UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21780

MFS SERIES TRUST XII

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

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

Date of fiscal year end: April 30*

Date of reporting period: April 30, 2019

* 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.

Annual Report

April 30, 2019

MFS® Lifetime® Funds

MFS® Lifetime® Income Fund

MFS® Lifetime® 2020 Fund

MFS® Lifetime® 2025 Fund

MFS® Lifetime® 2030 Fund

MFS® Lifetime® 2035 Fund

MFS® Lifetime® 2040 Fund

MFS® Lifetime® 2045 Fund

MFS® Lifetime® 2050 Fund

MFS® Lifetime® 2055 Fund

MFS® Lifetime® 2060 Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the complete reports will be made available on the fund’s Web site (funds.mfs.com), and you will be notified by mail each time a report is posted and provided with a Web site link to access the report.

If you are already signed up to receive shareholder reports by email, you will not be affected by this change and you need not take any action. You may sign up to receive shareholder reports and other communications from the fund by email by contacting your financial intermediary (such as a broker-dealer or bank) or, if you hold your shares directly with the fund, by calling 1-800-225-2606 or by logging on to MFS Access at mfs.com.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. Contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the fund, you can call 1-800-225-2606 or send an email request to orderliterature@mfs.com to let the fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the MFS fund complex if you invest directly.

LTF-ANN

MFS® Lifetime® Funds

CONTENTS

Letter from the Executive Chairman	1
Portfolio composition	2
Management review	12
Performance summary	18
Expense tables	38
Portfolio of investments	49
Statements of assets and liabilities	59
Statements of operations	65
Statements of changes in net assets	67
Financial highlights	69
Notes to financial statements	121
Report of independent registered public accounting firm	159
Trustees and officers	160
Proxy voting policies and information	163
Quarterly portfolio disclosure	163
Further information	163
Information about fund contracts and legal claims	163
Federal tax information	164
MFS® privacy notice	165
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:

Markets experienced a bout of volatility in late 2018 as a result of higher interest rates, international trade friction, and geopolitical uncertainty surrounding issues such as Brexit. Those concerns dissipated in the early months of 2019 due to the more dovish posture of the U.S. Federal Reserve and other global central banks, reported progress toward a trade pact between the United States and China, and action against a no-deal Brexit by the British Parliament. However, a last-minute breakdown in negotiations between the U.S. and China derailed the market’s momentum and increased concerns over the future pace of global growth. Compounding Brexit uncertainty was the resignation of British Prime Minister Theresa May, potentially ushering in a harder form of Brexit than she had advocated. U.S. equities have continued to outperform their global peers due in part to fiscal stimulus undertaken in late 2017 and early 2018, which contributed to the continuation of relatively healthy levels of U.S. economic output against a backdrop of slower global growth. Inflation remains largely subdued globally, which is encouraging for asset markets. Rising incomes in many developed and emerging markets are supportive of gains in consumption, though a challenging environment for global trade has hindered manufacturing in most regions.

Since launching the first U.S. open-end mutual fund in 1924, MFS® has been committed to a single purpose: to create value by allocating capital responsibly for clients. Through our powerful global investment platform, we combine collective expertise, thoughtful risk management, and long-term discipline to uncover what we believe are the best investment opportunities in the market.

