | $5,123,265 | | | | $292,671,718 | |
143
Notes to Financial Statements – continued
| | | | | | | | |
| | | MFS Lifetime 2025 Fund – continued | |
Affiliated Issuers | | Dividend
Income | | | Capital Gain
Distributions | |
MFS Blended Research Core Equity Fund | | | $293,240 | | | | $600,955 | |
MFS Blended Research Growth Equity Fund | | | 231,899 | | | | 373,311 | |
MFS Blended Research International Equity Fund | | | 349,381 | | | | 428,561 | |
MFS Blended Research Mid Cap Equity Fund | | | 323,611 | | | | 641,901 | |
MFS Blended Research Small Cap Equity Fund | | | 114,889 | | | | 55,061 | |
MFS Blended Research Value Equity Fund | | | 278,261 | | | | 122,759 | |
MFS Commodity Strategy Fund | | | 195,506 | | | | — | |
MFS Emerging Markets Debt Fund | | | 383,012 | | | | — | |
MFS Emerging Markets Debt Local Currency Fund (a) | | | 120,800 | | | | — | |
MFS Global Bond Fund | | | 309,914 | | | | — | |
MFS Global Real Estate Fund | | | 159,302 | | | | 22,328 | |
MFS Government Securities Fund | | | 686,255 | | | | — | |
MFS Growth Fund | | | 22,735 | | | | 314,140 | |
MFS High Income Fund | | | 689,977 | | | | — | |
MFS Inflation-Adjusted Bond Fund | | | 670,816 | | | | — | |
MFS Institutional Money Market Portfolio | | | 16,381 | | | | — | |
MFS International Growth Fund | | | 53,599 | | | | 67,686 | |
MFS International New Discovery Fund | | | 11,569 | | | | 47,624 | |
MFS International Value Fund | | | 51,385 | | | | 86,768 | |
MFS Limited Maturity Fund | | | 416,865 | | | | — | |
MFS Mid Cap Growth Fund | | | — | | | | 266,219 | |
MFS Mid Cap Value Fund | | | 161,331 | | | | 225,310 | |
MFS New Discovery Fund | | | 90,382 | | | | 177,682 | |
MFS New Discovery Value Fund | | | 55,315 | | | | 50,776 | |
MFS Research Fund | | | 150,284 | | | | 814,781 | |
MFS Research International Fund | | | 280,026 | | | | 46,034 | |
MFS Total Return Bond Fund | | | 1,019,873 | | | | — | |
MFS Value Fund | | | 185,424 | | | | 118,087 | |
| | | $7,322,032 | | | | $4,459,983 | |
144
Notes to Financial Statements – continued
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | MFS Lifetime 2030 Fund | |
Affiliated Issuers | | Beginning
Value | | | Purchases | | | Sales
Proceeds | | | Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation or
Depreciation | | | Ending
Value | |
MFS Blended Research Core Equity Fund | | | $22,642,159 | | | | $5,360,155 | | | | $4,292,427 | | | | $92,755 | | | | $(297,238) | | | | $23,505,404 | |
MFS Blended Research Emerging Markets Equity Fund | | | 1,390,247 | | | | 205,605 | | | | 598,008 | | | | 52,875 | | | | (211,477) | | | | 839,242 | |
MFS Blended Research Growth Equity Fund | | | 26,721,435 | | | | 4,852,552 | | | | 7,234,407 | | | | 793,840 | | | | 891,375 | | | | 26,024,795 | |
MFS Blended Research International Equity Fund | | | 40,882,587 | | | | 11,711,388 | | | | 7,856,130 | | | | (399,431) | | | | (4,785,448) | | | | 39,552,966 | |
MFS Blended Research Mid Cap Equity Fund | | | 44,966,566 | | | | 8,540,150 | | | | 9,517,013 | | | | 544,441 | | | | 211,461 | | | | 44,745,605 | |
MFS Blended Research Small Cap Equity Fund | | | 9,887,919 | | | | 1,822,797 | | | | 2,807,098 | | | | 353,664 | | | | 410,329 | | | | 9,667,611 | |
MFS Blended Research Value Equity Fund | | | 26,772,103 | | | | 4,170,818 | | | | 5,439,946 | | | | 367,350 | | | | 219,769 | | | | 26,090,094 | |
MFS Commodity Strategy Fund | | | 19,927,797 | | | | 5,699,697 | | | | 4,437,962 | | | | (864,021) | | | | (1,146,131) | | | | 19,179,380 | |
MFS Emerging Markets Debt Fund | | | 16,868,380 | | | | 4,501,009 | | | | 3,485,281 | | | | (235,507) | | | | 37,101 | | | | 17,685,702 | |
MFS Emerging Markets Debt Local Currency Fund (a) | | | 11,165,826 | | | | 3,937,169 | | | | 2,664,022 | | | | (494,696) | | | | (136,531) | | | | 11,807,746 | |
MFS Emerging Markets Equity Fund | | | 1,391,476 | | | | 125,996 | | | | 601,139 | | | | 198,136 | | | | (276,951) | | | | 837,518 | |
MFS Global Bond Fund | | | 19,820,386 | | | | 7,577,105 | | | | 2,796,077 | | | | (169,180) | | | | (35,579) | | | | 24,396,655 | |
MFS Global Real Estate Fund | | | 19,968,559 | | | | 2,494,557 | | | | 5,136,252 | | | | 247,733 | | | | 1,775,076 | | | | 19,349,673 | |
MFS Government Securities Fund | | | 28,821,478 | | | | 15,703,456 | | | | 3,349,055 | | | | (198,522) | | | | 945,478 | | | | 41,922,835 | |
MFS Growth Fund | | | 26,982,428 | | | | 3,632,956 | | | | 8,501,198 | | | | 2,714,356 | | | | 1,251,433 | | | | 26,079,975 | |
MFS High Income Fund | | | 28,283,375 | | | | 5,973,278 | | | | 5,038,890 | | | | (321,943) | | | | 587,162 | | | | 29,482,982 | |
MFS Inflation-Adjusted Bond Fund | | | 34,032,717 | | | | 9,600,444 | | | | 5,894,508 | | | | (267,206) | | | | 227,981 | | | | 37,699,428 | |
MFS Institutional Money Market Portfolio | | | 823,569 | | | | 14,934,973 | | | | 14,864,290 | | | | 88 | | | | 11 | | | | 894,351 | |
MFS International Growth Fund | | | 11,371,155 | | | | 1,827,183 | | | | 2,837,033 | | | | 298,139 | | | | (123,951) | | | | 10,535,493 | |
MFS International New Discovery Fund | | | 8,410,812 | | | | 1,520,500 | | | | 1,826,945 | | | | 107,398 | | | | (646,506) | | | | 7,565,259 | |
MFS International Value Fund | | | 11,232,215 | | | | 1,665,341 | | | | 2,623,448 | | | | 401,327 | | | | (133,960) | | | | 10,541,475 | |
MFS Mid Cap Growth Fund | | | 22,494,474 | | | | 3,345,992 | | | | 7,139,280 | | | | 2,043,239 | | | | 1,631,029 | | | | 22,375,454 | |
MFS Mid Cap Value Fund | | | 22,631,626 | | | | 4,157,788 | | | | 4,923,958 | | | | 356,782 | | | | 115,852 | | | | 22,338,090 | |
MFS New Discovery Fund | | | 4,973,100 | | | | 1,595,976 | | | | 1,766,790 | | | | 264,911 | | | | (216,836) | | | | 4,850,361 | |
MFS New Discovery Value Fund | | | 4,938,096 | | | | 1,026,332 | | | | 1,267,909 | | | | 113,590 | | | | 36,116 | | | | 4,846,225 | |
MFS Research Fund | | | 22,627,246 | | | | 4,856,709 | | | | 4,664,476 | | | | 228,945 | | | | 538,665 | | | | 23,587,089 | |
MFS Research International Fund | | | 18,417,630 | | | | 4,585,184 | | | | 3,377,728 | | | | (97,203) | | | | (984,325) | | | | 18,543,558 | |
MFS Total Return Bond Fund | | | 31,307,439 | | | | 11,229,217 | | | | 4,759,340 | | | | (182,642) | | | | 1,016,088 | | | | 38,610,762 | |
MFS Value Fund | | | 26,581,289 | | | | 3,989,896 | | | | 6,223,912 | | | | 485,590 | | | | 1,392,254 | | | | 26,225,117 | |
| | | $566,334,089 | | | | $150,644,223 | | | | $135,924,522 | | | | $6,434,808 | | | | $2,292,247 | | | | $589,780,845 | |
145
Notes to Financial Statements – continued
| | | | | | | | |
| | | MFS Lifetime 2030 Fund – continued | |
Affiliated Issuers | | Dividend
Income | | | Capital Gain
Distributions | |
MFS Blended Research Core Equity Fund | | | $757,770 | | | | $1,552,945 | |
MFS Blended Research Emerging Markets Equity Fund | | | 30,101 | | | | 22,091 | |
MFS Blended Research Growth Equity Fund | | | 683,114 | | | | 1,099,680 | |
MFS Blended Research International Equity Fund | | | 1,112,387 | | | | 1,364,489 | |
MFS Blended Research Mid Cap Equity Fund | | | 1,068,300 | | | | 2,119,033 | |
MFS Blended Research Small Cap Equity Fund | | | 354,217 | | | | 169,759 | |
MFS Blended Research Value Equity Fund | | | 815,768 | | | | 359,876 | |
MFS Commodity Strategy Fund | | | 610,564 | | | | — | |
MFS Emerging Markets Debt Fund | | | 854,037 | | | | — | |
MFS Emerging Markets Debt Local Currency Fund (a) | | | 249,731 | | | | — | |
MFS Emerging Markets Equity Fund | | | 9,113 | | | | — | |
MFS Global Bond Fund | | | 529,110 | | | | — | |
MFS Global Real Estate Fund | | | 496,068 | | | | 69,531 | |
