UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21780

MFS SERIES TRUST XII

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

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

Date of fiscal year end: April 30*

Date of reporting period: April 30, 2018

* This Form N-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, MFS Equity Opportunities Fund, has a fiscal year end of October 31.

ITEM 1. REPORTS TO STOCKHOLDERS.

Annual Report

April 30, 2018

MFS® Lifetime® Funds

MFS® Lifetime® Income Fund

MFS® Lifetime® 2020 Fund

MFS® Lifetime® 2025 Fund

MFS® Lifetime® 2030 Fund

MFS® Lifetime® 2035 Fund

MFS® Lifetime® 2040 Fund

MFS® Lifetime® 2045 Fund

MFS® Lifetime® 2050 Fund

MFS® Lifetime® 2055 Fund

MFS® Lifetime® 2060 Fund

LTF-ANN

MFS® Lifetime® Funds

CONTENTS

Letter from the Executive Chairman	1
Portfolio composition	2
Management review	12
Performance summary	17
Expense tables	37
Portfolio of investments	48
Statements of assets and liabilities	58
Statements of operations	64
Statements of changes in net assets	66
Financial highlights	68
Notes to financial statements	120
Report of independent registered public accounting firm	155
Trustees and officers	156
Proxy voting policies and information	159
Quarterly portfolio disclosure	159
Further information	159
Information about fund contracts and legal claims	159
Federal tax information	160
MFS® privacy notice	161
Contact information    back cover

The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

LETTER FROM THE EXECUTIVE CHAIRMAN

Dear Shareholders:

Rising bond yields have led to a measurable uptick in market volatility — a departure from the low-volatility environment that prevailed for much of 2017. In recent months, against this backdrop, global markets have given back some of the strong gains recorded during 2017 and early 2018. Global economic growth remains robust, notwithstanding signs of a modest slowdown over the past few months, particularly in Europe.

Although the U.S. Federal Reserve continues to gradually raise interest rates and shrink its balance sheet, monetary policy remains accommodative around the world, with many central banks taking only tentative steps toward tighter policies. Newly enacted U.S. tax reforms have been welcomed by equity markets, while emerging market economies have benefited from a weaker U.S. dollar.

Around the world, inflation remains largely subdued, but tight labor markets and solid global demand have investors on the lookout for its potential resurgence. Increased U.S. protectionism is also a growing concern, as investors fear that trade friction could disrupt the synchronized rise in global growth.

As a global investment manager, MFS® strives to create long-term value and protect capital for clients through an active approach and an investment platform built on nearly a century of expertise. To make that long-term value meaningful for clients, we work to align with you on our beliefs, your needs and the time it takes to deliver on your desired outcomes.

Respectfully,

Robert J. Manning

Executive Chairman

MFS Investment Management

June 18, 2018

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	20.0%
MFS Inflation-Adjusted Bond Fund	10.0%
MFS Government Securities Fund	10.0%
MFS Global Bond Fund	4.9%
MFS High Income Fund	3.0%
MFS Blended Research Mid Cap Equity Fund	2.9%
MFS Blended Research International Equity Fund	2.5%
MFS Global Real Estate Fund	2.0%
MFS Commodity Strategy Fund	2.0%
MFS Growth Fund	2.0%
MFS Blended Research Value Equity Fund	2.0%
MFS Research Fund	2.0%
MFS Emerging Markets Debt Fund	2.0%
MFS Blended Research Core Equity Fund	2.0%
MFS Blended Research Growth Equity Fund	2.0%
MFS Value Fund	2.0%
MFS Research International Fund	1.5%
MFS Mid Cap Value Fund	1.5%
MFS Mid Cap Growth Fund	1.5%
MFS Blended Research Small Cap Equity Fund	1.0%
MFS Emerging Markets Debt Local Currency Fund	1.0%
MFS International Growth Fund	0.5%
MFS New Discovery Fund	0.5%
MFS International Value Fund	0.5%
MFS New Discovery Value 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 Lifetime Funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS Lifetime 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 Lifetime 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, 2018.

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	17.6%
MFS Limited Maturity Fund	15.1%
MFS Inflation-Adjusted Bond Fund	10.0%
MFS Government Securities Fund	10.0%
MFS Global Bond Fund	5.0%
MFS High Income Fund	4.0%
MFS Blended Research Mid Cap Equity Fund	3.5%
MFS Blended Research International Equity Fund	3.2%
MFS Growth Fund	2.5%
MFS Research Fund	2.5%
MFS Blended Research Core Equity Fund	2.5%
MFS Blended Research Growth Equity Fund	2.5%
MFS Emerging Markets Debt Fund	2.5%
MFS Blended Research Value Equity Fund	2.5%
MFS Value Fund	2.5%
MFS Global Real Estate Fund	2.0%
MFS Commodity Strategy Fund	2.0%
MFS Research International Fund	1.8%
MFS Mid Cap Value Fund	1.7%
MFS Mid Cap Growth Fund	1.7%
MFS Emerging Markets Debt Local Currency Fund	1.5%
MFS Blended Research Small Cap Equity Fund	1.0%
MFS International Growth Fund	0.8%
MFS International Value Fund	0.7%
MFS New Discovery Fund	0.5%
MFS New Discovery Value Fund	0.5%
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 MFS Lifetime Funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS Lifetime 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 Lifetime 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, 2018.

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	11.5%
MFS Government Securities Fund	10.0%
MFS Inflation-Adjusted Bond Fund	8.5%
MFS Blended Research Mid Cap Equity Fund	5.4%
MFS Limited Maturity Fund	5.1%
MFS High Income Fund	5.0%
MFS Blended Research International Equity Fund	5.0%
MFS Global Bond Fund	5.0%
MFS Growth Fund	3.5%
MFS Blended Research Core Equity Fund	3.5%
MFS Blended Research Value Equity Fund	3.5%
MFS Research Fund	3.5%
MFS Blended Research Growth Equity Fund	3.5%
MFS Value Fund	3.5%
MFS Emerging Markets Debt Fund	3.0%
MFS Mid Cap Value Fund	2.7%
MFS Mid Cap Growth Fund	2.7%
MFS Global Real Estate Fund	2.5%
MFS Commodity Strategy Fund	2.5%
MFS Research International Fund	2.5%
MFS Emerging Markets Debt Local Currency Fund	2.0%
MFS International Growth Fund	1.2%
MFS Blended Research Small Cap Equity Fund	1.2%
MFS International Value Fund	1.2%
MFS New Discovery Fund	0.6%
MFS New Discovery Value Fund	0.6%
MFS International New Discovery Fund	0.5%
Cash & Cash Equivalents	0.3%

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 Lifetime Funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS Lifetime 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 Lifetime 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, 2018.

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	7.9%
MFS Blended Research International Equity Fund	7.2%
MFS Inflation-Adjusted Bond Fund	6.0%
MFS Total Return Bond Fund	5.5%
MFS Government Securities Fund	5.1%
MFS High Income Fund	5.0%
MFS Growth Fund	4.8%
MFS Blended Research Value Equity Fund	4.7%
MFS Blended Research Growth Equity Fund	4.7%
MFS Value Fund	4.7%
MFS Blended Research Core Equity Fund	4.0%
MFS Mid Cap Value Fund	4.0%
MFS Research Fund	4.0%
MFS Mid Cap Growth Fund	4.0%
MFS Global Real Estate Fund	3.6%
MFS Commodity Strategy Fund	3.5%
MFS Global Bond Fund	3.5%
MFS Research International Fund	3.3%
MFS Emerging Markets Debt Fund	3.0%
MFS International Growth Fund	2.0%
MFS International Value Fund	2.0%
MFS Emerging Markets Debt Local Currency Fund	2.0%
MFS Blended Research Small Cap Equity Fund	1.7%
MFS International New Discovery Fund	1.5%
MFS New Discovery Fund	0.9%
MFS New Discovery Value Fund	0.9%
MFS Emerging Markets Equity Fund	0.2%
MFS Blended Research Emerging Markets Equity Fund	0.2%
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 MFS Lifetime Funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS Lifetime 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 Lifetime 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, 2018.

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	9.1%
MFS Growth Fund	5.6%
MFS Blended Research Value Equity Fund	5.6%
MFS Blended Research Growth Equity Fund	5.6%
MFS Value Fund	5.6%
MFS Mid Cap Value Fund	4.6%
MFS Mid Cap Growth Fund	4.6%
MFS Inflation-Adjusted Bond Fund	4.4%
MFS Global Real Estate Fund	4.3%
MFS Commodity Strategy Fund	4.2%
MFS Research Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS High Income Fund	3.8%
MFS Research International Fund	3.6%
MFS Total Return Bond Fund	2.9%
MFS International Growth Fund	2.8%
MFS International Value Fund	2.8%
MFS International New Discovery Fund	2.5%
MFS Emerging Markets Debt Fund	2.3%
MFS Blended Research Small Cap Equity Fund	2.1%
MFS Global Bond Fund	1.5%
MFS Emerging Markets Debt Local Currency Fund	1.5%
MFS New Discovery Fund	1.1%
MFS New Discovery Value Fund	1.0%
MFS Emerging Markets Equity Fund	0.6%
MFS Blended Research 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 MFS Lifetime Funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS Lifetime 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 Lifetime 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, 2018.

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	10.3%
MFS Blended Research Mid Cap Equity Fund	9.7%
MFS Growth Fund	5.9%
MFS Blended Research Value Equity Fund	5.9%
MFS Blended Research Growth Equity Fund	5.8%
MFS Value Fund	5.8%
MFS Mid Cap Value Fund	4.9%
MFS Mid Cap Growth Fund	4.8%
MFS Global Real Estate Fund	4.8%
MFS Commodity Strategy Fund	4.8%
MFS Research Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS Research International Fund	3.9%
MFS International New Discovery Fund	3.5%
MFS International Growth Fund	3.3%
MFS International Value Fund	3.2%
MFS Inflation-Adjusted Bond Fund	3.2%
MFS Total Return Bond Fund	2.6%
MFS Blended Research Small Cap Equity Fund	2.4%
MFS High Income Fund	1.3%
MFS New Discovery Fund	1.2%
MFS New Discovery Value Fund	1.2%
MFS Blended Research Emerging Markets Equity Fund	0.9%
MFS Emerging Markets Equity Fund	0.9%
MFS Emerging Markets Debt Fund	0.8%
MFS Global Bond Fund	0.5%
MFS Emerging Markets Debt Local Currency Fund	0.5%
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 MFS Lifetime Funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS Lifetime 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 Lifetime 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, 2018.

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	11.0%
MFS Blended Research Mid Cap Equity Fund	9.9%
MFS Growth Fund	6.0%
MFS Blended Research Value Equity Fund	6.0%
MFS Blended Research Growth Equity Fund	6.0%
MFS Value Fund	5.9%
MFS Global Real Estate Fund	5.1%
MFS Commodity Strategy Fund	5.0%
MFS Mid Cap Value Fund	5.0%
MFS Mid Cap Growth Fund	5.0%
MFS Research International Fund	4.0%
MFS International New Discovery Fund	4.0%
MFS Research Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS International Growth Fund	3.5%
MFS International Value Fund	3.5%
MFS Inflation-Adjusted Bond Fund	2.5%
MFS Total Return Bond Fund	2.5%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS New Discovery Fund	1.2%
MFS New Discovery Value Fund	1.2%
MFS Emerging Markets Equity Fund	1.0%
MFS Blended Research Emerging Markets Equity Fund	1.0%
Cash & Cash Equivalents	0.2%

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 Lifetime Funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS Lifetime 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 Lifetime 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, 2018.

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	9.9%
MFS Growth Fund	6.0%
MFS Blended Research Value Equity Fund	6.0%
MFS Blended Research Growth Equity Fund	6.0%
MFS Value Fund	6.0%
MFS Global Real Estate Fund	5.1%
MFS Commodity Strategy Fund	5.0%
MFS Mid Cap Value Fund	5.0%
MFS Mid Cap Growth Fund	5.0%
MFS Research International Fund	4.0%
MFS International New Discovery Fund	4.0%
MFS Research Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS International Growth Fund	3.5%
MFS International Value Fund	3.5%
MFS Inflation-Adjusted Bond Fund	2.5%
MFS Total Return Bond Fund	2.5%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS New Discovery Fund	1.2%
MFS New Discovery Value Fund	1.2%
MFS Emerging Markets Equity Fund	1.0%
MFS Blended Research Emerging Markets Equity Fund	1.0%
Cash & Cash Equivalents	0.1%

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 Lifetime Funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS Lifetime 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 Lifetime 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, 2018.

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	9.9%
MFS Growth Fund	6.0%
MFS Blended Research Value Equity Fund	6.0%
MFS Blended Research Growth Equity Fund	6.0%
MFS Value Fund	6.0%
MFS Global Real Estate Fund	5.1%
MFS Commodity Strategy Fund	5.0%
MFS Mid Cap Value Fund	5.0%
MFS Mid Cap Growth Fund	5.0%
MFS Research International Fund	4.0%
MFS International New Discovery Fund	4.0%
MFS Research Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS International Growth Fund	3.5%
MFS International Value Fund	3.5%
MFS Inflation-Adjusted Bond Fund	2.5%
MFS Total Return Bond Fund	2.5%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS New Discovery Fund	1.2%
MFS New Discovery Value Fund	1.2%
MFS Emerging Markets Equity Fund	1.0%
MFS Blended Research Emerging Markets Equity Fund	1.0%
Cash & Cash Equivalents	0.2%

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 Lifetime Funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS Lifetime 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 Lifetime 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, 2018.

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 Blended Research Value Equity Fund	6.0%
MFS Blended Research Growth Equity Fund	6.0%
MFS Value Fund	6.0%
MFS Global Real Estate Fund	5.1%
MFS Commodity Strategy Fund	5.0%
MFS Mid Cap Value Fund	5.0%
MFS Mid Cap Growth Fund	5.0%
MFS Research International Fund	4.0%
MFS International New Discovery Fund	4.0%
MFS Research Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS International Growth Fund	3.5%
MFS International Value Fund	3.5%
MFS Inflation-Adjusted Bond Fund	2.5%
MFS Total Return Bond Fund	2.5%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS New Discovery Fund	1.3%
MFS New Discovery Value Fund	1.2%
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 MFS Lifetime Funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS Lifetime 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 Lifetime 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, 2018.

The portfolio is actively managed and current holdings may be different.

11

MANAGEMENT REVIEW

MFS Lifetime Funds

Market Environment

Despite continued solid global economic growth, financial markets were buffeted by increased volatility late in the reporting period. The increase in volatility dented what appeared to have been high levels of investor confidence, leading to a correction in elevated valuations. Valuations are now more in line with long-term averages after the recent bout of market weakness. So far, the rise in volatility has not disrupted the synchronized upturn in growth, though developed markets showed signs of a modest slowdown in the expansion’s pace in early 2018.

During the period, the US Federal Reserve raised rates by 75 basis points, bringing the total number of hikes to six since the central bank began to normalize monetary policy in late 2015. The growth rate in the US, eurozone and Japan remains above potential, though inflation remains contained, particularly outside the US. In the middle of the period, the European Central Bank announced that it was extending its asset purchase program until the end of September 2018, but cut its pace of asset purchases in half as economic conditions improved. Both the Bank of England (“BOE”) and the Bank of Canada raised rates during the period, the BOE for the first time in a decade. The European political backdrop became a bit less volatile late in the period, with populist parties gaining an increased share of the vote, but thus far falling short of majorities in eurozone member states.

Bond yields rose in most developed economies during the period, but they remain low by historic standards. Credit spreads remain relatively tight, but widened modestly late in the period as market volatility increased. Increasing concern over growing global trade friction risks weighed on the strong global trade volumes seen during the period’s second half. The US announced broad-based tariffs on imports of steel and aluminum during the period, though some nations have been exempted, and later targeted China for tariffs, in retaliation for what it believes is abuse of intellectual property rights. Growing fears of wider trade skirmishes have added to volatility.

MFS Lifetime Income Fund

Summary of Results

For the twelve months ended April 30, 2018, Class A shares of the MFS Lifetime Income Fund (“fund”) provided a total return of 3.84%, at net asset value. This compares with a return of -0.32% 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 3.19%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, equity markets generally outperformed fixed income markets. However, on a relative basis, the fund’s fixed income investments, notably the MFS Global Bond Fund and MFS Limited Maturity Fund, were primary drivers of positive relative performance as credit performed well during the reporting period. Additionally, the MFS Global Bond Fund benefited from a weaker US dollar while the MFS Limited Maturity Fund was aided by shorter relative duration exposure in a rising interest rate environment. Conversely, the MFS Government Securities Fund held back relative returns as rising US interest rates led to negative returns in US Government issued bonds.

The fund’s allocation to both US and international stock funds also contributed to relative returns, primarily, as the majority of the underlying funds, in both categories, outperformed within their respective market segments during the reporting period.

MFS Lifetime 2020 Fund

Summary of Results

For the twelve months ended April 30, 2018, Class A shares of the MFS Lifetime 2020 Fund (“fund”) provided a total return of 4.94%, at net asset value. This compares with a return of 13.27% 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 4.12%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, equity markets generally outperformed fixed income markets. However, on a relative basis, the fund’s fixed income investments, notably the MFS Global Bond Fund, MFS Limited Maturity Fund and MFS Emerging Markets Debt Local Currency Fund, were primary drivers of positive relative performance as credit performed well during the reporting period. Additionally, both the MFS Global Bond Fund and MFS Emerging Markets Debt Local Currency Fund benefited from a weaker US dollar, while the MFS Limited Maturity Fund was aided by shorter relative duration exposure in a rising interest rate environment. Conversely, the MFS Government Securities Fund held back relative returns as rising US interest rates led to negative returns in US Government issued bonds.

12

Management Review – continued

The fund’s allocation to both US and international stock funds also contributed to relative returns, primarily, as the majority of the underlying funds, in both categories, outperformed within their respective market segments during the reporting period. This helped offset the slightly negative impact from the fund’s diversification into smaller capitalization equities, which underperformed large capitalization stocks during the reporting period. From a style perspective, the fund is style-neutral, meaning the fund avoids any large bets on any particular style outperforming the other. During the reporting period, the fund’s investments in growth funds outperformed but were offset by the fund’s investments in value strategies, which underperformed. Notably, within the US stock funds segment, positive relative performance from MFS Growth Fund, MFS Mid Cap Growth Fund and MFS Blended Research Growth Equity was offset by the performance from the MFS Value Fund and MFS Mid Cap Value Fund.

MFS Lifetime 2025 Fund

Summary of Results

For the twelve months ended April 30, 2018, Class A shares of the MFS Lifetime 2025 Fund (“fund”) provided a total return of 7.34%, at net asset value. This compares with a return of 13.27% 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 6.35%. 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 fixed income investments, notably the MFS Global Bond Fund, MFS Emerging Markets Debt Local Currency Fund and MFS High Income Fund, were primary drivers of positive relative performance as credit performed well during the reporting period. Additionally, both the MFS Global Bond Fund and MFS Emerging Markets Debt Local Currency Fund benefited from a weaker US dollar, while the MFS Limited Maturity Fund was aided by shorter relative duration exposure in a rising interest rate environment. Conversely, the MFS Government Securities Fund held back relative returns as rising US interest rates led to negative returns in US Government issued bonds.

The fund’s allocation to both US and international stock funds also contributed to relative returns, primarily, as the majority of the underlying funds, in both categories, outperformed within their respective market segments during the reporting period. This helped offset the slightly negative impact from the fund’s diversification into smaller capitalization equities, which underperformed large capitalization stocks during the reporting period. From a style perspective, the fund is style-neutral, meaning the fund avoids any large bets on any particular style outperforming the other. During the reporting period, the fund’s investments in growth funds outperformed but were offset by the fund’s investments in value strategies, which underperformed. Notably, within the US stock funds segment, positive relative performance from MFS Growth Fund, MFS Mid Cap Growth Fund and MFS Blended Research Growth Equity was offset by the performance from the MFS Value Fund and MFS Mid Cap Value Fund.

MFS Lifetime 2030 Fund

Summary of Results

For the twelve months ended April 30, 2018, Class A shares of the MFS Lifetime 2030 Fund (“fund”) provided a total return of 10.09%, at net asset value. This compares with a return of 13.27% 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 9.07%. 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 fixed income investments, notably the MFS Emerging Markets Debt Local Currency Fund, MFS Global Bond Fund and MFS High Income Fund, were primary drivers of positive relative performance as credit performed well during the reporting period. Additionally, both the MFS Global Bond Fund and MFS Emerging Markets Debt Local Currency Fund benefited from a weaker US dollar, while the MFS Limited Maturity Fund was aided by shorter relative duration exposure in a rising interest rate environment. Conversely, the MFS Government Securities Fund held back relative returns as rising US interest rates led to negative returns in US Government issued bonds.

The fund’s allocation to both international and US stock funds also contributed to relative returns, primarily, as the majority of underlying funds, in both categories, outperformed within their respective market segments during the reporting period.

Within the international stock fund segment, the MFS Blended Research International Equity Fund, MFS International Growth Fund and MFS International New Discovery Fund helped relative returns. Conversely, the MFS International Value Fund slightly held back relative performance as value underperformed growth during the reporting period. Exposure to emerging market equities also helped relative returns as emerging markets generally outperformed developed markets over the reporting period.

13

Management Review – continued

Within US stock funds, from a style perspective, growth funds generally outperformed and offset relative weakness from value funds. Notably, the MFS Growth Fund, MFS Mid Cap Growth Fund and MFS Blended Research Growth Equity Fund supported relative results and outweighed the negative impact from the MFS Value Fund and MFS Mid Cap Value Fund. Exposure to the MFS Blended Research Mid Cap Equity Fund, a core equity style fund, also held back relative returns. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks.

MFS Lifetime 2035 Fund

Summary of Results

For the twelve months ended April 30, 2018, Class A shares of the MFS Lifetime 2035 Fund (“fund”) provided a total return of 11.78%, at net asset value. This compares with a return of 13.27% 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 10.76%. 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. On a relative basis, the fund’s investments in international stock funds, US stock funds and bond funds all contributed positively.

Within the international stock fund segment, the MFS Blended Research International Equity Fund, MFS International New Discovery Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS International Value Fund slightly held back relative performance during the reporting period. Exposure to emerging market equities also helped relative returns as emerging markets generally outperformed developed markets over the reporting period.

Within US stock funds, from a style perspective, growth funds generally outperformed and offset relative weakness from value funds, while core equity underperformed. Notably, the MFS Growth Fund, MFS Mid Cap Growth Fund and MFS Blended Research Growth Equity Fund supported relative results and outweighed the negative impact from the MFS Value Fund and MFS Mid Cap Value Fund. Exposure to the MFS Blended Research Mid Cap Equity Fund, a core equity style fund, also held back relative returns. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks.

Within the bond segment of the fund, the MFS Emerging Markets Debt Local Currency Fund, MFS High Income Fund and MFS Global Bond Fund benefited relative performance as credit performed well during the reporting period.

MFS Lifetime 2040 Fund

Summary of Results

For the twelve months ended April 30, 2018, Class A shares of the MFS Lifetime 2040 Fund (“fund”) provided a total return of 12.86%, at net asset value. This compares with a return of 13.27% 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 11.81%. 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. On a relative basis, the fund’s investments in international stock funds, US stock funds and bond funds all contributed positively.

Within the international stock fund segment, the MFS Blended Research International Equity Fund, MFS International New Discovery Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS International Value Fund slightly held back relative performance during the reporting period. Exposure to emerging market equities also helped relative returns as emerging markets generally outperformed developed markets over the reporting period.

Within US stock funds, from a style perspective, growth funds generally outperformed and offset relative weakness from value funds. Notably, the MFS Growth Fund, MFS Mid Cap Growth Fund and MFS Blended Research Growth Equity Fund supported relative results and outweighed the negative impact from the MFS Value Fund and MFS Mid Cap Value Fund. Exposure to the MFS Blended Research Mid Cap Equity Fund, a core equity style fund, also held back relative returns. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks.

Within the bond segment of the fund, the MFS Emerging Markets Debt Local Currency Fund, MFS High Income Fund and MFS Global Bond Fund aided relative performance as credit performed well during the reporting period.

14

Management Review – continued

MFS Lifetime 2045 Fund

Summary of Results

For the twelve months ended April 30, 2018, Class A shares of the MFS Lifetime 2045 Fund (“fund”) provided a total return of 13.18%, at net asset value. This compares with a return of 13.27% 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 12.22%. 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. On a relative basis, the fund’s investments in both international stock funds and US stock funds contributed positively to relative performance as the majority of the underlying funds, in both categories, outperformed within their respective market segments during the reporting period.

Within the international stock fund segment, the MFS Blended Research International Equity Fund, MFS International New Discovery Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS International Value Fund slightly held back relative performance during the reporting period. Exposure to emerging market equities also helped relative returns as emerging markets generally outperformed developed markets over the reporting period.

Within US stock funds, from a style perspective, growth funds generally outperformed and offset relative weakness from value funds. Notably, the MFS Growth Fund, MFS Mid Cap Growth Fund and MFS Blended Research Growth Equity Fund supported relative results and outweighed the negative impact from the MFS Value Fund and MFS Mid Cap Value Fund. Exposure to the MFS Blended Research Mid Cap Equity Fund, a core equity style fund, also held back relative returns. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks.

MFS Lifetime 2050 Fund

Summary of Results

For the twelve months ended April 30, 2018, Class A shares of the MFS Lifetime 2050 Fund (“fund”) provided a total return of 13.16%, at net asset value. This compares with a return of 13.27% 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 12.22%. 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. On a relative basis, the fund’s investments in both international stock funds and US stock funds contributed positively to relative performance as the majority of the underlying funds, in both categories, outperformed within their respective market segments during the reporting period.

Within the international stock fund segment, the MFS Blended Research International Equity Fund, MFS International New Discovery Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS International Value Fund slightly held back relative performance during the reporting period. Exposure to emerging market equities also helped relative returns as emerging markets generally outperformed developed markets over the reporting period.

Within US stock funds, from a style perspective, growth funds generally outperformed and offset relative weakness from value funds. Notably, the MFS Growth Fund, MFS Mid Cap Growth Fund and MFS Blended Research Growth Equity Fund supported relative results and outweighed the negative impact from the MFS Value Fund and MFS Mid Cap Value Fund. Exposure to the MFS Blended Research Mid Cap Equity Fund, a core equity style fund, also held back relative returns. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks.

MFS Lifetime 2055 Fund

Summary of Results

For the twelve months ended April 30, 2018, Class A shares of the MFS Lifetime 2055 Fund (“fund”) provided a total return of 13.10%, at net asset value. This compares with a return of 13.27% 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 12.22%. 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.

15

Management Review – continued

Factors Affecting Performance

During the reporting period, on an absolute basis, equity markets generally outperformed fixed income markets. On a relative basis, the fund’s investments in both international stock funds and US stock funds contributed positively to relative performance as the majority of the underlying funds, in both categories, outperformed within their respective market segments during the reporting period.

Within the international stock fund segment, the MFS Blended Research International Equity Fund, MFS International New Discovery Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS International Value Fund slightly held back relative performance during the reporting period. Exposure to emerging market equities also helped relative returns as emerging markets generally outperformed developed markets over the reporting period.

Within US stock funds, from a style perspective, growth funds generally outperformed and offset relative weakness from value funds. Notably, the MFS Growth Fund, MFS Mid Cap Growth Fund and MFS Blended Research Growth Equity Fund supported relative results and outweighed the negative impact from the MFS Value Fund and MFS Mid Cap Value Fund. Exposure to the MFS Blended Research Mid Cap Equity Fund, a core equity style fund, also held back relative returns. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks.

MFS Lifetime 2060 Fund

Summary of Results

For the twelve months ended April 30, 2018, Class A shares of the MFS Lifetime 2060 Fund (“fund”) provided a total return of 13.19%, at net asset value. This compares with a return of 13.27% 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 12.22%. 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. On a relative basis, the fund’s investments in both international stock funds and US stock funds contributed positively to relative performance as the majority of the underlying funds, in both categories, outperformed within their respective market segments during the reporting period.

Within the international stock fund segment, the MFS Blended Research International Equity Fund, MFS International New Discovery Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS International Value Fund slightly held back relative performance during the reporting period. Exposure to emerging market equities also helped relative returns as emerging markets generally outperformed developed markets over the reporting period.

Within US stock funds, from a style perspective, growth funds generally outperformed and offset relative weakness from value funds. Notably, the MFS Growth Fund, MFS Mid Cap Growth Fund and MFS Blended Research Growth Equity Fund supported relative results and outweighed the negative impact from the MFS Value Fund and MFS Mid Cap Value Fund. Exposure to the MFS Blended Research Mid Cap Equity Fund, a core equity style fund, also held back relative returns. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks.

Respectfully,

Portfolio Manager(s)

Joseph Flaherty

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.

16

PERFORMANCE SUMMARY THROUGH 4/30/18

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 4/30/18

Without sales charge

Share Class	Class Inception Date	1-yr	5-yr	10-yr	Life (t)
A	9/29/05	3.84%	3.39%	5.08%	N/A
B	9/29/05	3.07%	2.62%	4.30%	N/A
C	9/29/05	3.15%	2.62%	4.29%	N/A
I	9/29/05	4.10%	3.63%	5.34%	N/A
R1	9/29/05	3.06%	2.61%	4.30%	N/A
R2	9/29/05	3.67%	3.13%	4.83%	N/A
R3	9/29/05	3.84%	3.39%	5.09%	N/A
R4	9/29/05	4.10%	3.63%	5.34%	N/A
R6	8/29/16	4.28%	N/A	N/A	4.18%
529A	1/08/15	3.84%	N/A	N/A	3.47%
529B	1/08/15	3.07%	N/A	N/A	2.70%
529C	1/08/15	2.97%	N/A	N/A	2.67%

17

Performance Summary – continued

Comparative benchmark(s)
		1-yr	5-yr	10-yr	Life (t)
	Bloomberg Barclays U.S. Aggregate Bond Index (f)	(0.32)%	1.47%	3.57%	N/A
	MFS Lifetime Income Fund Blended Index (f)(z)	3.19%	3.94%	5.16%	N/A
	Bloomberg Commodity Index (f)	8.02%	(7.32)%	(7.80)%	N/A
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)	4.12%	3.05%	3.00%	N/A
	MSCI EAFE Index (net div) (f)	14.51%	5.90%	2.43%	N/A
	Standard & Poor’s 500 Stock Index (f)	13.27%	12.96%	9.02%	N/A
With sales charge
	A With Initial Sales Charge (4.25%)	(0.57)%	2.49%	4.62%	N/A
	B With CDSC (Declining over six years from 4% to 0%) (v)	(0.93)%	2.25%	4.30%	N/A
	C With CDSC (1% for 12 months) (v)	2.15%	2.62%	4.29%	N/A
	529A With Initial Sales Charge (4.25%)	(0.57)%	N/A	N/A	2.13%
	529B With CDSC (Declining over six years from 4% to 0%) (v)	(0.93)%	N/A	N/A	1.84%
	529C With CDSC (1% for 12 months) (v)	1.97%	N/A	N/A	2.67%

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) 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.

18

Performance Summary – continued

MFS Lifetime 2020 Fund

Growth of a hypothetical $10,000 investment

Average annual total returns through 4/30/18

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	10-yr	Life (t)
	A	9/29/05	4.94%	4.71%	4.69%	N/A
	B	9/29/05	4.21%	3.92%	3.91%	N/A
	C	9/29/05	4.20%	3.92%	3.91%	N/A
	I	9/29/05	5.19%	4.97%	4.95%	N/A
	R1	9/29/05	4.19%	3.92%	3.91%	N/A
	R2	9/29/05	4.73%	4.43%	4.43%	N/A
	R3	9/29/05	4.90%	4.69%	4.69%	N/A
	R4	9/29/05	5.24%	4.97%	4.95%	N/A
	R6	8/29/16	5.33%	N/A	N/A	5.24%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.27%	12.96%	9.02%	N/A
	MFS Lifetime 2020 Fund Blended Index (f)(z)		4.12%	5.08%	4.51%	N/A
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		(0.32)%	1.47%	3.57%	N/A
	Bloomberg Commodity Index (f)		8.02%	(7.32)%	(7.80)%	N/A
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		4.12%	3.05%	3.00%	N/A
	MSCI EAFE Index (net div) (f)		14.51%	5.90%	2.43%	N/A
With sales charge
	A With Initial Sales Charge (5.75%)		(1.09)%	3.48%	4.07%	N/A
	B With CDSC (Declining over six years from 4% to 0%) (v)		0.21%	3.58%	3.91%	N/A
	C With CDSC (1% for 12 months) (v)		3.20%	3.92%	3.91%	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.)

19

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) 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:

	4/30/18	4/30/17
Bloomberg Barclays U.S. Aggregate Bond Index	65.50%	65.30%
Standard & Poor’s 500 Stock Index	24.00%	25.60%
MSCI EAFE Index (net div)	6.50%	7.10%
Bloomberg Commodity Index	2.00%	1.00%
FTSE EPRA/NAREIT Developed Real Estate Index (net div)	2.00%	1.00%

20

Performance Summary – continued

MFS Lifetime 2025 Fund

Growth of a hypothetical $10,000 investment (t)

Average annual total returns through 4/30/18

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	Life (t)
	A	11/02/12	7.34%	6.31%	7.51%
	B	11/02/12	6.40%	5.48%	6.67%
	C	11/02/12	6.42%	5.49%	6.68%
	I	11/02/12	7.44%	6.54%	7.75%
	R1	11/02/12	6.46%	5.49%	6.68%
	R2	11/02/12	6.95%	6.01%	7.21%
	R3	11/02/12	7.19%	6.27%	7.47%
	R4	11/02/12	7.43%	6.54%	7.75%
	R6	8/29/16	7.57%	N/A	7.54%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.27%	12.96%	14.27%
	MFS Lifetime 2025 Fund Blended Index (f)(z)		6.35%	6.48%	7.60%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		(0.32)%	1.47%	1.53%
	Bloomberg Commodity Index (f)		8.02%	(7.32)%	(7.83)%
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		4.12%	3.05%	6.03%
	MSCI EAFE Index (net div) (f)		14.51%	5.90%	8.27%
With sales charge
	A With Initial Sales Charge (5.75%)		1.16%	5.06%	6.36%
	B With CDSC (Declining over six years from 4% to 0%) (v)		2.40%	5.16%	6.53%
	C With CDSC (1% for 12 months) (v)		5.42%	5.49%	6.68%

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.)

21

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) 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:

	4/30/18	4/30/17
Bloomberg Barclays U.S. Aggregate Bond Index	50.00%	47.30%
Standard & Poor’s 500 Stock Index	34.50%	37.10%
MSCI EAFE Index (net div)	10.50%	11.50%
Bloomberg Commodity Index	2.50%	2.40%
FTSE EPRA/NAREIT Developed Real Estate Index (net div)	2.50%	1.70%

22

Performance Summary – continued

MFS Lifetime 2030 Fund

Growth of a hypothetical $10,000 investment

Average annual total returns through 4/30/18

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	10-yr	Life (t)
	A	9/29/05	10.09%	7.80%	5.92%	N/A
	B	9/29/05	9.28%	6.99%	5.14%	N/A
	C	9/29/05	9.21%	6.97%	5.13%	N/A
	I	9/29/05	10.38%	8.00%	6.17%	N/A
	R1	9/29/05	9.26%	6.97%	5.14%	N/A
	R2	9/29/05	9.80%	7.50%	5.66%	N/A
	R3	9/29/05	10.07%	7.79%	5.92%	N/A
	R4	9/29/05	10.30%	8.04%	6.19%	N/A
	R6	8/29/16	10.43%	N/A	N/A	10.49%
Comparative benchmarks
	Standard & Poor’s 500 Stock Index (f)		13.27%	12.96%	9.02%	N/A
	MFS Lifetime 2030 Fund Blended Index (f)(z)		9.07%	7.79%	5.49%	N/A
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		(0.32)%	1.47%	3.57%	N/A
	Bloomberg Commodity Index (f)		8.02%	(7.32)%	(7.80)%	N/A
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		4.12%	3.05%	3.00%	N/A
	MSCI EAFE Index (net div) (f)		14.51%	5.90%	2.43%	N/A
With sales charge
	A With Initial Sales Charge (5.75%)		3.76%	6.53%	5.30%	N/A
	B With CDSC (Declining over six years from 4% to 0%) (v)		5.28%	6.68%	5.14%	N/A
	C With CDSC (1% for 12 months) (v)		8.21%	6.97%	5.13%	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.)

23

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) 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:

	4/30/18	4/30/17
Standard & Poor’s 500 Stock Index	46.50%	48.70%
Bloomberg Barclays U.S. Aggregate Bond Index	30.00%	27.00%
MSCI EAFE Index (net div)	16.50%	17.90%
Bloomberg Commodity Index	3.50%	3.70%
FTSE EPRA/NAREIT Developed Real Estate Index (net div)	3.50%	2.70%

24

Performance Summary – continued

MFS Lifetime 2035 Fund

Growth of a hypothetical $10,000 investment (t)

Average annual total returns through 4/30/18

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	Life (t)
	A	11/02/12	11.78%	8.56%	9.99%
	B	11/02/12	10.96%	7.74%	9.17%
	C	11/02/12	11.00%	7.75%	9.18%
	I	11/02/12	12.10%	8.77%	10.22%
	R1	11/02/12	11.00%	7.74%	9.17%
	R2	11/02/12	11.57%	8.28%	9.72%
	R3	11/02/12	11.85%	8.56%	10.01%
	R4	11/02/12	12.03%	8.82%	10.25%
	R6	8/29/16	12.23%	N/A	12.11%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.27%	12.96%	14.27%
	MFS Lifetime 2035 Fund Blended Index (f)(z)		10.76%	8.43%	9.91%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		(0.32)%	1.47%	1.53%
	Bloomberg Commodity Index (f)		8.02%	(7.32)%	(7.83)%
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		4.12%	3.05%	6.03%
	MSCI EAFE Index (net div) (f)		14.51%	5.90%	8.27%
With sales charge
	A With Initial Sales Charge (5.75%)		5.35%	7.28%	8.81%
	B With CDSC (Declining over six years from 4% to 0%) (v)		6.96%	7.44%	9.05%
	C With CDSC (1% for 12 months) (v)		10.00%	7.75%	9.18%

CDSC – Contingent Deferred Sales Charge.

Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.

(f) Source: FactSet Research Systems Inc.

(t) For the period from the class inception date through the stated period end. The comparative benchmark performance information provided for the “life” period is from the inception date of the Class A shares. (See Notes to Performance Summary.)

25

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) 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:

	4/30/18	4/30/17
Standard & Poor’s 500 Stock Index	53.25%	53.75%
MSCI EAFE Index (net div)	22.00%	22.80%
Bloomberg Barclays U.S. Aggregate Bond Index	16.25%	15.40%
Bloomberg Commodity Index	4.25%	4.35%
FTSE EPRA/NAREIT Developed Real Estate Index (net div)	4.25%	3.70%

26

Performance Summary – continued

MFS Lifetime 2040 Fund

Growth of a hypothetical $10,000 investment

Average annual total returns through 4/30/18

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	10-yr	Life (t)
	A	9/29/05	12.86%	8.99%	6.41%	N/A
	B	9/29/05	12.00%	8.16%	5.63%	N/A
	C	9/29/05	11.99%	8.17%	5.62%	N/A
	I	9/29/05	13.11%	9.19%	6.65%	N/A
	R1	9/29/05	11.91%	8.16%	5.61%	N/A
	R2	9/29/05	12.55%	8.71%	6.15%	N/A
	R3	9/29/05	12.81%	8.98%	6.42%	N/A
	R4	9/29/05	13.09%	9.25%	6.68%	N/A
	R6	8/29/16	13.21%	N/A	N/A	13.03%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.27%	12.96%	9.02%	N/A
	MFS Lifetime 2040 Fund Blended Index (f)(z)		11.81%	8.79%	5.93%	N/A
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		(0.32)%	1.47%	3.57%	N/A
	Bloomberg Commodity Index (f)		8.02%	(7.32)%	(7.80)%	N/A
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		4.12%	3.05%	3.00%	N/A
	MSCI EAFE Index (net div) (f)		14.51%	5.90%	2.43%	N/A
With sales charge
	A With Initial Sales Charge (5.75%)		6.37%	7.71%	5.78%	N/A
	B With CDSC (Declining over six years from 4% to 0%) (v)		8.00%	7.86%	5.63%	N/A
	C With CDSC (1% for 12 months) (v)		10.99%	8.17%	5.62%	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.)