Respectfully,

Robert J. Manning

Executive Chairman

MFS Investment Management

June 17, 2019

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

1

PORTFOLIO COMPOSITION

MFS Lifetime Income Fund

Portfolio target allocation

Portfolio holdings
MFS Limited Maturity Fund	20.0%
MFS Total Return Bond Fund	19.9%
MFS Government Securities Fund	10.0%
MFS Inflation-Adjusted Bond Fund	10.0%
MFS Global Bond Fund	5.0%
MFS High Income Fund	3.0%
MFS Blended Research Mid Cap Equity Fund	3.0%
MFS Blended Research International Equity Fund	2.5%
MFS Value Fund	2.0%
MFS Global Real Estate Fund	2.0%
MFS Emerging Markets Debt Fund	2.0%
MFS Blended Research Value Equity Fund	2.0%
MFS Research Fund	2.0%
MFS Growth Fund	2.0%
MFS Blended Research Core Equity Fund	2.0%
MFS Commodity Strategy Fund	2.0%
MFS Blended Research Growth Equity Fund	1.9%
MFS Mid Cap Growth Fund	1.5%
MFS Mid Cap Value Fund	1.5%
MFS Research International Fund	1.5%
MFS Emerging Markets Debt Local Currency Fund	1.0%
MFS Blended Research Small Cap Equity Fund	1.0%
MFS International Value Fund	0.5%
MFS International Growth Fund	0.5%
MFS New Discovery Value Fund	0.5%
MFS New Discovery Fund	0.5%
Cash & Cash Equivalents	0.2%

Portfolio actual allocation

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

Percentages are based on net assets as of April 30, 2019.

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

2

Portfolio Composition – continued

MFS Lifetime 2020 Fund

Portfolio target allocation

Portfolio holdings
MFS Total Return Bond Fund	18.6%
MFS Limited Maturity Fund	17.1%
MFS Government Securities Fund	10.0%
MFS Inflation-Adjusted Bond Fund	10.0%
MFS Global Bond Fund	5.0%
MFS High Income Fund	3.6%
MFS Blended Research Mid Cap Equity Fund	3.3%
MFS Blended Research International Equity Fund	2.9%
MFS Value Fund	2.3%
MFS Emerging Markets Debt Fund	2.3%
MFS Blended Research Value Equity Fund	2.3%
MFS Research Fund	2.3%
MFS Growth Fund	2.3%
MFS Blended Research Core Equity Fund	2.3%
MFS Blended Research Growth Equity Fund	2.3%
MFS Global Real Estate Fund	2.0%
MFS Commodity Strategy Fund	2.0%
MFS Mid Cap Growth Fund	1.6%
MFS Mid Cap Value Fund	1.6%
MFS Research International Fund	1.6%
MFS Emerging Markets Debt Local Currency Fund	1.3%
MFS Blended Research Small Cap Equity Fund	1.0%
MFS International Value Fund	0.7%
MFS International Growth Fund	0.6%
MFS New Discovery Value Fund	0.5%
MFS New Discovery Fund	0.5%
Cash & Cash Equivalents (o)	(0.0)%

Portfolio actual allocation

(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 April 30, 2019.

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

3

Portfolio Composition – continued

MFS Lifetime 2025 Fund

Portfolio target allocation

Portfolio holdings
MFS Total Return Bond Fund	13.0%
MFS Government Securities Fund	10.0%
MFS Inflation-Adjusted Bond Fund	9.1%
MFS Limited Maturity Fund	7.1%
MFS High Income Fund	5.0%
MFS Global Bond Fund	5.0%
MFS Blended Research Mid Cap Equity Fund	4.8%
MFS Blended Research International Equity Fund	4.6%
MFS Value Fund	3.3%
MFS Blended Research Value Equity Fund	3.3%
MFS Research Fund	3.3%
MFS Growth Fund	3.3%
MFS Blended Research Core Equity Fund	3.3%
MFS Blended Research Growth Equity Fund	3.2%
MFS Emerging Markets Debt Fund	3.0%
MFS Mid Cap Growth Fund	2.4%
MFS Mid Cap Value Fund	2.4%
MFS Global Real Estate Fund	2.3%
MFS Research International Fund	2.3%
MFS Commodity Strategy Fund	2.3%
MFS Emerging Markets Debt Local Currency Fund	2.0%
MFS International Value Fund	1.1%
MFS International Growth Fund	1.1%
MFS Blended Research Small Cap Equity Fund	1.1%
MFS New Discovery Fund	0.6%
MFS New Discovery Value Fund	0.6%
MFS International New Discovery Fund	0.3%
Cash & Cash Equivalents	0.2%

Portfolio actual allocation

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

Percentages are based on net assets as of April 30, 2019.