MFS Government Securities Fund | | | 931,039 | | | | — | |
MFS Growth Fund | | | 72,958 | | | | 931,306 | |
MFS High Income Fund | | | 1,538,407 | | | | — | |
MFS Inflation-Adjusted Bond Fund | | | 1,056,781 | | | | — | |
MFS Institutional Money Market Portfolio | | | 16,717 | | | | — | |
MFS International Growth Fund | | | 184,747 | | | | 233,304 | |
MFS International New Discovery Fund | | | 94,857 | | | | 390,479 | |
MFS International Value Fund | | | 177,285 | | | | 299,361 | |
MFS Mid Cap Growth Fund | | | — | | | | 883,269 | |
MFS Mid Cap Value Fund | | | 532,829 | | | | 744,132 | |
MFS New Discovery Fund | | | 284,572 | | | | 559,437 | |
MFS New Discovery Value Fund | | | 174,013 | | | | 160,394 | |
MFS Research Fund | | | 390,569 | | | | 2,117,518 | |
MFS Research International Fund | | | 832,158 | | | | 136,802 | |
MFS Total Return Bond Fund | | | 1,116,823 | | | | — | |
MFS Value Fund | | | 561,580 | | | | 346,173 | |
| | | $15,535,615 | | | | $13,559,579 | |
146
Notes to Financial Statements – continued
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | MFS Lifetime 2035 Fund | |
Affiliated Issuers | | Beginning
Value | | | Purchases | | | Sales
Proceeds | | | Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation or
Depreciation | | | Ending
Value | |
MFS Blended Research Core Equity Fund | | | $9,028,242 | | | | $3,576,357 | | | | $1,047,347 | | | | $(66,129) | | | | $11,629 | | | | $11,502,752 | |
MFS Blended Research Emerging Markets Equity Fund | | | 1,417,136 | | | | 643,581 | | | | 259,856 | | | | (25,717) | | | | (131,963) | | | | 1,643,181 | |
MFS Blended Research Growth Equity Fund | | | 12,686,705 | | | | 4,060,976 | | | | 1,655,284 | | | | (35,566) | | | | 961,533 | | | | 16,018,364 | |
MFS Blended Research International Equity Fund | | | 20,650,106 | | | | 9,924,246 | | | | 2,350,817 | | | | (261,961) | | | | (2,455,357) | | | | 25,506,217 | |
MFS Blended Research Mid Cap Equity Fund | | | 20,845,572 | | | | 7,251,880 | | | | 2,150,750 | | | | (156,643) | | | | 649,771 | | | | 26,439,830 | |
MFS Blended Research Small Cap Equity Fund | | | 4,785,585 | | | | 1,569,710 | | | | 781,104 | | | | (4,559) | | | | 394,166 | | | | 5,963,798 | |
MFS Blended Research Value Equity Fund | | | 12,694,795 | | | | 4,270,217 | | | | 1,267,972 | | | | (18,633) | | | | 372,088 | | | | 16,050,495 | |
MFS Commodity Strategy Fund | | | 9,644,920 | | | | 5,170,323 | | | | 1,910,129 | | | | (108,873) | | | | (903,949) | | | | 11,892,292 | |
MFS Emerging Markets Debt Fund | | | 5,152,012 | | | | 3,088,483 | | | | 787,749 | | | | (65,870) | | | | 31,245 | | | | 7,418,121 | |
MFS Emerging Markets Debt Local Currency Fund (a) | | | 3,427,875 | | | | 2,315,656 | | | | 597,831 | | | | (68,159) | | | | (124,086) | | | | 4,953,455 | |
MFS Emerging Markets Equity Fund | | | 1,418,195 | | | | 534,986 | | | | 250,910 | | | | (18,172) | | | | (43,377) | | | | 1,640,722 | |
MFS Global Bond Fund | | | 3,430,940 | | | | 2,109,428 | | | | 564,569 | | | | (29,729) | | | | (4,259) | | | | 4,941,811 | |
MFS Global Real Estate Fund | | | 9,752,047 | | | | 3,265,579 | | | | 2,144,645 | | | | (34,282) | | | | 1,101,839 | | | | 11,940,538 | |
MFS Growth Fund | | | 12,727,724 | | | | 3,242,536 | | | | 2,064,190 | | | | 21,079 | | | | 2,113,559 | | | | 16,040,708 | |
MFS High Income Fund | | | 8,611,378 | | | | 4,817,026 | | | | 1,196,215 | | | | (64,055) | | | | 203,732 | | | | 12,371,866 | |
MFS Inflation-Adjusted Bond Fund | | | 10,012,518 | | | | 5,223,245 | | | | 1,882,359 | | | | (82,348) | | | | 87,336 | | | | 13,358,392 | |
MFS Institutional Money Market Portfolio | | | 574,640 | | | | 7,649,953 | | | | 7,817,566 | | | | (55) | | | | 8 | | | | 406,980 | |
MFS International Growth Fund | | | 6,259,402 | | | | 2,072,885 | | | | 868,678 | | | | (31,168) | | | | 190,947 | | | | 7,623,388 | |
MFS International New Discovery Fund | | | 5,631,882 | | | | 2,014,834 | | | | 713,071 | | | | (56,609) | | | | (300,975) | | | | 6,576,061 | |
MFS International Value Fund | | | 6,225,211 | | | | 1,987,257 | | | | 805,560 | | | | (28,487) | | | | 253,538 | | | | 7,631,959 | |
MFS Mid Cap Growth Fund | | | 10,434,017 | | | | 2,670,646 | | | | 1,778,283 | | | | 11,012 | | | | 1,888,608 | | | | 13,226,000 | |
MFS Mid Cap Value Fund | | | 10,448,047 | | | | 3,386,589 | | | | 950,174 | | | | (50,790) | | | | 351,243 | | | | 13,184,915 | |
MFS New Discovery Fund | | | 2,399,045 | | | | 1,106,472 | | | | 543,045 | | | | (16,389) | | | | 50,639 | | | | 2,996,722 | |
MFS New Discovery Value Fund | | | 2,392,341 | | | | 796,668 | | | | 278,741 | | | | (13,550) | | | | 93,864 | | | | 2,990,582 | |
MFS Research Fund | | | 9,040,357 | | | | 3,068,745 | | | | 972,243 | | | | (31,016) | | | | 423,064 | | | | 11,528,907 | |
MFS Research International Fund | | | 8,215,518 | | | | 3,378,881 | | | | 832,702 | | | | (65,064) | | | | (396,938) | | | | 10,299,695 | |
MFS Total Return Bond Fund | | | 6,547,101 | | | | 3,022,830 | | | | 1,304,323 | | | | (55,149) | | | | 222,309 | | | | 8,432,768 | |
MFS Value Fund | | | 12,671,094 | | | | 3,940,702 | | | | 1,517,147 | | | | (20,756) | | | | 1,095,516 | | | | 16,169,409 | |
| | | $227,124,405 | | | | $96,160,691 | | | | $39,293,260 | | | | $(1,377,638) | | | | $6,135,730 | | | | $288,749,928 | |
147
Notes to Financial Statements – continued
| | | | | | | | |
| | | MFS Lifetime 2035 Fund – continued | |
Affiliated Issuers | | Dividend
Income | | | Capital Gain
Distributions | |
MFS Blended Research Core Equity Fund | | | $321,725 | | | | $659,331 | |
MFS Blended Research Emerging Markets Equity Fund | | | 41,399 | | | | 30,382 | |
MFS Blended Research Growth Equity Fund | | | 355,534 | | | | 572,339 | |
MFS Blended Research International Equity Fund | | | 614,138 | | | | 753,321 | |
MFS Blended Research Mid Cap Equity Fund | | | 538,973 | | | | 1,069,084 | |
MFS Blended Research Small Cap Equity Fund | | | 187,787 | | | | 89,998 | |
MFS Blended Research Value Equity Fund | | | 426,482 | | | | 188,143 | |
MFS Commodity Strategy Fund | | | 324,017 | | | | — | |
MFS Emerging Markets Debt Fund | | | 297,334 | | | | — | |
MFS Emerging Markets Debt Local Currency Fund (a) | | | 99,857 | | | | — | |
MFS Emerging Markets Equity Fund | | | 12,473 | | | | — | |
MFS Global Bond Fund | | | 96,183 | | | | — | |
MFS Global Real Estate Fund | | | 263,265 | | | | 36,900 | |
MFS Growth Fund | | | 35,824 | | | | 481,930 | |
MFS High Income Fund | | | 535,730 | | | | — | |
MFS Inflation-Adjusted Bond Fund | | | 327,977 | | | | — | |
MFS Institutional Money Market Portfolio | | | 8,032 | | | | — | |
MFS International Growth Fund | | | 112,919 | | | | 142,598 | |
MFS International New Discovery Fund | | | 70,087 | | | | 288,514 | |
MFS International Value Fund | | | 108,349 | | | | 182,957 | |
MFS Mid Cap Growth Fund | | | — | | | | 441,221 | |
MFS Mid Cap Value Fund | | | 267,877 | | | | 374,108 | |
MFS New Discovery Fund | | | 149,197 | | | | 293,306 | |
MFS New Discovery Value Fund | | | 91,214 | | | | 83,931 | |
MFS Research Fund | | | 164,668 | | | | 892,767 | |
MFS Research International Fund | | | 400,554 | | | | 65,849 | |
MFS Total Return Bond Fund | | | 231,335 | | | | — | |
MFS Value Fund | | | 292,615 | | | | 180,359 | |
| | | $6,375,545 | | | | $6,827,038 | |
148
Notes to Financial Statements – continued
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | MFS Lifetime 2040 Fund | |
Affiliated Issuers | | Beginning
Value | | | Purchases | | | Sales
Proceeds | | | Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation or
Depreciation | | | Ending
Value | |
