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: October 31, 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 has a fiscal year end of October 31.

ITEM 1. REPORTS TO STOCKHOLDERS.

Semiannual Report

October 31, 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-SEM

MFS® Lifetime® Funds

CONTENTS

Letter from the Executive Chairman	1
Portfolio composition	2
Expense tables	12
Portfolio of investments	23
Statements of assets and liabilities	34
Statements of operations	40
Statements of changes in net assets	42
Financial highlights	44
Notes to financial statements	96
Board review of investment advisory agreement	130
Proxy voting policies and information	134
Quarterly portfolio disclosure	134
Further information	134
Information about fund contracts and legal claims	134
Provision of financial reports and summary prospectuses	134
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, international trade friction, and geopolitical uncertainty have contributed to an uptick in market volatility in recent quarters — a departure from the low-volatility environment that prevailed for much of 2017. Against this more challenging backdrop, equity markets in the United States have outperformed most international markets on a relative basis, though returns have been modest year to date on an absolute basis. Global economic growth has become less synchronized over the past few months, with Europe, China, and some emerging markets having shown signs of slowing growth while U.S. growth has remained above average.

Although the U.S. Federal Reserve continues to gradually raise interest rates and shrink its balance sheet, monetary policy remains fairly accommodative around the world, with many central banks taking only tentative steps toward tighter policies. U.S. tax reforms adopted in late 2017 have been welcomed by equity markets while emerging market economies have recently had to contend with tighter financial conditions as a result of firmer U.S. Treasury yields and a stronger dollar. The split result of the U.S. midterm congressional elections suggests meaningful further U.S. fiscal stimulus is less likely than if the Republicans had maintained control of both houses of Congress. Globally, inflation remains largely subdued, but tight labor markets and moderate global demand have investors on the lookout for its potential reappearance. Increased U.S. protectionism is also a growing concern, as investors fear trade disputes could dampen business sentiment, leading to even slower global growth. While there has been progress on this front — NAFTA has been replaced with a new agreement between the U.S., Mexico, and Canada; the free trade pact with Korea has been updated; and a negotiating framework with the European Union has been agreed upon — tensions over trade with China remain quite high.

As a global investment manager with nearly a century of expertise, MFS® firmly believes active risk management offers downside mitigation and may help improve investment outcomes. We built our active investment platform with this belief in mind. Our long-term perspective influences nearly every aspect of our business, ensuring our investment decisions align with the investing time horizons of our clients.

Respectfully,

Robert J. Manning

Executive Chairman

MFS Investment Management

December 14, 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	20.1%
MFS Total Return Bond Fund	20.1%
MFS Government Securities Fund	10.0%
MFS Inflation-Adjusted Bond Fund	10.0%
MFS Global Bond Fund	5.0%
MFS High Income Fund	3.0%
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 Emerging Markets Debt Fund	2.0%
MFS Value Fund	2.0%
MFS Research Fund	2.0%
MFS Blended Research Value Equity Fund	2.0%
MFS Blended Research Core Equity Fund	2.0%
MFS Commodity Strategy Fund	2.0%
MFS Growth Fund	1.9%
MFS Blended Research Growth Equity Fund	1.9%
MFS Mid Cap Growth Fund	1.5%
MFS Mid Cap Value Fund	1.5%
MFS Research International Fund	1.4%
MFS Emerging Markets Debt Local Currency Fund	1.0%
MFS Blended Research Small Cap Equity Fund	1.0%
MFS International Value Fund	0.5%
MFS International Growth Fund	0.5%
MFS New Discovery 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 funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.

Percentages are based on net assets as of October 31, 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	18.2%
MFS Limited Maturity Fund	16.3%
MFS Government Securities Fund	10.1%
MFS Inflation-Adjusted Bond Fund	10.1%
MFS Global Bond Fund	5.1%
MFS High Income Fund	3.8%
MFS Blended Research Mid Cap Equity Fund	3.3%
MFS Blended Research International Equity Fund	3.0%
MFS Emerging Markets Debt Fund	2.4%
MFS Value Fund	2.4%
MFS Blended Research Value Equity Fund	2.3%
MFS Research Fund	2.3%
MFS Blended Research Core Equity Fund	2.3%
MFS Growth Fund	2.3%
MFS Blended Research Growth Equity Fund	2.3%
MFS Global Real Estate Fund	2.0%
MFS Commodity Strategy Fund	2.0%
MFS Mid Cap Growth Fund	1.7%
MFS Mid Cap Value Fund	1.7%
MFS Research International Fund	1.6%
MFS Emerging Markets Debt Local Currency Fund	1.4%
MFS Blended Research Small Cap Equity Fund	1.0%
MFS International Value Fund	0.7%
MFS International Growth Fund	0.7%
MFS New Discovery Value Fund	0.5%
MFS New Discovery Fund	0.5%
Cash & Cash Equivalents (o)	(0.0)%

Portfolio actual allocation

(o) Less than 0.1%.

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.

From time to time Cash & Cash Equivalents may be negative due to timing of cash receipts.

Percentages are based on net assets as of October 31, 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	12.3%
MFS Government Securities Fund	10.0%
MFS Inflation-Adjusted Bond Fund	8.8%
MFS Limited Maturity Fund	6.2%
MFS Blended Research Mid Cap Equity Fund	5.1%
MFS High Income Fund	5.0%
MFS Global Bond Fund	5.0%
MFS Blended Research International Equity Fund	4.7%
MFS Value Fund	3.4%
MFS Blended Research Value Equity Fund	3.4%
MFS Research Fund	3.4%
MFS Blended Research Core Equity Fund	3.4%
MFS Growth Fund	3.4%
MFS Blended Research Growth Equity Fund	3.3%
MFS Emerging Markets Debt Fund	3.0%
MFS Mid Cap Growth Fund	2.6%
MFS Mid Cap Value Fund	2.5%
MFS Global Real Estate Fund	2.4%
MFS Research International Fund	2.4%
MFS Commodity Strategy Fund	2.3%
MFS Emerging Markets Debt Local Currency Fund	2.0%
MFS International Value Fund	1.2%
MFS International Growth Fund	1.2%
MFS Blended Research Small Cap Equity Fund	1.2%
MFS New Discovery Fund	0.6%
MFS New Discovery Value Fund	0.6%
MFS International New Discovery Fund	0.4%
Cash & Cash Equivalents	0.2%

Portfolio actual allocation

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.

Percentages are based on net assets as of October 31, 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 Value Equity Fund	7.7%
MFS Blended Research International Equity Fund	6.9%
MFS Inflation-Adjusted Bond Fund	6.3%
MFS Blended Research Small Cap Equity Fund	6.3%
MFS Government Securities Fund	6.2%
MFS Total Return Bond Fund	6.1%
MFS High Income Fund	5.0%
MFS Value Fund	4.6%
MFS Growth Fund	4.6%
MFS Blended Research Growth Equity Fund	4.4%
MFS Research Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS Mid Cap Growth Fund	3.9%
MFS Global Bond Fund	3.9%
MFS Mid Cap Value Fund	3.9%
MFS Global Real Estate Fund	3.4%
MFS Commodity Strategy Fund	3.3%
MFS Research International Fund	3.2%
MFS Emerging Markets Debt Fund	3.0%
MFS Emerging Markets Debt Local Currency Fund	2.0%
MFS International Value Fund	1.9%
MFS International Growth Fund	1.9%
MFS International New Discovery Fund	1.4%
MFS New Discovery Value Fund	0.8%
MFS New Discovery Fund	0.8%
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 funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.

Percentages are based on net assets as of October 31, 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	8.9%
MFS Value Fund	5.6%
MFS Blended Research Value Equity Fund	5.6%
MFS Growth Fund	5.6%
MFS Blended Research Growth Equity Fund	5.6%
MFS Mid Cap Value Fund	4.6%
MFS Mid Cap Growth Fund	4.6%
MFS Inflation-Adjusted Bond Fund	4.5%
MFS Global Real Estate Fund	4.2%
MFS Commodity Strategy Fund	4.1%
MFS High Income Fund	4.1%
MFS Blended Research Core Equity Fund	4.0%
MFS Research Fund	4.0%
MFS Research International Fund	3.6%
MFS Total Return Bond Fund	2.9%
MFS International Value Fund	2.7%
MFS International Growth Fund	2.7%
MFS Emerging Markets Debt Fund	2.5%
MFS International New Discovery Fund	2.4%
MFS Blended Research Small Cap Equity Fund	2.1%
MFS Emerging Markets Debt Local Currency Fund	1.6%
MFS Global Bond Fund	1.6%
MFS New Discovery Value Fund	1.0%
MFS New Discovery 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 funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.

Percentages are based on net assets as of October 31, 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 Value Fund	5.9%
MFS Blended Research Value Equity Fund	5.9%
MFS Growth Fund	5.8%
MFS Blended Research Growth Equity Fund	5.8%
MFS Mid Cap Value Fund	4.8%
MFS Mid Cap Growth Fund	4.8%
MFS Global Real Estate Fund	4.7%
MFS Commodity Strategy Fund	4.7%
MFS Blended Research Core Equity Fund	4.0%
MFS Research Fund	4.0%
MFS Research International Fund	3.8%
MFS International New Discovery Fund	3.4%
MFS Inflation-Adjusted Bond Fund	3.3%
MFS International Value Fund	3.2%
MFS International Growth Fund	3.2%
MFS Total Return Bond Fund	2.7%
MFS Blended Research Small Cap Equity Fund	2.3%
MFS High Income Fund	1.6%
MFS New Discovery Value Fund	1.2%
MFS New Discovery Fund	1.1%
MFS Emerging Markets Debt Fund	0.9%
MFS Emerging Markets Equity Fund	0.9%
MFS Blended Research Emerging Markets Equity Fund	0.8%
MFS Global Bond Fund	0.6%
MFS Emerging Markets Debt Local Currency Fund	0.6%
Cash & Cash Equivalents (o)	(0.0)%

Portfolio actual allocation

(o) Less than 0.1%.

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.

From time to time Cash & Cash Equivalents may be negative due to timing of cash receipts.

Percentages are based on net assets as of October 31, 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	10.0%
MFS Value Fund	6.0%
MFS Blended Research Value Equity Fund	6.0%
MFS Growth Fund	6.0%
MFS Blended Research Growth Equity Fund	6.0%
MFS Global Real Estate Fund	5.0%
MFS Mid Cap Growth Fund	5.0%
MFS Mid Cap Value Fund	5.0%
MFS Commodity Strategy Fund	4.9%
MFS International New Discovery Fund	4.0%
MFS Research International Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS Research Fund	4.0%
MFS International Value Fund	3.5%
MFS International Growth Fund	3.5%
MFS Inflation-Adjusted Bond Fund	2.5%
MFS Total Return Bond Fund	2.5%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS New Discovery Value Fund	1.3%
MFS New Discovery Fund	1.2%
MFS Emerging Markets Equity Fund	1.0%
MFS Blended Research Emerging Markets Equity Fund	1.0%
Cash & Cash Equivalents	0.1%

Portfolio actual allocation

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.

Percentages are based on net assets as of October 31, 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	10.0%
MFS Value Fund	6.0%
MFS Blended Research Value Equity Fund	6.0%
MFS Growth Fund	6.0%
MFS Blended Research Growth Equity Fund	6.0%
MFS Global Real Estate Fund	5.0%
MFS Mid Cap Growth Fund	5.0%
MFS Mid Cap Value Fund	5.0%
MFS Commodity Strategy Fund	5.0%
MFS Research Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS International New Discovery Fund	4.0%
MFS Research International Fund	4.0%
MFS International Value Fund	3.5%
MFS International Growth Fund	3.5%
MFS Inflation-Adjusted Bond Fund	2.5%
MFS Total Return Bond Fund	2.5%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS New Discovery Fund	1.2%
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 funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.

Percentages are based on net assets as of October 31, 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	10.0%
MFS Growth Fund	6.0%
MFS Blended Research Value Equity Fund	6.0%
MFS Value Fund	6.0%
MFS Blended Research Growth Equity Fund	6.0%
MFS Global Real Estate Fund	5.0%
MFS Mid Cap Growth Fund	5.0%
MFS Mid Cap Value Fund	5.0%
MFS Commodity Strategy Fund	5.0%
MFS International New Discovery Fund	4.0%
MFS Research International Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS Research 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 funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.

Percentages are based on net assets as of October 31, 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	10.9%
MFS Blended Research Mid Cap Equity Fund	10.0%
MFS Growth Fund	6.0%
MFS Blended Research Growth Equity Fund	6.0%
MFS Blended Research Value Equity Fund	5.9%
MFS Value Fund	5.9%
MFS Mid Cap Growth Fund	5.0%
MFS Mid Cap Value Fund	4.9%
MFS Global Real Estate Fund	4.9%
MFS Commodity Strategy Fund	4.9%
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	3.4%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS Inflation-Adjusted Bond Fund	2.5%
MFS Total Return Bond 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	0.8%

Portfolio actual allocation

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.

Percentages are based on net assets as of October 31, 2018.

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

11

EXPENSE TABLES

Fund expenses borne by the shareholders during the period, May 1, 2018 through October 31, 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 May 1, 2018 through October 31, 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.

12

Expense Tables – continued

MFS LIFETIME INCOME FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/18		Ending Account Value 10/31/18		Expenses Paid During Period (p) 5/01/18-10/31/18
A	Actual		0.24%		$1,000.00		$990.86		$1.20
	Hypothetical (h)		0.24%		$1,000.00		$1,024.00		$1.22
B	Actual		0.99%		$1,000.00		$987.14		$4.96
	Hypothetical (h)		0.99%		$1,000.00		$1,020.21		$5.04
C	Actual		0.99%		$1,000.00		$987.14		$4.96
	Hypothetical (h)		0.99%		$1,000.00		$1,020.21		$5.04
I	Actual		0.00%		$1,000.00		$992.10		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R1	Actual		0.99%		$1,000.00		$987.16		$4.96
	Hypothetical (h)		0.99%		$1,000.00		$1,020.21		$5.04
R2	Actual		0.49%		$1,000.00		$989.63		$2.46
	Hypothetical (h)		0.49%		$1,000.00		$1,022.74		$2.50
R3	Actual		0.24%		$1,000.00		$990.86		$1.20
	Hypothetical (h)		0.24%		$1,000.00		$1,024.00		$1.22
R4	Actual		0.00%		$1,000.00		$992.10		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R6	Actual		0.00%		$1,000.00		$992.60		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
529A	Actual		0.27%		$1,000.00		$990.67		$1.35
	Hypothetical (h)		0.27%		$1,000.00		$1,023.84		$1.38
529B	Actual		1.02%		$1,000.00		$986.96		$5.11
	Hypothetical (h)		1.02%		$1,000.00		$1,020.06		$5.19
529C	Actual		1.03%		$1,000.00		$987.94		$5.16
	Hypothetical (h)		1.03%		$1,000.00		$1,020.01		$5.24

(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 184/365 (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 0.02%, 0.02%, and 0.01%, respectively. See Note 3 in the Notes to Financial Statements for additional information.

13

Expense Tables – continued

MFS LIFETIME 2020 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/18		Ending Account Value 10/31/18		Expenses Paid During Period (p) 5/01/18-10/31/18
A	Actual		0.24%		$1,000.00		$989.24		$1.20
	Hypothetical (h)		0.24%		$1,000.00		$1,024.00		$1.22
B	Actual		0.99%		$1,000.00		$985.29		$4.95
	Hypothetical (h)		0.99%		$1,000.00		$1,020.21		$5.04
C	Actual		0.99%		$1,000.00		$985.87		$4.96
	Hypothetical (h)		0.99%		$1,000.00		$1,020.21		$5.04
I	Actual		0.00%		$1,000.00		$990.84		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R1	Actual		0.99%		$1,000.00		$985.32		$4.95
	Hypothetical (h)		0.99%		$1,000.00		$1,020.21		$5.04
R2	Actual		0.49%		$1,000.00		$988.38		$2.46
	Hypothetical (h)		0.49%		$1,000.00		$1,022.74		$2.50
R3	Actual		0.24%		$1,000.00		$990.01		$1.20
	Hypothetical (h)		0.24%		$1,000.00		$1,024.00		$1.22
R4	Actual		0.00%		$1,000.00		$990.84		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R6	Actual		0.00%		$1,000.00		$990.83		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$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 184/365 (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.

14

Expense Tables – continued

MFS LIFETIME 2025 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/18		Ending Account Value 10/31/18		Expenses Paid During Period (p) 5/01/18-10/31/18
A	Actual		0.23%		$1,000.00		$985.19		$1.15
	Hypothetical (h)		0.23%		$1,000.00		$1,024.05		$1.17
B	Actual		0.98%		$1,000.00		$981.92		$4.90
	Hypothetical (h)		0.98%		$1,000.00		$1,020.27		$4.99
C	Actual		1.00%		$1,000.00		$981.83		$5.00
	Hypothetical (h)		1.00%		$1,000.00		$1,020.16		$5.09
I	Actual		0.00%		$1,000.00		$986.79		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R1	Actual		1.00%		$1,000.00		$981.19		$4.99
	Hypothetical (h)		1.00%		$1,000.00		$1,020.16		$5.09
R2	Actual		0.50%		$1,000.00		$984.30		$2.50
	Hypothetical (h)		0.50%		$1,000.00		$1,022.68		$2.55
R3	Actual		0.25%		$1,000.00		$985.17		$1.25
	Hypothetical (h)		0.25%		$1,000.00		$1,023.95		$1.28
R4	Actual		0.00%		$1,000.00		$986.80		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R6	Actual		0.00%		$1,000.00		$987.58		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$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 184/365 (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 and Class B shares, this rebate reduced the expense ratios above by 0.02% and 0.01%, respectively. See Note 3 in the Notes to Financial Statements for additional information.

15

Expense Tables – continued

MFS LIFETIME 2030 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/18		Ending Account Value 10/31/18		Expenses Paid During Period (p) 5/01/18-10/31/18
A	Actual		0.23%		$1,000.00		$979.97		$1.15
	Hypothetical (h)		0.23%		$1,000.00		$1,024.05		$1.17
B	Actual		0.99%		$1,000.00		$976.41		$4.93
	Hypothetical (h)		0.99%		$1,000.00		$1,020.21		$5.04
C	Actual		0.99%		$1,000.00		$976.91		$4.93
	Hypothetical (h)		0.99%		$1,000.00		$1,020.21		$5.04
I	Actual		0.00%		$1,000.00		$981.35		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R1	Actual		0.99%		$1,000.00		$976.50		$4.93
	Hypothetical (h)		0.99%		$1,000.00		$1,020.21		$5.04
R2	Actual		0.49%		$1,000.00		$979.11		$2.44
	Hypothetical (h)		0.49%		$1,000.00		$1,022.74		$2.50
R3	Actual		0.24%		$1,000.00		$979.92		$1.20
	Hypothetical (h)		0.24%		$1,000.00		$1,024.00		$1.22
R4	Actual		0.00%		$1,000.00		$981.36		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R6	Actual		0.00%		$1,000.00		$982.01		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$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 184/365 (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.

16

Expense Tables – continued

MFS LIFETIME 2035 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/18		Ending Account Value 10/31/18		Expenses Paid During Period (p) 5/01/18-10/31/18
A	Actual		0.25%		$1,000.00		$976.04		$1.25
	Hypothetical (h)		0.25%		$1,000.00		$1,023.95		$1.28
B	Actual		1.00%		$1,000.00		$972.40		$4.97
	Hypothetical (h)		1.00%		$1,000.00		$1,020.16		$5.09
C	Actual		1.00%		$1,000.00		$971.63		$4.97
	Hypothetical (h)		1.00%		$1,000.00		$1,020.16		$5.09
I	Actual		0.00%		$1,000.00		$976.78		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R1	Actual		1.00%		$1,000.00		$972.41		$4.97
	Hypothetical (h)		1.00%		$1,000.00		$1,020.16		$5.09
R2	Actual		0.50%		$1,000.00		$974.55		$2.49
	Hypothetical (h)		0.50%		$1,000.00		$1,022.68		$2.55
R3	Actual		0.25%		$1,000.00		$975.39		$1.24
	Hypothetical (h)		0.25%		$1,000.00		$1,023.95		$1.28
R4	Actual		0.00%		$1,000.00		$977.52		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R6	Actual		0.00%		$1,000.00		$977.54		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$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 184/365 (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 2035 Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class A shares, this rebate reduced the expense ratio above by 0.01%. See Note 3 in the Notes to Financial Statements for additional information.

17

Expense Tables – continued

MFS LIFETIME 2040 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/18		Ending Account Value 10/31/18		Expenses Paid During Period (p) 5/01/18-10/31/18
A	Actual		0.24%		$1,000.00		$973.75		$1.19
	Hypothetical (h)		0.24%		$1,000.00		$1,024.00		$1.22
B	Actual		0.99%		$1,000.00		$969.81		$4.92
	Hypothetical (h)		0.99%		$1,000.00		$1,020.21		$5.04
C	Actual		0.99%		$1,000.00		$969.43		$4.91
	Hypothetical (h)		0.99%		$1,000.00		$1,020.21		$5.04
I	Actual		0.00%		$1,000.00		$975.11		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R1	Actual		0.99%		$1,000.00		$969.68		$4.92
	Hypothetical (h)		0.99%		$1,000.00		$1,020.21		$5.04
R2	Actual		0.49%		$1,000.00		$972.29		$2.44
	Hypothetical (h)		0.49%		$1,000.00		$1,022.74		$2.50
R3	Actual		0.24%		$1,000.00		$973.73		$1.19
	Hypothetical (h)		0.24%		$1,000.00		$1,024.00		$1.22
R4	Actual		0.00%		$1,000.00		$974.56		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R6	Actual		0.00%		$1,000.00		$975.17		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$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 184/365 (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 2040 Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class A shares, this rebate reduced the expense ratio above by 0.01%. See Note 3 in the Notes to Financial Statements for additional information.

18

Expense Tables – continued

MFS LIFETIME 2045 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/18		Ending Account Value 10/31/18		Expenses Paid During Period (p) 5/01/18-10/31/18
A	Actual		0.25%		$1,000.00		$972.28		$1.24
	Hypothetical (h)		0.25%		$1,000.00		$1,023.95		$1.28
B	Actual		1.00%		$1,000.00		$968.73		$4.96
	Hypothetical (h)		1.00%		$1,000.00		$1,020.16		$5.09
C	Actual		1.00%		$1,000.00		$968.60		$4.96
	Hypothetical (h)		1.00%		$1,000.00		$1,020.16		$5.09
I	Actual		0.00%		$1,000.00		$973.06		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R1	Actual		1.00%		$1,000.00		$968.79		$4.96
	Hypothetical (h)		1.00%		$1,000.00		$1,020.16		$5.09
R2	Actual		0.50%		$1,000.00		$970.08		$2.48
	Hypothetical (h)		0.50%		$1,000.00		$1,022.68		$2.55
R3	Actual		0.25%		$1,000.00		$971.60		$1.24
	Hypothetical (h)		0.25%		$1,000.00		$1,023.95		$1.28
R4	Actual		0.00%		$1,000.00		$973.03		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R6	Actual		0.00%		$1,000.00		$973.68		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$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 184/365 (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.

19

Expense Tables – continued

MFS LIFETIME 2050 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/18		Ending Account Value 10/31/18		Expenses Paid During Period (p) 5/01/18-10/31/18
A	Actual		0.25%		$1,000.00		$972.13		$1.24
	Hypothetical (h)		0.25%		$1,000.00		$1,023.95		$1.28
B	Actual		1.00%		$1,000.00		$968.46		$4.96
	Hypothetical (h)		1.00%		$1,000.00		$1,020.16		$5.09
C	Actual		1.00%		$1,000.00		$968.26		$4.96
	Hypothetical (h)		1.00%		$1,000.00		$1,020.16		$5.09
I	Actual		0.00%		$1,000.00		$973.21		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R1	Actual		1.00%		$1,000.00		$968.28		$4.96
	Hypothetical (h)		1.00%		$1,000.00		$1,020.16		$5.09
R2	Actual		0.50%		$1,000.00		$970.67		$2.48
	Hypothetical (h)		0.50%		$1,000.00		$1,022.68		$2.55
R3	Actual		0.25%		$1,000.00		$971.95		$1.24
	Hypothetical (h)		0.25%		$1,000.00		$1,023.95		$1.28
R4	Actual		0.00%		$1,000.00		$973.20		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R6	Actual		0.00%		$1,000.00		$974.28		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$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 184/365 (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.

20

Expense Tables – continued

MFS LIFETIME 2055 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/18		Ending Account Value 10/31/18		Expenses Paid During Period (p) 5/01/18-10/31/18
A	Actual		0.25%		$1,000.00		$972.17		$1.24
	Hypothetical (h)		0.25%		$1,000.00		$1,023.95		$1.28
B	Actual		1.00%		$1,000.00		$968.16		$4.96
	Hypothetical (h)		1.00%		$1,000.00		$1,020.16		$5.09
C	Actual		1.00%		$1,000.00		$967.93		$4.96
	Hypothetical (h)		1.00%		$1,000.00		$1,020.16		$5.09
I	Actual		0.00%		$1,000.00		$973.48		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R1	Actual		1.00%		$1,000.00		$968.67		$4.96
	Hypothetical (h)		1.00%		$1,000.00		$1,020.16		$5.09
R2	Actual		0.50%		$1,000.00		$970.70		$2.48
	Hypothetical (h)		0.50%		$1,000.00		$1,022.68		$2.55
R3	Actual		0.25%		$1,000.00		$972.17		$1.24
	Hypothetical (h)		0.25%		$1,000.00		$1,023.95		$1.28
R4	Actual		0.00%		$1,000.00		$972.96		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R6	Actual		0.00%		$1,000.00		$974.24		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$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 184/365 (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.

21

Expense Tables – continued

MFS LIFETIME 2060 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/18		Ending Account Value 10/31/18		Expenses Paid During Period (p) 5/01/18-10/31/18
A	Actual		0.20%		$1,000.00		$972.15		$0.99
	Hypothetical (h)		0.20%		$1,000.00		$1,024.20		$1.02
B	Actual		0.95%		$1,000.00		$968.70		$4.71
	Hypothetical (h)		0.95%		$1,000.00		$1,020.42		$4.84
C	Actual		0.95%		$1,000.00		$968.67		$4.71
	Hypothetical (h)		0.95%		$1,000.00		$1,020.42		$4.84
I	Actual		0.00%		$1,000.00		$973.06		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R1	Actual		0.95%		$1,000.00		$968.72		$4.71
	Hypothetical (h)		0.95%		$1,000.00		$1,020.42		$4.84
R2	Actual		0.45%		$1,000.00		$971.28		$2.24
	Hypothetical (h)		0.45%		$1,000.00		$1,022.94		$2.29
R3	Actual		0.20%		$1,000.00		$972.15		$0.99
	Hypothetical (h)		0.20%		$1,000.00		$1,024.20		$1.02
R4	Actual		0.00%		$1,000.00		$973.06		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$0.00
R6	Actual		0.00%		$1,000.00		$973.91		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.21		$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 184/365 (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.

22

PORTFOLIO OF INVESTMENTS

10/31/18 (unaudited)

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) - 100.0%
Issuer	Shares/Par		Value ($)
Bond Funds - 71.2%
MFS Emerging Markets Debt Fund - Class R6		816,911	$	11,208,014
MFS Emerging Markets Debt Local Currency Fund - Class R6		896,422		5,557,817
MFS Global Bond Fund - Class R6		3,328,319		27,957,876
MFS Government Securities Fund - Class R6		6,001,856		56,057,340
MFS High Income Fund - Class R6		5,129,154		16,823,626
MFS Inflation-Adjusted Bond Fund - Class R6		5,682,791		56,032,320
MFS Limited Maturity Fund - Class R6		19,119,723		112,232,775
MFS Total Return Bond Fund - Class R6		10,997,352		112,063,013
			$	397,932,781
International Stock Funds - 4.9%
MFS Blended Research International Equity Fund - Class R6		1,267,977	$	13,846,312
MFS International Growth Fund - Class R6		87,248		2,772,736
MFS International Value Fund - Class R6		68,379		2,776,848
MFS Research International Fund - Class R6		471,847		8,257,325
			$	27,653,221
Specialty Funds - 4.0%
MFS Commodity Strategy Fund - Class R6		1,927,102	$	10,888,126
MFS Global Real Estate Fund - Class R6		722,716		11,209,324
			$	22,097,450
U.S. Stock Funds - 19.7%
MFS Blended Research Core Equity Fund - Class R6		391,676	$	11,017,833
MFS Blended Research Growth Equity Fund - Class R6		775,994		10,910,477
MFS Blended Research Mid Cap Equity Fund - Class R6		1,432,214		16,427,493
MFS Blended Research Small Cap Equity Fund - Class R6		401,795		5,452,364
MFS Blended Research Value Equity Fund - Class R6		860,487		11,040,045
MFS Growth Fund - Class R6		105,348		10,999,362
MFS Mid Cap Growth Fund - Class R6		449,691		8,278,819
MFS Mid Cap Value Fund - Class R6		361,241		8,229,073
MFS New Discovery Fund - Class R6		84,743		2,738,033
MFS New Discovery Value Fund - Class R6		180,155		2,720,341
MFS Research Fund - Class R6		254,767		11,041,625
MFS Value Fund - Class R6		287,065		11,146,742
			$	110,002,207
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 2.21% (v)		1,188,299	$	1,188,181
Total Investment Companies (Identified Cost, $523,603,960)			$	558,873,840
Other Assets, Less Liabilities - (0.0)%				(194,479)
Net Assets - 100.0%			$	558,679,361

See Portfolio Footnotes and Notes to Financial Statements

23

Portfolio of Investments (unaudited) – continued

MFS LIFETIME 2020 FUND

Investment Companies (h) - 100.0%
Issuer	Shares/Par		Value ($)
Bond Funds - 67.4%
MFS Emerging Markets Debt Fund - Class R6		609,105	$	8,356,921
MFS Emerging Markets Debt Local Currency Fund - Class R6		778,733		4,828,144
MFS Global Bond Fund - Class R6		2,080,196		17,473,644
MFS Government Securities Fund - Class R6		3,753,806		35,060,553
MFS High Income Fund - Class R6		4,029,992		13,218,375
MFS Inflation-Adjusted Bond Fund - Class R6		3,550,570		35,008,622
MFS Limited Maturity Fund - Class R6		9,639,411		56,583,341
MFS Total Return Bond Fund - Class R6		6,206,635		63,245,607
			$	233,775,207
International Stock Funds - 6.0%
MFS Blended Research International Equity Fund - Class R6		966,743	$	10,556,831
MFS International Growth Fund - Class R6		74,584		2,370,273
MFS International Value Fund - Class R6		58,585		2,379,167
MFS Research International Fund - Class R6		328,920		5,756,099
			$	21,062,370
Specialty Funds - 4.0%
MFS Commodity Strategy Fund - Class R6		1,202,688	$	6,795,188
MFS Global Real Estate Fund - Class R6		450,805		6,991,991
			$	13,787,179
U.S. Stock Funds - 22.6%
MFS Blended Research Core Equity Fund - Class R6		288,808	$	8,124,162
MFS Blended Research Growth Equity Fund - Class R6		570,790		8,025,302
MFS Blended Research Mid Cap Equity Fund - Class R6		998,509		11,452,895
MFS Blended Research Small Cap Equity Fund - Class R6		247,530		3,358,984
MFS Blended Research Value Equity Fund - Class R6		636,588		8,167,423
MFS Growth Fund - Class R6		77,306		8,071,516
MFS Mid Cap Growth Fund - Class R6		311,891		5,741,913
MFS Mid Cap Value Fund - Class R6		251,989		5,740,323
MFS New Discovery Fund - Class R6		51,810		1,673,972
MFS New Discovery Value Fund - Class R6		111,111		1,677,772
MFS Research Fund - Class R6		187,830		8,140,555
MFS Value Fund - Class R6		212,138		8,237,333
			$	78,412,150
Money Market Funds - 0.0%
MFS Institutional Money Market Portfolio, 2.21% (v)		32,173	$	32,169
Total Investment Companies (Identified Cost, $317,082,995)			$	347,069,075
Other Assets, Less Liabilities - (0.0)%				(151,181)
Net Assets - 100.0%			$	346,917,894