27

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) 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:

	4/30/18	4/30/17
Standard & Poor’s 500 Stock Index	55.75%	56.25%
MSCI EAFE Index (net div)	26.00%	26.80%
Bloomberg Barclays U.S. Aggregate Bond Index	8.75%	7.40%
Bloomberg Commodity Index	4.75%	4.85%
FTSE EPRA/NAREIT Developed Real Estate Index (net div)	4.75%	4.70%

28

Performance Summary – continued

MFS Lifetime 2045 Fund

Growth of a hypothetical $10,000 investment (t)

Average annual total returns through 4/30/18

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	Life (t)
	A	11/02/12	13.18%	9.11%	10.57%
	B	11/02/12	12.28%	8.25%	9.70%
	C	11/02/12	12.24%	8.24%	9.70%
	I	11/02/12	13.42%	9.37%	10.84%
	R1	11/02/12	12.27%	8.23%	9.70%
	R2	11/02/12	12.87%	8.81%	10.26%
	R3	11/02/12	13.20%	9.06%	10.54%
	R4	11/02/12	13.47%	9.33%	10.80%
	R6	8/29/16	13.57%	N/A	13.28%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.27%	12.96%	14.27%
	MFS Lifetime 2045 Fund Blended Index (f)(z)		12.22%	8.91%	10.44%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		(0.32)%	1.47%	1.53%
	Bloomberg Commodity Index (f)		8.02%	(7.32)%	(7.83)%
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		4.12%	3.05%	6.03%
	MSCI EAFE Index (net div) (f)		14.51%	5.90%	8.27%
With sales charge
	A With Initial Sales Charge (5.75%)		6.67%	7.82%	9.38%
	B With CDSC (Declining over six years from 4% to 0%) (v)		8.28%	7.96%	9.58%
	C With CDSC (1% for 12 months) (v)		11.24%	8.24%	9.70%

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.)

29

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) 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:

	4/30/18	4/30/17
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%

30

Performance Summary – continued

MFS Lifetime 2050 Fund

Growth of a hypothetical $10,000 investment (t)

Average annual total returns through 4/30/18

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	Life (t)
	A	9/15/10	13.16%	9.06%	10.57%
	B	9/15/10	12.36%	8.25%	9.74%
	C	9/15/10	12.30%	8.25%	9.74%
	I	9/15/10	13.47%	9.35%	10.86%
	R1	9/15/10	12.35%	8.25%	9.74%
	R2	9/15/10	12.89%	8.80%	10.29%
	R3	9/15/10	13.19%	9.07%	10.57%
	R4	9/15/10	13.49%	9.34%	10.84%
	R6	8/29/16	13.60%	N/A	13.26%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.27%	12.96%	14.29%
	MFS Lifetime 2050 Fund Blended Index (f)(z)		12.22%	8.91%	10.31%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		(0.32)%	1.47%	2.52%
	Bloomberg Commodity Index (f)		8.02%	(7.32)%	(5.23)%
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		4.12%	3.05%	7.31%
	MSCI EAFE Index (net div) (f)		14.51%	5.90%	6.79%
With sales charge
	A With Initial Sales Charge (5.75%)		6.66%	7.78%	9.71%
	B With CDSC (Declining over six years from 4% to 0%) (v)		8.36%	7.96%	9.74%
	C With CDSC (1% for 12 months) (v)		11.30%	8.25%	9.74%

CDSC – Contingent Deferred Sales Charge.

Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.

(f) Source: FactSet Research Systems Inc.

(t) For the period from the class inception date through the stated period end. The comparative benchmark performance information provided for the “life” period is from the inception date of the Class A shares. (See Notes to Performance Summary.)

(v) Assuming redemption at the end of the applicable period.

31

Performance Summary – continued

(z) The weights of the components of the blended benchmark (MFS Lifetime 2050 Fund Blended 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:

	4/30/18	4/30/17
Standard & Poor’s 500 Stock Index	57.00%	57.00%
MSCI EAFE Index (net div)	28.00%	28.00%
Bloomberg Barclays U.S. Aggregate Bond Index	5.00%	5.00%
Bloomberg Commodity Index	5.00%	5.00%
FTSE EPRA/NAREIT Developed Real Estate Index (net div)	5.00%	5.00%

32

Performance Summary – continued

MFS Lifetime 2055 Fund

Growth of a hypothetical $10,000 investment (t)

Average annual total returns through 4/30/18

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	Life (t)
	A	11/02/12	13.10%	9.06%	10.54%
	B	11/02/12	12.36%	8.26%	9.73%
	C	11/02/12	12.29%	8.26%	9.72%
	I	11/02/12	13.40%	9.24%	10.74%
	R1	11/02/12	12.31%	8.24%	9.71%
	R2	11/02/12	12.82%	8.78%	10.26%
	R3	11/02/12	13.14%	9.06%	10.54%
	R4	11/02/12	13.42%	9.34%	10.82%
	R6	8/29/16	13.56%	N/A	13.22%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.27%	12.96%	14.27%
	MFS Lifetime 2055 Fund Blended Index (f)(z)		12.22%	8.91%	10.44%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		(0.32)%	1.47%	1.53%
	Bloomberg Commodity Index (f)		8.02%	(7.32)%	(7.83)%
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		4.12%	3.05%	6.03%
	MSCI EAFE Index (net div) (f)		14.51%	5.90%	8.27%
With sales charge
	A With Initial Sales Charge (5.75%)		6.60%	7.77%	9.35%
	B With CDSC (Declining over six years from 4% to 0%) (v)		8.36%	7.97%	9.61%
	C With CDSC (1% for 12 months) (v)		11.29%	8.26%	9.72%

CDSC – Contingent Deferred Sales Charge.

Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.

(f) Source: FactSet Research Systems Inc.

(t) For the period from the class inception date through the stated period end. 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.)

33

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) 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:

	4/30/18	4/30/17
Standard & Poor’s 500 Stock Index	57.00%	57.00%
MSCI EAFE Index (net div)	28.00%	28.00%
Bloomberg Barclays U.S. Aggregate Bond Index	5.00%	5.00%
Bloomberg Commodity Index	5.00%	5.00%
FTSE EPRA/NAREIT Developed Real Estate Index (net div)	5.00%	5.00%

34

Performance Summary – continued

MFS Lifetime 2060 Fund

Growth of a hypothetical $10,000 investment (t)

Average annual total returns through 4/30/18

Without sales charge

	Share Class	Class Inception Date	1-yr	Life (t)
	A	12/06/16	13.19%	15.76%
	B	12/06/16	12.39%	14.90%
	C	12/06/16	12.38%	14.90%
	I	12/06/16	13.50%	16.09%
	R1	12/06/16	12.41%	14.93%
	R2	12/06/16	12.92%	15.47%
	R3	12/06/16	13.21%	15.78%
	R4	12/06/16	13.51%	16.09%
	R6	12/06/16	13.51%	16.10%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.27%	16.22%
	MFS Lifetime 2060 Fund Blended Index (f)(z)		12.22%	15.43%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		(0.32)%	1.05%
	Bloomberg Commodity Index (f)		8.02%	2.11%
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		4.12%	7.64%
	MSCI EAFE Index (net div) (f)		14.51%	20.37%
With sales charge
	A With Initial Sales Charge (5.75%)		6.68%	10.97%
	B With CDSC (Declining over six years from 4% to 0%) (v)		8.39%	12.19%
	C With CDSC (1% for 12 months) (v)		11.38%	14.90%

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.)

35

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) 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

	4/30/18	4/30/17
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.

36

EXPENSE TABLES

Fund expenses borne by the shareholders during the period, November 1, 2017 through April 30, 2018

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, 2017 through April 30, 2018.

Actual expenses

The first line for each share class in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line for each share class in the following tables provides information about hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

37

Expense Tables – continued

MFS LIFETIME INCOME FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/17		Ending Account Value 4/30/18		Expenses Paid During Period (p) 11/01/17-4/30/18
A	Actual		0.23%		$1,000.00		$1,003.98		$1.14
	Hypothetical (h)		0.23%		$1,000.00		$1,023.65		$1.15
B	Actual		0.99%		$1,000.00		$1,000.20		$4.91
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
C	Actual		0.99%		$1,000.00		$1,000.21		$4.91
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
I	Actual		0.00%		$1,000.00		$1,004.44		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		0.99%		$1,000.00		$999.41		$4.91
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
R2	Actual		0.49%		$1,000.00		$1,002.74		$2.43
	Hypothetical (h)		0.49%		$1,000.00		$1,022.36		$2.46
R3	Actual		0.24%		$1,000.00		$1,003.97		$1.19
	Hypothetical (h)		0.24%		$1,000.00		$1,023.60		$1.20
R4	Actual		0.00%		$1,000.00		$1,004.45		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,005.78		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
529A	Actual		0.27%		$1,000.00		$1,004.22		$1.34
	Hypothetical (h)		0.27%		$1,000.00		$1,023.46		$1.35
529B	Actual		1.03%		$1,000.00		$1,000.45		$5.11
	Hypothetical (h)		1.03%		$1,000.00		$1,019.69		$5.16
529C	Actual		1.03%		$1,000.00		$999.47		$5.11
	Hypothetical (h)		1.03%		$1,000.00		$1,019.69		$5.16

(h) 5% class return per year before expenses.

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.

Notes to Expense Table

For the MFS Lifetime Income Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class 529A, Class 529B, and Class 529C shares, this rebate reduced the expense ratios above by 0.01%. See Note 3 in the Notes to Financial Statements for additional information.

38

Expense Tables – continued

MFS LIFETIME 2020 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/17		Ending Account Value 4/30/18		Expenses Paid During Period (p) 11/01/17-4/30/18
A	Actual		0.24%		$1,000.00		$1,007.40		$1.19
	Hypothetical (h)		0.24%		$1,000.00		$1,023.60		$1.20
B	Actual		0.99%		$1,000.00		$1,003.80		$4.92
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
C	Actual		0.99%		$1,000.00		$1,004.01		$4.92
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
I	Actual		0.00%		$1,000.00		$1,008.57		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		0.99%		$1,000.00		$1,003.74		$4.92
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
R2	Actual		0.49%		$1,000.00		$1,005.74		$2.44
	Hypothetical (h)		0.49%		$1,000.00		$1,022.36		$2.46
R3	Actual		0.24%		$1,000.00		$1,007.03		$1.19
	Hypothetical (h)		0.24%		$1,000.00		$1,023.60		$1.20
R4	Actual		0.00%		$1,000.00		$1,008.93		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,009.11		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

(h) 5% class return per year before expenses.

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.

39

Expense Tables – continued

MFS LIFETIME 2025 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/17		Ending Account Value 4/30/18		Expenses Paid During Period (p) 11/01/17-4/30/18
A	Actual		0.24%		$1,000.00		$1,015.00		$1.20
	Hypothetical (h)		0.24%		$1,000.00		$1,023.60		$1.20
B	Actual		1.01%		$1,000.00		$1,011.19		$5.04
	Hypothetical (h)		1.01%		$1,000.00		$1,019.79		$5.06
C	Actual		1.01%		$1,000.00		$1,011.21		$5.04
	Hypothetical (h)		1.01%		$1,000.00		$1,019.79		$5.06
I	Actual		0.00%		$1,000.00		$1,016.21		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		1.01%		$1,000.00		$1,011.30		$5.04
	Hypothetical (h)		1.01%		$1,000.00		$1,019.79		$5.06
R2	Actual		0.51%		$1,000.00		$1,013.46		$2.55
	Hypothetical (h)		0.51%		$1,000.00		$1,022.27		$2.56
R3	Actual		0.26%		$1,000.00		$1,015.14		$1.30
	Hypothetical (h)		0.26%		$1,000.00		$1,023.51		$1.30
R4	Actual		0.00%		$1,000.00		$1,016.09		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,016.71		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

(h) 5% class return per year before expenses.

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.

Notes to Expense Table

For the MFS Lifetime 2025 Fund, 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 0.02%. See Note 3 in the Notes to Financial Statements for additional information.

40

Expense Tables – continued

MFS LIFETIME 2030 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/17		Ending Account Value 4/30/18		Expenses Paid During Period (p) 11/01/17-4/30/18
A	Actual		0.23%		$1,000.00		$1,024.95		$1.15
	Hypothetical (h)		0.23%		$1,000.00		$1,023.65		$1.15
B	Actual		0.98%		$1,000.00		$1,021.02		$4.91
	Hypothetical (h)		0.98%		$1,000.00		$1,019.93		$4.91
C	Actual		0.98%		$1,000.00		$1,020.66		$4.91
	Hypothetical (h)		0.98%		$1,000.00		$1,019.93		$4.91
I	Actual		0.00%		$1,000.00		$1,025.94		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		0.98%		$1,000.00		$1,021.21		$4.91
	Hypothetical (h)		0.98%		$1,000.00		$1,019.93		$4.91
R2	Actual		0.48%		$1,000.00		$1,023.50		$2.41
	Hypothetical (h)		0.48%		$1,000.00		$1,022.41		$2.41
R3	Actual		0.23%		$1,000.00		$1,024.56		$1.15
	Hypothetical (h)		0.23%		$1,000.00		$1,023.65		$1.15
R4	Actual		0.00%		$1,000.00		$1,025.30		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,026.51		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

(h) 5% class return per year before expenses.

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.

Notes to Expense Table

For the MFS Lifetime 2030 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.

41

Expense Tables – continued

MFS LIFETIME 2035 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/17		Ending Account Value 4/30/18		Expenses Paid During Period (p) 11/01/17-4/30/18
A	Actual		0.25%		$1,000.00		$1,030.67		$1.26
	Hypothetical (h)		0.25%		$1,000.00		$1,023.55		$1.25
B	Actual		1.01%		$1,000.00		$1,026.81		$5.08
	Hypothetical (h)		1.01%		$1,000.00		$1,019.79		$5.06
C	Actual		1.01%		$1,000.00		$1,026.92		$5.08
	Hypothetical (h)		1.01%		$1,000.00		$1,019.79		$5.06
I	Actual		0.00%		$1,000.00		$1,032.35		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		1.01%		$1,000.00		$1,026.76		$5.08
	Hypothetical (h)		1.01%		$1,000.00		$1,019.79		$5.06
R2	Actual		0.51%		$1,000.00		$1,029.07		$2.57
	Hypothetical (h)		0.51%		$1,000.00		$1,022.27		$2.56
R3	Actual		0.26%		$1,000.00		$1,030.73		$1.31
	Hypothetical (h)		0.26%		$1,000.00		$1,023.51		$1.30
R4	Actual		0.00%		$1,000.00		$1,031.21		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,032.37		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

(h) 5% class return per year before expenses.

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.

42

Expense Tables – continued

MFS LIFETIME 2040 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/17		Ending Account Value 4/30/18		Expenses Paid During Period (p) 11/01/17-4/30/18
A	Actual		0.24%		$1,000.00		$1,033.53		$1.21
	Hypothetical (h)		0.24%		$1,000.00		$1,023.60		$1.20
B	Actual		0.99%		$1,000.00		$1,029.99		$4.98
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
C	Actual		1.00%		$1,000.00		$1,030.15		$5.03
	Hypothetical (h)		1.00%		$1,000.00		$1,019.84		$5.01
I	Actual		0.00%		$1,000.00		$1,034.98		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		1.00%		$1,000.00		$1,029.47		$5.03
	Hypothetical (h)		1.00%		$1,000.00		$1,019.84		$5.01
R2	Actual		0.50%		$1,000.00		$1,031.90		$2.52
	Hypothetical (h)		0.50%		$1,000.00		$1,022.32		$2.51
R3	Actual		0.25%		$1,000.00		$1,033.66		$1.26
	Hypothetical (h)		0.25%		$1,000.00		$1,023.55		$1.25
R4	Actual		0.00%		$1,000.00		$1,034.99		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,035.53		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

(h) 5% class return per year before expenses.

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.

43

Expense Tables – continued

MFS LIFETIME 2045 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/17		Ending Account Value 4/30/18		Expenses Paid During Period (p) 11/01/17-4/30/18
A	Actual		0.25%		$1,000.00		$1,034.32		$1.26
	Hypothetical (h)		0.25%		$1,000.00		$1,023.55		$1.25
B	Actual		1.01%		$1,000.00		$1,030.26		$5.08
	Hypothetical (h)		1.01%		$1,000.00		$1,019.79		$5.06
C	Actual		1.01%		$1,000.00		$1,030.36		$5.08
	Hypothetical (h)		1.01%		$1,000.00		$1,019.79		$5.06
I	Actual		0.00%		$1,000.00		$1,036.20		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		1.01%		$1,000.00		$1,030.55		$5.08
	Hypothetical (h)		1.01%		$1,000.00		$1,019.79		$5.06
R2	Actual		0.51%		$1,000.00		$1,033.72		$2.57
	Hypothetical (h)		0.51%		$1,000.00		$1,022.27		$2.56
R3	Actual		0.26%		$1,000.00		$1,035.08		$1.31
	Hypothetical (h)		0.26%		$1,000.00		$1,023.51		$1.30
R4	Actual		0.00%		$1,000.00		$1,035.75		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,036.76		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

(h) 5% class return per year before expenses.

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.

44

Expense Tables – continued

MFS LIFETIME 2050 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/17		Ending Account Value 4/30/18		Expenses Paid During Period (p) 11/01/17-4/30/18
A	Actual		0.25%		$1,000.00		$1,034.59		$1.26
	Hypothetical (h)		0.25%		$1,000.00		$1,023.55		$1.25
B	Actual		1.00%		$1,000.00		$1,030.78		$5.04
	Hypothetical (h)		1.00%		$1,000.00		$1,019.84		$5.01
C	Actual		1.01%		$1,000.00		$1,030.92		$5.09
	Hypothetical (h)		1.01%		$1,000.00		$1,019.79		$5.06
I	Actual		0.00%		$1,000.00		$1,036.19		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		1.01%		$1,000.00		$1,031.00		$5.09
	Hypothetical (h)		1.01%		$1,000.00		$1,019.79		$5.06
R2	Actual		0.51%		$1,000.00		$1,033.95		$2.57
	Hypothetical (h)		0.51%		$1,000.00		$1,022.27		$2.56
R3	Actual		0.26%		$1,000.00		$1,034.87		$1.31
	Hypothetical (h)		0.26%		$1,000.00		$1,023.51		$1.30
R4	Actual		0.00%		$1,000.00		$1,036.24		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,036.71		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

(h) 5% class return per year before expenses.

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.

45

Expense Tables – continued

MFS LIFETIME 2055 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/17		Ending Account Value 4/30/18		Expenses Paid During Period (p) 11/01/17-4/30/18
A	Actual		0.25%		$1,000.00		$1,034.25		$1.26
	Hypothetical (h)		0.25%		$1,000.00		$1,023.55		$1.25
B	Actual		1.00%		$1,000.00		$1,031.17		$5.04
	Hypothetical (h)		1.00%		$1,000.00		$1,019.84		$5.01
C	Actual		1.00%		$1,000.00		$1,031.40		$5.04
	Hypothetical (h)		1.00%		$1,000.00		$1,019.84		$5.01
I	Actual		0.00%		$1,000.00		$1,035.60		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		1.00%		$1,000.00		$1,030.52		$5.03
	Hypothetical (h)		1.00%		$1,000.00		$1,019.84		$5.01
R2	Actual		0.50%		$1,000.00		$1,033.36		$2.52
	Hypothetical (h)		0.50%		$1,000.00		$1,022.32		$2.51
R3	Actual		0.25%		$1,000.00		$1,034.62		$1.26
	Hypothetical (h)		0.25%		$1,000.00		$1,023.55		$1.25
R4	Actual		0.00%		$1,000.00		$1,036.15		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,036.10		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

(h) 5% class return per year before expenses.

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.

46

Expense Tables – continued

MFS LIFETIME 2060 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/17		Ending Account Value 4/30/18		Expenses Paid During Period (p) 11/01/17-4/30/18
A	Actual		0.18%		$1,000.00		$1,034.48		$0.91
	Hypothetical (h)		0.18%		$1,000.00		$1,023.90		$0.90
B	Actual		0.92%		$1,000.00		$1,030.44		$4.63
	Hypothetical (h)		0.92%		$1,000.00		$1,020.23		$4.61
C	Actual		0.92%		$1,000.00		$1,030.43		$4.63
	Hypothetical (h)		0.92%		$1,000.00		$1,020.23		$4.61
I	Actual		0.00%		$1,000.00		$1,036.56		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		0.92%		$1,000.00		$1,030.71		$4.63
	Hypothetical (h)		0.92%		$1,000.00		$1,020.23		$4.61
R2	Actual		0.43%		$1,000.00		$1,032.82		$2.17
	Hypothetical (h)		0.43%		$1,000.00		$1,022.66		$2.16
R3	Actual		0.18%		$1,000.00		$1,034.73		$0.91
	Hypothetical (h)		0.18%		$1,000.00		$1,023.90		$0.90
R4	Actual		0.00%		$1,000.00		$1,036.62		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,036.69		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

(h) 5% class return per year before expenses.

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.

47

PORTFOLIO OF INVESTMENTS

4/30/18

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) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 70.9%
MFS Emerging Markets Debt Fund - Class R6		782,462	$	11,322,231
MFS Emerging Markets Debt Local Currency Fund - Class R6		784,357		5,623,842
MFS Global Bond Fund - Class R6		3,187,074		28,237,475
MFS Government Securities Fund - Class R6		5,980,147		56,811,391
MFS High Income Fund - Class R6		5,091,585		17,056,809
MFS Inflation-Adjusted Bond Fund - Class R6		5,583,435		56,895,207
MFS Limited Maturity Fund - Class R6		19,332,770		113,676,685
MFS Total Return Bond Fund - Class R6		10,928,270		113,544,726
			$	403,168,366
International Stock Funds - 5.0%
MFS Blended Research International Equity Fund - Class R6		1,143,454	$	14,178,836
MFS International Growth Fund - Class R6		83,826		2,850,935
MFS International Value Fund - Class R6		66,037		2,836,279
MFS Research International Fund - Class R6		442,055		8,518,393
			$	28,384,443
Specialty Funds - 4.0%
MFS Commodity Strategy Fund - Class R6 (v)		1,884,479	$	11,419,938
MFS Global Real Estate Fund - Class R6		750,877		11,473,405
			$	22,893,343
U.S. Stock Funds - 19.9%
MFS Blended Research Core Equity Fund - Class R6		411,203	$	11,320,422
MFS Blended Research Growth Equity Fund - Class R6		827,994		11,277,275
MFS Blended Research Mid Cap Equity Fund - Class R6		1,433,457		16,886,121
MFS Blended Research Small Cap Equity Fund - Class R6		431,753		5,655,964
MFS Blended Research Value Equity Fund - Class R6		878,665		11,325,995
MFS Growth Fund - Class R6		112,187		11,361,168
MFS Mid Cap Growth Fund - Class R6		475,078		8,451,646
MFS Mid Cap Value Fund - Class R6		361,024		8,516,550
MFS New Discovery Fund - Class R6		88,631		2,839,747
MFS New Discovery Value Fund - Class R6		183,157		2,831,606
MFS Research Fund - Class R6		267,285		11,324,867
MFS Value Fund - Class R6		289,212		11,232,980
			$	113,024,341
Money Market Funds - 0.3%
MFS Institutional Money Market Portfolio, 1.78% (v)		1,355,793	$	1,355,658
Total Investment Companies (Identified Cost, $521,110,522)			$	568,826,151
Other Assets, Less Liabilities - (0.1)%				(382,470)
Net Assets - 100.0%			$	568,443,681

See Portfolio Footnotes and Notes to Financial Statements

48

Portfolio of Investments – continued

MFS LIFETIME 2020 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 65.7%
MFS Emerging Markets Debt Fund - Class R6		617,120	$	8,929,729
MFS Emerging Markets Debt Local Currency Fund - Class R6		740,600		5,310,100
MFS Global Bond Fund - Class R6		2,022,648		17,920,660
MFS Government Securities Fund - Class R6		3,789,738		36,002,509
MFS High Income Fund - Class R6		4,278,764		14,333,858
MFS Inflation-Adjusted Bond Fund - Class R6		3,544,324		36,116,667
MFS Limited Maturity Fund - Class R6		9,260,282		54,450,458
MFS Total Return Bond Fund - Class R6		6,079,323		63,164,167
			$	236,228,148
International Stock Funds - 6.5%
MFS Blended Research International Equity Fund - Class R6		938,058	$	11,631,919
MFS International Growth Fund - Class R6		79,333		2,698,135
MFS International Value Fund - Class R6		62,362		2,678,431
MFS Research International Fund - Class R6		326,278		6,287,370
			$	23,295,855
Specialty Funds - 4.0%
MFS Commodity Strategy Fund - Class R6 (v)		1,188,669	$	7,203,334
MFS Global Real Estate Fund - Class R6		477,295		7,293,070
			$	14,496,404
U.S. Stock Funds - 23.9%
MFS Blended Research Core Equity Fund - Class R6		324,457	$	8,932,301
MFS Blended Research Growth Equity Fund - Class R6		655,703		8,930,672
MFS Blended Research Mid Cap Equity Fund - Class R6		1,061,726		12,507,137
MFS Blended Research Small Cap Equity Fund - Class R6		274,018		3,589,632
MFS Blended Research Value Equity Fund - Class R6		692,480		8,926,067
MFS Growth Fund - Class R6		88,699		8,982,531
MFS Mid Cap Growth Fund - Class R6		351,639		6,255,654
MFS Mid Cap Value Fund - Class R6		265,586		6,265,168
MFS New Discovery Fund - Class R6		56,184		1,800,134
MFS New Discovery Value Fund - Class R6		115,985		1,793,128
MFS Research Fund - Class R6		211,154		8,946,619
MFS Value Fund - Class R6		229,286		8,905,489
			$	85,834,532
Money Market Funds - 0.0%
MFS Institutional Money Market Portfolio, 1.78% (v)		102,405	$	102,394
Total Investment Companies (Identified Cost, $319,967,181)			$	359,957,333
Other Assets, Less Liabilities - (0.1)%				(216,124)
Net Assets - 100.0%			$	359,741,209

See Portfolio Footnotes and Notes to Financial Statements

49

Portfolio of Investments – continued

MFS LIFETIME 2025 FUND

Investment Companies (h) - 100.0%
Issuer	Shares/Par		Value ($)
Bond Funds - 50.1%
MFS Emerging Markets Debt Fund - Class R6		488,392	$	7,067,031
MFS Emerging Markets Debt Local Currency Fund - Class R6		653,540		4,685,883
MFS Global Bond Fund - Class R6		1,327,248		11,759,417
MFS Government Securities Fund - Class R6		2,488,389		23,639,701
MFS High Income Fund - Class R6		3,528,895		11,821,798
MFS Inflation-Adjusted Bond Fund - Class R6		1,983,490		20,211,758
MFS Limited Maturity Fund - Class R6		2,061,077		12,119,134
MFS Total Return Bond Fund - Class R6		2,634,355		27,370,947
			$	118,675,669
International Stock Funds - 10.4%
MFS Blended Research International Equity Fund - Class R6		949,037	$	11,768,055
MFS International Growth Fund - Class R6		87,030		2,959,875
MFS International New Discovery Fund - Class R6		31,637		1,154,761
MFS International Value Fund - Class R6		68,317		2,934,229
MFS Research International Fund - Class R6		306,071		5,897,988
			$	24,714,908
Specialty Funds - 5.0%
MFS Commodity Strategy Fund - Class R6 (v)		981,496	$	5,947,866
MFS Global Real Estate Fund - Class R6		389,577		5,952,739
			$	11,900,605
U.S. Stock Funds - 34.2%
MFS Blended Research Core Equity Fund - Class R6		299,897	$	8,256,174
MFS Blended Research Growth Equity Fund - Class R6		603,882		8,224,869
MFS Blended Research Mid Cap Equity Fund - Class R6		1,092,526		12,869,952
MFS Blended Research Small Cap Equity Fund - Class R6		224,945		2,946,777
MFS Blended Research Value Equity Fund - Class R6		639,869		8,247,910
MFS Growth Fund - Class R6		81,852		8,289,172
MFS Mid Cap Growth Fund - Class R6		362,264		6,444,682
MFS Mid Cap Value Fund - Class R6		274,888		6,484,605
MFS New Discovery Fund - Class R6		46,269		1,482,456
MFS New Discovery Value Fund - Class R6		95,271		1,472,888
MFS Research Fund - Class R6		194,568		8,243,850
MFS Value Fund - Class R6		210,915		8,191,939
			$	81,155,274
Money Market Funds - 0.3%
MFS Institutional Money Market Portfolio, 1.78% (v)		591,359	$	591,300
Total Investment Companies (Identified Cost, $213,629,002)			$	237,037,756
Other Assets, Less Liabilities - (0.0)%				(9,599)
Net Assets - 100.0%			$	237,028,157

See Portfolio Footnotes and Notes to Financial Statements

50

Portfolio of Investments – continued

MFS LIFETIME 2030 FUND

Investment Companies (h) - 100.0%
Issuer	Shares/Par		Value ($)
Bond Funds - 30.1%
MFS Emerging Markets Debt Fund - Class R6		1,165,748	$	16,868,380
MFS Emerging Markets Debt Local Currency Fund - Class R6		1,557,298		11,165,826
MFS Global Bond Fund - Class R6		2,237,064		19,820,386
MFS Government Securities Fund - Class R6		3,033,840		28,821,478
MFS High Income Fund - Class R6		8,442,799		28,283,375
MFS Inflation-Adjusted Bond Fund - Class R6		3,339,815		34,032,717
MFS Total Return Bond Fund - Class R6		3,013,228		31,307,439
			$	170,299,601
International Stock Funds - 16.4%
MFS Blended Research Emerging Markets Equity Fund - Class R6		92,993	$	1,390,247
MFS Blended Research International Equity Fund - Class R6		3,296,983		40,882,587
MFS Emerging Markets Equity Fund - Class R6		37,017		1,391,476
MFS International Growth Fund - Class R6		334,347		11,371,155
MFS International New Discovery Fund - Class R6		230,433		8,410,812
MFS International Value Fund - Class R6		261,519		11,232,215
MFS Research International Fund - Class R6		955,767		18,417,630
			$	93,096,122
Specialty Funds - 7.1%
MFS Commodity Strategy Fund - Class R6 (v)		3,288,415	$	19,927,797
MFS Global Real Estate Fund - Class R6		1,306,843		19,968,559
			$	39,896,356
U.S. Stock Funds - 46.3%
MFS Blended Research Core Equity Fund - Class R6		822,454	$	22,642,159
MFS Blended Research Growth Equity Fund - Class R6		1,961,926		26,721,435
MFS Blended Research Mid Cap Equity Fund - Class R6		3,817,196		44,966,566
MFS Blended Research Small Cap Equity Fund - Class R6		754,803		9,887,919
MFS Blended Research Value Equity Fund - Class R6		2,076,967		26,772,103
MFS Growth Fund - Class R6		266,441		26,982,428
MFS Mid Cap Growth Fund - Class R6		1,264,445		22,494,474
MFS Mid Cap Value Fund - Class R6		959,374		22,631,626
MFS New Discovery Fund - Class R6		155,215		4,973,100
MFS New Discovery Value Fund - Class R6		319,411		4,938,096
MFS Research Fund - Class R6		534,039		22,627,246
MFS Value Fund - Class R6		684,379		26,581,289
			$	262,218,441
Money Market Funds - 0.1%
MFS Institutional Money Market Portfolio, 1.78% (v)		823,651	$	823,569
Total Investment Companies (Identified Cost, $452,367,604)			$	566,334,089
Other Assets, Less Liabilities - (0.0)%				(306,605)
Net Assets - 100.0%			$	566,027,484

See Portfolio Footnotes and Notes to Financial Statements

51

Portfolio of Investments – continued

MFS LIFETIME 2035 FUND

Investment Companies (h) - 100.2%
Issuer	Shares/Par		Value ($)
Bond Funds - 16.4%
MFS Emerging Markets Debt Fund - Class R6		356,048	$	5,152,012
MFS Emerging Markets Debt Local Currency Fund - Class R6		478,086		3,427,875
MFS Global Bond Fund - Class R6		387,239		3,430,940
MFS High Income Fund - Class R6		2,570,560		8,611,378
MFS Inflation-Adjusted Bond Fund - Class R6		982,583		10,012,518
MFS Total Return Bond Fund - Class R6		630,135		6,547,101
			$	37,181,824
International Stock Funds - 22.0%
MFS Blended Research Emerging Markets Equity Fund - Class R6		94,792	$	1,417,136
MFS Blended Research International Equity Fund - Class R6		1,665,331		20,650,106
MFS Emerging Markets Equity Fund - Class R6		37,728		1,418,195
MFS International Growth Fund - Class R6		184,046		6,259,402
MFS International New Discovery Fund - Class R6		154,298		5,631,882
MFS International Value Fund - Class R6		144,941		6,225,211
MFS Research International Fund - Class R6		426,337		8,215,518
			$	49,817,450
Specialty Funds - 8.5%
MFS Commodity Strategy Fund - Class R6 (v)		1,591,571	$	9,644,920
MFS Global Real Estate Fund - Class R6		638,223		9,752,047
			$	19,396,967
U.S. Stock Funds - 53.0%
MFS Blended Research Core Equity Fund - Class R6		327,942	$	9,028,242
MFS Blended Research Growth Equity Fund - Class R6		931,476		12,686,705
MFS Blended Research Mid Cap Equity Fund - Class R6		1,769,573		20,845,572
MFS Blended Research Small Cap Equity Fund - Class R6		365,312		4,785,585
MFS Blended Research Value Equity Fund - Class R6		984,856		12,694,795
MFS Growth Fund - Class R6		125,681		12,727,724
MFS Mid Cap Growth Fund - Class R6		586,510		10,434,017
MFS Mid Cap Value Fund - Class R6		442,901		10,448,047
MFS New Discovery Fund - Class R6		74,877		2,399,045
MFS New Discovery Value Fund - Class R6		154,744		2,392,341
MFS Research Fund - Class R6		213,367		9,040,357
MFS Value Fund - Class R6		326,238		12,671,094
			$	120,153,524
Money Market Funds - 0.3%
MFS Institutional Money Market Portfolio, 1.78% (v)		574,698	$	574,640
Total Investment Companies (Identified Cost, $191,912,825)			$	227,124,405
Other Assets, Less Liabilities - (0.2)%				(342,904)
Net Assets - 100.0%			$	226,781,501

See Portfolio Footnotes and Notes to Financial Statements

52

Portfolio of Investments – continued

MFS LIFETIME 2040 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 8.9%
MFS Emerging Markets Debt Fund - Class R6		227,954	$	3,298,496
MFS Emerging Markets Debt Local Currency Fund - Class R6		304,753		2,185,083
MFS Global Bond Fund - Class R6		247,770		2,195,242
MFS High Income Fund - Class R6		1,644,753		5,509,921
MFS Inflation-Adjusted Bond Fund - Class R6		1,327,564		13,527,874
MFS Total Return Bond Fund - Class R6		1,086,024		11,283,790
			$	38,000,406
International Stock Funds - 26.0%
MFS Blended Research Emerging Markets Equity Fund - Class R6		251,297	$	3,756,891
MFS Blended Research International Equity Fund - Class R6		3,579,344		44,383,866
MFS Emerging Markets Equity Fund - Class R6		99,839		3,752,960
MFS International Growth Fund - Class R6		411,246		13,986,471
MFS International New Discovery Fund - Class R6		408,599		14,913,873
MFS International Value Fund - Class R6		323,268		13,884,367
MFS Research International Fund - Class R6		862,168		16,613,965
			$	111,292,393
Specialty Funds - 9.6%
MFS Commodity Strategy Fund - Class R6 (v)		3,362,737	$	20,378,187
MFS Global Real Estate Fund - Class R6		1,357,073		20,736,078
			$	41,114,265
U.S. Stock Funds - 55.6%
MFS Blended Research Core Equity Fund - Class R6		621,458	$	17,108,750
MFS Blended Research Growth Equity Fund - Class R6		1,840,047		25,061,434
MFS Blended Research Mid Cap Equity Fund - Class R6		3,529,760		41,580,574
MFS Blended Research Small Cap Equity Fund - Class R6		773,341		10,130,773
MFS Blended Research Value Equity Fund - Class R6		1,947,078		25,097,836
MFS Growth Fund - Class R6		248,301		25,145,430
MFS Mid Cap Growth Fund - Class R6		1,168,014		20,778,973
MFS Mid Cap Value Fund - Class R6		883,860		20,850,247
MFS New Discovery Fund - Class R6		158,636		5,082,687
MFS New Discovery Value Fund - Class R6		327,355		5,060,911
MFS Research Fund - Class R6		404,129		17,122,959
MFS Value Fund - Class R6		644,286		25,024,052
			$	238,044,626
Money Market Funds - 0.0%
MFS Institutional Money Market Portfolio, 1.78% (v)		117,304	$	117,292
Total Investment Companies (Identified Cost, $319,420,010)			$	428,568,982
Other Assets, Less Liabilities - (0.1)%				(268,856)
Net Assets - 100.0%			$	428,300,126

See Portfolio Footnotes and Notes to Financial Statements

53

Portfolio of Investments – continued

MFS LIFETIME 2045 FUND

Investment Companies (h) - 100.0%
Issuer	Shares/Par		Value ($)
Bond Funds - 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6		398,056	$	4,056,191
MFS Total Return Bond Fund - Class R6		389,221		4,044,005
			$	8,100,196
International Stock Funds - 28.0%
MFS Blended Research Emerging Markets Equity Fund - Class R6		108,327	$	1,619,488
MFS Blended Research International Equity Fund - Class R6		1,429,331		17,723,707
MFS Emerging Markets Equity Fund - Class R6		43,100		1,620,140
MFS International Growth Fund - Class R6		166,981		5,679,030
MFS International New Discovery Fund - Class R6		176,450		6,440,422
MFS International Value Fund - Class R6		131,560		5,650,506
MFS Research International Fund - Class R6		334,557		6,446,908
			$	45,180,201
Specialty Funds - 10.1%
MFS Commodity Strategy Fund - Class R6 (v)		1,335,908	$	8,095,605
MFS Global Real Estate Fund - Class R6		537,446		8,212,175
			$	16,307,780
U.S. Stock Funds - 56.7%
MFS Blended Research Core Equity Fund - Class R6		233,594	$	6,430,840
MFS Blended Research Growth Equity Fund - Class R6		707,580		9,637,236
MFS Blended Research Mid Cap Equity Fund - Class R6		1,362,664		16,052,182
MFS Blended Research Small Cap Equity Fund - Class R6		306,507		4,015,243
MFS Blended Research Value Equity Fund - Class R6		748,771		9,651,658
MFS Growth Fund - Class R6		95,419		9,663,118
MFS Mid Cap Growth Fund - Class R6		450,933		8,022,098
MFS Mid Cap Value Fund - Class R6		341,246		8,049,985
MFS New Discovery Fund - Class R6		62,780		2,011,486
MFS New Discovery Value Fund - Class R6		129,882		2,007,972
MFS Research Fund - Class R6		151,881		6,435,196
MFS Value Fund - Class R6		247,886		9,627,893
			$	91,604,907
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 1.78% (v)		320,116	$	320,084
Total Investment Companies (Identified Cost, $135,098,777)			$	161,513,168
Other Assets, Less Liabilities - (0.0)%				(80,995)
Net Assets - 100.0%			$	161,432,173

See Portfolio Footnotes and Notes to Financial Statements

54

Portfolio of Investments – continued

MFS LIFETIME 2050 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6		510,453	$	5,201,512
MFS Total Return Bond Fund - Class R6		499,304		5,187,774
			$	10,389,286
International Stock Funds - 28.0%
MFS Blended Research Emerging Markets Equity Fund - Class R6		139,191	$	2,080,911
MFS Blended Research International Equity Fund - Class R6		1,834,193		22,743,994
MFS Emerging Markets Equity Fund - Class R6		55,390		2,082,125
MFS International Growth Fund - Class R6		214,254		7,286,765
MFS International New Discovery Fund - Class R6		226,441		8,265,101
MFS International Value Fund - Class R6		168,661		7,243,993
MFS Research International Fund - Class R6		429,357		8,273,700
			$	57,976,589
Specialty Funds - 10.1%
MFS Commodity Strategy Fund - Class R6 (v)		1,710,950	$	10,368,361
MFS Global Real Estate Fund - Class R6		690,240		10,546,864
			$	20,915,225
U.S. Stock Funds - 56.8%
MFS Blended Research Core Equity Fund - Class R6		299,645	$	8,249,240
MFS Blended Research Growth Equity Fund - Class R6		907,316		12,357,640
MFS Blended Research Mid Cap Equity Fund - Class R6		1,747,444		20,584,896
MFS Blended Research Small Cap Equity Fund - Class R6		393,075		5,149,280
MFS Blended Research Value Equity Fund - Class R6		960,196		12,376,926
MFS Growth Fund - Class R6		122,417		12,397,116
MFS Mid Cap Growth Fund - Class R6		578,630		10,293,828
MFS Mid Cap Value Fund - Class R6		437,481		10,320,186
MFS New Discovery Fund - Class R6		80,533		2,580,293
MFS New Discovery Value Fund - Class R6		166,485		2,573,860
MFS Research Fund - Class R6		194,813		8,254,206
MFS Value Fund - Class R6		317,930		12,348,385
			$	117,485,856
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 1.78% (v)		330,470	$	330,437
Total Investment Companies (Identified Cost, $170,133,624)			$	207,097,393
Other Assets, Less Liabilities - (0.1)%				(131,898)
Net Assets - 100.0%			$	206,965,495