MFS Blended Research Core Equity Fund | | | $17,108,750 | | | | $3,789,291 | | | | $3,730,869 | | | | $184,902 | | | | $(315,587) | | | | $17,036,487 | |
MFS Blended Research Emerging Markets Equity Fund | | | 3,756,891 | | | | 1,157,521 | | | | 997,160 | | | | (43,108) | | | | (376,134) | | | | 3,498,010 | |
MFS Blended Research Growth Equity Fund | | | 25,061,434 | | | | 4,503,206 | | | | 6,408,467 | | | | 544,507 | | | | 1,075,530 | | | | 24,776,210 | |
MFS Blended Research International Equity Fund | | | 44,383,866 | | | | 13,133,851 | | | | 8,703,530 | | | | (542,604) | | | | (5,139,417) | | | | 43,132,166 | |
MFS Blended Research Mid Cap Equity Fund | | | 41,580,574 | | | | 8,190,753 | | | | 9,099,744 | | | | 425,842 | | | | 240,588 | | | | 41,338,013 | |
MFS Blended Research Small Cap Equity Fund | | | 10,130,773 | | | | 1,984,643 | | | | 3,013,001 | | | | 337,684 | | | | 430,010 | | | | 9,870,109 | |
MFS Blended Research Value Equity Fund | | | 25,097,836 | | | | 4,624,258 | | | | 5,422,316 | | | | 241,987 | | | | 317,506 | | | | 24,859,271 | |
MFS Commodity Strategy Fund | | | 20,378,187 | | | | 6,276,652 | | | | 4,911,426 | | | | (614,710) | | | | (1,466,425) | | | | 19,662,278 | |
MFS Emerging Markets Debt Fund | | | 3,298,496 | | | | 2,006,182 | | | | 713,179 | | | | (46,104) | | | | 31,177 | | | | 4,576,572 | |
MFS Emerging Markets Debt Local Currency Fund (a) | | | 2,185,083 | | | | 1,477,868 | | | | 485,997 | | | | (44,033) | | | | (76,152) | | | | 3,056,769 | |
MFS Emerging Markets Equity Fund | | | 3,752,960 | | | | 868,734 | | | | 955,941 | | | | (3,397) | | | | (170,571) | | | | 3,491,785 | |
MFS Global Bond Fund | | | 2,195,242 | | | | 1,367,757 | | | | 499,097 | | | | (18,177) | | | | 2,104 | | | | 3,047,829 | |
MFS Global Real Estate Fund | | | 20,736,078 | | | | 3,403,490 | | | | 6,286,646 | | | | 190,577 | | | | 1,844,324 | | | | 19,887,823 | |
MFS Growth Fund | | | 25,145,430 | | | | 3,478,839 | | | | 7,571,894 | | | | 1,928,180 | | | | 1,843,139 | | | | 24,823,694 | |
MFS High Income Fund | | | 5,509,921 | | | | 3,068,873 | | | | 1,043,974 | | | | (35,422) | | | | 130,128 | | | | 7,629,526 | |
MFS Inflation-Adjusted Bond Fund | | | 13,527,874 | | | | 4,724,041 | | | | 3,809,324 | | | | (137,709) | | | | 125,092 | | | | 14,429,974 | |
MFS Institutional Money Market Portfolio | | | 117,292 | | | | 6,901,853 | | | | 7,018,966 | | | | (1) | | | | (2) | | | | 176 | |
MFS International Growth Fund | | | 13,986,471 | | | | 2,398,661 | | | | 3,187,195 | | | | 191,917 | | | | 50,635 | | | | 13,440,489 | |
MFS International New Discovery Fund | | | 14,913,873 | | | | 3,255,049 | | | | 3,206,077 | | | | 44,827 | | | | (998,361) | | | | 14,009,311 | |
MFS International Value Fund | | | 13,884,367 | | | | 2,296,048 | | | | 3,084,131 | | | | 216,588 | | | | 152,972 | | | | 13,465,844 | |
MFS Mid Cap Growth Fund | | | 20,778,973 | | | | 2,939,299 | | | | 6,454,233 | | | | 1,726,836 | | | | 1,665,750 | | | | 20,656,625 | |
MFS Mid Cap Value Fund | | | 20,850,247 | | | | 3,996,111 | | | | 4,645,292 | | | | 222,254 | | | | 201,012 | | | | 20,624,332 | |
MFS New Discovery Fund | | | 5,082,687 | | | | 1,644,330 | | | | 1,825,300 | | | | 246,298 | | | | (199,581) | | | | 4,948,434 | |
MFS New Discovery Value Fund | | | 5,060,911 | | | | 1,096,383 | | | | 1,348,158 | | | | 73,909 | | | | 66,742 | | | | 4,949,787 | |
MFS Research Fund | | | 17,122,959 | | | | 3,311,560 | | | | 3,941,852 | | | | 253,330 | | | | 338,666 | | | | 17,084,663 | |
MFS Research International Fund | | | 16,613,965 | | | | 3,803,486 | | | | 3,094,434 | | | | (58,176) | | | | (922,140) | | | | 16,342,701 | |
MFS Total Return Bond Fund | | | 11,283,790 | | | | 3,298,459 | | | | 3,423,783 | | | | (107,750) | | | | 361,533 | | | | 11,412,249 | |
MFS Value Fund | | | 25,024,052 | | | | 4,125,299 | | | | 5,935,281 | | | | 262,620 | | | | 1,535,962 | | | | 25,012,652 | |
| | | $428,568,982 | | | | $103,122,497 | | | | $110,817,267 | | | | $5,441,067 | | | | $748,500 | | | | $427,063,779 | |
149
Notes to Financial Statements – continued
| | | | | | | | |
| | | MFS Lifetime 2040 Fund – continued | |
Affiliated Issuers | | Dividend
Income | | | Capital Gain
Distributions | |
MFS Blended Research Core Equity Fund | | | $555,837 | | | | $1,139,112 | |
MFS Blended Research Emerging Markets Equity Fund | | | 101,999 | | | | 74,857 | |
MFS Blended Research Growth Equity Fund | | | 642,833 | | | | 1,034,835 | |
MFS Blended Research International Equity Fund | | | 1,209,694 | | | | 1,483,848 | |
MFS Blended Research Mid Cap Equity Fund | | | 983,275 | | | | 1,950,380 | |
MFS Blended Research Small Cap Equity Fund | | | 362,400 | | | | 173,681 | |
MFS Blended Research Value Equity Fund | | | 770,358 | | | | 339,843 | |
MFS Commodity Strategy Fund | | | 630,440 | | | | — | |
MFS Emerging Markets Debt Fund | | | 196,140 | | | | — | |
MFS Emerging Markets Debt Local Currency Fund (a) | | | 68,474 | | | | — | |
MFS Emerging Markets Equity Fund | | | 30,710 | | | | — | |
MFS Global Bond Fund | | | 63,421 | | | | — | |
MFS Global Real Estate Fund | | | 514,132 | | | | 72,063 | |
MFS Growth Fund | | | 68,662 | | | | 876,093 | |
MFS High Income Fund | | | 353,313 | | | | — | |
MFS Inflation-Adjusted Bond Fund | | | 416,185 | | | | — | |
MFS Institutional Money Market Portfolio | | | 1,943 | | | | — | |
MFS International Growth Fund | | | 231,801 | | | | 292,725 | |
MFS International New Discovery Fund | | | 172,150 | | | | 708,657 | |
MFS International Value Fund | | | 222,333 | | | | 375,427 | |
MFS Mid Cap Growth Fund | | | — | | | | 810,438 | |
MFS Mid Cap Value Fund | | | 491,215 | | | | 686,015 | |
MFS New Discovery Fund | | | 290,383 | | | | 570,862 | |
MFS New Discovery Value Fund | | | 179,422 | | | | 165,550 | |
MFS Research Fund | | | 286,261 | | | | 1,551,997 | |
MFS Research International Fund | | | 739,520 | | | | 121,573 | |
MFS Total Return Bond Fund | | | 367,459 | | | | — | |
MFS Value Fund | | | 534,629 | | | | 326,903 | |
| | | $10,484,989 | | | | $12,754,859 | |
150
Notes to Financial Statements – continued
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | MFS Lifetime 2045 Fund | |
Affiliated Issuers | | Beginning
Value | | | Purchases | | | Sales
Proceeds | | | Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation or
Depreciation | | | Ending
Value | |
MFS Blended Research Core Equity Fund | | | $6,430,840 | | | | $2,173,579 | | | | $644,333 | | | | $(19,032) | | | | $(5,887) | | | | $7,935,167 | |
MFS Blended Research Emerging Markets Equity Fund | | | 1,619,488 | | | | 818,177 | | | | 278,884 | | | | (35,845) | | | | (142,910) | | | | 1,980,026 | |
MFS Blended Research Growth Equity Fund | | | 9,637,236 | | | | 2,851,979 | | | | 1,300,575 | | | | (38) | | | | 719,060 | | | | 11,907,662 | |
MFS Blended Research International Equity Fund | | | 17,723,707 | | | | 8,349,930 | | | | 1,908,684 | | | | (223,437) | | | | (2,105,386) | | | | 21,836,130 | |
MFS Blended Research Mid Cap Equity Fund | | | 16,052,182 | | | | 5,154,229 | | | | 1,654,896 | | | | (97,284) | | | | 476,233 | | | | 19,930,464 | |
MFS Blended Research Small Cap Equity Fund | | | 4,015,243 | | | | 1,262,903 | | | | 649,396 | | | | (616) | | | | 332,540 | | | | 4,960,674 | |
MFS Blended Research Value Equity Fund | | | 9,651,658 | | | | 2,981,565 | | | | 975,474 | | | | (10,400) | | | | 283,354 | | | | 11,930,703 | |
MFS Commodity Strategy Fund | | | 8,095,605 | | | | 4,156,327 | | | | 1,537,171 | | | | (79,590) | | | | (781,691) | | | | 9,853,480 | |
MFS Emerging Markets Equity Fund | | | 1,620,140 | | | | 685,341 | | | | 263,398 | | | | (23,183) | | | | (43,386) | | | | 1,975,514 | |