See Portfolio Footnotes and Notes to Financial Statements

24

Portfolio of Investments (unaudited) – continued

MFS LIFETIME 2025 FUND

Investment Companies (h) - 100.0%
Issuer	Shares/Par		Value ($)
Bond Funds - 52.3%
MFS Emerging Markets Debt Fund - Class R6		555,395	$	7,620,024
MFS Emerging Markets Debt Local Currency Fund - Class R6		815,248		5,054,539
MFS Global Bond Fund - Class R6		1,509,034		12,675,888
MFS Government Securities Fund - Class R6		2,715,069		25,358,747
MFS High Income Fund - Class R6		3,873,489		12,705,042
MFS Inflation-Adjusted Bond Fund - Class R6		2,277,397		22,455,133
MFS Limited Maturity Fund - Class R6		2,663,226		15,633,138
MFS Total Return Bond Fund - Class R6		3,065,733		31,239,816
			$	132,742,327
International Stock Funds - 9.9%
MFS Blended Research International Equity Fund - Class R6		1,104,277	$	12,058,704
MFS International Growth Fund - Class R6		94,856		3,014,536
MFS International New Discovery Fund - Class R6		29,265		969,824
MFS International Value Fund - Class R6		74,243		3,014,988
MFS Research International Fund - Class R6		344,410		6,027,181
			$	25,085,233
Specialty Funds - 4.7%
MFS Commodity Strategy Fund - Class R6		1,052,344	$	5,945,742
MFS Global Real Estate Fund - Class R6		388,918		6,032,125
			$	11,977,867
U.S. Stock Funds - 32.9%
MFS Blended Research Core Equity Fund - Class R6		304,205	$	8,557,296
MFS Blended Research Growth Equity Fund - Class R6		606,541		8,527,961
MFS Blended Research Mid Cap Equity Fund - Class R6		1,135,504		13,024,235
MFS Blended Research Small Cap Equity Fund - Class R6		222,040		3,013,076
MFS Blended Research Value Equity Fund - Class R6		667,206		8,560,259
MFS Growth Fund - Class R6		81,946		8,555,975
MFS Mid Cap Growth Fund - Class R6		353,854		6,514,453
MFS Mid Cap Value Fund - Class R6		285,921		6,513,279
MFS New Discovery Fund - Class R6		46,634		1,506,743
MFS New Discovery Value Fund - Class R6		99,779		1,506,656
MFS Research Fund - Class R6		197,448		8,557,399
MFS Value Fund - Class R6		220,471		8,560,876
			$	83,398,208
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 2.21% (v)		650,657	$	650,592
Total Investment Companies (Identified Cost, $236,589,923)			$	253,854,227
Other Assets, Less Liabilities - (0.0)%				(70,107)
Net Assets - 100.0%			$	253,784,120

See Portfolio Footnotes and Notes to Financial Statements

25

Portfolio of Investments (unaudited) – continued

MFS LIFETIME 2030 FUND

Investment Companies (h) - 100.0%
Issuer	Shares/Par		Value ($)
Bond Funds - 32.5%
MFS Emerging Markets Debt Fund - Class R6		1,250,217	$	17,152,978
MFS Emerging Markets Debt Local Currency Fund - Class R6		1,832,610		11,362,180
MFS Global Bond Fund - Class R6		2,608,638		21,912,557
MFS Government Securities Fund - Class R6		3,757,047		35,090,821
MFS High Income Fund - Class R6		8,715,626		28,587,253
MFS Inflation-Adjusted Bond Fund - Class R6		3,610,703		35,601,534
MFS Total Return Bond Fund - Class R6		3,404,198		34,688,777
			$	184,396,100
International Stock Funds - 15.7%
MFS Blended Research Emerging Markets Equity Fund - Class R6		87,593	$	1,082,652
MFS Blended Research International Equity Fund - Class R6		3,615,101		39,476,899
MFS Emerging Markets Equity Fund - Class R6		34,056		1,087,053
MFS International Growth Fund - Class R6		336,113		10,681,685
MFS International New Discovery Fund - Class R6		236,631		7,841,961
MFS International Value Fund - Class R6		263,345		10,694,421
MFS Research International Fund - Class R6		1,029,649		18,018,861
			$	88,883,532
Specialty Funds - 6.7%
MFS Commodity Strategy Fund - Class R6		3,348,162	$	18,917,116
MFS Global Real Estate Fund - Class R6		1,247,804		19,353,442
			$	38,270,558
U.S. Stock Funds - 45.0%
MFS Blended Research Core Equity Fund - Class R6		804,693	$	22,636,007
MFS Blended Research Growth Equity Fund - Class R6		1,825,762		25,670,218
MFS Blended Research Mid Cap Equity Fund - Class R6		3,820,761		43,824,130
MFS Blended Research Small Cap Equity Fund - Class R6		699,755		9,495,679
MFS Blended Research Value Equity Fund - Class R6		2,025,608		25,988,552
MFS Growth Fund - Class R6		247,396		25,830,623
MFS Mid Cap Growth Fund - Class R6		1,191,210		21,930,168
MFS Mid Cap Value Fund - Class R6		961,625		21,905,815
MFS New Discovery Fund - Class R6		146,577		4,735,904
MFS New Discovery Value Fund - Class R6		314,122		4,743,238
MFS Research Fund - Class R6		522,289		22,636,011
MFS Value Fund - Class R6		669,784		26,007,709
			$	255,404,054
Money Market Funds - 0.1%
MFS Institutional Money Market Portfolio, 2.21% (v)		683,712	$	683,644
Total Investment Companies (Identified Cost, $471,110,659)			$	567,637,888
Other Assets, Less Liabilities - (0.0)%				(235,351)
Net Assets - 100.0%			$	567,402,537

See Portfolio Footnotes and Notes to Financial Statements

26

Portfolio of Investments (unaudited) – continued

MFS LIFETIME 2035 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 17.2%
MFS Emerging Markets Debt Fund - Class R6		427,918	$	5,871,030
MFS Emerging Markets Debt Local Currency Fund - Class R6		630,514		3,909,188
MFS Global Bond Fund - Class R6		465,074		3,906,619
MFS High Income Fund - Class R6		2,984,242		9,788,313
MFS Inflation-Adjusted Bond Fund - Class R6		1,109,010		10,934,836
MFS Total Return Bond Fund - Class R6		689,139		7,022,330
			$	41,432,316
International Stock Funds - 21.5%
MFS Blended Research Emerging Markets Equity Fund - Class R6		115,669	$	1,429,674
MFS Blended Research International Equity Fund - Class R6		1,982,077		21,644,276
MFS Emerging Markets Equity Fund - Class R6		44,965		1,435,293
MFS International Growth Fund - Class R6		204,158		6,488,149
MFS International New Discovery Fund - Class R6		173,336		5,744,340
MFS International Value Fund - Class R6		159,780		6,488,658
MFS Research International Fund - Class R6		495,152		8,665,164
			$	51,895,554
Specialty Funds - 8.3%
MFS Commodity Strategy Fund - Class R6		1,770,694	$	10,004,420
MFS Global Real Estate Fund - Class R6		651,949		10,111,727
			$	20,116,147
U.S. Stock Funds - 52.9%
MFS Blended Research Core Equity Fund - Class R6		342,672	$	9,639,371
MFS Blended Research Growth Equity Fund - Class R6		955,910		13,440,098
MFS Blended Research Mid Cap Equity Fund - Class R6		1,930,927		22,147,732
MFS Blended Research Small Cap Equity Fund - Class R6		372,075		5,049,062
MFS Blended Research Value Equity Fund - Class R6		1,051,445		13,490,044
MFS Growth Fund - Class R6		129,130		13,482,494
MFS Mid Cap Growth Fund - Class R6		601,606		11,075,567
MFS Mid Cap Value Fund - Class R6		486,217		11,076,014
MFS New Discovery Fund - Class R6		78,128		2,524,314
MFS New Discovery Value Fund - Class R6		167,219		2,525,002
MFS Research Fund - Class R6		222,412		9,639,344
MFS Value Fund - Class R6		347,443		13,491,189
			$	127,580,231
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 2.21% (v)		473,281	$	473,234
Total Investment Companies (Identified Cost, $213,307,715)			$	241,497,482
Other Assets, Less Liabilities - (0.1)%				(268,793)
Net Assets - 100.0%			$	241,228,689

See Portfolio Footnotes and Notes to Financial Statements

27

Portfolio of Investments (unaudited) – continued

MFS LIFETIME 2040 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 9.7%
MFS Emerging Markets Debt Fund - Class R6		286,280	$	3,927,761
MFS Emerging Markets Debt Local Currency Fund - Class R6		421,005		2,610,233
MFS Global Bond Fund - Class R6		311,129		2,613,488
MFS High Income Fund - Class R6		1,995,698		6,545,888
MFS Inflation-Adjusted Bond Fund - Class R6		1,412,673		13,928,954
MFS Total Return Bond Fund - Class R6		1,110,290		11,313,855
			$	40,940,179
International Stock Funds - 25.6%
MFS Blended Research Emerging Markets Equity Fund - Class R6		285,406	$	3,527,612
MFS Blended Research International Equity Fund - Class R6		3,954,375		43,181,775
MFS Emerging Markets Equity Fund - Class R6		111,088		3,545,933
MFS International Growth Fund - Class R6		423,251		13,450,920
MFS International New Discovery Fund - Class R6		430,469		14,265,730
MFS International Value Fund - Class R6		331,602		13,466,364
MFS Research International Fund - Class R6		924,684		16,181,969
			$	107,620,303
Specialty Funds - 9.4%
MFS Commodity Strategy Fund - Class R6		3,502,939	$	19,791,605
MFS Global Real Estate Fund - Class R6		1,286,997		19,961,317
			$	39,752,922
U.S. Stock Funds - 55.3%
MFS Blended Research Core Equity Fund - Class R6		599,789	$	16,872,074
MFS Blended Research Growth Equity Fund - Class R6		1,738,078		24,437,374
MFS Blended Research Mid Cap Equity Fund - Class R6		3,548,859		40,705,413
MFS Blended Research Small Cap Equity Fund - Class R6		722,022		9,797,830
MFS Blended Research Value Equity Fund - Class R6		1,926,250		24,713,786
MFS Growth Fund - Class R6		234,912		24,527,187
MFS Mid Cap Growth Fund - Class R6		1,102,650		20,299,789
MFS Mid Cap Value Fund - Class R6		895,419		20,397,647
MFS New Discovery Fund - Class R6		150,261		4,854,936
MFS New Discovery Value Fund - Class R6		324,442		4,899,069
MFS Research Fund - Class R6		389,237		16,869,544
MFS Value Fund - Class R6		637,055		24,736,859
			$	233,111,508
Money Market Funds - 0.0%
MFS Institutional Money Market Portfolio, 2.21% (v)		106,614	$	106,603
Total Investment Companies (Identified Cost, $326,269,454)			$	421,531,515
Other Assets, Less Liabilities - (0.0)%				(291,067)
Net Assets - 100.0%			$	421,240,448

See Portfolio Footnotes and Notes to Financial Statements

28

Portfolio of Investments (unaudited) – continued

MFS LIFETIME 2045 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6		427,304	$	4,213,220
MFS Total Return Bond Fund - Class R6		413,328		4,211,805
			$	8,425,025
International Stock Funds - 28.0%
MFS Blended Research Emerging Markets Equity Fund - Class R6		134,786	$	1,665,957
MFS Blended Research International Equity Fund - Class R6		1,690,625		18,461,628
MFS Emerging Markets Equity Fund - Class R6		52,400		1,672,598
MFS International Growth Fund - Class R6		184,866		5,875,048
MFS International New Discovery Fund - Class R6		202,526		6,711,707
MFS International Value Fund - Class R6		144,672		5,875,153
MFS Research International Fund - Class R6		383,382		6,709,178
			$	46,971,269
Specialty Funds - 9.9%
MFS Commodity Strategy Fund - Class R6		1,460,527	$	8,251,981
MFS Global Real Estate Fund - Class R6		542,355		8,411,921
			$	16,663,902
U.S. Stock Funds - 57.0%
MFS Blended Research Core Equity Fund - Class R6		238,489	$	6,708,691
MFS Blended Research Growth Equity Fund - Class R6		712,291		10,014,809
MFS Blended Research Mid Cap Equity Fund - Class R6		1,462,231		16,771,787
MFS Blended Research Small Cap Equity Fund - Class R6		308,910		4,191,913
MFS Blended Research Value Equity Fund - Class R6		785,139		10,073,328
MFS Growth Fund - Class R6		96,368		10,061,820
MFS Mid Cap Growth Fund - Class R6		455,773		8,390,774
MFS Mid Cap Value Fund - Class R6		368,186		8,387,266
MFS New Discovery Fund - Class R6		64,913		2,097,345
MFS New Discovery Value Fund - Class R6		138,946		2,098,084
MFS Research Fund - Class R6		154,787		6,708,487
MFS Value Fund - Class R6		259,434		10,073,821
			$	95,578,125
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 2.21% (v)		334,330	$	334,297
Total Investment Companies (Identified Cost, $146,731,397)			$	167,972,618
Other Assets, Less Liabilities - (0.1)%				(107,261)
Net Assets - 100.0%			$	167,865,357

See Portfolio Footnotes and Notes to Financial Statements

29

Portfolio of Investments (unaudited) – 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		537,477	$	5,299,523
MFS Total Return Bond Fund - Class R6		519,973		5,298,523
			$	10,598,046
International Stock Funds - 28.0%
MFS Blended Research Emerging Markets Equity Fund - Class R6		168,904	$	2,087,654
MFS Blended Research International Equity Fund - Class R6		2,122,675		23,179,610
MFS Emerging Markets Equity Fund - Class R6		65,740		2,098,429
MFS International Growth Fund - Class R6		232,056		7,374,731
MFS International New Discovery Fund - Class R6		254,226		8,425,066
MFS International Value Fund - Class R6		181,676		7,377,880
MFS Research International Fund - Class R6		481,282		8,422,432
			$	58,965,802
Specialty Funds - 10.0%
MFS Commodity Strategy Fund - Class R6		1,848,038	$	10,441,415
MFS Global Real Estate Fund - Class R6		682,143		10,580,033
			$	21,021,448
U.S. Stock Funds - 56.9%
MFS Blended Research Core Equity Fund - Class R6		299,539	$	8,426,032
MFS Blended Research Growth Equity Fund - Class R6		894,130		12,571,465
MFS Blended Research Mid Cap Equity Fund - Class R6		1,835,671		21,055,145
MFS Blended Research Small Cap Equity Fund - Class R6		386,071		5,238,986
MFS Blended Research Value Equity Fund - Class R6		986,300		12,654,234
MFS Growth Fund - Class R6		121,009		12,634,499
MFS Mid Cap Growth Fund - Class R6		572,115		10,532,635
MFS Mid Cap Value Fund - Class R6		462,079		10,526,155
MFS New Discovery Fund - Class R6		81,203		2,623,669
MFS New Discovery Value Fund - Class R6		173,438		2,618,907
MFS Research Fund - Class R6		194,417		8,426,050
MFS Value Fund - Class R6		325,968		12,657,337
			$	119,965,114
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 2.21% (v)		320,588	$	320,556
Total Investment Companies (Identified Cost, $180,419,973)			$	210,870,966
Other Assets, Less Liabilities - (0.1)%				(134,557)
Net Assets - 100.0%			$	210,736,409

See Portfolio Footnotes and Notes to Financial Statements

30

Portfolio of Investments (unaudited) – 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		221,088	$	2,179,921
MFS Total Return Bond Fund - Class R6		213,852		2,179,154
			$	4,359,075
International Stock Funds - 27.9%
MFS Blended Research Emerging Markets Equity Fund - Class R6		70,318	$	869,136
MFS Blended Research International Equity Fund - Class R6		875,616		9,561,729
MFS Emerging Markets Equity Fund - Class R6		27,231		869,207
MFS International Growth Fund - Class R6		95,737		3,042,515
MFS International New Discovery Fund - Class R6		104,920		3,477,037
MFS International Value Fund - Class R6		74,919		3,042,469
MFS Research International Fund - Class R6		198,684		3,476,970
			$	24,339,063
Specialty Funds - 10.0%
MFS Commodity Strategy Fund - Class R6		765,145	$	4,323,070
MFS Global Real Estate Fund - Class R6		280,257		4,346,784
			$	8,669,854
U.S. Stock Funds - 56.9%
MFS Blended Research Core Equity Fund - Class R6		123,601	$	3,476,888
MFS Blended Research Growth Equity Fund - Class R6		370,911		5,215,005
MFS Blended Research Mid Cap Equity Fund - Class R6		757,823		8,692,233
MFS Blended Research Small Cap Equity Fund - Class R6		160,132		2,172,988
MFS Blended Research Value Equity Fund - Class R6		406,514		5,215,581
MFS Growth Fund - Class R6		49,953		5,215,642
MFS Mid Cap Growth Fund - Class R6		236,088		4,346,378
MFS Mid Cap Value Fund - Class R6		190,782		4,346,006
MFS New Discovery Fund - Class R6		33,631		1,086,618
MFS New Discovery Value Fund - Class R6		71,961		1,086,618
MFS Research Fund - Class R6		80,224		3,476,895
MFS Value Fund - Class R6		134,318		5,215,551
			$	49,546,403
Money Market Funds - 0.3%
MFS Institutional Money Market Portfolio, 2.21% (v)		227,950	$	227,927
Total Investment Companies (Identified Cost, $80,718,751)			$	87,142,322
Other Assets, Less Liabilities - (0.1)%				(61,638)
Net Assets - 100.0%			$	87,080,684

See Portfolio Footnotes and Notes to Financial Statements

31

Portfolio of Investments (unaudited) – continued

MFS LIFETIME 2060 FUND

Investment Companies (h) - 99.4%
Issuer	Shares/Par		Value ($)
Bond Funds - 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6		14,459	$	142,566
MFS Total Return Bond Fund - Class R6		13,987		142,529
			$	285,095
International Stock Funds - 27.8%
MFS Blended Research Emerging Markets Equity Fund - Class R6		4,654	$	57,524
MFS Blended Research International Equity Fund - Class R6		57,760		630,738
MFS Emerging Markets Equity Fund - Class R6		1,812		57,822
MFS International Growth Fund - Class R6		6,355		201,971
MFS International New Discovery Fund - Class R6		6,950		230,311
MFS International Value Fund - Class R6		4,957		201,318
MFS Research International Fund - Class R6		13,164		230,370
			$	1,610,054
Specialty Funds - 9.8%
MFS Commodity Strategy Fund - Class R6		49,983	$	282,403
MFS Global Real Estate Fund - Class R6		18,398		285,357
			$	567,760
U.S. Stock Funds - 56.6%
MFS Blended Research Core Equity Fund - Class R6		8,172	$	229,874
MFS Blended Research Growth Equity Fund - Class R6		24,608		345,995
MFS Blended Research Mid Cap Equity Fund - Class R6		50,227		576,109
MFS Blended Research Small Cap Equity Fund - Class R6		10,537		142,981
MFS Blended Research Value Equity Fund - Class R6		26,770		343,453
MFS Growth Fund - Class R6		3,338		348,465
MFS Mid Cap Growth Fund - Class R6		15,676		288,603
MFS Mid Cap Value Fund - Class R6		12,557		286,050
MFS New Discovery Fund - Class R6		2,232		72,121
MFS New Discovery Value Fund - Class R6		4,730		71,421
MFS Research Fund - Class R6		5,304		229,875
MFS Value Fund - Class R6		8,833		342,996
			$	3,277,943
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 2.21% (v)		11,695	$	11,694
Total Investment Companies (Identified Cost, $5,788,385)			$	5,752,546
Other Assets, Less Liabilities - 0.6%				37,065
Net Assets - 100.0%			$	5,789,611

See Portfolio Footnotes and Notes to Financial Statements

32

Portfolio of Investments (unaudited) – continued

Portfolio Footnotes:

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of each fund’s investments in affiliated issuers were as follows:

	Affiliated Issuers
Lifetime Income Fund	$	558,873,840
Lifetime 2020 Fund		347,069,075
Lifetime 2025 Fund		253,854,227
Lifetime 2030 Fund		567,637,888
Lifetime 2035 Fund		241,497,482
Lifetime 2040 Fund		421,531,515
Lifetime 2045 Fund		167,972,618
Lifetime 2050 Fund		210,870,966
Lifetime 2055 Fund		87,142,322
Lifetime 2060 Fund		5,752,546

(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

33

Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES

At 10/31/18 (unaudited)

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, $523,603,960, $317,082,995, $236,589,923, $471,110,659, and $213,307,715, respectively)		$558,873,840		$347,069,075		$253,854,227		$567,637,888		$241,497,482
Receivables for
Investments sold		1,393,465		945,766		1,548,816		1,188,347		2,011,966
Fund shares sold		604,130		151,719		231,287		582,100		738,299
Receivable from investment adviser		111,516		82,729		69,662		117,916		69,414
Other assets		39,515		35,931		37,886		29,020		40,189
Total assets		$561,022,466		$348,285,220		$255,741,878		$569,555,271		$244,357,350
Liabilities
Payables for
Distributions		$31,428		$—		$—		$—		$—
Investments purchased		—		45,356		190,454		180,455		173,882
Fund shares reacquired		1,834,307		968,413		1,491,013		1,466,030		2,671,204
Payable to affiliates
Shareholder servicing costs		410,757		310,314		241,658		458,916		249,094
Distribution and service fees		11,690		4,573		2,050		7,136		2,143
Program manager fee		352		—		—		—		—
Payable for independent Trustees’ compensation		13		10		13		14		12
Accrued expenses and other liabilities		54,558		38,660		32,570		40,183		32,326
Total liabilities		$2,343,105		$1,367,326		$1,957,758		$2,152,734		$3,128,661
Net assets		$558,679,361		$346,917,894		$253,784,120		$567,402,537		$241,228,689
Net assets consist of
Paid-in capital		$529,618,645		$312,249,685		$233,752,442		$465,718,763		$211,310,444
Total distributable earnings (loss)		29,060,716		34,668,209		20,031,678		101,683,774		29,918,245
Net assets		$558,679,361		$346,917,894		$253,784,120		$567,402,537		$241,228,689

34

Statements of Assets and Liabilities (unaudited) – 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		$106,154,105		$41,807,600		$17,110,425		$57,145,494		$13,962,997
Class B		10,148,035		3,996,792		1,422,831		8,464,701		1,633,520
Class C		116,085,279		12,399,444		3,802,339		15,071,921		2,399,206
Class I		39,353,939		1,715,508		512,894		2,108,697		675,603
Class R1		3,933,107		4,484,987		1,566,871		7,122,626		2,139,585
Class R2		25,788,943		65,816,305		31,617,346		106,780,641		29,662,847
Class R3		52,817,838		76,512,987		65,807,370		132,176,503		58,258,056
Class R4		50,663,267		87,563,685		96,534,204		151,249,705		103,342,352
Class R6		24,844,648		52,620,586		35,409,840		87,282,249		29,154,523
Class 529A		90,367,960		—		—		—		—
Class 529B		4,026,964		—		—		—		—
Class 529C		34,495,276		—		—		—		—
Total net assets		$558,679,361		$346,917,894		$253,784,120		$567,402,537		$241,228,689
Shares of beneficial interest outstanding
Class A		8,823,033		3,247,742		1,353,785		3,767,626		979,324
Class B		843,400		313,899		113,908		568,217		115,959
Class C		9,651,501		987,596		305,860		1,017,961		170,831
Class I		3,270,024		132,174		40,379		138,211		47,242
Class R1		326,561		351,652		125,112		476,219		151,754
Class R2		2,142,677		5,159,230		2,520,766		7,120,369		2,093,596
Class R3		4,389,781		5,941,642		5,212,696		8,736,486		4,082,177
Class R4		4,211,261		6,748,477		7,594,872		9,902,241		7,202,858
Class R6		2,058,939		4,056,197		2,783,578		5,710,755		2,029,675
Class 529A		9,148,814		—		—		—		—
Class 529B		407,697		—		—		—		—
Class 529C		3,493,152		—		—		—		—
Total shares of beneficial interest outstanding		48,766,840		26,938,609		20,050,956		37,438,085		16,873,416
Class A shares
Net asset value per share
(net assets / shares of beneficial interest outstanding)		$12.03		$12.87		$12.64		$15.17		$14.26
Offering price per share (100 / 95.75 × net asset value per share)		$12.56		$—		$—		$—		$—
Offering price per share (100 / 94.25 × net asset value per share)		$—		$13.66		$13.41		$16.10		$15.13
Class B shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$12.03		$12.73		$12.49		$14.90		$14.09
Class C shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$12.03		$12.56		$12.43		$14.81		$14.04
Class I shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.03		$12.98		$12.70		$15.26		$14.30
Class R1 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.04		$12.75		$12.52		$14.96		$14.10

35

Statements of Assets and Liabilities (unaudited) – 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)		$12.04		$12.76		$12.54		$15.00		$14.17
Class R3 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.03		$12.88		$12.62		$15.13		$14.27
Class R4 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.03		$12.98		$12.71		$15.27		$14.35
Class R6 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.07		$12.97		$12.72		$15.28		$14.36
Class 529A shares
Net asset value and redemption price per share
(net assets / shares of beneficial interest outstanding)		$9.88		$—		$—		$—		$—
Offering price per share (100 / 95.75 × net asset value per share)		$10.32		$—		$—		$—		$—
Class 529B shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$9.88		$—		$—		$—		$—
Class 529C shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$9.88		$—		$—		$—		$—

On sales of $100,000 or more, the maximum offering price of Class A and Class 529A shares is reduced for the MFS Lifetime Income Fund. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced for all other funds. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, Class C, Class 529B, and Class 529C shares.

See Notes to Financial Statements

36

Statements of Assets and Liabilities (unaudited) – continued

At 10/31/18	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, $326,269,454, $146,731,397, $180,419,973, $80,718,751, and $5,788,385, respectively)		$421,531,515		$167,972,618		$210,870,966		$87,142,322		$5,752,546
Receivables for
Investments sold		1,705,354		686,040		808,559		1,173,732		—
Fund shares sold		434,127		574,124		480,832		443,234		38,742
Receivable from investment adviser		97,046		58,771		65,450		48,646		22,202
Other assets		38,539		38,707		41,151		39,026		38,745
Total assets		$423,806,581		$169,330,260		$212,266,958		$88,846,960		$5,852,235
Liabilities
Payables for
Investments purchased		$36,829		$247,909		$284,768		$259,953		$30,258
Fund shares reacquired		2,105,249		995,916		997,471		1,361,538		10,497
Payable to affiliates
Shareholder servicing costs		379,831		188,185		211,342		112,942		2,991
Distribution and service fees		4,797		1,399		2,342		978		57
Payable for independent Trustees’ compensation		15		11		12		15		12
Accrued expenses and other liabilities		39,412		31,483		34,614		30,850		18,809
Total liabilities		$2,566,133		$1,464,903		$1,530,549		$1,766,276		$62,624
Net assets		$421,240,448		$167,865,357		$210,736,409		$87,080,684		$5,789,611
Net assets consist of
Paid-in capital		$322,785,767		$146,009,089		$180,497,463		$80,751,232		$5,817,531
Total distributable earnings (loss)		98,454,681		21,856,268		30,238,946		6,329,452		(27,920	)
Net assets		$421,240,448		$167,865,357		$210,736,409		$87,080,684		$5,789,611

37

Statements of Assets and Liabilities (unaudited) – 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		$32,802,281		$7,046,985		$11,386,259		$4,529,169		$572,438
Class B		4,606,310		857,257		1,405,802		508,577		101,137
Class C		10,496,672		2,011,421		2,858,792		1,868,524		149,229
Class I		1,633,180		184,473		514,396		121,739		59,959
Class R1		4,636,233		1,409,078		1,237,523		1,077,078		58,833
Class R2		80,214,687		18,017,533		46,404,955		15,309,716		485,578
Class R3		81,722,644		42,647,489		46,734,760		22,474,604		1,453,277
Class R4		146,724,922		77,994,920		73,540,264		31,265,134		745,402
Class R6		58,403,519		17,696,201		26,653,658		9,926,143		2,163,758
Total net assets		$421,240,448		$167,865,357		$210,736,409		$87,080,684		$5,789,611
Shares of beneficial interest outstanding
Class A		2,057,208		478,543		640,065		301,519		49,686
Class B		292,674		58,888		80,354		34,138		8,834
Class C		675,388		138,721		164,408		126,321		13,044
Class I		101,716		12,453		28,900		8,090		5,186
Class R1		295,779		96,607		71,141		72,602		5,135
Class R2		5,079,589		1,234,542		2,646,263		1,026,477		42,221
Class R3		5,128,108		2,898,331		2,644,976		1,496,392		126,158
Class R4		9,117,905		5,272,375		4,134,310		2,069,272		64,497
Class R6		3,626,711		1,195,332		1,497,714		656,031		187,017
Total shares of beneficial interest outstanding		26,375,078		11,385,792		11,908,131		5,790,842		501,778
Class A shares
Net asset value per share
(net assets / shares of beneficial interest outstanding)		$15.95		$14.73		$17.79		$15.02		$11.52
Offering price per share (100 / 94.25 × net asset value per share)		$16.92		$15.63		$18.88		$15.94		$12.22
Class B shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$15.74		$14.56		$17.50		$14.90		$11.45
Class C shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$15.54		$14.50		$17.39		$14.79		$11.44
Class I shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.06		$14.81		$17.80		$15.05		$11.56
Class R1 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$15.67		$14.59		$17.40		$14.84		$11.46
Class R2 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$15.79		$14.59		$17.54		$14.91		$11.50
Class R3 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$15.94		$14.71		$17.67		$15.02		$11.52
Class R4 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.09		$14.79		$17.79		$15.11		$11.56

38

Statements of Assets and Liabilities (unaudited) – continued

	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Class R6 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.10		$14.80		$17.80		$15.13		$11.57

On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares.

See Notes to Financial Statements

39

Financial Statements

STATEMENTS OF OPERATIONS

Six months ended 10/31/18 (unaudited)

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		$6,147,965			$3,748,731			$2,233,307			$3,660,913			$1,007,978
Excess expense reimbursement from investment adviser		17,201			39,083			26,280			65,777			21,113
Total investment income		$6,165,166			$3,787,814			$2,259,587			$3,726,690			$1,029,091
Expenses
Distribution and service fees		$1,282,802			$453,061			$231,523			$705,172			$214,858
Shareholder servicing costs		412,758			267,957			205,662			405,700			217,069
Program manager fees		31,365			—			—			—			—
Administrative services fee		8,823			8,823			8,823			8,823			8,823
Independent Trustees’ compensation		7,032			4,182			4,094			7,045			4,086
Custodian fee		11,985			5,613			4,575			7,227			4,497
Shareholder communications		20,810			10,052			8,224			11,936			8,828
Audit and tax fees		19,014			18,188			17,776			18,206			17,772
Legal fees		2,621			1,715			1,080			2,530			1,052
Registration fees		71,080			69,561			65,502			81,693			65,062
Miscellaneous		16,113			13,529			12,393			15,029			12,264
Total expenses		$1,884,403			$852,681			$559,652			$1,263,361			$554,311
Reduction of expenses by investment adviser and distributor		(601,954	)		(412,932	)		(332,516	)		(580,303	)		(339,365	)
Net expenses		$1,282,449			$439,749			$227,136			$683,058			$214,946
Net investment income (loss)		$4,882,717			$3,348,065			$2,032,451			$3,043,632			$814,145
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Investments in affiliated issuers		$1,886,900			$3,052,479			$(34,103	)		$2,506,599			$(387,209	)
Capital gain distributions from affiliated issuers		52,946			36,048			32,268			105,033			52,906
Net realized gain (loss)		$1,939,846			$3,088,527			$(1,835	)		$2,611,632			$(334,303	)
Change in unrealized appreciation or depreciation
Affiliated issuers		$(12,445,749	)		$(10,004,072	)		$(6,144,450	)		$(17,439,256	)		$(7,021,813	)
Net realized and unrealized gain (loss)		$(10,505,903	)		$(6,915,545	)		$(6,146,285	)		$(14,827,624	)		$(7,356,116	)
Change in net assets from operations		$(5,623,186	)		$(3,567,480	)		$(4,113,834	)		$(11,783,992	)		$(6,541,971	)

See Notes to Financial Statements

40

Statements of Operations (unaudited) – continued

Six months ended 10/31/18	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		$1,106,880			$283,550			$356,261			$145,579			$7,600
Excess expense reimbursement from investment adviser		44,262			13,040			18,722			7,666			1,377
Total investment income		$1,151,142			$296,590			$374,983			$153,245			$8,977
Expenses
Distribution and service fees		$482,845			$141,857			$229,728			$96,955			$4,513
Shareholder servicing costs		333,131			176,138			209,054			130,692			6,799
Administrative services fee		8,823			8,823			8,823			8,823			8,823
Independent Trustees’ compensation		4,263			2,082			2,139			1,258			527
Custodian fee		6,113			3,976			4,343			3,315			2,709
Shareholder communications		11,624			8,841			10,583			9,811			1,866
Audit and tax fees		18,188			17,763			17,862			17,751			14,168
Legal fees		1,961			713			866			299			11
Registration fees		67,934			63,502			64,577			62,039			59,682
Miscellaneous		13,917			11,709			12,026			10,894			9,915
Total expenses		$948,799			$435,404			$560,001			$341,837			$109,013
Reduction of expenses by investment adviser and distributor		(477,218	)		(293,348	)		(330,102	)		(244,744	)		(105,130	)
Net expenses		$471,581			$142,056			$229,899			$97,093			$3,883
Net investment income (loss)		$679,561			$154,534			$145,084			$56,152			$5,094
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Investments in affiliated issuers		$1,368,854			$(234,152	)		$(20,550	)		$(333,496	)		$(11,857	)
Capital gain distributions from affiliated issuers		104,638			42,786			54,244			21,714			1,105
Net realized gain (loss)		$1,473,492			$(191,366	)		$33,694			$(311,782	)		$(10,752	)
Change in unrealized appreciation or depreciation
Affiliated issuers		$(13,886,911	)		$(5,173,170	)		$(6,512,776	)		$(2,646,811	)		$(212,168	)
Net realized and unrealized gain (loss)		$(12,413,419	)		$(5,364,536	)		$(6,479,082	)		$(2,958,593	)		$(222,920	)
Change in net assets from operations		$(11,733,858	)		$(5,210,002	)		$(6,333,998	)		$(2,902,441	)		$(217,826	)

See Notes to Financial Statements

41

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.