See Portfolio Footnotes and Notes to Financial Statements

55

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		195,356	$	1,990,673
MFS Total Return Bond Fund - Class R6		191,143		1,985,975
			$	3,976,648
International Stock Funds - 27.9%
MFS Blended Research Emerging Markets Equity Fund - Class R6		53,144	$	794,499
MFS Blended Research International Equity Fund - Class R6		703,007		8,717,285
MFS Emerging Markets Equity Fund - Class R6		21,162		795,501
MFS International Growth Fund - Class R6		81,851		2,783,749
MFS International New Discovery Fund - Class R6		86,813		3,168,671
MFS International Value Fund - Class R6		64,593		2,774,264
MFS Research International Fund - Class R6		164,490		3,169,728
			$	22,203,697
Specialty Funds - 10.1%
MFS Commodity Strategy Fund - Class R6 (v)		655,689	$	3,973,475
MFS Global Real Estate Fund - Class R6		264,565		4,042,561
			$	8,016,036
U.S. Stock Funds - 56.8%
MFS Blended Research Core Equity Fund - Class R6		115,000	$	3,165,950
MFS Blended Research Growth Equity Fund - Class R6		348,639		4,748,461
MFS Blended Research Mid Cap Equity Fund - Class R6		671,364		7,908,665
MFS Blended Research Small Cap Equity Fund - Class R6		150,949		1,977,431
MFS Blended Research Value Equity Fund - Class R6		368,549		4,750,603
MFS Growth Fund - Class R6		46,966		4,756,237
MFS Mid Cap Growth Fund - Class R6		222,341		3,955,443
MFS Mid Cap Value Fund - Class R6		167,876		3,960,188
MFS New Discovery Fund - Class R6		30,895		989,871
MFS New Discovery Value Fund - Class R6		63,969		988,965
MFS Research Fund - Class R6		74,763		3,167,692
MFS Value Fund - Class R6		122,164		4,744,871
			$	45,114,377
Money Market Funds - 0.3%
MFS Institutional Money Market Portfolio, 1.78% (v)		222,800	$	222,778
Total Investment Companies (Identified Cost, $70,463,154)			$	79,533,536
Other Assets, Less Liabilities - (0.1)%				(59,204)
Net Assets - 100.0%			$	79,474,332

See Portfolio Footnotes and Notes to Financial Statements

56

Portfolio of Investments – continued

MFS LIFETIME 2060 FUND

Investment Companies (h) - 100.4%
Issuer	Shares/Par		Value ($)
Bond Funds - 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6		8,807	$	89,743
MFS Total Return Bond Fund - Class R6		8,637		89,739
			$	179,482
International Stock Funds - 28.0%
MFS Blended Research Emerging Markets Equity Fund - Class R6		2,401	$	35,896
MFS Blended Research International Equity Fund - Class R6		31,840		394,814
MFS Emerging Markets Equity Fund - Class R6		955		35,897
MFS International Growth Fund - Class R6		3,694		125,632
MFS International New Discovery Fund - Class R6		3,933		143,562
MFS International Value Fund - Class R6		2,925		125,617
MFS Research International Fund - Class R6		7,450		143,565
			$	1,004,983
Specialty Funds - 10.1%
MFS Commodity Strategy Fund - Class R6 (v)		29,616	$	179,474
MFS Global Real Estate Fund - Class R6		11,813		180,503
			$	359,977
U.S. Stock Funds - 57.0%
MFS Blended Research Core Equity Fund - Class R6		5,214	$	143,545
MFS Blended Research Growth Equity Fund - Class R6		15,809		215,319
MFS Blended Research Mid Cap Equity Fund - Class R6		30,463		358,856
MFS Blended Research Small Cap Equity Fund - Class R6		6,848		89,714
MFS Blended Research Value Equity Fund - Class R6		16,705		215,321
MFS Growth Fund - Class R6		2,126		215,334
MFS Mid Cap Growth Fund - Class R6		10,087		179,439
MFS Mid Cap Value Fund - Class R6		7,607		179,440
MFS New Discovery Fund - Class R6		1,400		44,861
MFS New Discovery Value Fund - Class R6		2,901		44,857
MFS Research Fund - Class R6		3,388		143,550
MFS Value Fund - Class R6		5,544		215,316
			$	2,045,552
Money Market Funds - 0.3%
MFS Institutional Money Market Portfolio, 1.78% (v)		10,026	$	10,025
Total Investment Companies (Identified Cost, $3,423,690)			$	3,600,019
Other Assets, Less Liabilities - (0.4)%				(13,438)
Net Assets - 100.0%			$	3,586,581

Portfolio Footnotes:

(h) 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. At period end, the aggregate values of each fund’s investments in affiliated issuers were as follows:

	Affiliated Issuers
Lifetime Income Fund	$	568,826,151
Lifetime 2020 Fund		359,957,333
Lifetime 2025 Fund		237,037,756
Lifetime 2030 Fund		566,334,089
Lifetime 2035 Fund		227,124,405
Lifetime 2040 Fund		428,568,982
Lifetime 2045 Fund		161,513,168
Lifetime 2050 Fund		207,097,393
Lifetime 2055 Fund		79,533,536
Lifetime 2060 Fund		3,600,019

(v) Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

See Notes to Financial Statements

57

Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES

At 4/30/18

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, $521,110,522, $319,967,181, $213,629,002, $452,367,604, and $191,912,825, respectively)		$568,826,151			$359,957,333			$237,037,756			$566,334,089			$227,124,405
Receivables for
Investments sold		381,015			71,250			231,318			—			57,795
Fund shares sold		885,241			877,232			476,448			1,319,381			420,512
Receivable from investment adviser		94,067			78,819			77,504			115,306			82,596
Other assets		1,946			1,376			1,084			1,916			940
Total assets		$570,188,420			$360,986,010			$237,824,110			$567,770,692			$227,686,248
Liabilities
Payables for
Distributions		$26,541			$—			$—			$—			$—
Investments purchased		318,275			645,798			308,204			1,144,302			506,359
Fund shares reacquired		974,944			296,168			253,456			208,907			174,766
Payable to affiliates
Shareholder servicing costs		314,549			232,429			178,749			312,514			168,982
Distribution and service fees		27,417			9,963			4,617			15,044			4,467
Program manager fee		666			—			—			—			—
Payable for independent Trustees’ compensation		17			29			15			16			16
Accrued expenses and other liabilities		82,330			60,414			50,912			62,425			50,157
Total liabilities		$1,744,739			$1,244,801			$795,953			$1,743,208			$904,747
Net assets		$568,443,681			$359,741,209			$237,028,157			$566,027,484			$226,781,501
Net assets consist of
Paid-in capital		$529,229,031			$321,505,520			$212,882,645			$452,559,718			$190,321,285
Unrealized appreciation (depreciation)		47,715,629			39,990,152			23,408,754			113,966,485			35,211,580
Accumulated net realized gain (loss)		(8,441,494	)		(3,489,887	)		(199,099	)		(1,861,888	)		937,874
Accumulated undistributed (distributions in excess of) net investment income		(59,485	)		1,735,424			935,857			1,363,169			310,762
Net assets		$568,443,681			$359,741,209			$237,028,157			$566,027,484			$226,781,501

58

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		$108,482,216		$46,579,959		$16,709,915		$61,457,585		$15,368,787
Class B		11,817,922		4,420,493		1,472,351		8,834,044		1,729,965
Class C		128,791,230		13,177,595		3,571,459		15,885,334		2,509,589
Class I		32,496,273		1,742,360		537,503		2,170,773		635,594
Class R1		4,344,224		4,587,302		1,233,932		6,824,841		1,974,062
Class R2		27,110,126		72,233,454		35,798,705		112,223,327		32,185,366
Class R3		54,156,409		84,244,941		63,426,112		136,814,796		58,282,927
Class R4		52,790,426		87,474,863		81,894,206		148,064,162		87,528,340
Class R6		26,727,835		45,280,242		32,383,974		73,752,622		26,566,871
Class 529A		83,713,210		—		—		—		—
Class 529B		3,974,727		—		—		—		—
Class 529C		34,039,083		—		—		—		—
Total net assets		$568,443,681		$359,741,209		$237,028,157		$566,027,484		$226,781,501
Shares of beneficial interest outstanding
Class A		8,855,184		3,580,410		1,302,901		3,971,390		1,051,768
Class B		964,565		342,232		115,718		579,015		119,377
Class C		10,515,828		1,034,622		282,025		1,047,586		173,707
Class I		2,651,844		133,004		41,753		139,620		43,423
Class R1		354,230		354,547		96,722		445,537		136,108
Class R2		2,212,094		5,595,634		2,809,037		7,325,161		2,213,709
Class R3		4,420,436		6,473,116		4,950,681		8,862,833		3,985,011
Class R4		4,309,547		6,679,163		6,356,924		9,512,863		5,960,380
Class R6		2,175,367		3,460,136		2,513,404		4,738,660		1,808,313
Class 529A		8,323,972		—		—		—		—
Class 529B		395,230		—		—		—		—
Class 529C		3,385,357		—		—		—		—
Total shares of beneficial interest outstanding		48,563,654		27,652,864		18,469,165		36,622,665		15,491,796
Class A shares
Net asset value per share
(net assets / shares of beneficial interest outstanding)		$12.25		$13.01		$12.83		$15.48		$14.61
Offering price per share (100 / 95.75 x net asset value per share)		$12.79		—		—		—		—
Offering price per share (100 / 94.25 x net asset value per share)		—		$13.80		$13.61		$16.42		$15.50
Class B shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$12.25		$12.92		$12.72		$15.26		$14.49
Class C shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$12.25		$12.74		$12.66		$15.16		$14.45
Class I shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.25		$13.10		$12.87		$15.55		$14.64
Class R1 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.26		$12.94		$12.76		$15.32		$14.50

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
Class R2 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.26		$12.91		$12.74		$15.32		$14.54
Class R3 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.25		$13.01		$12.81		$15.44		$14.63
Class R4 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.25		$13.10		$12.88		$15.56		$14.69
Class R6 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.29		$13.09		$12.88		$15.56		$14.69
Class 529A shares
Net asset value and redemption price per share
(net assets / shares of beneficial interest outstanding)		$10.06		$—		$—		$—		$—
Offering price per share (100 / 95.75 x net asset value per share)		$10.51		$—		$—		$—		$—
Class 529B shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$10.06		$—		$—		$—		$—
Class 529C shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$10.05		$—		$—		$—		$—

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. Net asset value per share is calculated using actual net assets and shares outstanding rather than amounts that have been rounded for presentation purposes.

See Notes to Financial Statements

60

Statements of Assets and Liabilities – continued

At 4/30/18	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, $319,420,010, $135,098,777, $170,133,624, $70,463,154, and $3,423,690, respectively)		$428,568,982		$161,513,168		$207,097,393			$79,533,536		$3,600,019
Receivables for
Investments sold		—		22,859		12,605			—		—
Fund shares sold		947,259		430,783		570,600			428,489		54,393
Receivable from investment adviser		90,285		66,577		61,373			49,324		18,743
Other assets		1,510		748		814			395		70
Total assets		$429,608,036		$162,034,135		$207,742,785			$80,011,744		$3,673,225
Liabilities
Payables for
Investments purchased		$806,977		$395,193		$409,100			$402,641		$55,036
Fund shares reacquired		161,320		33,233		181,530			25,633		—
Payable to affiliates
Shareholder servicing costs		268,360		121,922		129,211			60,273		1,628
Distribution and service fees		10,484		2,923		4,774			1,911		76
Payable for independent Trustees’ compensation		24		20		7			5		5
Accrued expenses and other liabilities		60,745		48,671		52,668			46,949		29,899
Total liabilities		$1,307,910		$601,962		$777,290			$537,412		$86,644
Net assets		$428,300,126		$161,432,173		$206,965,495			$79,474,332		$3,586,581
Net assets consist of
Paid-in capital		$318,111,587		$134,365,903		$170,392,551			$70,242,439		$3,396,675
Unrealized appreciation (depreciation)		109,148,972		26,414,391		36,963,769			9,070,382		176,329
Accumulated net realized gain (loss)		875,751		642,915		(387,856	)		160,445		13,543
Accumulated undistributed (distributions in excess of) net investment income		163,816		8,964		(2,969	)		1,066		34
Net assets		$428,300,126		$161,432,173		$206,965,495			$79,474,332		$3,586,581

61

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		$36,354,394		$7,788,715		$12,352,806		$4,833,113		$305,973
Class B		4,964,923		948,453		1,269,740		470,445		73,448
Class C		11,735,027		1,966,140		2,775,487		1,789,059		107,159
Class I		1,622,151		161,391		566,061		114,095		61,606
Class R1		4,606,187		871,595		1,052,430		853,723		60,754
Class R2		86,041,509		20,427,942		46,467,645		15,534,252		151,084
Class R3		88,576,944		42,729,333		48,180,185		21,437,797		1,202,501
Class R4		145,327,654		70,628,166		70,935,724		26,746,548		355,722
Class R6		49,071,337		15,910,438		23,365,417		7,695,300		1,268,334
Total net assets		$428,300,126		$161,432,173		$206,965,495		$79,474,332		$3,586,581
Shares of beneficial interest outstanding
Class A		2,219,524		514,087		674,940		312,725		25,814
Class B		305,939		63,088		70,274		30,575		6,212
Class C		732,265		131,297		154,553		117,113		9,071
Class I		98,474		10,603		30,949		7,378		5,186
Class R1		284,989		57,857		58,581		55,722		5,135
Class R2		5,297,358		1,358,676		2,572,205		1,011,055		12,757
Class R3		5,410,802		2,822,475		2,650,275		1,387,286		101,465
Class R4		8,802,649		4,646,364		3,880,863		1,722,722		29,954
Class R6		2,972,003		1,046,676		1,278,633		495,362		106,741
Total shares of beneficial interest outstanding		26,124,003		10,651,123		11,371,273		5,139,938		302,335
Class A shares
Net asset value per share
(net assets / shares of beneficial interest outstanding)		$16.38		$15.15		$18.30		$15.45		$11.85
Offering price per share (100 / 94.25 x net asset value per share)		$17.38		$16.07		$19.42		$16.39		$12.57
Class B shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$16.23		$15.03		$18.07		$15.39		$11.82
Class C shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$16.03		$14.97		$17.96		$15.28		$11.81
Class I shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.47		$15.22		$18.29		$15.46		$11.88
Class R1 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.16		$15.06		$17.97		$15.32		$11.83
Class R2 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.24		$15.04		$18.07		$15.36		$11.84
Class R3 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.37		$15.14		$18.18		$15.45		$11.85

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
Class R4 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.51		$15.20		$18.28		$15.53		$11.88
Class R6 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.51		$15.20		$18.27		$15.53		$11.88

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. Net asset value per share is calculated using actual net assets and shares outstanding rather than amounts that have been rounded for presentation purposes.

See Notes to Financial Statements

63

Financial Statements

STATEMENTS OF OPERATIONS

Year ended 4/30/18

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		$14,979,451			$9,933,336			$6,458,406			$14,124,028			$5,728,329
Excess expense reimbursement from investment adviser		20,475			53,523			26,133			92,399			24,187
Total investment income		$14,999,926			$9,986,859			$6,484,539			$14,216,427			$5,752,516
Expenses
Distribution and service fees		$2,736,161			$953,470			$378,526			$1,343,311			$337,024
Shareholder servicing costs		891,753			601,239			429,514			806,011			412,566
Program manager fees		93,429			—			—			—			—
Administrative services fee		17,500			17,500			17,500			17,500			17,500
Independent Trustees’ compensation		15,256			9,141			5,651			15,157			5,606
Custodian fee		25,547			12,165			9,908			15,164			9,615
Shareholder communications		34,486			22,397			18,549			24,571			20,023
Audit and tax fees		37,797			36,142			35,325			36,176			35,318
Legal fees		8,153			5,390			3,635			6,967			3,378
Registration fees		151,922			149,698			137,552			181,715			134,704
Miscellaneous		29,041			30,624			21,786			27,845			20,576
Total expenses		$4,041,045			$1,837,766			$1,057,946			$2,474,417			$996,310
Reduction of expenses by investment adviser and distributor		(1,289,677	)		(904,268	)		(678,228	)		(1,174,013	)		(656,615	)
Net expenses		$2,751,368			$933,498			$379,718			$1,300,404			$339,695
Net investment income (loss)		$12,248,558			$9,053,361			$6,104,821			$12,916,023			$5,412,821
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Investments in affiliated issuers		$6,090,002			$8,209,180			$1,330,200			$7,057,029			$952,674
Capital gain distributions from affiliated issuers		3,059,035			2,528,130			2,483,832			7,034,352			3,426,070
Net realized gain (loss)		$9,149,037			$10,737,310			$3,814,032			$14,091,381			$4,378,744
Change in unrealized appreciation (depreciation) from affiliated issuers		1,647,472			306,667			7,735,241			27,519,285			15,838,114
Net realized and unrealized gain (loss)		$10,796,509			$11,043,977			$11,549,273			$41,610,666			$20,216,858
Change in net assets from operations		$23,045,067			$20,097,338			$17,654,094			$54,526,689			$25,629,679

See Notes to Financial Statements

64

Statements of Operations – continued

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
Net investment income (loss)
Dividends from affiliated issuers		$10,036,361			$3,660,606			$4,322,415			$1,496,792			$43,705
Excess expense reimbursement from investment adviser		58,864			13,800			22,371			6,532			1,265
Total investment income		$10,095,225			$3,674,406			$4,344,786			$1,503,324			$44,970
Expenses
Distribution and service fees		$922,297			$211,271			$371,906			$129,865			$4,249
Shareholder servicing costs		684,925			314,569			364,952			193,380			5,253
Administrative services fee		17,500			17,500			17,500			17,500			17,500
Independent Trustees’ compensation		9,204			4,489			4,536			1,559			1,118
Custodian fee		12,947			8,399			8,971			6,914			5,333
Shareholder communications		24,558			20,406			22,215			21,487			2,225
Audit and tax fees		36,143			35,301			35,498			35,278			27,915
Legal fees		5,457			2,531			2,970			1,469			892
Registration fees		144,897			130,974			132,053			126,913			122,385
Miscellaneous		27,227			18,554			16,063			15,763			11,629
Total expenses		$1,885,155			$763,994			$976,664			$550,128			$198,499
Reduction of expenses by investment adviser and distributor		(972,445	)		(550,988	)		(603,933	)		(420,521	)		(195,165	)
Net expenses		$912,710			$213,006			$372,731			$129,607			$3,334
Net investment income (loss)		$9,182,515			$3,461,400			$3,972,055			$1,373,717			$41,636
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Investments in affiliated issuers		$5,764,701			$180,821			$(602,255	)		$(249,554	)		$(12,123	)
Capital gain distributions from affiliated issuers		6,646,286			2,548,291			2,997,656			1,039,504			30,034
Net realized gain (loss)		$12,410,987			$2,729,112			$2,395,401			$789,950			$17,911
Change in unrealized appreciation (depreciation) from affiliated issuers		31,575,253			12,922,254			16,460,846			5,111,584			117,954
Net realized and unrealized gain (loss)		$43,986,240			$15,651,366			$18,856,247			$5,901,534			$135,865
Change in net assets from operations		$53,168,755			$19,112,766			$22,828,302			$7,275,251			$177,501

See Notes to Financial Statements

65

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 4/30/18	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

66

Statements of Changes in Net Assets – continued

Year ended 4/30/17	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)		$9,305,775			$7,018,012			$3,247,648			$6,843,831			$2,108,537
Net realized gain (loss)		12,712,094			22,945,011			3,184,121			22,915,991			2,487,708
Net unrealized gain (loss)		5,679,230			(4,709,199	)		10,236,767			26,233,422			15,415,396
Change in net assets from operations		$27,697,099			$25,253,824			$16,668,536			$55,993,244			$20,011,641
Distributions declared to shareholders
From net investment income		$(10,768,435	)		$(6,430,157	)		$(2,980,136	)		$(6,550,019	)		$(2,050,006	)
From net realized gain		(12,883,734	)		(22,990,697	)		(4,408,208	)		(26,447,349	)		(3,810,062	)
Total distributions declared to shareholders		$(23,652,169	)		$(29,420,854	)		$(7,388,344	)		$(32,997,368	)		$(5,860,068	)
Change in net assets from fund share transactions		$75,393,702			$29,645,645			$61,904,004			$58,316,635			$58,007,374
Total change in net assets		$79,438,632			$25,478,615			$71,184,196			$81,312,511			$72,158,947
Net assets
At beginning of period		547,642,849			371,297,461			156,713,138			445,604,821			127,601,851
At end of period		$627,081,481			$396,776,076			$227,897,334			$526,917,332			$199,760,798
Accumulated undistributed (distributions in excess of) net investment income included in net assets at end of period		$(582,933	)		$2,129,759			$866,068			$1,147,224			$248,021
Year ended 4/30/17	MFS Lifetime 2040 Fund			MFS Lifetime 2045 Fund			MFS Lifetime 2050 Fund			MFS Lifetime 2055 Fund			MFS Lifetime 2060 Fund (c)
Change in net assets
From operations
Net investment income (loss)		$4,130,974			$1,239,012			$1,566,979			$353,593			$9,564
Net realized gain (loss)		17,819,912			1,763,180			2,808,165			460,709			8,954
Net unrealized gain (loss)		26,979,143			11,206,230			14,170,626			3,490,968			58,375
Change in net assets from operations		$48,930,029			$14,208,422			$18,545,770			$4,305,270			$76,893
Distributions declared to shareholders
From net investment income		$(4,105,019	)		$(1,275,012	)		$(1,605,000	)		$(357,010	)		$(9,619	)
From net realized gain		(20,266,121	)		(2,480,091	)		(3,730,040	)		(507,003	)		—
Total distributions declared to shareholders		$(24,371,140	)		$(3,755,103	)		$(5,335,040	)		$(864,013	)		$(9,619	)
Change in net assets from fund share transactions		$38,996,050			$38,417,005			$33,827,145			$22,114,656			$955,067
Total change in net assets		$63,554,939			$48,870,324			$47,037,875			$25,555,913			$1,022,341
Net assets
At beginning of period		340,350,637			83,393,790			114,137,347			20,598,312			—
At end of period		$403,905,576			$132,264,114			$161,175,222			$46,154,225			$1,022,341
Undistributed net investment income included in net assets at end of period		$118,326			$7,575			$—			$390			$448

(c) For the period from the commencement of the fund’s investment operations, December 6, 2016, through the stated period end.

See Notes to Financial Statements

67

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	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.20			$12.08			$12.29			$12.15			$11.97
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.27			$0.21			$0.18			$0.21			$0.23
Net realized and unrealized gain (loss)		0.20			0.39			(0.11	)		0.22			0.22
Total from investment operations		$0.47			$0.60			$0.07			$0.43			$0.45
Less distributions declared to shareholders
From net investment income		$(0.27	)		$(0.24	)		$(0.19	)		$(0.22	)		$(0.25	)
From net realized gain		(0.15	)		(0.24	)		(0.09	)		(0.07	)		(0.02	)
Total distributions declared to shareholders		$(0.42	)		$(0.48	)		$(0.28	)		$(0.29	)		$(0.27	)
Net asset value, end of period (x)		$12.25			$12.20			$12.08			$12.29			$12.15
Total return (%) (r)(s)(t)(x)		3.84			5.09			0.58			3.66			3.81
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.45			0.46			0.38			0.39			0.39
Expenses after expense reductions (f)(h)		0.24			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		2.19			1.74			1.54			1.68			1.95
Portfolio turnover		11			25			10			14			10
Net assets at end of period (000 omitted)		$108,482			$115,872			$120,810			$126,212			$108,202
	Year ended
Class B	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.20			$12.08			$12.29			$12.15			$11.97
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.17			$0.12			$0.09			$0.11			$0.15
Net realized and unrealized gain (loss)		0.21			0.39			(0.11	)		0.23			0.21
Total from investment operations		$0.38			$0.51			$(0.02	)		$0.34			$0.36
Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.15	)		$(0.10	)		$(0.13	)		$(0.16	)
From net realized gain		(0.15	)		(0.24	)		(0.09	)		(0.07	)		(0.02	)
Total distributions declared to shareholders		$(0.33	)		$(0.39	)		$(0.19	)		$(0.20	)		$(0.18	)
Net asset value, end of period (x)		$12.25			$12.20			$12.08			$12.29			$12.15
Total return (%) (r)(s)(t)(x)		3.07			4.31			(0.16	)		2.89			3.04
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.20			1.21			1.13			1.14			1.14
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.40			0.98			0.79			0.93			1.22
Portfolio turnover		11			25			10			14			10
Net assets at end of period (000 omitted)		$11,818			$15,801			$18,088			$20,720			$18,577

See Notes to Financial Statements

68

Financial Highlights – continued

MFS LIFETIME INCOME FUND – continued

	Year ended
Class C	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.19			$12.08			$12.29			$12.15			$11.97
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.18			$0.12			$0.09			$0.11			$0.15
Net realized and unrealized gain (loss)		0.21			0.38			(0.11	)		0.23			0.21
Total from investment operations		$0.39			$0.50			$(0.02	)		$0.34			$0.36
Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.15	)		$(0.10	)		$(0.13	)		$(0.16	)
From net realized gain		(0.15	)		(0.24	)		(0.09	)		(0.07	)		(0.02	)
Total distributions declared to shareholders		$(0.33	)		$(0.39	)		$(0.19	)		$(0.20	)		$(0.18	)
Net asset value, end of period (x)		$12.25			$12.19			$12.08			$12.29			$12.15
Total return (%) (r)(s)(t)(x)		3.15			4.22			(0.16	)		2.89			3.04
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.20			1.21			1.13			1.14			1.14
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.43			0.98			0.79			0.93			1.22
Portfolio turnover		11			25			10			14			10
Net assets at end of period (000 omitted)		$128,791			$147,518			$153,472			$162,868			$129,848
	Year ended
Class I	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.20			$12.08			$12.30			$12.15			$11.98
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.31			$0.24			$0.21			$0.23			$0.27
Net realized and unrealized gain (loss)		0.19			0.39			(0.12	)		0.25			0.20
Total from investment operations		$0.50			$0.63			$0.09			$0.48			$0.47
Less distributions declared to shareholders
From net investment income		$(0.30	)		$(0.27	)		$(0.22	)		$(0.26	)		$(0.28	)
From net realized gain		(0.15	)		(0.24	)		(0.09	)		(0.07	)		(0.02	)
Total distributions declared to shareholders		$(0.45	)		$(0.51	)		$(0.31	)		$(0.33	)		$(0.30	)
Net asset value, end of period (x)		$12.25			$12.20			$12.08			$12.30			$12.15
Total return (%) (r)(s)(t)(x)		4.10			5.35			0.75			4.00			3.99
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.20			0.21			0.13			0.14			0.14
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.46			1.98			1.76			1.92			2.23
Portfolio turnover		11			25			10			14			10
Net assets at end of period (000 omitted)		$32,496			$32,683			$26,134			$29,661			$26,507

See Notes to Financial Statements

69

Financial Highlights – continued

MFS LIFETIME INCOME FUND – continued

	Year ended
Class R1	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.21			$12.09			$12.30			$12.16			$11.98
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.18			$0.12			$0.10			$0.12			$0.15
Net realized and unrealized gain (loss)		0.20			0.39			(0.12	)		0.22			0.21
Total from investment operations		$0.38			$0.51			$(0.02	)		$0.34			$0.36
Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.15	)		$(0.10	)		$(0.13	)		$(0.16	)
From net realized gain		(0.15	)		(0.24	)		(0.09	)		(0.07	)		(0.02	)
Total distributions declared to shareholders		$(0.33	)		$(0.39	)		$(0.19	)		$(0.20	)		$(0.18	)
Net asset value, end of period (x)		$12.26			$12.21			$12.09			$12.30			$12.16
Total return (%) (r)(s)(t)(x)		3.06			4.31			(0.16	)		2.88			3.04
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.20			1.21			1.13			1.14			1.14
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.42			0.96			0.79			0.95			1.22
Portfolio turnover		11			25			10			14			10
Net assets at end of period (000 omitted)		$4,344			$4,453			$5,332			$5,606			$2,368
	Year ended
Class R2	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.20			$12.08			$12.30			$12.16			$11.98
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.24			$0.18			$0.16			$0.18			$0.21
Net realized and unrealized gain (loss)		0.21			0.39			(0.13	)		0.22			0.21
Total from investment operations		$0.45			$0.57			$0.03			$0.40			$0.42
Less distributions declared to shareholders
From net investment income		$(0.24	)		$(0.21	)		$(0.16	)		$(0.19	)		$(0.22	)
From net realized gain		(0.15	)		(0.24	)		(0.09	)		(0.07	)		(0.02	)
Total distributions declared to shareholders		$(0.39	)		$(0.45	)		$(0.25	)		$(0.26	)		$(0.24	)
Net asset value, end of period (x)		$12.26			$12.20			$12.08			$12.30			$12.16
Total return (%) (r)(s)(t)(x)		3.67			4.83			0.25			3.40			3.55
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.70			0.71			0.63			0.64			0.64
Expenses after expense reductions (f)(h)		0.49			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.91			1.49			1.32			1.46			1.72
Portfolio turnover		11			25			10			14			10
Net assets at end of period (000 omitted)		$27,110			$31,542			$24,621			$28,528			$7,506

See Notes to Financial Statements

70

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MFS LIFETIME INCOME FUND – continued

	Year ended
Class R3	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.20			$12.08			$12.30			$12.15			$11.97
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.27			$0.21			$0.17			$0.21			$0.23
Net realized and unrealized gain (loss)		0.20			0.39			(0.11	)		0.23			0.22
Total from investment operations		$0.47			$0.60			$0.06			$0.44			$0.45
Less distributions declared to shareholders
From net investment income		$(0.27	)		$(0.24	)		$(0.19	)		$(0.22	)		$(0.25	)
From net realized gain		(0.15	)		(0.24	)		(0.09	)		(0.07	)		(0.02	)
Total distributions declared to shareholders		$(0.42	)		$(0.48	)		$(0.28	)		$(0.29	)		$(0.27	)
Net asset value, end of period (x)		$12.25			$12.20			$12.08			$12.30			$12.15
Total return (%) (r)(s)(t)(x)		3.84			5.09			0.50			3.74			3.81
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.45			0.47			0.38			0.39			0.39
Expenses after expense reductions (f)(h)		0.24			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		2.21			1.74			1.46			1.68			1.96
Portfolio turnover		11			25			10			14			10
Net assets at end of period (000 omitted)		$54,156			$49,628			$33,728			$25,641			$14,526
	Year ended
Class R4	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.20			$12.08			$12.30			$12.16			$11.98
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.31			$0.24			$0.21			$0.24			$0.27
Net realized and unrealized gain (loss)		0.19			0.39			(0.12	)		0.23			0.21
Total from investment operations		$0.50			$0.63			$0.09			$0.47			$0.48
Less distributions declared to shareholders
From net investment income		$(0.30	)		$(0.27	)		$(0.22	)		$(0.26	)		$(0.28	)
From net realized gain		(0.15	)		(0.24	)		(0.09	)		(0.07	)		(0.02	)
Total distributions declared to shareholders		$(0.45	)		$(0.51	)		$(0.31	)		$(0.33	)		$(0.30	)
Net asset value, end of period (x)		$12.25			$12.20			$12.08			$12.30			$12.16
Total return (%) (r)(s)(t)(x)		4.10			5.35			0.75			3.92			4.07
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.21			0.21			0.13			0.14			0.14
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.51			2.01			1.78			1.93			2.22
Portfolio turnover		11			25			10			14			10
Net assets at end of period (000 omitted)		$52,790			$112,472			$83,522			$75,336			$33,109

See Notes to Financial Statements

71

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MFS LIFETIME INCOME FUND – continued

	Year ended
Class R6	4/30/18			4/30/17 (i)
Net asset value, beginning of period		$12.23			$12.37
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.35			$0.11
Net realized and unrealized gain (loss)		0.17			0.21
Total from investment operations		$0.52			$0.32
Less distributions declared to shareholders
From net investment income		$(0.31	)		$(0.22	)
From net realized gain		(0.15	)		(0.24	)
Total distributions declared to shareholders		$(0.46	)		$(0.46	)
Net asset value, end of period (x)		$12.29			$12.23
Total return (%) (r)(s)(t)(x)		4.28			2.70	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.10			0.21	(a)
Expenses after expense reductions (f)(h)		0.00			0.00	(a)
Net investment income (loss) (l)		2.83			1.34	(a)
Portfolio turnover		11			25
Net assets at end of period (000 omitted)		$26,728			$6,775

	Year ended
Class 529A	4/30/18			4/30/17			4/30/16			4/30/15 (i)
Net asset value, beginning of period		$10.04			$9.98			$10.17			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.22			$0.17			$0.15			$0.02
Net realized and unrealized gain (loss)		0.17			0.32			(0.10	)		0.19
Total from investment operations		$0.39			$0.49			$0.05			$0.21
Less distributions declared to shareholders
From net investment income		$(0.22	)		$(0.19	)		$(0.15	)		$(0.04	)
From net realized gain		(0.15	)		(0.24	)		(0.09	)		—
Total distributions declared to shareholders		$(0.37	)		$(0.43	)		$(0.24	)		$(0.04	)
Net asset value, end of period (x)		$10.06			$10.04			$9.98			$10.17
Total return (%) (r)(s)(t)(x)		3.84			5.08			0.53			2.07	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.53			0.56			0.48			0.53	(a)
Expenses after expense reductions (f)(h)		0.28			0.29			0.29			0.30	(a)
Net investment income (loss) (l)		2.16			1.70			1.48			0.70	(a)
Portfolio turnover		11			25			10			14
Net assets at end of period (000 omitted)		$83,713			$73,448			$52,434			$47,993

See Notes to Financial Statements

72

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MFS LIFETIME INCOME FUND – continued

	Year ended
Class 529B	4/30/18			4/30/17			4/30/16			4/30/15 (i)
Net asset value, beginning of period		$10.04			$9.98			$10.17			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.14			$0.10			$0.07			$(0.00	)(w)
Net realized and unrealized gain (loss)		0.17			0.32			(0.10	)		0.18
Total from investment operations		$0.31			$0.42			$(0.03	)		$0.18
Less distributions declared to shareholders
From net investment income		$(0.14	)		$(0.12	)		$(0.07	)		$(0.01	)
From net realized gain		(0.15	)		(0.24	)		(0.09	)		—
Total distributions declared to shareholders		$(0.29	)		$(0.36	)		$(0.16	)		$(0.01	)
Net asset value, end of period (x)		$10.06			$10.04			$9.98			$10.17
Total return (%) (r)(s)(t)(x)		3.07			4.30			(0.22	)		1.83	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.28			1.31			1.23			1.28	(a)
Expenses after expense reductions (f)(h)		1.04			1.05			1.04			1.04	(a)
Net investment income (loss) (l)		1.36			0.96			0.73			(0.05	)(a)
Portfolio turnover		11			25			10			14
Net assets at end of period (000 omitted)		$3,975			$4,722			$3,456			$3,428
	Year ended
Class 529C	4/30/18			4/30/17			4/30/16			4/30/15 (i)
Net asset value, beginning of period		$10.04			$9.98			$10.17			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.14			$0.09			$0.07			$(0.00	)(w)
Net realized and unrealized gain (loss)		0.16			0.33			(0.10	)		0.18
Total from investment operations		$0.30			$0.42			$(0.03	)		$0.18
Less distributions declared to shareholders
From net investment income		$(0.14	)		$(0.12	)		$(0.07	)		$(0.01	)
From net realized gain		(0.15	)		(0.24	)		(0.09	)		—
Total distributions declared to shareholders		$(0.29	)		$(0.36	)		$(0.16	)		$(0.01	)
Net asset value, end of period (x)		$10.05			$10.04			$9.98			$10.17
Total return (%) (r)(s)(t)(x)		2.97			4.30			(0.22	)		1.83	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.28			1.31			1.23			1.28	(a)
Expenses after expense reductions (f)(h)		1.04			1.05			1.04			1.05	(a)
Net investment income (loss) (l)		1.40			0.94			0.74			(0.05	)(a)
Portfolio turnover		11			25			10			14
Net assets at end of period (000 omitted)		$34,039			$32,166			$26,047			$23,987

See Notes to Financial Statements

73

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MFS LIFETIME INCOME FUND – continued

(a) Annualized.

(d) Per share data is based on average shares outstanding.

(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.

(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.

(i) For the period from the class inception, January 8, 2015 (Classes 529A, 529B, and 529C) and August 29, 2016 (Class R6), through the stated period end.

(l) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

(r) Certain expenses have been reduced without which performance would have been lower.

(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t) Total returns do not include any applicable sales charges.

(w) Per share amount was less than $0.01.