MFS Global Real Estate Fund | | | 8,212,175 | | | | 2,645,516 | | | | 1,778,526 | | | | (26,981) | | | | 917,006 | | | | 9,969,190 | |
MFS Growth Fund | | | 9,663,118 | | | | 2,337,475 | | | | 1,679,200 | | | | 45,949 | | | | 1,580,545 | | | | 11,947,887 | |
MFS Inflation-Adjusted Bond Fund | | | 4,056,191 | | | | 1,777,525 | | | | 868,233 | | | | (38,473) | | | | 37,720 | | | | 4,964,730 | |
MFS Institutional Money Market Portfolio | | | 320,084 | | | | 5,019,928 | | | | 4,978,739 | | | | 61 | | | | 8 | | | | 361,342 | |
MFS International Growth Fund | | | 5,679,030 | | | | 1,785,547 | | | | 645,689 | | | | (21,536) | | | | 175,107 | | | | 6,972,459 | |
MFS International New Discovery Fund | | | 6,440,422 | | | | 2,595,809 | | | | 687,578 | | | | (60,597) | | | | (340,354) | | | | 7,947,702 | |
MFS International Value Fund | | | 5,650,506 | | | | 1,765,319 | | | | 652,173 | | | | (18,899) | | | | 231,283 | | | | 6,976,036 | |
MFS Mid Cap Growth Fund | | | 8,022,098 | | | | 1,856,115 | | | | 1,364,801 | | | | 34,346 | | | | 1,421,953 | | | | 9,969,711 | |
MFS Mid Cap Value Fund | | | 8,049,985 | | | | 2,452,640 | | | | 785,941 | | | | (30,749) | | | | 264,098 | | | | 9,950,033 | |
MFS New Discovery Fund | | | 2,011,486 | | | | 888,704 | | | | 441,463 | | | | (14,863) | | | | 47,876 | | | | 2,491,740 | |
MFS New Discovery Value Fund | | | 2,007,972 | | | | 646,672 | | | | 236,071 | | | | (11,215) | | | | 78,968 | | | | 2,486,326 | |
MFS Research Fund | | | 6,435,196 | | | | 1,929,656 | | | | 676,811 | | | | (10,931) | | | | 295,433 | | | | 7,972,543 | |
MFS Research International Fund | | | 6,446,908 | | | | 2,492,357 | | | | 620,046 | | | | (43,203) | | | | (315,238) | | | | 7,960,778 | |
MFS Total Return Bond Fund | | | 4,044,005 | | | | 1,713,010 | | | | 890,141 | | | | (36,898) | | | | 138,238 | | | | 4,968,214 | |
MFS Value Fund | | | 9,627,893 | | | | 2,714,417 | | | | 1,175,091 | | | | (10,121) | | | | 820,992 | | | | 11,978,090 | |
| | | $161,513,168 | | | | $61,054,720 | | | | $26,693,314 | | | | $(733,535) | | | | $4,085,562 | | | | $199,226,601 | |
151
Notes to Financial Statements – continued
| | | | | | | | |
| | | MFS Lifetime 2045 Fund – continued | |
Affiliated Issuers | | Dividend
Income | | | Capital Gain
Distributions | |
MFS Blended Research Core Equity Fund | | | $223,451 | | | | $457,934 | |
MFS Blended Research Emerging Markets Equity Fund | | | 48,704 | | | | 35,744 | |
MFS Blended Research Growth Equity Fund | | | 264,760 | | | | 426,211 | |
MFS Blended Research International Equity Fund | | | 523,585 | | | | 642,247 | |
MFS Blended Research Mid Cap Equity Fund | | | 408,071 | | | | 809,433 | |
MFS Blended Research Small Cap Equity Fund | | | 155,712 | | | | 74,626 | |
MFS Blended Research Value Equity Fund | | | 318,548 | | | | 140,527 | |
MFS Commodity Strategy Fund | | | 272,295 | | | | — | |
MFS Emerging Markets Equity Fund | | | 14,678 | | | | — | |
MFS Global Real Estate Fund | | | 220,690 | | | | 30,932 | |
MFS Growth Fund | | | 27,256 | | | | 358,941 | |
MFS Inflation-Adjusted Bond Fund | | | 128,174 | | | | — | |
MFS Institutional Money Market Portfolio | | | 7,527 | | | | — | |
MFS International Growth Fund | | | 102,309 | | | | 129,199 | |
MFS International New Discovery Fund | | | 82,351 | | | | 339,000 | |
MFS International Value Fund | | | 98,405 | | | | 166,162 | |
MFS Mid Cap Growth Fund | | | — | | | | 334,507 | |
MFS Mid Cap Value Fund | | | 204,101 | | | | 285,041 | |
MFS New Discovery Fund | | | 123,256 | | | | 242,309 | |
MFS New Discovery Value Fund | | | 76,556 | | | | 70,504 | |
MFS Research Fund | | | 114,657 | | | | 621,625 | |
MFS Research International Fund | | | 309,233 | | | | 50,836 | |
MFS Total Return Bond Fund | | | 140,165 | | | | — | |
MFS Value Fund | | | 220,009 | | | | 134,928 | |
| | | $4,084,493 | | | | $5,350,706 | |
152
Notes to Financial Statements – continued
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | MFS Lifetime 2050 Fund | |
Affiliated Issuers | | Beginning
Value | | | Purchases | | | Sales
Proceeds | | | Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation or
Depreciation | | | Ending
Value | |
MFS Blended Research Core Equity Fund | | | $8,249,240 | | | | $2,483,724 | | | | $2,233,851 | | | | $(39,959) | | | | $(31,025) | | | | $8,428,129 | |
MFS Blended Research Emerging Markets Equity Fund | | | 2,080,911 | | | | 952,792 | | | | 697,132 | | | | (51,824) | | | | (179,553) | | | | 2,105,194 | |
MFS Blended Research Growth Equity Fund | | | 12,357,640 | | | | 3,280,774 | | | | 3,843,101 | | | | 182,113 | | | | 658,128 | | | | 12,635,554 | |
MFS Blended Research International Equity Fund | | | 22,743,994 | | | | 9,790,573 | | | | 6,346,092 | | | | (631,506) | | | | (2,354,864) | | | | 23,202,105 | |
MFS Blended Research Mid Cap Equity Fund | | | 20,584,896 | | | | 6,113,520 | | | | 5,856,327 | | | | (103,808) | | | | 467,171 | | | | 21,205,452 | |
MFS Blended Research Small Cap Equity Fund | | | 5,149,280 | | | | 1,520,817 | | | | 1,814,368 | | | | 78,713 | | | | 323,858 | | | | 5,258,300 | |
MFS Blended Research Value Equity Fund | | | 12,376,926 | | | | 3,349,172 | | | | 3,353,910 | | | | 9,393 | | | | 288,065 | | | | 12,669,646 | |
MFS Commodity Strategy Fund | | | 10,368,361 | | | | 4,480,275 | | | | 3,287,466 | | | | (251,888) | | | | (836,958) | | | | 10,472,324 | |
MFS Emerging Markets Equity Fund | | | 2,082,125 | | | | 790,252 | | | | 685,399 | | | | (16,630) | | | | (69,700) | | | | 2,100,648 | |
MFS Global Real Estate Fund | | | 10,546,864 | | | | 2,816,248 | | | | 3,878,086 | | | | 70,791 | | | | 1,046,047 | | | | 10,601,864 | |
MFS Growth Fund | | | 12,397,116 | | | | 2,630,865 | | | | 4,331,850 | | | | 510,765 | | | | 1,463,729 | | | | 12,670,625 | |
MFS Inflation-Adjusted Bond Fund | | | 5,201,512 | | | | 2,057,354 | | | | 1,987,601 | | | | (66,454) | | | | 64,105 | | | | 5,268,916 | |
MFS Institutional Money Market Portfolio | | | 330,437 | | | | 5,352,341 | | | | 5,458,430 | | | | (14) | | | | (1) | | | | 224,333 | |
MFS International Growth Fund | | | 7,286,765 | | | | 2,015,802 | | | | 2,057,608 | | | | 9,961 | | | | 153,211 | | | | 7,408,131 | |
MFS International New Discovery Fund | | | 8,265,101 | | | | 2,925,402 | | | | 2,222,653 | | | | (109,731) | | | | (418,404) | | | | 8,439,715 | |
MFS International Value Fund | | | 7,243,993 | | | | 1,923,285 | | | | 1,978,383 | | | | 1,576 | | | | 231,649 | | | | 7,422,120 | |
MFS Mid Cap Growth Fund | | | 10,293,828 | | | | 2,145,861 | | | | 3,610,778 | | | | 349,402 | | | | 1,421,209 | | | | 10,599,522 | |
MFS Mid Cap Value Fund | | | 10,320,186 | | | | 2,780,362 | | | | 2,761,964 | | | | (26,670) | | | | 263,814 | | | | 10,575,728 | |
MFS New Discovery Fund | | | 2,580,293 | | | | 1,054,006 | | | | 1,017,419 | | | | 29,313 | | | | (8,141) | | | | 2,638,052 | |
MFS New Discovery Value Fund | | | 2,573,860 | | | | 761,957 | | | | 774,481 | | | | (2,610) | | | | 77,760 | | | | 2,636,486 | |
MFS Research Fund | | | 8,254,206 | | | | 2,151,671 | | | | 2,247,310 | | | | (4,691) | | | | 309,147 | | | | 8,463,023 | |
MFS Research International Fund | | | 8,273,700 | | | | 2,797,153 | | | | 2,127,846 | | | | (107,152) | | | | (374,015) | | | | 8,461,840 | |
MFS Total Return Bond Fund | | | 5,187,774 | | | | 2,000,803 | | | | 2,043,568 | | | | (54,839) | | | | 182,588 | | | | 5,272,758 | |
MFS Value Fund | | | 12,348,385 | | | | 2,944,997 | | | | 3,487,654 | | | | 31,005 | | | | 917,705 | | | | 12,754,438 | |
| | | $207,097,393 | | | | $69,120,006 | | | | $68,103,277 | | | | $(194,744) | | | | $3,595,525 | | | | $211,514,903 | |