Six months ended 10/31/18 (unaudited)	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)		$4,882,717			$3,348,065			$2,032,451			$3,043,632			$814,145
Net realized gain (loss)		1,939,846			3,088,527			(1,835	)		2,611,632			(334,303	)
Net unrealized gain (loss)		(12,445,749	)		(10,004,072	)		(6,144,450	)		(17,439,256	)		(7,021,813	)
Change in net assets from operations		$(5,623,186	)		$(3,567,480	)		$(4,113,834	)		$(11,783,992	)		$(6,541,971	)
Total distributions declared to shareholders (a)		$(4,530,748	)		$—			$—			$—			$—
Change in net assets from fund share transactions		$389,614			$(9,255,835	)		$20,869,797			$13,159,045			$20,989,159
Total change in net assets		$(9,764,320	)		$(12,823,315	)		$16,755,963			$1,375,053			$14,447,188
Net assets
At beginning of period		568,443,681			359,741,209			237,028,157			566,027,484			226,781,501
At end of period (b)		$558,679,361			$346,917,894			$253,784,120			$567,402,537			$241,228,689
Six months ended 10/31/18 (unaudited)	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)		$679,561			$154,534			$145,084			$56,152			$5,094
Net realized gain (loss)		1,473,492			(191,366	)		33,694			(311,782	)		(10,752	)
Net unrealized gain (loss)		(13,886,911	)		(5,173,170	)		(6,512,776	)		(2,646,811	)		(212,168	)
Change in net assets from operations		$(11,733,858	)		$(5,210,002	)		$(6,333,998	)		$(2,902,441	)		$(217,826	)
Change in net assets from fund share transactions		$4,674,180			$11,643,186			$10,104,912			$10,508,793			$2,420,856
Total change in net assets		$(7,059,678	)		$6,433,184			$3,770,914			$7,606,352			$2,203,030
Net assets
At beginning of period		428,300,126			161,432,173			206,965,495			79,474,332			3,586,581
At end of period (b)		$421,240,448			$167,865,357			$210,736,409			$87,080,684			$5,789,611

(a) Distributions from net investment income and from net realized gain are no longer required to be separately disclosed. See Note 2.

(b) Disclosure of accumulated undistributed (distributions in excess of) net investment income is no longer required. See Note 2.

See Notes to Financial Statements

42

Statements of Changes in Net Assets – continued

Year ended 4/30/18	MFS Lifetime Income Fund			MFS Lifetime 2020 Fund			MFS Lifetime 2025 Fund			MFS Lifetime 2030 Fund			MFS Lifetime 2035 Fund
Change in net assets
From operations
Net investment income (loss)		$12,248,558			$9,053,361			$6,104,821			$12,916,023			$5,412,821
Net realized gain (loss)		9,149,037			10,737,310			3,814,032			14,091,381			4,378,744
Net unrealized gain (loss)		1,647,472			306,667			7,735,241			27,519,285			15,838,114
Change in net assets from operations		$23,045,067			$20,097,338			$17,654,094			$54,526,689			$25,629,679
Distributions declared to shareholders
From net investment income		$(11,725,110	)		$(9,447,696	)		$(6,035,032	)		$(12,700,078	)		$(5,350,080	)
From net realized gain		(7,262,985	)		(5,976,014	)		(1,273,636	)		(6,963,252	)		(1,412,067	)
Total distributions declared to shareholders		$(18,988,095	)		$(15,423,710	)		$(7,308,668	)		$(19,663,330	)		$(6,762,147	)
Change in net assets from fund share transactions		$(62,694,772	)		$(41,708,495	)		$(1,214,603	)		$4,246,793			$8,153,171
Total change in net assets		$(58,637,800	)		$(37,034,867	)		$9,130,823			$39,110,152			$27,020,703
Net assets
At beginning of period		627,081,481			396,776,076			227,897,334			526,917,332			199,760,798
At end of period		$568,443,681			$359,741,209			$237,028,157			$566,027,484			$226,781,501
Accumulated undistributed (distributions in excess of) net investment income included in net assets at end of period		$(59,485	)		$1,735,424			$935,857			$1,363,169			$310,762
Year ended 4/30/18	MFS Lifetime 2040 Fund			MFS Lifetime 2045 Fund			MFS Lifetime 2050 Fund			MFS Lifetime 2055 Fund			MFS Lifetime 2060 Fund
Change in net assets
From operations
Net investment income (loss)		$9,182,515			$3,461,400			$3,972,055			$1,373,717			$41,636
Net realized gain (loss)		12,410,987			2,729,112			2,395,401			789,950			17,911
Net unrealized gain (loss)		31,575,253			12,922,254			16,460,846			5,111,584			117,954
Change in net assets from operations		$53,168,755			$19,112,766			$22,828,302			$7,275,251			$177,501
Distributions declared to shareholders
From net investment income		$(9,137,025	)		$(3,460,011	)		$(3,975,024	)		$(1,373,041	)		$(42,050	)
From net realized gain		(4,594,684	)		(1,046,064	)		(1,503,192	)		(325,232	)		(10,550	)
Total distributions declared to shareholders		$(13,731,709	)		$(4,506,075	)		$(5,478,216	)		$(1,698,273	)		$(52,600	)
Change in net assets from fund share transactions		$(15,042,496	)		$14,561,368			$28,440,187			$27,743,129			$2,439,339
Total change in net assets		$24,394,550			$29,168,059			$45,790,273			$33,320,107			$2,564,240
Net assets
At beginning of period		403,905,576			132,264,114			161,175,222			46,154,225			1,022,341
At end of period		$428,300,126			$161,432,173			$206,965,495			$79,474,332			$3,586,581
Accumulated undistributed (distributions in excess of) net investment income included in net assets at end of period		$163,816			$8,964			$(2,969	)		$1,066			$34

See Notes to Financial Statements

43

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 semiannual period and the past 5 fiscal 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.

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class A	(unaudited)
Net asset value, beginning of period		$12.25			$12.20			$12.08			$12.29			$12.15			$11.97
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.12			$0.27			$0.21			$0.18			$0.21			$0.23
Net realized and unrealized gain (loss)		(0.23	)		0.20			0.39			(0.11	)		0.22			0.22
Total from investment operations		$(0.11	)		$0.47			$0.60			$0.07			$0.43			$0.45
Less distributions declared to shareholders
From net investment income		$(0.11	)		$(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		$(0.11	)		$(0.42	)		$(0.48	)		$(0.28	)		$(0.29	)		$(0.27	)
Net asset value, end of period (x)		$12.03			$12.25			$12.20			$12.08			$12.29			$12.15
Total return (%) (r)(s)(t)(x)		(0.91	)(n)		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	(a)		0.45			0.46			0.38			0.39			0.39
Expenses after expense reductions (f)(h)		0.24	(a)		0.24			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.89	(a)		2.19			1.74			1.54			1.68			1.95
Portfolio turnover		5	(n)		11			25			10			14			10
Net assets at end of period (000 omitted)		$106,154			$108,482			$115,872			$120,810			$126,212			$108,202
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class B	(unaudited)
Net asset value, beginning of period		$12.25			$12.20			$12.08			$12.29			$12.15			$11.97
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.07			$0.17			$0.12			$0.09			$0.11			$0.15
Net realized and unrealized gain (loss)		(0.23	)		0.21			0.39			(0.11	)		0.23			0.21
Total from investment operations		$(0.16	)		$0.38			$0.51			$(0.02	)		$0.34			$0.36
Less distributions declared to shareholders
From net investment income		$(0.06	)		$(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		$(0.06	)		$(0.33	)		$(0.39	)		$(0.19	)		$(0.20	)		$(0.18	)
Net asset value, end of period (x)		$12.03			$12.25			$12.20			$12.08			$12.29			$12.15
Total return (%) (r)(s)(t)(x)		(1.29	)(n)		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	(a)		1.20			1.21			1.13			1.14			1.14
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.14	(a)		1.40			0.98			0.79			0.93			1.22
Portfolio turnover		5	(n)		11			25			10			14			10
Net assets at end of period (000 omitted)		$10,148			$11,818			$15,801			$18,088			$20,720			$18,577

See Notes to Financial Statements

44

Financial Highlights – continued

MFS LIFETIME INCOME FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class C	(unaudited)
Net asset value, beginning of period		$12.25			$12.19			$12.08			$12.29			$12.15			$11.97
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.07			$0.18			$0.12			$0.09			$0.11			$0.15
Net realized and unrealized gain (loss)		(0.23	)		0.21			0.38			(0.11	)		0.23			0.21
Total from investment operations		$(0.16	)		$0.39			$0.50			$(0.02	)		$0.34			$0.36
Less distributions declared to shareholders
From net investment income		$(0.06	)		$(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		$(0.06	)		$(0.33	)		$(0.39	)		$(0.19	)		$(0.20	)		$(0.18	)
Net asset value, end of period (x)		$12.03			$12.25			$12.19			$12.08			$12.29			$12.15
Total return (%) (r)(s)(t)(x)		(1.29	)(n)		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	(a)		1.20			1.21			1.13			1.14			1.14
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.14	(a)		1.43			0.98			0.79			0.93			1.22
Portfolio turnover		5	(n)		11			25			10			14			10
Net assets at end of period (000 omitted)		$116,085			$128,791			$147,518			$153,472			$162,868			$129,848
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class I	(unaudited)
Net asset value, beginning of period		$12.25			$12.20			$12.08			$12.30			$12.15			$11.98
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.13			$0.31			$0.24			$0.21			$0.23			$0.27
Net realized and unrealized gain (loss)		(0.22	)		0.19			0.39			(0.12	)		0.25			0.20
Total from investment operations		$(0.09	)		$0.50			$0.63			$0.09			$0.48			$0.47
Less distributions declared to shareholders
From net investment income		$(0.13	)		$(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		$(0.13	)		$(0.45	)		$(0.51	)		$(0.31	)		$(0.33	)		$(0.30	)
Net asset value, end of period (x)		$12.03			$12.25			$12.20			$12.08			$12.30			$12.15
Total return (%) (r)(s)(t)(x)		(0.79	)(n)		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	(a)		0.20			0.21			0.13			0.14			0.14
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.15	(a)		2.46			1.98			1.76			1.92			2.23
Portfolio turnover		5	(n)		11			25			10			14			10
Net assets at end of period (000 omitted)		$39,354			$32,496			$32,683			$26,134			$29,661			$26,507

See Notes to Financial Statements

45

Financial Highlights – continued

MFS LIFETIME INCOME FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R1	(unaudited)
Net asset value, beginning of period		$12.26			$12.21			$12.09			$12.30			$12.16			$11.98
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.07			$0.18			$0.12			$0.10			$0.12			$0.15
Net realized and unrealized gain (loss)		(0.23	)		0.20			0.39			(0.12	)		0.22			0.21
Total from investment operations		$(0.16	)		$0.38			$0.51			$(0.02	)		$0.34			$0.36
Less distributions declared to shareholders
From net investment income		$(0.06	)		$(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		$(0.06	)		$(0.33	)		$(0.39	)		$(0.19	)		$(0.20	)		$(0.18	)
Net asset value, end of period (x)		$12.04			$12.26			$12.21			$12.09			$12.30			$12.16
Total return (%) (r)(s)(t)(x)		(1.28	)(n)		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	(a)		1.20			1.21			1.13			1.14			1.14
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.14	(a)		1.42			0.96			0.79			0.95			1.22
Portfolio turnover		5	(n)		11			25			10			14			10
Net assets at end of period (000 omitted)		$3,933			$4,344			$4,453			$5,332			$5,606			$2,368
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R2	(unaudited)
Net asset value, beginning of period		$12.26			$12.20			$12.08			$12.30			$12.16			$11.98
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.10			$0.24			$0.18			$0.16			$0.18			$0.21
Net realized and unrealized gain (loss)		(0.23	)		0.21			0.39			(0.13	)		0.22			0.21
Total from investment operations		$(0.13	)		$0.45			$0.57			$0.03			$0.40			$0.42
Less distributions declared to shareholders
From net investment income		$(0.09	)		$(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		$(0.09	)		$(0.39	)		$(0.45	)		$(0.25	)		$(0.26	)		$(0.24	)
Net asset value, end of period (x)		$12.04			$12.26			$12.20			$12.08			$12.30			$12.16
Total return (%) (r)(s)(t)(x)		(1.04	)(n)		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	(a)		0.70			0.71			0.63			0.64			0.64
Expenses after expense reductions (f)(h)		0.49	(a)		0.49			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.64	(a)		1.91			1.49			1.32			1.46			1.72
Portfolio turnover		5	(n)		11			25			10			14			10
Net assets at end of period (000 omitted)		$25,789			$27,110			$31,542			$24,621			$28,528			$7,506

See Notes to Financial Statements

46

Financial Highlights – continued

MFS LIFETIME INCOME FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R3	(unaudited)
Net asset value, beginning of period		$12.25			$12.20			$12.08			$12.30			$12.15			$11.97
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.12			$0.27			$0.21			$0.17			$0.21			$0.23
Net realized and unrealized gain (loss)		(0.23	)		0.20			0.39			(0.11	)		0.23			0.22
Total from investment operations		$(0.11	)		$0.47			$0.60			$0.06			$0.44			$0.45
Less distributions declared to shareholders
From net investment income		$(0.11	)		$(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		$(0.11	)		$(0.42	)		$(0.48	)		$(0.28	)		$(0.29	)		$(0.27	)
Net asset value, end of period (x)		$12.03			$12.25			$12.20			$12.08			$12.30			$12.15
Total return (%) (r)(s)(t)(x)		(0.91	)(n)		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	(a)		0.45			0.47			0.38			0.39			0.39
Expenses after expense reductions (f)(h)		0.24	(a)		0.24			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.89	(a)		2.21			1.74			1.46			1.68			1.96
Portfolio turnover		5	(n)		11			25			10			14			10
Net assets at end of period (000 omitted)		$52,818			$54,156			$49,628			$33,728			$25,641			$14,526
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R4	(unaudited)
Net asset value, beginning of period		$12.25			$12.20			$12.08			$12.30			$12.16			$11.98
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.13			$0.31			$0.24			$0.21			$0.24			$0.27
Net realized and unrealized gain (loss)		(0.22	)		0.19			0.39			(0.12	)		0.23			0.21
Total from investment operations		$(0.09	)		$0.50			$0.63			$0.09			$0.47			$0.48
Less distributions declared to shareholders
From net investment income		$(0.13	)		$(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		$(0.13	)		$(0.45	)		$(0.51	)		$(0.31	)		$(0.33	)		$(0.30	)
Net asset value, end of period (x)		$12.03			$12.25			$12.20			$12.08			$12.30			$12.16
Total return (%) (r)(s)(t)(x)		(0.79	)(n)		4.10			5.35			0.75			3.92			4.07
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.20	(a)		0.21			0.21			0.13			0.14			0.14
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.14	(a)		2.51			2.01			1.78			1.93			2.22
Portfolio turnover		5	(n)		11			25			10			14			10
Net assets at end of period (000 omitted)		$50,663			$52,790			$112,472			$83,522			$75,336			$33,109

See Notes to Financial Statements

47

Financial Highlights – continued

MFS LIFETIME INCOME FUND – continued

							Six months ended 10/31/18			Year ended
										4/30/18			4/30/17 (i)
Class R6							(unaudited)
Net asset value, beginning of period								$12.29			$12.23			$12.37
Income (loss) from investment operations
Net investment income (loss) (d)(l)								$0.14			$0.35			$0.11
Net realized and unrealized gain (loss)								(0.23	)		0.17			0.21
Total from investment operations								$(0.09	)		$0.52			$0.32
Less distributions declared to shareholders
From net investment income								$(0.13	)		$(0.31	)		$(0.22	)
From net realized gain								—			(0.15	)		(0.24	)
Total distributions declared to shareholders								$(0.13	)		$(0.46	)		$(0.46	)
Net asset value, end of period (x)								$12.07			$12.29			$12.23
Total return (%) (r)(s)(t)(x)								(0.74	)(n)		4.28			2.70	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)								0.11	(a)		0.10			0.21	(a)
Expenses after expense reductions (f)(h)								0.00	(a)		0.00			0.00	(a)
Net investment income (loss) (l)								2.23	(a)		2.83			1.34	(a)
Portfolio turnover								5	(n)		11			25
Net assets at end of period (000 omitted)								$24,845			$26,728			$6,775
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15 (i)
Class 529A	(unaudited)
Net asset value, beginning of period		$10.06			$10.04			$9.98			$10.17			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.09			$0.22			$0.17			$0.15			$0.02
Net realized and unrealized gain (loss)		(0.18	)		0.17			0.32			(0.10	)		0.19
Total from investment operations		$(0.09	)		$0.39			$0.49			$0.05			$0.21
Less distributions declared to shareholders
From net investment income		$(0.09	)		$(0.22	)		$(0.19	)		$(0.15	)		$(0.04	)
From net realized gain		—			(0.15	)		(0.24	)		(0.09	)		—
Total distributions declared to shareholders		$(0.09	)		$(0.37	)		$(0.43	)		$(0.24	)		$(0.04	)
Net asset value, end of period (x)		$9.88			$10.06			$10.04			$9.98			$10.17
Total return (%) (r)(s)(t)(x)		(0.93	)(n)		3.84			5.08			0.53			2.07	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.50	(a)		0.53			0.56			0.48			0.53	(a)
Expenses after expense reductions (f)(h)		0.27	(a)		0.28			0.29			0.29			0.30	(a)
Net investment income (loss) (l)		1.86	(a)		2.16			1.70			1.48			0.70	(a)
Portfolio turnover		5	(n)		11			25			10			14
Net assets at end of period (000 omitted)		$90,368			$83,713			$73,448			$52,434			$47,993

See Notes to Financial Statements

48

Financial Highlights – continued

MFS LIFETIME INCOME FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15 (i)
Class 529B	(unaudited)
Net asset value, beginning of period		$10.06			$10.04			$9.98			$10.17			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.06			$0.14			$0.10			$0.07			$(0.00	)(w)
Net realized and unrealized gain (loss)		(0.19	)		0.17			0.32			(0.10	)		0.18
Total from investment operations		$(0.13	)		$0.31			$0.42			$(0.03	)		$0.18
Less distributions declared to shareholders
From net investment income		$(0.05	)		$(0.14	)		$(0.12	)		$(0.07	)		$(0.01	)
From net realized gain		—			(0.15	)		(0.24	)		(0.09	)		—
Total distributions declared to shareholders		$(0.05	)		$(0.29	)		$(0.36	)		$(0.16	)		$(0.01	)
Net asset value, end of period (x)		$9.88			$10.06			$10.04			$9.98			$10.17
Total return (%) (r)(s)(t)(x)		(1.30	)(n)		3.07			4.30			(0.22	)		1.83	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.25	(a)		1.28			1.31			1.23			1.28	(a)
Expenses after expense reductions (f)(h)		1.02	(a)		1.04			1.05			1.04			1.04	(a)
Net investment income (loss) (l)		1.11	(a)		1.36			0.96			0.73			(0.05	)(a)
Portfolio turnover		5	(n)		11			25			10			14
Net assets at end of period (000 omitted)		$4,027			$3,975			$4,722			$3,456			$3,428
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15 (i)
Class 529C	(unaudited)
Net asset value, beginning of period		$10.05			$10.04			$9.98			$10.17			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.06			$0.14			$0.09			$0.07			$(0.00	)(w)
Net realized and unrealized gain (loss)		(0.18	)		0.16			0.33			(0.10	)		0.18
Total from investment operations		$(0.12	)		$0.30			$0.42			$(0.03	)		$0.18
Less distributions declared to shareholders
From net investment income		$(0.05	)		$(0.14	)		$(0.12	)		$(0.07	)		$(0.01	)
From net realized gain		—			(0.15	)		(0.24	)		(0.09	)		—
Total distributions declared to shareholders		$(0.05	)		$(0.29	)		$(0.36	)		$(0.16	)		$(0.01	)
Net asset value, end of period (x)		$9.88			$10.05			$10.04			$9.98			$10.17
Total return (%) (r)(s)(t)(x)		(1.21	)(n)		2.97			4.30			(0.22	)		1.83	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.25	(a)		1.28			1.31			1.23			1.28	(a)
Expenses after expense reductions (f)(h)		1.03	(a)		1.04			1.05			1.04			1.05	(a)
Net investment income (loss) (l)		1.10	(a)		1.40			0.94			0.74			(0.05	)(a)
Portfolio turnover		5	(n)		11			25			10			14
Net assets at end of period (000 omitted)		$34,495			$34,039			$32,166			$26,047			$23,987

See Notes to Financial Statements

49

Financial Highlights – continued

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

(l) 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 and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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

50

Financial Highlights – continued

MFS LIFETIME 2020 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal 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.

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class A	(unaudited)
Net asset value, beginning of period		$13.01			$12.94			$13.08			$13.52			$13.16			$12.49
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.12			$0.29			$0.23			$0.20			$0.22			$0.25
Net realized and unrealized gain (loss)		(0.26	)		0.35			0.60			(0.18	)		0.40			0.64
Total from investment operations		$(0.14	)		$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)		$12.87			$13.01			$12.94			$13.08			$13.52			$13.16
Total return (%) (r)(s)(t)(x)		(1.08	)(n)		4.94			6.60			0.20			4.76			7.18
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.49	(a)		0.48			0.48			0.40			0.42			0.40
Expenses after expense reductions (f)(h)		0.24	(a)		0.24			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.83	(a)		2.22			1.73			1.52			1.62			1.96
Portfolio turnover		7	(n)		19			35			11			18			12
Net assets at end of period (000 omitted)		$41,808			$46,580			$50,239			$46,171			$45,846			$55,682
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class B	(unaudited)
Net asset value, beginning of period		$12.92			$12.84			$12.98			$13.41			$13.06			$12.40
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.07			$0.19			$0.13			$0.10			$0.12			$0.14
Net realized and unrealized gain (loss)		(0.26	)		0.35			0.59			(0.17	)		0.39			0.64
Total from investment operations		$(0.19	)		$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)		$12.73			$12.92			$12.84			$12.98			$13.41			$13.06
Total return (%) (r)(s)(t)(x)		(1.47	)(n)		4.21			5.75			(0.49	)		3.96			6.33
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.24	(a)		1.23			1.22			1.15			1.17			1.15
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.07	(a)		1.46			0.99			0.77			0.93			1.12
Portfolio turnover		7	(n)		19			35			11			18			12
Net assets at end of period (000 omitted)		$3,997			$4,420			$5,425			$6,376			$6,605			$7,055

See Notes to Financial Statements

51

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class C	(unaudited)
Net asset value, beginning of period		$12.74			$12.67			$12.83			$13.26			$12.92			$12.27
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.07			$0.19			$0.13			$0.10			$0.12			$0.14
Net realized and unrealized gain (loss)		(0.25	)		0.34			0.58			(0.18	)		0.39			0.64
Total from investment operations		$(0.18	)		$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)		$12.56			$12.74			$12.67			$12.83			$13.26			$12.92
Total return (%) (r)(s)(t)(x)		(1.41	)(n)		4.20			5.76			(0.53	)		3.97			6.36
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.24	(a)		1.23			1.23			1.15			1.17			1.15
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.07	(a)		1.47			0.98			0.76			0.92			1.13
Portfolio turnover		7	(n)		19			35			11			18			12
Net assets at end of period (000 omitted)		$12,399			$13,178			$16,629			$17,196			$18,428			$18,515
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class I	(unaudited)
Net asset value, beginning of period		$13.10			$13.03			$13.16			$13.60			$13.24			$12.56
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.14			$0.33			$0.30			$0.23			$0.26			$0.27
Net realized and unrealized gain (loss)		(0.26	)		0.35			0.57			(0.18	)		0.40			0.66
Total from investment operations		$(0.12	)		$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)		$12.98			$13.10			$13.03			$13.16			$13.60			$13.24
Total return (%) (r)(s)(t)(x)		(0.92	)(n)		5.19			6.91			0.45			5.03			7.42
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.24	(a)		0.23			0.21			0.15			0.17			0.15
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.07	(a)		2.50			2.25			1.78			1.93			2.10
Portfolio turnover		7	(n)		19			35			11			18			12
Net assets at end of period (000 omitted)		$1,716			$1,742			$1,631			$4,466			$7,312			$2,916

See Notes to Financial Statements

52

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R1	(unaudited)
Net asset value, beginning of period		$12.94			$12.88			$13.00			$13.42			$13.06			$12.39
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.07			$0.20			$0.12			$0.10			$0.12			$0.14
Net realized and unrealized gain (loss)		(0.26	)		0.34			0.60			(0.18	)		0.40			0.64
Total from investment operations		$(0.19	)		$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)		$12.75			$12.94			$12.88			$13.00			$13.42			$13.06
Total return (%) (r)(s)(t)(x)		(1.47	)(n)		4.19			5.73			(0.54	)		3.99			6.35
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.24	(a)		1.23			1.22			1.15			1.17			1.15
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.08	(a)		1.49			0.95			0.78			0.93			1.12
Portfolio turnover		7	(n)		19			35			11			18			12
Net assets at end of period (000 omitted)		$4,485			$4,587			$4,355			$4,794			$6,357			$7,494
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R2	(unaudited)
Net asset value, beginning of period		$12.91			$12.84			$13.00			$13.43			$13.08			$12.42
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.10			$0.26			$0.19			$0.17			$0.19			$0.21
Net realized and unrealized gain (loss)		(0.25	)		0.35			0.59			(0.18	)		0.39			0.64
Total from investment operations		$(0.15	)		$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)		$12.76			$12.91			$12.84			$13.00			$13.43			$13.08
Total return (%) (r)(s)(t)(x)		(1.16	)(n)		4.73			6.26			0.01			4.48			6.83
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.74	(a)		0.73			0.73			0.65			0.67			0.65
Expenses after expense reductions (f)(h)		0.49	(a)		0.49			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.57	(a)		1.97			1.49			1.28			1.42			1.63
Portfolio turnover		7	(n)		19			35			11			18			12
Net assets at end of period (000 omitted)		$65,816			$72,233			$76,217			$63,116			$68,263			$71,178

See Notes to Financial Statements

53

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R3	(unaudited)
Net asset value, beginning of period		$13.01			$12.95			$13.09			$13.53			$13.18			$12.50
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.12			$0.30			$0.22			$0.19			$0.22			$0.24
Net realized and unrealized gain (loss)		(0.25	)		0.34			0.61			(0.17	)		0.40			0.66
Total from investment operations		$(0.13	)		$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)		$12.88			$13.01			$12.95			$13.09			$13.53			$13.18
Total return (%) (r)(s)(t)(x)		(1.00	)(n)		4.90			6.59			0.20			4.72			7.20
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.49	(a)		0.48			0.48			0.40			0.42			0.40
Expenses after expense reductions (f)(h)		0.24	(a)		0.24			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.82	(a)		2.24			1.71			1.45			1.67			1.86
Portfolio turnover		7	(n)		19			35			11			18			12
Net assets at end of period (000 omitted)		$76,513			$84,245			$74,655			$63,904			$51,380			$44,145
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R4	(unaudited)
Net asset value, beginning of period		$13.10			$13.01			$13.15			$13.58			$13.23			$12.55
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.14			$0.34			$0.27			$0.23			$0.26			$0.27
Net realized and unrealized gain (loss)		(0.26	)		0.34			0.59			(0.17	)		0.39			0.66
Total from investment operations		$(0.12	)		$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)		$12.98			$13.10			$13.01			$13.15			$13.58			$13.23
Total return (%) (r)(s)(t)(x)		(0.92	)(n)		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	(a)		0.24			0.23			0.15			0.17			0.15
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.08	(a)		2.56			2.02			1.76			1.94			2.13
Portfolio turnover		7	(n)		19			35			11			18			12
Net assets at end of period (000 omitted)		$87,564			$87,475			$146,535			$165,273			$159,446			$147,311

See Notes to Financial Statements

54

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$13.09			$13.02			$13.60
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.15			$0.38			$0.11
Net realized and unrealized gain (loss)		(0.27	)		0.31			0.32
Total from investment operations		$(0.12	)		$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)		$12.97			$13.09			$13.02
Total return (%) (r)(s)(t)(x)		(0.92	)(n)		5.33			3.43	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.11	(a)		0.10			0.16	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00	(a)
Net investment income (loss) (l)		2.20	(a)		2.82			1.28	(a)
Portfolio turnover		7	(n)		19			35
Net assets at end of period (000 omitted)		$52,621			$45,280			$21,091

(a) Annualized.

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

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

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

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

(l) 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 and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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

55

Financial Highlights – continued

MFS LIFETIME 2025 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal 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.