(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

See Notes to Financial Statements

74

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	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.94			$13.08			$13.52			$13.16			$12.49
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.29			$0.23			$0.20			$0.22			$0.25
Net realized and unrealized gain (loss)		0.35			0.60			(0.18	)		0.40			0.64
Total from investment operations		$0.64			$0.83			$0.02			$0.62			$0.89
Less distributions declared to shareholders
From net investment income		$(0.35	)		$(0.21	)		$(0.23	)		$(0.26	)		$(0.22	)
From net realized gain		(0.22	)		(0.76	)		(0.23	)		—			—
Total distributions declared to shareholders		$(0.57	)		$(0.97	)		$(0.46	)		$(0.26	)		$(0.22	)
Net asset value, end of period (x)		$13.01			$12.94			$13.08			$13.52			$13.16
Total return (%) (r)(s)(t)(x)		4.94			6.60			0.20			4.76			7.18
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.48			0.48			0.40			0.42			0.40
Expenses after expense reductions (f)(h)		0.24			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		2.22			1.73			1.52			1.62			1.96
Portfolio turnover		19			35			11			18			12
Net assets at end of period (000 omitted)		$46,580			$50,239			$46,171			$45,846			$55,682
	Year ended
Class B	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.84			$12.98			$13.41			$13.06			$12.40
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.19			$0.13			$0.10			$0.12			$0.14
Net realized and unrealized gain (loss)		0.35			0.59			(0.17	)		0.39			0.64
Total from investment operations		$0.54			$0.72			$(0.07	)		$0.51			$0.78
Less distributions declared to shareholders
From net investment income		$(0.24	)		$(0.10	)		$(0.13	)		$(0.16	)		$(0.12	)
From net realized gain		(0.22	)		(0.76	)		(0.23	)		—			—
Total distributions declared to shareholders		$(0.46	)		$(0.86	)		$(0.36	)		$(0.16	)		$(0.12	)
Net asset value, end of period (x)		$12.92			$12.84			$12.98			$13.41			$13.06
Total return (%) (r)(s)(t)(x)		4.21			5.75			(0.49	)		3.96			6.33
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.23			1.22			1.15			1.17			1.15
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.46			0.99			0.77			0.93			1.12
Portfolio turnover		19			35			11			18			12
Net assets at end of period (000 omitted)		$4,420			$5,425			$6,376			$6,605			$7,055

See Notes to Financial Statements

75

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Year ended
Class C	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.67			$12.83			$13.26			$12.92			$12.27
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.19			$0.13			$0.10			$0.12			$0.14
Net realized and unrealized gain (loss)		0.34			0.58			(0.18	)		0.39			0.64
Total from investment operations		$0.53			$0.71			$(0.08	)		$0.51			$0.78
Less distributions declared to shareholders
From net investment income		$(0.24	)		$(0.11	)		$(0.12	)		$(0.17	)		$(0.13	)
From net realized gain		(0.22	)		(0.76	)		(0.23	)		—			—
Total distributions declared to shareholders		$(0.46	)		$(0.87	)		$(0.35	)		$(0.17	)		$(0.13	)
Net asset value, end of period (x)		$12.74			$12.67			$12.83			$13.26			$12.92
Total return (%) (r)(s)(t)(x)		4.20			5.76			(0.53	)		3.97			6.36
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.23			1.23			1.15			1.17			1.15
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.47			0.98			0.76			0.92			1.13
Portfolio turnover		19			35			11			18			12
Net assets at end of period (000 omitted)		$13,178			$16,629			$17,196			$18,428			$18,515
	Year ended
Class I	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.03			$13.16			$13.60			$13.24			$12.56
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.33			$0.30			$0.23			$0.26			$0.27
Net realized and unrealized gain (loss)		0.35			0.57			(0.18	)		0.40			0.66
Total from investment operations		$0.68			$0.87			$0.05			$0.66			$0.93
Less distributions declared to shareholders
From net investment income		$(0.39	)		$(0.24	)		$(0.26	)		$(0.30	)		$(0.25	)
From net realized gain		(0.22	)		(0.76	)		(0.23	)		—			—
Total distributions declared to shareholders		$(0.61	)		$(1.00	)		$(0.49	)		$(0.30	)		$(0.25	)
Net asset value, end of period (x)		$13.10			$13.03			$13.16			$13.60			$13.24
Total return (%) (r)(s)(t)(x)		5.19			6.91			0.45			5.03			7.42
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.23			0.21			0.15			0.17			0.15
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.50			2.25			1.78			1.93			2.10
Portfolio turnover		19			35			11			18			12
Net assets at end of period (000 omitted)		$1,742			$1,631			$4,466			$7,312			$2,916

See Notes to Financial Statements

76

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MFS LIFETIME 2020 FUND – continued

	Year ended
Class R1	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.88			$13.00			$13.42			$13.06			$12.39
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.12			$0.10			$0.12			$0.14
Net realized and unrealized gain (loss)		0.34			0.60			(0.18	)		0.40			0.64
Total from investment operations		$0.54			$0.72			$(0.08	)		$0.52			$0.78
Less distributions declared to shareholders
From net investment income		$(0.26	)		$(0.08	)		$(0.11	)		$(0.16	)		$(0.11	)
From net realized gain		(0.22	)		(0.76	)		(0.23	)		—			—
Total distributions declared to shareholders		$(0.48	)		$(0.84	)		$(0.34	)		$(0.16	)		$(0.11	)
Net asset value, end of period (x)		$12.94			$12.88			$13.00			$13.42			$13.06
Total return (%) (r)(s)(t)(x)		4.19			5.73			(0.54	)		3.99			6.35
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.23			1.22			1.15			1.17			1.15
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.49			0.95			0.78			0.93			1.12
Portfolio turnover		19			35			11			18			12
Net assets at end of period (000 omitted)		$4,587			$4,355			$4,794			$6,357			$7,494
	Year ended
Class R2	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.84			$13.00			$13.43			$13.08			$12.42
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.26			$0.19			$0.17			$0.19			$0.21
Net realized and unrealized gain (loss)		0.35			0.59			(0.18	)		0.39			0.64
Total from investment operations		$0.61			$0.78			$(0.01	)		$0.58			$0.85
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.18	)		$(0.19	)		$(0.23	)		$(0.19	)
From net realized gain		(0.22	)		(0.76	)		(0.23	)		—			—
Total distributions declared to shareholders		$(0.54	)		$(0.94	)		$(0.42	)		$(0.23	)		$(0.19	)
Net asset value, end of period (x)		$12.91			$12.84			$13.00			$13.43			$13.08
Total return (%) (r)(s)(t)(x)		4.73			6.26			0.01			4.48			6.83
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.73			0.73			0.65			0.67			0.65
Expenses after expense reductions (f)(h)		0.49			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.97			1.49			1.28			1.42			1.63
Portfolio turnover		19			35			11			18			12
Net assets at end of period (000 omitted)		$72,233			$76,217			$63,116			$68,263			$71,178

See Notes to Financial Statements

77

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MFS LIFETIME 2020 FUND – continued

	Year ended
Class R3	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.95			$13.09			$13.53			$13.18			$12.50
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.30			$0.22			$0.19			$0.22			$0.24
Net realized and unrealized gain (loss)		0.34			0.61			(0.17	)		0.40			0.66
Total from investment operations		$0.64			$0.83			$0.02			$0.62			$0.90
Less distributions declared to shareholders
From net investment income		$(0.36	)		$(0.21	)		$(0.23	)		$(0.27	)		$(0.22	)
From net realized gain		(0.22	)		(0.76	)		(0.23	)		—			—
Total distributions declared to shareholders		$(0.58	)		$(0.97	)		$(0.46	)		$(0.27	)		$(0.22	)
Net asset value, end of period (x)		$13.01			$12.95			$13.09			$13.53			$13.18
Total return (%) (r)(s)(t)(x)		4.90			6.59			0.20			4.72			7.20
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.48			0.48			0.40			0.42			0.40
Expenses after expense reductions (f)(h)		0.24			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		2.24			1.71			1.45			1.67			1.86
Portfolio turnover		19			35			11			18			12
Net assets at end of period (000 omitted)		$84,245			$74,655			$63,904			$51,380			$44,145
	Year ended
Class R4	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.01			$13.15			$13.58			$13.23			$12.55
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.34			$0.27			$0.23			$0.26			$0.27
Net realized and unrealized gain (loss)		0.34			0.59			(0.17	)		0.39			0.66
Total from investment operations		$0.68			$0.86			$0.06			$0.65			$0.93
Less distributions declared to shareholders
From net investment income		$(0.37	)		$(0.24	)		$(0.26	)		$(0.30	)		$(0.25	)
From net realized gain		(0.22	)		(0.76	)		(0.23	)		—			—
Total distributions declared to shareholders		$(0.59	)		$(1.00	)		$(0.49	)		$(0.30	)		$(0.25	)
Net asset value, end of period (x)		$13.10			$13.01			$13.15			$13.58			$13.23
Total return (%) (r)(s)(t)(x)		5.24			6.83			0.53			4.96			7.42
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.24			0.23			0.15			0.17			0.15
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.56			2.02			1.76			1.94			2.13
Portfolio turnover		19			35			11			18			12
Net assets at end of period (000 omitted)		$87,475			$146,535			$165,273			$159,446			$147,311

See Notes to Financial Statements

78

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Year ended
Class R6	4/30/18			4/30/17 (i)
Net asset value, beginning of period		$13.02			$13.60
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.38			$0.11
Net realized and unrealized gain (loss)		0.31			0.32
Total from investment operations		$0.69			$0.43
Less distributions declared to shareholders
From net investment income		$(0.40	)		$(0.25	)
From net realized gain		(0.22	)		(0.76	)
Total distributions declared to shareholders		$(0.62	)		$(1.01	)
Net asset value, end of period (x)		$13.09			$13.02
Total return (%) (r)(s)(t)(x)		5.33			3.43	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.10			0.16	(a)
Expenses after expense reductions (f)(h)		0.00			0.00	(a)
Net investment income (loss) (l)		2.82			1.28	(a)
Portfolio turnover		19			35
Net assets at end of period (000 omitted)		$45,280			$21,091

(a) Annualized.

(d) Per share data is based on average shares outstanding.

(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.

(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.

(i) For the period from the inception of Class R6, August 29, 2016, through the stated period end.

(l) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

(r) Certain expenses have been reduced without which performance would have been lower.

(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t) Total returns do not include any applicable sales charges.

(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

See Notes to Financial Statements

79

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	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.35			$11.76			$12.19			$11.81			$10.86
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.29			$0.20			$0.16			$0.19			$0.20
Net realized and unrealized gain (loss)		0.62			0.84			(0.24	)		0.47			0.94
Total from investment operations		$0.91			$1.04			$(0.08	)		$0.66			$1.14
Less distributions declared to shareholders
From net investment income		$(0.35	)		$(0.17	)		$(0.18	)		$(0.20	)		$(0.18	)
From net realized gain		(0.08	)		(0.28	)		(0.17	)		(0.08	)		(0.01	)
Total distributions declared to shareholders		$(0.43	)		$(0.45	)		$(0.35	)		$(0.28	)		$(0.19	)
Net asset value, end of period (x)		$12.83			$12.35			$11.76			$12.19			$11.81
Total return (%) (r)(s)(t)(x)		7.34			9.03			(0.60	)		5.64			10.52
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.54			0.55			0.53			0.48			0.52
Expenses after expense reductions (f)(h)		0.23			0.24			0.23			0.23			0.25
Net investment income (loss) (l)		2.28			1.62			1.34			1.58			1.74
Portfolio turnover		37			33			10			13			10
Net assets at end of period (000 omitted)		$16,710			$14,518			$12,598			$8,807			$4,238
	Year ended
Class B	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.26			$11.68			$12.11			$11.75			$10.83
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.19			$0.10			$0.07			$0.10			$0.10
Net realized and unrealized gain (loss)		0.60			0.85			(0.24	)		0.47			0.94
Total from investment operations		$0.79			$0.95			$(0.17	)		$0.57			$1.04
Less distributions declared to shareholders
From net investment income		$(0.25	)		$(0.09	)		$(0.09	)		$(0.13	)		$(0.11	)
From net realized gain		(0.08	)		(0.28	)		(0.17	)		(0.08	)		(0.01	)
Total distributions declared to shareholders		$(0.33	)		$(0.37	)		$(0.26	)		$(0.21	)		$(0.12	)
Net asset value, end of period (x)		$12.72			$12.26			$11.68			$12.11			$11.75
Total return (%) (r)(s)(t)(x)		6.40			8.23			(1.37	)		4.83			9.68
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.29			1.29			1.28			1.23			1.28
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.47			0.86			0.59			0.83			0.87
Portfolio turnover		37			33			10			13			10
Net assets at end of period (000 omitted)		$1,472			$1,340			$1,190			$1,035			$754

See Notes to Financial Statements

80

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Year ended
Class C	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.21			$11.63			$12.07			$11.71			$10.83
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.19			$0.10			$0.07			$0.10			$0.13
Net realized and unrealized gain (loss)		0.60			0.84			(0.24	)		0.47			0.91
Total from investment operations		$0.79			$0.94			$(0.17	)		$0.57			$1.04
Less distributions declared to shareholders
From net investment income		$(0.26	)		$(0.08	)		$(0.10	)		$(0.13	)		$(0.15	)
From net realized gain		(0.08	)		(0.28	)		(0.17	)		(0.08	)		(0.01	)
Total distributions declared to shareholders		$(0.34	)		$(0.36	)		$(0.27	)		$(0.21	)		$(0.16	)
Net asset value, end of period (x)		$12.66			$12.21			$11.63			$12.07			$11.71
Total return (%) (r)(s)(t)(x)		6.42			8.24			(1.37	)		4.86			9.65
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.29			1.29			1.28			1.23			1.27
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.50			0.83			0.59			0.80			1.15
Portfolio turnover		37			33			10			13			10
Net assets at end of period (000 omitted)		$3,571			$3,311			$2,846			$2,213			$1,376
	Year ended
Class I	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.40			$11.79			$12.22			$11.83			$10.87
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.25			$0.27			$0.19			$0.23			$0.24
Net realized and unrealized gain (loss)		0.68			0.82			(0.25	)		0.46			0.92
Total from investment operations		$0.93			$1.09			$(0.06	)		$0.69			$1.16
Less distributions declared to shareholders
From net investment income		$(0.38	)		$(0.20	)		$(0.20	)		$(0.22	)		$(0.19	)
From net realized gain		(0.08	)		(0.28	)		(0.17	)		(0.08	)		(0.01	)
Total distributions declared to shareholders		$(0.46	)		$(0.48	)		$(0.37	)		$(0.30	)		$(0.20	)
Net asset value, end of period (x)		$12.87			$12.40			$11.79			$12.22			$11.83
Total return (%) (r)(s)(t)(x)		7.44			9.42			(0.39	)		5.89			10.72
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.32			0.28			0.29			0.23			0.27
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		1.96			2.25			1.59			1.87			2.09
Portfolio turnover		37			33			10			13			10
Net assets at end of period (000 omitted)		$538			$127			$4,563			$1,889			$443

See Notes to Financial Statements

81

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Year ended
Class R1	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.33			$11.79			$12.17			$11.78			$10.83
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.09			$0.06			$0.09			$0.10
Net realized and unrealized gain (loss)		0.60			0.86			(0.24	)		0.48			0.94
Total from investment operations		$0.80			$0.95			$(0.18	)		$0.57			$1.04
Less distributions declared to shareholders
From net investment income		$(0.29	)		$(0.13	)		$(0.03	)		$(0.10	)		$(0.08	)
From net realized gain		(0.08	)		(0.28	)		(0.17	)		(0.08	)		(0.01	)
Total distributions declared to shareholders		$(0.37	)		$(0.41	)		$(0.20	)		$(0.18	)		$(0.09	)
Net asset value, end of period (x)		$12.76			$12.33			$11.79			$12.17			$11.78
Total return (%) (r)(s)(t)(x)		6.46			8.24			(1.40	)		4.88			9.63
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.30			1.31			1.26			1.23			1.29
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.58			0.77			0.51			0.73			0.85
Portfolio turnover		37			33			10			13			10
Net assets at end of period (000 omitted)		$1,234			$432			$87			$163			$120
	Year ended
Class R2	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.29			$11.73			$12.17			$11.78			$10.85
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.26			$0.17			$0.12			$0.15			$0.13
Net realized and unrealized gain (loss)		0.60			0.84			(0.24	)		0.49			0.97
Total from investment operations		$0.86			$1.01			$(0.12	)		$0.64			$1.10
Less distributions declared to shareholders
From net investment income		$(0.33	)		$(0.17	)		$(0.15	)		$(0.17	)		$(0.16	)
From net realized gain		(0.08	)		(0.28	)		(0.17	)		(0.08	)		(0.01	)
Total distributions declared to shareholders		$(0.41	)		$(0.45	)		$(0.32	)		$(0.25	)		$(0.17	)
Net asset value, end of period (x)		$12.74			$12.29			$11.73			$12.17			$11.78
Total return (%) (r)(s)(t)(x)		6.95			8.75			(0.89	)		5.42			10.19
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.79			0.81			0.79			0.73			0.76
Expenses after expense reductions (f)(h)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		2.06			1.40			1.02			1.27			1.09
Portfolio turnover		37			33			10			13			10
Net assets at end of period (000 omitted)		$35,799			$23,253			$7,489			$4,200			$3,799

See Notes to Financial Statements

82

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Year ended
Class R3	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.35			$11.76			$12.19			$11.80			$10.86
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.29			$0.20			$0.15			$0.17			$0.19
Net realized and unrealized gain (loss)		0.60			0.85			(0.23	)		0.49			0.93
Total from investment operations		$0.89			$1.05			$(0.08	)		$0.66			$1.12
Less distributions declared to shareholders
From net investment income		$(0.35	)		$(0.18	)		$(0.18	)		$(0.19	)		$(0.17	)
From net realized gain		(0.08	)		(0.28	)		(0.17	)		(0.08	)		(0.01	)
Total distributions declared to shareholders		$(0.43	)		$(0.46	)		$(0.35	)		$(0.27	)		$(0.18	)
Net asset value, end of period (x)		$12.81			$12.35			$11.76			$12.19			$11.80
Total return (%) (r)(s)(t)(x)		7.19			9.08			(0.60	)		5.65			10.39
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.54			0.55			0.54			0.48			0.53
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		2.24			1.61			1.27			1.45			1.70
Portfolio turnover		37			33			10			13			10
Net assets at end of period (000 omitted)		$63,426			$39,042			$22,370			$12,732			$8,877
	Year ended
Class R4	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$12.40			$11.79			$12.22			$11.83			$10.87
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.35			$0.22			$0.19			$0.22			$0.21
Net realized and unrealized gain (loss)		0.58			0.87			(0.25	)		0.47			0.95
Total from investment operations		$0.93			$1.09			$(0.06	)		$0.69			$1.16
Less distributions declared to shareholders
From net investment income		$(0.37	)		$(0.20	)		$(0.20	)		$(0.22	)		$(0.19	)
From net realized gain		(0.08	)		(0.28	)		(0.17	)		(0.08	)		(0.01	)
Total distributions declared to shareholders		$(0.45	)		$(0.48	)		$(0.37	)		$(0.30	)		$(0.20	)
Net asset value, end of period (x)		$12.88			$12.40			$11.79			$12.22			$11.83
Total return (%) (r)(s)(t)(x)		7.43			9.42			(0.40	)		5.88			10.72
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.28			0.30			0.28			0.23			0.28
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.68			1.84			1.59			1.82			1.88
Portfolio turnover		37			33			10			13			10
Net assets at end of period (000 omitted)		$81,894			$135,040			$105,570			$98,370			$66,460

See Notes to Financial Statements

83

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Year ended
Class R6	4/30/18			4/30/17 (i)
Net asset value, beginning of period		$12.41			$12.30
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.40			$0.11
Net realized and unrealized gain (loss)		0.55			0.48
Total from investment operations		$0.95			$0.59
Less distributions declared to shareholders
From net investment income		$(0.40	)		$(0.20	)
From net realized gain		(0.08	)		(0.28	)
Total distributions declared to shareholders		$(0.48	)		$(0.48	)
Net asset value, end of period (x)		$12.88			$12.41
Total return (%) (r)(s)(t)(x)		7.57			5.02	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.15			0.20	(a)
Expenses after expense reductions (f)(h)		0.00			0.00	(a)
Net investment income (loss) (l)		3.08			1.31	(a)
Portfolio turnover		37			33
Net assets at end of period (000 omitted)		$32,384			$10,834

(a) Annualized.

(d) Per share data is based on average shares outstanding.

(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.

(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.

(i) For the period from the inception of Class R6, August 29, 2016, through the stated period end.

(l) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

(r) Certain expenses have been reduced without which performance would have been lower.

(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t) Total returns do not include any applicable sales charges.

(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

See Notes to Financial Statements

84

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	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$14.57			$13.91			$14.55			$13.90			$12.51
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.34			$0.19			$0.16			$0.18			$0.17
Net realized and unrealized gain (loss)		1.13			1.42			(0.38	)		0.70			1.41
Total from investment operations		$1.47			$1.61			$(0.22	)		$0.88			$1.58
Less distributions declared to shareholders
From net investment income		$(0.36	)		$(0.19	)		$(0.20	)		$(0.23	)		$(0.19	)
From net realized gain		(0.20	)		(0.76	)		(0.22	)		—			—
Total distributions declared to shareholders		$(0.56	)		$(0.95	)		$(0.42	)		$(0.23	)		$(0.19	)
Net asset value, end of period (x)		$15.48			$14.57			$13.91			$14.55			$13.90
Total return (%) (r)(s)(t)(x)		10.09			12.01			(1.51	)		6.37			12.67
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.46			0.47			0.42			0.44			0.41
Expenses after expense reductions (f)(h)		0.23			0.25			0.24			0.24			0.24
Net investment income (loss) (l)		2.18			1.36			1.13			1.29			1.30
Portfolio turnover		19			50			6			11			6
Net assets at end of period (000 omitted)		$61,458			$57,961			$44,995			$42,887			$39,929
	Year ended
Class B	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$14.37			$13.73			$14.37			$13.73			$12.37
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.21			$0.08			$0.05			$0.07			$0.07
Net realized and unrealized gain (loss)		1.13			1.40			(0.38	)		0.69			1.39
Total from investment operations		$1.34			$1.48			$(0.33	)		$0.76			$1.46
Less distributions declared to shareholders
From net investment income		$(0.25	)		$(0.08	)		$(0.09	)		$(0.12	)		$(0.10	)
From net realized gain		(0.20	)		(0.76	)		(0.22	)		—			—
Total distributions declared to shareholders		$(0.45	)		$(0.84	)		$(0.31	)		$(0.12	)		$(0.10	)
Net asset value, end of period (x)		$15.26			$14.37			$13.73			$14.37			$13.73
Total return (%) (r)(s)(t)(x)		9.28			11.15			(2.27	)		5.59			11.82
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.21			1.22			1.17			1.19			1.16
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.42			0.60			0.37			0.53			0.53
Portfolio turnover		19			50			6			11			6
Net assets at end of period (000 omitted)		$8,834			$8,753			$8,498			$8,414			$8,022

See Notes to Financial Statements

85

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Year ended
Class C	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$14.29			$13.66			$14.29			$13.67			$12.33
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.21			$0.09			$0.05			$0.08			$0.07
Net realized and unrealized gain (loss)		1.11			1.38			(0.37	)		0.67			1.38
Total from investment operations		$1.32			$1.47			$(0.32	)		$0.75			$1.45
Less distributions declared to shareholders
From net investment income		$(0.25	)		$(0.08	)		$(0.09	)		$(0.13	)		$(0.11	)
From net realized gain		(0.20	)		(0.76	)		(0.22	)		—			—
Total distributions declared to shareholders		$(0.45	)		$(0.84	)		$(0.31	)		$(0.13	)		$(0.11	)
Net asset value, end of period (x)		$15.16			$14.29			$13.66			$14.29			$13.67
Total return (%) (r)(s)(t)(x)		9.21			11.17			(2.20	)		5.51			11.78
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.21			1.22			1.17			1.19			1.16
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.42			0.61			0.38			0.55			0.55
Portfolio turnover		19			50			6			11			6
Net assets at end of period (000 omitted)		$15,885			$15,827			$15,554			$15,521			$13,791
	Year ended
Class I	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$14.63			$14.00			$14.63			$13.98			$12.58
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.38			$0.28			$0.19			$0.23			$0.21
Net realized and unrealized gain (loss)		1.14			1.33			(0.37	)		0.68			1.41
Total from investment operations		$1.52			$1.61			$(0.18	)		$0.91			$1.62
Less distributions declared to shareholders
From net investment income		$(0.40	)		$(0.22	)		$(0.23	)		$(0.26	)		$(0.22	)
From net realized gain		(0.20	)		(0.76	)		(0.22	)		—			—
Total distributions declared to shareholders		$(0.60	)		$(0.98	)		$(0.45	)		$(0.26	)		$(0.22	)
Net asset value, end of period (x)		$15.55			$14.63			$14.00			$14.63			$13.98
Total return (%) (r)(s)(t)(x)		10.38			11.95			(1.19	)		6.57			12.90
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.21			0.20			0.17			0.20			0.16
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.48			1.96			1.36			1.61			1.54
Portfolio turnover		19			50			6			11			6
Net assets at end of period (000 omitted)		$2,171			$1,743			$12,156			$11,665			$8,067

See Notes to Financial Statements

86

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MFS LIFETIME 2030 FUND – continued

	Year ended
Class R1	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$14.44			$13.78			$14.39			$13.75			$12.39
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.21			$0.08			$0.04			$0.09			$0.07
Net realized and unrealized gain (loss)		1.13			1.40			(0.36	)		0.67			1.39
Total from investment operations		$1.34			$1.48			$(0.32	)		$0.76			$1.46
Less distributions declared to shareholders
From net investment income		$(0.26	)		$(0.06	)		$(0.07	)		$(0.12	)		$(0.10	)
From net realized gain		(0.20	)		(0.76	)		(0.22	)		—			—
Total distributions declared to shareholders		$(0.46	)		$(0.82	)		$(0.29	)		$(0.12	)		$(0.10	)
Net asset value, end of period (x)		$15.32			$14.44			$13.78			$14.39			$13.75
Total return (%) (r)(s)(t)(x)		9.26			11.13			(2.25	)		5.56			11.79
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.21			1.22			1.17			1.19			1.16
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.38			0.57			0.31			0.61			0.56
Portfolio turnover		19			50			6			11			6
Net assets at end of period (000 omitted)		$6,825			$5,740			$6,427			$8,165			$10,816
	Year ended
Class R2	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$14.43			$13.79			$14.43			$13.79			$12.42
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.30			$0.16			$0.12			$0.14			$0.14
Net realized and unrealized gain (loss)		1.12			1.40			(0.38	)		0.69			1.39
Total from investment operations		$1.42			$1.56			$(0.26	)		$0.83			$1.53
Less distributions declared to shareholders
From net investment income		$(0.33	)		$(0.16	)		$(0.16	)		$(0.19	)		$(0.16	)
From net realized gain		(0.20	)		(0.76	)		(0.22	)		—			—
Total distributions declared to shareholders		$(0.53	)		$(0.92	)		$(0.38	)		$(0.19	)		$(0.16	)
Net asset value, end of period (x)		$15.32			$14.43			$13.79			$14.43			$13.79
Total return (%) (r)(s)(t)(x)		9.80			11.73			(1.78	)		6.07			12.34
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.71			0.72			0.67			0.69			0.66
Expenses after expense reductions (f)(h)		0.49			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.95			1.13			0.88			1.01			1.04
Portfolio turnover		19			50			6			11			6
Net assets at end of period (000 omitted)		$112,223			$105,808			$83,102			$79,912			$73,435

See Notes to Financial Statements

87

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Year ended
Class R3	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$14.54			$13.88			$14.52			$13.87			$12.49
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.34			$0.19			$0.15			$0.18			$0.18
Net realized and unrealized gain (loss)		1.12			1.42			(0.37	)		0.70			1.39
Total from investment operations		$1.46			$1.61			$(0.22	)		$0.88			$1.57
Less distributions declared to shareholders
From net investment income		$(0.36	)		$(0.19	)		$(0.20	)		$(0.23	)		$(0.19	)
From net realized gain		(0.20	)		(0.76	)		(0.22	)		—			—
Total distributions declared to shareholders		$(0.56	)		$(0.95	)		$(0.42	)		$(0.23	)		$(0.19	)
Net asset value, end of period (x)		$15.44			$14.54			$13.88			$14.52			$13.87
Total return (%) (r)(s)(t)(x)		10.07			12.03			(1.52	)		6.37			12.63
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.46			0.47			0.42			0.44			0.41
Expenses after expense reductions (f)(h)		0.24			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		2.20			1.34			1.06			1.27			1.34
Portfolio turnover		19			50			6			11			6
Net assets at end of period (000 omitted)		$136,815			$109,088			$90,624			$71,753			$57,969
	Year ended
Class R4	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$14.64			$13.97			$14.61			$13.96			$12.56
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.40			$0.24			$0.19			$0.22			$0.21
Net realized and unrealized gain (loss)		1.11			1.41			(0.38	)		0.69			1.41
Total from investment operations		$1.51			$1.65			$(0.19	)		$0.91			$1.62
Less distributions declared to shareholders
From net investment income		$(0.39	)		$(0.22	)		$(0.23	)		$(0.26	)		$(0.22	)
From net realized gain		(0.20	)		(0.76	)		(0.22	)		—			—
Total distributions declared to shareholders		$(0.59	)		$(0.98	)		$(0.45	)		$(0.26	)		$(0.22	)
Net asset value, end of period (x)		$15.56			$14.64			$13.97			$14.61			$13.96
Total return (%) (r)(s)(t)(x)		10.30			12.28			(1.26	)		6.58			12.93
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.21			0.22			0.17			0.20			0.16
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.57			1.66			1.37			1.56			1.57
Portfolio turnover		19			50			6			11			6
Net assets at end of period (000 omitted)		$148,064			$188,413			$184,249			$169,285			$129,817

See Notes to Financial Statements

88

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Year ended
Class R6	4/30/18			4/30/17 (i)
Net asset value, beginning of period		$14.65			$14.67
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.45			$0.07
Net realized and unrealized gain (loss)		1.08			0.90
Total from investment operations		$1.53			$0.97
Less distributions declared to shareholders
From net investment income		$(0.42	)		$(0.23	)
From net realized gain		(0.20	)		(0.76	)
Total distributions declared to shareholders		$(0.62	)		$(0.99	)
Net asset value, end of period (x)		$15.56			$14.65
Total return (%) (r)(s)(t)(x)		10.43			7.05	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.08			0.13	(a)
Expenses after expense reductions (f)(h)		0.00			0.00	(a)
Net investment income (loss) (l)		2.91			0.75	(a)
Portfolio turnover		19			50
Net assets at end of period (000 omitted)		$73,753			$33,584

(a) Annualized.

(d) Per share data is based on average shares outstanding.

(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.

(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.

(i) For the period from the inception of Class R6, August 29, 2016, through the stated period end.

(l) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

(r) Certain expenses have been reduced without which performance would have been lower.

(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t) Total returns do not include any applicable sales charges.

(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

See Notes to Financial Statements

89

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	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.49			$12.35			$12.96			$12.41			$11.07
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.31			$0.16			$0.12			$0.15			$0.16
Net realized and unrealized gain (loss)		1.28			1.44			(0.35	)		0.67			1.35
Total from investment operations		$1.59			$1.60			$(0.23	)		$0.82			$1.51
Less distributions declared to shareholders
From net investment income		$(0.37	)		$(0.15	)		$(0.16	)		$(0.18	)		$(0.16	)
From net realized gain		(0.10	)		(0.31	)		(0.22	)		(0.09	)		(0.01	)
Total distributions declared to shareholders		$(0.47	)		$(0.46	)		$(0.38	)		$(0.27	)		$(0.17	)
Net asset value, end of period (x)		$14.61			$13.49			$12.35			$12.96			$12.41
Total return (%) (r)(s)(t)(x)		11.78			13.18			(1.71	)		6.72			13.61
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.56			0.59			0.59			0.54			0.63
Expenses after expense reductions (f)(h)		0.25			0.25			0.24			0.24			0.24
Net investment income (loss) (l)		2.13			1.23			0.98			1.19			1.33
Portfolio turnover		33			43			7			8			8
Net assets at end of period (000 omitted)		$15,369			$10,591			$7,454			$6,353			$3,502
	Year ended
Class B	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.39			$12.26			$12.88			$12.36			$11.05
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.19			$0.06			$0.02			$0.04			$0.03
Net realized and unrealized gain (loss)		1.28			1.43			(0.34	)		0.68			1.38
Total from investment operations		$1.47			$1.49			$(0.32	)		$0.72			$1.41
Less distributions declared to shareholders
From net investment income		$(0.27	)		$(0.05	)		$(0.08	)		$(0.11	)		$(0.09	)
From net realized gain		(0.10	)		(0.31	)		(0.22	)		(0.09	)		(0.01	)
Total distributions declared to shareholders		$(0.37	)		$(0.36	)		$(0.30	)		$(0.20	)		$(0.10	)
Net asset value, end of period (x)		$14.49			$13.39			$12.26			$12.88			$12.36
Total return (%) (r)(s)(t)(x)		10.96			12.34			(2.45	)		5.88			12.75
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.31			1.34			1.34			1.29			1.40
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.31			0.45			0.20			0.33			0.27
Portfolio turnover		33			43			7			8			8
Net assets at end of period (000 omitted)		$1,730			$1,314			$1,261			$950			$404

See Notes to Financial Statements

90

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Year ended
Class C	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.35			$12.22			$12.83			$12.32			$11.05
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.19			$0.05			$0.03			$0.05			$0.05
Net realized and unrealized gain (loss)		1.28			1.43			(0.35	)		0.67			1.36
Total from investment operations		$1.47			$1.48			$(0.32	)		$0.72			$1.41
Less distributions declared to shareholders
From net investment income		$(0.27	)		$(0.04	)		$(0.07	)		$(0.12	)		$(0.13	)
From net realized gain		(0.10	)		(0.31	)		(0.22	)		(0.09	)		(0.01	)
Total distributions declared to shareholders		$(0.37	)		$(0.35	)		$(0.29	)		$(0.21	)		$(0.14	)
Net asset value, end of period (x)		$14.45			$13.35			$12.22			$12.83			$12.32
Total return (%) (r)(s)(t)(x)		11.00			12.28			(2.40	)		5.89			12.76
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.31			1.34			1.33			1.29			1.37
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.35			0.40			0.27			0.39			0.45
Portfolio turnover		33			43			7			8			8
Net assets at end of period (000 omitted)		$2,510			$1,893			$1,950			$1,965			$907
	Year ended
Class I	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.51			$12.40			$13.00			$12.44			$11.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.38			$0.26			$0.15			$0.17			$0.17
Net realized and unrealized gain (loss)		1.25			1.34			(0.34	)		0.69			1.36
Total from investment operations		$1.63			$1.60			$(0.19	)		$0.86			$1.53
Less distributions declared to shareholders
From net investment income		$(0.40	)		$(0.18	)		$(0.19	)		$(0.21	)		$(0.17	)
From net realized gain		(0.10	)		(0.31	)		(0.22	)		(0.09	)		(0.01	)
Total distributions declared to shareholders		$(0.50	)		$(0.49	)		$(0.41	)		$(0.30	)		$(0.18	)
Net asset value, end of period (x)		$14.64			$13.51			$12.40			$13.00			$12.44
Total return (%) (r)(s)(t)(x)		12.10			13.12			(1.40	)		6.98			13.80
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.32			0.32			0.33			0.29			0.39
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.59			2.01			1.19			1.36			1.39
Portfolio turnover		33			43			7			8			8
Net assets at end of period (000 omitted)		$636			$311			$3,921			$3,507			$1,417

See Notes to Financial Statements

91

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Year ended
Class R1	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.44			$12.39			$12.93			$12.39			$11.05
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.23			$0.07			$0.00	(w)		$0.04			$0.03
Net realized and unrealized gain (loss)		1.25			1.42			(0.32	)		0.68			1.38
Total from investment operations		$1.48			$1.49			$(0.32	)		$0.72			$1.41
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.13	)		$(0.00	)(w)		$(0.09	)		$(0.06	)
From net realized gain		(0.10	)		(0.31	)		(0.22	)		(0.09	)		(0.01	)
Total distributions declared to shareholders		$(0.42	)		$(0.44	)		$(0.22	)		$(0.18	)		$(0.07	)
Net asset value, end of period (x)		$14.50			$13.44			$12.39			$12.93			$12.39
Total return (%) (r)(s)(t)(x)		11.00			12.22			(2.39	)		5.90			12.73
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.31			1.36			1.31			1.29			1.41
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.61			0.57			0.01			0.35			0.29
Portfolio turnover		33			43			7			8			8
Net assets at end of period (000 omitted)		$1,974			$664			$118			$180			$126
	Year ended
Class R2	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.43			$12.33			$12.93			$12.39			$11.07
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.27			$0.13			$0.08			$0.11			$0.11
Net realized and unrealized gain (loss)		1.28			1.42			(0.33	)		0.67			1.36
Total from investment operations		$1.55			$1.55			$(0.25	)		$0.78			$1.47
Less distributions declared to shareholders
From net investment income		$(0.34	)		$(0.14	)		$(0.13	)		$(0.15	)		$(0.14	)
From net realized gain		(0.10	)		(0.31	)		(0.22	)		(0.09	)		(0.01	)
Total distributions declared to shareholders		$(0.44	)		$(0.45	)		$(0.35	)		$(0.24	)		$(0.15	)
Net asset value, end of period (x)		$14.54			$13.43			$12.33			$12.93			$12.39
Total return (%) (r)(s)(t)(x)		11.57			12.80			(1.87	)		6.38			13.31
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.81			0.86			0.84			0.79			0.87
Expenses after expense reductions (f)(h)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.86			1.00			0.66			0.86			0.94
Portfolio turnover		33			43			7			8			8
Net assets at end of period (000 omitted)		$32,185			$20,918			$5,805			$3,758			$2,718

See Notes to Financial Statements

92

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Year ended
Class R3	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.50			$12.37			$12.97			$12.43			$11.08
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.30			$0.16			$0.12			$0.14			$0.13
Net realized and unrealized gain (loss)		1.30			1.43			(0.34	)		0.67			1.38
Total from investment operations		$1.60			$1.59			$(0.22	)		$0.81			$1.51
Less distributions declared to shareholders
From net investment income		$(0.37	)		$(0.15	)		$(0.16	)		$(0.18	)		$(0.15	)
From net realized gain		(0.10	)		(0.31	)		(0.22	)		(0.09	)		(0.01	)
Total distributions declared to shareholders		$(0.47	)		$(0.46	)		$(0.38	)		$(0.27	)		$(0.16	)
Net asset value, end of period (x)		$14.63			$13.50			$12.37			$12.97			$12.43
Total return (%) (r)(s)(t)(x)		11.85			13.11			(1.63	)		6.61			13.65
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.56			0.60			0.59			0.54			0.64
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		2.10			1.23			0.95			1.08			1.10
Portfolio turnover		33			43			7			8			8
Net assets at end of period (000 omitted)		$58,283			$35,284			$20,110			$12,389			$6,246
	Year ended
Class R4	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.54			$12.39			$13.00			$12.44			$11.08
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.38			$0.19			$0.15			$0.19			$0.16
Net realized and unrealized gain (loss)		1.26			1.45			(0.35	)		0.67			1.38
Total from investment operations		$1.64			$1.64			$(0.20	)		$0.86			$1.54
Less distributions declared to shareholders
From net investment income		$(0.39	)		$(0.18	)		$(0.19	)		$(0.21	)		$(0.17	)
From net realized gain		(0.10	)		(0.31	)		(0.22	)		(0.09	)		(0.01	)
Total distributions declared to shareholders		$(0.49	)		$(0.49	)		$(0.41	)		$(0.30	)		$(0.18	)
Net asset value, end of period (x)		$14.69			$13.54			$12.39			$13.00			$12.44
Total return (%) (r)(s)(t)(x)		12.11			13.46			(1.48	)		6.98			13.90
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.30			0.34			0.34			0.29			0.39
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.61			1.44			1.22			1.49			1.35
Portfolio turnover		33			43			7			8			8
Net assets at end of period (000 omitted)		$87,528			$119,254			$86,982			$77,094			$45,765

See Notes to Financial Statements

93

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Year ended
Class R6	4/30/18			4/30/17 (i)
Net asset value, beginning of period		$13.55			$13.04
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.44			$0.06
Net realized and unrealized gain (loss)		1.22			0.94
Total from investment operations		$1.66			$1.00
Less distributions declared to shareholders
From net investment income		$(0.42	)		$(0.18	)
From net realized gain		(0.10	)		(0.31	)
Total distributions declared to shareholders		$(0.52	)		$(0.49	)
Net asset value, end of period (x)		$14.69			$13.55
Total return (%) (r)(s)(t)(x)		12.23			7.93	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.16			0.27	(a)
Expenses after expense reductions (f)(h)		0.00			0.00	(a)
Net investment income (loss) (l)		3.03			0.63	(a)
Portfolio turnover		33			43
Net assets at end of period (000 omitted)		$26,567			$9,531

(a) Annualized.

(d) Per share data is based on average shares outstanding.

(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.

(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.

(i) For the period from the inception of Class R6, August 29, 2016, through the stated period end.

(l) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

(r) Certain expenses have been reduced without which performance would have been lower.

(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t) Total returns do not include any applicable sales charges.

(w) Per share amount was less than $0.01.