153
Notes to Financial Statements – continued
| | | | | | | | |
| | | MFS Lifetime 2050 Fund – continued | |
Affiliated Issuers | | Dividend
Income | | | Capital Gain
Distributions | |
MFS Blended Research Core Equity Fund | | | $282,723 | | | | $579,401 | |
MFS Blended Research Emerging Markets Equity Fund | | | 61,621 | | | | 45,224 | |
MFS Blended Research Growth Equity Fund | | | 335,561 | | | | 540,187 | |
MFS Blended Research International Equity Fund | | | 662,018 | | | | 812,052 | |
MFS Blended Research Mid Cap Equity Fund | | | 516,559 | | | | 1,024,624 | |
MFS Blended Research Small Cap Equity Fund | | | 197,106 | | | | 94,463 | |
MFS Blended Research Value Equity Fund | | | 402,474 | | | | 177,552 | |
MFS Commodity Strategy Fund | | | 342,884 | | | | — | |
MFS Emerging Markets Equity Fund | | | 18,593 | | | | — | |
MFS Global Real Estate Fund | | | 278,055 | | | | 38,973 | |
MFS Growth Fund | | | 34,736 | | | | 456,781 | |
MFS Inflation-Adjusted Bond Fund | | | 160,632 | | | | — | |
MFS Institutional Money Market Portfolio | | | 6,975 | | | | — | |
MFS International Growth Fund | | | 129,427 | | | | 163,444 | |
MFS International New Discovery Fund | | | 103,996 | | | | 428,100 | |
MFS International Value Fund | | | 124,184 | | | | 209,695 | |
MFS Mid Cap Growth Fund | | | — | | | | 424,163 | |
MFS Mid Cap Value Fund | | | 256,975 | | | | 358,884 | |
MFS New Discovery Fund | | | 157,109 | | | | 308,860 | |
MFS New Discovery Value Fund | | | 96,350 | | | | 88,763 | |
MFS Research Fund | | | 145,226 | | | | 787,359 | |
MFS Research International Fund | | | 390,683 | | | | 64,226 | |
MFS Total Return Bond Fund | | | 174,674 | | | | — | |
MFS Value Fund | | | 277,250 | | | | 170,656 | |
| | | $5,155,811 | | | | $6,773,407 | |
154
Notes to Financial Statements – continued
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | MFS Lifetime 2055 Fund | |
Affiliated Issuers | | Beginning
Value | | | Purchases | | | Sales
Proceeds | | | Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation or
Depreciation | | | Ending
Value | |
MFS Blended Research Core Equity Fund | | | $3,165,950 | | | | $1,646,893 | | | | $676,150 | | | | $(39,154) | | | | $26,849 | | | | $4,124,388 | |
MFS Blended Research Emerging Markets Equity Fund | | | 794,499 | | | | 524,792 | | | | 199,618 | | | | (26,654) | | | | (61,500) | | | | 1,031,519 | |
MFS Blended Research Growth Equity Fund | | | 4,748,461 | | | | 2,232,325 | | | | 1,170,111 | | | | (14,177) | | | | 388,926 | | | | 6,185,424 | |
MFS Blended Research International Equity Fund | | | 8,717,285 | | | | 5,595,175 | | | | 1,781,088 | | | | (224,916) | | | | (954,372) | | | | 11,352,084 | |
MFS Blended Research Mid Cap Equity Fund | | | 7,908,665 | | | | 3,893,055 | | | | 1,652,790 | | | | (103,202) | | | | 300,755 | | | | 10,346,483 | |
MFS Blended Research Small Cap Equity Fund | | | 1,977,431 | | | | 935,783 | | | | 498,927 | | | | (9,928) | | | | 174,226 | | | | 2,578,585 | |
MFS Blended Research Value Equity Fund | | | 4,750,603 | | | | 2,243,114 | | | | 949,581 | | | | (16,681) | | | | 165,551 | | | | 6,193,006 | |
MFS Commodity Strategy Fund | | | 3,973,475 | | | | 2,736,335 | | | | 1,134,267 | | | | (70,199) | | | | (355,553) | | | | 5,149,791 | |
MFS Emerging Markets Equity Fund | | | 795,501 | | | | 463,639 | | | | 196,510 | | | | (18,320) | | | | (13,559) | | | | 1,030,751 | |
MFS Global Real Estate Fund | | | 4,042,561 | | | | 1,965,620 | | | | 1,312,771 | | | | (22,048) | | | | 485,986 | | | | 5,159,348 | |
MFS Growth Fund | | | 4,756,237 | | | | 1,968,488 | | | | 1,383,358 | | | | 24,218 | | | | 827,674 | | | | 6,193,259 | |
MFS Inflation-Adjusted Bond Fund | | | 1,990,673 | | | | 1,206,644 | | | | 620,672 | | | | (24,181) | | | | 24,684 | | | | 2,577,148 | |
MFS Institutional Money Market Portfolio | | | 222,778 | | | | 3,019,762 | | | | 3,007,238 | | | | 43 | | | | 6 | | | | 235,351 | |
MFS International Growth Fund | | | 2,783,749 | | | | 1,355,806 | | | | 610,727 | | | | (25,472) | | | | 111,894 | | | | 3,615,250 | |
MFS International New Discovery Fund | | | 3,168,671 | | | | 1,785,079 | | | | 626,502 | | | | (58,845) | | | | (141,800) | | | | 4,126,603 | |
MFS International Value Fund | | | 2,774,264 | | | | 1,358,543 | | | | 631,224 | | | | (22,161) | | | | 140,950 | | | | 3,620,372 | |
MFS Mid Cap Growth Fund | | | 3,955,443 | | | | 1,541,417 | | | | 1,078,970 | | | | 14,529 | | | | 743,719 | | | | 5,176,138 | |
MFS Mid Cap Value Fund | | | 3,960,188 | | | | 1,841,306 | | | | 769,272 | | | | (29,578) | | | | 160,579 | | �� | | 5,163,223 | |
MFS New Discovery Fund | | | 989,871 | | | | 584,666 | | | | 295,711 | | | | (18,076) | | | | 33,038 | | | | 1,293,788 | |
MFS New Discovery Value Fund | | | 988,965 | | | | 473,830 | | | | 206,293 | | | | (10,771) | | | | 45,124 | | | | 1,290,855 | |
MFS Research Fund | | | 3,167,692 | | | | 1,466,106 | | | | 659,788 | | | | (18,074) | | | | 174,330 | | | | 4,130,266 | |
MFS Research International Fund | | | 3,169,728 | | | | 1,770,517 | | | | 632,126 | | | | (53,903) | | | | (122,160) | | | | 4,132,056 | |
MFS Total Return Bond Fund | | | 1,985,975 | | | | 1,164,168 | | | | 624,881 | | | | (23,091) | | | | 76,237 | | | | 2,578,408 | |
MFS Value Fund | | | 4,744,871 | | | | 2,064,244 | | | | 1,009,594 | | | | (14,445) | | | | 447,210 | | | | 6,232,286 | |
| | | $79,533,536 | | | | $43,837,307 | | | | $21,728,169 | | | | $(805,086) | | | | $2,678,794 | | | | $103,516,382 | |
155
Notes to Financial Statements – continued
| | | | | | | | |
| | | MFS Lifetime 2055 Fund – continued | |
Affiliated Issuers | | Dividend
Income | | | Capital Gain
Distributions | |
MFS Blended Research Core Equity Fund | | | $115,613 | | | | $236,933 | |
MFS Blended Research Emerging Markets Equity Fund | | | 25,044 | | | | 18,380 | |
MFS Blended Research Growth Equity Fund | | | 136,885 | | | | 220,358 | |
MFS Blended Research International Equity Fund | | | 268,995 | | | | 329,958 | |
MFS Blended Research Mid Cap Equity Fund | | | 210,793 | | | | 418,119 | |
MFS Blended Research Small Cap Equity Fund | | | 80,823 | | | | 38,735 | |
MFS Blended Research Value Equity Fund | | | 164,415 | | | | 72,531 | |
MFS Commodity Strategy Fund | | | 137,531 | | | | — | |
MFS Emerging Markets Equity Fund | | | 7,528 | | | | — | |
MFS Global Real Estate Fund | | | 111,617 | | | | 15,644 | |
MFS Growth Fund | | | 13,691 | | | | 185,013 | |
MFS Inflation-Adjusted Bond Fund | | | 66,150 | | | | — | |
MFS Institutional Money Market Portfolio | | | 4,915 | | | | — | |
MFS International Growth Fund | | | 52,360 | | | | 66,125 | |
MFS International New Discovery Fund | | | 42,533 | | | | 175,086 | |
MFS International Value Fund | | | 50,280 | | | | 84,902 | |
MFS Mid Cap Growth Fund | | | — | | | | 172,247 | |
MFS Mid Cap Value Fund | | | 104,616 | | | | 146,103 | |
MFS New Discovery Fund | | | 63,931 | | | | 125,683 | |
MFS New Discovery Value Fund | | | 39,217 | | | | 36,110 | |
MFS Research Fund | | | 58,948 | | | | 319,591 | |
MFS Research International Fund | | | 159,583 | | | | 26,234 | |
MFS Total Return Bond Fund | | | 72,777 | | | | — | |
MFS Value Fund | | | 114,077 | | | | 69,675 | |
| | | $2,102,322 | | | | $2,757,427 | |
156
Notes to Financial Statements – continued
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | MFS Lifetime 2060 Fund | |
Affiliated Issuers | | Beginning
Value | | | Purchases | | | Sales
Proceeds | | | Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation or
Depreciation | | | Ending
Value | |
MFS Blended Research Core Equity Fund | | | $143,545 | | | | $347,609 | | | | $87,461 | | | | $(11,696) | | | | $10,752 | | | | $402,749 | |