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class A	(unaudited)
Net asset value, beginning of period		$12.83			$12.35			$11.76			$12.19			$11.81			$10.86
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.10			$0.29			$0.20			$0.16			$0.19			$0.20
Net realized and unrealized gain (loss)		(0.29	)		0.62			0.84			(0.24	)		0.47			0.94
Total from investment operations		$(0.19	)		$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)		$12.64			$12.83			$12.35			$11.76			$12.19			$11.81
Total return (%) (r)(s)(t)(x)		(1.48	)(n)		7.34			9.03			(0.60	)		5.64			10.52
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.53	(a)		0.54			0.55			0.53			0.48			0.52
Expenses after expense reductions (f)(h)		0.23	(a)		0.23			0.24			0.23			0.23			0.25
Net investment income (loss) (l)		1.53	(a)		2.28			1.62			1.34			1.58			1.74
Portfolio turnover		7	(n)		37			33			10			13			10
Net assets at end of period (000 omitted)		$17,110			$16,710			$14,518			$12,598			$8,807			$4,238
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class B	(unaudited)
Net asset value, beginning of period		$12.72			$12.26			$11.68			$12.11			$11.75			$10.83
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.05			$0.19			$0.10			$0.07			$0.10			$0.10
Net realized and unrealized gain (loss)		(0.28	)		0.60			0.85			(0.24	)		0.47			0.94
Total from investment operations		$(0.23	)		$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)		$12.49			$12.72			$12.26			$11.68			$12.11			$11.75
Total return (%) (r)(s)(t)(x)		(1.81	)(n)		6.40			8.23			(1.37	)		4.83			9.68
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.28	(a)		1.29			1.29			1.28			1.23			1.28
Expenses after expense reductions (f)(h)		0.98	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.77	(a)		1.47			0.86			0.59			0.83			0.87
Portfolio turnover		7	(n)		37			33			10			13			10
Net assets at end of period (000 omitted)		$1,423			$1,472			$1,340			$1,190			$1,035			$754

See Notes to Financial Statements

56

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class C	(unaudited)
Net asset value, beginning of period		$12.66			$12.21			$11.63			$12.07			$11.71			$10.83
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.05			$0.19			$0.10			$0.07			$0.10			$0.13
Net realized and unrealized gain (loss)		(0.28	)		0.60			0.84			(0.24	)		0.47			0.91
Total from investment operations		$(0.23	)		$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)		$12.43			$12.66			$12.21			$11.63			$12.07			$11.71
Total return (%) (r)(s)(t)(x)		(1.82	)(n)		6.42			8.24			(1.37	)		4.86			9.65
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.28	(a)		1.29			1.29			1.28			1.23			1.27
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.76	(a)		1.50			0.83			0.59			0.80			1.15
Portfolio turnover		7	(n)		37			33			10			13			10
Net assets at end of period (000 omitted)		$3,802			$3,571			$3,311			$2,846			$2,213			$1,376
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class I	(unaudited)
Net asset value, beginning of period		$12.87			$12.40			$11.79			$12.22			$11.83			$10.87
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.12			$0.25			$0.27			$0.19			$0.23			$0.24
Net realized and unrealized gain (loss)		(0.29	)		0.68			0.82			(0.25	)		0.46			0.92
Total from investment operations		$(0.17	)		$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)		$12.70			$12.87			$12.40			$11.79			$12.22			$11.83
Total return (%) (r)(s)(t)(x)		(1.32	)(n)		7.44			9.42			(0.39	)		5.89			10.72
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.28	(a)		0.32			0.28			0.29			0.23			0.27
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		1.75	(a)		1.96			2.25			1.59			1.87			2.09
Portfolio turnover		7	(n)		37			33			10			13			10
Net assets at end of period (000 omitted)		$513			$538			$127			$4,563			$1,889			$443

See Notes to Financial Statements

57

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R1	(unaudited)
Net asset value, beginning of period		$12.76			$12.33			$11.79			$12.17			$11.78			$10.83
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.05			$0.20			$0.09			$0.06			$0.09			$0.10
Net realized and unrealized gain (loss)		(0.29	)		0.60			0.86			(0.24	)		0.48			0.94
Total from investment operations		$(0.24	)		$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)		$12.52			$12.76			$12.33			$11.79			$12.17			$11.78
Total return (%) (r)(s)(t)(x)		(1.88	)(n)		6.46			8.24			(1.40	)		4.88			9.63
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.28	(a)		1.30			1.31			1.26			1.23			1.29
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.75	(a)		1.58			0.77			0.51			0.73			0.85
Portfolio turnover		7	(n)		37			33			10			13			10
Net assets at end of period (000 omitted)		$1,567			$1,234			$432			$87			$163			$120
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R2	(unaudited)
Net asset value, beginning of period		$12.74			$12.29			$11.73			$12.17			$11.78			$10.85
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.08			$0.26			$0.17			$0.12			$0.15			$0.13
Net realized and unrealized gain (loss)		(0.28	)		0.60			0.84			(0.24	)		0.49			0.97
Total from investment operations		$(0.20	)		$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)		$12.54			$12.74			$12.29			$11.73			$12.17			$11.78
Total return (%) (r)(s)(t)(x)		(1.57	)(n)		6.95			8.75			(0.89	)		5.42			10.19
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.78	(a)		0.79			0.81			0.79			0.73			0.76
Expenses after expense reductions (f)(h)		0.50	(a)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.25	(a)		2.06			1.40			1.02			1.27			1.09
Portfolio turnover		7	(n)		37			33			10			13			10
Net assets at end of period (000 omitted)		$31,617			$35,799			$23,253			$7,489			$4,200			$3,799

See Notes to Financial Statements

58

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R3	(unaudited)
Net asset value, beginning of period		$12.81			$12.35			$11.76			$12.19			$11.80			$10.86
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.10			$0.29			$0.20			$0.15			$0.17			$0.19
Net realized and unrealized gain (loss)		(0.29	)		0.60			0.85			(0.23	)		0.49			0.93
Total from investment operations		$(0.19	)		$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)		$12.62			$12.81			$12.35			$11.76			$12.19			$11.80
Total return (%) (r)(s)(t)(x)		(1.48	)(n)		7.19			9.08			(0.60	)		5.65			10.39
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.53	(a)		0.54			0.55			0.54			0.48			0.53
Expenses after expense reductions (f)(h)		0.25	(a)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.50	(a)		2.24			1.61			1.27			1.45			1.70
Portfolio turnover		7	(n)		37			33			10			13			10
Net assets at end of period (000 omitted)		$65,807			$63,426			$39,042			$22,370			$12,732			$8,877
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R4	(unaudited)
Net asset value, beginning of period		$12.88			$12.40			$11.79			$12.22			$11.83			$10.87
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.12			$0.35			$0.22			$0.19			$0.22			$0.21
Net realized and unrealized gain (loss)		(0.29	)		0.58			0.87			(0.25	)		0.47			0.95
Total from investment operations		$(0.17	)		$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)		$12.71			$12.88			$12.40			$11.79			$12.22			$11.83
Total return (%) (r)(s)(t)(x)		(1.32	)(n)		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	(a)		0.28			0.30			0.28			0.23			0.28
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		1.76	(a)		2.68			1.84			1.59			1.82			1.88
Portfolio turnover		7	(n)		37			33			10			13			10
Net assets at end of period (000 omitted)		$96,534			$81,894			$135,040			$105,570			$98,370			$66,460

See Notes to Financial Statements

59

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$12.88			$12.41			$12.30
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.12			$0.40			$0.11
Net realized and unrealized gain (loss)		(0.28	)		0.55			0.48
Total from investment operations		$(0.16	)		$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)		$12.72			$12.88			$12.41
Total return (%) (r)(s)(t)(x)		(1.24	)(n)		7.57			5.02	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.14	(a)		0.15			0.20	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00	(a)
Net investment income (loss) (l)		1.89	(a)		3.08			1.31	(a)
Portfolio turnover		7	(n)		37			33
Net assets at end of period (000 omitted)		$35,410			$32,384			$10,834

(a) Annualized.

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

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

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

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

(l) 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 and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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

60

Financial Highlights – continued

MFS LIFETIME 2030 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal 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.

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class A	(unaudited)
Net asset value, beginning of period		$15.48			$14.57			$13.91			$14.55			$13.90			$12.51
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.08			$0.34			$0.19			$0.16			$0.18			$0.17
Net realized and unrealized gain (loss)		(0.39	)		1.13			1.42			(0.38	)		0.70			1.41
Total from investment operations		$(0.31	)		$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)		$15.17			$15.48			$14.57			$13.91			$14.55			$13.90
Total return (%) (r)(s)(t)(x)		(2.00	)(n)		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	(a)		0.46			0.47			0.42			0.44			0.41
Expenses after expense reductions (f)(h)		0.23	(a)		0.23			0.25			0.24			0.24			0.24
Net investment income (loss) (l)		1.01	(a)		2.18			1.36			1.13			1.29			1.30
Portfolio turnover		7	(n)		19			50			6			11			6
Net assets at end of period (000 omitted)		$57,145			$61,458			$57,961			$44,995			$42,887			$39,929
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class B	(unaudited)
Net asset value, beginning of period		$15.26			$14.37			$13.73			$14.37			$13.73			$12.37
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.21			$0.08			$0.05			$0.07			$0.07
Net realized and unrealized gain (loss)		(0.38	)		1.13			1.40			(0.38	)		0.69			1.39
Total from investment operations		$(0.36	)		$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)		$14.90			$15.26			$14.37			$13.73			$14.37			$13.73
Total return (%) (r)(s)(t)(x)		(2.36	)(n)		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	(a)		1.21			1.22			1.17			1.19			1.16
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.25	(a)		1.42			0.60			0.37			0.53			0.53
Portfolio turnover		7	(n)		19			50			6			11			6
Net assets at end of period (000 omitted)		$8,465			$8,834			$8,753			$8,498			$8,414			$8,022

See Notes to Financial Statements

61

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class C	(unaudited)
Net asset value, beginning of period		$15.16			$14.29			$13.66			$14.29			$13.67			$12.33
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.21			$0.09			$0.05			$0.08			$0.07
Net realized and unrealized gain (loss)		(0.37	)		1.11			1.38			(0.37	)		0.67			1.38
Total from investment operations		$(0.35	)		$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)		$14.81			$15.16			$14.29			$13.66			$14.29			$13.67
Total return (%) (r)(s)(t)(x)		(2.31	)(n)		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	(a)		1.21			1.22			1.17			1.19			1.16
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.25	(a)		1.42			0.61			0.38			0.55			0.55
Portfolio turnover		7	(n)		19			50			6			11			6
Net assets at end of period (000 omitted)		$15,072			$15,885			$15,827			$15,554			$15,521			$13,791
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class I	(unaudited)
Net asset value, beginning of period		$15.55			$14.63			$14.00			$14.63			$13.98			$12.58
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.10			$0.38			$0.28			$0.19			$0.23			$0.21
Net realized and unrealized gain (loss)		(0.39	)		1.14			1.33			(0.37	)		0.68			1.41
Total from investment operations		$(0.29	)		$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)		$15.26			$15.55			$14.63			$14.00			$14.63			$13.98
Total return (%) (r)(s)(t)(x)		(1.86	)(n)		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	(a)		0.21			0.20			0.17			0.20			0.16
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		1.25	(a)		2.48			1.96			1.36			1.61			1.54
Portfolio turnover		7	(n)		19			50			6			11			6
Net assets at end of period (000 omitted)		$2,109			$2,171			$1,743			$12,156			$11,665			$8,067

See Notes to Financial Statements

62

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R1	(unaudited)
Net asset value, beginning of period		$15.32			$14.44			$13.78			$14.39			$13.75			$12.39
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.21			$0.08			$0.04			$0.09			$0.07
Net realized and unrealized gain (loss)		(0.38	)		1.13			1.40			(0.36	)		0.67			1.39
Total from investment operations		$(0.36	)		$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)		$14.96			$15.32			$14.44			$13.78			$14.39			$13.75
Total return (%) (r)(s)(t)(x)		(2.35	)(n)		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	(a)		1.21			1.22			1.17			1.19			1.16
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.26	(a)		1.38			0.57			0.31			0.61			0.56
Portfolio turnover		7	(n)		19			50			6			11			6
Net assets at end of period (000 omitted)		$7,123			$6,825			$5,740			$6,427			$8,165			$10,816
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R2	(unaudited)
Net asset value, beginning of period		$15.32			$14.43			$13.79			$14.43			$13.79			$12.42
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.06			$0.30			$0.16			$0.12			$0.14			$0.14
Net realized and unrealized gain (loss)		(0.38	)		1.12			1.40			(0.38	)		0.69			1.39
Total from investment operations		$(0.32	)		$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)		$15.00			$15.32			$14.43			$13.79			$14.43			$13.79
Total return (%) (r)(s)(t)(x)		(2.09	)(n)		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	(a)		0.71			0.72			0.67			0.69			0.66
Expenses after expense reductions (f)(h)		0.49	(a)		0.49			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		0.75	(a)		1.95			1.13			0.88			1.01			1.04
Portfolio turnover		7	(n)		19			50			6			11			6
Net assets at end of period (000 omitted)		$106,781			$112,223			$105,808			$83,102			$79,912			$73,435

See Notes to Financial Statements

63

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R3	(unaudited)
Net asset value, beginning of period		$15.44			$14.54			$13.88			$14.52			$13.87			$12.49
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.08			$0.34			$0.19			$0.15			$0.18			$0.18
Net realized and unrealized gain (loss)		(0.39	)		1.12			1.42			(0.37	)		0.70			1.39
Total from investment operations		$(0.31	)		$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)		$15.13			$15.44			$14.54			$13.88			$14.52			$13.87
Total return (%) (r)(s)(t)(x)		(2.01	)(n)		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	(a)		0.46			0.47			0.42			0.44			0.41
Expenses after expense reductions (f)(h)		0.24	(a)		0.24			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.00	(a)		2.20			1.34			1.06			1.27			1.34
Portfolio turnover		7	(n)		19			50			6			11			6
Net assets at end of period (000 omitted)		$132,177			$136,815			$109,088			$90,624			$71,753			$57,969
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R4	(unaudited)
Net asset value, beginning of period		$15.56			$14.64			$13.97			$14.61			$13.96			$12.56
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.10			$0.40			$0.24			$0.19			$0.22			$0.21
Net realized and unrealized gain (loss)		(0.39	)		1.11			1.41			(0.38	)		0.69			1.41
Total from investment operations		$(0.29	)		$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)		$15.27			$15.56			$14.64			$13.97			$14.61			$13.96
Total return (%) (r)(s)(t)(x)		(1.86	)(n)		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	(a)		0.21			0.22			0.17			0.20			0.16
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		1.25	(a)		2.57			1.66			1.37			1.56			1.57
Portfolio turnover		7	(n)		19			50			6			11			6
Net assets at end of period (000 omitted)		$151,250			$148,064			$188,413			$184,249			$169,285			$129,817

See Notes to Financial Statements

64

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$15.56			$14.65			$14.67
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.11			$0.45			$0.07
Net realized and unrealized gain (loss)		(0.39	)		1.08			0.90
Total from investment operations		$(0.28	)		$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)		$15.28			$15.56			$14.65
Total return (%) (r)(s)(t)(x)		(1.80	)(n)		10.43			7.05	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.08	(a)		0.08			0.13	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00	(a)
Net investment income (loss) (l)		1.38	(a)		2.91			0.75	(a)
Portfolio turnover		7	(n)		19			50
Net assets at end of period (000 omitted)		$87,282			$73,753			$33,584

(a) Annualized.

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

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

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

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

(l) 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 and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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

65

Financial Highlights – continued

MFS LIFETIME 2035 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal 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.

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class A	(unaudited)
Net asset value, beginning of period		$14.61			$13.49			$12.35			$12.96			$12.41			$11.07
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.04			$0.31			$0.16			$0.12			$0.15			$0.16
Net realized and unrealized gain (loss)		(0.39	)		1.28			1.44			(0.35	)		0.67			1.35
Total from investment operations		$(0.35	)		$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)		$14.26			$14.61			$13.49			$12.35			$12.96			$12.41
Total return (%) (r)(s)(t)(x)		(2.40	)(n)		11.78			13.18			(1.71	)		6.72			13.61
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.54	(a)		0.56			0.59			0.59			0.54			0.63
Expenses after expense reductions (f)(h)		0.25	(a)		0.25			0.25			0.24			0.24			0.24
Net investment income (loss) (l)		0.57	(a)		2.13			1.23			0.98			1.19			1.33
Portfolio turnover		6	(n)		33			43			7			8			8
Net assets at end of period (000 omitted)		$13,963			$15,369			$10,591			$7,454			$6,353			$3,502
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class B	(unaudited)
Net asset value, beginning of period		$14.49			$13.39			$12.26			$12.88			$12.36			$11.05
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.01	)		$0.19			$0.06			$0.02			$0.04			$0.03
Net realized and unrealized gain (loss)		(0.39	)		1.28			1.43			(0.34	)		0.68			1.38
Total from investment operations		$(0.40	)		$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)		$14.09			$14.49			$13.39			$12.26			$12.88			$12.36
Total return (%) (r)(s)(t)(x)		(2.76	)(n)		10.96			12.34			(2.45	)		5.88			12.75
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.29	(a)		1.31			1.34			1.34			1.29			1.40
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.19	)(a)		1.31			0.45			0.20			0.33			0.27
Portfolio turnover		6	(n)		33			43			7			8			8
Net assets at end of period (000 omitted)		$1,634			$1,730			$1,314			$1,261			$950			$404

See Notes to Financial Statements

66

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class C	(unaudited)
Net asset value, beginning of period		$14.45			$13.35			$12.22			$12.83			$12.32			$11.05
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.01	)		$0.19			$0.05			$0.03			$0.05			$0.05
Net realized and unrealized gain (loss)		(0.40	)		1.28			1.43			(0.35	)		0.67			1.36
Total from investment operations		$(0.41	)		$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)		$14.04			$14.45			$13.35			$12.22			$12.83			$12.32
Total return (%) (r)(s)(t)(x)		(2.84	)(n)		11.00			12.28			(2.40	)		5.89			12.76
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.29	(a)		1.31			1.34			1.33			1.29			1.37
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.18	)(a)		1.35			0.40			0.27			0.39			0.45
Portfolio turnover		6	(n)		33			43			7			8			8
Net assets at end of period (000 omitted)		$2,399			$2,510			$1,893			$1,950			$1,965			$907
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class I	(unaudited)
Net asset value, beginning of period		$14.64			$13.51			$12.40			$13.00			$12.44			$11.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.06			$0.38			$0.26			$0.15			$0.17			$0.17
Net realized and unrealized gain (loss)		(0.40	)		1.25			1.34			(0.34	)		0.69			1.36
Total from investment operations		$(0.34	)		$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)		$14.30			$14.64			$13.51			$12.40			$13.00			$12.44
Total return (%) (r)(s)(t)(x)		(2.32	)(n)		12.10			13.12			(1.40	)		6.98			13.80
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.29	(a)		0.32			0.32			0.33			0.29			0.39
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.82	(a)		2.59			2.01			1.19			1.36			1.39
Portfolio turnover		6	(n)		33			43			7			8			8
Net assets at end of period (000 omitted)		$676			$636			$311			$3,921			$3,507			$1,417

See Notes to Financial Statements

67

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R1	(unaudited)
Net asset value, beginning of period		$14.50			$13.44			$12.39			$12.93			$12.39			$11.05
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.01	)		$0.23			$0.07			$0.00	(w)		$0.04			$0.03
Net realized and unrealized gain (loss)		(0.39	)		1.25			1.42			(0.32	)		0.68			1.38
Total from investment operations		$(0.40	)		$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)		$14.10			$14.50			$13.44			$12.39			$12.93			$12.39
Total return (%) (r)(s)(t)(x)		(2.76	)(n)		11.00			12.22			(2.39	)		5.90			12.73
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.29	(a)		1.31			1.36			1.31			1.29			1.41
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.19	)(a)		1.61			0.57			0.01			0.35			0.29
Portfolio turnover		6	(n)		33			43			7			8			8
Net assets at end of period (000 omitted)		$2,140			$1,974			$664			$118			$180			$126
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R2	(unaudited)
Net asset value, beginning of period		$14.54			$13.43			$12.33			$12.93			$12.39			$11.07
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.27			$0.13			$0.08			$0.11			$0.11
Net realized and unrealized gain (loss)		(0.39	)		1.28			1.42			(0.33	)		0.67			1.36
Total from investment operations		$(0.37	)		$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)		$14.17			$14.54			$13.43			$12.33			$12.93			$12.39
Total return (%) (r)(s)(t)(x)		(2.54	)(n)		11.57			12.80			(1.87	)		6.38			13.31
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.79	(a)		0.81			0.86			0.84			0.79			0.87
Expenses after expense reductions (f)(h)		0.50	(a)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		0.32	(a)		1.86			1.00			0.66			0.86			0.94
Portfolio turnover		6	(n)		33			43			7			8			8
Net assets at end of period (000 omitted)		$29,663			$32,185			$20,918			$5,805			$3,758			$2,718

See Notes to Financial Statements

68

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R3	(unaudited)
Net asset value, beginning of period		$14.63			$13.50			$12.37			$12.97			$12.43			$11.08
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.04			$0.30			$0.16			$0.12			$0.14			$0.13
Net realized and unrealized gain (loss)		(0.40	)		1.30			1.43			(0.34	)		0.67			1.38
Total from investment operations		$(0.36	)		$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)		$14.27			$14.63			$13.50			$12.37			$12.97			$12.43
Total return (%) (r)(s)(t)(x)		(2.46	)(n)		11.85			13.11			(1.63	)		6.61			13.65
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.54	(a)		0.56			0.60			0.59			0.54			0.64
Expenses after expense reductions (f)(h)		0.25	(a)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		0.57	(a)		2.10			1.23			0.95			1.08			1.10
Portfolio turnover		6	(n)		33			43			7			8			8
Net assets at end of period (000 omitted)		$58,258			$58,283			$35,284			$20,110			$12,389			$6,246
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R4	(unaudited)
Net asset value, beginning of period		$14.69			$13.54			$12.39			$13.00			$12.44			$11.08
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.06			$0.38			$0.19			$0.15			$0.19			$0.16
Net realized and unrealized gain (loss)		(0.40	)		1.26			1.45			(0.35	)		0.67			1.38
Total from investment operations		$(0.34	)		$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)		$14.35			$14.69			$13.54			$12.39			$13.00			$12.44
Total return (%) (r)(s)(t)(x)		(2.31	)(n)		12.11			13.46			(1.48	)		6.98			13.90
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.29	(a)		0.30			0.34			0.34			0.29			0.39
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.82	(a)		2.61			1.44			1.22			1.49			1.35
Portfolio turnover		6	(n)		33			43			7			8			8
Net assets at end of period (000 omitted)		$103,342			$87,528			$119,254			$86,982			$77,094			$45,765

See Notes to Financial Statements

69

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$14.69			$13.55			$13.04
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.07			$0.44			$0.06
Net realized and unrealized gain (loss)		(0.40	)		1.22			0.94
Total from investment operations		$(0.33	)		$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)		$14.36			$14.69			$13.55
Total return (%) (r)(s)(t)(x)		(2.25	)(n)		12.23			7.93	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.15	(a)		0.16			0.27	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00	(a)
Net investment income (loss) (l)		0.96	(a)		3.03			0.63	(a)
Portfolio turnover		6	(n)		33			43
Net assets at end of period (000 omitted)		$29,155			$26,567			$9,531

(a) Annualized.

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

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

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

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

(l) 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 and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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

70

Financial Highlights – continued

MFS LIFETIME 2040 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal 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.

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class A	(unaudited)
Net asset value, beginning of period		$16.38			$15.00			$14.07			$14.83			$14.09			$12.49
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.31			$0.15			$0.12			$0.14			$0.13
Net realized and unrealized gain (loss)		(0.45	)		1.61			1.72			(0.41	)		0.84			1.64
Total from investment operations		$(0.43	)		$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)		$15.95			$16.38			$15.00			$14.07			$14.83			$14.09
Total return (%) (r)(s)(t)(x)		(2.63	)(n)		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	(a)		0.48			0.50			0.45			0.48			0.45
Expenses after expense reductions (f)(h)		0.24	(a)		0.24			0.25			0.24			0.25			0.24
Net investment income (loss) (l)		0.26	(a)		1.90			1.04			0.83			0.99			0.97
Portfolio turnover		7	(n)		18			54			6			10			8
Net assets at end of period (000 omitted)		$32,802			$36,354			$35,093			$28,324			$26,564			$25,674
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class B	(unaudited)
Net asset value, beginning of period		$16.23			$14.87			$13.95			$14.71			$13.98			$12.41
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.04	)		$0.19			$0.04			$0.01			$0.03			$0.02
Net realized and unrealized gain (loss)		(0.45	)		1.59			1.71			(0.41	)		0.83			1.62
Total from investment operations		$(0.49	)		$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)		$15.74			$16.23			$14.87			$13.95			$14.71			$13.98
Total return (%) (r)(s)(t)(x)		(3.02	)(n)		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	(a)		1.23			1.25			1.20			1.23			1.20
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.49	)(a)		1.20			0.27			0.06			0.23			0.16
Portfolio turnover		7	(n)		18			54			6			10			8
Net assets at end of period (000 omitted)		$4,606			$4,965			$4,924			$4,527			$4,432			$4,155

See Notes to Financial Statements

71

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class C	(unaudited)
Net asset value, beginning of period		$16.03			$14.70			$13.80			$14.55			$13.83			$12.28
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.04	)		$0.19			$0.04			$(0.00	)(w)		$0.04			$0.02
Net realized and unrealized gain (loss)		(0.45	)		1.57			1.70			(0.40	)		0.82			1.61
Total from investment operations		$(0.49	)		$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)		$15.54			$16.03			$14.70			$13.80			$14.55			$13.83
Total return (%) (r)(s)(t)(x)		(3.06	)(n)		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	(a)		1.23			1.25			1.20			1.23			1.20
Expenses after expense reductions (f)(h)		0.99	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.49	)(a)		1.19			0.30			(0.01	)		0.26			0.14
Portfolio turnover		7	(n)		18			54			6			10			8
Net assets at end of period (000 omitted)		$10,497			$11,735			$11,035			$10,226			$11,840			$10,639
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (i)			4/30/16			4/30/15			4/30/14
Class I	(unaudited)
Net asset value, beginning of period		$16.47			$15.08			$14.17			$14.93			$14.18			$12.57
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.04			$0.37			$0.26			$0.15			$0.19			$0.16
Net realized and unrealized gain (loss)		(0.45	)		1.60			1.63			(0.41	)		0.83			1.64
Total from investment operations		$(0.41	)		$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)		$16.06			$16.47			$15.08			$14.17			$14.93			$14.18
Total return (%) (r)(s)(t)(x)		(2.49	)(n)		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	(a)		0.23			0.24			0.20			0.23			0.21
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.51	(a)		2.30			1.78			1.09			1.30			1.20
Portfolio turnover		7	(n)		18			54			6			10			8
Net assets at end of period (000 omitted)		$1,633			$1,622			$1,670			$9,766			$8,679			$8,344

See Notes to Financial Statements

72

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R1	(unaudited)
Net asset value, beginning of period		$16.16			$14.82			$13.87			$14.62			$13.88			$12.32
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.04	)		$0.18			$0.02			$0.00	(w)		$0.04			$0.03
Net realized and unrealized gain (loss)		(0.45	)		1.58			1.73			(0.40	)		0.82			1.61
Total from investment operations		$(0.49	)		$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)		$15.67			$16.16			$14.82			$13.87			$14.62			$13.88
Total return (%) (r)(s)(t)(x)		(3.03	)(n)		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	(a)		1.23			1.25			1.20			1.22			1.20
Expenses after expense reductions (f)(h)		0.99	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.49	)(a)		1.16			0.17			0.02			0.28			0.22
Portfolio turnover		7	(n)		18			54			6			10			8
Net assets at end of period (000 omitted)		$4,636			$4,606			$4,130			$5,279			$5,528			$7,993
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R2	(unaudited)
Net asset value, beginning of period		$16.24			$14.88			$13.97			$14.73			$14.00			$12.41
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.00			$0.27			$0.11			$0.08			$0.11			$0.09
Net realized and unrealized gain (loss)		(0.45	)		1.59			1.71			(0.41	)		0.82			1.63
Total from investment operations		$(0.45	)		$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)		$15.79			$16.24			$14.88			$13.97			$14.73			$14.00
Total return (%) (r)(s)(t)(x)		(2.77	)(n)		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	(a)		0.73			0.75			0.70			0.73			0.70
Expenses after expense reductions (f)(h)		0.49	(a)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		0.01	(a)		1.69			0.79			0.58			0.76			0.67
Portfolio turnover		7	(n)		18			54			6			10			8
Net assets at end of period (000 omitted)		$80,215			$86,042			$82,965			$66,272			$61,127			$54,916

See Notes to Financial Statements

73

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R3	(unaudited)
Net asset value, beginning of period		$16.37			$15.00			$14.07			$14.83			$14.09			$12.49
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.31			$0.15			$0.10			$0.14			$0.12
Net realized and unrealized gain (loss)		(0.45	)		1.61			1.72			(0.39	)		0.84			1.65
Total from investment operations		$(0.43	)		$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)		$15.94			$16.37			$15.00			$14.07			$14.83			$14.09
Total return (%) (r)(s)(t)(x)		(2.63	)(n)		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	(a)		0.48			0.50			0.46			0.48			0.45
Expenses after expense reductions (f)(h)		0.24	(a)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		0.25	(a)		1.94			1.03			0.74			0.98			0.91
Portfolio turnover		7	(n)		18			54			6			10			8
Net assets at end of period (000 omitted)		$81,723			$88,577			$63,409			$49,816			$38,524			$30,202
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R4	(unaudited)
Net asset value, beginning of period		$16.51			$15.11			$14.16			$14.92			$14.17			$12.56
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.04			$0.39			$0.19			$0.15			$0.19			$0.16
Net realized and unrealized gain (loss)		(0.46	)		1.58			1.74			(0.41	)		0.83			1.64
Total from investment operations		$(0.42	)		$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)		$16.09			$16.51			$15.11			$14.16			$14.92			$14.17
Total return (%) (r)(s)(t)(x)		(2.54	)(n)		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	(a)		0.23			0.25			0.20			0.24			0.20
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.51	(a)		2.44			1.33			1.07			1.30			1.19
Portfolio turnover		7	(n)		18			54			6			10			8
Net assets at end of period (000 omitted)		$146,725			$145,328			$174,887			$166,141			$153,594			$109,501

See Notes to Financial Statements

74

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$16.51			$15.12			$14.91
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.05			$0.43			$0.04
Net realized and unrealized gain (loss)		(0.46	)		1.56			1.15
Total from investment operations		$(0.41	)		$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)		$16.10			$16.51			$15.12
Total return (%) (r)(s)(t)(x)		(2.48	)(n)		13.21			8.46	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.10	(a)		0.10			0.16	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00	(a)
Net investment income (loss) (l)		0.64	(a)		2.63			0.43	(a)
Portfolio turnover		7	(n)		18			54
Net assets at end of period (000 omitted)		$58,404			$49,071			$25,793

(a) Annualized.

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

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

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

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

(l) 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 and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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

75

Financial Highlights – continued

MFS LIFETIME 2045 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal 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.