(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

See Notes to Financial Statements

94

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	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$15.00			$14.07			$14.83			$14.09			$12.49
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.31			$0.15			$0.12			$0.14			$0.13
Net realized and unrealized gain (loss)		1.61			1.72			(0.41	)		0.84			1.64
Total from investment operations		$1.92			$1.87			$(0.29	)		$0.98			$1.77
Less distributions declared to shareholders
From net investment income		$(0.36	)		$(0.15	)		$(0.17	)		$(0.21	)		$(0.17	)
From net realized gain		(0.18	)		(0.79	)		(0.30	)		(0.03	)		—
Total distributions declared to shareholders		$(0.54	)		$(0.94	)		$(0.47	)		$(0.24	)		$(0.17	)
Net asset value, end of period (x)		$16.38			$15.00			$14.07			$14.83			$14.09
Total return (%) (r)(s)(t)(x)		12.86			13.76			(1.94	)		6.97			14.18
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.48			0.50			0.45			0.48			0.45
Expenses after expense reductions (f)(h)		0.24			0.25			0.24			0.25			0.24
Net investment income (loss) (l)		1.90			1.04			0.83			0.99			0.97
Portfolio turnover		18			54			6			10			8
Net assets at end of period (000 omitted)		$36,354			$35,093			$28,324			$26,564			$25,674
	Year ended
Class B	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$14.87			$13.95			$14.71			$13.98			$12.41
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.19			$0.04			$0.01			$0.03			$0.02
Net realized and unrealized gain (loss)		1.59			1.71			(0.41	)		0.83			1.62
Total from investment operations		$1.78			$1.75			$(0.40	)		$0.86			$1.64
Less distributions declared to shareholders
From net investment income		$(0.24	)		$(0.04	)		$(0.06	)		$(0.10	)		$(0.07	)
From net realized gain		(0.18	)		(0.79	)		(0.30	)		(0.03	)		—
Total distributions declared to shareholders		$(0.42	)		$(0.83	)		$(0.36	)		$(0.13	)		$(0.07	)
Net asset value, end of period (x)		$16.23			$14.87			$13.95			$14.71			$13.98
Total return (%) (r)(s)(t)(x)		12.00			12.94			(2.69	)		6.16			13.26
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.23			1.25			1.20			1.23			1.20
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.20			0.27			0.06			0.23			0.16
Portfolio turnover		18			54			6			10			8
Net assets at end of period (000 omitted)		$4,965			$4,924			$4,527			$4,432			$4,155

See Notes to Financial Statements

95

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Year ended
Class C	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$14.70			$13.80			$14.55			$13.83			$12.28
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.19			$0.04			$(0.00	)(w)		$0.04			$0.02
Net realized and unrealized gain (loss)		1.57			1.70			(0.40	)		0.82			1.61
Total from investment operations		$1.76			$1.74			$(0.40	)		$0.86			$1.63
Less distributions declared to shareholders
From net investment income		$(0.25	)		$(0.05	)		$(0.05	)		$(0.11	)		$(0.08	)
From net realized gain		(0.18	)		(0.79	)		(0.30	)		(0.03	)		—
Total distributions declared to shareholders		$(0.43	)		$(0.84	)		$(0.35	)		$(0.14	)		$(0.08	)
Net asset value, end of period (x)		$16.03			$14.70			$13.80			$14.55			$13.83
Total return (%) (r)(s)(t)(x)		11.99			12.96			(2.71	)		6.21			13.30
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.23			1.25			1.20			1.23			1.20
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.19			0.30			(0.01	)		0.26			0.14
Portfolio turnover		18			54			6			10			8
Net assets at end of period (000 omitted)		$11,735			$11,035			$10,226			$11,840			$10,639
	Year ended
Class I	4/30/18			4/30/17 (i)			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$15.08			$14.17			$14.93			$14.18			$12.57
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.37			$0.26			$0.15			$0.19			$0.16
Net realized and unrealized gain (loss)		1.60			1.63			(0.41	)		0.83			1.64
Total from investment operations		$1.97			$1.89			$(0.26	)		$1.02			$1.80
Less distributions declared to shareholders
From net investment income		$(0.40	)		$(0.19	)		$(0.20	)		$(0.24	)		$(0.19	)
From net realized gain		(0.18	)		(0.79	)		(0.30	)		(0.03	)		—
Total distributions declared to shareholders		$(0.58	)		$(0.98	)		$(0.50	)		$(0.27	)		$(0.19	)
Net asset value, end of period (x)		$16.47			$15.08			$14.17			$14.93			$14.18
Total return (%) (r)(s)(t)(x)		13.11			13.77			(1.68	)		7.24			14.38
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.23			0.24			0.20			0.23			0.21
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.30			1.78			1.09			1.30			1.20
Portfolio turnover		18			54			6			10			8
Net assets at end of period (000 omitted)		$1,622			$1,670			$9,766			$8,679			$8,344

See Notes to Financial Statements

96

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Year ended
Class R1	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$14.82			$13.87			$14.62			$13.88			$12.32
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.18			$0.02			$0.00	(w)		$0.04			$0.03
Net realized and unrealized gain (loss)		1.58			1.73			(0.40	)		0.82			1.61
Total from investment operations		$1.76			$1.75			$(0.40	)		$0.86			$1.64
Less distributions declared to shareholders
From net investment income		$(0.24	)		$(0.01	)		$(0.05	)		$(0.09	)		$(0.08	)
From net realized gain		(0.18	)		(0.79	)		(0.30	)		(0.03	)		—
Total distributions declared to shareholders		$(0.42	)		$(0.80	)		$(0.35	)		$(0.12	)		$(0.08	)
Net asset value, end of period (x)		$16.16			$14.82			$13.87			$14.62			$13.88
Total return (%) (r)(s)(t)(x)		11.91			12.96			(2.70	)		6.18			13.32
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.23			1.25			1.20			1.22			1.20
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.16			0.17			0.02			0.28			0.22
Portfolio turnover		18			54			6			10			8
Net assets at end of period (000 omitted)		$4,606			$4,130			$5,279			$5,528			$7,993
	Year ended
Class R2	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$14.88			$13.97			$14.73			$14.00			$12.41
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.27			$0.11			$0.08			$0.11			$0.09
Net realized and unrealized gain (loss)		1.59			1.71			(0.41	)		0.82			1.63
Total from investment operations		$1.86			$1.82			$(0.33	)		$0.93			$1.72
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.12	)		$(0.13	)		$(0.17	)		$(0.13	)
From net realized gain		(0.18	)		(0.79	)		(0.30	)		(0.03	)		—
Total distributions declared to shareholders		$(0.50	)		$(0.91	)		$(0.43	)		$(0.20	)		$(0.13	)
Net asset value, end of period (x)		$16.24			$14.88			$13.97			$14.73			$14.00
Total return (%) (r)(s)(t)(x)		12.55			13.46			(2.18	)		6.68			13.91
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.73			0.75			0.70			0.73			0.70
Expenses after expense reductions (f)(h)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.69			0.79			0.58			0.76			0.67
Portfolio turnover		18			54			6			10			8
Net assets at end of period (000 omitted)		$86,042			$82,965			$66,272			$61,127			$54,916

See Notes to Financial Statements

97

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Year ended
Class R3	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$15.00			$14.07			$14.83			$14.09			$12.49
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.31			$0.15			$0.10			$0.14			$0.12
Net realized and unrealized gain (loss)		1.61			1.72			(0.39	)		0.84			1.65
Total from investment operations		$1.92			$1.87			$(0.29	)		$0.98			$1.77
Less distributions declared to shareholders
From net investment income		$(0.37	)		$(0.15	)		$(0.17	)		$(0.21	)		$(0.17	)
From net realized gain		(0.18	)		(0.79	)		(0.30	)		(0.03	)		—
Total distributions declared to shareholders		$(0.55	)		$(0.94	)		$(0.47	)		$(0.24	)		$(0.17	)
Net asset value, end of period (x)		$16.37			$15.00			$14.07			$14.83			$14.09
Total return (%) (r)(s)(t)(x)		12.81			13.76			(1.93	)		6.97			14.17
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.48			0.50			0.46			0.48			0.45
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.94			1.03			0.74			0.98			0.91
Portfolio turnover		18			54			6			10			8
Net assets at end of period (000 omitted)		$88,577			$63,409			$49,816			$38,524			$30,202
	Year ended
Class R4	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$15.11			$14.16			$14.92			$14.17			$12.56
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.39			$0.19			$0.15			$0.19			$0.16
Net realized and unrealized gain (loss)		1.58			1.74			(0.41	)		0.83			1.64
Total from investment operations		$1.97			$1.93			$(0.26	)		$1.02			$1.80
Less distributions declared to shareholders
From net investment income		$(0.39	)		$(0.19	)		$(0.20	)		$(0.24	)		$(0.19	)
From net realized gain		(0.18	)		(0.79	)		(0.30	)		(0.03	)		—
Total distributions declared to shareholders		$(0.57	)		$(0.98	)		$(0.50	)		$(0.27	)		$(0.19	)
Net asset value, end of period (x)		$16.51			$15.11			$14.16			$14.92			$14.17
Total return (%) (r)(s)(t)(x)		13.09			14.08			(1.68	)		7.25			14.39
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.23			0.25			0.20			0.24			0.20
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.44			1.33			1.07			1.30			1.19
Portfolio turnover		18			54			6			10			8
Net assets at end of period (000 omitted)		$145,328			$174,887			$166,141			$153,594			$109,501

See Notes to Financial Statements

98

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Year ended
Class R6	4/30/18			4/30/17 (i)
Net asset value, beginning of period		$15.12			$14.91
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.43			$0.04
Net realized and unrealized gain (loss)		1.56			1.15
Total from investment operations		$1.99			$1.19
Less distributions declared to shareholders
From net investment income		$(0.42	)		$(0.19	)
From net realized gain		(0.18	)		(0.79	)
Total distributions declared to shareholders		$(0.60	)		$(0.98	)
Net asset value, end of period (x)		$16.51			$15.12
Total return (%) (r)(s)(t)(x)		13.21			8.46	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.10			0.16	(a)
Expenses after expense reductions (f)(h)		0.00			0.00	(a)
Net investment income (loss) (l)		2.63			0.43	(a)
Portfolio turnover		18			54
Net assets at end of period (000 omitted)		$49,071			$25,793

(a) Annualized.

(d) Per share data is based on average shares outstanding.

(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.

(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.

(i) For the period from the inception of Class R6, August 29, 2016, through the stated period end.

(l) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

(r) Certain expenses have been reduced without which performance would have been lower.

(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t) Total returns do not include any applicable sales charges.

(w) Per share amount was less than $0.01.

(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

See Notes to Financial Statements

99

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	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.79			$12.52			$13.14			$12.55			$11.12
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.30			$0.14			$0.11			$0.13			$0.13
Net realized and unrealized gain (loss)		1.52			1.57			(0.36	)		0.73			1.47
Total from investment operations		$1.82			$1.71			$(0.25	)		$0.86			$1.60
Less distributions declared to shareholders
From net investment income		$(0.35	)		$(0.14	)		$(0.15	)		$(0.18	)		$(0.16	)
From net realized gain		(0.11	)		(0.30	)		(0.22	)		(0.09	)		(0.01	)
Total distributions declared to shareholders		$(0.46	)		$(0.44	)		$(0.37	)		$(0.27	)		$(0.17	)
Net asset value, end of period (x)		$15.15			$13.79			$12.52			$13.14			$12.55
Total return (%) (r)(s)(t)(x)		13.18			13.89			(1.93	)		6.95			14.36
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.62			0.69			0.70			0.72			0.94
Expenses after expense reductions (f)(h)		0.25			0.25			0.24			0.24			0.22
Net investment income (loss) (l)		1.99			1.04			0.85			1.02			1.10
Portfolio turnover		30			45			6			7			10
Net assets at end of period (000 omitted)		$7,789			$6,135			$4,576			$2,811			$1,403
	Year ended
Class B	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.70			$12.44			$13.06			$12.47			$11.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.17			$0.03			$0.00	(w)		$0.03			$0.03
Net realized and unrealized gain (loss)		1.51			1.57			(0.35	)		0.73			1.44
Total from investment operations		$1.68			$1.60			$(0.35	)		$0.76			$1.47
Less distributions declared to shareholders
From net investment income		$(0.24	)		$(0.04	)		$(0.05	)		$(0.08	)		$(0.08	)
From net realized gain		(0.11	)		(0.30	)		(0.22	)		(0.09	)		(0.01	)
Total distributions declared to shareholders		$(0.35	)		$(0.34	)		$(0.27	)		$(0.17	)		$(0.09	)
Net asset value, end of period (x)		$15.03			$13.70			$12.44			$13.06			$12.47
Total return (%) (r)(s)(t)(x)		12.28			13.09			(2.67	)		6.19			13.27
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.37			1.43			1.45			1.48			1.74
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.15			0.24			0.02			0.22			0.23
Portfolio turnover		30			45			6			7			10
Net assets at end of period (000 omitted)		$948			$746			$593			$408			$325

See Notes to Financial Statements

100

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Year ended
Class C	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.66			$12.42			$13.04			$12.48			$11.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.19			$0.03			$0.01			$0.04			$0.02
Net realized and unrealized gain (loss)		1.48			1.56			(0.35	)		0.72			1.45
Total from investment operations		$1.67			$1.59			$(0.34	)		$0.76			$1.47
Less distributions declared to shareholders
From net investment income		$(0.25	)		$(0.05	)		$(0.06	)		$(0.11	)		$(0.07	)
From net realized gain		(0.11	)		(0.30	)		(0.22	)		(0.09	)		(0.01	)
Total distributions declared to shareholders		$(0.36	)		$(0.35	)		$(0.28	)		$(0.20	)		$(0.08	)
Net asset value, end of period (x)		$14.97			$13.66			$12.42			$13.04			$12.48
Total return (%) (r)(s)(t)(x)		12.24			13.03			(2.64	)		6.17			13.29
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.37			1.44			1.45			1.47			1.74
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.28			0.26			0.04			0.33			0.16
Portfolio turnover		30			45			6			7			10
Net assets at end of period (000 omitted)		$1,966			$1,640			$1,104			$909			$421
	Year ended
Class I	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.85			$12.55			$13.16			$12.56			$11.13
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.33			$0.25			$0.14			$0.20			$0.14
Net realized and unrealized gain (loss)		1.53			1.51			(0.36	)		0.69			1.47
Total from investment operations		$1.86			$1.76			$(0.22	)		$0.89			$1.61
Less distributions declared to shareholders
From net investment income		$(0.38	)		$(0.16	)		$(0.17	)		$(0.20	)		$(0.17	)
From net realized gain		(0.11	)		(0.30	)		(0.22	)		(0.09	)		(0.01	)
Total distributions declared to shareholders		$(0.49	)		$(0.46	)		$(0.39	)		$(0.29	)		$(0.18	)
Net asset value, end of period (x)		$15.22			$13.85			$12.55			$13.16			$12.56
Total return (%) (r)(s)(t)(x)		13.42			14.34			(1.66	)		7.21			14.46
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.37			0.41			0.45			0.46			0.74
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.24			1.89			1.10			1.53			1.17
Portfolio turnover		30			45			6			7			10
Net assets at end of period (000 omitted)		$161			$138			$1,718			$1,108			$241

See Notes to Financial Statements

101

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Year ended
Class R1	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.75			$12.51			$13.10			$12.51			$11.10
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.17			$0.03			$(0.01	)		$0.02			$0.02
Net realized and unrealized gain (loss)		1.52			1.58			(0.34	)		0.74			1.45
Total from investment operations		$1.69			$1.61			$(0.35	)		$0.76			$1.47
Less distributions declared to shareholders
From net investment income		$(0.27	)		$(0.07	)		$(0.02	)		$(0.08	)		$(0.05	)
From net realized gain		(0.11	)		(0.30	)		(0.22	)		(0.09	)		(0.01	)
Total distributions declared to shareholders		$(0.38	)		$(0.37	)		$(0.24	)		$(0.17	)		$(0.06	)
Net asset value, end of period (x)		$15.06			$13.75			$12.51			$13.10			$12.51
Total return (%) (r)(s)(t)(x)		12.27			13.05			(2.66	)		6.13			13.28
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.37			1.45			1.43			1.48			1.77
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.14			0.22			(0.09	)		0.19			0.15
Portfolio turnover		30			45			6			7			10
Net assets at end of period (000 omitted)		$872			$463			$152			$172			$127
	Year ended
Class R2	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.71			$12.47			$13.10			$12.51			$11.11
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.25			$0.12			$0.07			$0.09			$0.09
Net realized and unrealized gain (loss)		1.51			1.55			(0.36	)		0.74			1.45
Total from investment operations		$1.76			$1.67			$(0.29	)		$0.83			$1.54
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.13	)		$(0.12	)		$(0.15	)		$(0.13	)
From net realized gain		(0.11	)		(0.30	)		(0.22	)		(0.09	)		(0.01	)
Total distributions declared to shareholders		$(0.43	)		$(0.43	)		$(0.34	)		$(0.24	)		$(0.14	)
Net asset value, end of period (x)		$15.04			$13.71			$12.47			$13.10			$12.51
Total return (%) (r)(s)(t)(x)		12.87			13.65			(2.20	)		6.74			13.89
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.87			0.95			0.96			0.97			1.18
Expenses after expense reductions (f)(h)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.70			0.89			0.55			0.71			0.77
Portfolio turnover		30			45			6			7			10
Net assets at end of period (000 omitted)		$20,428			$10,716			$3,583			$1,769			$887

See Notes to Financial Statements

102

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Year ended
Class R3	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.78			$12.52			$13.13			$12.54			$11.13
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.28			$0.14			$0.10			$0.11			$0.12
Net realized and unrealized gain (loss)		1.54			1.56			(0.34	)		0.75			1.45
Total from investment operations		$1.82			$1.70			$(0.24	)		$0.86			$1.57
Less distributions declared to shareholders
From net investment income		$(0.35	)		$(0.14	)		$(0.15	)		$(0.18	)		$(0.15	)
From net realized gain		(0.11	)		(0.30	)		(0.22	)		(0.09	)		(0.01	)
Total distributions declared to shareholders		$(0.46	)		$(0.44	)		$(0.37	)		$(0.27	)		$(0.16	)
Net asset value, end of period (x)		$15.14			$13.78			$12.52			$13.13			$12.54
Total return (%) (r)(s)(t)(x)		13.20			13.83			(1.87	)		6.92			14.11
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.62			0.69			0.70			0.72			0.97
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.87			1.06			0.78			0.86			0.97
Portfolio turnover		30			45			6			7			10
Net assets at end of period (000 omitted)		$42,729			$23,479			$12,721			$7,566			$3,383
	Year ended
Class R4	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.82			$12.54			$13.15			$12.56			$11.13
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.36			$0.17			$0.13			$0.17			$0.15
Net realized and unrealized gain (loss)		1.50			1.57			(0.35	)		0.71			1.46
Total from investment operations		$1.86			$1.74			$(0.22	)		$0.88			$1.61
Less distributions declared to shareholders
From net investment income		$(0.37	)		$(0.16	)		$(0.17	)		$(0.20	)		$(0.17	)
From net realized gain		(0.11	)		(0.30	)		(0.22	)		(0.09	)		(0.01	)
Total distributions declared to shareholders		$(0.48	)		$(0.46	)		$(0.39	)		$(0.29	)		$(0.18	)
Net asset value, end of period (x)		$15.20			$13.82			$12.54			$13.15			$12.56
Total return (%) (r)(s)(t)(x)		13.47			14.18			(1.67	)		7.13			14.46
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.36			0.44			0.45			0.47			0.74
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.43			1.27			1.04			1.34			1.22
Portfolio turnover		30			45			6			7			10
Net assets at end of period (000 omitted)		$70,628			$84,597			$58,947			$47,311			$25,056

See Notes to Financial Statements

103

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Year ended
Class R6	4/30/18			4/30/17 (i)
Net asset value, beginning of period		$13.83			$13.21
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.47			$0.03
Net realized and unrealized gain (loss)		1.41			1.06
Total from investment operations		$1.88			$1.09
Less distributions declared to shareholders
From net investment income		$(0.40	)		$(0.17	)
From net realized gain		(0.11	)		(0.30	)
Total distributions declared to shareholders		$(0.51	)		$(0.47	)
Net asset value, end of period (x)		$15.20			$13.83
Total return (%) (r)(s)(t)(x)		13.57			8.52	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.23			0.36	(a)
Expenses after expense reductions (f)(h)		0.00			0.00	(a)
Net investment income (loss) (l)		3.11			0.39	(a)
Portfolio turnover		30			45
Net assets at end of period (000 omitted)		$15,910			$4,351

(a) Annualized.

(d) Per share data is based on average shares outstanding.

(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.

(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.

(i) For the period from the inception of Class R6, August 29, 2016, through the stated period end.

(l) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

(r) Certain expenses have been reduced without which performance would have been lower.

(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t) Total returns do not include any applicable sales charges.

(w) Per share amount was less than $0.01.

(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

See Notes to Financial Statements

104

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	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$16.63			$15.14			$15.88			$15.17			$13.45
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.33			$0.17			$0.13			$0.15			$0.14
Net realized and unrealized gain (loss)		1.86			1.89			(0.43	)		0.89			1.76
Total from investment operations		$2.19			$2.06			$(0.30	)		$1.04			$1.90
Less distributions declared to shareholders
From net investment income		$(0.37	)		$(0.16	)		$(0.18	)		$(0.22	)		$(0.18	)
From net realized gain		(0.15	)		(0.41	)		(0.26	)		(0.11	)		—
Total distributions declared to shareholders		$(0.52	)		$(0.57	)		$(0.44	)		$(0.33	)		$(0.18	)
Net asset value, end of period (x)		$18.30			$16.63			$15.14			$15.88			$15.17
Total return (%) (r)(s)(t)(x)		13.16			13.89			(1.89	)		6.92			14.14
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.58			0.65			0.60			0.69			0.76
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.83			1.06			0.88			0.99			1.00
Portfolio turnover		20			52			7			9			9
Net assets at end of period (000 omitted)		$12,353			$11,383			$7,624			$5,730			$4,726
	Year ended
Class B	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$16.44			$14.98			$15.72			$15.01			$13.32
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.04			$0.00	(w)		$0.04			$0.02
Net realized and unrealized gain (loss)		1.83			1.88			(0.42	)		0.89			1.74
Total from investment operations		$2.03			$1.92			$(0.42	)		$0.93			$1.76
Less distributions declared to shareholders
From net investment income		$(0.25	)		$(0.05	)		$(0.06	)		$(0.11	)		$(0.07	)
From net realized gain		(0.15	)		(0.41	)		(0.26	)		(0.11	)		—
Total distributions declared to shareholders		$(0.40	)		$(0.46	)		$(0.32	)		$(0.22	)		$(0.07	)
Net asset value, end of period (x)		$18.07			$16.44			$14.98			$15.72			$15.01
Total return (%) (r)(s)(t)(x)		12.36			12.99			(2.66	)		6.21			13.24
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.33			1.39			1.35			1.44			1.51
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.15			0.24			0.02			0.23			0.13
Portfolio turnover		20			52			7			9			9
Net assets at end of period (000 omitted)		$1,270			$1,048			$853			$828			$671

See Notes to Financial Statements

105

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Year ended
Class C	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$16.35			$14.91			$15.63			$14.96			$13.30
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.04			$(0.00	)(w)		$0.04			$0.03
Net realized and unrealized gain (loss)		1.81			1.87			(0.41	)		0.87			1.73
Total from investment operations		$2.01			$1.91			$(0.41	)		$0.91			$1.76
Less distributions declared to shareholders
From net investment income		$(0.25	)		$(0.06	)		$(0.05	)		$(0.13	)		$(0.10	)
From net realized gain		(0.15	)		(0.41	)		(0.26	)		(0.11	)		—
Total distributions declared to shareholders		$(0.40	)		$(0.47	)		$(0.31	)		$(0.24	)		$(0.10	)
Net asset value, end of period (x)		$17.96			$16.35			$14.91			$15.63			$14.96
Total return (%) (r)(s)(t)(x)		12.30			13.04			(2.59	)		6.13			13.25
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.33			1.39			1.35			1.44			1.51
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.16			0.28			(0.00	)(w)		0.28			0.18
Portfolio turnover		20			52			7			9			9
Net assets at end of period (000 omitted)		$2,775			$2,535			$1,775			$1,835			$1,195
	Year ended
Class I	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$16.62			$15.12			$15.85			$15.14			$13.41
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.41			$0.30			$0.15			$0.20			$0.17
Net realized and unrealized gain (loss)		1.83			1.81			(0.41	)		0.87			1.76
Total from investment operations		$2.24			$2.11			$(0.26	)		$1.07			$1.93
Less distributions declared to shareholders
From net investment income		$(0.42	)		$(0.20	)		$(0.21	)		$(0.25	)		$(0.20	)
From net realized gain		(0.15	)		(0.41	)		(0.26	)		(0.11	)		—
Total distributions declared to shareholders		$(0.57	)		$(0.61	)		$(0.47	)		$(0.36	)		$(0.20	)
Net asset value, end of period (x)		$18.29			$16.62			$15.12			$15.85			$15.14
Total return (%) (r)(s)(t)(x)		13.47			14.21			(1.61	)		7.16			14.43
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.33			0.38			0.35			0.44			0.51
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.26			1.92			0.97			1.31			1.20
Portfolio turnover		20			52			7			9			9
Net assets at end of period (000 omitted)		$566			$423			$1,560			$1,132			$840

See Notes to Financial Statements

106

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Year ended
Class R1	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$16.38			$14.94			$15.64			$14.98			$13.31
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.21			$0.04			$(0.01	)		$0.12			$0.02
Net realized and unrealized gain (loss)		1.82			1.88			(0.40	)		0.79			1.74
Total from investment operations		$2.03			$1.92			$(0.41	)		$0.91			$1.76
Less distributions declared to shareholders
From net investment income		$(0.29	)		$(0.07	)		$(0.03	)		$(0.14	)		$(0.09	)
From net realized gain		(0.15	)		(0.41	)		(0.26	)		(0.11	)		—
Total distributions declared to shareholders		$(0.44	)		$(0.48	)		$(0.29	)		$(0.25	)		$(0.09	)
Net asset value, end of period (x)		$17.97			$16.38			$14.94			$15.64			$14.98
Total return (%) (r)(s)(t)(x)		12.35			13.06			(2.64	)		6.14			13.24
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.33			1.40			1.34			1.42			1.51
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.18			0.26			(0.05	)		0.77			0.16
Portfolio turnover		20			52			7			9			9
Net assets at end of period (000 omitted)		$1,052			$606			$316			$377			$567
	Year ended
Class R2	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$16.44			$14.98			$15.73			$15.04			$13.34
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.30			$0.13			$0.09			$0.12			$0.10
Net realized and unrealized gain (loss)		1.82			1.88			(0.43	)		0.87			1.75
Total from investment operations		$2.12			$2.01			$(0.34	)		$0.99			$1.85
Less distributions declared to shareholders
From net investment income		$(0.34	)		$(0.14	)		$(0.15	)		$(0.19	)		$(0.15	)
From net realized gain		(0.15	)		(0.41	)		(0.26	)		(0.11	)		—
Total distributions declared to shareholders		$(0.49	)		$(0.55	)		$(0.41	)		$(0.30	)		$(0.15	)
Net asset value, end of period (x)		$18.07			$16.44			$14.98			$15.73			$15.04
Total return (%) (r)(s)(t)(x)		12.89			13.64			(2.16	)		6.67			13.87
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.83			0.90			0.85			0.94			1.01
Expenses after expense reductions (f)(h)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.67			0.82			0.60			0.81			0.67
Portfolio turnover		20			52			7			9			9
Net assets at end of period (000 omitted)		$46,468			$33,805			$19,041			$13,030			$6,975

See Notes to Financial Statements

107

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Year ended
Class R3	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$16.53			$15.05			$15.80			$15.09			$13.37
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.34			$0.16			$0.11			$0.14			$0.13
Net realized and unrealized gain (loss)		1.84			1.89			(0.42	)		0.90			1.77
Total from investment operations		$2.18			$2.05			$(0.31	)		$1.04			$1.90
Less distributions declared to shareholders
From net investment income		$(0.38	)		$(0.16	)		$(0.18	)		$(0.22	)		$(0.18	)
From net realized gain		(0.15	)		(0.41	)		(0.26	)		(0.11	)		—
Total distributions declared to shareholders		$(0.53	)		$(0.57	)		$(0.44	)		$(0.33	)		$(0.18	)
Net asset value, end of period (x)		$18.18			$16.53			$15.05			$15.80			$15.09
Total return (%) (r)(s)(t)(x)		13.19			13.91			(1.96	)		6.95			14.19
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.58			0.65			0.60			0.69			0.76
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.90			1.03			0.76			0.90			0.90
Portfolio turnover		20			52			7			9			9
Net assets at end of period (000 omitted)		$48,180			$27,276			$15,980			$9,089			$4,941
	Year ended
Class R4	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$16.60			$15.11			$15.85			$15.13			$13.40
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.42			$0.21			$0.16			$0.20			$0.18
Net realized and unrealized gain (loss)		1.82			1.89			(0.43	)		0.88			1.75
Total from investment operations		$2.24			$2.10			$(0.27	)		$1.08			$1.93
Less distributions declared to shareholders
From net investment income		$(0.41	)		$(0.20	)		$(0.21	)		$(0.25	)		$(0.20	)
From net realized gain		(0.15	)		(0.41	)		(0.26	)		(0.11	)		—
Total distributions declared to shareholders		$(0.56	)		$(0.61	)		$(0.47	)		$(0.36	)		$(0.20	)
Net asset value, end of period (x)		$18.28			$16.60			$15.11			$15.85			$15.13
Total return (%) (r)(s)(t)(x)		13.49			14.15			(1.68	)		7.23			14.44
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.33			0.39			0.35			0.44			0.51
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.35			1.30			1.06			1.28			1.22
Portfolio turnover		20			52			7			9			9
Net assets at end of period (000 omitted)		$70,936			$75,323			$66,990			$58,759			$38,224

See Notes to Financial Statements

108

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Year ended
Class R6	4/30/18			4/30/17 (i)
Net asset value, beginning of period		$16.60			$15.91
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.51			$0.04
Net realized and unrealized gain (loss)		1.75			1.26
Total from investment operations		$2.26			$1.30
Less distributions declared to shareholders
From net investment income		$(0.44	)		$(0.20	)
From net realized gain		(0.15	)		(0.41	)
Total distributions declared to shareholders		$(0.59	)		$(0.61	)
Net asset value, end of period (x)		$18.27			$16.60
Total return (%) (r)(s)(t)(x)		13.60			8.46	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.19			0.32	(a)
Expenses after expense reductions (f)(h)		0.00			0.00	(a)
Net investment income (loss) (l)		2.82			0.41	(a)
Portfolio turnover		20			52
Net assets at end of period (000 omitted)		$23,365			$8,776

(a) Annualized.

(d) Per share data is based on average shares outstanding.

(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.

(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.

(i) For the period from the inception of Class R6, August 29, 2016, through the stated period end.

(l) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

(r) Certain expenses have been reduced without which performance would have been lower.

(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t) Total returns do not include any applicable sales charges.

(w) Per share amount was less than $0.01 and total return or ratio was less than 0.01%, as applicable.

(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

See Notes to Financial Statements

109

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	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$14.00			$12.61			$13.16			$12.54			$11.12
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.29			$0.13			$0.13			$0.14			$0.12
Net realized and unrealized gain (loss)		1.55			1.59			(0.38	)		0.72			1.45
Total from investment operations		$1.84			$1.72			$(0.25	)		$0.86			$1.57
Less distributions declared to shareholders
From net investment income		$(0.31	)		$(0.13	)		$(0.14	)		$(0.18	)		$(0.13	)
From net realized gain		(0.08	)		(0.20	)		(0.16	)		(0.06	)		(0.02	)
Total distributions declared to shareholders		$(0.39	)		$(0.33	)		$(0.30	)		$(0.24	)		$(0.15	)
Net asset value, end of period (x)		$15.45			$14.00			$12.61			$13.16			$12.54
Total return (%) (r)(s)(t)(x)		13.10			13.80			(1.81	)		6.90			14.17
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.92			1.34			1.73			2.84			7.18
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.91			1.01			1.00			1.10			0.97
Portfolio turnover		18			45			14			18			20
Net assets at end of period (000 omitted)		$4,833			$3,516			$2,014			$1,036			$428
	Year ended
Class B	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.95			$12.58			$13.12			$12.51			$11.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.18			$0.04			$(0.01	)		$0.03			$0.01
Net realized and unrealized gain (loss)		1.55			1.57			(0.33	)		0.73			1.46
Total from investment operations		$1.73			$1.61			$(0.34	)		$0.76			$1.47
Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.04	)		$(0.04	)		$(0.09	)		$(0.03	)
From net realized gain		(0.08	)		(0.20	)		(0.16	)		(0.06	)		(0.02	)
Total distributions declared to shareholders		$(0.29	)		$(0.24	)		$(0.20	)		$(0.15	)		$(0.05	)
Net asset value, end of period (x)		$15.39			$13.95			$12.58			$13.12			$12.51
Total return (%) (r)(s)(t)(x)		12.36			12.94			(2.58	)		6.13			13.34
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.67			2.09			2.50			3.67			8.83
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.22			0.28			(0.06	)		0.26			0.11
Portfolio turnover		18			45			14			18			20
Net assets at end of period (000 omitted)		$470			$407			$270			$244			$148

See Notes to Financial Statements

110

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Year ended
Class C	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.86			$12.49			$13.04			$12.45			$11.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.18			$0.03			$(0.00	)(w)		$0.05			$0.06
Net realized and unrealized gain (loss)		1.53			1.58			(0.34	)		0.71			1.41
Total from investment operations		$1.71			$1.61			$(0.34	)		$0.76			$1.47
Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.04	)		$(0.05	)		$(0.11	)		$(0.09	)
From net realized gain		(0.08	)		(0.20	)		(0.16	)		(0.06	)		(0.02	)
Total distributions declared to shareholders		$(0.29	)		$(0.24	)		$(0.21	)		$(0.17	)		$(0.11	)
Net asset value, end of period (x)		$15.28			$13.86			$12.49			$13.04			$12.45
Total return (%) (r)(s)(t)(x)		12.29			12.98			(2.59	)		6.17			13.32
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.67			2.08			2.50			3.61			7.52
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.19			0.26			(0.00	)(w)		0.37			0.46
Portfolio turnover		18			45			14			18			20
Net assets at end of period (000 omitted)		$1,789			$1,284			$1,100			$1,031			$494
	Year ended
Class I	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$14.00			$12.65			$13.20			$12.57			$11.13
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.30			$0.26			$0.12			$0.12			$0.14
Net realized and unrealized gain (loss)		1.58			1.45			(0.34	)		0.77			1.47
Total from investment operations		$1.88			$1.71			$(0.22	)		$0.89			$1.61
Less distributions declared to shareholders
From net investment income		$(0.34	)		$(0.16	)		$(0.17	)		$(0.20	)		$(0.15	)
From net realized gain		(0.08	)		(0.20	)		(0.16	)		(0.06	)		(0.02	)
Total distributions declared to shareholders		$(0.42	)		$(0.36	)		$(0.33	)		$(0.26	)		$(0.17	)
Net asset value, end of period (x)		$15.46			$14.00			$12.65			$13.20			$12.57
Total return (%) (r)(s)(t)(x)		13.40			13.66			(1.61	)		7.14			14.50
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.67			1.09			1.50			2.80			6.45
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		1.98			2.01			0.94			0.95			1.13
Portfolio turnover		18			45			14			18			20
Net assets at end of period (000 omitted)		$114			$79			$608			$391			$477

See Notes to Financial Statements

111

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Year ended
Class R1	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.92			$12.63			$13.14			$12.51			$11.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.17			$0.15			$(0.04	)		$0.03			$0.02
Net realized and unrealized gain (loss)		1.55			1.46			(0.31	)		0.73			1.45
Total from investment operations		$1.72			$1.61			$(0.35	)		$0.76			$1.47
Less distributions declared to shareholders
From net investment income		$(0.24	)		$(0.12	)		$—			$(0.07	)		$(0.03	)
From net realized gain		(0.08	)		(0.20	)		(0.16	)		(0.06	)		(0.02	)
Total distributions declared to shareholders		$(0.32	)		$(0.32	)		$(0.16	)		$(0.13	)		$(0.05	)
Net asset value, end of period (x)		$15.32			$13.92			$12.63			$13.14			$12.51
Total return (%) (r)(s)(t)(x)		12.31			12.93			(2.62	)		6.14			13.34
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.66			2.08			2.53			3.71			8.98
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.13			1.10			(0.31	)		0.21			0.15
Portfolio turnover		18			45			14			18			20
Net assets at end of period (000 omitted)		$854			$318			$62			$141			$127
	Year ended
Class R2	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$13.94			$12.57			$13.14			$12.53			$11.11
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.26			$0.11			$0.07			$0.09			$0.07
Net realized and unrealized gain (loss)		1.53			1.58			(0.36	)		0.73			1.47
Total from investment operations		$1.79			$1.69			$(0.29	)		$0.82			$1.54
Less distributions declared to shareholders
From net investment income		$(0.29	)		$(0.12	)		$(0.12	)		$(0.15	)		$(0.10	)
From net realized gain		(0.08	)		(0.20	)		(0.16	)		(0.06	)		(0.02	)
Total distributions declared to shareholders		$(0.37	)		$(0.32	)		$(0.28	)		$(0.21	)		$(0.12	)
Net asset value, end of period (x)		$15.36			$13.94			$12.57			$13.14			$12.53
Total return (%) (r)(s)(t)(x)		12.82			13.59			(2.12	)		6.63			13.88
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.16			1.60			1.98			3.11			7.83
Expenses after expense reductions (f)(h)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.73			0.85			0.57			0.73			0.60
Portfolio turnover		18			45			14			18			20
Net assets at end of period (000 omitted)		$15,534			$6,657			$1,855			$773			$260

See Notes to Financial Statements

112

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Year ended
Class R3	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$14.00			$12.61			$13.17			$12.54			$11.12
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.29			$0.14			$0.10			$0.11			$0.12
Net realized and unrealized gain (loss)		1.55			1.58			(0.36	)		0.75			1.45
Total from investment operations		$1.84			$1.72			$(0.26	)		$0.86			$1.57
Less distributions declared to shareholders
From net investment income		$(0.31	)		$(0.13	)		$(0.14	)		$(0.17	)		$(0.13	)
From net realized gain		(0.08	)		(0.20	)		(0.16	)		(0.06	)		(0.02	)
Total distributions declared to shareholders		$(0.39	)		$(0.33	)		$(0.30	)		$(0.23	)		$(0.15	)
Net asset value, end of period (x)		$15.45			$14.00			$12.61			$13.17			$12.54
Total return (%) (r)(s)(t)(x)		13.14			13.83			(1.89	)		6.95			14.18
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.92			1.34			1.74			2.81			7.04
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.89			1.07			0.76			0.84			0.97
Portfolio turnover		18			45			14			18			20
Net assets at end of period (000 omitted)		$21,438			$10,285			$3,915			$2,353			$894
	Year ended
Class R4	4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Net asset value, beginning of period		$14.06			$12.65			$13.20			$12.56			$11.13
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.37			$0.17			$0.13			$0.18			$0.15
Net realized and unrealized gain (loss)		1.52			1.60			(0.35	)		0.72			1.45
Total from investment operations		$1.89			$1.77			$(0.22	)		$0.90			$1.60
Less distributions declared to shareholders
From net investment income		$(0.34	)		$(0.16	)		$(0.17	)		$(0.20	)		$(0.15	)
From net realized gain		(0.08	)		(0.20	)		(0.16	)		(0.06	)		(0.02	)
Total distributions declared to shareholders		$(0.42	)		$(0.36	)		$(0.33	)		$(0.26	)		$(0.17	)
Net asset value, end of period (x)		$15.53			$14.06			$12.65			$13.20			$12.56
Total return (%) (r)(s)(t)(x)		13.42			14.14			(1.61	)		7.23			14.41
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.67			1.09			1.48			2.51			5.94
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.43			1.31			1.07			1.42			1.24
Portfolio turnover		18			45			14			18			20
Net assets at end of period (000 omitted)		$26,747			$21,882			$10,776			$5,056			$1,560

See Notes to Financial Statements

113

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Year ended
Class R6	4/30/18			4/30/17 (i)
Net asset value, beginning of period		$14.06			$13.32
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.49			$0.04
Net realized and unrealized gain (loss)		1.42			1.06
Total from investment operations		$1.91			$1.10
Less distributions declared to shareholders
From net investment income		$(0.36	)		$(0.16	)
From net realized gain		(0.08	)		(0.20	)
Total distributions declared to shareholders		$(0.44	)		$(0.36	)
Net asset value, end of period (x)		$15.53			$14.06
Total return (%) (r)(s)(t)(x)		13.56			8.44	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.52			0.95	(a)
Expenses after expense reductions (f)(h)		0.00			0.00	(a)
Net investment income (loss) (l)		3.15			0.44	(a)
Portfolio turnover		18			45
Net assets at end of period (000 omitted)		$7,695			$1,726

(a) Annualized.

(d) Per share data is based on average shares outstanding.

(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.

(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.

(i) For the period from the inception of Class R6, August 29, 2016, through the stated period end.

(l) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

(r) Certain expenses have been reduced without which performance would have been lower.

(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t) Total returns do not include any applicable sales charges.

(w) Per share amount was less than $0.01 and total return or ratio was less than 0.01%, as applicable.