MFS Blended Research Emerging Markets Equity Fund | | | 35,896 | | | | 90,861 | | | | 23,338 | | | | (4,037) | | | | 1,305 | | | | 100,687 | |
MFS Blended Research Growth Equity Fund | | | 215,319 | | | | 491,887 | | | | 129,950 | | | | (13,545) | | | | 40,413 | | | | 604,124 | |
MFS Blended Research International Equity Fund | | | 394,814 | | | | 1,000,003 | | | | 229,396 | | | | (38,611) | | | | (19,250) | | | | 1,107,560 | |
MFS Blended Research Mid Cap Equity Fund | | | 358,856 | | | | 840,941 | | | | 217,938 | | | | (25,916) | | | | 50,930 | | | | 1,006,873 | |
MFS Blended Research Small Cap Equity Fund | | | 89,714 | | | | 207,072 | | | | 54,471 | | | | (5,226) | | | | 14,629 | | | | 251,718 | |
MFS Blended Research Value Equity Fund | | | 215,321 | | | | 491,263 | | | | 115,117 | | | | (8,280) | | | | 20,937 | | | | 604,124 | |
MFS Commodity Strategy Fund | | | 179,474 | | | | 455,620 | | | | 106,059 | | | | (10,758) | | | | (14,840) | | | | 503,437 | |
MFS Emerging Markets Equity Fund | | | 35,897 | | | | 85,472 | | | | 21,404 | | | | (2,628) | | | | 3,350 | | | | 100,687 | |
MFS Global Real Estate Fund | | | 180,503 | | | | 411,335 | | | | 122,712 | | | | (2,100) | | | | 36,410 | | | | 503,436 | |
MFS Growth Fund | | | 215,334 | | | | 458,873 | | | | 133,907 | | | | (8,333) | | | | 72,157 | | | | 604,124 | |
MFS Inflation-Adjusted Bond Fund | | | 89,743 | | | | 221,961 | | | | 62,074 | | | | (2,251) | | | | 4,340 | | | | 251,719 | |
MFS Institutional Money Market Portfolio | | | 10,025 | | | | 2,175,916 | | | | 2,173,064 | | | | (7) | | | | (1) | | | | 12,869 | |
MFS International Growth Fund | | | 125,632 | | | | 287,474 | | | | 72,782 | | | | (7,493) | | | | 19,575 | | | | 352,406 | |
MFS International New Discovery Fund | | | 143,562 | | | | 347,827 | | | | 81,172 | | | | (12,047) | | | | 4,579 | | | | 402,749 | |
MFS International Value Fund | | | 125,617 | | | | 282,344 | | | | 69,596 | | | | (6,751) | | | | 20,792 | | | | 352,406 | |
MFS Mid Cap Growth Fund | | | 179,439 | | | | 378,952 | | | | 110,440 | | | | (9,239) | | | | 64,725 | | | | 503,437 | |
MFS Mid Cap Value Fund | | | 179,440 | | | | 408,228 | | | | 97,357 | | | | (11,787) | | | | 24,913 | | | | 503,437 | |
MFS New Discovery Fund | | | 44,861 | | | | 110,737 | | | | 29,630 | | | | (6,591) | | | | 6,482 | | | | 125,859 | |
MFS New Discovery Value Fund | | | 44,857 | | | | 104,480 | | | | 26,018 | | | | (3,383) | | | | 5,923 | | | | 125,859 | |
MFS Research Fund | | | 143,550 | | | | 324,701 | | | | 75,656 | | | | (10,736) | | | | 20,890 | | | | 402,749 | |
MFS Research International Fund | | | 143,565 | | | | 343,546 | | | | 79,323 | | | | (12,106) | | | | 7,067 | | | | 402,749 | |
MFS Total Return Bond Fund | | | 89,739 | | | | 218,571 | | | | 62,004 | | | | (1,664) | | | | 7,076 | | | | 251,718 | |
MFS Value Fund | | | 215,316 | | | | 465,962 | | | | 112,400 | | | | (8,350) | | | | 43,596 | | | | 604,124 | |
| | | $3,600,019 | | | | $10,551,635 | | | | $4,293,269 | | | | $(223,535) | | | | $446,750 | | | | $10,081,600 | |
157
Notes to Financial Statements – continued
| | | | | | | | |
| | | MFS Lifetime 2060 Fund – continued | |
Affiliated Issuers | | Dividend
Income | | | Capital Gain
Distributions | |
MFS Blended Research Core Equity Fund | | | $8,347 | | | | $17,105 | |
MFS Blended Research Emerging Markets Equity Fund | | | 1,773 | | | | 1,302 | |
MFS Blended Research Growth Equity Fund | | | 9,909 | | | | 15,952 | |
MFS Blended Research International Equity Fund | | | 19,073 | | | | 23,396 | |
MFS Blended Research Mid Cap Equity Fund | | | 15,210 | | | | 30,166 | |
MFS Blended Research Small Cap Equity Fund | | | 5,854 | | | | 2,806 | |
MFS Blended Research Value Equity Fund | | | 11,842 | | | | 5,224 | |
MFS Commodity Strategy Fund | | | 10,799 | | | | — | |
MFS Emerging Markets Equity Fund | | | 600 | | | | — | |
MFS Global Real Estate Fund | | | 7,935 | | | | 1,112 | |
MFS Growth Fund | | | 671 | | | | 13,188 | |
MFS Inflation-Adjusted Bond Fund | | | 4,287 | | | | — | |
MFS Institutional Money Market Portfolio | | | 406 | | | | — | |
MFS International Growth Fund | | | 4,195 | | | | 5,298 | |
MFS International New Discovery Fund | | | 3,380 | | | | 13,912 | |
MFS International Value Fund | | | 4,012 | | | | 6,775 | |
MFS Mid Cap Growth Fund | | | — | | | | 13,702 | |
MFS Mid Cap Value Fund | | | 8,360 | | | | 11,674 | |
MFS New Discovery Fund | | | 5,101 | | | | 10,029 | |
MFS New Discovery Value Fund | | | 2,822 | | | | 2,534 | |
MFS Research Fund | | | 4,681 | | | | 25,374 | |
MFS Research International Fund | | | 12,667 | | | | 2,083 | |
MFS Total Return Bond Fund | | | 4,905 | | | | — | |
MFS Value Fund | | | 7,713 | | | | 5,179 | |
| | | $154,542 | | | | $206,811 | |
| (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). |
158
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, 2019,and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the MFS Lifetime Funds (ten of the funds constituting MFS Series Trust XII) at April 30, 2019, 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, 2019 | | For each of the two years in the period ended April 30, 2019 | | For each of the five years in the period ended April 30, 2019 |
| MFS Lifetime 2060 Fund | | For the year ended April 30, 2019 | | For each of the two years in the period ended April 30, 2019 | | For each of the two years in the period ended April 30, 2019 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, 2019,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 17, 2019
159
TRUSTEES AND OFFICERS — IDENTIFICATION AND BACKGROUND
The Trustees and Officers of the Trust, as of June 1, 2019, 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 55) | | Trustee | | February 2004 | | 135 | | Massachusetts Financial Services Company, Executive Chairman (since January 2017); Director; Chairman of the Board; Chief Executive Officer (until 2015);Co-Chief Executive Officer (2015-2016) | | N/A |
| | | | | |
Robin A. Stelmach (k) (age 57) | | Trustee | | January 2014 | | 135 | | Massachusetts Financial Services Company, Vice Chair (since January 2017); Chief Operating Officer and Executive Vice President (until January 2017) | | N/A |
|
| INDEPENDENT TRUSTEES |
John P. Kavanaugh (age 64) | | Trustee and Chair of Trustees | | January 2009 | | 135 | | Private investor | | N/A |
| | | | | |
Steven E. Buller (age 67) | | Trustee | | February 2014 | | 135 | | Financial Accounting Standards Advisory Council, Chairman (2014-2015); Public Company Accounting Oversight Board, Standing Advisory Group, Member (until 2014); BlackRock, Inc. (investment management), Managing Director (until 2014), BlackRock Finco UK (investment management), Director (until 2014) | | N/A |
| | | | | |
John A. Caroselli (age 64) | | Trustee | | March 2017 | | 135 | | JC Global Advisors, LLC (management consulting), President (since 2015); First Capital Corporation (commercial finance), Executive Vice President (until 2015) | | N/A |
| | | | | |
Maureen R. Goldfarb (age 64) | | Trustee | | January 2009 | | 135 | | Private investor | | N/A |
| | | | | |
Michael Hegarty (age 74) | | Trustee | | December 2004 | | 135 | | Private investor | | Rouse Properties Inc., Director (until 2016); Capmark Financial Group Inc., Director (until 2015) |
| | | | | |
Peter D. Jones (age 63) | | Trustee | | January 2019 | | 135 | | Franklin Templeton Distributors, Inc. (investment management), President (until 2015); Franklin Templeton Institutional, LLC (investment management), Chairman (until 2015) | | N/A |
| | | | | |
James W. Kilman, Jr.