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class A	(unaudited)
Net asset value, beginning of period		$15.15			$13.79			$12.52			$13.14			$12.55			$11.12
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.01			$0.30			$0.14			$0.11			$0.13			$0.13
Net realized and unrealized gain (loss)		(0.43	)		1.52			1.57			(0.36	)		0.73			1.47
Total from investment operations		$(0.42	)		$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)		$14.73			$15.15			$13.79			$12.52			$13.14			$12.55
Total return (%) (r)(s)(t)(x)		(2.77	)(n)		13.18			13.89			(1.93	)		6.95			14.36
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.60	(a)		0.62			0.69			0.70			0.72			0.94
Expenses after expense reductions (f)(h)		0.25	(a)		0.25			0.25			0.24			0.24			0.22
Net investment income (loss) (l)		0.08	(a)		1.99			1.04			0.85			1.02			1.10
Portfolio turnover		5	(n)		30			45			6			7			10
Net assets at end of period (000 omitted)		$7,047			$7,789			$6,135			$4,576			$2,811			$1,403
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class B	(unaudited)
Net asset value, beginning of period		$15.03			$13.70			$12.44			$13.06			$12.47			$11.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.05	)		$0.17			$0.03			$0.00	(w)		$0.03			$0.03
Net realized and unrealized gain (loss)		(0.42	)		1.51			1.57			(0.35	)		0.73			1.44
Total from investment operations		$(0.47	)		$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)		$14.56			$15.03			$13.70			$12.44			$13.06			$12.47
Total return (%) (r)(s)(t)(x)		(3.13	)(n)		12.28			13.09			(2.67	)		6.19			13.27
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.35	(a)		1.37			1.43			1.45			1.48			1.74
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.67	)(a)		1.15			0.24			0.02			0.22			0.23
Portfolio turnover		5	(n)		30			45			6			7			10
Net assets at end of period (000 omitted)		$857			$948			$746			$593			$408			$325

See Notes to Financial Statements

76

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class C	(unaudited)
Net asset value, beginning of period		$14.97			$13.66			$12.42			$13.04			$12.48			$11.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.05	)		$0.19			$0.03			$0.01			$0.04			$0.02
Net realized and unrealized gain (loss)		(0.42	)		1.48			1.56			(0.35	)		0.72			1.45
Total from investment operations		$(0.47	)		$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)		$14.50			$14.97			$13.66			$12.42			$13.04			$12.48
Total return (%) (r)(s)(t)(x)		(3.14	)(n)		12.24			13.03			(2.64	)		6.17			13.29
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.35	(a)		1.37			1.44			1.45			1.47			1.74
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.67	)(a)		1.28			0.26			0.04			0.33			0.16
Portfolio turnover		5	(n)		30			45			6			7			10
Net assets at end of period (000 omitted)		$2,011			$1,966			$1,640			$1,104			$909			$421
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class I	(unaudited)
Net asset value, beginning of period		$15.22			$13.85			$12.55			$13.16			$12.56			$11.13
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.03			$0.33			$0.25			$0.14			$0.20			$0.14
Net realized and unrealized gain (loss)		(0.44	)		1.53			1.51			(0.36	)		0.69			1.47
Total from investment operations		$(0.41	)		$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)		$14.81			$15.22			$13.85			$12.55			$13.16			$12.56
Total return (%) (r)(s)(t)(x)		(2.69	)(n)		13.42			14.34			(1.66	)		7.21			14.46
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.35	(a)		0.37			0.41			0.45			0.46			0.74
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.33	(a)		2.24			1.89			1.10			1.53			1.17
Portfolio turnover		5	(n)		30			45			6			7			10
Net assets at end of period (000 omitted)		$184			$161			$138			$1,718			$1,108			$241

See Notes to Financial Statements

77

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R1	(unaudited)
Net asset value, beginning of period		$15.06			$13.75			$12.51			$13.10			$12.51			$11.10
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.05	)		$0.17			$0.03			$(0.01	)		$0.02			$0.02
Net realized and unrealized gain (loss)		(0.42	)		1.52			1.58			(0.34	)		0.74			1.45
Total from investment operations		$(0.47	)		$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)		$14.59			$15.06			$13.75			$12.51			$13.10			$12.51
Total return (%) (r)(s)(t)(x)		(3.12	)(n)		12.27			13.05			(2.66	)		6.13			13.28
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.35	(a)		1.37			1.45			1.43			1.48			1.77
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.68	)(a)		1.14			0.22			(0.09	)		0.19			0.15
Portfolio turnover		5	(n)		30			45			6			7			10
Net assets at end of period (000 omitted)		$1,409			$872			$463			$152			$172			$127
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R2	(unaudited)
Net asset value, beginning of period		$15.04			$13.71			$12.47			$13.10			$12.51			$11.11
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.01	)		$0.25			$0.12			$0.07			$0.09			$0.09
Net realized and unrealized gain (loss)		(0.44	)		1.51			1.55			(0.36	)		0.74			1.45
Total from investment operations		$(0.45	)		$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)		$14.59			$15.04			$13.71			$12.47			$13.10			$12.51
Total return (%) (r)(s)(t)(x)		(2.99	)(n)		12.87			13.65			(2.20	)		6.74			13.89
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.85	(a)		0.87			0.95			0.96			0.97			1.18
Expenses after expense reductions (f)(h)		0.50	(a)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		(0.17	)(a)		1.70			0.89			0.55			0.71			0.77
Portfolio turnover		5	(n)		30			45			6			7			10
Net assets at end of period (000 omitted)		$18,018			$20,428			$10,716			$3,583			$1,769			$887

See Notes to Financial Statements

78

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R3	(unaudited)
Net asset value, beginning of period		$15.14			$13.78			$12.52			$13.13			$12.54			$11.13
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.01			$0.28			$0.14			$0.10			$0.11			$0.12
Net realized and unrealized gain (loss)		(0.44	)		1.54			1.56			(0.34	)		0.75			1.45
Total from investment operations		$(0.43	)		$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)		$14.71			$15.14			$13.78			$12.52			$13.13			$12.54
Total return (%) (r)(s)(t)(x)		(2.84	)(n)		13.20			13.83			(1.87	)		6.92			14.11
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.60	(a)		0.62			0.69			0.70			0.72			0.97
Expenses after expense reductions (f)(h)		0.25	(a)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		0.08	(a)		1.87			1.06			0.78			0.86			0.97
Portfolio turnover		5	(n)		30			45			6			7			10
Net assets at end of period (000 omitted)		$42,647			$42,729			$23,479			$12,721			$7,566			$3,383
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R4	(unaudited)
Net asset value, beginning of period		$15.20			$13.82			$12.54			$13.15			$12.56			$11.13
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.03			$0.36			$0.17			$0.13			$0.17			$0.15
Net realized and unrealized gain (loss)		(0.44	)		1.50			1.57			(0.35	)		0.71			1.46
Total from investment operations		$(0.41	)		$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)		$14.79			$15.20			$13.82			$12.54			$13.15			$12.56
Total return (%) (r)(s)(t)(x)		(2.70	)(n)		13.47			14.18			(1.67	)		7.13			14.46
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.35	(a)		0.36			0.44			0.45			0.47			0.74
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.32	(a)		2.43			1.27			1.04			1.34			1.22
Portfolio turnover		5	(n)		30			45			6			7			10
Net assets at end of period (000 omitted)		$77,995			$70,628			$84,597			$58,947			$47,311			$25,056

See Notes to Financial Statements

79

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$15.20			$13.83			$13.21
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.04			$0.47			$0.03
Net realized and unrealized gain (loss)		(0.44	)		1.41			1.06
Total from investment operations		$(0.40	)		$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)		$14.80			$15.20			$13.83
Total return (%) (r)(s)(t)(x)		(2.63	)(n)		13.57			8.52	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.20	(a)		0.23			0.36	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00	(a)
Net investment income (loss) (l)		0.47	(a)		3.11			0.39	(a)
Portfolio turnover		5	(n)		30			45
Net assets at end of period (000 omitted)		$17,696			$15,910			$4,351

(a) Annualized.

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

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

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

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

(l) 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 and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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

80

Financial Highlights – continued

MFS LIFETIME 2050 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal 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.

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class A	(unaudited)
Net asset value, beginning of period		$18.30			$16.63			$15.14			$15.88			$15.17			$13.45
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.01			$0.33			$0.17			$0.13			$0.15			$0.14
Net realized and unrealized gain (loss)		(0.52	)		1.86			1.89			(0.43	)		0.89			1.76
Total from investment operations		$(0.51	)		$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)		$17.79			$18.30			$16.63			$15.14			$15.88			$15.17
Total return (%) (r)(s)(t)(x)		(2.79	)(n)		13.16			13.89			(1.89	)		6.92			14.14
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.57	(a)		0.58			0.65			0.60			0.69			0.76
Expenses after expense reductions (f)(h)		0.25	(a)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		0.08	(a)		1.83			1.06			0.88			0.99			1.00
Portfolio turnover		5	(n)		20			52			7			9			9
Net assets at end of period (000 omitted)		$11,386			$12,353			$11,383			$7,624			$5,730			$4,726
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class B	(unaudited)
Net asset value, beginning of period		$18.07			$16.44			$14.98			$15.72			$15.01			$13.32
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.06	)		$0.20			$0.04			$0.00	(w)		$0.04			$0.02
Net realized and unrealized gain (loss)		(0.51	)		1.83			1.88			(0.42	)		0.89			1.74
Total from investment operations		$(0.57	)		$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)		$17.50			$18.07			$16.44			$14.98			$15.72			$15.01
Total return (%) (r)(s)(t)(x)		(3.15	)(n)		12.36			12.99			(2.66	)		6.21			13.24
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.32	(a)		1.33			1.39			1.35			1.44			1.51
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.67	)(a)		1.15			0.24			0.02			0.23			0.13
Portfolio turnover		5	(n)		20			52			7			9			9
Net assets at end of period (000 omitted)		$1,406			$1,270			$1,048			$853			$828			$671

See Notes to Financial Statements

81

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class C	(unaudited)
Net asset value, beginning of period		$17.96			$16.35			$14.91			$15.63			$14.96			$13.30
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.06	)		$0.20			$0.04			$(0.00	)(w)		$0.04			$0.03
Net realized and unrealized gain (loss)		(0.51	)		1.81			1.87			(0.41	)		0.87			1.73
Total from investment operations		$(0.57	)		$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)		$17.39			$17.96			$16.35			$14.91			$15.63			$14.96
Total return (%) (r)(s)(t)(x)		(3.17	)(n)		12.30			13.04			(2.59	)		6.13			13.25
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.32	(a)		1.33			1.39			1.35			1.44			1.51
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.67	)(a)		1.16			0.28			(0.00	)(w)		0.28			0.18
Portfolio turnover		5	(n)		20			52			7			9			9
Net assets at end of period (000 omitted)		$2,859			$2,775			$2,535			$1,775			$1,835			$1,195
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class I	(unaudited)
Net asset value, beginning of period		$18.29			$16.62			$15.12			$15.85			$15.14			$13.41
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.03			$0.41			$0.30			$0.15			$0.20			$0.17
Net realized and unrealized gain (loss)		(0.52	)		1.83			1.81			(0.41	)		0.87			1.76
Total from investment operations		$(0.49	)		$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)		$17.80			$18.29			$16.62			$15.12			$15.85			$15.14
Total return (%) (r)(s)(t)(x)		(2.68	)(n)		13.47			14.21			(1.61	)		7.16			14.43
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.32	(a)		0.33			0.38			0.35			0.44			0.51
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.33	(a)		2.26			1.92			0.97			1.31			1.20
Portfolio turnover		5	(n)		20			52			7			9			9
Net assets at end of period (000 omitted)		$514			$566			$423			$1,560			$1,132			$840

See Notes to Financial Statements

82

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R1	(unaudited)
Net asset value, beginning of period		$17.97			$16.38			$14.94			$15.64			$14.98			$13.31
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.06	)		$0.21			$0.04			$(0.01	)		$0.12			$0.02
Net realized and unrealized gain (loss)		(0.51	)		1.82			1.88			(0.40	)		0.79			1.74
Total from investment operations		$(0.57	)		$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)		$17.40			$17.97			$16.38			$14.94			$15.64			$14.98
Total return (%) (r)(s)(t)(x)		(3.17	)(n)		12.35			13.06			(2.64	)		6.14			13.24
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.32	(a)		1.33			1.40			1.34			1.42			1.51
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.67	)(a)		1.18			0.26			(0.05	)		0.77			0.16
Portfolio turnover		5	(n)		20			52			7			9			9
Net assets at end of period (000 omitted)		$1,238			$1,052			$606			$316			$377			$567
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R2	(unaudited)
Net asset value, beginning of period		$18.07			$16.44			$14.98			$15.73			$15.04			$13.34
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.02	)		$0.30			$0.13			$0.09			$0.12			$0.10
Net realized and unrealized gain (loss)		(0.51	)		1.82			1.88			(0.43	)		0.87			1.75
Total from investment operations		$(0.53	)		$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)		$17.54			$18.07			$16.44			$14.98			$15.73			$15.04
Total return (%) (r)(s)(t)(x)		(2.93	)(n)		12.89			13.64			(2.16	)		6.67			13.87
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.82	(a)		0.83			0.90			0.85			0.94			1.01
Expenses after expense reductions (f)(h)		0.50	(a)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		(0.17	)(a)		1.67			0.82			0.60			0.81			0.67
Portfolio turnover		5	(n)		20			52			7			9			9
Net assets at end of period (000 omitted)		$46,405			$46,468			$33,805			$19,041			$13,030			$6,975

See Notes to Financial Statements

83

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R3	(unaudited)
Net asset value, beginning of period		$18.18			$16.53			$15.05			$15.80			$15.09			$13.37
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.01			$0.34			$0.16			$0.11			$0.14			$0.13
Net realized and unrealized gain (loss)		(0.52	)		1.84			1.89			(0.42	)		0.90			1.77
Total from investment operations		$(0.51	)		$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)		$17.67			$18.18			$16.53			$15.05			$15.80			$15.09
Total return (%) (r)(s)(t)(x)		(2.81	)(n)		13.19			13.91			(1.96	)		6.95			14.19
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.57	(a)		0.58			0.65			0.60			0.69			0.76
Expenses after expense reductions (f)(h)		0.25	(a)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		0.07	(a)		1.90			1.03			0.76			0.90			0.90
Portfolio turnover		5	(n)		20			52			7			9			9
Net assets at end of period (000 omitted)		$46,735			$48,180			$27,276			$15,980			$9,089			$4,941
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R4	(unaudited)
Net asset value, beginning of period		$18.28			$16.60			$15.11			$15.85			$15.13			$13.40
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.03			$0.42			$0.21			$0.16			$0.20			$0.18
Net realized and unrealized gain (loss)		(0.52	)		1.82			1.89			(0.43	)		0.88			1.75
Total from investment operations		$(0.49	)		$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)		$17.79			$18.28			$16.60			$15.11			$15.85			$15.13
Total return (%) (r)(s)(t)(x)		(2.68	)(n)		13.49			14.15			(1.68	)		7.23			14.44
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.32	(a)		0.33			0.39			0.35			0.44			0.51
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.32	(a)		2.35			1.30			1.06			1.28			1.22
Portfolio turnover		5	(n)		20			52			7			9			9
Net assets at end of period (000 omitted)		$73,540			$70,936			$75,323			$66,990			$58,759			$38,224

See Notes to Financial Statements

84

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$18.27			$16.60			$15.91
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.04			$0.51			$0.04
Net realized and unrealized gain (loss)		(0.51	)		1.75			1.26
Total from investment operations		$(0.47	)		$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)		$17.80			$18.27			$16.60
Total return (%) (r)(s)(t)(x)		(2.57	)(n)		13.60			8.46	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.17	(a)		0.19			0.32	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00	(a)
Net investment income (loss) (l)		0.47	(a)		2.82			0.41	(a)
Portfolio turnover		5	(n)		20			52
Net assets at end of period (000 omitted)		$26,654			$23,365			$8,776

(a) Annualized.

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

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

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

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

(l) 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 and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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

85

Financial Highlights – continued

MFS LIFETIME 2055 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal 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.

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class A	(unaudited)
Net asset value, beginning of period		$15.45			$14.00			$12.61			$13.16			$12.54			$11.12
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.01			$0.29			$0.13			$0.13			$0.14			$0.12
Net realized and unrealized gain (loss)		(0.44	)		1.55			1.59			(0.38	)		0.72			1.45
Total from investment operations		$(0.43	)		$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)		$15.02			$15.45			$14.00			$12.61			$13.16			$12.54
Total return (%) (r)(s)(t)(x)		(2.78	)(n)		13.10			13.80			(1.81	)		6.90			14.17
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.82	(a)		0.92			1.34			1.73			2.84			7.18
Expenses after expense reductions (f)(h)		0.25	(a)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		0.08	(a)		1.91			1.01			1.00			1.10			0.97
Portfolio turnover		8	(n)		18			45			14			18			20
Net assets at end of period (000 omitted)		$4,529			$4,833			$3,516			$2,014			$1,036			$428
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class B	(unaudited)
Net asset value, beginning of period		$15.39			$13.95			$12.58			$13.12			$12.51			$11.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.05	)		$0.18			$0.04			$(0.01	)		$0.03			$0.01
Net realized and unrealized gain (loss)		(0.44	)		1.55			1.57			(0.33	)		0.73			1.46
Total from investment operations		$(0.49	)		$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)		$14.90			$15.39			$13.95			$12.58			$13.12			$12.51
Total return (%) (r)(s)(t)(x)		(3.18	)(n)		12.36			12.94			(2.58	)		6.13			13.34
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.57	(a)		1.67			2.09			2.50			3.67			8.83
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.67	)(a)		1.22			0.28			(0.06	)		0.26			0.11
Portfolio turnover		8	(n)		18			45			14			18			20
Net assets at end of period (000 omitted)		$509			$470			$407			$270			$244			$148

See Notes to Financial Statements

86

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class C	(unaudited)
Net asset value, beginning of period		$15.28			$13.86			$12.49			$13.04			$12.45			$11.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.05	)		$0.18			$0.03			$(0.00	)(w)		$0.05			$0.06
Net realized and unrealized gain (loss)		(0.44	)		1.53			1.58			(0.34	)		0.71			1.41
Total from investment operations		$(0.49	)		$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)		$14.79			$15.28			$13.86			$12.49			$13.04			$12.45
Total return (%) (r)(s)(t)(x)		(3.21	)(n)		12.29			12.98			(2.59	)		6.17			13.32
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.57	(a)		1.67			2.08			2.50			3.61			7.52
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.67	)(a)		1.19			0.26			(0.00	)(w)		0.37			0.46
Portfolio turnover		8	(n)		18			45			14			18			20
Net assets at end of period (000 omitted)		$1,869			$1,789			$1,284			$1,100			$1,031			$494
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class I	(unaudited)
Net asset value, beginning of period		$15.46			$14.00			$12.65			$13.20			$12.57			$11.13
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.03			$0.30			$0.26			$0.12			$0.12			$0.14
Net realized and unrealized gain (loss)		(0.44	)		1.58			1.45			(0.34	)		0.77			1.47
Total from investment operations		$(0.41	)		$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)		$15.05			$15.46			$14.00			$12.65			$13.20			$12.57
Total return (%) (r)(s)(t)(x)		(2.65	)(n)		13.40			13.66			(1.61	)		7.14			14.50
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.57	(a)		0.67			1.09			1.50			2.80			6.45
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.33	(a)		1.98			2.01			0.94			0.95			1.13
Portfolio turnover		8	(n)		18			45			14			18			20
Net assets at end of period (000 omitted)		$122			$114			$79			$608			$391			$477

See Notes to Financial Statements

87

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R1	(unaudited)
Net asset value, beginning of period		$15.32			$13.92			$12.63			$13.14			$12.51			$11.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.05	)		$0.17			$0.15			$(0.04	)		$0.03			$0.02
Net realized and unrealized gain (loss)		(0.43	)		1.55			1.46			(0.31	)		0.73			1.45
Total from investment operations		$(0.48	)		$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)		$14.84			$15.32			$13.92			$12.63			$13.14			$12.51
Total return (%) (r)(s)(t)(x)		(3.13	)(n)		12.31			12.93			(2.62	)		6.14			13.34
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.57	(a)		1.66			2.08			2.53			3.71			8.98
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.67	)(a)		1.13			1.10			(0.31	)		0.21			0.15
Portfolio turnover		8	(n)		18			45			14			18			20
Net assets at end of period (000 omitted)		$1,077			$854			$318			$62			$141			$127
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R2	(unaudited)
Net asset value, beginning of period		$15.36			$13.94			$12.57			$13.14			$12.53			$11.11
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.01	)		$0.26			$0.11			$0.07			$0.09			$0.07
Net realized and unrealized gain (loss)		(0.44	)		1.53			1.58			(0.36	)		0.73			1.47
Total from investment operations		$(0.45	)		$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)		$14.91			$15.36			$13.94			$12.57			$13.14			$12.53
Total return (%) (r)(s)(t)(x)		(2.93	)(n)		12.82			13.59			(2.12	)		6.63			13.88
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.07	(a)		1.16			1.60			1.98			3.11			7.83
Expenses after expense reductions (f)(h)		0.50	(a)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		(0.17	)(a)		1.73			0.85			0.57			0.73			0.60
Portfolio turnover		8	(n)		18			45			14			18			20
Net assets at end of period (000 omitted)		$15,310			$15,534			$6,657			$1,855			$773			$260

See Notes to Financial Statements

88

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R3	(unaudited)
Net asset value, beginning of period		$15.45			$14.00			$12.61			$13.17			$12.54			$11.12
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.01			$0.29			$0.14			$0.10			$0.11			$0.12
Net realized and unrealized gain (loss)		(0.44	)		1.55			1.58			(0.36	)		0.75			1.45
Total from investment operations		$(0.43	)		$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)		$15.02			$15.45			$14.00			$12.61			$13.17			$12.54
Total return (%) (r)(s)(t)(x)		(2.78	)(n)		13.14			13.83			(1.89	)		6.95			14.18
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.82	(a)		0.92			1.34			1.74			2.81			7.04
Expenses after expense reductions (f)(h)		0.25	(a)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		0.08	(a)		1.89			1.07			0.76			0.84			0.97
Portfolio turnover		8	(n)		18			45			14			18			20
Net assets at end of period (000 omitted)		$22,475			$21,438			$10,285			$3,915			$2,353			$894
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17			4/30/16			4/30/15			4/30/14
Class R4	(unaudited)
Net asset value, beginning of period		$15.53			$14.06			$12.65			$13.20			$12.56			$11.13
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.03			$0.37			$0.17			$0.13			$0.18			$0.15
Net realized and unrealized gain (loss)		(0.45	)		1.52			1.60			(0.35	)		0.72			1.45
Total from investment operations		$(0.42	)		$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)		$15.11			$15.53			$14.06			$12.65			$13.20			$12.56
Total return (%) (r)(s)(t)(x)		(2.70	)(n)		13.42			14.14			(1.61	)		7.23			14.41
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.57	(a)		0.67			1.09			1.48			2.51			5.94
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.33	(a)		2.43			1.31			1.07			1.42			1.24
Portfolio turnover		8	(n)		18			45			14			18			20
Net assets at end of period (000 omitted)		$31,265			$26,747			$21,882			$10,776			$5,056			$1,560

See Notes to Financial Statements

89

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$15.53			$14.06			$13.32
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.04			$0.49			$0.04
Net realized and unrealized gain (loss)		(0.44	)		1.42			1.06
Total from investment operations		$(0.40	)		$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)		$15.13			$15.53			$14.06
Total return (%) (r)(s)(t)(x)		(2.58	)(n)		13.56			8.44	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.40	(a)		0.52			0.95	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00	(a)
Net investment income (loss) (l)		0.49	(a)		3.15			0.44	(a)
Portfolio turnover		8	(n)		18			45
Net assets at end of period (000 omitted)		$9,926			$7,695			$1,726

(a) Annualized.

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

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

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

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

(l) 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 and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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

90

Financial Highlights – continued

MFS LIFETIME 2060 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal 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.

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (c)
Class A	(unaudited)
Net asset value, beginning of period		$11.85			$10.73			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.01			$0.25			$0.10
Net realized and unrealized gain (loss)		(0.34	)		1.16			0.74
Total from investment operations		$(0.33	)		$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)		$11.52			$11.85			$10.73
Total return (%) (r)(s)(t)(x)		(2.78	)(n)		13.19			8.45	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		4.74	(a)		9.75			15.07	(a)
Expenses after expense reductions (f)(h)		0.20	(a)		0.16			0.12	(a)
Net investment income (loss) (l)		0.13	(a)		2.17			2.42	(a)
Portfolio turnover		8	(n)		37			2	(n)
Net assets at end of period (000 omitted)		$572			$306			$59
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (c)
Class B	(unaudited)
Net asset value, beginning of period		$11.82			$10.70			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.04	)		$0.14			$0.07
Net realized and unrealized gain (loss)		(0.33	)		1.19			0.73
Total from investment operations		$(0.37	)		$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)		$11.45			$11.82			$10.70
Total return (%) (r)(s)(t)(x)		(3.13	)(n)		12.39			8.08	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		5.55	(a)		11.79			15.87	(a)
Expenses after expense reductions (f)(h)		0.95	(a)		0.90			0.87	(a)
Net investment income (loss) (l)		(0.62	)(a)		1.26			1.76	(a)
Portfolio turnover		8	(n)		37			2	(n)
Net assets at end of period (000 omitted)		$101			$73			$55

See Notes to Financial Statements

91

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (c)
Class C	(unaudited)
Net asset value, beginning of period		$11.81			$10.70			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.04	)		$0.14			$0.07
Net realized and unrealized gain (loss)		(0.33	)		1.19			0.73
Total from investment operations		$(0.37	)		$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)		$11.44			$11.81			$10.70
Total return (%) (r)(s)(t)(x)		(3.13	)(n)		12.38			8.08	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		5.52	(a)		11.46			15.81	(a)
Expenses after expense reductions (f)(h)		0.95	(a)		0.90			0.87	(a)
Net investment income (loss) (l)		(0.62	)(a)		1.24			1.68	(a)
Portfolio turnover		8	(n)		37			2	(n)
Net assets at end of period (000 omitted)		$149			$107			$60
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (c)
Class I	(unaudited)
Net asset value, beginning of period		$11.88			$10.74			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.26			$0.11
Net realized and unrealized gain (loss)		(0.34	)		1.19			0.74
Total from investment operations		$(0.32	)		$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)		$11.56			$11.88			$10.74
Total return (%) (r)(s)(t)(x)		(2.69	)(n)		13.50			8.57	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		4.56	(a)		11.01			14.88	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00	(a)
Net investment income (loss) (l)		0.38	(a)		2.23			2.76	(a)
Portfolio turnover		8	(n)		37			2	(n)
Net assets at end of period (000 omitted)		$60			$62			$54

See Notes to Financial Statements

92

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (c)
Class R1	(unaudited)
Net asset value, beginning of period		$11.83			$10.70			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.04	)		$0.14			$0.07
Net realized and unrealized gain (loss)		(0.33	)		1.19			0.73
Total from investment operations		$(0.37	)		$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)		$11.46			$11.83			$10.70
Total return (%) (r)(s)(t)(x)		(3.13	)(n)		12.41			8.08	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		5.56	(a)		12.02			15.88	(a)
Expenses after expense reductions (f)(h)		0.95	(a)		0.90			0.87	(a)
Net investment income (loss) (l)		(0.62	)(a)		1.23			1.76	(a)
Portfolio turnover		8	(n)		37			2	(n)
Net assets at end of period (000 omitted)		$59			$61			$54
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (c)
Class R2	(unaudited)
Net asset value, beginning of period		$11.84			$10.72			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.01	)		$0.18			$0.09
Net realized and unrealized gain (loss)		(0.33	)		1.21			0.73
Total from investment operations		$(0.34	)		$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)		$11.50			$11.84			$10.72
Total return (%) (r)(s)(t)(x)		(2.87	)(n)		12.92			8.32	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		4.94	(a)		10.36			15.38	(a)
Expenses after expense reductions (f)(h)		0.45	(a)		0.41			0.37	(a)
Net investment income (loss) (l)		(0.11	)(a)		1.56			2.26	(a)
Portfolio turnover		8	(n)		37			2	(n)
Net assets at end of period (000 omitted)		$486			$151			$54

See Notes to Financial Statements

93

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (c)
Class R3	(unaudited)
Net asset value, beginning of period		$11.85			$10.73			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.01			$0.25			$0.10
Net realized and unrealized gain (loss)		(0.34	)		1.17			0.74
Total from investment operations		$(0.33	)		$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)		$11.52			$11.85			$10.73
Total return (%) (r)(s)(t)(x)		(2.78	)(n)		13.21			8.45	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		4.80	(a)		9.15			14.31	(a)
Expenses after expense reductions (f)(h)		0.20	(a)		0.16			0.12	(a)
Net investment income (loss) (l)		0.13	(a)		2.11			2.41	(a)
Portfolio turnover		8	(n)		37			2	(n)
Net assets at end of period (000 omitted)		$1,453			$1,203			$88
	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (c)
Class R4	(unaudited)
Net asset value, beginning of period		$11.88			$10.74			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.30			$0.11
Net realized and unrealized gain (loss)		(0.34	)		1.15			0.74
Total from investment operations		$(0.32	)		$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)		$11.56			$11.88			$10.74
Total return (%) (r)(s)(t)(x)		(2.69	)(n)		13.51			8.57	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		4.46	(a)		8.82			14.88	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00	(a)
Net investment income (loss) (l)		0.37	(a)		2.54			2.75	(a)
Portfolio turnover		8	(n)		37			2	(n)
Net assets at end of period (000 omitted)		$745			$356			$55

See Notes to Financial Statements

94

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Six months ended 10/31/18			Year ended
				4/30/18			4/30/17 (c)
Class R6	(unaudited)
Net asset value, beginning of period		$11.88			$10.74			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.03			$0.25			$0.11
Net realized and unrealized gain (loss)		(0.34	)		1.20			0.74
Total from investment operations		$(0.31	)		$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)		$11.57			$11.88			$10.74
Total return (%) (r)(s)(t)(x)		(2.61	)(n)		13.51			8.57	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		4.41	(a)		10.10			14.87	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00	(a)
Net investment income (loss) (l)		0.47	(a)		2.18			2.76	(a)
Portfolio turnover		8	(n)		37			2	(n)
Net assets at end of period (000 omitted)		$2,164			$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 and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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

95

NOTES TO FINANCIAL STATEMENTS

(unaudited)

(1) Business and Organization

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

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

(2) Significant Accounting Policies

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

Each fund is a “fund of funds”, which invests the majority of its assets in other MFS mutual funds (hereafter referred to as “underlying affiliated funds” or “underlying funds”), which may have different fiscal year ends than the funds. The underlying funds, in turn, may engage in a number of investment techniques and practices, which involve certain risks. Certain underlying funds invest their portfolio in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. Certain underlying funds invest a significant portion of their assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae. Certain underlying funds invest in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s market, economic, industrial, political, regulatory, geopolitical, 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. The underlying funds’ shareholder reports are not covered by this report.

In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years; however, management has elected to early adopt ASU 2018-13 effective with the current reporting period. The impact of each fund’s adoption was limited to changes in each fund’s financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

In August 2018, the Securities and Exchange Commission (SEC) released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. Effective with the current reporting period, each fund adopted the Final Rule with the impacts being that each fund is no longer required to present the components of distributable earnings on the Statements of Assets and Liabilities or the sources of distributions to shareholders and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

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.

96

Notes to Financial Statements (unaudited) – continued

Equity securities, including restricted equity securities and equity securities sold short, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Equity securities sold short, for which there were no sales reported for that day, are generally valued at the last quoted daily ask quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by 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 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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basis after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of each fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Each fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. The following is a summary of the levels used as of October 31, 2018 in valuing each fund’s assets or liabilities:

	Level 1		Level 2		Level 3		Total
MFS Lifetime Income Fund
Financial Instruments
Mutual Funds		$558,873,840		$—		$—		$558,873,840

97

Notes to Financial Statements (unaudited) – continued

	Level 1		Level 2		Level 3		Total
MFS Lifetime 2020 Fund
Financial Instruments
Mutual Funds		$347,069,075		$—		$—		$347,069,075
MFS Lifetime 2025 Fund
Financial Instruments
Mutual Funds		$253,854,227		$—		$—		$253,854,227
MFS Lifetime 2030 Fund
Financial Instruments
Mutual Funds		$567,637,888		$—		$—		$567,637,888
MFS Lifetime 2035 Fund
Financial Instruments
Mutual Funds		$241,497,482		$—		$—		$241,497,482
MFS Lifetime 2040 Fund
Financial Instruments
Mutual Funds		$421,531,515		$—		$—		$421,531,515
MFS Lifetime 2045 Fund
Financial Instruments
Mutual Funds		$167,972,618		$—		$—		$167,972,618
MFS Lifetime 2050 Fund
Financial Instruments
Mutual Funds		$210,870,966		$—		$—		$210,870,966
MFS Lifetime 2055 Fund
Financial Instruments
Mutual Funds		$87,142,322		$—		$—		$87,142,322
MFS Lifetime 2060 Fund
Financial Instruments
Mutual Funds		$5,752,546		$—		$—		$5,752,546

For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds’ shareholder reports for further information regarding the levels used in valuing the underlying funds’ assets or liabilities.

Derivatives – Each fund does not invest in derivatives directly. Each fund does invest in underlying funds that may use derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the underlying funds use derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.