(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

See Notes to Financial Statements

114

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	4/30/18			4/30/17 (c)
Net asset value, beginning of period		$10.73			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.25			$0.10
Net realized and unrealized gain (loss)		1.16			0.74
Total from investment operations		$1.41			$0.84
Less distributions declared to shareholders
From net investment income		$(0.23	)		$(0.11	)
From net realized gain		(0.06	)		—
Total distributions declared to shareholders		$(0.29	)		$(0.11	)
Net asset value, end of period (x)		$11.85			$10.73
Total return (%) (r)(s)(t)(x)		13.19			8.45	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		9.75			15.07	(a)
Expenses after expense reductions (f)(h)		0.16			0.12	(a)
Net investment income (loss) (l)		2.17			2.42	(a)
Portfolio turnover		37			2	(n)
Net assets at end of period (000 omitted)		$306			$59
	Year ended
Class B	4/30/18			4/30/17 (c)
Net asset value, beginning of period		$10.70			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.14			$0.07
Net realized and unrealized gain (loss)		1.19			0.73
Total from investment operations		$1.33			$0.80
Less distributions declared to shareholders
From net investment income		$(0.15	)		$(0.10	)
From net realized gain		(0.06	)		—
Total distributions declared to shareholders		$(0.21	)		$(0.10	)
Net asset value, end of period (x)		$11.82			$10.70
Total return (%) (r)(s)(t)(x)		12.39			8.08	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		11.79			15.87	(a)
Expenses after expense reductions (f)(h)		0.90			0.87	(a)
Net investment income (loss) (l)		1.26			1.76	(a)
Portfolio turnover		37			2	(n)
Net assets at end of period (000 omitted)		$73			$55

See Notes to Financial Statements

115

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Year ended
Class C	4/30/18			4/30/17 (c)
Net asset value, beginning of period		$10.70			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.14			$0.07
Net realized and unrealized gain (loss)		1.19			0.73
Total from investment operations		$1.33			$0.80
Less distributions declared to shareholders
From net investment income		$(0.16	)		$(0.10	)
From net realized gain		(0.06	)		—
Total distributions declared to shareholders		$(0.22	)		$(0.10	)
Net asset value, end of period (x)		$11.81			$10.70
Total return (%) (r)(s)(t)(x)		12.38			8.08	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		11.46			15.81	(a)
Expenses after expense reductions (f)(h)		0.90			0.87	(a)
Net investment income (loss) (l)		1.24			1.68	(a)
Portfolio turnover		37			2	(n)
Net assets at end of period (000 omitted)		$107			$60
	Year ended
Class I	4/30/18			4/30/17 (c)
Net asset value, beginning of period		$10.74			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.26			$0.11
Net realized and unrealized gain (loss)		1.19			0.74
Total from investment operations		$1.45			$0.85
Less distributions declared to shareholders
From net investment income		$(0.25	)		$(0.11	)
From net realized gain		(0.06	)		—
Total distributions declared to shareholders		$(0.31	)		$(0.11	)
Net asset value, end of period (x)		$11.88			$10.74
Total return (%) (r)(s)(t)(x)		13.50			8.57	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		11.01			14.88	(a)
Expenses after expense reductions (f)(h)		0.00			0.00	(a)
Net investment income (loss) (l)		2.23			2.76	(a)
Portfolio turnover		37			2	(n)
Net assets at end of period (000 omitted)		$62			$54

See Notes to Financial Statements

116

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Year ended
Class R1	4/30/18			4/30/17 (c)
Net asset value, beginning of period		$10.70			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.14			$0.07
Net realized and unrealized gain (loss)		1.19			0.73
Total from investment operations		$1.33			$0.80
Less distributions declared to shareholders
From net investment income		$(0.14	)		$(0.10	)
From net realized gain		(0.06	)		—
Total distributions declared to shareholders		$(0.20	)		$(0.10	)
Net asset value, end of period (x)		$11.83			$10.70
Total return (%) (r)(s)(t)(x)		12.41			8.08	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		12.02			15.88	(a)
Expenses after expense reductions (f)(h)		0.90			0.87	(a)
Net investment income (loss) (l)		1.23			1.76	(a)
Portfolio turnover		37			2	(n)
Net assets at end of period (000 omitted)		$61			$54
	Year ended
Class R2	4/30/18			4/30/17 (c)
Net asset value, beginning of period		$10.72			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.18			$0.09
Net realized and unrealized gain (loss)		1.21			0.73
Total from investment operations		$1.39			$0.82
Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.10	)
From net realized gain		(0.06	)		—
Total distributions declared to shareholders		$(0.27	)		$(0.10	)
Net asset value, end of period (x)		$11.84			$10.72
Total return (%) (r)(s)(t)(x)		12.92			8.32	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		10.36			15.38	(a)
Expenses after expense reductions (f)(h)		0.41			0.37	(a)
Net investment income (loss) (l)		1.56			2.26	(a)
Portfolio turnover		37			2	(n)
Net assets at end of period (000 omitted)		$151			$54

See Notes to Financial Statements

117

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Year ended
Class R3	4/30/18			4/30/17 (c)
Net asset value, beginning of period		$10.73			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.25			$0.10
Net realized and unrealized gain (loss)		1.17			0.74
Total from investment operations		$1.42			$0.84
Less distributions declared to shareholders
From net investment income		$(0.24	)		$(0.11	)
From net realized gain		(0.06	)		—
Total distributions declared to shareholders		$(0.30	)		$(0.11	)
Net asset value, end of period (x)		$11.85			$10.73
Total return (%) (r)(s)(t)(x)		13.21			8.45	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		9.15			14.31	(a)
Expenses after expense reductions (f)(h)		0.16			0.12	(a)
Net investment income (loss) (l)		2.11			2.41	(a)
Portfolio turnover		37			2	(n)
Net assets at end of period (000 omitted)		$1,203			$88
	Year ended
Class R4	4/30/18			4/30/17 (c)
Net asset value, beginning of period		$10.74			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.30			$0.11
Net realized and unrealized gain (loss)		1.15			0.74
Total from investment operations		$1.45			$0.85
Less distributions declared to shareholders
From net investment income		$(0.25	)		$(0.11	)
From net realized gain		(0.06	)		—
Total distributions declared to shareholders		$(0.31	)		$(0.11	)
Net asset value, end of period (x)		$11.88			$10.74
Total return (%) (r)(s)(t)(x)		13.51			8.57	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		8.82			14.88	(a)
Expenses after expense reductions (f)(h)		0.00			0.00	(a)
Net investment income (loss) (l)		2.54			2.75	(a)
Portfolio turnover		37			2	(n)
Net assets at end of period (000 omitted)		$356			$55

See Notes to Financial Statements

118

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Year ended
Class R6	4/30/18			4/30/17 (c)
Net asset value, beginning of period		$10.74			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.25			$0.11
Net realized and unrealized gain (loss)		1.20			0.74
Total from investment operations		$1.45			$0.85
Less distributions declared to shareholders
From net investment income		$(0.25	)		$(0.11	)
From net realized gain		(0.06	)		—
Total distributions declared to shareholders		$(0.31	)		$(0.11	)
Net asset value, end of period (x)		$11.88			$10.74
Total return (%) (r)(s)(t)(x)		13.51			8.57	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		10.10			14.87	(a)
Expenses after expense reductions (f)(h)		0.00			0.00	(a)
Net investment income (loss) (l)		2.18			2.76	(a)
Portfolio turnover		37			2	(n)
Net assets at end of period (000 omitted)		$1,268			$543

(a) Annualized.

(c) For the period from the commencement of the fund’s investment operations, December 6, 2016, through the stated period end.

(d) Per share data is based on average shares outstanding.

(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.

(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.

(l) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

(r) Certain expenses have been reduced without which performance would have been lower.

(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t) Total returns do not include any applicable sales charges.

(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

See Notes to Financial Statements

119

NOTES TO FINANCIAL STATEMENTS

(1) Business and Organization

MFS Lifetime Income Fund, MFS Lifetime 2020 Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, and MFS Lifetime 2060 Fund (the funds) are each a diversified series of MFS Series Trust XII (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

Each fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

(2) Significant Accounting Policies

General – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of each fund’s Statement of Assets and Liabilities through the date that the financial statements were issued.

Each fund is a “fund of funds”, which invests the majority of its assets in other MFS mutual funds (hereafter referred to as

“underlying affiliated funds” or “underlying funds”), which may have different fiscal year ends than the funds. The underlying funds, in turn, may engage in a number of investment techniques and practices, which involve certain risks. Certain underlying funds invest their portfolio in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. Certain underlying funds invest a significant portion of their assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae. Certain underlying funds invest in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s market, economic, industry, 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 calling 1-800-225-2606, at mfs.com and on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov or at the SEC’s public reference room in Washington, D.C. The underlying funds’ shareholder reports are not covered by this report.

Investment Valuations – Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of this policy disclosure, “fund” also refers to the underlying funds in which the fund-of-funds invests.

Equity securities, including restricted equity securities and equity securities held 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 held 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 a third-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

120

Notes to Financial Statements – continued

a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued 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. Values obtained from 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, 2018 in valuing each fund’s assets or liabilities:

	Level 1		Level 2		Level 3		Total
MFS Lifetime Income Fund
Financial Instruments
Mutual Funds		$568,826,151		$—		$—		$568,826,151
MFS Lifetime 2020 Fund
Financial Instruments
Mutual Funds		$359,957,333		$—		$—		$359,957,333
MFS Lifetime 2025 Fund
Financial Instruments
Mutual Funds		$237,037,756		$—		$—		$237,037,756
MFS Lifetime 2030 Fund
Financial Instruments
Mutual Funds		$566,334,089		$—		$—		$566,334,089

121

Notes to Financial Statements – continued

	Level 1		Level 2		Level 3		Total
MFS Lifetime 2035 Fund
Financial Instruments
Mutual Funds		$227,124,405		$—		$—		$227,124,405
MFS Lifetime 2040 Fund
Financial Instruments
Mutual Funds		$428,568,982		$—		$—		$428,568,982
MFS Lifetime 2045 Fund
Financial Instruments
Mutual Funds		$161,513,168		$—		$—		$161,513,168
MFS Lifetime 2050 Fund
Financial Instruments
Mutual Funds		$207,097,393		$—		$—		$207,097,393
MFS Lifetime 2055 Fund
Financial Instruments
Mutual Funds		$79,533,536		$—		$—		$79,533,536
MFS Lifetime 2060 Fund
Financial Instruments
Mutual Funds		$3,600,019		$—		$—		$3,600,019

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 for different purposes, primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the underlying funds use derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.

Indemnifications – Under each fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each fund. Additionally, in the normal course of business, each fund enters into agreements with service providers that may contain indemnification clauses. Each fund’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against each fund that have not yet occurred.

Investment Transactions and Income – Investment transactions are recorded on the trade date. Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Distributions of income and capital gains from the underlying funds are recorded on the ex-dividend date. Recognition of net investment income by each fund is affected by the timing of the declaration of distributions by the underlying funds in which each fund invests. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

Each fund and/or the underlying funds may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statements of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statements of Operations.

Tax Matters and Distributions – Each fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. Each fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed each fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain

122

Notes to Financial Statements – continued

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.

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 4/30/18	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
Year ended 4/30/17	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)		$12,951,741		$8,270,288		$3,853,228		$9,722,206		$2,880,064
Long-term capital gains		10,700,428		21,150,566		3,535,116		23,275,162		2,980,004
Total distributions		$23,652,169		$29,420,854		$7,388,344		$32,997,368		$5,860,068
Year ended 4/30/17	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund (c)
Ordinary income (including any short-term capital gains)		$6,890,075		$1,955,078		$2,545,008		$550,011		$9,619
Long-term capital gains		17,481,065		1,800,025		2,790,032		314,002		—
Total distributions		$24,371,140		$3,755,103		$5,335,040		$864,013		$9,619

(c) For the period from the commencement of the fund’s investment operations, December 6, 2016, through the stated period end.

The federal tax cost and the tax basis components of distributable earnings were as follows:

As of 4/30/18	MFS Lifetime Income Fund			MFS Lifetime 2020 Fund			MFS Lifetime 2025 Fund			MFS Lifetime 2030 Fund			MFS Lifetime 2035 Fund
Cost of investments		$535,133,738			$329,821,762			$216,891,378			$465,927,764			$194,608,812
Gross appreciation		40,492,689			33,406,198			22,368,346			102,755,594			32,963,219
Gross depreciation		(6,800,276	)		(3,270,627	)		(2,221,968	)		(2,349,269	)		(447,626	)
Net unrealized appreciation (depreciation)		$33,692,413			$30,135,571			$20,146,378			$100,406,325			$32,515,593
Undistributed ordinary income		713,224			1,911,276			1,712,491			1,830,340			2,135,048
Undistributed long-term capital gain		5,462,262			6,188,842			2,286,643			11,231,101			1,809,575
Other temporary differences		(653,249	)		—			—			—			—
As of 4/30/18	MFS Lifetime 2040 Fund			MFS Lifetime 2045 Fund			MFS Lifetime 2050 Fund			MFS Lifetime 2055 Fund			MFS Lifetime 2060 Fund
Cost of investments		$329,672,234			$136,820,993			$173,002,849			$71,104,297			$3,437,898
Gross appreciation		99,182,851			24,837,151			34,284,676			8,497,240			167,280
Gross depreciation		(286,103	)		(144,976	)		(190,132	)		(68,001	)		(5,159	)
Net unrealized appreciation (depreciation)		$98,896,748			$24,692,175			$34,094,544			$8,429,239			$162,121
Undistributed ordinary income		1,113,960			896,954			315,467			78,389			1,337
Undistributed long-term capital gain		10,177,831			1,477,141			2,165,902			724,265			26,448
Late year ordinary loss deferral		—			—			(2,969	)		—			—

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

123

Notes to Financial Statements – continued

expenses. Class B and Class 529B shares will convert to Class A and Class 529A shares, respectively, approximately eight years after purchase. Effective April 23, 2018, 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 4/30/18	Year Ended 4/30/17 (i)	Year Ended 4/30/18	Year Ended 4/30/17 (i)	Year Ended 4/30/18	Year Ended 4/30/17 (i)
Class A	$2,398,788	$2,357,708	$1,249,773	$766,508	$432,896	$185,733
Class B	186,981	203,432	91,371	43,064	26,321	9,289
Class C	1,985,495	1,835,929	279,201	143,905	73,131	20,790
Class I	797,088	641,449	53,819	99,768	3,368	89,384
Class R1	60,968	55,065	89,059	21,848	18,945	2,290
Class R2	558,776	504,995	1,767,538	1,013,324	854,419	255,488
Class R3	1,174,314	868,791	2,259,963	1,028,635	1,442,800	464,677
Class R4	1,904,479	2,582,659	2,431,246	3,312,196	2,364,609	1,951,654
Class R6	458,470	16,697	1,225,726	909	818,543	831
Class 529A	1,673,544	1,289,153	—	—	—	—
Class 529B	58,435	55,329	—	—	—	—
Class 529C	467,772	357,228	—	—	—	—
Total	$11,725,110	$10,768,435	$9,447,696	$6,430,157	$6,035,032	$2,980,136
	MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund		MFS Lifetime 2040 Fund
	Year Ended 4/30/18	Year Ended 4/30/17 (i)	Year Ended 4/30/18	Year Ended 4/30/17 (i)	Year Ended 4/30/18	Year Ended 4/30/17 (i)
Class A	$1,387,972	$649,302	$337,208	$106,828	$789,985	$327,186
Class B	141,645	44,742	27,870	5,044	73,989	13,458
Class C	264,745	87,688	42,702	5,917	180,808	32,191
Class I	50,068	179,889	13,040	63,554	46,257	138,682
Class R1	106,904	21,437	36,641	4,521	58,974	2,020
Class R2	2,427,710	1,089,546	668,384	139,625	1,759,698	600,909
Class R3	2,990,300	1,229,070	1,220,662	334,269	1,703,757	566,617
Class R4	3,583,069	3,247,573	2,367,031	1,389,547	3,421,430	2,423,304
Class R6	1,747,665	772	636,542	701	1,102,127	652
Total	$12,700,078	$6,550,019	$5,350,080	$2,050,006	$9,137,025	$4,105,019
	MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund
	Year Ended 4/30/18	Year Ended 4/30/17 (i)	Year Ended 4/30/18	Year Ended 4/30/17 (i)	Year Ended 4/30/18	Year Ended 4/30/17 (i)
Class A	$170,187	$58,476	$236,172	$101,964	$83,567	$27,004
Class B	14,121	2,252	16,826	2,697	6,631	1,131
Class C	36,236	5,938	40,269	8,972	22,020	3,706
Class I	4,138	26,619	14,180	31,096	1,782	14,235
Class R1	11,938	1,160	13,471	1,769	9,021	3,338
Class R2	370,779	79,039	803,171	243,636	232,915	39,414
Class R3	727,135	198,852	776,294	221,522	311,034	72,945
Class R4	1,757,947	902,030	1,576,226	992,703	558,543	194,631
Class R6	367,530	646	498,415	641	147,528	606
Total	$3,460,011	$1,275,012	$3,975,024	$1,605,000	$1,373,041	$357,010

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Notes to Financial Statements – continued

	MFS Lifetime 2060 Fund
	Year Ended 4/30/18	Year Ended 4/30/17 (c)
Class A	$3,710	$533
Class B	810	506
Class C	1,084	506
Class I	1,261	543
Class R1	704	506
Class R2	1,344	524
Class R3	12,696	533
Class R4	4,710	542
Class R6	15,731	5,426
Total	$42,050	$9,619

(c) For the period from the commencement of the fund’s investment operations, December 6, 2016, through the stated period end.

(i) For Class R6, the period is from the class inception, August 29, 2016, through the stated period end.

From net realized gain

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund
	Year Ended 4/30/18	Year Ended 4/30/17 (i)	Year Ended 4/30/18	Year Ended 4/30/17 (i)	Year Ended 4/30/18	Year Ended 4/30/17 (i)
Class A	$1,323,158	$2,368,136	$787,622	$2,774,472	$92,868	$299,624
Class B	155,225	328,754	83,367	329,648	7,913	29,908
Class C	1,677,548	2,989,179	252,436	991,370	21,166	69,057
Class I	403,673	592,199	30,731	312,594	672	124,914
Class R1	50,876	84,844	75,203	210,934	4,876	4,741
Class R2	340,570	606,057	1,228,335	4,225,060	194,805	423,635
Class R3	658,794	910,247	1,402,030	3,750,926	308,197	728,725
Class R4	669,958	2,466,388	1,445,562	10,392,913	486,778	2,726,477
Class R6	271,378	985	670,728	2,780	156,361	1,127
Class 529A	1,155,342	1,671,448	—	—	—	—
Class 529B	60,914	117,366	—	—	—	—
Class 529C	495,549	748,131	—	—	—	—
Total	$7,262,985	$12,883,734	$5,976,014	$22,990,697	$1,273,636	$4,408,208
	MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund		MFS Lifetime 2040 Fund
	Year Ended 4/30/18	Year Ended 4/30/17 (i)	Year Ended 4/30/18	Year Ended 4/30/17 (i)	Year Ended 4/30/18	Year Ended 4/30/17 (i)
Class A	$762,335	$2,649,601	$91,006	$219,335	$398,600	$1,673,901
Class B	114,519	445,617	10,307	30,037	56,391	245,968
Class C	211,589	833,376	15,777	44,552	133,920	560,678
Class I	24,922	626,191	3,214	110,388	21,200	581,603
Class R1	81,645	270,575	11,393	10,811	44,925	220,306
Class R2	1,481,346	5,286,932	193,626	305,246	999,949	3,918,031
Class R3	1,628,664	5,042,116	328,483	673,754	855,727	2,912,120
Class R4	1,828,737	11,290,337	605,985	2,414,760	1,603,287	10,150,881
Class R6	829,495	2,604	152,276	1,179	480,685	2,633
Total	$6,963,252	$26,447,349	$1,412,067	$3,810,062	$4,594,684	$20,266,121
	MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund
	Year Ended 4/30/18	Year Ended 4/30/17 (i)	Year Ended 4/30/18	Year Ended 4/30/17 (i)	Year Ended 4/30/18	Year Ended 4/30/17 (i)
Class A	$53,084	$128,035	$92,817	$252,821	$20,516	$40,996
Class B	6,297	15,145	9,631	23,155	2,409	4,949
Class C	15,525	32,962	23,130	56,605	7,998	18,861
Class I	1,187	48,459	4,927	64,126	398	17,896
Class R1	4,814	5,177	6,860	10,262	2,874	5,286
Class R2	123,741	181,407	342,907	721,348	60,382	65,066
Class R3	226,378	424,693	296,244	547,131	75,049	107,327
Class R4	514,360	1,643,078	560,958	2,053,314	124,530	245,884
Class R6	100,678	1,135	165,718	1,278	31,076	738
Total	$1,046,064	$2,480,091	$1,503,192	$3,730,040	$325,232	$507,003

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Notes to Financial Statements – continued

	MFS Lifetime 2060 Fund
	Year Ended 4/30/18	Year Ended 4/30/17 (c)
Class A	$927	$—
Class B	325	—
Class C	407	—
Class I	297	—
Class R1	296	—
Class R2	385	—
Class R3	3,132	—
Class R4	1,104	—
Class R6	3,677	—
Total	$10,550	$—

(c) For the period from the commencement of the fund’s investment operations, December 6, 2016, through the stated period end.

(i) For Class R6, the period is from the class inception, August 29, 2016, through the stated period end.

(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, 2018, 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
$1,240,409	$902,325	$675,436	$1,169,978	$656,037	$970,441	$550,652	$603,629	$420,422	$195,165

For Class R6 shares, the investment adviser has further 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 for the MFS Lifetime Income Fund and August 31, 2018 for all other funds. 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, 2018, 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		$23,915		$17,803
MFS Lifetime 2020 Fund		8,379		—
MFS Lifetime 2025 Fund		9,983		—
MFS Lifetime 2030 Fund		27,264		—
MFS Lifetime 2035 Fund		9,210		—
MFS Lifetime 2040 Fund		21,970		—
MFS Lifetime 2045 Fund		8,587		—
MFS Lifetime 2050 Fund		10,892		—
MFS Lifetime 2055 Fund		7,395		—
MFS Lifetime 2060 Fund		1,130		—

The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.

Each fund’s distribution plan provides that each fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries.

126

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%		$277,730
MFS Lifetime 2020 Fund		—		0.25%		0.25%		0.25%		121,414
MFS Lifetime 2025 Fund		—		0.25%		0.25%		0.23%		38,460
MFS Lifetime 2030 Fund		—		0.25%		0.25%		0.24%		149,808
MFS Lifetime 2035 Fund		—		0.25%		0.25%		0.25%		32,163
MFS Lifetime 2040 Fund		—		0.25%		0.25%		0.25%		90,507
MFS Lifetime 2045 Fund		—		0.25%		0.25%		0.25%		17,087
MFS Lifetime 2050 Fund		—		0.25%		0.25%		0.25%		29,482
MFS Lifetime 2055 Fund		—		0.25%		0.25%		0.25%		10,183
MFS Lifetime 2060 Fund		—		0.25%		0.25%		0.25%		399
	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%		$137,939
MFS Lifetime 2020 Fund		0.75%		0.25%		1.00%		1.00%		51,091
MFS Lifetime 2025 Fund		0.75%		0.25%		1.00%		1.00%		13,611
MFS Lifetime 2030 Fund		0.75%		0.25%		1.00%		1.00%		89,048
MFS Lifetime 2035 Fund		0.75%		0.25%		1.00%		1.00%		14,944
MFS Lifetime 2040 Fund		0.75%		0.25%		1.00%		0.99%		49,896
MFS Lifetime 2045 Fund		0.75%		0.25%		1.00%		1.00%		8,587
MFS Lifetime 2050 Fund		0.75%		0.25%		1.00%		1.00%		11,631
MFS Lifetime 2055 Fund		0.75%		0.25%		1.00%		1.00%		4,632
MFS Lifetime 2060 Fund		0.75%		0.25%		1.00%		1.00%		633
	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%		$1,415,081
MFS Lifetime 2020 Fund		0.75%		0.25%		1.00%		1.00%		154,776
MFS Lifetime 2025 Fund		0.75%		0.25%		1.00%		1.00%		34,485
MFS Lifetime 2030 Fund		0.75%		0.25%		1.00%		1.00%		162,850
MFS Lifetime 2035 Fund		0.75%		0.25%		1.00%		1.00%		22,280
MFS Lifetime 2040 Fund		0.75%		0.25%		1.00%		1.00%		115,780
MFS Lifetime 2045 Fund		0.75%		0.25%		1.00%		1.00%		19,705
MFS Lifetime 2050 Fund		0.75%		0.25%		1.00%		1.00%		27,693
MFS Lifetime 2055 Fund		0.75%		0.25%		1.00%		1.00%		15,358
MFS Lifetime 2060 Fund		0.75%		0.25%		1.00%		1.00%		791
	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%		$43,693
MFS Lifetime 2020 Fund		0.75%		0.25%		1.00%		1.00%		44,628
MFS Lifetime 2025 Fund		0.75%		0.25%		1.00%		1.00%		8,072
MFS Lifetime 2030 Fund		0.75%		0.25%		1.00%		1.00%		61,813
MFS Lifetime 2035 Fund		0.75%		0.25%		1.00%		1.00%		14,052
MFS Lifetime 2040 Fund		0.75%		0.25%		1.00%		1.00%		39,003
MFS Lifetime 2045 Fund		0.75%		0.25%		1.00%		1.00%		6,517
MFS Lifetime 2050 Fund		0.75%		0.25%		1.00%		1.00%		8,056
MFS Lifetime 2055 Fund		0.75%		0.25%		1.00%		1.00%		5,533
MFS Lifetime 2060 Fund		0.75%		0.25%		1.00%		1.00%		585

127

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%		$149,080
MFS Lifetime 2020 Fund		0.25%		0.25%		0.50%		0.50%		372,556
MFS Lifetime 2025 Fund		0.25%		0.25%		0.50%		0.50%		152,941
MFS Lifetime 2030 Fund		0.25%		0.25%		0.50%		0.50%		565,002
MFS Lifetime 2035 Fund		0.25%		0.25%		0.50%		0.50%		135,632
MFS Lifetime 2040 Fund		0.25%		0.25%		0.50%		0.50%		437,585
MFS Lifetime 2045 Fund		0.25%		0.25%		0.50%		0.50%		80,680
MFS Lifetime 2050 Fund		0.25%		0.25%		0.50%		0.50%		204,620
MFS Lifetime 2055 Fund		0.25%		0.25%		0.50%		0.50%		56,741
MFS Lifetime 2060 Fund		0.25%		0.25%		0.50%		0.50%		406
	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%		$133,708
MFS Lifetime 2020 Fund		—		0.25%		0.25%		0.25%		209,005
MFS Lifetime 2025 Fund		—		0.25%		0.25%		0.25%		130,957
MFS Lifetime 2030 Fund		—		0.25%		0.25%		0.25%		314,790
MFS Lifetime 2035 Fund		—		0.25%		0.25%		0.25%		117,953
MFS Lifetime 2040 Fund		—		0.25%		0.25%		0.25%		189,526
MFS Lifetime 2045 Fund		—		0.25%		0.25%		0.25%		78,695
MFS Lifetime 2050 Fund		—		0.25%		0.25%		0.25%		90,424
MFS Lifetime 2055 Fund		—		0.25%		0.25%		0.25%		37,418
MFS Lifetime 2060 Fund		—		0.25%		0.25%		0.25%		1,435
	Class 529A
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		—		0.25%		0.25%		0.24%		$195,919
	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%		$44,339
	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%		1.00%		$338,672

	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		$2,736,161		$953,470		$378,526		$1,343,311		$337,024
	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		$922,297		$211,271		$371,906		$129,865		$4,249

(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.

128

Notes to Financial Statements – continued

(e) The annual effective rates represent actual fees incurred under the distribution plan for the year ended April 30, 2018 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, 2018, 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		$3,055		$1,439		$2,771		$3,304		$524
Class B		2		33		17		99		13
Class C		308		312		1		279		18
Class R1		32		—		—		113		—
Class R2		99		159		—		236		—
Class R3		1		—		3		4		23
Class 529A		9,032		N/A		N/A		N/A		N/A
Class 529B		273		N/A		N/A		N/A		N/A
Class 529C		1,371		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		$1,633		$319		$264		$81		$—
Class B		218		6		14		8		—
Class C		41		1		3		10		—
Class R2		94		10		11		—		—
Class R3		18		—		12		—		—

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, 2018, 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		$281		$60		$73		$192		$231
Class B		30,635		4,669		3,961		9,197		1,243
Class C		22,124		1,095		1,034		2,746		577
Class 529B		614		N/A		N/A		N/A		N/A
Class 529C		680		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		$578		$31		$187		$189		$—
Class B		6,898		1,145		2,046		1,142		—
Class C		2,032		546		737		429		29

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. For the period from May 1, 2017 through December 10, 2017, the MFS Lifetime Income Fund had entered into an agreement with MFD pursuant to which MFD received an annual fee of up to 0.10% of the average daily net assets attributable to each 529 share class. MFD had agreed to waive a portion of this fee in an amount equal to 0.05% of the average daily net assets for each 529 share class. This waiver agreement terminated on December 10, 2017. For the period May 1, 2017 through December 10, 2017, this waiver amounted to $35,095 and is included in the reduction of total expenses in the Statements of Operations. Effective December 11, 2017, 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 program manager fee incurred for the year ended April 30, 2018 was equivalent to an annual effective rate of 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 and waivers for the MFS Lifetime Income Fund for the year ended April 30, 2018, were as follows:

	Fee		Waiver
Class 529A		$62,735		$23,552
Class 529B		3,634		1,417
Class 529C		27,060		10,126
Total Program Manager Fees and Waivers		$93,429		$35,095

129

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, 2018, 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		$169,775		$28,699		$21,228		$43,659		$21,889
Percentage of average daily net assets		0.0278%		0.0073%		0.0087%		0.0077%		0.0097%
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Expenses paid		$40,743		$20,503		$26,619		$24,024		$1,239
Percentage of average daily net assets		0.0094%		0.0132%		0.0140%		0.0375%		0.0617%

MFSC also receives payment from each fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the year ended April 30, 2018, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to the following:

MFS Lifetime Income Fund	MFS Lifetime 2020 Fund	MFS Lifetime 2025 Fund	MFS Lifetime 2030 Fund	MFS Lifetime 2035 Fund	MFS Lifetime 2040 Fund	MFS Lifetime 2045 Fund	MFS Lifetime 2050 Fund	MFS Lifetime 2055 Fund	MFS Lifetime 2060 Fund
$721,978	$572,540	$408,286	$762,352	$390,677	$644,182	$294,066	$338,333	$169,356	$4,014

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, 2018 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		0.0029%		0.0044%		0.0071%		0.0031%		0.0077%
	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%		0.0113%		0.0092%		0.0273%		0.8717%

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, 2018, 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
$1,042	$670	$429	$932	$388
MFS Lifetime 2040 Fund	MFS Lifetime 2045 Fund	MFS Lifetime 2050 Fund	MFS Lifetime 2055 Fund	MFS Lifetime 2060 Fund
$750	$258	$317	$100	$6

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.

130

Notes to Financial Statements – continued

On August 29, 2016, MFS purchased the following fund shares as an investment in the class:

Fund	Class		Shares		Amount
MFS Lifetime Income Fund		Class R6		4,042		$50,000
MFS Lifetime 2020 Fund		Class R6		3,676		50,000
MFS Lifetime 2025 Fund		Class R6		4,065		50,000
MFS Lifetime 2030 Fund		Class R6		3,408		50,000
MFS Lifetime 2035 Fund		Class R6		3,835		50,000
MFS Lifetime 2040 Fund		Class R6		3,353		50,000
MFS Lifetime 2045 Fund		Class R6		3,786		50,000
MFS Lifetime 2050 Fund		Class R6		3,143		50,000
MFS Lifetime 2055 Fund		Class R6		3,754		50,000

On June 29, 2016, MFS redeemed the following fund shares:

Fund	Class		Shares		Amount
MFS Lifetime 2025 Fund		CLass B		4,391		$51,636
MFS Lifetime 2035 Fund		Class B		4,182		51,476
MFS Lifetime 2045 Fund		Class C		4,130		51,466
MFS Lifetime 2055 Fund		Class A		4,088		51,752
MFS Lifetime 2055 Fund		Class C		4,105		51,439
MFS Lifetime 2055 Fund		Class R2		4,091		51,669

On October 27, 2016, MFS redeemed the following fund shares:

Fund	Class		Shares		Amount
MFS Lifetime Income Fund		Class B		4,253		$52,138
MFS Lifetime Income Fund		Class C		4,252		52,131
MFS Lifetime Income Fund		Class I		4,299		52,406
MFS Lifetime Income Fund		Class R1		4,247		52,109

On December 6, 2016, MFS purchased the following fund shares as an initial investment in the fund:

Fund	Class		Shares		Amount
MFS Lifetime 2060 Fund		Class A		5,000		$50,000
MFS Lifetime 2060 Fund		Class B		5,000		50,000
MFS Lifetime 2060 Fund		Class C		5,000		50,000
MFS Lifetime 2060 Fund		Class I		5,000		50,000
MFS Lifetime 2060 Fund		Class R1		5,000		50,000
MFS Lifetime 2060 Fund		Class R2		5,000		50,000
MFS Lifetime 2060 Fund		Class R3		5,000		50,000
MFS Lifetime 2060 Fund		Class R4		5,000		50,000
MFS Lifetime 2060 Fund		Class R6		50,000		500,000

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

131

Notes to Financial Statements – continued

At April 30, 2018, MFS held approximately 83%, 57%, 100%, and 100% of the outstanding shares of Class B, Class C, Class I, and Class R1, respectively, of the MFS Lifetime 2060 Fund.

(4) Portfolio Securities

For the year ended April 30, 2018, 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		$64,839,440		$73,900,017		$88,739,303		$104,613,481		$75,793,536
Sales		$149,211,430		$132,356,405		$97,611,903		$121,290,895		$74,706,208
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Purchases		$78,732,899		$55,887,012		$59,637,629		$37,220,317		$3,125,524
Sales		$108,572,998		$46,016,359		$37,017,239		$11,281,112		$747,730

(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 4/30/18				Year ended 4/30/17 (i)				Year ended 4/30/18				Year ended 4/30/17 (i)
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
Shares sold
Class A		1,570,740		$19,455,932		1,655,422		$20,148,039		874,650		$11,535,936		805,388		$10,570,971
Class B		41,009		509,648		50,808		617,540		20,859		273,064		33,593		434,616
Class C		1,058,685		13,125,576		2,396,570		29,215,849		124,141		1,598,345		218,227		2,789,735
Class I		1,054,906		13,083,468		1,393,523		16,966,821		43,525		577,609		283,837		3,774,862
Class R1		76,139		943,967		95,782		1,168,956		58,349		767,529		140,979		1,817,366
Class R2		770,210		9,540,633		1,193,385		14,524,780		1,816,565		23,850,777		2,648,051		34,513,596
Class R3		1,578,766		19,605,115		1,665,955		20,344,864		2,178,484		28,760,987		2,363,497		31,097,183
Class R4		977,153		12,095,704		4,864,496		59,712,808		1,872,609		24,848,676		3,448,347		45,644,750
Class R6		1,864,974		23,340,425		626,711		7,574,853		2,379,969		32,044,301		1,664,030		21,282,082
Class 529A		4,868,641		49,659,678		7,543,532		76,318,280		—		—		—		—
Class 529B		278,741		2,844,484		550,890		5,584,151		—		—		—		—
Class 529C		2,362,887		24,093,144		3,289,883		33,294,211		—		—		—		—
		16,502,851		$188,297,774		25,326,957		$285,471,152		9,369,151		$124,257,224		11,605,949		$151,925,161
Shares issued in connection with acquisition of MFS Lifetime 2015 Fund
Class A						169,509		$2,095,136
Class B						18,134		224,131
Class C						69,161		854,836
Class I						25,631		316,800
Class R1						7,046		87,153
Class R2						214,145		2,646,828
Class R3						484,707		5,990,976
Class R4						197,395		2,439,814
						1,185,728		$14,655,674

132

Notes to Financial Statements – continued

	MFS Lifetime Income Fund – continued												MFS Lifetime 2020 Fund – continued
	Year ended 4/30/18						Year ended 4/30/17 (i)						Year ended 4/30/18						Year ended 4/30/17 (i)
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares issued to shareholders in reinvestment of distributions
Class A		292,591			$3,638,273			385,586			$4,623,838			137,450			$1,797,843			265,180			$3,298,838
Class B		26,741			332,903			43,449			519,564			13,169			171,460			29,479			364,944
Class C		287,628			3,578,466			391,568			4,678,509			35,653			457,789			78,109			953,708
Class I		72,022			896,019			66,970			803,994			5,756			75,752			8,063			100,870
Class R1		8,972			111,786			11,675			139,789			12,597			164,262			18,743			232,782
Class R2		66,213			823,895			86,845			1,040,586			208,430			2,707,503			388,711			4,804,464
Class R3		147,244			1,831,616			148,318			1,778,763			279,755			3,661,993			383,724			4,777,369
Class R4		206,323			2,566,100			420,662			5,048,857			294,590			3,876,808			1,096,409			13,705,109
Class R6		49,628			618,687			913			11,115			127,866			1,680,156			295			3,689
Class 529A		275,125			2,811,781			297,289			2,933,093			—			—			—			—
Class 529B		11,617			118,801			17,495			172,018			—			—			—			—
Class 529C		93,840			958,836			111,958			1,100,078			—			—			—			—
		1,537,944			$18,287,163			1,982,728			$22,850,204			1,115,266			$14,593,566			2,268,713			$28,241,773
Shares reacquired
Class A		(2,509,753	)		$(31,085,779	)		(2,709,394	)		$(32,965,786	)		(1,314,434	)		$(17,415,297	)		(717,037	)		$(9,326,383	)
Class B		(398,723	)		(4,947,769	)		(313,984	)		(3,817,809	)		(114,201	)		(1,496,009	)		(131,932	)		(1,711,182	)
Class C		(2,930,152	)		(36,287,026	)		(3,464,967	)		(42,182,168	)		(437,526	)		(5,639,052	)		(324,446	)		(4,144,536	)
Class I		(1,154,296	)		(14,326,758	)		(969,617	)		(11,777,427	)		(41,460	)		(549,913	)		(506,110	)		(6,487,834	)
Class R1		(95,654	)		(1,189,500	)		(190,645	)		(2,338,290	)		(54,447	)		(716,502	)		(190,533	)		(2,503,647	)
Class R2		(1,209,849	)		(15,015,150	)		(946,225	)		(11,500,044	)		(2,363,331	)		(31,013,425	)		(1,958,497	)		(25,353,826	)
Class R3		(1,374,650	)		(17,055,452	)		(1,021,520	)		(12,407,837	)		(1,750,424	)		(23,118,351	)		(1,863,809	)		(24,575,275	)
Class R4		(6,094,327	)		(76,564,127	)		(3,174,195	)		(38,517,158	)		(6,752,614	)		(91,728,500	)		(5,851,973	)		(75,852,472	)
Class R6		(293,127	)		(3,644,616	)		(73,732	)		(891,855	)		(668,138	)		(8,882,236	)		(43,886	)		(566,134	)
Class 529A		(4,138,056	)		(42,244,514	)		(5,774,662	)		(58,320,956	)		—			—			—			—
Class 529B		(365,560	)		(3,734,820	)		(444,075	)		(4,482,719	)		—			—			—			—
Class 529C		(2,276,627	)		(23,184,198	)		(2,805,555	)		(28,381,279	)		—			—			—			—
		(22,840,774	)		$(269,279,709	)		(21,888,571	)		$(247,583,328	)		(13,496,575	)		$(180,559,285	)		(11,588,223	)		$(150,521,289	)
Net change
Class A		(646,422	)		$(7,991,574	)		(498,877	)		$(6,098,773	)		(302,334	)		$(4,081,518	)		353,531			$4,543,426
Class B		(330,973	)		(4,105,218	)		(201,593	)		(2,456,574	)		(80,173	)		(1,051,485	)		(68,860	)		(911,622	)
Class C		(1,583,839	)		(19,582,984	)		(607,668	)		(7,432,974	)		(277,732	)		(3,582,918	)		(28,110	)		(401,093	)
Class I		(27,368	)		(347,271	)		516,507			6,310,188			7,821			103,448			(214,210	)		(2,612,102	)
Class R1		(10,543	)		(133,747	)		(76,142	)		(942,392	)		16,499			215,289			(30,811	)		(453,499	)
Class R2		(373,426	)		(4,650,622	)		548,150			6,712,150			(338,336	)		(4,455,145	)		1,078,265			13,964,234
Class R3		351,360			4,381,279			1,277,460			15,706,766			707,815			9,304,629			883,412			11,299,277
Class R4		(4,910,851	)		(61,902,323	)		2,308,358			28,684,321			(4,585,415	)		(63,003,016	)		(1,307,217	)		(16,502,613	)
Class R6		1,621,475			20,314,496			553,892			6,694,113			1,839,697			24,842,221			1,620,439			20,719,637
Class 529A		1,005,710			10,226,945			2,066,159			20,930,417			—			—			—			—
Class 529B		(75,202	)		(771,535	)		124,310			1,273,450			—			—			—			—
Class 529C		180,100			1,867,782			596,286			6,013,010			—			—			—			—
		(4,799,979	)		$(62,694,772	)		6,606,842			$75,393,702			(3,012,158	)		$(41,708,495	)		2,286,439			$29,645,645