(age 58) | | Trustee | | January 2019 | | 135 | | KielStrand Capital LLC (family office and merchant bank), 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 (since 2016) |
| | | | | |
Clarence Otis, Jr. (age 63) | | Trustee | | March 2017 | | 135 | | Darden Restaurants, Inc., Chief Executive Officer (until 2014) | | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director; Federal Reserve Bank of Atlanta, Director (until 2015) |
160
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) |
Maryanne L. Roepke (age 63) | | Trustee | | May 2014 | | 135 | | American Century Investments (investment management), Senior Vice President and Chief Compliance Officer (until 2014) | | N/A |
| | | | | |
Laurie J. Thomsen (age 61) | | Trustee | | March 2005 | | 135 | | Private investor | | The Travelers Companies, Director; Dycom Industries, Inc., Director (since 2015) |
| | | | | | | | |
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 45) | | Assistant Secretary and Assistant Clerk | | July 2005 | | 135 | | Massachusetts Financial Services Company, Vice President and Assistant General Counsel |
| | | | |
Kino Clark (k) (age 50) | | Assistant Treasurer | | January 2012 | | 135 | | Massachusetts Financial Services Company, Vice President |
| | | | |
John W. Clark, Jr. (k) (age 52) | | 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 59) | | Assistant Secretary and Assistant Clerk | | September 2012 | | 135 | | Massachusetts Financial Services Company, Vice President and Senior Counsel |
| | | | |
Ethan D. Corey (k) (age 55) | | Assistant Secretary and Assistant Clerk | | July 2005 | | 135 | | Massachusetts Financial Services Company, Senior Vice President and Associate General Counsel |
| | | | |
David L. DiLorenzo (k) (age 50) | | President | | July 2005 | | 135 | | Massachusetts Financial Services Company, Senior Vice President |
| | | | |
Heidi W. Hardin (k) (age 51) | | 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 (from September 2015 to January 2017); Janus Capital Management LLC (investment management), Senior Vice President and General Counsel (until September 2015) |
| | | | |
Brian E. Langenfeld (k) (age 46) | | Assistant Secretary and Assistant Clerk | | June 2006 | | 135 | | Massachusetts Financial Services Company, Vice President and Senior Counsel |
| | | | |
Amanda S. Mooradian (k) (age 40) | | Assistant Secretary and Assistant Clerk | | September 2018 | | 135 | | Massachusetts Financial Services Company, Assistant Vice President and Counsel |
| | | | |
Susan A. Pereira (k) (age 48) | | Assistant Secretary and Assistant Clerk | | July 2005 | | 135 | | Massachusetts Financial Services Company, Vice President and Assistant General Counsel |
| | | | |
Kasey L. Phillips (k) (age 48) | | Assistant Treasurer | | September 2012 | | 135 | | Massachusetts Financial Services Company, Vice President |
| | | | |
Matthew A. Stowe (k) (age 44) | | Assistant Secretary and Assistant Clerk | | October 2014 | | 135 | | Massachusetts Financial Services Company, Vice President and Assistant General Counsel |
| | | | |
Frank L. Tarantino (age 75) | | Independent Senior Officer | | June 2004 | | 135 | | Tarantino LLC (provider of compliance services), Principal |
161
Trustees and Officers – continued
| | | | | | | | |
Name, Age | | Position(s) Held with Fund | | Trustee/Officer Since (h) | | Number of MFS
Funds for which the
Person is an Officer | | Principal Occupations During the Past Five Years |
Martin J. Wolin (k) (age 51) | | Chief Compliance Officer | | July 2015 | | 135 | | Massachusetts Financial Services Company, Senior Vice President and Chief Compliance Officer (since July 2015); Mercer (financial service provider), Chief Risk and Compliance Officer, North America and Latin America (until June 2015) |
| | | | |
James O. Yost (k) (age 58) | | 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. |
Each Trustee (other than Messrs. Jones and Kilman) 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. 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, Hegarty, Kilman and Otis and Ms. Roepke are members of the Trust’s Audit Committee.
Each of the Interested Trustees and certain Officers hold comparable officer positions with certain affiliates of MFS.
The Statement of Additional Information for a Fund includes further information about the Trustees and is available without charge upon request by calling 1-800-225-2606.
| | |
| Investment Adviser | | Custodian |
| Massachusetts Financial Services Company | | State Street Bank and Trust Company |
| 111 Huntington Avenue | | 1 Lincoln Street |
| Boston, MA 02199-7618 | | Boston, MA 02111-2900 |
| Distributor | | Independent Registered Public Accounting Firm |
| MFS Fund Distributors, Inc. | | Ernst & Young LLP |
| 111 Huntington Avenue | | 200 Clarendon Street |
| Boston, MA 02199-7618 | | Boston, MA 02116 |
| Portfolio Manager(s) | | |
| Joseph Flaherty | | |
| Natalie Shapiro | | |
162
PROXY VOTING POLICIES AND INFORMATION
MFS votes proxies on behalf of the funds pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling1-800-225-2606, by visitingmfs.com/proxyvoting,or by visiting the SEC’s Web site athttp://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 visitingmfs.com/proxyvoting,or by visiting the SEC’s Web site athttp://www.sec.gov.
QUARTERLY PORTFOLIO DISCLOSURE
Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q or as an exhibit to its reports on FormN-PORT (for first and third fiscal quarters ending March 31, 2019 or after). Each fund’sForm N-Q or FormN-PORT reports are available on the SEC’s website athttp://www.sec.gov.A shareholder can obtain the portfolio holdings report for the first and third quarters of each fund’s fiscal year atmfs.com/openendfunds by choosing the fund’s name and then selecting the “Resources” tab and clicking on “Prospectus and Reports”.
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 athttps://www.mfs.com/en-us/what-we-do/announcements.htmlor atmfs.com/openendfundsby choosing the fund’s name.
INFORMATION ABOUT FUND CONTRACTS AND LEGAL CLAIMS
Each fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, 529 program manager (if applicable), and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the Trust’sBy-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.
163
FEDERAL TAX INFORMATION (unaudited)
The funds will notify shareholders of amounts for use in preparing 2019 income tax forms in January 2020. 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 | | | $8,104,000 | |
| MFS Lifetime 2020 Fund | | | 10,740,000 | |
| MFS Lifetime 2025 Fund | | | 3,209,000 | |
| MFS Lifetime 2030 Fund | | | 17,657,000 | |
| MFS Lifetime 2035 Fund | | | 2,542,000 | |
| MFS Lifetime 2040 Fund | | | 14,672,000 | |
| MFS Lifetime 2045 Fund | | | 2,125,000 | |
| MFS Lifetime 2050 Fund | | | 3,525,000 | |
| MFS Lifetime 2055 Fund | | | 1,173,000 | |
| MFS Lifetime 2060 Fund | | | 45,000 | |
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 | | | 9.27% | |
| MFS Lifetime 2020 Fund | | | 10.09% | |
| MFS Lifetime 2025 Fund | | | 14.69% | |
| MFS Lifetime 2030 Fund | | | 19.50% | |
| MFS Lifetime 2035 Fund | | | 23.75% | |
| MFS Lifetime 2040 Fund | | | 23.90% | |
| MFS Lifetime 2045 Fund | | | 28.44% | |
| MFS Lifetime 2050 Fund | | | 28.93% | |
| MFS Lifetime 2055 Fund | | | 26.50% | |
| MFS Lifetime 2060 Fund | | | 26.08% | |
164
rev. 3/16
| | | | |
| | | |
FACTS | | WHAT DOES MFS DO WITH YOUR
PERSONAL INFORMATION? | |  |
| | |
| Why? | | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| | |
| What? | | The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number and account balances • Account transactions and transaction history • Checking account information and wire transfer instructions When you areno 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? | | Call800-225-2606 or go tomfs.com. |
165
| | |
| Who we are |
| Who is providing this notice? | | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
| | |
| What we do |
| How does MFS protect my personal information? | | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
How does MFS
collect my personal information? | | We collect your personal information, for example, when you • open an account or provide account information • direct us to buy securities or direct us to sell your securities • make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | | Federal law gives you the right to limit only • sharing for affiliates’ everyday business purposes – information about your creditworthiness • affiliates from using your information to market to you • sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
| | |
| Definitions |
| Affiliates | | Companies related by common ownership or control. They can be financial and nonfinancial companies. • MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. |
| Nonaffiliates | | Companies not related by common ownership or control. They can be financial and nonfinancial companies. • MFS does not share with nonaffiliates so they can market to you. |
| Joint marketing | | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. • MFS doesn’t jointly market. |
| | |
| Other important information |
| If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
166
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MFS® will send you prospectuses, |
reports, and proxies directly viae-mail so you will get information faster with less mailbox clutter.