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

4

Portfolio Composition – continued

MFS Lifetime 2030 Fund

Portfolio target allocation

Portfolio holdings
MFS Blended Research Mid Cap Equity Fund	7.6%
MFS Government Securities Fund	7.1%
MFS Blended Research International Equity Fund	6.7%
MFS Total Return Bond Fund	6.6%
MFS Inflation-Adjusted Bond Fund	6.4%
MFS High Income Fund	5.0%
MFS Value Fund	4.5%
MFS Blended Research Value Equity Fund	4.4%
MFS Growth Fund	4.4%
MFS Blended Research Growth Equity Fund	4.4%
MFS Global Bond Fund	4.1%
MFS Research Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS Mid Cap Growth Fund	3.8%
MFS Mid Cap Value Fund	3.8%
MFS Global Real Estate Fund	3.3%
MFS Commodity Strategy Fund	3.2%
MFS Research International Fund	3.2%
MFS Emerging Markets Debt Fund	3.0%
MFS Emerging Markets Debt Local Currency Fund	2.0%
MFS International Value Fund	1.8%
MFS International Growth Fund	1.8%
MFS Blended Research Small Cap Equity Fund	1.7%
MFS International New Discovery Fund	1.3%
MFS New Discovery Fund	0.8%
MFS New Discovery Value Fund	0.8%
MFS Blended Research Emerging Markets Equity Fund	0.1%
MFS Emerging Markets Equity Fund	0.1%
Cash & Cash Equivalents	0.1%

Portfolio actual allocation

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

Percentages are based on net assets as of April 30, 2019.

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

5

Portfolio Composition – continued

MFS Lifetime 2035 Fund

Portfolio target allocation

Portfolio holdings
MFS Blended Research Mid Cap Equity Fund	9.2%
MFS Blended Research International Equity Fund	8.8%
MFS Value Fund	5.6%
MFS Blended Research Value Equity Fund	5.6%
MFS Growth Fund	5.5%
MFS Blended Research Growth Equity Fund	5.5%
MFS Inflation-Adjusted Bond Fund	4.6%
MFS Mid Cap Growth Fund	4.6%
MFS Mid Cap Value Fund	4.6%
MFS High Income Fund	4.3%
MFS Global Real Estate Fund	4.2%
MFS Commodity Strategy Fund	4.1%
MFS Research Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS Research International Fund	3.6%
MFS Total Return Bond Fund	2.9%
MFS International Value Fund	2.6%
MFS International Growth Fund	2.6%
MFS Emerging Markets Debt Fund	2.6%
MFS International New Discovery Fund	2.3%
MFS Blended Research Small Cap Equity Fund	2.1%
MFS Emerging Markets Debt Local Currency Fund	1.7%
MFS Global Bond Fund	1.7%
MFS New Discovery Fund	1.0%
MFS New Discovery Value Fund	1.0%
MFS Blended Research Emerging Markets Equity Fund	0.6%
MFS Emerging Markets Equity Fund	0.6%
Cash & Cash Equivalents	0.1%

Portfolio actual allocation

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

Percentages are based on net assets as of April 30, 2019.

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

6

Portfolio Composition – continued

MFS Lifetime 2040 Fund

Portfolio target allocation

Portfolio holdings
MFS Blended Research International Equity Fund	10.1%
MFS Blended Research Mid Cap Equity Fund	9.7%
MFS Value Fund	5.9%
MFS Blended Research Value Equity Fund	5.8%
MFS Growth Fund	5.8%
MFS Blended Research Growth Equity Fund	5.8%
MFS Mid Cap Growth Fund	4.8%
MFS Mid Cap Value Fund	4.8%
MFS Global Real Estate Fund	4.7%
MFS Commodity Strategy Fund	4.6%
MFS Research Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS Research International Fund	3.8%
MFS Inflation-Adjusted Bond Fund	3.4%
MFS International New Discovery Fund	3.3%
MFS International Value Fund	3.2%
MFS International Growth Fund	3.1%
MFS Total Return Bond Fund	2.7%
MFS Blended Research Small Cap Equity Fund	2.3%
MFS High Income Fund	1.8%
MFS New Discovery Value Fund	1.2%
MFS New Discovery Fund	1.2%
MFS Emerging Markets Debt Fund	1.0%
MFS Blended Research Emerging Markets Equity Fund	0.8%
MFS Emerging Markets Equity Fund	0.8%
MFS Emerging Markets Debt Local Currency Fund	0.7%
MFS Global Bond Fund	0.7%
Cash & Cash Equivalents (o)	(0.0)%

Portfolio actual allocation

(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 April 30, 2019.