133

Notes to Financial Statements – continued

	MFS Lifetime 2025 Fund												MFS Lifetime 2030 Fund
	Year ended 4/30/18						Year ended 4/30/17 (i)						Year ended 4/30/18						Year ended 4/30/17 (i)
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		439,342			$5,659,951			349,270			$4,213,729			792,497			$12,242,729			877,727			$12,595,907
Class B		22,994			292,465			34,123			411,201			48,645			737,390			61,118			859,039
Class C		86,290			1,100,035			82,547			983,986			150,628			2,271,328			205,629			2,877,421
Class I		68,375			883,133			95,625			1,137,968			38,067			592,551			223,277			3,152,000
Class R1		79,777			1,018,577			55,899			679,053			158,961			2,413,570			114,674			1,625,153
Class R2		1,571,472			20,053,970			1,946,642			23,517,353			2,686,924			40,756,518			3,015,758			42,743,365
Class R3		2,407,920			30,860,791			1,713,009			20,762,860			2,723,768			41,722,708			2,861,411			40,928,075
Class R4		1,831,071			23,611,322			2,515,083			30,494,763			2,396,549			36,938,959			4,146,723			59,567,293
Class R6		2,171,031			28,488,221			960,223			11,569,434			3,039,876			47,374,211			2,358,228			33,502,544
		8,678,272			$111,968,465			7,752,421			$93,770,347			12,035,915			$185,049,964			13,864,545			$197,850,797
Shares issued to shareholders in reinvestment of distributions
Class A		36,062			$464,122			39,735			$467,287			122,981			$1,902,517			218,597			$2,996,960
Class B		2,674			34,231			3,350			39,197			16,260			248,610			34,667			470,090
Class C		7,133			90,868			7,151			83,385			26,789			407,191			58,172			784,155
Class I		313			4,040			401			4,722			4,356			67,649			6,629			91,418
Class R1		1,857			23,821			598			7,031			12,283			188,549			21,424			292,012
Class R2		70,893			907,430			51,133			598,767			233,981			3,586,923			438,759			5,967,124
Class R3		136,264			1,750,997			101,566			1,193,402			299,350			4,618,964			457,921			6,264,366
Class R4		220,867			2,851,387			396,788			4,678,131			348,141			5,410,114			1,055,767			14,537,910
Class R6		61,003			787,543			166			1,958			131,223			2,039,201			245			3,376
		537,066			$6,914,439			600,888			$7,073,880			1,195,364			$18,469,718			2,292,181			$31,407,411
Shares reacquired
Class A		(347,589	)		$(4,443,758	)		(285,176	)		$(3,423,382	)		(923,005	)		$(14,185,368	)		(351,989	)		$(5,047,177	)
Class B		(19,239	)		(243,320	)		(30,114	)		(361,373	)		(94,951	)		(1,435,970	)		(105,593	)		(1,490,735	)
Class C		(82,528	)		(1,044,970	)		(63,286	)		(753,430	)		(237,561	)		(3,574,873	)		(294,731	)		(4,122,101	)
Class I		(37,202	)		(479,223	)		(472,760	)		(5,587,165	)		(21,950	)		(344,511	)		(979,343	)		(13,643,339	)
Class R1		(19,980	)		(257,485	)		(28,821	)		(351,848	)		(123,254	)		(1,860,960	)		(205,043	)		(2,927,597	)
Class R2		(725,005	)		(9,215,230	)		(744,503	)		(8,965,045	)		(2,928,379	)		(44,562,712	)		(2,146,582	)		(30,282,787	)
Class R3		(755,969	)		(9,721,463	)		(554,625	)		(6,692,556	)		(1,665,039	)		(25,650,805	)		(2,342,387	)		(33,353,705	)
Class R4		(6,589,685	)		(87,093,536	)		(968,170	)		(11,735,797	)		(6,102,456	)		(96,547,086	)		(5,520,008	)		(79,140,997	)
Class R6		(591,896	)		(7,598,522	)		(87,123	)		(1,069,627	)		(725,589	)		(11,110,604	)		(65,323	)		(933,135	)
		(9,169,093	)		$(120,097,507	)		(3,234,578	)		$(38,940,223	)		(12,822,184	)		$(199,272,889	)		(12,010,999	)		$(170,941,573	)
Net change
Class A		127,815			$1,680,315			103,829			$1,257,634			(7,527	)		$(40,122	)		744,335			$10,545,690
Class B		6,429			83,376			7,359			89,025			(30,046	)		(449,970	)		(9,808	)		(161,606	)
Class C		10,895			145,933			26,412			313,941			(60,144	)		(896,354	)		(30,930	)		(460,525	)
Class I		31,486			407,950			(376,734	)		(4,444,475	)		20,473			315,689			(749,437	)		(10,399,921	)
Class R1		61,654			784,913			27,676			334,236			47,990			741,159			(68,945	)		(1,010,432	)
Class R2		917,360			11,746,170			1,253,272			15,151,075			(7,474	)		(219,271	)		1,307,935			18,427,702
Class R3		1,788,215			22,890,325			1,259,950			15,263,706			1,358,079			20,690,867			976,945			13,838,736
Class R4		(4,537,747	)		(60,630,827	)		1,943,701			23,437,097			(3,357,766	)		(54,198,013	)		(317,518	)		(5,035,794	)
Class R6		1,640,138			21,677,242			873,266			10,501,765			2,445,510			38,302,808			2,293,150			32,572,785
		46,245			$(1,214,603	)		5,118,731			$61,904,004			409,095			$4,246,793			4,145,727			$58,316,635

134

Notes to Financial Statements – continued

	MFS Lifetime 2035 Fund												MFS Lifetime 2040 Fund
	Year ended 4/30/18						Year ended 4/30/17 (i)						Year ended 4/30/18						Year ended 4/30/17 (i)
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		456,502			$6,526,819			295,204			$3,815,900			566,906			$9,118,996			547,047			$7,985,526
Class B		27,756			404,504			23,376			303,354			28,889			457,124			37,749			544,784
Class C		58,484			826,502			52,950			675,809			112,298			1,767,637			159,201			2,269,207
Class I		27,363			398,188			78,643			1,012,403			33,293			534,779			207,039			2,996,672
Class R1		158,580			2,259,004			41,948			545,377			129,646			2,069,716			91,689			1,319,432
Class R2		1,201,115			17,182,087			1,314,616			17,029,054			2,041,886			32,521,105			2,484,624			35,847,627
Class R3		1,952,076			28,095,710			1,426,344			18,532,984			1,976,416			31,789,457			1,603,517			23,440,501
Class R4		1,636,022			23,602,579			2,297,900			29,780,183			2,238,497			36,205,561			3,319,033			48,646,110
Class R6		1,266,185			18,699,329			706,412			9,171,652			1,461,342			23,936,198			1,756,644			25,506,301
		6,784,083			$97,994,722			6,237,393			$80,866,716			8,589,173			$138,400,573			10,206,543			$148,556,160
Shares issued to shareholders in reinvestment of distributions
Class A		26,822			$390,791			24,912			$314,632			63,997			$1,043,784			129,459			$1,811,127
Class B		2,635			38,177			2,791			35,081			7,882			127,694			18,255			253,930
Class C		3,688			53,258			3,708			46,460			16,745			267,914			36,690			504,125
Class I		972			14,173			152			1,922			3,053			50,032			2,779			39,157
Class R1		3,313			48,034			1,215			15,332			6,437			103,899			16,052			222,326
Class R2		51,210			743,064			31,279			393,808			153,118			2,478,978			300,525			4,174,287
Class R3		106,251			1,549,145			79,749			1,008,023			157,024			2,559,484			247,488			3,462,361
Class R4		203,214			2,973,016			300,498			3,804,307			305,826			5,024,717			893,053			12,574,185
Class R6		36,046			527,354			148			1,880			66,594			1,093,476			233			3,285
		434,151			$6,337,012			444,452			$5,621,445			780,676			$12,749,978			1,644,534			$23,044,783
Shares reacquired
Class A		(216,888	)		$(3,065,616	)		(138,270	)		$(1,779,386	)		(750,115	)		$(12,120,811	)		(350,283	)		$(5,105,484	)
Class B		(9,178	)		(130,176	)		(30,864	)		(393,440	)		(61,949	)		(977,838	)		(49,318	)		(712,661	)
Class C		(30,283	)		(427,897	)		(74,457	)		(956,636	)		(147,583	)		(2,319,106	)		(185,985	)		(2,642,599	)
Class I		(7,910	)		(111,456	)		(372,140	)		(4,725,960	)		(48,595	)		(803,760	)		(788,368	)		(11,183,483	)
Class R1		(75,180	)		(1,085,773	)		(3,335	)		(43,785	)		(129,884	)		(2,013,528	)		(209,494	)		(3,025,517	)
Class R2		(595,883	)		(8,464,857	)		(259,560	)		(3,307,862	)		(2,471,692	)		(39,422,790	)		(1,954,563	)		(28,046,560	)
Class R3		(686,777	)		(9,976,722	)		(518,743	)		(6,708,744	)		(950,303	)		(15,320,665	)		(1,164,398	)		(16,955,645	)
Class R4		(4,686,868	)		(70,040,299	)		(809,673	)		(10,523,716	)		(5,318,065	)		(88,921,009	)		(4,367,978	)		(64,194,055	)
Class R6		(197,343	)		(2,875,767	)		(3,135	)		(41,258	)		(262,338	)		(4,293,540	)		(50,472	)		(738,889	)
		(6,506,310	)		$(96,178,563	)		(2,210,177	)		$(28,480,787	)		(10,140,524	)		$(166,193,047	)		(9,120,859	)		$(132,604,893	)
Net change
Class A		266,436			$3,851,994			181,846			$2,351,146			(119,212	)		$(1,958,031	)		326,223			$4,691,169
Class B		21,213			312,505			(4,697	)		(55,005	)		(25,178	)		(393,020	)		6,686			86,053
Class C		31,889			451,863			(17,799	)		(234,367	)		(18,540	)		(283,555	)		9,906			130,733
Class I		20,425			300,905			(293,345	)		(3,711,635	)		(12,249	)		(218,949	)		(578,550	)		(8,147,654	)
Class R1		86,713			1,221,265			39,828			516,924			6,199			160,087			(101,753	)		(1,483,759	)
Class R2		656,442			9,460,294			1,086,335			14,115,000			(276,688	)		(4,422,707	)		830,586			11,975,354
Class R3		1,371,550			19,668,133			987,350			12,832,263			1,183,137			19,028,276			686,607			9,947,217
Class R4		(2,847,632	)		(43,464,704	)		1,788,725			23,060,774			(2,773,742	)		(47,690,731	)		(155,892	)		(2,973,760	)
Class R6		1,104,888			16,350,916			703,425			9,132,274			1,265,598			20,736,134			1,706,405			24,770,697
		711,924			$8,153,171			4,471,668			$58,007,374			(770,675	)		$(15,042,496	)		2,730,218			$38,996,050

135

Notes to Financial Statements – continued

	MFS Lifetime 2045 Fund												MFS Lifetime 2050 Fund
	Year ended 4/30/18						Year ended 4/30/17 (i)						Year ended 4/30/18						Year ended 4/30/17 (i)
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		205,909			$3,078,824			165,665			$2,175,182			208,910			$3,748,870			272,212			$4,336,780
Class B		14,466			213,109			19,767			259,084			14,164			251,649			12,720			201,467
Class C		50,434			735,389			56,949			735,786			37,732			666,022			58,365			912,114
Class I		5,325			81,375			40,817			528,770			11,887			209,225			73,384			1,157,800
Class R1		36,490			538,253			23,393			310,777			40,471			714,936			26,390			415,344
Class R2		831,560			12,267,212			640,168			8,402,664			1,378,613			24,381,437			1,328,596			20,845,313
Class R3		1,519,379			22,643,543			877,036			11,569,501			1,397,753			25,009,017			858,273			13,564,896
Class R4		1,472,346			21,844,889			1,867,142			24,532,024			1,459,139			25,972,233			1,932,619			30,520,981
Class R6		878,888			13,313,294			320,305			4,230,482			876,884			15,883,236			532,977			8,560,338
		5,014,797			$74,715,888			4,011,242			$52,744,270			5,425,553			$96,836,625			5,095,536			$80,515,033
Shares issued to shareholders in reinvestment of distributions
Class A		13,745			$207,280			14,102			$181,205			16,639			$303,168			22,138			$343,142
Class B		1,359			20,418			1,359			17,397			1,467			26,454			1,683			25,852
Class C		2,547			38,071			2,297			29,314			3,122			55,946			3,898			59,530
Class I		352			5,325			297			3,825			1,050			19,107			838			12,968
Class R1		1,114			16,750			493			6,337			1,134			20,331			786			12,030
Class R2		28,438			426,005			18,225			232,918			58,618			1,055,119			59,181			907,243
Class R3		63,272			953,513			48,525			623,545			59,256			1,072,536			49,876			768,594
Class R4		150,285			2,272,307			197,755			2,545,108			117,557			2,137,183			197,027			3,046,017
Class R6		23,148			349,772			138			1,781			29,666			539,036			124			1,919
		284,260			$4,289,441			283,191			$3,641,430			288,509			$5,228,880			335,551			$5,177,295
Shares reacquired
Class A		(150,367	)		$(2,212,403	)		(100,450	)		$(1,326,780	)		(235,042	)		$(4,180,453	)		(113,436	)		$(1,805,139	)
Class B		(7,228	)		(106,632	)		(14,262	)		(186,848	)		(9,104	)		(159,713	)		(7,584	)		(118,035	)
Class C		(41,757	)		(624,943	)		(28,095	)		(365,942	)		(41,392	)		(736,810	)		(26,270	)		(409,106	)
Class I		(5,004	)		(77,136	)		(168,116	)		(2,165,783	)		(7,446	)		(134,385	)		(151,972	)		(2,357,889	)
Class R1		(13,397	)		(196,477	)		(2,377	)		(31,242	)		(20,039	)		(346,261	)		(11,285	)		(174,964	)
Class R2		(283,210	)		(4,167,931	)		(163,858	)		(2,143,581	)		(921,667	)		(16,254,014	)		(602,025	)		(9,413,563	)
Class R3		(463,617	)		(6,925,830	)		(238,460	)		(3,138,694	)		(456,605	)		(8,149,930	)		(319,747	)		(5,058,789	)
Class R4		(3,095,993	)		(47,589,071	)		(645,032	)		(8,533,291	)		(2,232,305	)		(40,832,891	)		(2,027,038	)		(32,453,971	)
Class R6		(170,040	)		(2,543,538	)		(5,763	)		(76,534	)		(156,495	)		(2,830,861	)		(4,523	)		(73,727	)
		(4,230,613	)		$(64,443,961	)		(1,366,413	)		$(17,968,695	)		(4,080,095	)		$(73,625,318	)		(3,263,880	)		$(51,865,183	)
Net change
Class A		69,287			$1,073,701			79,317			$1,029,607			(9,493	)		$(128,415	)		180,914			$2,874,783
Class B		8,597			126,895			6,864			89,633			6,527			118,390			6,819			109,284
Class C		11,224			148,517			31,151			399,158			(538	)		(14,842	)		35,993			562,538
Class I		673			9,564			(127,002	)		(1,633,188	)		5,491			93,947			(77,750	)		(1,187,121	)
Class R1		24,207			358,526			21,509			285,872			21,566			389,006			15,891			252,410
Class R2		576,788			8,525,286			494,535			6,492,001			515,564			9,182,542			785,752			12,338,993
Class R3		1,119,034			16,671,226			687,101			9,054,352			1,000,404			17,931,623			588,402			9,274,701
Class R4		(1,473,362	)		(23,471,875	)		1,419,865			18,543,841			(655,609	)		(12,723,475	)		102,608			1,113,027
Class R6		731,996			11,119,528			314,680			4,155,729			750,055			13,591,411			528,578			8,488,530
		1,068,444			$14,561,368			2,928,020			$38,417,005			1,633,967			$28,440,187			2,167,207			$33,827,145

136

Notes to Financial Statements – continued

	MFS Lifetime 2055 Fund												MFS Lifetime 2060 Fund
	Year ended 4/30/18						Year ended 4/30/17 (i)						Year ended 4/30/18						Period ended 4/30/17 (c)
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		135,897			$2,061,650			127,560			$1,695,780			20,978			$245,093			5,491			$55,132
Class B		5,887			87,495			7,413			98,985			1,005			11,898			5,070			50,736
Class C		37,573			563,827			35,114			462,164			3,714			43,468			5,518			55,443
Class I		3,368			52,959			49,381			650,088			—			—			5,000			50,000
Class R1		41,788			633,186			36,755			491,555			—			—			5,000			50,000
Class R2		692,977			10,422,166			389,004			5,178,908			7,827			93,754			5,000			50,000
Class R3		884,135			13,410,315			504,397			6,718,355			96,480			1,128,433			8,141			83,289
Class R4		1,093,741			16,568,171			993,356			13,226,241			48,464			571,598			5,056			50,589
Class R6		432,778			6,696,227			127,027			1,688,677			58,397			698,436			50,059			500,626
		3,328,144			$50,495,996			2,270,007			$30,210,753			236,865			$2,792,680			94,335			$945,815
Shares issued to shareholders in reinvestment of distributions
Class A		6,323			$97,308			5,023			$65,554			393			$4,637			53			$533
Class B		589			9,040			466			6,080			96			1,135			51			506
Class C		1,486			22,660			1,380			17,871			126			1,491			51			506
Class I		142			2,180			145			1,902			132			1,558			54			542
Class R1		778			11,895			662			8,624			84			1,000			51			506
Class R2		16,753			256,482			7,216			93,878			148			1,729			52			524
Class R3		25,103			386,083			13,810			180,218			1,341			15,828			53			533
Class R4		44,240			683,073			33,653			440,515			491			5,814			54			542
Class R6		7,857			121,315			103			1,344			1,594			18,825			543			5,426
		103,271			$1,590,036			62,458			$815,986			4,405			$52,017			962			$9,618
Shares reacquired
Class A		(80,647	)		$(1,215,307	)		(41,231	)		$(546,875	)		(1,077	)		$(12,803	)		(24	)		$(250	)
Class B		(5,069	)		(77,185	)		(203	)		(2,668	)		(7	)		(83	)		(3	)		(33	)
Class C		(14,597	)		(217,359	)		(31,899	)		(426,411	)		(330	)		(3,968	)		(8	)		(83	)
Class I		(1,799	)		(27,446	)		(91,909	)		(1,206,288	)		—			—			—			—
Class R1		(9,717	)		(146,933	)		(19,432	)		(265,247	)		—			—			—			—
Class R2		(176,227	)		(2,665,755	)		(66,152	)		(882,660	)		(270	)		(3,145	)		—			—
Class R3		(256,438	)		(3,886,504	)		(94,109	)		(1,251,682	)		(4,550	)		(53,797	)		—			—
Class R4		(972,079	)		(15,064,682	)		(322,216	)		(4,269,956	)		(24,111	)		(285,509	)		—			—
Class R6		(67,992	)		(1,041,732	)		(4,411	)		(60,296	)		(3,852	)		(46,053	)		—			—
		(1,584,565	)		$(24,342,903	)		(671,562	)		$(8,912,083	)		(34,197	)		$(405,358	)		(35	)		$(366	)
Net change
Class A		61,573			$943,651			91,352			$1,214,459			20,294			$236,927			5,520			$55,415
Class B		1,407			19,350			7,676			102,397			1,094			12,950			5,118			51,209
Class C		24,462			369,128			4,595			53,624			3,510			40,991			5,561			55,866
Class I		1,711			27,693			(42,383	)		(554,298	)		132			1,558			5,054			50,542
Class R1		32,849			498,148			17,985			234,932			84			1,000			5,051			50,506
Class R2		533,503			8,012,893			330,068			4,390,126			7,705			92,338			5,052			50,524
Class R3		652,800			9,909,894			424,098			5,646,891			93,271			1,090,464			8,194			83,822
Class R4		165,902			2,186,562			704,793			9,396,800			24,844			291,903			5,110			51,131
Class R6		372,643			5,775,810			122,719			1,629,725			56,139			671,208			50,602			506,052
		1,846,850			$27,743,129			1,660,903			$22,114,656			207,073			$2,439,339			95,262			$955,067

(c) For the period from the commencement of the fund’s investment operations, December 6, 2016, through the stated period end.

(i) For Class R6, the period is from the class inception, August 29, 2016, through the stated period end.

Class T shares were not publicly available for sale during the period. Please see the fund’s prospectus for details.

137

Notes to Financial Statements – continued

(6) Line of Credit

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 syndication 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 higher of the Overnight Federal Reserve funds rate or daily one month LIBOR 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 at the end of each calendar quarter. 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 a rate equal to the Overnight Federal Reserve funds rate plus an agreed upon spread. For the year ended April 30, 2018, 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		$4,570		$2,961		$1,776		$3,831		$1,577
Interest Expense		—		—		—		—		—
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Commitment Fee		$2,934		$1,052		$1,262		$415		$10
Interest Expense		—		—		—		—		—

(7) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, each fund assumes the following to be affiliated issuers:

	MFS Lifetime Income Fund
Affiliated Issuers	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount		Ending Shares/Par Amount
MFS Absolute Return Fund		1,315,017		114,132		(1,429,149)		—
MFS Blended Research Core Equity Fund		493,429		54,708		(136,934)		411,203
MFS Blended Research Growth Equity Fund		1,071,292		101,855		(345,153)		827,994
MFS Blended Research International Equity Fund		1,453,500		135,979		(446,025)		1,143,454
MFS Blended Research Mid Cap Equity Fund		1,726,456		198,169		(491,168)		1,433,457
MFS Blended Research Small Cap Equity Fund		516,417		85,558		(170,222)		431,753
MFS Blended Research Value Equity Fund		1,049,010		115,833		(286,178)		878,665
MFS Commodity Strategy Fund		1,068,905		1,197,036		(381,462)		1,884,479
MFS Emerging Markets Debt Fund		840,575		100,604		(158,717)		782,462
MFS Emerging Markets Debt Local Currency Fund		896,505		139,100		(251,248)		784,357
MFS Global Bond Fund		3,609,872		347,304		(770,102)		3,187,074
MFS Global Real Estate Fund		406,034		452,832		(107,989)		750,877
MFS Government Securities Fund		6,346,796		716,144		(1,082,793)		5,980,147
MFS Growth Fund		150,004		16,563		(54,380)		112,187
MFS High Income Fund		5,452,644		648,565		(1,009,624)		5,091,585
MFS Inflation-Adjusted Bond Fund		5,988,902		720,428		(1,125,895)		5,583,435
MFS Institutional Money Market Portfolio		1,786,194		38,557,704		(38,988,105)		1,355,793
MFS International Growth Fund		107,844		10,516		(34,534)		83,826
MFS International Value Fund		81,337		8,450		(23,750)		66,037
MFS Limited Maturity Fund		20,914,007		2,124,987		(3,706,224)		19,332,770
MFS Mid Cap Growth Fund		592,886		88,995		(206,803)		475,078
MFS Mid Cap Value Fund		416,803		55,320		(111,099)		361,024
MFS New Discovery Fund		110,012		18,628		(40,009)		88,631
MFS New Discovery Value Fund		208,993		39,231		(65,067)		183,157
MFS Research Fund		310,425		47,294		(90,434)		267,285
MFS Research International Fund		564,476		46,344		(168,765)		442,055
MFS Total Return Bond Fund		11,715,893		1,199,969		(1,987,592)		10,928,270
MFS Value Fund		332,625		45,831		(89,244)		289,212

138

Notes to Financial Statements – continued

	MFS Lifetime Income Fund – continued
Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Absolute Return Fund		$(115,155)		$103,798		$—		$167,891			$—
MFS Blended Research Core Equity Fund		398,383		654,699		220,840		218,044			11,320,422
MFS Blended Research Growth Equity Fund		716,620		1,151,012		53,380		120,134			11,277,275
MFS Blended Research International Equity Fund		661,573		1,369,351		21,817		400,522			14,178,836
MFS Blended Research Mid Cap Equity Fund		595,953		987,607		87,744		556,704			16,886,121
MFS Blended Research Small Cap Equity Fund		192,625		283,393		6,289		210,816			5,655,964
MFS Blended Research Value Equity Fund		385,491		667,342		86,662		353,277			11,325,995
MFS Commodity Strategy Fund		(713,756)		1,200,210		—		202,120			11,419,938
MFS Emerging Markets Debt Fund		9,794		(373,479)		—		568,198			11,322,231
MFS Emerging Markets Debt Local Currency Fund		(222,780)		387,324		—		304,079			5,623,842
MFS Global Bond Fund		(803,276)		1,572,502		—		519,968	(a)		28,237,475
MFS Global Real Estate Fund		2,103		156,797		79,326		183,661			11,473,405
MFS Government Securities Fund		(593,254)		(1,485,418)		—		1,652,281			56,811,391
MFS Growth Fund		2,126,792		137,670		306,885		—			11,361,168
MFS High Income Fund		(81,482)		(485,478)		—		930,994			17,056,809
MFS Inflation-Adjusted Bond Fund		(410,206)		(1,048,160)		—		1,460,516			56,895,207
MFS Institutional Money Market Portfolio		(317)		64		—		14,272			1,355,658
MFS International Growth Fund		240,163		211,631		34,799		47,582			2,850,935
MFS International Value Fund		295,285		30,740		32,309		56,998			2,836,279
MFS Limited Maturity Fund		(618,534)		(1,187,418)		—		2,557,129			113,676,685
MFS Mid Cap Growth Fund		1,079,503		(42,895)		548,548		184,821			8,451,646
MFS Mid Cap Value Fund		644,565		(153,148)		201,980		139,179			8,516,550
MFS New Discovery Fund		246,712		110,789		190,513		82,578			2,839,747
MFS New Discovery Value Fund		176,816		(46,427)		87,209		86,556			2,831,606
MFS Research Fund		(546,415)		(2,483,605)		771,960		290,710			11,324,867
MFS Research International Fund		915,819		(287,802)		—		138,521			8,518,393
MFS Total Return Bond Fund		571,238		697,882		—		3,288,068			113,544,726
MFS Value Fund		935,742		(481,509)		328,774		243,832			11,232,980
		$6,090,002		$1,647,472		$3,059,035		$14,979,451			$568,826,151

139

Notes to Financial Statements – continued

	MFS Lifetime 2020 Fund
Affiliated Issuers	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount		Ending Shares/Par Amount
MFS Absolute Return Fund		836,418		117,979		(954,397)		—
MFS Blended Research Core Equity Fund		418,407		71,801		(165,751)		324,457
MFS Blended Research Growth Equity Fund		904,064		154,330		(402,691)		655,703
MFS Blended Research International Equity Fund		1,283,712		208,481		(554,135)		938,058
MFS Blended Research Mid Cap Equity Fund		1,340,986		265,478		(544,738)		1,061,726
MFS Blended Research Small Cap Equity Fund		324,508		98,201		(148,691)		274,018
MFS Blended Research Value Equity Fund		892,942		156,349		(356,811)		692,480
MFS Commodity Strategy Fund		687,741		812,665		(311,737)		1,188,669
MFS Emerging Markets Debt Fund		715,860		108,478		(207,218)		617,120
MFS Emerging Markets Debt Local Currency Fund		961,180		159,875		(380,455)		740,600
MFS Global Bond Fund		2,293,626		337,829		(608,807)		2,022,648
MFS Global Real Estate Fund		261,315		302,710		(86,730)		477,295
MFS Government Securities Fund		4,042,374		679,424		(932,060)		3,789,738
MFS Growth Fund		126,238		24,800		(62,339)		88,699
MFS High Income Fund		5,027,838		741,069		(1,490,143)		4,278,764
MFS Inflation-Adjusted Bond Fund		3,809,098		681,686		(946,460)		3,544,324
MFS Institutional Money Market Portfolio		201		7,798,508		(7,696,304)		102,405
MFS International Growth Fund		113,332		16,286		(50,285)		79,333
MFS International Value Fund		86,054		12,648		(36,340)		62,362
MFS Limited Maturity Fund		8,754,641		2,321,196		(1,815,555)		9,260,282
MFS Mid Cap Growth Fund		457,077		112,199		(217,637)		351,639
MFS Mid Cap Value Fund		324,568		68,074		(127,056)		265,586
MFS New Discovery Fund		69,132		20,821		(33,769)		56,184
MFS New Discovery Value Fund		132,309		40,607		(56,931)		115,985
MFS Research Fund		262,821		58,152		(109,819)		211,154
MFS Research International Fund		433,560		65,532		(172,814)		326,278
MFS Total Return Bond Fund		6,178,364		1,246,315		(1,345,356)		6,079,323
MFS Value Fund		281,797		55,491		(108,002)		229,286

140

Notes to Financial Statements – continued

	MFS Lifetime 2020 Fund – continued
Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Absolute Return Fund		$(75,103)		$62,439		$—		$108,298			$—
MFS Blended Research Core Equity Fund		442,268		473,055		190,600		188,182			8,932,301
MFS Blended Research Growth Equity Fund		741,892		865,593		45,932		103,375			8,930,672
MFS Blended Research International Equity Fund		747,558		1,064,943		19,708		361,809			11,631,919
MFS Blended Research Mid Cap Equity Fund		577,761		688,227		70,048		444,423			12,507,137
MFS Blended Research Small Cap Equity Fund		126,056		187,440		4,238		142,045			3,589,632
MFS Blended Research Value Equity Fund		440,943		475,725		74,591		304,069			8,926,067
MFS Commodity Strategy Fund		(760,063)		1,073,077		—		135,772			7,203,334
MFS Emerging Markets Debt Fund		22,437		(304,434)		—		475,951			8,929,729
MFS Emerging Markets Debt Local Currency Fund		(346,129)		525,904		—		311,658			5,310,100
MFS Global Bond Fund		(672,525)		1,162,323		—		336,088	(a)		17,920,660
MFS Global Real Estate Fund		33,547		70,534		53,389		123,609			7,293,070
MFS Government Securities Fund		(441,287)		(891,975)		—		1,068,730			36,002,509
MFS Growth Fund		2,177,398		(264,177)		263,963		—			8,982,531
MFS High Income Fund		(163,313)		(327,540)		—		838,520			14,333,858
MFS Inflation-Adjusted Bond Fund		(347,107)		(585,828)		—		950,931			36,116,667
MFS Institutional Money Market Portfolio		(130)		—		—		648			102,394
MFS International Growth Fund		608,732		(131,557)		36,706		50,190			2,698,135
MFS International Value Fund		601,664		(253,381)		34,052		60,071			2,678,431
MFS Limited Maturity Fund		(271,351)		(588,836)		—		1,174,515			54,450,458
MFS Mid Cap Growth Fund		1,135,228		(337,093)		438,705		147,811			6,255,654
MFS Mid Cap Value Fund		772,816		(379,749)		161,267		111,125			6,265,168
MFS New Discovery Fund		240,843		(12,135)		128,916		55,879			1,800,134
MFS New Discovery Value Fund		117,073		(28,702)		57,894		57,621			1,793,128
MFS Research Fund		1,149,641		(612,972)		664,003		250,055			8,946,619
MFS Research International Fund		565,971		430,495		—		110,572			6,287,370
MFS Total Return Bond Fund		(307,090)		(1,381,366)		—		1,814,252			63,164,167
MFS Value Fund		1,091,450		(673,343)		284,118		207,137			8,905,489
		$8,209,180		$306,667		$2,528,130		$9,933,336			$359,957,333

141

Notes to Financial Statements – continued

	MFS Lifetime 2025 Fund
Affiliated Issuers	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount		Ending Shares/Par Amount
MFS Absolute Return Fund		311,000		176,225		(487,225)		—
MFS Blended Research Core Equity Fund		329,963		87,926		(117,992)		299,897
MFS Blended Research Growth Equity Fund		717,637		170,514		(284,269)		603,882
MFS Blended Research International Equity Fund		1,139,413		258,418		(448,794)		949,037
MFS Blended Research Mid Cap Equity Fund		1,268,205		298,022		(473,701)		1,092,526
MFS Blended Research Small Cap Equity Fund		252,821		79,449		(107,325)		224,945
MFS Blended Research Value Equity Fund		699,544		195,595		(255,270)		639,869
MFS Commodity Strategy Fund		917,032		502,018		(437,554)		981,496
MFS Emerging Markets Debt Fund		456,149		206,395		(174,152)		488,392
MFS Emerging Markets Debt Local Currency Fund		649,465		267,912		(263,837)		653,540
MFS Global Bond Fund		1,306,740		526,636		(506,128)		1,327,248
MFS Global Real Estate Fund		248,590		237,545		(96,558)		389,577
MFS Government Securities Fund		2,293,692		1,091,200		(896,503)		2,488,389
MFS Growth Fund		100,712		26,390		(45,250)		81,852
MFS High Income Fund		3,286,380		1,515,774		(1,273,259)		3,528,895
MFS Inflation-Adjusted Bond Fund		1,714,627		963,360		(694,497)		1,983,490
MFS Institutional Money Market Portfolio		722,737		19,254,937		(19,386,315)		591,359
MFS International Growth Fund		105,754		23,875		(42,599)		87,030
MFS International New Discovery Fund		50,516		5,359		(24,238)		31,637
MFS International Value Fund		79,623		20,125		(31,431)		68,317
MFS Limited Maturity Fund		1,170,362		1,437,358		(546,643)		2,061,077
MFS Mid Cap Growth Fund		438,215		120,683		(196,634)		362,264
MFS Mid Cap Value Fund		305,541		80,911		(111,564)		274,888
MFS New Discovery Fund		54,012		16,901		(24,644)		46,269
MFS New Discovery Value Fund		101,888		35,225		(41,842)		95,271
MFS Research Fund		207,926		66,403		(79,761)		194,568
MFS Research International Fund		369,124		80,757		(143,810)		306,071
MFS Total Return Bond Fund		2,152,136		1,342,015		(859,796)		2,634,355
MFS Value Fund		222,307		65,713		(77,105)		210,915

142

Notes to Financial Statements – continued

	MFS Lifetime 2025 Fund – continued
Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Absolute Return Fund		$(3,323)		$(12,310)		$—		$47,786			$—
MFS Blended Research Core Equity Fund		200,331		533,418		177,720		175,469			8,256,174
MFS Blended Research Growth Equity Fund		396,459		923,897		43,137		97,083			8,224,869
MFS Blended Research International Equity Fund		418,058		1,186,195		20,265		372,028			11,768,055
MFS Blended Research Mid Cap Equity Fund		379,857		813,497		75,145		476,762			12,869,952
MFS Blended Research Small Cap Equity Fund		65,721		175,262		3,641		122,048			2,946,777
MFS Blended Research Value Equity Fund		185,115		561,363		69,842		284,710			8,247,910
MFS Commodity Strategy Fund		(573,764)		859,617		—		194,074			5,947,866
MFS Emerging Markets Debt Fund		(33,720)		(196,209)		—		341,268			7,067,031
MFS Emerging Markets Debt Local Currency Fund		(204,740)		311,800		—		244,532			4,685,883
MFS Global Bond Fund		(184,573)		448,924		—		208,801	(a)		11,759,417
MFS Global Real Estate Fund		(18,120)		89,740		56,002		129,661			5,952,739
MFS Government Securities Fund		(405,468)		(447,354)		—		661,022			23,639,701
MFS Growth Fund		536,969		1,029,645		248,221		—			8,289,172
MFS High Income Fund		(170,073)		(219,927)		—		621,258			11,821,798
MFS Inflation-Adjusted Bond Fund		(178,151)		(302,647)		—		494,037			20,211,758
MFS Institutional Money Market Portfolio		63		(15)		—		9,190			591,300
MFS International Growth Fund		142,014		310,480		40,360		55,185			2,959,875
MFS International New Discovery Fund		132,986		84,203		21,036		23,427			1,154,761
MFS International Value Fund		99,273		224,080		37,441		66,050			2,934,229
MFS Limited Maturity Fund		(30,032)		(147,633)		—		217,269			12,119,134
MFS Mid Cap Growth Fund		162,043		550,112		470,678		158,584			6,444,682
MFS Mid Cap Value Fund		125,329		240,969		172,854		119,109			6,484,605
MFS New Discovery Fund		38,435		131,744		110,972		48,101			1,482,456
MFS New Discovery Value Fund		30,979		38,106		47,631		47,829			1,472,888
MFS Research Fund		47,903		304,346		622,956		234,597			8,243,850
MFS Research International Fund		238,654		618,043		—		106,512			5,897,988
MFS Total Return Bond Fund		(187,443)		(542,579)		—		717,666			27,370,947
MFS Value Fund		119,418		168,474		265,931		184,348			8,191,939
		$1,330,200		$7,735,241		$2,483,832		$6,458,406			$237,037,756

143

Notes to Financial Statements – continued

	MFS Lifetime 2030 Fund
Affiliated Issuers	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount		Ending Shares/Par Amount
MFS Absolute Return Fund		553,645		127,583		(681,228)		—
MFS Blended Research Core Equity Fund		826,714		139,971		(144,231)		822,454
MFS Blended Research Emerging Markets Equity Fund		141,513		12,392		(60,912)		92,993
MFS Blended Research Growth Equity Fund		2,247,749		225,685		(511,508)		1,961,926
MFS Blended Research International Equity Fund		3,725,511		444,095		(872,623)		3,296,983
MFS Blended Research Mid Cap Equity Fund		4,041,959		538,437		(763,200)		3,817,196
MFS Blended Research Small Cap Equity Fund		794,432		150,021		(189,650)		754,803
MFS Blended Research Value Equity Fund		2,217,436		307,828		(448,297)		2,076,967
MFS Commodity Strategy Fund		3,350,639		860,877		(923,101)		3,288,415
MFS Emerging Markets Debt Fund		1,056,357		296,495		(187,104)		1,165,748
MFS Emerging Markets Debt Local Currency Fund		1,504,473		387,771		(334,946)		1,557,298
MFS Emerging Markets Equity Fund		58,221		2,431		(23,635)		37,017
MFS Global Bond Fund		1,790,259		736,486		(289,681)		2,237,064
MFS Global Real Estate Fund		929,335		551,443		(173,935)		1,306,843
MFS Government Securities Fund		1,688,035		1,594,513		(248,708)		3,033,840
MFS Growth Fund		314,560		35,812		(83,931)		266,441
MFS High Income Fund		7,607,131		2,166,960		(1,331,292)		8,442,799
MFS Inflation-Adjusted Bond Fund		2,837,811		1,013,306		(511,302)		3,339,815
MFS Institutional Money Market Portfolio		918,319		24,063,909		(24,158,577)		823,651
MFS International Growth Fund		391,925		36,763		(94,341)		334,347
MFS International New Discovery Fund		282,595		21,271		(73,433)		230,433
MFS International Value Fund		296,088		31,650		(66,219)		261,519
MFS Mid Cap Growth Fund		1,379,059		220,917		(335,531)		1,264,445
MFS Mid Cap Value Fund		977,854		164,674		(183,154)		959,374
MFS New Discovery Fund		169,225		30,065		(44,075)		155,215
MFS New Discovery Value Fund		323,801		71,040		(75,430)		319,411
MFS Research Fund		519,140		108,390		(93,491)		534,039
MFS Research International Fund		1,044,569		119,727		(208,529)		955,767
MFS Total Return Bond Fund		2,257,552		1,113,089		(357,413)		3,013,228
MFS Value Fund		699,801		115,634		(131,056)		684,379

144

Notes to Financial Statements – continued

	MFS Lifetime 2030 Fund – continued
Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Absolute Return Fund		$(20,913)		$6,891		$—		$78,329			$—
MFS Blended Research Core Equity Fund		251,505		1,574,253		422,328		416,979			22,642,159
MFS Blended Research Emerging Markets Equity Fund		145,531		144,380		13,253		62,844			1,390,247
MFS Blended Research Growth Equity Fund		1,001,715		3,091,394		125,316		282,032			26,721,435
MFS Blended Research International Equity Fund		1,017,311		4,387,934		61,920		1,136,735			40,882,587
MFS Blended Research Mid Cap Equity Fund		687,691		3,088,933		228,676		1,451,061			44,966,566
MFS Blended Research Small Cap Equity Fund		132,800		629,943		10,810		362,354			9,887,919
MFS Blended Research Value Equity Fund		422,533		1,846,368		202,162		824,114			26,772,103
MFS Commodity Strategy Fund		(2,312,590)		3,336,564		—		682,306			19,927,797
MFS Emerging Markets Debt Fund		(25,713)		(525,337)		—		785,146			16,868,380
MFS Emerging Markets Debt Local Currency Fund		(298,078)		566,002		—		563,195			11,165,826
MFS Emerging Markets Equity Fund		219,776		116,949		—		6,084			1,391,476
MFS Global Bond Fund		(126,641)		477,601		—		312,587	(a)		19,820,386
MFS Global Real Estate Fund		12,186		220,093		195,742		453,196			19,968,559
MFS Government Securities Fund		(122,666)		(785,034)		—		627,071			28,821,478
MFS Growth Fund		2,599,062		2,390,228		720,132		—			26,982,428
MFS High Income Fund		(191,297)		(727,032)		—		1,428,709			28,283,375
MFS Inflation-Adjusted Bond Fund		(171,608)		(607,007)		—		794,879			34,032,717
MFS Institutional Money Market Portfolio		(191)		59		—		9,742			823,569
MFS International Growth Fund		530,302		1,164,820		137,404		187,880			11,371,155
MFS International New Discovery Fund		401,330		917,145		123,618		137,671			8,410,812
MFS International Value Fund		617,084		595,452		127,338		224,640			11,232,215
MFS Mid Cap Growth Fund		699,800		1,777,759		1,414,414		476,552			22,494,474
MFS Mid Cap Value Fund		334,568		825,365		525,239		361,929			22,631,626
MFS New Discovery Fund		148,414		428,129		324,542		140,673			4,973,100
MFS New Discovery Value Fund		83,177		123,580		144,420		143,975			4,938,096
MFS Research Fund		19,698		955,985		1,487,634		560,223			22,627,246
MFS Research International Fund		472,921		2,004,153		—		288,436			18,417,630
MFS Total Return Bond Fund		(102,599)		(729,096)		—		767,424			31,307,439
MFS Value Fund		631,921		222,811		769,404		557,262			26,581,289
		$7,057,029		$27,519,285		$7,034,352		$14,124,028			$566,334,089