To sign up:
1. Go to mfs.com.
2. Log in via MFS® Access.
3. Select eDelivery.
If you own your MFS fund shares through a financial institution or a retirement plan, MFS® TALK, MFS® Access, or eDelivery may not be available to you.
CONTACT US
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
The Registrant has adopted a Code of Ethics (the “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in FormN-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 FormN-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 FormN-CSR.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Messrs. Steven E. Buller, Michael Hegarty, 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 FormN-CSR. In addition, Messrs. Buller, Hegarty, 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 FormN-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 fornon-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, 2019 and 2018, audit fees billed to each Fund by E&Y were as follows:
| | | | | | | | |
| | | Audit Fees | |
| | 2019 | | | 2018 | |
Fees billed by E&Y: | | | | | | | | |
MFS Lifetime Income Fund | | | 32,028 | | | | 31,326 | |
MFS Lifetime 2020 Fund | | | 30,412 | | | | 29,747 | |
MFS Lifetime 2025 Fund | | | 29,738 | | | | 29,087 | |
MFS Lifetime 2030 Fund | | | 30,412 | | | | 29,747 | |
MFS Lifetime 2035 Fund | | | 29,738 | | | | 29,087 | |
MFS Lifetime 2040 Fund | | | 30,412 | | | | 29,747 | |
MFS Lifetime 2045 Fund | | | 29,738 | | | | 29,087 | |
MFS Lifetime 2050 Fund | | | 29,845 | | | | 29,192 | |
MFS Lifetime 2055 Fund | | | 29,738 | | | | 29,087 | |
MFS Lifetime 2060 Fund | | | 29,088 | | | | 21,702 | |
| | | | | | | | |
Total | | | 301,149 | | | | 287,809 | |
For the fiscal years ended April 30, 2019 and 2018, 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 | |
| | 2019 | | | 2018 | | | 2019 | | | 2018 | | | 2019 | | | 2018 | |
Fees billed by E&Y: | | | | | | | | | | | | | | | | | | | | | | | | |
To MFS Lifetime Income Fund | | | 0 | | | | 0 | | | | 5,407 | | | | 5,285 | | | | 1,156 | | | | 1,172 | |
To MFS Lifetime 2020 Fund | | | 0 | | | | 0 | | | | 5,407 | | | | 5,285 | | | | 1,100 | | | | 1,111 | |
To MFS Lifetime 2025 Fund | | | 0 | | | | 0 | | | | 5,297 | | | | 5,178 | | | | 1,067 | | | | 1,062 | |
To MFS Lifetime 2030 Fund | | | 0 | | | | 0 | | | | 5,407 | | | | 5,285 | | | | 1,156 | | | | 1,146 | |
To MFS Lifetime 2035 Fund | | | 0 | | | | 0 | | | | 5,297 | | | | 5,178 | | | | 1,064 | | | | 1,054 | |
To MFS Lifetime 2040 Fund | | | 0 | | | | 0 | | | | 5,407 | | | | 5,285 | | | | 1,118 | | | | 1,113 | |
To MFS Lifetime 2045 Fund | | | 0 | | | | 0 | | | | 5,297 | | | | 5,178 | | | | 1,045 | | | | 1,036 | |
To MFS Lifetime 2050 Fund | | | 0 | | | | 0 | | | | 5,383 | | | | 5,262 | | | | 1,056 | | | | 1,045 | |
To MFS Lifetime 2055 Fund | | | 0 | | | | 0 | | | | 5,297 | | | | 5,178 | | | | 1,022 | | | | 1,013 | |
To MFS Lifetime 2060 Fund | | | 0 | | | | 0 | | | | 5,333 | | | | 6,713 | | | | 1,001 | | | | 1,000 | |
Total fees billed by E&Y To above Funds: | | | 0 | | | | 0 | | | | 53,532 | | | | 53,827 | | | | 10,785 | | | | 10,752 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Audit-Related Fees1 | | | Tax Fees2 | | | All Other Fees3 | |
| | 2019 | | | 2018 | | | 2019 | | | 2018 | | | 2019 | | | 2018 | |
Fees billed by E&Y: | | | | | | | | | | | | | | | | | | | | | | | | |
To MFS and MFS Related Entities of MFS Lifetime Income Fund* | | | 1,783,943 | | | | 1,653,893 | | | | 0 | | | | 0 | | | | 104,750 | | | | 102,450 | |
To MFS and MFS Related Entities of MFS Lifetime 2020 Fund* | | | 1,783,943 | | | | 1,653,893 | | | | 0 | | | | 0 | | | | 104,750 | | | | 102,450 | |
To MFS and MFS Related Entities of MFS Lifetime 2025 Fund* | | | 1,783,943 | | | | 1,653,893 | | | | 0 | | | | 0 | | | | 104,750 | | | | 102,450 | |
To MFS and MFS Related Entities of MFS Lifetime 2030 Fund* | | | 1,783,943 | | | | 1,653,893 | | | | 0 | | | | 0 | | | | 104,750 | | | | 102,450 | |
To MFS and MFS Related Entities of MFS Lifetime 2035 Fund* | | | 1,783,943 | | | | 1,653,893 | | | | 0 | | | | 0 | | | | 104,750 | | | | 102,450 | |
To MFS and MFS Related Entities of MFS Lifetime 2040 Fund* | | | 1,783,943 | | | | 1,653,893 | | | | 0 | | | | 0 | | | | 104,750 | | | | 102,450 | |
To MFS and MFS Related Entities of MFS Lifetime 2045 Fund* | | | 1,783,943 | | | | 1,653,893 | | | | 0 | | | | 0 | | | | 104,750 | | | | 102,450 | |
To MFS and MFS Related Entities of MFS Lifetime 2050 Fund* | | | 1,783,943 | | | | 1,653,893 | | | | 0 | | | | 0 | | | | 104,750 | | | | 102,450 | |
To MFS and MFS Related Entities of MFS Lifetime 2055 Fund* | | | 1,783,943 | | | | 1,653,893 | | | | 0 | | | | 0 | | | | 104,750 | | | | 102,450 | |
To MFS and MFS Related Entities of MFS Lifetime 2060 Fund* | | | 1,783,943 | | | | 1,653,893 | | | | 0 | | | | 0 | | | | 104,750 | | | | 102,450 | |
| | | | | | | | |
| | | Aggregate Fees for Non-audit Services | |
| | 2019 | | | 2018 | |
Fees billed by E&Y: | | | | | | | | |
To MFS Lifetime Income Fund, MFS and MFS Related Entities# | | | 2,108,156 | | | | 1,929,800 | |
To MFS Lifetime 2020 Fund, MFS and MFS Related Entities# | | | 2,108,100 | | | | 1,929,739 | |
To MFS Lifetime 2025 Fund, MFS and MFS Related Entities# | | | 2,107,957 | | | | 1,929,583 | |
To MFS Lifetime 2030 Fund, MFS and MFS Related Entities# | | | 2,108,156 | | | | 1,929,774 | |
To MFS Lifetime 2035 Fund, MFS and MFS Related Entities# | | | 2,107,954 | | | | 1,929,575 | |
To MFS Lifetime 2040 Fund, MFS and MFS Related Entities# | | | 2,108,118 | | | | 1,929,741 | |
To MFS Lifetime 2045 Fund, MFS and MFS Related Entities# | | | 2,107,935 | | | | 1,929,557 | |
To MFS Lifetime 2050 Fund, MFS and MFS Related Entities# | | | 2,108,032 | | | | 1,929,650 | |
To MFS Lifetime 2055 Fund, MFS and MFS Related Entities# | | | 2,107,912 | | | | 1,929,534 | |
To MFS Lifetime 2060 Fund, MFS and MFS Related Entities# | | | 2,107,927 | | | | 1,931,056 | |
| * | This amount reflects the fees billed to MFS and MFS Related Entities fornon-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 fornon-audit services rendered to the Funds and fornon-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 Rule38a-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 thepre-approval of audit andnon-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 permissiblenon-audit services rendered to the Fund and all permissiblenon-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 anengagement-by-engagement basis. In the eventpre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seekpre-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 notpre-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 engagementpre-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 Rule2-01 of RegulationS-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 ofnon-audit services to MFS and MFS Related Entities that were notpre-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.
A schedule of investments of the Registrant is included as part of the report to shareholders of such series under Item 1 of this FormN-CSR.
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
| ITEM 8. | PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BYCLOSED-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 RegulationS-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 Rule30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on FormN-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 Rule30a-3(d) under the Act) that occurred during the second fiscal quarter of 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 FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
| (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 asEX-99.COE. |
| | (2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule30a-2(a) under the Act (17 CFR270.30a-2): Attached hereto asEX-99.302CERT. |
| | (3) | Any written solicitation to purchase securities under Rule23c-1 under the Act (17 CFR270.23c-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 Rule30a-2(b) under the Act (17 CFR270.30a-2(b)), Rule13a-14(b) or Rule15d-14(b) under the Exchange Act (17 CFR240.13a-14(b) or240.15d-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 asEX-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)* | | DAVID L. DILORENZO |
| | David L. DiLorenzo, President |
Date: June 17, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By (Signature and Title)* | | DAVID L. DILORENZO |
| | David L. DiLorenzo, President (Principal Executive Officer) |
Date: June 17, 2019
| | |
| By (Signature and Title)* | | JAMES O. YOST |
| | James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: June 17, 2019
| * | Print name and title of each signing officer under his or her signature. |