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

7

Portfolio Composition – continued

MFS Lifetime 2045 Fund

Portfolio target allocation

Portfolio holdings
MFS Blended Research International Equity Fund	10.9%
MFS Blended Research Mid Cap Equity Fund	10.0%
MFS Value Fund	6.0%
MFS Growth Fund	6.0%
MFS Blended Research Value Equity Fund	6.0%
MFS Blended Research Growth Equity Fund	6.0%
MFS Mid Cap Growth Fund	5.0%
MFS Global Real Estate Fund	5.0%
MFS Mid Cap Value Fund	5.0%
MFS Commodity Strategy Fund	5.0%
MFS Research Fund	4.0%
MFS Research International Fund	4.0%
MFS International New Discovery Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS International Value Fund	3.5%
MFS International Growth Fund	3.5%
MFS Total Return Bond Fund	2.5%
MFS Inflation-Adjusted Bond Fund	2.5%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS New Discovery Fund	1.3%
MFS New Discovery Value Fund	1.2%
MFS Blended Research Emerging Markets Equity Fund	1.0%
MFS Emerging Markets Equity Fund	1.0%
Cash & Cash Equivalents	0.1%

Portfolio actual allocation

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

Percentages are based on net assets as of April 30, 2019.

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

8

Portfolio Composition – continued

MFS Lifetime 2050 Fund

Portfolio target allocation

Portfolio holdings
MFS Blended Research International Equity Fund	11.0%
MFS Blended Research Mid Cap Equity Fund	10.0%
MFS Value Fund	6.0%
MFS Growth Fund	6.0%
MFS Blended Research Value Equity Fund	6.0%
MFS Blended Research Growth Equity Fund	6.0%
MFS Global Real Estate Fund	5.0%
MFS Mid Cap Growth Fund	5.0%
MFS Mid Cap Value Fund	5.0%
MFS Commodity Strategy Fund	4.9%
MFS Research Fund	4.0%
MFS Research International Fund	4.0%
MFS International New Discovery Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS International Value Fund	3.5%
MFS International Growth Fund	3.5%
MFS Total Return Bond Fund	2.5%
MFS Inflation-Adjusted Bond Fund	2.5%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS New Discovery Fund	1.3%
MFS New Discovery Value Fund	1.2%
MFS Blended Research Emerging Markets Equity Fund	1.0%
MFS Emerging Markets Equity Fund	1.0%
Cash & Cash Equivalents	0.1%

Portfolio actual allocation

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

Percentages are based on net assets as of April 30, 2019.

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

9

Portfolio Composition – continued

MFS Lifetime 2055 Fund

Portfolio target allocation

Portfolio holdings
MFS Blended Research International Equity Fund	10.9%
MFS Blended Research Mid Cap Equity Fund	10.0%
MFS Value Fund	6.0%
MFS Growth Fund	6.0%
MFS Blended Research Value Equity Fund	6.0%
MFS Blended Research Growth Equity Fund	6.0%
MFS Mid Cap Growth Fund	5.0%
MFS Mid Cap Value Fund	5.0%
MFS Global Real Estate Fund	5.0%
MFS Commodity Strategy Fund	5.0%
MFS Research International Fund	4.0%
MFS Research Fund	4.0%
MFS International New Discovery Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS International Value Fund	3.5%
MFS International Growth Fund	3.5%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS Total Return Bond Fund	2.5%
MFS Inflation-Adjusted Bond Fund	2.5%
MFS New Discovery Fund	1.3%
MFS New Discovery Value Fund	1.2%
MFS Blended Research Emerging Markets Equity Fund	1.0%
MFS Emerging Markets Equity Fund	1.0%
Cash & Cash Equivalents	0.1%

Portfolio actual allocation

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

Percentages are based on net assets as of April 30, 2019.