145

Notes to Financial Statements – continued

	MFS Lifetime 2035 Fund
Affiliated Issuers	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount		Ending Shares/Par Amount
MFS Absolute Return Fund		138,050		86,361		(224,411)		—
MFS Blended Research Core Equity Fund		312,895		105,264		(90,217)		327,942
MFS Blended Research Emerging Markets Equity Fund		105,206		31,986		(42,400)		94,792
MFS Blended Research Growth Equity Fund		959,128		276,306		(303,958)		931,476
MFS Blended Research International Equity Fund		1,720,509		510,896		(566,074)		1,665,331
MFS Blended Research Mid Cap Equity Fund		1,705,133		587,247		(522,807)		1,769,573
MFS Blended Research Small Cap Equity Fund		354,264		140,338		(129,290)		365,312
MFS Blended Research Value Equity Fund		946,006		326,478		(287,628)		984,856
MFS Commodity Strategy Fund		1,499,215		764,954		(672,598)		1,591,571
MFS Emerging Markets Debt Fund		263,933		191,778		(99,663)		356,048
MFS Emerging Markets Debt Local Currency Fund		376,218		250,662		(148,794)		478,086
MFS Emerging Markets Equity Fund		43,163		10,832		(16,267)		37,728
MFS Global Bond Fund		302,841		198,587		(114,189)		387,239
MFS Global Real Estate Fund		482,416		326,706		(170,899)		638,223
MFS Growth Fund		133,990		38,856		(47,165)		125,681
MFS High Income Fund		1,898,966		1,391,254		(719,660)		2,570,560
MFS Inflation-Adjusted Bond Fund		792,242		501,780		(311,439)		982,583
MFS Institutional Money Market Portfolio		465,304		14,508,780		(14,399,386)		574,698
MFS International Growth Fund		194,265		58,572		(68,791)		184,046
MFS International New Discovery Fund		170,501		44,058		(60,261)		154,298
MFS International Value Fund		146,026		49,580		(50,665)		144,941
MFS Mid Cap Growth Fund		583,960		204,412		(201,862)		586,510
MFS Mid Cap Value Fund		412,647		160,312		(130,058)		442,901
MFS New Discovery Fund		75,453		28,254		(28,830)		74,877
MFS New Discovery Value Fund		143,964		63,049		(52,269)		154,744
MFS Research Fund		196,637		76,035		(59,305)		213,367
MFS Research International Fund		437,482		136,923		(148,068)		426,337
MFS Total Return Bond Fund		529,183		298,285		(197,333)		630,135
MFS Value Fund		298,766		116,189		(88,717)		326,238

146

Notes to Financial Statements – continued

	MFS Lifetime 2035 Fund – continued
Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Absolute Return Fund		$1,642		$(9,429)		$—		$22,277			$—
MFS Blended Research Core Equity Fund		88,080		633,671		180,155		177,874			9,028,242
MFS Blended Research Emerging Markets Equity Fund		46,627		180,959		12,932		61,320			1,417,136
MFS Blended Research Growth Equity Fund		319,812		1,552,010		62,362		140,349			12,686,705
MFS Blended Research International Equity Fund		276,802		2,283,248		32,890		603,793			20,650,106
MFS Blended Research Mid Cap Equity Fund		177,374		1,487,503		111,687		708,608			20,845,572
MFS Blended Research Small Cap Equity Fund		37,158		320,248		5,559		186,332			4,785,585
MFS Blended Research Value Equity Fund		129,237		906,311		100,481		409,612			12,694,795
MFS Commodity Strategy Fund		(750,337)		1,236,743		—		352,937			9,644,920
MFS Emerging Markets Debt Fund		(12,989)		(157,138)		—		223,130			5,152,012
MFS Emerging Markets Debt Local Currency Fund		(81,563)		139,440		—		160,854			3,427,875
MFS Emerging Markets Equity Fund		64,805		214,853		—		5,917			1,418,195
MFS Global Bond Fund		(16,723)		75,910		—		54,953	(a)		3,430,940
MFS Global Real Estate Fund		(88,375)		171,457		116,381		269,454			9,752,047
MFS Growth Fund		350,389		1,898,475		358,808		—			12,727,724
MFS High Income Fund		(71,167)		(202,845)		—		406,276			8,611,378
MFS Inflation-Adjusted Bond Fund		(77,809)		(152,028)		—		236,042			10,012,518
MFS Institutional Money Market Portfolio		(24)		(17)		—		4,901			574,640
MFS International Growth Fund		133,382		741,988		79,221		108,323			6,259,402
MFS International New Discovery Fund		143,094		695,839		86,653		96,504			5,631,882
MFS International Value Fund		76,191		541,089		73,432		129,544			6,225,211
MFS Mid Cap Growth Fund		16,186		1,016,601		692,462		233,309			10,434,017
MFS Mid Cap Value Fund		35,893		470,855		256,580		176,802			10,448,047
MFS New Discovery Fund		15,375		247,220		167,042		72,404			2,399,045
MFS New Discovery Value Fund		16,649		81,876		71,727		72,041			2,392,341
MFS Research Fund		(32,066)		370,215		635,031		239,144			9,040,357
MFS Research International Fund		151,985		925,023		—		136,953			8,215,518
MFS Total Return Bond Fund		(52,526)		(124,280)		—		173,687			6,547,101
MFS Value Fund		55,572		292,317		382,667		264,989			12,671,094
		$952,674		$15,838,114		$3,426,070		$5,728,329			$227,124,405

147

Notes to Financial Statements – continued

	MFS Lifetime 2040 Fund
Affiliated Issuers	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount		Ending Shares/Par Amount
MFS Absolute Return Fund		66,853		60,460		(127,313)		—
MFS Blended Research Core Equity Fund		634,453		119,627		(132,622)		621,458
MFS Blended Research Emerging Markets Equity Fund		292,377		55,556		(96,636)		251,297
MFS Blended Research Growth Equity Fund		2,038,067		279,696		(477,716)		1,840,047
MFS Blended Research International Equity Fund		3,938,514		604,128		(963,298)		3,579,344
MFS Blended Research Mid Cap Equity Fund		3,644,888		654,609		(769,737)		3,529,760
MFS Blended Research Small Cap Equity Fund		801,303		183,030		(210,992)		773,341
MFS Blended Research Value Equity Fund		2,002,659		408,719		(464,300)		1,947,078
MFS Commodity Strategy Fund		3,375,864		1,146,529		(1,159,656)		3,362,737
MFS Emerging Markets Debt Fund		127,715		134,632		(34,393)		227,954
MFS Emerging Markets Debt Local Currency Fund		181,826		175,504		(52,577)		304,753
MFS Emerging Markets Equity Fund		120,230		16,072		(36,463)		99,839
MFS Global Bond Fund		146,695		140,407		(39,332)		247,770
MFS Global Real Estate Fund		1,241,893		405,581		(290,401)		1,357,073
MFS Growth Fund		285,058		41,281		(78,038)		248,301
MFS High Income Fund		920,162		971,918		(247,327)		1,644,753
MFS Inflation-Adjusted Bond Fund		1,118,828		515,107		(306,371)		1,327,564
MFS Institutional Money Market Portfolio		169		5,796,994		(5,679,859)		117,304
MFS International Growth Fund		460,849		65,100		(114,703)		411,246
MFS International New Discovery Fund		475,743		57,804		(124,948)		408,599
MFS International Value Fund		348,111		58,748		(83,591)		323,268
MFS Mid Cap Growth Fund		1,245,241		250,189		(327,416)		1,168,014
MFS Mid Cap Value Fund		881,406		197,732		(195,278)		883,860
MFS New Discovery Fund		170,893		36,891		(49,148)		158,636
MFS New Discovery Value Fund		326,038		90,375		(89,058)		327,355
MFS Research Fund		398,651		88,903		(83,425)		404,129
MFS Research International Fund		941,891		142,931		(222,654)		862,168
MFS Total Return Bond Fund		975,357		368,105		(257,438)		1,086,024
MFS Value Fund		632,758		143,085		(131,557)		644,286

148

Notes to Financial Statements – continued

	MFS Lifetime 2040 Fund – continued
Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Absolute Return Fund		$3,771		$(9,636)		$—		$12,786			$—
MFS Blended Research Core Equity Fund		236,486		1,178,135		327,846		323,694			17,108,750
MFS Blended Research Emerging Markets Equity Fund		162,759		468,902		32,619		154,678			3,756,891
MFS Blended Research Growth Equity Fund		924,367		2,873,807		117,933		265,414			25,061,434
MFS Blended Research International Equity Fund		955,176		4,818,548		68,038		1,249,204			44,383,866
MFS Blended Research Mid Cap Equity Fund		561,863		2,902,563		213,879		1,356,979			41,580,574
MFS Blended Research Small Cap Equity Fund		114,430		664,016		11,269		377,730			10,130,773
MFS Blended Research Value Equity Fund		325,645		1,774,673		190,937		778,358			25,097,836
MFS Commodity Strategy Fund		(2,377,280)		3,434,717		—		716,922			20,378,187
MFS Emerging Markets Debt Fund		(5,679)		(103,807)		—		125,163			3,298,496
MFS Emerging Markets Debt Local Currency Fund		(4,427)		30,693		—		90,915			2,185,083
MFS Emerging Markets Equity Fund		212,887		543,292		—		14,966			3,752,960
MFS Global Bond Fund		(4,954)		30,321		—		31,058	(a)		2,195,242
MFS Global Real Estate Fund		(44,011)		225,199		270,884		627,172			20,736,078
MFS Growth Fund		2,118,010		2,507,729		677,652		—			25,145,430
MFS High Income Fund		(11,245)		(154,965)		—		227,987			5,509,921
MFS Inflation-Adjusted Bond Fund		(81,857)		(231,286)		—		317,953			13,527,874
MFS Institutional Money Market Portfolio		30		2		—		578			117,292
MFS International Growth Fund		446,685		1,581,723		170,190		232,709			13,986,471
MFS International New Discovery Fund		479,578		1,791,066		219,376		244,316			14,913,873
MFS International Value Fund		427,403		1,013,071		157,751		278,291			13,884,367
MFS Mid Cap Growth Fund		356,352		1,894,226		1,325,888		446,727			20,778,973
MFS Mid Cap Value Fund		149,428		907,589		491,554		338,717			20,850,247
MFS New Discovery Fund		133,194		454,477		338,388		146,674			5,082,687
MFS New Discovery Value Fund		58,858		151,671		150,151		149,895			5,060,911
MFS Research Fund		58,461		690,472		1,154,858		434,904			17,122,959
MFS Research International Fund		412,597		1,838,332		—		266,171			16,613,965
MFS Total Return Bond Fund		(71,884)		(233,592)		—		304,273			11,283,790
MFS Value Fund		228,058		533,315		727,073		522,127			25,024,052
		$5,764,701		$31,575,253		$6,646,286		$10,036,361			$428,568,982

149

Notes to Financial Statements – continued

	MFS Lifetime 2045 Fund
Affiliated Issuers	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount		Ending Shares/Par Amount
MFS Blended Research Core Equity Fund		206,868		84,350		(57,624)		233,594
MFS Blended Research Emerging Markets Equity Fund		103,726		41,682		(37,081)		108,327
MFS Blended Research Growth Equity Fund		672,463		231,496		(196,379)		707,580
MFS Blended Research International Equity Fund		1,342,334		503,950		(416,953)		1,429,331
MFS Blended Research Mid Cap Equity Fund		1,206,427		514,413		(358,176)		1,362,664
MFS Blended Research Small Cap Equity Fund		270,777		130,798		(95,068)		306,507
MFS Blended Research Value Equity Fund		660,589		281,167		(192,985)		748,771
MFS Commodity Strategy Fund		1,130,795		713,673		(508,560)		1,335,908
MFS Emerging Markets Equity Fund		42,688		14,626		(14,214)		43,100
MFS Global Real Estate Fund		430,027		266,350		(158,931)		537,446
MFS Growth Fund		94,321		30,958		(29,860)		95,419
MFS Inflation-Adjusted Bond Fund		314,181		207,570		(123,695)		398,056
MFS Institutional Money Market Portfolio		380,908		10,094,529		(10,155,321)		320,116
MFS International Growth Fund		158,661		59,683		(51,363)		166,981
MFS International New Discovery Fund		168,772		60,864		(53,186)		176,450
MFS International Value Fund		119,419		50,216		(38,075)		131,560
MFS Mid Cap Growth Fund		415,442		168,927		(133,436)		450,933
MFS Mid Cap Value Fund		291,588		138,974		(89,316)		341,246
MFS New Discovery Fund		57,792		25,773		(20,785)		62,780
MFS New Discovery Value Fund		109,639		58,970		(38,727)		129,882
MFS Research Fund		130,029		59,503		(37,651)		151,881
MFS Research International Fund		316,189		117,609		(99,241)		334,557
MFS Total Return Bond Fund		307,254		198,823		(116,856)		389,221
MFS Value Fund		209,127		97,962		(59,203)		247,886

Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Capital Gain Distributions		Dividend Income		Ending Value
MFS Blended Research Core Equity Fund		$38,359		$437,593		$121,812		$120,270		$6,430,840
MFS Blended Research Emerging Markets Equity Fund		19,827		211,038		13,679		64,867		1,619,488
MFS Blended Research Growth Equity Fund		184,081		1,143,847		44,800		100,824		9,637,236
MFS Blended Research International Equity Fund		55,047		1,983,792		26,643		489,115		17,723,707
MFS Blended Research Mid Cap Equity Fund		51,173		1,125,476		81,747		518,654		16,052,182
MFS Blended Research Small Cap Equity Fund		11,003		267,306		4,394		147,286		4,015,243
MFS Blended Research Value Equity Fund		54,074		671,548		72,698		296,354		9,651,658
MFS Commodity Strategy Fund		(425,511)		820,642		—		280,894		8,095,605
MFS Emerging Markets Equity Fund		41,861		245,183		—		6,259		1,620,140
MFS Global Real Estate Fund		(109,339)		142,776		110,799		256,530		8,212,175
MFS Growth Fund		198,973		1,421,031		257,843		—		9,663,118
MFS Inflation-Adjusted Bond Fund		(30,207)		(62,472)		—		94,599		4,056,191
MFS Institutional Money Market Portfolio		(90)		3		—		4,460		320,084
MFS International Growth Fund		35,329		694,699		67,551		92,366		5,679,030
MFS International New Discovery Fund		51,586		814,997		91,568		101,979		6,440,422
MFS International Value Fund		10,945		496,926		62,661		110,542		5,650,506
MFS Mid Cap Growth Fund		(14,099)		762,484		506,792		170,751		8,022,098
MFS Mid Cap Value Fund		2,221		353,310		188,247		129,716		8,049,985
MFS New Discovery Fund		4,624		203,974		131,875		57,161		2,011,486
MFS New Discovery Value Fund		5,398		68,894		56,260		56,652		2,007,972
MFS Research Fund		(27,125)		245,233		431,495		162,494		6,435,196
MFS Research International Fund		46,459		744,632		—		101,722		6,446,908
MFS Total Return Bond Fund		(32,767)		(77,076)		—		104,316		4,044,005
MFS Value Fund		8,999		206,418		277,427		192,795		9,627,893
		$180,821		$12,922,254		$2,548,291		$3,660,606		$161,513,168

150

Notes to Financial Statements – continued

	MFS Lifetime 2050 Fund
Affiliated Issuers	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount		Ending Shares/Par Amount
MFS Blended Research Core Equity Fund		252,783		91,142		(44,280)		299,645
MFS Blended Research Emerging Markets Equity Fund		126,309		47,114		(34,232)		139,191
MFS Blended Research Growth Equity Fund		821,379		243,332		(157,395)		907,316
MFS Blended Research International Equity Fund		1,623,156		535,261		(324,224)		1,834,193
MFS Blended Research Mid Cap Equity Fund		1,476,122		547,715		(276,393)		1,747,444
MFS Blended Research Small Cap Equity Fund		329,383		144,778		(81,086)		393,075
MFS Blended Research Value Equity Fund		809,100		313,093		(161,997)		960,196
MFS Commodity Strategy Fund		1,392,157		798,298		(479,505)		1,710,950
MFS Emerging Markets Equity Fund		51,834		15,823		(12,267)		55,390
MFS Global Real Estate Fund		529,491		280,717		(119,968)		690,240
MFS Growth Fund		114,815		32,967		(25,365)		122,417
MFS Inflation-Adjusted Bond Fund		386,035		234,683		(110,265)		510,453
MFS Institutional Money Market Portfolio		368,014		7,704,211		(7,741,755)		330,470
MFS International Growth Fund		191,563		61,432		(38,741)		214,254
MFS International New Discovery Fund		205,062		63,594		(42,215)		226,441
MFS International Value Fund		145,029		52,013		(28,381)		168,661
MFS Mid Cap Growth Fund		503,323		185,680		(110,373)		578,630
MFS Mid Cap Value Fund		357,106		151,755		(71,380)		437,481
MFS New Discovery Fund		70,139		28,463		(18,069)		80,533
MFS New Discovery Value Fund		134,227		66,694		(34,436)		166,485
MFS Research Fund		158,755		64,267		(28,209)		194,813
MFS Research International Fund		381,639		122,213		(74,495)		429,357
MFS Total Return Bond Fund		377,598		225,576		(103,870)		499,304
MFS Value Fund		255,410		107,034		(44,514)		317,930

Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Capital Gain Distributions		Dividend Income		Ending Value
MFS Blended Research Core Equity Fund		$2,106		$563,131		$143,836		$142,015		$8,249,240
MFS Blended Research Emerging Markets Equity Fund		5,851		277,174		16,099		76,338		2,080,911
MFS Blended Research Growth Equity Fund		67,900		1,528,048		52,779		118,782		12,357,640
MFS Blended Research International Equity Fund		(16,282)		2,504,560		31,401		576,520		22,743,994
MFS Blended Research Mid Cap Equity Fund		(19,763)		1,418,366		96,265		610,764		20,584,896
MFS Blended Research Small Cap Equity Fund		(1,945)		341,389		5,191		174,009		5,149,280
MFS Blended Research Value Equity Fund		6,804		853,403		85,547		348,735		12,376,926
MFS Commodity Strategy Fund		(531,385)		1,023,897		—		329,862		10,368,361
MFS Emerging Markets Equity Fund		15,429		332,775		—		7,378		2,082,125
MFS Global Real Estate Fund		(66,583)		101,217		130,366		301,832		10,546,864
MFS Growth Fund		72,600		1,917,265		303,021		—		12,397,116
MFS Inflation-Adjusted Bond Fund		(27,019)		(87,467)		—		115,143		5,201,512
MFS Institutional Money Market Portfolio		(157)		23		—		4,177		330,437
MFS International Growth Fund		711		880,827		79,568		108,798		7,286,765
MFS International New Discovery Fund		5,080		1,048,440		107,920		120,188		8,265,101
MFS International Value Fund		(9,323)		617,283		73,786		130,168		7,243,993
MFS Mid Cap Growth Fund		(23,716)		968,189		595,224		200,546		10,293,828
MFS Mid Cap Value Fund		(14,042)		439,599		221,432		152,583		10,320,186
MFS New Discovery Fund		1,343		261,766		154,819		67,106		2,580,293
MFS New Discovery Value Fund		(2,321)		86,469		66,882		67,184		2,573,860
MFS Research Fund		(29,633)		305,555		507,204		191,006		8,254,206
MFS Research International Fund		4,580		948,266		—		119,957		8,273,700
MFS Total Return Bond Fund		(29,497)		(111,000)		—		127,586		5,187,774
MFS Value Fund		(12,993)		241,671		326,316		231,738		12,348,385
		$(602,255)		$16,460,846		$2,997,656		$4,322,415		$207,097,393

151

Notes to Financial Statements – continued

	MFS Lifetime 2055 Fund
Affiliated Issuers	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount		Ending Shares/Par Amount
MFS Blended Research Core Equity Fund		72,073		57,532		(14,605)		115,000
MFS Blended Research Emerging Markets Equity Fund		36,166		26,125		(9,147)		53,144
MFS Blended Research Growth Equity Fund		234,028		164,470		(49,859)		348,639
MFS Blended Research International Equity Fund		467,422		329,347		(93,762)		703,007
MFS Blended Research Mid Cap Equity Fund		420,629		333,308		(82,573)		671,364
MFS Blended Research Small Cap Equity Fund		94,096		78,533		(21,680)		150,949
MFS Blended Research Value Equity Fund		230,442		185,735		(47,628)		368,549
MFS Commodity Strategy Fund		395,298		398,704		(138,313)		655,689
MFS Emerging Markets Equity Fund		14,847		9,841		(3,526)		21,162
MFS Global Real Estate Fund		149,916		154,498		(39,849)		264,565
MFS Growth Fund		32,797		21,840		(7,671)		46,966
MFS Inflation-Adjusted Bond Fund		109,651		120,463		(34,758)		195,356
MFS Institutional Money Market Portfolio		211,049		5,571,924		(5,560,173)		222,800
MFS International Growth Fund		55,244		38,902		(12,295)		81,851
MFS International New Discovery Fund		58,601		41,321		(13,109)		86,813
MFS International Value Fund		41,565		32,456		(9,428)		64,593
MFS Mid Cap Growth Fund		143,873		110,267		(31,799)		222,341
MFS Mid Cap Value Fund		101,707		86,638		(20,469)		167,876
MFS New Discovery Fund		20,028		15,828		(4,961)		30,895
MFS New Discovery Value Fund		8,253		64,555		(8,839)		63,969
MFS Research Fund		5,282		78,803		(9,322)		74,763
MFS Research International Fund		110,108		78,939		(24,557)		164,490
MFS Total Return Bond Fund		107,237		116,579		(32,673)		191,143
MFS Value Fund		72,879		63,752		(14,467)		122,164

Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Capital Gain Distributions		Dividend Income		Ending Value
MFS Blended Research Core Equity Fund		$(5,527)		$174,356		$49,553		$48,925		$3,165,950
MFS Blended Research Emerging Markets Equity Fund		(2,114)		88,508		5,585		26,485		794,499
MFS Blended Research Growth Equity Fund		(2,416)		503,553		18,300		41,186		4,748,461
MFS Blended Research International Equity Fund		(20,359)		793,029		10,859		199,344		8,717,285
MFS Blended Research Mid Cap Equity Fund		(21,728)		435,678		33,423		212,059		7,908,665
MFS Blended Research Small Cap Equity Fund		(5,799)		114,057		1,805		60,503		1,977,431
MFS Blended Research Value Equity Fund		(6,805)		268,218		29,685		121,009		4,750,603
MFS Commodity Strategy Fund		(31,943)		206,559		—		114,504		3,973,475
MFS Emerging Markets Equity Fund		1,131		109,135		—		2,544		795,501
MFS Global Real Estate Fund		(35,966)		34,190		45,270		104,812		4,042,561
MFS Growth Fund		(578)		645,069		105,106		—		4,756,237
MFS Inflation-Adjusted Bond Fund		(9,249)		(29,118)		—		39,381		1,990,673
MFS Institutional Money Market Portfolio		(46)		(7)		—		2,953		222,778
MFS International Growth Fund		(5,197)		279,708		27,542		37,661		2,783,749
MFS International New Discovery Fund		(4,045)		342,035		37,370		41,618		3,168,671
MFS International Value Fund		(8,665)		190,634		25,548		45,069		2,774,264
MFS Mid Cap Growth Fund		(27,088)		316,011		206,491		69,573		3,955,443
MFS Mid Cap Value Fund		(10,400)		135,258		76,920		53,003		3,960,188
MFS New Discovery Fund		(5,058)		91,126		53,762		23,303		989,871
MFS New Discovery Value Fund		(3,039)		28,194		22,268		22,563		988,965
MFS Research Fund		(20,389)		87,638		176,117		66,323		3,167,692
MFS Research International Fund		(4,109)		302,630		—		41,459		3,169,728
MFS Total Return Bond Fund		(8,096)		(44,846)		—		43,232		1,985,975
MFS Value Fund		(12,069)		39,969		113,900		79,283		4,744,871
		$(249,554)		$5,111,584		$1,039,504		$1,496,792		$79,533,536

152

Notes to Financial Statements – continued

	MFS Lifetime 2060 Fund
Affiliated Issuers	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount		Ending Shares/Par Amount
MFS Blended Research Core Equity Fund		1,619		4,660		(1,065)		5,214
MFS Blended Research Emerging Markets Equity Fund		814		2,154		(567)		2,401
MFS Blended Research Growth Equity Fund		5,261		13,797		(3,249)		15,809
MFS Blended Research International Equity Fund		10,520		28,441		(7,121)		31,840
MFS Blended Research Mid Cap Equity Fund		9,443		27,350		(6,330)		30,463
MFS Blended Research Small Cap Equity Fund		2,112		6,194		(1,458)		6,848
MFS Blended Research Value Equity Fund		5,168		15,208		(3,671)		16,705
MFS Commodity Strategy Fund		8,838		28,151		(7,373)		29,616
MFS Emerging Markets Equity Fund		335		845		(225)		955
MFS Global Real Estate Fund		3,347		10,971		(2,505)		11,813
MFS Growth Fund		739		1,845		(458)		2,126
MFS Inflation-Adjusted Bond Fund		2,458		8,332		(1,983)		8,807
MFS Institutional Money Market Portfolio		8,159		350,493		(348,626)		10,026
MFS International Growth Fund		1,242		3,295		(843)		3,694
MFS International New Discovery Fund		1,320		3,518		(905)		3,933
MFS International Value Fund		935		2,630		(640)		2,925
MFS Mid Cap Growth Fund		3,238		9,016		(2,167)		10,087
MFS Mid Cap Value Fund		2,282		6,947		(1,622)		7,607
MFS New Discovery Fund		450		1,250		(300)		1,400
MFS New Discovery Value Fund		858		2,681		(638)		2,901
MFS Research Fund		1,018		3,029		(659)		3,388
MFS Research International Fund		2,479		6,688		(1,717)		7,450
MFS Total Return Bond Fund		2,404		8,127		(1,894)		8,637
MFS Value Fund		1,637		5,076		(1,169)		5,544

Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Capital Gain Distributions		Dividend Income		Ending Value
MFS Blended Research Core Equity Fund		$(624)		$3,322		$1,455		$1,436		$143,545
MFS Blended Research Emerging Markets Equity Fund		(109)		1,959		160		761		35,896
MFS Blended Research Growth Equity Fund		(577)		11,741		525		1,182		215,319
MFS Blended Research International Equity Fund		(1,303)		19,450		318		5,831		394,814
MFS Blended Research Mid Cap Equity Fund		(1,239)		8,630		959		6,081		358,856
MFS Blended Research Small Cap Equity Fund		(289)		2,937		52		1,732		89,714
MFS Blended Research Value Equity Fund		(799)		5,478		852		3,474		215,321
MFS Commodity Strategy Fund		(1,879)		7,586		—		3,363		179,474
MFS Emerging Markets Equity Fund		(83)		2,712		—		75		35,897
MFS Global Real Estate Fund		(1,429)		863		1,299		3,009		180,503
MFS Growth Fund		(401)		17,987		3,017		—		215,334
MFS Inflation-Adjusted Bond Fund		(237)		(972)		—		1,220		89,743
MFS Institutional Money Market Portfolio		—		—		—		129		10,025
MFS International Growth Fund		(284)		7,052		806		1,103		125,632
MFS International New Discovery Fund		(226)		9,053		1,097		1,221		143,562
MFS International Value Fund		(363)		4,162		749		1,320		125,617
MFS Mid Cap Growth Fund		(518)		7,781		6,059		2,042		179,439
MFS Mid Cap Value Fund		(610)		2,806		2,207		1,521		179,440
MFS New Discovery Fund		(163)		2,736		1,576		683		44,861
MFS New Discovery Value Fund		(211)		615		594		616		44,857
MFS Research Fund		(458)		735		5,061		1,906		143,550
MFS Research International Fund		(393)		7,635		—		1,218		143,565
MFS Total Return Bond Fund		(221)		(1,939)		—		1,359		89,739
MFS Value Fund		293		(4,375)		3,248		2,423		215,316
		$(12,123)		$117,954		$30,034		$43,705		$3,600,019

(a) Dividend income earned from the MFS Global Bond Fund reflects the impact of a return of capital dividend adjustment which has the effect of reducing dividend income.

153

Notes to Financial Statements – continued

(8) Acquisitions

At close of business on August 5, 2016, the MFS Lifetime Income Fund with net assets of approximately $623,063,426, acquired all of the assets and liabilities of MFS Lifetime 2015 Fund. The purpose of the transaction was to provide shareholders of MFS Lifetime 2015 Fund the opportunity to participate in a larger combined portfolio with a similar investment objective and similar investment policies and strategies. The acquisition was accomplished by a tax-free exchange of approximately 1,185,728 shares of the Lifetime Income Fund (valued at approximately $14,655,674) for all of the assets and liabilities of MFS Lifetime 2015 Fund. MFS Lifetime 2015 Fund then distributed the shares of the fund that MFS Lifetime 2015 Fund received from the MFS Lifetime Income Fund to its shareholders. MFS Lifetime 2015 Fund’s investments on that date were valued at approximately $14,674,086 with a cost basis of approximately $13,402,737. For financial reporting purposes, assets received and shares issued by the MFS Lifetime Income Fund were recorded at fair value; however, the cost basis of the investments received from MFS Lifetime 2015 Fund were carried forward to align ongoing reporting of the fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

154

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, 2018, 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, 2018, 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, 2018	For each of the two years in the period ended April 30, 2018	For each of the five years in the period ended April 30, 2018
MFS Lifetime 2060 Fund	For the year ended April 30, 2018	For the year ended April 30, 2018 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, 2018, 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 18, 2018

155

TRUSTEES AND OFFICERS — IDENTIFICATION AND BACKGROUND

The Trustees and Officers of the Trust, as of June 1, 2018, 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 54)	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 56)	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 63)	Trustee and Chair of Trustees	January 2009	135	Private investor	N/A
Steven E. Buller (age 66)	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 63)	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 63)	Trustee	January 2009	135	Private investor	N/A
Michael Hegarty (age 73)	Trustee	December 2004	135	Private investor	Rouse Properties Inc., Director (until 2016); Capmark Financial Group Inc., Director (until 2015)
Clarence Otis, Jr. (age 62)	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)
Maryanne L. Roepke (age 62)	Trustee	May 2014	135	American Century Investments (investment management), Senior Vice President and Chief Compliance Officer (until 2014)	N/A
Laurie J. Thomsen (age 60)	Trustee	March 2005	135	Private investor	The Travelers Companies, Director; Dycom Industries, Inc., Director (since 2015)

156

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
OFFICERS
Christopher R. Bohane (k) (age 44)	Assistant Secretary and Assistant Clerk	July 2005	135	Massachusetts Financial Services Company, Vice President and Assistant General Counsel
Kino Clark(k) (age 49)	Assistant Treasurer	January 2012	135	Massachusetts Financial Services Company, Vice President
John W. Clark, Jr. (k) (age 51)	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 58)	Assistant Secretary and Assistant Clerk	September 2012	135	Massachusetts Financial Services Company, Vice President and Senior Counsel
Ethan D. Corey (k) (age 54)	Assistant Secretary and Assistant Clerk	July 2005	135	Massachusetts Financial Services Company, Senior Vice President and Associate General Counsel
David L. DiLorenzo (k) (age 49)	President	July 2005	135	Massachusetts Financial Services Company, Senior Vice President
Heidi W. Hardin (k) (age 50)	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 45)	Assistant Secretary and Assistant Clerk	June 2006	135	Massachusetts Financial Services Company, Vice President and Senior Counsel
Susan A. Pereira (k) (age 47)	Assistant Secretary and Assistant Clerk	July 2005	135	Massachusetts Financial Services Company, Vice President and Senior Counsel
Kasey L. Phillips (k) (age 47)	Assistant Treasurer	September 2012	135	Massachusetts Financial Services Company, Vice President
Matthew A. Stowe (k) (age 43)	Assistant Secretary and Assistant Clerk	October 2014	135	Massachusetts Financial Services Company, Vice President and Assistant General Counsel
Frank L. Tarantino (age 74)	Independent Senior Officer	June 2004	135	Tarantino LLC (provider of compliance services), Principal
Richard S. Weitzel (k) (age 47)	Assistant Secretary and Assistant Clerk	October 2007	135	Massachusetts Financial Services Company, Senior Vice President and Associate General Counsel
Martin J. Wolin (k) (age 50)	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 57)	Treasurer	September 1990	135	Massachusetts Financial Services Company, Senior Vice President

157

Trustees and Officers – continued

(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. Prior to January 2012, Messrs. DiLorenzo and Yost served as Assistant Treasurers of the Funds. 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 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. 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 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

158

PROXY VOTING POLICIES AND INFORMATION

MFS votes proxies on behalf of the funds pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.

Information regarding how each fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.

QUARTERLY PORTFOLIO DISCLOSURE

Each fund will file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the Commission) for the first and third quarters of each fiscal year on Form N-Q. A shareholder can obtain the quarterly portfolio holdings report at mfs.com. Each fund’s Form N-Q is also available on the EDGAR database on the Commission’s Internet Web site at http://www.sec.gov, and may be reviewed and copied at the:

Public Reference Room

Securities and Exchange Commission

100 F Street, NE, Room 1580

Washington, D.C. 20549

Information on the operation of the Public Reference Room may be obtained by calling the Commission at 1-800-SEC-0330. Copies of each fund’s Form N-Q also may be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov or by writing the Public Reference Section at the above address.

FURTHER INFORMATION

From time to time, MFS may post important information about each fund or the MFS funds on the MFS web site (mfs.com). This information is available at https://www.mfs.com/en-us/what-we-do/announcements.html or at mfs.com/openendfunds by 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’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

159

FEDERAL TAX INFORMATION (unaudited)

The funds will notify shareholders of amounts for use in preparing 2018 income tax forms in January 2019. 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		$8,779,000
MFS Lifetime 2020 Fund		7,734,000
MFS Lifetime 2025 Fund		2,754,000
MFS Lifetime 2030 Fund		8,281,000
MFS Lifetime 2035 Fund		3,076,000
MFS Lifetime 2040 Fund		6,264,000
MFS Lifetime 2045 Fund		2,120,000
MFS Lifetime 2050 Fund		2,111,000
MFS Lifetime 2055 Fund		595,000
MFS Lifetime 2060 Fund		13,000

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		10.93%
MFS Lifetime 2020 Fund		11.44%
MFS Lifetime 2025 Fund		14.28%
MFS Lifetime 2030 Fund		21.01%
MFS Lifetime 2035 Fund		19.04%
MFS Lifetime 2040 Fund		25.63%
MFS Lifetime 2045 Fund		22.56%
MFS Lifetime 2050 Fund		26.72%
MFS Lifetime 2055 Fund		26.53%
MFS Lifetime 2060 Fund		27.71%

160

rev. 3/16

FACTS   WHAT DOES MFS DO WITH YOUR
PERSONAL INFORMATION?  

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   •  Social Security number and account balances •  Account transactions and transaction history •  Checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons MFS chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MFS share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 800-225-2606 or go to mfs.com.

161

Page 2

Who we are
Who is providing this notice?	MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company.

What we do
How does MFS protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you.
How does MFS collect my personal information?	We collect your personal information, for example, when you •  open an account or provide account information •  direct us to buy securities or direct us to sell your securities •  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only •  sharing for affiliates’ everyday business purposes – information about your creditworthiness •  affiliates from using your information to market to you •  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. •  MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. •  MFS does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. •  MFS doesn’t jointly market.

Other important information

If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours.

162

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  MFS® will send you prospectuses,

reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.

To sign up:

1. Go to mfs.com.

2. Log in via MFS® Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS® TALK, MFS® Access, or eDelivery may not be available to you.

CONTACT 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 55824

Boston, MA 02205-5824

OVERNIGHT MAIL

MFS Service Center, Inc.

c/o DST Asset Manager Solutions, Inc.

30 Dan Road

Canton, MA 02021-2809

ITEM 2. CODE OF ETHICS.

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

For the fiscal years ended April 30, 2018 and 2017, audit fees billed to each Fund by E&Y were as follows:

	Audit Fees
	2018		2017
Fees billed by E&Y:
MFS Lifetime Income Fund		31,326		30,669
MFS Lifetime 2015 Fund+		N/A		0
MFS Lifetime 2020 Fund		29,747		29,124
MFS Lifetime 2025 Fund		29,087		28,478
MFS Lifetime 2030 Fund		29,747		29,124
MFS Lifetime 2035 Fund		29,087		28,478
MFS Lifetime 2040 Fund		29,747		29,124
MFS Lifetime 2045 Fund		29,087		28,478
MFS Lifetime 2050 Fund		29,192		28,581
MFS Lifetime 2055 Fund		29,087		28,478
MFS Lifetime 2060 Fund		21,702		14,503
Total		287,809		275,037

For the fiscal years ended April 30, 2018 and 2017, 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
	2018		2017		2018		2017		2018		2017
Fees billed by E&Y:
To MFS Lifetime Income Fund		0		0		5,285		5,171		1,172		1,224
To MFS Lifetime 2015 Fund+		N/A		0		N/A		3,900		N/A		1,021
To MFS Lifetime 2020 Fund		0		0		5,285		5,171		1,111		1,148
To MFS Lifetime 2025 Fund		0		0		5,178		5,067		1,062		1,062
To MFS Lifetime 2030 Fund		0		0		5,285		5,171		1,146		1,175
To MFS Lifetime 2035 Fund		0		0		5,178		5,067		1,054		1,051
To MFS Lifetime 2040 Fund		0		0		5,285		5,171		1,113		1,135
To MFS Lifetime 2045 Fund		0		0		5,178		5,067		1,036		1,033
To MFS Lifetime 2050 Fund		0		0		5,262		5,148		1,045		1,046
To MFS Lifetime 2055 Fund		0		0		5,178		5,067		1,013		1,008
To MFS Lifetime 2060 Fund		0		0		6,713		5,100		1,000		0
Total fees billed by E&Y To above Funds:		0		0		53,827		55,100		10,752		10,903
	Audit-Related Fees1				Tax Fees2				All Other Fees3
	2018		2017		2018		2017		2018		2017
Fees billed by E&Y:
To MFS and MFS Related Entities of MFS Lifetime Income Fund*		1,653,893		1,198,010		0		0		102,450		99,450
To MFS and MFS Related Entities of MFS Lifetime 2015 Fund*+		N/A		1,198,010		N/A		0		N/A		99,450
To MFS and MFS Related Entities of MFS Lifetime 2020 Fund*		1,653,893		1,198,010		0		0		102,450		99,450
To MFS and MFS Related Entities of MFS Lifetime 2025 Fund*		1,653,893		1,198,010		0		0		102,450		99,450
To MFS and MFS Related Entities of MFS Lifetime 2030 Fund*		1,653,893		1,198,010		0		0		102,450		99,450
To MFS and MFS Related Entities of MFS Lifetime 2035 Fund*		1,653,893		1,198,010		0		0		102,450		99,450
To MFS and MFS Related Entities of MFS Lifetime 2040 Fund*		1,653,893		1,198,010		0		0		102,450		99,450

To MFS and MFS Related Entities of MFS Lifetime 2045 Fund*	1,653,893	1,198,010	0	0	102,450	99,450
To MFS and MFS Related Entities of MFS Lifetime 2050 Fund*	1,653,893	1,198,010	0	0	102,450	99,450
To MFS and MFS Related Entities of MFS Lifetime 2055 Fund*	1,653,893	1,198,010	0	0	102,450	99,450
To MFS and MFS Related Entities of MFS Lifetime 2060 Fund*	1,653,893	1,198,010	0	0	102,450	99,450

	Aggregate Fees for Non-audit Services
	2018		2017
Fees billed by E&Y:
To MFS Lifetime Income Fund, MFS and MFS Related Entities#		1,929,800		1,425,855
To MFS Lifetime 2015 Fund, MFS and MFS Related Entities#+		N/A		1,424,381
To MFS Lifetime 2020 Fund, MFS and MFS Related Entities#		1,929,739		1,425,779
To MFS Lifetime 2025 Fund, MFS and MFS Related Entities#		1,929,583		1,425,589
To MFS Lifetime 2030 Fund, MFS and MFS Related Entities#		1,929,774		1,425,806
To MFS Lifetime 2035 Fund, MFS and MFS Related Entities#		1,929,575		1,425,578
To MFS Lifetime 2040 Fund, MFS and MFS Related Entities#		1,929,741		1,425,766
To MFS Lifetime 2045 Fund, MFS and MFS Related Entities#		1,929,557		1,425,560
To MFS Lifetime 2050 Fund, MFS and MFS Related Entities#		1,929,650		1,425,654
To MFS Lifetime 2055 Fund, MFS and MFS Related Entities#		1,929,534		1,425,535
To MFS Lifetime 2060 Fund, MFS and MFS Related Entities#		1,931,056		1,424,560

+ MFS Lifetime 2015 Fund was reorganized into the MFS Lifetime Income Fund, as of August 2016, both series of MFS Series Trust XII.

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

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

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

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

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

Item 4(e)(1):

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

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

Item 4(e)(2):

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

Item 4(f):

Not applicable.

Item 4(h):

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the Registrant.

ITEM 6. INVESTMENTS

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

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the 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 FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

ITEM 13. EXHIBITS.

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

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Code of Ethics attached hereto.

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

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

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 18, 2018

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 18, 2018

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

Date: June 18, 2018

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