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

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

98

Notes to Financial Statements (unaudited) – continued

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 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 made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year 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
The federal tax cost and the tax basis components of distributable earnings were as follows:
As of 10/31/18	MFS Lifetime Income Fund			MFS Lifetime 2020 Fund			MFS Lifetime 2025 Fund			MFS Lifetime 2030 Fund			MFS Lifetime 2035 Fund
Cost of investments		$537,627,176			$326,937,577			$239,852,299			$484,670,820			$216,003,702
Gross appreciation		33,617,826			26,139,016			18,821,599			104,085,953			27,336,821
Gross depreciation		(12,371,162	)		(6,007,518	)		(4,819,671	)		(21,118,885	)		(1,843,041	)
Net unrealized appreciation (depreciation)		$21,246,664			$20,131,498			$14,001,928			$82,967,068			$25,493,780
As of 4/30/18
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	)		—			—			—			—
Net unrealized appreciation (depreciation)		33,692,413			30,135,571			20,146,378			100,406,325			32,515,593
As of 10/31/18	MFS Lifetime 2040 Fund			MFS Lifetime 2045 Fund			MFS Lifetime 2050 Fund			MFS Lifetime 2055 Fund			MFS Lifetime 2060 Fund
Cost of investments		$336,521,678			$146,731,397			$183,289,198			$80,718,751			$5,802,593
Gross appreciation		87,029,327			21,708,663			28,243,202			6,688,682			60,270
Gross depreciation		(2,019,490	)		(467,442	)		(661,434	)		(265,111	)		(110,317	)
Net unrealized appreciation (depreciation)		$85,009,837			$21,241,221			$27,581,768			$6,423,571			$(50,047	)
As of 4/30/18
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	)		—			—
Net unrealized appreciation (depreciation)		98,896,748			24,692,175			34,094,544			8,429,239			162,121

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

99

Notes to Financial Statements (unaudited) – continued

Multiple Classes of Shares of Beneficial Interest – Each fund offers multiple classes of shares, which differ in their respective distribution, service, and program manager fees. For the MFS Lifetime Income Fund, income and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. For the MFS Lifetime Income Fund, realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. For all other funds, income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class 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
	Six Months Ended 10/31/18	Year Ended 4/30/18	Six Months Ended 10/31/18	Year Ended 4/30/18	Six Months Ended 10/31/18	Year Ended 4/30/18
Class A	$970,367	$2,398,788	$—	$1,249,773	$—	$432,896
Class B	57,707	186,981	—	91,371	—	26,321
Class C	641,000	1,985,495	—	279,201	—	73,131
Class I	390,717	797,088	—	53,819	—	3,368
Class R1	21,669	60,968	—	89,059	—	18,945
Class R2	215,933	558,776	—	1,767,538	—	854,419
Class R3	483,590	1,174,314	—	2,259,963	—	1,442,800
Class R4	538,776	1,904,479	—	2,431,246	—	2,364,609
Class R6	273,697	458,470	—	1,225,726	—	818,543
Class 529A	748,523	1,673,544	—	—	—	—
Class 529B	19,467	58,435	—	—	—	—
Class 529C	169,302	467,772	—	—	—	—
Total	$4,530,748	$11,725,110	$—	$9,447,696	$—	$6,035,032
	MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund		MFS Lifetime 2040 Fund
	Six Months Ended 10/31/18	Year Ended 4/30/18	Six Months Ended 10/31/18	Year Ended 4/30/18	Six Months Ended 10/31/18	Year Ended 4/30/18
Class A	$—	$1,387,972	$—	$337,208	$—	$789,985
Class B	—	141,645	—	27,870	—	73,989
Class C	—	264,745	—	42,702	—	180,808
Class I	—	50,068	—	13,040	—	46,257
Class R1	—	106,904	—	36,641	—	58,974
Class R2	—	2,427,710	—	668,384	—	1,759,698
Class R3	—	2,990,300	—	1,220,662	—	1,703,757
Class R4	—	3,583,069	—	2,367,031	—	3,421,430
Class R6	—	1,747,665	—	636,542	—	1,102,127
Total	$—	$12,700,078	$—	$5,350,080	$—	$9,137,025
	MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund
	Six Months Ended 10/31/18	Year Ended 4/30/18	Six Months Ended 10/31/18	Year Ended 4/30/18	Six Months Ended 10/31/18	Year Ended 4/30/18
Class A	$—	$170,187	$—	$236,172	$—	$83,567
Class B	—	14,121	—	16,826	—	6,631
Class C	—	36,236	—	40,269	—	22,020
Class I	—	4,138	—	14,180	—	1,782
Class R1	—	11,938	—	13,471	—	9,021
Class R2	—	370,779	—	803,171	—	232,915
Class R3	—	727,135	—	776,294	—	311,034
Class R4	—	1,757,947	—	1,576,226	—	558,543
Class R6	—	367,530	—	498,415	—	147,528
Total	$—	$3,460,011	$—	$3,975,024	$—	$1,373,041

100

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2060 Fund
	Six Months Ended 10/31/18	Year Ended 4/30/18
Class A	$—	$3,710
Class B	—	810
Class C	—	1,084
Class I	—	1,261
Class R1	—	704
Class R2	—	1,344
Class R3	—	12,696
Class R4	—	4,710
Class R6	—	15,731
Total	$—	$42,050
From net realized gain
	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund
	Six Months Ended 10/31/18	Year Ended 4/30/18	Six Months Ended 10/31/18	Year Ended 4/30/18	Six Months Ended 10/31/18	Year Ended 4/30/18
Class A	$—	$1,323,158	$—	$787,622	$—	$92,868
Class B	—	155,225	—	83,367	—	7,913
Class C	—	1,677,548	—	252,436	—	21,166
Class I	—	403,673	—	30,731	—	672
Class R1	—	50,876	—	75,203	—	4,876
Class R2	—	340,570	—	1,228,335	—	194,805
Class R3	—	658,794	—	1,402,030	—	308,197
Class R4	—	669,958	—	1,445,562	—	486,778
Class R6	—	271,378	—	670,728	—	156,361
Class 529A	—	1,155,342	—	—	—	—
Class 529B	—	60,914	—	—	—	—
Class 529C	—	495,549	—	—	—	—
Total	$—	$7,262,985	$—	$5,976,014	$—	$1,273,636
	MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund		MFS Lifetime 2040 Fund
	Six Months Ended 10/31/18	Year Ended 4/30/18	Six Months Ended 10/31/18	Year Ended 4/30/18	Six Months Ended 10/31/18	Year Ended 4/30/18
Class A	$—	$762,335	$—	$91,006	$—	$398,600
Class B	—	114,519	—	10,307	—	56,391
Class C	—	211,589	—	15,777	—	133,920
Class I	—	24,922	—	3,214	—	21,200
Class R1	—	81,645	—	11,393	—	44,925
Class R2	—	1,481,346	—	193,626	—	999,949
Class R3	—	1,628,664	—	328,483	—	855,727
Class R4	—	1,828,737	—	605,985	—	1,603,287
Class R6	—	829,495	—	152,276	—	480,685
Total	$—	$6,963,252	$—	$1,412,067	$—	$4,594,684

101

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund
	Six Months Ended 10/31/18	Year Ended 4/30/18	Six Months Ended 10/31/18	Year Ended 4/30/18	Six Months Ended 10/31/18	Year Ended 4/30/18
Class A	$—	$53,084	$—	$92,817	$—	$20,516
Class B	—	6,297	—	9,631	—	2,409
Class C	—	15,525	—	23,130	—	7,998
Class I	—	1,187	—	4,927	—	398
Class R1	—	4,814	—	6,860	—	2,874
Class R2	—	123,741	—	342,907	—	60,382
Class R3	—	226,378	—	296,244	—	75,049
Class R4	—	514,360	—	560,958	—	124,530
Class R6	—	100,678	—	165,718	—	31,076
Total	$—	$1,046,064	$—	$1,503,192	$—	$325,232
	MFS Lifetime 2060 Fund
	Six Months Ended 10/31/18	Year Ended 4/30/18
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

(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 six months ended October 31, 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
$590,826	$411,818	$330,574	$577,679	$338,837	$475,558	$293,110	$329,752	$244,680	$105,130

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. 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.

102

Notes to Financial Statements (unaudited) – continued

Distributor – MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the six months ended October 31, 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		$4,377		$3,066
MFS Lifetime 2020 Fund		2,580		—
MFS Lifetime 2025 Fund		3,315		—
MFS Lifetime 2030 Fund		14,678		—
MFS Lifetime 2035 Fund		7,304		—
MFS Lifetime 2040 Fund		7,948		—
MFS Lifetime 2045 Fund		3,588		—
MFS Lifetime 2050 Fund		6,373		—
MFS Lifetime 2055 Fund		3,568		—
MFS Lifetime 2060 Fund		1,060		—

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

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

Distribution Plan Fee Table:

	Class A
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		—		0.25%		0.25%		0.25%		$136,979
MFS Lifetime 2020 Fund		—		0.25%		0.25%		0.25%		56,064
MFS Lifetime 2025 Fund		—		0.25%		0.25%		0.23%		21,833
MFS Lifetime 2030 Fund		—		0.25%		0.25%		0.24%		75,110
MFS Lifetime 2035 Fund		—		0.25%		0.25%		0.24%		17,711
MFS Lifetime 2040 Fund		—		0.25%		0.25%		0.24%		42,997
MFS Lifetime 2045 Fund		—		0.25%		0.25%		0.25%		9,346
MFS Lifetime 2050 Fund		—		0.25%		0.25%		0.25%		14,635
MFS Lifetime 2055 Fund		—		0.25%		0.25%		0.25%		5,906
MFS Lifetime 2060 Fund		—		0.25%		0.25%		0.25%		527
	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%		$56,537
MFS Lifetime 2020 Fund		0.75%		0.25%		1.00%		1.00%		22,019
MFS Lifetime 2025 Fund		0.75%		0.25%		1.00%		0.99%		7,164
MFS Lifetime 2030 Fund		0.75%		0.25%		1.00%		1.00%		44,601
MFS Lifetime 2035 Fund		0.75%		0.25%		1.00%		1.00%		8,771
MFS Lifetime 2040 Fund		0.75%		0.25%		1.00%		1.00%		25,025
MFS Lifetime 2045 Fund		0.75%		0.25%		1.00%		1.00%		4,667
MFS Lifetime 2050 Fund		0.75%		0.25%		1.00%		1.00%		7,045
MFS Lifetime 2055 Fund		0.75%		0.25%		1.00%		1.00%		2,621
MFS Lifetime 2060 Fund		0.75%		0.25%		1.00%		1.00%		523

103

Notes to Financial Statements (unaudited) – continued

	Class C
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		0.75%		0.25%		1.00%		1.00%		$627,017
MFS Lifetime 2020 Fund		0.75%		0.25%		1.00%		1.00%		66,539
MFS Lifetime 2025 Fund		0.75%		0.25%		1.00%		1.00%		19,249
MFS Lifetime 2030 Fund		0.75%		0.25%		1.00%		1.00%		81,117
MFS Lifetime 2035 Fund		0.75%		0.25%		1.00%		1.00%		12,400
MFS Lifetime 2040 Fund		0.75%		0.25%		1.00%		1.00%		59,434
MFS Lifetime 2045 Fund		0.75%		0.25%		1.00%		1.00%		10,447
MFS Lifetime 2050 Fund		0.75%		0.25%		1.00%		1.00%		14,926
MFS Lifetime 2055 Fund		0.75%		0.25%		1.00%		1.00%		9,551
MFS Lifetime 2060 Fund		0.75%		0.25%		1.00%		1.00%		670
	Class R1
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		0.75%		0.25%		1.00%		1.00%		$21,228
MFS Lifetime 2020 Fund		0.75%		0.25%		1.00%		1.00%		23,885
MFS Lifetime 2025 Fund		0.75%		0.25%		1.00%		1.00%		6,721
MFS Lifetime 2030 Fund		0.75%		0.25%		1.00%		1.00%		36,291
MFS Lifetime 2035 Fund		0.75%		0.25%		1.00%		1.00%		10,561
MFS Lifetime 2040 Fund		0.75%		0.25%		1.00%		1.00%		24,295
MFS Lifetime 2045 Fund		0.75%		0.25%		1.00%		1.00%		6,025
MFS Lifetime 2050 Fund		0.75%		0.25%		1.00%		1.00%		5,827
MFS Lifetime 2055 Fund		0.75%		0.25%		1.00%		1.00%		5,046
MFS Lifetime 2060 Fund		0.75%		0.25%		1.00%		1.00%		313
	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%		$71,020
MFS Lifetime 2020 Fund		0.25%		0.25%		0.50%		0.50%		180,173
MFS Lifetime 2025 Fund		0.25%		0.25%		0.50%		0.50%		94,086
MFS Lifetime 2030 Fund		0.25%		0.25%		0.50%		0.50%		294,682
MFS Lifetime 2035 Fund		0.25%		0.25%		0.50%		0.50%		88,110
MFS Lifetime 2040 Fund		0.25%		0.25%		0.50%		0.50%		221,697
MFS Lifetime 2045 Fund		0.25%		0.25%		0.50%		0.50%		55,254
MFS Lifetime 2050 Fund		0.25%		0.25%		0.50%		0.50%		124,258
MFS Lifetime 2055 Fund		0.25%		0.25%		0.50%		0.50%		43,928
MFS Lifetime 2060 Fund		0.25%		0.25%		0.50%		0.50%		890
	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%		$68,261
MFS Lifetime 2020 Fund		—		0.25%		0.25%		0.25%		104,381
MFS Lifetime 2025 Fund		—		0.25%		0.25%		0.25%		82,470
MFS Lifetime 2030 Fund		—		0.25%		0.25%		0.25%		173,371
MFS Lifetime 2035 Fund		—		0.25%		0.25%		0.25%		77,305
MFS Lifetime 2040 Fund		—		0.25%		0.25%		0.25%		109,397
MFS Lifetime 2045 Fund		—		0.25%		0.25%		0.25%		56,118
MFS Lifetime 2050 Fund		—		0.25%		0.25%		0.25%		63,037
MFS Lifetime 2055 Fund		—		0.25%		0.25%		0.25%		29,903
MFS Lifetime 2060 Fund		—		0.25%		0.25%		0.25%		1,590
	Class 529A
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		—		0.25%		0.25%		0.23%		$108,516

104

Notes to Financial Statements (unaudited) – continued

	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%		0.98%		$19,909
	Class 529C
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		0.75%		0.25%		1.00%		0.99%		$173,335

	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		$1,282,802		$453,061		$231,523		$705,172		$214,858
	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		$482,845		$141,857		$229,728		$96,955		$4,513

(d) In accordance with the distribution plan for certain classes, each fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below.

(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended October 31, 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 six months ended October 31, 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		$1,572		$739		$1,811		$1,707		$390
Class B		1		19		103		35		2
Class C		55		42		2		179		53
Class R1		43		—		—		70		1
Class R2		91		313		6		621		—
Class R3		4		1		20		12		82
Class 529A		7,225		N/A		N/A		N/A		N/A
Class 529B		315		N/A		N/A		N/A		N/A
Class 529C		1,822		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		$995		$148		$173		$47		$—
Class B		107		22		14		—		—
Class C		55		—		11		14		—
Class R2		406		67		75		1		—
Class R3		97		1		77		2		—

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 six months ended October 31, 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		$1,450		$15		$225		$262		$21
Class B		5,964		3,540		—		8,476		726
Class C		5,183		318		288		749		103
Class 529B		177		N/A		N/A		N/A		N/A
Class 529C		183		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		$177		$117		$64		$125		$—
Class B		3,892		555		858		197		—
Class C		392		121		445		121		99

105

Notes to Financial Statements (unaudited) – continued

The MFS Lifetime Income Fund has entered into and may from time to time enter into contracts with program managers and other parties which administer the tuition programs through which an investment in the fund’s 529 share classes is made. The MFS Lifetime Income Fund has entered into an agreement with MFD pursuant to which MFD receives an annual fee of up to 0.05% of the average daily net assets attributable to each 529 share class. The services provided by MFD, or a third party with which MFD contracts, include recordkeeping and tax reporting and account services, as well as services designed to maintain the program’s compliance with the Internal Revenue Code and other regulatory requirements. Program manager fees for the MFS Lifetime Income Fund for the six months ended October 31, 2018, were as follows:

	Fee
Class 529A		$21,703
Class 529B		995
Class 529C		8,667
Total Program Manager Fees		$31,365

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 six months ended October 31, 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		$85,188		$14,419		$11,049		$23,154		$12,984
Percentage of average daily net assets		0.0295%		0.0079%		0.0087%		0.0078%		0.0105%
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Expenses paid		$21,934		$13,010		$16,296		$15,630		$1,600
Percentage of average daily net assets		0.0099%		0.0150%		0.0149%		0.0351%		0.0684%

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 six months ended October 31, 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
$327,570	$253,538	$194,613	$382,546	$204,085	$311,197	$163,128	$192,758	$115,062	$5,199

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 six months ended October 31, 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		0.0031%		0.0049%		0.0069%		0.0030%		0.0071%
	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%		0.0101%		0.0080%		0.0198%		0.3775%

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

106

Notes to Financial Statements (unaudited) – continued

Agreement. For the six months ended October 31, 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
$473	$300	$196	$478	$194

MFS Lifetime 2040 Fund	MFS Lifetime 2045 Fund	MFS Lifetime 2050 Fund	MFS Lifetime 2055 Fund	MFS Lifetime 2060 Fund
$346	$142	$179	$74	$4

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.

On August 15, 2017, MFS redeemed the following fund shares:

Fund	Class		Shares		Amount
MFS Lifetime Income Fund		Class R6		4,213		$52,321
MFS Lifetime 2020 Fund		Class R6		3,970		52,878
MFS Lifetime 2025 Fund		Class R6		4,229		54,006
MFS Lifetime 2030 Fund		Class R6		3,651		55,393
MFS Lifetime 2035 Fund		Class R1		678		9,446
MFS Lifetime 2035 Fund		Class R6		3,981		56,089
MFS Lifetime 2040 Fund		Class R6		3,585		56,496
MFS Lifetime 2045 Fund		Class B		699		9,958
MFS Lifetime 2045 Fund		Class R1		696		9,947
MFS Lifetime 2045 Fund		Class R6		3,921		56,546
MFS Lifetime 2050 Fund		Class B		3,525		60,244
MFS Lifetime 2050 Fund		Class R1		582		9,919
MFS Lifetime 2050 Fund		Class R6		3,265		56,547
MFS Lifetime 2055 Fund		Class B		823		11,938
MFS Lifetime 2055 Fund		Class I		744		10,855
MFS Lifetime 2055 Fund		Class R1		820		11,865
MFS Lifetime 2055 Fund		Class R6		3,854		56,544

At October 31, 2018, MFS held approximately 58%, 100%, and 100% of the outstanding shares of Class B, Class I, and Class R1, respectively, of the MFS Lifetime 2060 Fund.

(4) Portfolio Securities

For the six months ended October 31, 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		$26,239,200		$26,782,712		$38,054,925		$56,106,500		$34,909,414
Sales		$31,654,160		$36,432,890		$17,377,402		$43,488,339		$14,083,117
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Purchases		$33,586,768		$20,606,990		$21,562,631		$17,255,174		$2,747,677
Sales		$29,306,081		$9,077,306		$11,653,166		$6,836,270		$381,372

107

Notes to Financial Statements (unaudited) – continued

(5) Shares of Beneficial Interest

Each fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

	MFS Lifetime Income Fund								MFS Lifetime 2020 Fund
	Six Months Ended 10/31/18				Year ended 4/30/18				Six Months Ended 10/31/18				Year ended 4/30/18
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
Shares sold
Class A		933,467		$11,498,298		1,570,740		$19,455,932		237,497		$3,126,256		874,650		$11,535,936
Class B		20,610		252,842		41,009		509,648		17,097		221,773		20,859		273,064
Class C		410,424		5,051,733		1,058,685		13,125,576		53,128		681,675		124,141		1,598,345
Class I		1,015,417		12,519,581		1,054,906		13,083,468		149,826		1,973,780		43,525		577,609
Class R1		21,964		270,838		76,139		943,967		46,219		602,253		58,349		767,529
Class R2		381,413		4,699,572		770,210		9,540,633		764,106		9,960,110		1,816,565		23,850,777
Class R3		435,547		5,375,282		1,578,766		19,605,115		954,558		12,568,154		2,178,484		28,760,987
Class R4		478,478		5,899,608		977,153		12,095,704		1,131,798		14,996,918		1,872,609		24,848,676
Class R6		266,836		3,295,224		1,864,974		23,340,425		905,621		11,948,403		2,379,969		32,044,301
Class 529A		3,207,359		32,249,424		4,868,641		49,659,678		—		—		—		—
Class 529B		149,293		1,499,960		278,741		2,844,484		—		—		—		—
Class 529C		1,082,619		10,879,831		2,362,887		24,093,144		—		—		—		—
		8,403,427		$93,492,193		16,502,851		$188,297,774		4,259,850		$56,079,322		9,369,151		$124,257,224
Shares issued to shareholders in reinvestment of distributions
Class A		77,506		$953,278		292,591		$3,638,273		—		$—		137,450		$1,797,843
Class B		4,525		55,656		26,741		332,903		—		—		13,169		171,460
Class C		50,999		627,076		287,628		3,578,466		—		—		35,653		457,789
Class I		24,757		304,468		72,022		896,019		—		—		5,756		75,752
Class R1		1,749		21,527		8,972		111,786		—		—		12,597		164,262
Class R2		16,157		198,784		66,213		823,895		—		—		208,430		2,707,503
Class R3		39,266		482,933		147,244		1,831,616		—		—		279,755		3,661,993
Class R4		43,666		537,102		206,323		2,566,100		—		—		294,590		3,876,808
Class R6		19,256		237,573		49,628		618,687		—		—		127,866		1,680,156
Class 529A		72,989		736,931		275,125		2,811,781		—		—		—		—
Class 529B		1,900		19,177		11,617		118,801		—		—		—		—
Class 529C		16,506		166,592		93,840		958,836		—		—		—		—
		369,276		$4,341,097		1,537,944		$18,287,163		—		$—		1,115,266		$14,593,566

108

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime Income Fund – continued												MFS Lifetime 2020 Fund – continued
	Six Months Ended 10/31/18						Year ended 4/30/18						Six Months Ended 10/31/18						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares reacquired
Class A		(1,043,124	)		$(12,833,677	)		(2,509,753	)		$(31,085,779	)		(570,165	)		$(7,476,118	)		(1,314,434	)		$(17,415,297	)
Class B		(146,300	)		(1,796,376	)		(398,723	)		(4,947,769	)		(45,430	)		(589,882	)		(114,201	)		(1,496,009	)
Class C		(1,325,750	)		(16,322,941	)		(2,930,152	)		(36,287,026	)		(100,154	)		(1,284,257	)		(437,526	)		(5,639,052	)
Class I		(421,994	)		(5,190,521	)		(1,154,296	)		(14,326,758	)		(150,656	)		(1,996,290	)		(41,460	)		(549,913	)
Class R1		(51,382	)		(634,453	)		(95,654	)		(1,189,500	)		(49,114	)		(635,480	)		(54,447	)		(716,502	)
Class R2		(466,987	)		(5,740,766	)		(1,209,849	)		(15,015,150	)		(1,200,510	)		(15,647,726	)		(2,363,331	)		(31,013,425	)
Class R3		(505,468	)		(6,221,836	)		(1,374,650	)		(17,055,452	)		(1,486,032	)		(19,571,781	)		(1,750,424	)		(23,118,351	)
Class R4		(620,430	)		(7,619,805	)		(6,094,327	)		(76,564,127	)		(1,062,484	)		(14,036,891	)		(6,752,614	)		(91,728,500	)
Class R6		(402,520	)		(4,978,031	)		(293,127	)		(3,644,616	)		(309,560	)		(4,096,732	)		(668,138	)		(8,882,236	)
Class 529A		(2,455,506	)		(24,737,100	)		(4,138,056	)		(42,244,514	)		—			—			—			—
Class 529B		(138,726	)		(1,397,471	)		(365,560	)		(3,734,820	)		—			—			—			—
Class 529C		(991,330	)		(9,970,699	)		(2,276,627	)		(23,184,198	)		—			—			—			—
		(8,569,517	)		$(97,443,676	)		(22,840,774	)		$(269,279,709	)		(4,974,105	)		$(65,335,157	)		(13,496,575	)		$(180,559,285	)
Net change
Class A		(32,151	)		$(382,101	)		(646,422	)		$(7,991,574	)		(332,668	)		$(4,349,862	)		(302,334	)		$(4,081,518	)
Class B		(121,165	)		(1,487,878	)		(330,973	)		(4,105,218	)		(28,333	)		(368,109	)		(80,173	)		(1,051,485	)
Class C		(864,327	)		(10,644,132	)		(1,583,839	)		(19,582,984	)		(47,026	)		(602,582	)		(277,732	)		(3,582,918	)
Class I		618,180			7,633,528			(27,368	)		(347,271	)		(830	)		(22,510	)		7,821			103,448
Class R1		(27,669	)		(342,088	)		(10,543	)		(133,747	)		(2,895	)		(33,227	)		16,499			215,289
Class R2		(69,417	)		(842,410	)		(373,426	)		(4,650,622	)		(436,404	)		(5,687,616	)		(338,336	)		(4,455,145	)
Class R3		(30,655	)		(363,621	)		351,360			4,381,279			(531,474	)		(7,003,627	)		707,815			9,304,629
Class R4		(98,286	)		(1,183,095	)		(4,910,851	)		(61,902,323	)		69,314			960,027			(4,585,415	)		(63,003,016	)
Class R6		(116,428	)		(1,445,234	)		1,621,475			20,314,496			596,061			7,851,671			1,839,697			24,842,221
Class 529A		824,842			8,249,255			1,005,710			10,226,945			—			—			—			—
Class 529B		12,467			121,666			(75,202	)		(771,535	)		—			—			—			—
Class 529C		107,795			1,075,724			180,100			1,867,782			—			—			—			—
		203,186			$389,614			(4,799,979	)		$(62,694,772	)		(714,255	)		$(9,255,835	)		(3,012,158	)		$(41,708,495	)
	MFS Lifetime 2025 Fund												MFS Lifetime 2030 Fund
	Six Months Ended 10/31/18						Year ended 4/30/18						Six Months Ended 10/31/18						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		216,296			$2,814,134			439,342			$5,659,951			430,523			$6,755,244			792,497			$12,242,729
Class B		8,894			115,445			22,994			292,465			46,146			706,164			48,645			737,390
Class C		39,094			501,754			86,290			1,100,035			81,428			1,251,417			150,628			2,271,328
Class I		5,216			68,348			68,375			883,133			22,983			365,119			38,067			592,551
Class R1		38,349			497,222			79,777			1,018,577			75,383			1,175,386			158,961			2,413,570
Class R2		543,994			7,031,068			1,571,472			20,053,970			1,227,129			19,134,545			2,686,924			40,756,518
Class R3		987,819			12,860,610			2,407,920			30,860,791			1,558,322			24,556,592			2,723,768			41,722,708
Class R4		1,759,923			23,008,223			1,831,071			23,611,322			1,635,412			25,932,945			2,396,549			36,938,959
Class R6		484,039			6,334,163			2,171,031			28,488,221			1,247,156			19,694,780			3,039,876			47,374,211
		4,083,624			$53,230,967			8,678,272			$111,968,465			6,324,482			$99,572,192			12,035,915			$185,049,964

109

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2025 Fund – continued												MFS Lifetime 2030 Fund – continued
	Six Months Ended 10/31/18						Year ended 4/30/18						Six Months Ended 10/31/18						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares issued to shareholders in reinvestment of distributions
Class A		—			$—			36,062			$464,122			—			$—			122,981			$1,902,517
Class B		—			—			2,674			34,231			—			—			16,260			248,610
Class C		—			—			7,133			90,868			—			—			26,789			407,191
Class I		—			—			313			4,040			—			—			4,356			67,649
Class R1		—			—			1,857			23,821			—			—			12,283			188,549
Class R2		—			—			70,893			907,430			—			—			233,981			3,586,923
Class R3		—			—			136,264			1,750,997			—			—			299,350			4,618,964
Class R4		—			—			220,867			2,851,387			—			—			348,141			5,410,114
Class R6		—			—			61,003			787,543			—			—			131,223			2,039,201
		—			$—			537,066			$6,914,439			—			$—			1,195,364			$18,469,718
Shares reacquired
Class A		(165,412	)		$(2,137,919	)		(347,589	)		$(4,443,758	)		(634,287	)		$(9,968,065	)		(923,005	)		$(14,185,368	)
Class B		(10,704	)		(137,935	)		(19,239	)		(243,320	)		(56,944	)		(884,339	)		(94,951	)		(1,435,970	)
Class C		(15,259	)		(196,237	)		(82,528	)		(1,044,970	)		(111,053	)		(1,708,019	)		(237,561	)		(3,574,873	)
Class I		(6,590	)		(86,522	)		(37,202	)		(479,223	)		(24,392	)		(388,363	)		(21,950	)		(344,511	)
Class R1		(9,959	)		(127,948	)		(19,980	)		(257,485	)		(44,701	)		(696,410	)		(123,254	)		(1,860,960	)
Class R2		(832,265	)		(10,661,828	)		(725,005	)		(9,215,230	)		(1,431,921	)		(22,208,141	)		(2,928,379	)		(44,562,712	)
Class R3		(725,804	)		(9,379,696	)		(755,969	)		(9,721,463	)		(1,684,669	)		(26,517,244	)		(1,665,039	)		(25,650,805	)
Class R4		(521,975	)		(6,834,310	)		(6,589,685	)		(87,093,536	)		(1,246,034	)		(19,682,999	)		(6,102,456	)		(96,547,086	)
Class R6		(213,865	)		(2,798,775	)		(591,896	)		(7,598,522	)		(275,061	)		(4,359,567	)		(725,589	)		(11,110,604	)
		(2,501,833	)		$(32,361,170	)		(9,169,093	)		$(120,097,507	)		(5,509,062	)		$(86,413,147	)		(12,822,184	)		$(199,272,889	)
Net change
Class A		50,884			$676,215			127,815			$1,680,315			(203,764	)		$(3,212,821	)		(7,527	)		$(40,122	)
Class B		(1,810	)		(22,490	)		6,429			83,376			(10,798	)		(178,175	)		(30,046	)		(449,970	)
Class C		23,835			305,517			10,895			145,933			(29,625	)		(456,602	)		(60,144	)		(896,354	)
Class I		(1,374	)		(18,174	)		31,486			407,950			(1,409	)		(23,244	)		20,473			315,689
Class R1		28,390			369,274			61,654			784,913			30,682			478,976			47,990			741,159
Class R2		(288,271	)		(3,630,760	)		917,360			11,746,170			(204,792	)		(3,073,596	)		(7,474	)		(219,271	)
Class R3		262,015			3,480,914			1,788,215			22,890,325			(126,347	)		(1,960,652	)		1,358,079			20,690,867
Class R4		1,237,948			16,173,913			(4,537,747	)		(60,630,827	)		389,378			6,249,946			(3,357,766	)		(54,198,013	)
Class R6		270,174			3,535,388			1,640,138			21,677,242			972,095			15,335,213			2,445,510			38,302,808
		1,581,791			$20,869,797			46,245			$(1,214,603	)		815,420			$13,159,045			409,095			$4,246,793
	MFS Lifetime 2035 Fund												MFS Lifetime 2040 Fund
	Six Months Ended 10/31/18						Year ended 4/30/18						Six Months Ended 10/31/18						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		126,410			$1,879,189			456,502			$6,526,819			204,289			$3,416,129			566,906			$9,118,996
Class B		8,105			118,761			27,756			404,504			11,969			196,963			28,889			457,124
Class C		28,361			413,447			58,484			826,502			42,412			694,596			112,298			1,767,637
Class I		11,084			161,202			27,363			398,188			19,163			328,706			33,293			534,779
Class R1		42,093			622,590			158,580			2,259,004			61,412			1,013,313			129,646			2,069,716
Class R2		559,457			8,302,131			1,201,115			17,182,087			801,990			13,325,002			2,041,886			32,521,105
Class R3		534,963			7,998,669			1,952,076			28,095,710			740,696			12,430,379			1,976,416			31,789,457
Class R4		1,659,983			24,844,250			1,636,022			23,602,579			1,327,161			22,429,214			2,238,497			36,205,561
Class R6		353,363			5,318,290			1,266,185			18,699,329			809,488			13,589,909			1,461,342			23,936,198
		3,323,819			$49,658,529			6,784,083			$97,994,722			4,018,580			$67,424,211			8,589,173			$138,400,573

110

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2035 Fund – continued												MFS Lifetime 2040 Fund – continued
	Six Months Ended 10/31/18						Year ended 4/30/18						Six Months Ended 10/31/18						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares issued to shareholders in reinvestment of distributions
Class A		—			$—			26,822			$390,791			—			$—			63,997			$1,043,784
Class B		—			—			2,635			38,177			—			—			7,882			127,694
Class C		—			—			3,688			53,258			—			—			16,745			267,914
Class I		—			—			972			14,173			—			—			3,053			50,032
Class R1		—			—			3,313			48,034			—			—			6,437			103,899
Class R2		—			—			51,210			743,064			—			—			153,118			2,478,978
Class R3		—			—			106,251			1,549,145			—			—			157,024			2,559,484
Class R4		—			—			203,214			2,973,016			—			—			305,826			5,024,717
Class R6		—			—			36,046			527,354			—			—			66,594			1,093,476
		—			$—			434,151			$6,337,012			—			$—			780,676			$12,749,978
Shares reacquired
Class A		(198,854	)		$(2,918,284	)		(216,888	)		$(3,065,616	)		(366,605	)		$(6,085,484	)		(750,115	)		$(12,120,811	)
Class B		(11,523	)		(171,292	)		(9,178	)		(130,176	)		(25,234	)		(416,719	)		(61,949	)		(977,838	)
Class C		(31,237	)		(452,741	)		(30,283	)		(427,897	)		(99,289	)		(1,639,299	)		(147,583	)		(2,319,106	)
Class I		(7,265	)		(104,479	)		(7,910	)		(111,456	)		(15,921	)		(265,323	)		(48,595	)		(803,760	)
Class R1		(26,447	)		(390,818	)		(75,180	)		(1,085,773	)		(50,622	)		(837,725	)		(129,884	)		(2,013,528	)
Class R2		(679,570	)		(9,941,068	)		(595,883	)		(8,464,857	)		(1,019,759	)		(16,859,589	)		(2,471,692	)		(39,422,790	)
Class R3		(437,797	)		(6,436,717	)		(686,777	)		(9,976,722	)		(1,023,390	)		(17,075,296	)		(950,303	)		(15,320,665	)
Class R4		(417,505	)		(6,266,059	)		(4,686,868	)		(70,040,299	)		(1,011,905	)		(16,957,051	)		(5,318,065	)		(88,921,009	)
Class R6		(132,001	)		(1,987,912	)		(197,343	)		(2,875,767	)		(154,780	)		(2,613,545	)		(262,338	)		(4,293,540	)
		(1,942,199	)		$(28,669,370	)		(6,506,310	)		$(96,178,563	)		(3,767,505	)		$(62,750,031	)		(10,140,524	)		$(166,193,047	)
Net change
Class A		(72,444	)		$(1,039,095	)		266,436			$3,851,994			(162,316	)		$(2,669,355	)		(119,212	)		$(1,958,031	)
Class B		(3,418	)		(52,531	)		21,213			312,505			(13,265	)		(219,756	)		(25,178	)		(393,020	)
Class C		(2,876	)		(39,294	)		31,889			451,863			(56,877	)		(944,703	)		(18,540	)		(283,555	)
Class I		3,819			56,723			20,425			300,905			3,242			63,383			(12,249	)		(218,949	)
Class R1		15,646			231,772			86,713			1,221,265			10,790			175,588			6,199			160,087
Class R2		(120,113	)		(1,638,937	)		656,442			9,460,294			(217,769	)		(3,534,587	)		(276,688	)		(4,422,707	)
Class R3		97,166			1,561,952			1,371,550			19,668,133			(282,694	)		(4,644,917	)		1,183,137			19,028,276
Class R4		1,242,478			18,578,191			(2,847,632	)		(43,464,704	)		315,256			5,472,163			(2,773,742	)		(47,690,731	)
Class R6		221,362			3,330,378			1,104,888			16,350,916			654,708			10,976,364			1,265,598			20,736,134
		1,381,620			$20,989,159			711,924			$8,153,171			251,075			$4,674,180			(770,675	)		$(15,042,496	)
	MFS Lifetime 2045 Fund												MFS Lifetime 2050 Fund
	Six Months Ended 10/31/18						Year ended 4/30/18						Six Months Ended 10/31/18						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		77,372			$1,206,586			205,909			$3,078,824			108,106			$2,033,047			208,910			$3,748,870
Class B		2,232			34,401			14,466			213,109			11,568			213,772			14,164			251,649
Class C		14,735			225,408			50,434			735,389			20,921			383,453			37,732			666,022
Class I		2,250			35,105			5,325			81,375			2,757			51,856			11,887			209,225
Class R1		45,045			697,863			36,490			538,253			27,744			509,825			40,471			714,936
Class R2		363,410			5,595,107			831,560			12,267,212			612,214			11,314,653			1,378,613			24,381,437
Class R3		397,655			6,174,214			1,519,379			22,643,543			427,608			7,965,949			1,397,753			25,009,017
Class R4		888,046			13,804,700			1,472,346			21,844,889			678,981			12,707,075			1,459,139			25,972,233
Class R6		236,566			3,675,888			878,888			13,313,294			321,078			5,991,617			876,884			15,883,236
		2,027,311			$31,449,272			5,014,797			$74,715,888			2,210,977			$41,171,247			5,425,553			$96,836,625

111

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2045 Fund – continued												MFS Lifetime 2050 Fund – continued
	Six Months Ended 10/31/18						Year ended 4/30/18						Six Months Ended 10/31/18						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares issued to shareholders in reinvestment of distributions
Class A		—			$—			13,745			$207,280			—			$—			16,639			$303,168
Class B		—			—			1,359			20,418			—			—			1,467			26,454
Class C		—			—			2,547			38,071			—			—			3,122			55,946
Class I		—			—			352			5,325			—			—			1,050			19,107
Class R1		—			—			1,114			16,750			—			—			1,134			20,331
Class R2		—			—			28,438			426,005			—			—			58,618			1,055,119
Class R3		—			—			63,272			953,513			—			—			59,256			1,072,536
Class R4		—			—			150,285			2,272,307			—			—			117,557			2,137,183
Class R6		—			—			23,148			349,772			—			—			29,666			539,036
		—			$—			284,260			$4,289,441			—			$—			288,509			$5,228,880
Shares reacquired
Class A		(112,916	)		$(1,736,554	)		(150,367	)		$(2,212,403	)		(142,981	)		$(2,659,418	)		(235,042	)		$(4,180,453	)
Class B		(6,432	)		(99,703	)		(7,228	)		(106,632	)		(1,488	)		(27,601	)		(9,104	)		(159,713	)
Class C		(7,311	)		(112,883	)		(41,757	)		(624,943	)		(11,066	)		(204,262	)		(41,392	)		(736,810	)
Class I		(400	)		(6,282	)		(5,004	)		(77,136	)		(4,806	)		(90,483	)		(7,446	)		(134,385	)
Class R1		(6,295	)		(97,441	)		(13,397	)		(196,477	)		(15,184	)		(278,310	)		(20,039	)		(346,261	)
Class R2		(487,544	)		(7,371,013	)		(283,210	)		(4,167,931	)		(538,156	)		(9,906,808	)		(921,667	)		(16,254,014	)
Class R3		(321,799	)		(4,922,568	)		(463,617	)		(6,925,830	)		(432,907	)		(8,049,733	)		(456,605	)		(8,149,930	)
Class R4		(262,035	)		(4,097,968	)		(3,095,993	)		(47,589,071	)		(425,534	)		(7,950,468	)		(2,232,305	)		(40,832,891	)
Class R6		(87,910	)		(1,361,674	)		(170,040	)		(2,543,538	)		(101,997	)		(1,899,252	)		(156,495	)		(2,830,861	)
		(1,292,642	)		$(19,806,086	)		(4,230,613	)		$(64,443,961	)		(1,674,119	)		$(31,066,335	)		(4,080,095	)		$(73,625,318	)
Net change
Class A		(35,544	)		$(529,968	)		69,287			$1,073,701			(34,875	)		$(626,371	)		(9,493	)		$(128,415	)
Class B		(4,200	)		(65,302	)		8,597			126,895			10,080			186,171			6,527			118,390
Class C		7,424			112,525			11,224			148,517			9,855			179,191			(538	)		(14,842	)
Class I		1,850			28,823			673			9,564			(2,049	)		(38,627	)		5,491			93,947
Class R1		38,750			600,422			24,207			358,526			12,560			231,515			21,566			389,006
Class R2		(124,134	)		(1,775,906	)		576,788			8,525,286			74,058			1,407,845			515,564			9,182,542
Class R3		75,856			1,251,646			1,119,034			16,671,226			(5,299	)		(83,784	)		1,000,404			17,931,623
Class R4		626,011			9,706,732			(1,473,362	)		(23,471,875	)		253,447			4,756,607			(655,609	)		(12,723,475	)
Class R6		148,656			2,314,214			731,996			11,119,528			219,081			4,092,365			750,055			13,591,411
		734,669			$11,643,186			1,068,444			$14,561,368			536,858			$10,104,912			1,633,967			$28,440,187
	MFS Lifetime 2055 Fund												MFS Lifetime 2060 Fund
	Six Months Ended 10/31/18						Year ended 4/30/18						Six Months Ended 10/31/18						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		54,841			$867,283			135,897			$2,061,650			24,857			$300,059			20,978			$245,093
Class B		4,045			63,801			5,887			87,495			2,622			31,052			1,005			11,898
Class C		14,617			227,986			37,573			563,827			4,807			57,881			3,714			43,468
Class I		1,452			23,249			3,368			52,959			—			—			—			—
Class R1		24,595			383,119			41,788			633,186			—			—			—			—
Class R2		363,024			5,713,394			692,977			10,422,166			32,076			390,282			7,827			93,754
Class R3		355,065			5,629,738			884,135			13,410,315			49,768			598,221			96,480			1,128,433
Class R4		583,152			9,257,401			1,093,741			16,568,171			43,060			524,406			48,464			571,598
Class R6		198,133			3,148,824			432,778			6,696,227			88,924			1,083,594			58,397			698,436
		1,598,924			$25,314,795			3,328,144			$50,495,996			246,114			$2,985,495			236,865			$2,792,680

112

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2055 Fund – continued												MFS Lifetime 2060 Fund – continued
	Six Months Ended 10/31/18						Year ended 4/30/18						Six Months Ended 10/31/18						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares issued to shareholders in reinvestment of distributions
Class A		—			$—			6,323			$97,308			—			$—			393			$4,637
Class B		—			—			589			9,040			—			—			96			1,135
Class C		—			—			1,486			22,660			—			—			126			1,491
Class I		—			—			142			2,180			—			—			132			1,558
Class R1		—			—			778			11,895			—			—			84			1,000
Class R2		—			—			16,753			256,482			—			—			148			1,729
Class R3		—			—			25,103			386,083			—			—			1,341			15,828
Class R4		—			—			44,240			683,073			—			—			491			5,814
Class R6		—			—			7,857			121,315			—			—			1,594			18,825
		—			$—			103,271			$1,590,036			—			$—			4,405			$52,017
Shares reacquired
Class A		(66,047	)		$(1,042,667	)		(80,647	)		$(1,215,307	)		(985	)		$(12,043	)		(1,077	)		$(12,803	)
Class B		(482	)		(7,472	)		(5,069	)		(77,185	)		—			—			(7	)		(83	)
Class C		(5,409	)		(83,637	)		(14,597	)		(217,359	)		(834	)		(10,158	)		(330	)		(3,968	)
Class I		(740	)		(11,912	)		(1,799	)		(27,446	)		—			—			—			—
Class R1		(7,715	)		(121,614	)		(9,717	)		(146,933	)		—			—			—			—
Class R2		(347,602	)		(5,345,744	)		(176,227	)		(2,665,755	)		(2,612	)		(31,586	)		(270	)		(3,145	)
Class R3		(245,959	)		(3,820,128	)		(256,438	)		(3,886,504	)		(25,075	)		(302,328	)		(4,550	)		(53,797	)
Class R4		(236,602	)		(3,774,546	)		(972,079	)		(15,064,682	)		(8,517	)		(103,499	)		(24,111	)		(285,509	)
Class R6		(37,464	)		(598,282	)		(67,992	)		(1,041,732	)		(8,648	)		(105,025	)		(3,852	)		(46,053	)
		(948,020	)		$(14,806,002	)		(1,584,565	)		$(24,342,903	)		(46,671	)		$(564,639	)		(34,197	)		$(405,358	)
Net change
Class A		(11,206	)		$(175,384	)		61,573			$943,651			23,872			$288,016			20,294			$236,927
Class B		3,563			56,329			1,407			19,350			2,622			31,052			1,094			12,950
Class C		9,208			144,349			24,462			369,128			3,973			47,723			3,510			40,991
Class I		712			11,337			1,711			27,693			—			—			132			1,558
Class R1		16,880			261,505			32,849			498,148			—			—			84			1,000
Class R2		15,422			367,650			533,503			8,012,893			29,464			358,696			7,705			92,338
Class R3		109,106			1,809,610			652,800			9,909,894			24,693			295,893			93,271			1,090,464
Class R4		346,550			5,482,855			165,902			2,186,562			34,543			420,907			24,844			291,903
Class R6		160,669			2,550,542			372,643			5,775,810			80,276			978,569			56,139			671,208
		650,904			$10,508,793			1,846,850			$27,743,129			199,443			$2,420,856			207,073			$2,439,339

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

(6) Line of Credit

Each fund and certain other funds managed by MFS participate in a $1.25 billion unsecured committed line of credit, 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 Bank Funding 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. 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 Bank Funding rate plus an agreed upon spread. For

113

Notes to Financial Statements (unaudited) – continued

the six months ended October 31, 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		$1,576		$993		$649		$1,597		$634
Interest Expense		—		—		—		—		—

	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Commitment Fee		$1,212		$457		$590		$225		$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 Blended Research Core Equity Fund		411,203		21,309		(40,836)		391,676
MFS Blended Research Growth Equity Fund		827,994		53,204		(105,204)		775,994
MFS Blended Research International Equity Fund		1,143,454		198,713		(74,190)		1,267,977
MFS Blended Research Mid Cap Equity Fund		1,433,457		109,758		(111,001)		1,432,214
MFS Blended Research Small Cap Equity Fund		431,753		29,017		(58,975)		401,795
MFS Blended Research Value Equity Fund		878,665		53,189		(71,367)		860,487
MFS Commodity Strategy Fund		1,884,479		224,358		(181,735)		1,927,102
MFS Emerging Markets Debt Fund		782,462		68,710		(34,261)		816,911
MFS Emerging Markets Debt Local Currency Fund		784,357		161,488		(49,423)		896,422
MFS Global Bond Fund		3,187,074		222,707		(81,462)		3,328,319
MFS Global Real Estate Fund		750,877		42,739		(70,900)		722,716
MFS Government Securities Fund		5,980,147		244,324		(222,615)		6,001,856
MFS Growth Fund		112,187		9,742		(16,581)		105,348
MFS High Income Fund		5,091,585		246,777		(209,208)		5,129,154
MFS Inflation-Adjusted Bond Fund		5,583,435		280,191		(180,835)		5,682,791
MFS Institutional Money Market Portfolio		1,355,793		22,493,720		(22,661,214)		1,188,299
MFS International Growth Fund		83,826		9,947		(6,525)		87,248
MFS International Value Fund		66,037		6,552		(4,210)		68,379
MFS Limited Maturity Fund		19,332,770		639,534		(852,581)		19,119,723
MFS Mid Cap Growth Fund		475,078		42,291		(67,678)		449,691
MFS Mid Cap Value Fund		361,024		24,145		(23,928)		361,241
MFS New Discovery Fund		88,631		10,389		(14,277)		84,743
MFS New Discovery Value Fund		183,157		15,260		(18,262)		180,155
MFS Research Fund		267,285		14,640		(27,158)		254,767
MFS Research International Fund		442,055		59,448		(29,656)		471,847
MFS Total Return Bond Fund		10,928,270		433,247		(364,165)		10,997,352
MFS Value Fund		289,212		22,600		(24,747)		287,065

114

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime Income Fund – continued
Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Capital Gain Distributions		Dividend Income		Ending Value
MFS Blended Research Core Equity Fund		$149,440		$138,226		$—		$—		$11,017,833
MFS Blended Research Growth Equity Fund		287,450		139,348		—		—		10,910,477
MFS Blended Research International Equity Fund		(9,535)		(1,733,983)		—		—		13,846,312
MFS Blended Research Mid Cap Equity Fund		130,415		(519,215)		—		—		16,427,493
MFS Blended Research Small Cap Equity Fund		172,206		64,675		—		—		5,452,364
MFS Blended Research Value Equity Fund		91,998		(112,456)		—		—		11,040,045
MFS Commodity Strategy Fund		(121,209)		(630,836)		—		—		10,888,126
MFS Emerging Markets Debt Fund		(27,149)		(572,707)		—		272,584		11,208,014
MFS Emerging Markets Debt Local Currency Fund		(82,552)		(723,744)		—		154,808		5,557,817
MFS Global Bond Fund		(90,854)		(1,420,370)		—		352,951		27,957,876
MFS Global Real Estate Fund		33,161		154,904		—		—		11,209,324
MFS Government Securities Fund		(172,397)		(795,092)		—		784,587		56,057,340
MFS Growth Fund		640,028		(211,045)		20,118		30,538		10,999,362
MFS High Income Fund		(30,434)		(326,650)		—		444,313		16,823,626
MFS Inflation-Adjusted Bond Fund		(87,757)		(1,782,951)		—		862,058		56,032,320
MFS Institutional Money Market Portfolio		(736)		(41)		—		12,608		1,188,181
MFS International Growth Fund		26,389		(205,911)		—		—		2,772,736
MFS International Value Fund		13,051		(161,807)		—		—		2,776,848
MFS Limited Maturity Fund		(178,343)		(17,486)		—		1,368,062		112,232,775
MFS Mid Cap Growth Fund		543,122		(187,662)		—		—		8,278,819
MFS Mid Cap Value Fund		156,265		(427,463)		—		—		8,229,073
MFS New Discovery Fund		167,631		(115,575)		—		—		2,738,033
MFS New Discovery Value Fund		79,679		(134,204)		32,828		29,131		2,720,341
MFS Research Fund		386,536		(84,451)		—		—		11,041,625
MFS Research International Fund		11,021		(798,101)		—		—		8,257,325
MFS Total Return Bond Fund		(226,516)		(1,985,371)		—		1,726,846		112,063,013
MFS Value Fund		25,990		4,219		—		109,479		11,146,742
		$1,886,900		$(12,445,749)		$52,946		$6,147,965		$558,873,840

115

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2020 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		324,457		18,882		(54,531)		288,808
MFS Blended Research Growth Equity Fund		655,703		41,278		(126,191)		570,790
MFS Blended Research International Equity Fund		938,058		155,201		(126,516)		966,743
MFS Blended Research Mid Cap Equity Fund		1,061,726		74,361		(137,578)		998,509
MFS Blended Research Small Cap Equity Fund		274,018		18,911		(45,399)		247,530
MFS Blended Research Value Equity Fund		692,480		44,836		(100,728)		636,588
MFS Commodity Strategy Fund		1,188,669		179,629		(165,610)		1,202,688
MFS Emerging Markets Debt Fund		617,120		61,738		(69,753)		609,105
MFS Emerging Markets Debt Local Currency Fund		740,600		144,364		(106,231)		778,733
MFS Global Bond Fund		2,022,648		186,543		(128,995)		2,080,196
MFS Global Real Estate Fund		477,295		30,370		(56,860)		450,805
MFS Government Securities Fund		3,789,738		270,219		(306,151)		3,753,806
MFS Growth Fund		88,699		7,012		(18,405)		77,306
MFS High Income Fund		4,278,764		263,352		(512,124)		4,029,992
MFS Inflation-Adjusted Bond Fund		3,544,324		262,329		(256,083)		3,550,570
MFS Institutional Money Market Portfolio		102,405		3,793,187		(3,863,419)		32,173
MFS International Growth Fund		79,333		8,164		(12,913)		74,584
MFS International Value Fund		62,362		5,409		(9,186)		58,585
MFS Limited Maturity Fund		9,260,282		881,576		(502,447)		9,639,411
MFS Mid Cap Growth Fund		351,639		25,326		(65,074)		311,891
MFS Mid Cap Value Fund		265,586		17,646		(31,243)		251,989
MFS New Discovery Fund		56,184		6,206		(10,580)		51,810
MFS New Discovery Value Fund		115,985		10,302		(15,176)		111,111
MFS Research Fund		211,154		11,045		(34,369)		187,830
MFS Research International Fund		326,278		44,043		(41,401)		328,920
MFS Total Return Bond Fund		6,079,323		488,506		(361,194)		6,206,635
MFS Value Fund		229,286		16,814		(33,962)		212,138

116

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2020 Fund – continued
Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Capital Gain Distributions		Dividend Income		Ending Value
MFS Blended Research Core Equity Fund		$206,725		$35,006		$—		$—		$8,124,162
MFS Blended Research Growth Equity Fund		366,674		(9,743)		—		—		8,025,302
MFS Blended Research International Equity Fund		48,636		(1,422,751)		—		—		10,556,831
MFS Blended Research Mid Cap Equity Fund		176,567		(432,436)		—		—		11,452,895
MFS Blended Research Small Cap Equity Fund		114,145		37,089		—		—		3,358,984
MFS Blended Research Value Equity Fund		146,495		(149,270)		—		—		8,167,423
MFS Commodity Strategy Fund		(54,760)		(414,344)		—		—		6,795,188
MFS Emerging Markets Debt Fund		(48,150)		(413,620)		—		209,737		8,356,921
MFS Emerging Markets Debt Local Currency Fund		(163,011)		(576,558)		—		140,963		4,828,144
MFS Global Bond Fund		(129,909)		(823,391)		—		223,038		17,473,644
MFS Global Real Estate Fund		23,936		90,429		—		—		6,991,991
MFS Government Securities Fund		(208,025)		(403,161)		—		495,328		35,060,553
MFS Growth Fund		856,929		(506,284)		15,650		23,756		8,071,516
MFS High Income Fund		(86,468)		(199,083)		—		362,140		13,218,375
MFS Inflation-Adjusted Bond Fund		(104,518)		(1,077,378)		—		544,345		35,008,622
MFS Institutional Money Market Portfolio		17		—		—		948		32,169
MFS International Growth Fund		144,199		(299,316)		—		—		2,370,273
MFS International Value Fund		143,467		(271,483)		—		—		2,379,167
MFS Limited Maturity Fund		(86,645)		(13,484)		—		675,167		56,583,341
MFS Mid Cap Growth Fund		594,200		(326,463)		—		—		5,741,913
MFS Mid Cap Value Fund		249,168		(435,417)		—		—		5,740,323
MFS New Discovery Fund		153,186		(120,351)		—		—		1,673,972
MFS New Discovery Value Fund		50,119		(82,683)		20,398		18,100		1,677,772
MFS Research Fund		577,417		(326,807)		—		—		8,140,555
MFS Research International Fund		66,779		(627,255)		—		—		5,756,099
MFS Total Return Bond Fund		(172,614)		(1,081,878)		—		971,119		63,245,607
MFS Value Fund		187,920		(153,440)		—		84,090		8,237,333
		$3,052,479		$(10,004,072)		$36,048		$3,748,731		$347,069,075

117

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2025 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		299,897		27,222		(22,914)		304,205
MFS Blended Research Growth Equity Fund		603,882		55,973		(53,314)		606,541
MFS Blended Research International Equity Fund		949,037		223,350		(68,110)		1,104,277
MFS Blended Research Mid Cap Equity Fund		1,092,526		116,614		(73,636)		1,135,504
MFS Blended Research Small Cap Equity Fund		224,945		22,201		(25,106)		222,040
MFS Blended Research Value Equity Fund		639,869		68,752		(41,415)		667,206
MFS Commodity Strategy Fund		981,496		180,031		(109,183)		1,052,344
MFS Emerging Markets Debt Fund		488,392		98,580		(31,577)		555,395
MFS Emerging Markets Debt Local Currency Fund		653,540		218,662		(56,954)		815,248
MFS Global Bond Fund		1,327,248		261,351		(79,565)		1,509,034
MFS Global Real Estate Fund		389,577		39,236		(39,895)		388,918
MFS Government Securities Fund		2,488,389		414,384		(187,704)		2,715,069
MFS Growth Fund		81,852		8,974		(8,880)		81,946
MFS High Income Fund		3,528,895		536,807		(192,213)		3,873,489
MFS Inflation-Adjusted Bond Fund		1,983,490		416,250		(122,343)		2,277,397
MFS Institutional Money Market Portfolio		591,359		3,950,957		(3,891,659)		650,657
MFS International Growth Fund		87,030		14,087		(6,261)		94,856
MFS International New Discovery Fund		31,637		2,439		(4,811)		29,265
MFS International Value Fund		68,317		10,327		(4,401)		74,243
MFS Limited Maturity Fund		2,061,077		695,319		(93,170)		2,663,226
MFS Mid Cap Growth Fund		362,264		37,141		(45,551)		353,854
MFS Mid Cap Value Fund		274,888		26,515		(15,482)		285,921
MFS New Discovery Fund		46,269		6,751		(6,386)		46,634
MFS New Discovery Value Fund		95,271		12,275		(7,767)		99,779
MFS Research Fund		194,568		17,516		(14,636)		197,448
MFS Research International Fund		306,071		58,745		(20,406)		344,410
MFS Total Return Bond Fund		2,634,355		578,877		(147,499)		3,065,733
MFS Value Fund		210,915		26,914		(17,358)		220,471

118

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2025 Fund – continued
Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Capital Gain Distributions		Dividend Income		Ending Value
MFS Blended Research Core Equity Fund		$15,202		$165,880		$—		$—		$8,557,296
MFS Blended Research Growth Equity Fund		33,465		236,208		—		—		8,527,961
MFS Blended Research International Equity Fund		(33,768)		(1,480,033)		—		—		12,058,704
MFS Blended Research Mid Cap Equity Fund		18,826		(374,356)		—		—		13,024,235
MFS Blended Research Small Cap Equity Fund		43,572		62,894		—		—		3,013,076
MFS Blended Research Value Equity Fund		5,340		(46,503)		—		—		8,560,259
MFS Commodity Strategy Fund		(14,044)		(378,396)		—		—		5,945,742
MFS Emerging Markets Debt Fund		(37,196)		(352,379)		—		180,620		7,620,024
MFS Emerging Markets Debt Local Currency Fund		(57,975)		(634,889)		—		136,987		5,054,539
MFS Global Bond Fund		(43,714)		(624,465)		—		156,210		12,675,888
MFS Global Real Estate Fund		(6,093)		82,867		—		—		6,032,125
MFS Government Securities Fund		(134,126)		(317,129)		—		345,790		25,358,747
MFS Growth Fund		120,011		146,098		14,978		22,735		8,555,975
MFS High Income Fund		(36,464)		(235,640)		—		326,780		12,705,042
MFS Inflation-Adjusted Bond Fund		(57,789)		(697,546)		—		332,588		22,455,133
MFS Institutional Money Market Portfolio		11		(46)		—		7,344		650,592
MFS International Growth Fund		918		(205,531)		—		—		3,014,536
MFS International New Discovery Fund		22,449		(120,776)		—		—		969,824
MFS International Value Fund		(832)		(168,888)		—		—		3,014,988
MFS Limited Maturity Fund		(10,144)		(19,404)		—		170,413		15,633,138
MFS Mid Cap Growth Fund		149,566		84,815		—		—		6,514,453
MFS Mid Cap Value Fund		7,367		(245,034)		—		—		6,513,279
MFS New Discovery Fund		42,031		(26,986)		—		—		1,506,743
MFS New Discovery Value Fund		5,703		(43,905)		17,290		15,342		1,506,656
MFS Research Fund		17,910		168,518		—		—		8,557,399
MFS Research International Fund		(3,026)		(575,519)		—		—		6,027,181
MFS Total Return Bond Fund		(78,875)		(544,760)		—		455,240		31,239,816
MFS Value Fund		(2,428)		455		—		83,258		8,560,876
		$(34,103)		$(6,144,450)		$32,268		$2,233,307		$253,854,227

119

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2030 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		822,454		39,243		(57,004)		804,693
MFS Blended Research Emerging Markets Equity Fund		92,993		10,133		(15,533)		87,593
MFS Blended Research Growth Equity Fund		1,961,926		68,959		(205,123)		1,825,762
MFS Blended Research International Equity Fund		3,296,983		592,303		(274,185)		3,615,101
MFS Blended Research Mid Cap Equity Fund		3,817,196		209,568		(206,003)		3,820,761
MFS Blended Research Small Cap Equity Fund		754,803		31,165		(86,213)		699,755
MFS Blended Research Value Equity Fund		2,076,967		106,144		(157,503)		2,025,608
MFS Commodity Strategy Fund		3,288,415		520,464		(460,717)		3,348,162
MFS Emerging Markets Debt Fund		1,165,748		181,792		(97,323)		1,250,217
MFS Emerging Markets Debt Local Currency Fund		1,557,298		441,386		(166,074)		1,832,610
MFS Emerging Markets Equity Fund		37,017		2,937		(5,898)		34,056
MFS Global Bond Fund		2,237,064		431,605		(60,031)		2,608,638
MFS Global Real Estate Fund		1,306,843		73,200		(132,239)		1,247,804
MFS Government Securities Fund		3,033,840		776,190		(52,983)		3,757,047
MFS Growth Fund		266,441		12,654		(31,699)		247,396
MFS High Income Fund		8,442,799		910,113		(637,286)		8,715,626
MFS Inflation-Adjusted Bond Fund		3,339,815		433,106		(162,218)		3,610,703
MFS Institutional Money Market Portfolio		823,651		8,546,239		(8,686,178)		683,712
MFS International Growth Fund		334,347		33,781		(32,015)		336,113
MFS International New Discovery Fund		230,433		24,940		(18,742)		236,631
MFS International Value Fund		261,519		22,128		(20,302)		263,345
MFS Mid Cap Growth Fund		1,264,445		58,109		(131,344)		1,191,210
MFS Mid Cap Value Fund		959,374		54,963		(52,712)		961,625
MFS New Discovery Fund		155,215		11,625		(20,263)		146,577
MFS New Discovery Value Fund		319,411		23,792		(29,081)		314,122
MFS Research Fund		534,039		22,682		(34,432)		522,289
MFS Research International Fund		955,767		138,873		(64,991)		1,029,649
MFS Total Return Bond Fund		3,013,228		498,069		(107,099)		3,404,198
MFS Value Fund		684,379		42,380		(56,975)		669,784

120

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2030 Fund – continued
Affiliated Issuers	Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Capital Gain Distributions		Dividend Income		Ending Value
MFS Blended Research Core Equity Fund		$56,289			$462,654			$—		$—		$22,636,007
MFS Blended Research Emerging Markets Equity Fund		15,012			(245,873	)		—		—		1,082,652
MFS Blended Research Growth Equity Fund		444,781			506,179			—		—		25,670,218
MFS Blended Research International Equity Fund		(51,176	)		(5,033,216	)		—		—		39,476,899
MFS Blended Research Mid Cap Equity Fund		73,802			(1,216,476	)		—		—		43,824,130
MFS Blended Research Small Cap Equity Fund		226,832			166,856			—		—		9,495,679
MFS Blended Research Value Equity Fund		77,866			(159,326	)		—		—		25,988,552
MFS Commodity Strategy Fund		(545,389	)		(756,313	)		—		—		18,917,116
MFS Emerging Markets Debt Fund		(106,823	)		(806,635	)		—		419,132		17,152,978
MFS Emerging Markets Debt Local Currency Fund		(285,438	)		(1,344,965	)		—		317,696		11,362,180
MFS Emerging Markets Equity Fund		37,731			(235,172	)		—		—		1,087,053
MFS Global Bond Fund		(47,416	)		(1,092,349	)		—		266,793		21,912,557
MFS Global Real Estate Fund		23,101			271,860			—		—		19,353,442
MFS Government Securities Fund		(43,995	)		(556,077	)		—		449,929		35,090,821
MFS Growth Fund		1,113,309			(181,815	)		48,065		72,959		25,830,623
MFS High Income Fund		(145,383	)		(470,719	)		—		758,807		28,587,253
MFS Inflation-Adjusted Bond Fund		(86,991	)		(1,115,495	)		—		542,248		35,601,534
MFS Institutional Money Market Portfolio		(9	)		(49	)		—		7,681		683,644
MFS International Growth Fund		144,220			(868,737	)		—		—		10,681,685
MFS International New Discovery Fund		54,754			(831,324	)		—		—		7,841,961
MFS International Value Fund		111,636			(710,284	)		—		—		10,694,421
MFS Mid Cap Growth Fund		979,158			(105,118	)		—		—		21,930,168
MFS Mid Cap Value Fund		139,406			(906,107	)		—		—		21,905,815
MFS New Discovery Fund		208,062			(133,472	)		—		—		4,735,904
MFS New Discovery Value Fund		77,004			(177,390	)		56,968		50,552		4,743,238
MFS Research Fund		76,028			463,243			—		—		22,636,011
MFS Research International Fund		4,345			(1,756,367	)		—		—		18,018,861
MFS Total Return Bond Fund		(71,031	)		(615,348	)		—		513,289		34,688,777
MFS Value Fund		26,914			8,579			—		261,827		26,007,709
		$2,506,599			$(17,439,256	)		$105,033		$3,660,913		$567,637,888

121

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2035 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		327,942		29,251		(14,521)		342,672
MFS Blended Research Emerging Markets Equity Fund		94,792		29,774		(8,897)		115,669
MFS Blended Research Growth Equity Fund		931,476		66,588		(42,154)		955,910
MFS Blended Research International Equity Fund		1,665,331		429,036		(112,290)		1,982,077
MFS Blended Research Mid Cap Equity Fund		1,769,573		209,017		(47,663)		1,930,927
MFS Blended Research Small Cap Equity Fund		365,312		29,026		(22,263)		372,075
MFS Blended Research Value Equity Fund		984,856		114,454		(47,865)		1,051,445
MFS Commodity Strategy Fund		1,591,571		384,900		(205,777)		1,770,694
MFS Emerging Markets Debt Fund		356,048		101,035		(29,165)		427,918
MFS Emerging Markets Debt Local Currency Fund		478,086		198,054		(45,626)		630,514
MFS Emerging Markets Equity Fund		37,728		10,159		(2,922)		44,965
MFS Global Bond Fund		387,239		107,811		(29,976)		465,074
MFS Global Real Estate Fund		638,223		90,464		(76,738)		651,949
MFS Growth Fund		125,681		10,595		(7,146)		129,130
MFS High Income Fund		2,570,560		610,603		(196,921)		2,984,242
MFS Inflation-Adjusted Bond Fund		982,583		218,082		(91,655)		1,109,010
MFS Institutional Money Market Portfolio		574,698		3,064,603		(3,166,020)		473,281
MFS International Growth Fund		184,046		31,421		(11,309)		204,158
MFS International New Discovery Fund		154,298		27,411		(8,373)		173,336
MFS International Value Fund		144,941		22,009		(7,170)		159,780
MFS Mid Cap Growth Fund		586,510		46,799		(31,703)		601,606
MFS Mid Cap Value Fund		442,901		55,068		(11,752)		486,217
MFS New Discovery Fund		74,877		8,591		(5,340)		78,128
MFS New Discovery Value Fund		154,744		18,729		(6,254)		167,219
MFS Research Fund		213,367		17,206		(8,161)		222,412
MFS Research International Fund		426,337		89,766		(20,951)		495,152
MFS Total Return Bond Fund		630,135		121,848		(62,844)		689,139
MFS Value Fund		326,238		40,751		(19,546)		347,443

122

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2035 Fund – continued
Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Capital Gain Distributions		Dividend Income		Ending Value
MFS Blended Research Core Equity Fund		$(2,238)		$186,466		$—		$—		$9,639,371
MFS Blended Research Emerging Markets Equity Fund		(10,926)		(262,257)		—		—		1,429,674
MFS Blended Research Growth Equity Fund		7,311		384,781		—		—		13,440,098
MFS Blended Research International Equity Fund		(78,344)		(2,661,380)		—		—		21,644,276
MFS Blended Research Mid Cap Equity Fund		(10,130)		(667,658)		—		—		22,147,732
MFS Blended Research Small Cap Equity Fund		15,506		142,478		—		—		5,049,062
MFS Blended Research Value Equity Fund		(8,100)		(74,963)		—		—		13,490,044
MFS Commodity Strategy Fund		(37,477)		(619,220)		—		—		10,004,420
MFS Emerging Markets Debt Fund		(34,835)		(257,135)		—		137,256		5,871,030
MFS Emerging Markets Debt Local Currency Fund		(47,367)		(469,176)		—		104,087		3,909,188
MFS Emerging Markets Equity Fund		(7,619)		(230,763)		—		—		1,435,293
MFS Global Bond Fund		(16,598)		(186,272)		—		47,509		3,906,619
MFS Global Real Estate Fund		(33,019)		150,996		—		—		10,111,727
MFS Growth Fund		12,886		361,604		23,601		35,824		13,482,494
MFS High Income Fund		(32,940)		(176,296)		—		248,261		9,788,313
MFS Inflation-Adjusted Bond Fund		(44,514)		(332,523)		—		165,766		10,934,836
MFS Institutional Money Market Portfolio		(9)		(26)		—		3,661		473,234
MFS International Growth Fund		(4,827)		(447,350)		—		—		6,488,149
MFS International New Discovery Fund		(12,917)		(557,133)		—		—		5,744,340
MFS International Value Fund		(6,792)		(368,293)		—		—		6,488,658
MFS Mid Cap Growth Fund		15,322		321,217		—		—		11,075,567
MFS Mid Cap Value Fund		(6,855)		(422,650)		—		—		11,076,014
MFS New Discovery Fund		19,322		(7,072)		—		—		2,524,314
MFS New Discovery Value Fund		664		(73,460)		29,305		26,005		2,525,002
MFS Research Fund		(2,858)		192,343		—		—		9,639,344
MFS Research International Fund		(11,688)		(829,490)		—		—		8,665,164
MFS Total Return Bond Fund		(33,403)		(111,484)		—		107,038		7,022,330
MFS Value Fund		(14,764)		(7,097)		—		132,571		13,491,189
		$(387,209)		$(7,021,813)		$52,906		$1,007,978		$241,497,482

123

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2040 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		621,458		14,342		(36,011)		599,789
MFS Blended Research Emerging Markets Equity Fund		251,297		50,990		(16,881)		285,406
MFS Blended Research Growth Equity Fund		1,840,047		40,251		(142,220)		1,738,078
MFS Blended Research International Equity Fund		3,579,344		548,571		(173,540)		3,954,375
MFS Blended Research Mid Cap Equity Fund		3,529,760		159,400		(140,301)		3,548,859
MFS Blended Research Small Cap Equity Fund		773,341		23,544		(74,863)		722,022
MFS Blended Research Value Equity Fund		1,947,078		84,745		(105,573)		1,926,250
MFS Commodity Strategy Fund		3,362,737		527,906		(387,704)		3,502,939
MFS Emerging Markets Debt Fund		227,954		66,303		(7,977)		286,280
MFS Emerging Markets Debt Local Currency Fund		304,753		129,768		(13,516)		421,005
MFS Emerging Markets Equity Fund		99,839		16,244		(4,995)		111,088
MFS Global Bond Fund		247,770		71,574		(8,215)		311,129
MFS Global Real Estate Fund		1,357,073		98,558		(168,634)		1,286,997
MFS Growth Fund		248,301		10,065		(23,454)		234,912
MFS High Income Fund		1,644,753		405,752		(54,807)		1,995,698
MFS Inflation-Adjusted Bond Fund		1,327,564		205,695		(120,586)		1,412,673
MFS Institutional Money Market Portfolio		117,304		3,309,359		(3,320,049)		106,614
MFS International Growth Fund		411,246		33,290		(21,285)		423,251
MFS International New Discovery Fund		408,599		41,659		(19,789)		430,469
MFS International Value Fund		323,268		23,673		(15,339)		331,602
MFS Mid Cap Growth Fund		1,168,014		45,145		(110,509)		1,102,650
MFS Mid Cap Value Fund		883,860		42,770		(31,211)		895,419
MFS New Discovery Fund		158,636		10,478		(18,853)		150,261
MFS New Discovery Value Fund		327,355		20,146		(23,059)		324,442
MFS Research Fund		404,129		8,976		(23,868)		389,237
MFS Research International Fund		862,168		92,748		(30,232)		924,684
MFS Total Return Bond Fund		1,086,024		134,759		(110,493)		1,110,290
MFS Value Fund		644,286		33,257		(40,488)		637,055

124

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2040 Fund – continued
Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Capital Gain Distributions		Dividend Income		Ending Value
MFS Blended Research Core Equity Fund		$25,022		$359,778		$—		$—		$16,872,074
MFS Blended Research Emerging Markets Equity Fund		(16,164)		(677,401)		—		—		3,527,612
MFS Blended Research Growth Equity Fund		142,732		712,315		—		—		24,437,374
MFS Blended Research International Equity Fund		(63,329)		(5,528,163)		—		—		43,181,775
MFS Blended Research Mid Cap Equity Fund		41,328		(1,143,452)		—		—		40,705,413
MFS Blended Research Small Cap Equity Fund		207,191		181,672		—		—		9,797,830
MFS Blended Research Value Equity Fund		5,328		(113,849)		—		—		24,713,786
MFS Commodity Strategy Fund		(304,232)		(1,052,400)		—		—		19,791,605
MFS Emerging Markets Debt Fund		(10,454)		(180,598)		—		88,697		3,927,761
MFS Emerging Markets Debt Local Currency Fund		(14,910)		(321,460)		—		67,007		2,610,233
MFS Emerging Markets Equity Fund		(7,930)		(593,497)		—		—		3,545,933
MFS Global Bond Fund		(4,766)		(126,987)		—		30,706		2,613,488
MFS Global Real Estate Fund		(18,228)		305,922		—		—		19,961,317
MFS Growth Fund		452,288		379,098		45,235		68,662		24,527,187
MFS High Income Fund		(8,672)		(127,850)		—		160,573		6,545,888
MFS Inflation-Adjusted Bond Fund		(50,804)		(424,896)		—		213,628		13,928,954
MFS Institutional Money Market Portfolio		(9)		(2)		—		858		106,603
MFS International Growth Fund		19,625		(947,325)		—		—		13,450,920
MFS International New Discovery Fund		15,095		(1,434,633)		—		—		14,265,730
MFS International Value Fund		1,825		(769,505)		—		—		13,466,364
MFS Mid Cap Growth Fund		764,100		13,379		—		—		20,299,789
MFS Mid Cap Value Fund		14,816		(752,811)		—		—		20,397,647
MFS New Discovery Fund		183,590		(116,520)		—		—		4,854,936
MFS New Discovery Value Fund		31,193		(145,952)		59,403		52,714		4,899,069
MFS Research Fund		28,393		373,747		—		—		16,869,544
MFS Research International Fund		2,014		(1,593,987)		—		—		16,181,969
MFS Total Return Bond Fund		(54,800)		(175,963)		—		175,777		11,313,855
MFS Value Fund		(11,388)		14,429		—		248,258		24,736,859
		$1,368,854		$(13,886,911)		$104,638		$1,106,880		$421,531,515

125

Notes to Financial Statements (unaudited) – 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				233,594		13,653		(8,758)		238,489
MFS Blended Research Emerging Markets Equity Fund				108,327		34,418		(7,959)		134,786
MFS Blended Research Growth Equity Fund				707,580		38,597		(33,886)		712,291
MFS Blended Research International Equity Fund				1,429,331		333,911		(72,617)		1,690,625
MFS Blended Research Mid Cap Equity Fund				1,362,664		133,843		(34,276)		1,462,231
MFS Blended Research Small Cap Equity Fund				306,507		19,826		(17,423)		308,910
MFS Blended Research Value Equity Fund				748,771		72,726		(36,358)		785,139
MFS Commodity Strategy Fund				1,335,908		291,968		(167,349)		1,460,527
MFS Emerging Markets Equity Fund				43,100		11,983		(2,683)		52,400
MFS Global Real Estate Fund				537,446		69,751		(64,842)		542,355
MFS Growth Fund				95,419		6,554		(5,605)		96,368
MFS Inflation-Adjusted Bond Fund				398,056		69,559		(40,311)		427,304
MFS Institutional Money Market Portfolio				320,116		2,180,361		(2,166,147)		334,330
MFS International Growth Fund				166,981		25,988		(8,103)		184,866
MFS International New Discovery Fund				176,450		33,052		(6,976)		202,526
MFS International Value Fund				131,560		18,849		(5,737)		144,672
MFS Mid Cap Growth Fund				450,933		30,415		(25,575)		455,773
MFS Mid Cap Value Fund				341,246		36,623		(9,683)		368,186
MFS New Discovery Fund				62,780		6,375		(4,242)		64,913
MFS New Discovery Value Fund				129,882		13,837		(4,773)		138,946
MFS Research Fund				151,881		7,832		(4,926)		154,787
MFS Research International Fund				334,557		62,636		(13,811)		383,382
MFS Total Return Bond Fund				389,221		63,954		(39,847)		413,328
MFS Value Fund				247,886		25,798		(14,250)		259,434
Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Capital Gain Distributions		Dividend Income		Ending Value
MFS Blended Research Core Equity Fund		$(4,776)		$140,851		$—		$—		$6,708,691
MFS Blended Research Emerging Markets Equity Fund		(13,227)		(305,878)		—		—		1,665,957
MFS Blended Research Growth Equity Fund		(131)		308,913		—		—		10,014,809
MFS Blended Research International Equity Fund		(62,859)		(2,307,138)		—		—		18,461,628
MFS Blended Research Mid Cap Equity Fund		(12,944)		(493,109)		—		—		16,771,787
MFS Blended Research Small Cap Equity Fund		13,946		123,218		—		—		4,191,913
MFS Blended Research Value Equity Fund		(9,219)		(49,895)		—		—		10,073,328
MFS Commodity Strategy Fund		(31,248)		(526,835)		—		—		8,251,981
MFS Emerging Markets Equity Fund		(9,268)		(269,294)		—		—		1,672,598
MFS Global Real Estate Fund		(26,426)		129,331		—		—		8,411,921
MFS Growth Fund		9,784		285,939		17,956		27,256		10,061,820
MFS Inflation-Adjusted Bond Fund		(19,007)		(126,978)		—		65,547		4,213,220
MFS Institutional Money Market Portfolio		30		(24)		—		3,455		334,297
MFS International Growth Fund		(8,871)		(405,182)		—		—		5,875,048
MFS International New Discovery Fund		(14,403)		(654,990)		—		—		6,711,707
MFS International Value Fund		(7,702)		(336,582)		—		—		5,875,153
MFS Mid Cap Growth Fund		9,870		258,558		—		—		8,390,774
MFS Mid Cap Value Fund		(6,060)		(315,052)		—		—		8,387,266
MFS New Discovery Fund		9,885		1,292		—		—		2,097,345
MFS New Discovery Value Fund		401		(59,993)		24,830		22,033		2,098,084
MFS Research Fund		(5,380)		145,272		—		—		6,708,487
MFS Research International Fund		(11,069)		(649,468)		—		—		6,709,178
MFS Total Return Bond Fund		(20,781)		(65,674)		—		65,336		4,211,805
MFS Value Fund		(14,697)		(452)		—		99,923		10,073,821
		$(234,152)		$(5,173,170)		$42,786		$283,550		$167,972,618

126

Notes to Financial Statements (unaudited) – 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				299,645		10,733		(10,839)		299,539
MFS Blended Research Emerging Markets Equity Fund				139,191		39,723		(10,010)		168,904
MFS Blended Research Growth Equity Fund				907,316		36,165		(49,351)		894,130
MFS Blended Research International Equity Fund				1,834,193		379,302		(90,820)		2,122,675
MFS Blended Research Mid Cap Equity Fund				1,747,444		137,224		(48,997)		1,835,671
MFS Blended Research Small Cap Equity Fund				393,075		23,589		(30,593)		386,071
MFS Blended Research Value Equity Fund				960,196		67,361		(41,257)		986,300
MFS Commodity Strategy Fund				1,710,950		319,738		(182,650)		1,848,038
MFS Emerging Markets Equity Fund				55,390		13,458		(3,108)		65,740
MFS Global Real Estate Fund				690,240		70,777		(78,874)		682,143
MFS Growth Fund				122,417		7,025		(8,433)		121,009
MFS Inflation-Adjusted Bond Fund				510,453		75,345		(48,321)		537,477
MFS Institutional Money Market Portfolio				330,470		2,571,002		(2,580,884)		320,588
MFS International Growth Fund				215,254		26,366		(8,564)		232,056
MFS International New Discovery Fund				226,441		35,162		(7,377)		254,226
MFS International Value Fund				168,661		19,205		(6,190)		181,676
MFS Mid Cap Growth Fund				578,630		35,386		(41,901)		572,115
MFS Mid Cap Value Fund				437,470		35,311		(10,713)		462,079
MFS New Discovery Fund				80,533		7,578		(6,908)		81,203
MFS New Discovery Value Fund				166,485		14,503		(7,550)		173,438
MFS Research Fund				194,813		6,570		(6,966)		194,417
MFS Research International Fund				429,357		66,622		(14,697)		481,282
MFS Total Return Bond Fund				499,304		69,518		(48,849)		519,973
MFS Value Fund				317,930		23,736		(15,698)		325,968
Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Capital Gain Distributions		Dividend Income		Ending Value
MFS Blended Research Core Equity Fund		$3,127		$181,367		$—		$—		$8,426,032
MFS Blended Research Emerging Markets Equity Fund		(13,817)		(387,346)		—		—		2,087,654
MFS Blended Research Growth Equity Fund		25,455		389,760		—		—		12,571,465
MFS Blended Research International Equity Fund		(57,612)		(2,919,533)		—		—		23,179,610
MFS Blended Research Mid Cap Equity Fund		2,142		(598,850)		—		—		21,055,145
MFS Blended Research Small Cap Equity Fund		35,549		152,867		—		—		5,238,986
MFS Blended Research Value Equity Fund		(2,785)		(59,093)		—		—		12,654,234
MFS Commodity Strategy Fund		(38,989)		(673,794)		—		—		10,441,415
MFS Emerging Markets Equity Fund		(8,139)		(341,027)		—		—		2,098,429
MFS Global Real Estate Fund		(29,371)		173,555		—		—		10,580,033
MFS Growth Fund		38,897		360,944		22,884		34,735		12,634,499
MFS Inflation-Adjusted Bond Fund		(21,583)		(160,937)		—		82,600		5,299,523
MFS Institutional Money Market Portfolio		(11)		(20)		—		3,178		320,556
MFS International Growth Fund		(4,157)		(508,174)		—		—		7,374,731
MFS International New Discovery Fund		(7,089)		(826,895)		—		—		8,425,066
MFS International Value Fund		(3,232)		(421,608)		—		—		7,377,880
MFS Mid Cap Growth Fund		71,103		297,354		—		—		10,532,635
MFS Mid Cap Value Fund		(441)		(386,657)		—		—		10,526,155
MFS New Discovery Fund		24,254		(1,263)		—		—		2,623,669
MFS New Discovery Value Fund		1,529		(69,221)		31,360		27,829		2,618,907
MFS Research Fund		5,357		185,833		—		—		8,426,050
MFS Research International Fund		(5,132)		(821,140)		—		—		8,422,432
MFS Total Return Bond Fund		(24,985)		(82,871)		—		82,438		5,298,523
MFS Value Fund		(10,620)		3,973		—		125,481		12,657,337
		$(20,550)		$(6,512,776)		$54,244		$356,261		$210,870,966

127

Notes to Financial Statements (unaudited) – 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				115,000		16,237		(7,636)		123,601
MFS Blended Research Emerging Markets Equity Fund				53,144		22,940		(5,766)		70,318
MFS Blended Research Growth Equity Fund				348,639		48,282		(26,010)		370,911
MFS Blended Research International Equity Fund				703,007		234,710		(62,101)		875,616
MFS Blended Research Mid Cap Equity Fund				671,364		124,929		(38,470)		757,823
MFS Blended Research Small Cap Equity Fund				150,949		22,205		(13,022)		160,132
MFS Blended Research Value Equity Fund				368,549		64,825		(26,860)		406,514
MFS Commodity Strategy Fund				655,689		203,858		(94,402)		765,145
MFS Emerging Markets Equity Fund				21,162		8,134		(2,065)		27,231
MFS Global Real Estate Fund				264,565		53,429		(37,737)		280,257
MFS Growth Fund				46,966		7,517		(4,530)		49,953
MFS Inflation-Adjusted Bond Fund				195,356		52,131		(26,399)		221,088
MFS Institutional Money Market Portfolio				222,800		1,292,764		(1,287,614)		227,950
MFS International Growth Fund				81,851		20,634		(6,748)		95,737
MFS International New Discovery Fund				86,813		24,573		(6,466)		104,920
MFS International Value Fund				64,593		15,238		(4,912)		74,919
MFS Mid Cap Growth Fund				222,341		32,999		(19,252)		236,088
MFS Mid Cap Value Fund				167,876		32,986		(10,080)		190,782
MFS New Discovery Fund				30,895		5,647		(2,911)		33,631
MFS New Discovery Value Fund				63,969		12,308		(4,316)		71,961
MFS Research Fund				74,763		10,094		(4,633)		80,224
MFS Research International Fund				164,490		47,239		(13,045)		198,684
MFS Total Return Bond Fund				191,143		48,539		(25,830)		213,852
MFS Value Fund				122,164		22,087		(9,933)		134,318
Affiliated Issuers	Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Capital Gain Distributions		Dividend Income		Ending Value
MFS Blended Research Core Equity Fund		$(6,333)		$67,769		$—		$—		$3,476,888
MFS Blended Research Emerging Markets Equity Fund		(11,360)		(152,761)		—		—		869,136
MFS Blended Research Growth Equity Fund		(8,742)		149,694		—		—		5,215,005
MFS Blended Research International Equity Fund		(72,612)		(1,156,362)		—		—		9,561,729
MFS Blended Research Mid Cap Equity Fund		(26,521)		(261,820)		—		—		8,692,233
MFS Blended Research Small Cap Equity Fund		(3,646)		62,501		—		—		2,172,988
MFS Blended Research Value Equity Fund		(9,902)		(27,800)		—		—		5,215,581
MFS Commodity Strategy Fund		(19,265)		(264,986)		—		—		4,323,070
MFS Emerging Markets Equity Fund		(9,157)		(135,122)		—		—		869,207
MFS Global Real Estate Fund		(21,275)		64,126		—		—		4,346,784
MFS Growth Fund		(8,174)		143,278		9,020		12,692		5,215,642
MFS Inflation-Adjusted Bond Fund		(11,915)		(64,367)		—		33,687		2,179,921
MFS Institutional Money Market Portfolio		8		(14)		—		2,238		227,927
MFS International Growth Fund		(13,579)		(206,976)		—		—		3,042,515
MFS International New Discovery Fund		(17,399)		(333,504)		—		—		3,477,037
MFS International Value Fund		(11,038)		(172,357)		—		—		3,042,469
MFS Mid Cap Growth Fund		(11,339)		128,809		—		—		4,346,378
MFS Mid Cap Value Fund		(12,684)		(164,161)		—		—		4,346,006
MFS New Discovery Fund		(2,040)		939		—		—		1,086,618
MFS New Discovery Value Fund		(3,982)		(31,903)		12,694		11,265		1,086,618
MFS Research Fund		(7,600)		69,772		—		—		3,476,895
MFS Research International Fund		(16,968)		(329,122)		—		—		3,476,970
MFS Total Return Bond Fund		(12,994)		(32,142)		—		33,501		2,179,154
MFS Value Fund		(14,979)		(302)		—		52,196		5,215,551
		$(333,496)		$(2,646,811)		$21,714		$145,579		$87,142,322

128

Notes to Financial Statements (unaudited) – 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					5,214			3,461		(503	)		8,172
MFS Blended Research Emerging Markets Equity Fund					2,401			2,583		(330	)		4,654
MFS Blended Research Growth Equity Fund					15,809			10,566		(1,767	)		24,608
MFS Blended Research International Equity Fund					31,840			28,969		(3,049	)		57,760
MFS Blended Research Mid Cap Equity Fund					30,463			22,749		(2,985	)		50,227
MFS Blended Research Small Cap Equity Fund					6,848			4,556		(867	)		10,537
MFS Blended Research Value Equity Fund					16,705			11,577		(1,512	)		26,770
MFS Commodity Strategy Fund					29,616			23,755		(3,388	)		49,983
MFS Emerging Markets Equity Fund					955			970		(113	)		1,812
MFS Global Real Estate Fund					11,813			7,853		(1,268	)		18,398
MFS Growth Fund					2,126			1,496		(284	)		3,338
MFS Inflation-Adjusted Bond Fund					8,807			6,729		(1,077	)		14,459
MFS Institutional Money Market Portfolio					10,026			332,815		(331,146	)		11,695
MFS International Growth Fund					3,694			3,038		(377	)		6,355
MFS International New Discovery Fund					3,933			3,388		(371	)		6,950
MFS International Value Fund					2,925			2,307		(275	)		4,957
MFS Mid Cap Growth Fund					10,087			6,813		(1,224	)		15,676
MFS Mid Cap Value Fund					7,607			5,612		(662	)		12,557
MFS New Discovery Fund					1,400			1,031		(199	)		2,232
MFS New Discovery Value Fund					2,901			2,142		(313	)		4,730
MFS Research Fund					3,388			2,249		(333	)		5,304
MFS Research International Fund					7,450			6,421		(707	)		13,164
MFS Total Return Bond Fund					8,637			6,370		(1,020	)		13,987
MFS Value Fund					5,544			3,787		(498	)		8,833
Affiliated Issuers	Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Capital Gain Distributions		Dividend Income			Ending Value
MFS Blended Research Core Equity Fund		$(399	)		$669			$—		$—			$229,874
MFS Blended Research Emerging Markets Equity Fund		(611	)		(8,461	)		—		—			57,524
MFS Blended Research Growth Equity Fund		(566	)		1,798			—		—			345,995
MFS Blended Research International Equity Fund		(2,557	)		(66,512	)		—		—			630,738
MFS Blended Research Mid Cap Equity Fund		(693	)		(23,019	)		—		—			576,109
MFS Blended Research Small Cap Equity Fund		41			15			—		—			142,981
MFS Blended Research Value Equity Fund		(582	)		(4,515	)		—		—			343,453
MFS Commodity Strategy Fund		(318	)		(15,196	)		—		—			282,403
MFS Emerging Markets Equity Fund		(407	)		(7,718	)		—		—			57,822
MFS Global Real Estate Fund		(396	)		311			—		—			285,357
MFS Growth Fund		(343	)		1,375			443		671			348,465
MFS Inflation-Adjusted Bond Fund		(287	)		(4,045	)		—		1,789			142,566
MFS Institutional Money Market Portfolio		2			(1	)		—		122			11,694
MFS International Growth Fund		(438	)		(13,726	)		—		—			201,971
MFS International New Discovery Fund		(406	)		(20,535	)		—		—			230,311
MFS International Value Fund		(482	)		(11,438	)		—		—			201,318
MFS Mid Cap Growth Fund		(247	)		769			—		—			288,603
MFS Mid Cap Value Fund		(346	)		(12,814	)		—		—			286,050
MFS New Discovery Fund		22			(1,814	)		—		—			72,121
MFS New Discovery Value Fund		(24	)		(3,219	)		662		588			71,421
MFS Research Fund		(367	)		453			—		—			229,875
MFS Research International Fund		(658	)		(19,973	)		—		—			230,370
MFS Total Return Bond Fund		(383	)		(2,196	)		—		1,757			142,529
MFS Value Fund		(1,412	)		(2,376	)		—		2,673			342,996
		$(11,857	)		$(212,168	)		$1,105		$7,600			$5,752,546

129

BOARD REVIEW OF INVESTMENT ADVISORY AGREEMENT

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of the Funds’ investment advisory agreements with MFS. The Trustees consider matters bearing on the Funds and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2018 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment advisory agreements for the Funds and the other investment companies that the Board oversees (the “MFS Funds”). The independent Trustees were assisted in their evaluation of the Funds’ investment advisory agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by the MFS Funds’ Independent Senior Officer, a senior officer appointed by and reporting to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreements, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreements for the Funds were considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreements and other arrangements with the Funds.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party, on the investment performance of the Funds for various time periods ended December 31, 2017 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the “Broadridge performance universe”), (ii) information provided by Broadridge on the Funds’ fees and expenses and the fees and expenses of comparable funds identified by Broadridge (the “Broadridge expense group”), (iii) information as to whether and to what extent applicable expense waivers and reimbursements are observed for the Funds, (iv) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the Funds and the MFS Funds as a whole, and compared to MFS’ institutional business, (v) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vi) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (vii) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Funds and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees’ conclusion as to the continuation of the investment advisory agreements was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Funds and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

MFS Lifetime Income Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the three-year period ended December 31, 2017, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 3rd quintile relative to the other funds in the universe for this three-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 4th quintile for the one-year period and the 3rd quintile for the five-year period ended December 31, 2017 relative to the Broadridge performance universe.

MFS Lifetime 2020 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the three-year period ended December 31, 2017, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 4th quintile relative to the other funds in the universe for this three-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 5th quintile for the one-year period and the 3rd quintile for the five-year period ended December 31, 2017 relative to the Broadridge performance universe.

130

Board Review of Investment Advisory Agreement – continued

MFS Lifetime 2025 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the three-year period ended December 31, 2017, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 3rd quintile relative to the other funds in the universe for this three-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 4th quintile for the one-year period and the 3rd quintile for the five-year period ended December 31, 2017 relative to the Broadridge performance universe.

MFS Lifetime 2030 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the three-year period ended December 31, 2017, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 1st quintile relative to the other funds in the universe for this three-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 3rd quintile for the one-year period and the 2nd quintile for the five-year period ended December 31, 2017 relative to the Broadridge performance universe.

MFS Lifetime 2035 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the three-year period ended December 31, 2017, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 1st quintile relative to the other funds in the universe for this three-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 2nd quintile for each of the one- and five-year periods ended December 31, 2017 relative to the Broadridge performance universe.

MFS Lifetime 2040 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the three-year period ended December 31, 2017, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 1st quintile relative to the other funds in the universe for this three-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 2nd quintile for the one-year period and the 1st quintile for the five-year period ended December 31, 2017 relative to the Broadridge performance universe.

MFS Lifetime 2045 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the three-year period ended December 31, 2017, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 1st quintile relative to the other funds in the universe for this three-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 3rd quintile for the one-year period and the 2nd quintile for the five-year period ended December 31, 2017 relative to the Broadridge performance universe.

MFS Lifetime 2050 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the three-year period ended December 31, 2017, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 1st quintile relative to the other funds in the universe for this three-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 3rd quintile for the one-year period and the 2nd quintile for the five-year period ended December 31, 2017 relative to the Broadridge performance universe.

131

Board Review of Investment Advisory Agreement – continued

MFS Lifetime 2055 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the three-year period ended December 31, 2017, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 1st quintile relative to the other funds in the universe for this three-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 3rd quintile for the one-year period and the 2nd quintile for the five-year period ended December 31, 2017 relative to the Broadridge performance universe.

MFS Lifetime 2060 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over the one-year period ended December 31, 2017. The total return performance of the Fund’s Class A shares was in the 3rd quintile relative to the other funds in the universe for this one-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The Fund commenced operations on December 6, 2016, and has a limited operating history and performance record; therefore no performance data for the three- or five-year period was available.

General

Because of the passage of time, the performance results stated above may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Funds’ performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreements, that they were satisfied with MFS’ responses and efforts relating to investment performance.

The Trustees considered that MFS does not charge any advisory fees for providing investment advisory services to the Funds, but that the Funds pay their pro rata share of the advisory fees paid by the underlying funds in which they invest (the “Underlying Funds”). The Trustees also considered that MFS currently observes an expense limitation for each Fund, which may not be changed without the Trustees’ approval.

In assessing the reasonableness of the Funds’ expenses, the Trustees considered, among other information, the total expense ratios of the Funds’ Class A shares as a percentage of average daily net assets and the total expense ratios of peer groups of funds based on information provided by Broadridge. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any expense limitations that were in effect during the Funds’ last fiscal year): (i) the total expense ratio for each of 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 was lower than the Broadridge expense group median, and (ii) the total expense ratio for MFS Lifetime Income Fund was approximately at the Broadridge expense group median. Because the Funds do not pay advisory fees, the Trustees did not consider the extent to which economies of scale would be realized due to the Funds’ growth of assets, whether fee levels reflect economies of scale for the Funds’ shareholders, or the fees paid by similar funds to other investment advisers or by similar clients of MFS.

The Trustees also considered information prepared by MFS relating to MFS’ costs and profits with respect to the Funds, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds, the Funds and other accounts and products for purposes of estimating profitability.

In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Funds. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Funds of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Funds by MFS and its affiliates under agreements and plans other than the investment advisory agreements, including any 12b-1 fees the Funds pay to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Funds’ or the Underlying Funds’ behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with

132

Board Review of Investment Advisory Agreement – continued

third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Funds were satisfactory.

The Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that, effective January 3, 2018, MFS had discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds and would thereafter voluntarily reimburse a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Funds’ investment advisory agreements with MFS should be continued for an additional one-year period, commencing August 1, 2018.

133

PROXY VOTING POLICIES AND INFORMATION

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

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

QUARTERLY PORTFOLIO DISCLOSURE

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of each fund’s fiscal year at mfs.com/openendfunds by choosing the fund’s name and then selecting the “Resources” tab and clicking on “Prospectus and Reports”.

FURTHER INFORMATION

From time to time, MFS may post important information about each fund or the MFS funds on the MFS web site (mfs.com). This information is available 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.

PROVISION OF FINANCIAL REPORTS AND SUMMARY PROSPECTUSES

Each fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of each fund’s annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund’s records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

134

Save paper with eDelivery.

  MFS® will send you prospectuses,

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

To sign up:

1. Go to mfs.com.

2. Log in via MFS® Access.

3. Select eDelivery.

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

CONTACT US

WEB SITE

mfs.com

MFS TALK

1-800-637-8255

24 hours a day

ACCOUNT SERVICE AND LITERATURE

Shareholders

1-800-225-2606

Financial advisors

1-800-343-2829

Retirement plan services

1-800-637-1255

MAILING ADDRESS

MFS Service Center, Inc.

P.O. Box 219341

Kansas City, MO 64121-9341

OVERNIGHT MAIL

MFS Service Center, Inc.

Suite 219341

430 W 7th Street

Kansas City, MO 64105-1407

ITEM 2. CODE OF ETHICS.

During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the “Code”) that relates to any 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.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the Registrant.

ITEM 6. INVESTMENTS

A schedule of investments of each series of the Registrant is included as part of the report to shareholders of such series under Item 1 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)	(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: Not applicable.
	(2)     A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.
	(3)     Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
	(4)     Change in the registrant’s independent public accountant. Not applicable.
(b)	If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.

Notice

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

SIGNATURES

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

(Registrant): MFS SERIES TRUST XII

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

Date: December 14, 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: December 14, 2018

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

Date: December 14, 2018

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