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

10

Portfolio Composition – continued

MFS Lifetime 2060 Fund

Portfolio target allocation

Portfolio holdings
MFS Blended Research International Equity Fund	11.0%
MFS Blended Research Mid Cap Equity Fund	10.0%
MFS Growth Fund	6.0%
MFS Value Fund	6.0%
MFS Blended Research Growth Equity Fund	6.0%
MFS Blended Research Value Equity Fund	6.0%
MFS Global Real Estate Fund	5.0%
MFS Commodity Strategy Fund	5.0%
MFS Mid Cap Value Fund	5.0%
MFS Mid Cap Growth Fund	5.0%
MFS Blended Research Core Equity Fund	4.0%
MFS International New Discovery Fund	4.0%
MFS Research Fund	4.0%
MFS Research International Fund	4.0%
MFS International Value Fund	3.5%
MFS International Growth Fund	3.5%
MFS Total Return Bond Fund	2.5%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS Inflation-Adjusted Bond Fund	2.5%
MFS New Discovery Fund	1.3%
MFS New Discovery Value Fund	1.3%
MFS Emerging Markets Equity Fund	1.0%
MFS Blended Research Emerging Markets Equity Fund	1.0%
Cash & Cash Equivalents	(0.1)%

Portfolio actual allocation

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all 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 April 30, 2019.

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

11

MANAGEMENT REVIEW

MFS Lifetime Funds

Market Environment

Led by weakness in China and Europe, the global economy decelerated during the reporting period as business and investor sentiment was undermined by growing trade frictions. Additionally, tighter financial conditions contributed to an uptick in market volatility late in 2018. Equity valuations fell and credit spreads widened, fueled in part by concerns that the US Federal Reserve would over-tighten policy, choking off the nearly decade-long US economic expansion.

However, the Fed reversed course in January due to slowing global growth, rising trade tensions, abating inflationary pressures and increasing market volatility, and signaled that its policy was on hold. Additionally, the Fed announced that it would maintain a larger balance sheet than it had previously indicated. These dovish shifts helped equity valuations rebound, reduced volatility and narrowed credit spreads. In early 2019, central banks globally tilted more dovish as well, with China lowering reserve requirements, the Bank of Canada and Bank of England holding rates steady and the European Central Bank (ECB) acknowledging that it may not be able to hike rates in the fall of 2019, as it had earlier projected. The ECB also extended a refinancing facility for eurozone banks.

Emerging markets experienced considerable volatility during the period as tighter global financial conditions exposed structural weakness in some countries. Those pressures were somewhat relieved at the end of the period as the Fed adopted its more dovish posture and hopes grew for a trade deal between the US and China, although idiosyncratic factors negatively impacted some emerging economies, such as Argentina and Turkey.

From a geopolitical perspective, the lack of consensus in the United Kingdom on the best path toward Brexit, a fractious Eurosceptic Italian coalition government and large-scale protests in France over stagnant wages were sources of uncertainty in Europe. In emerging markets, new Brazilian president Jair Bolsonaro took office, with markets generally encouraged by his market-friendly agenda. In contrast, markets were nervous about the less-market-friendly approach of Mexico’s new president Andrés Manuel López Obrador. For much of the period, the contentious US–China trade relationship was a drag on global sentiment. Signs of progress toward a resolution helped steady markets late in the period while China’s economy showed signs of stabilizing.

MFS Lifetime Income Fund

Summary of Results

For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime Income Fund (fund) provided a total return of 5.18%, at net asset value. This compares with a return of 5.29% for the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The fund’s other benchmark, the MFS Lifetime Income Fund Blended Index (Blended Index), generated a return of 6.50%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, equity markets generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to both the fixed income segment and US equity segment negatively impacted relative performance during the reporting period.

Within the fund’s allocation to the fixed income segment, the MFS Limited Maturity Fund, MFS Inflation-Adjusted Bond Fund and MFS Global Bond Fund weakened relative performance. A shorter relative duration stance drove the underperformance of the MFS Limited Maturity Fund, while the MFS Global Bond Fund was negatively impacted by a stronger US dollar during the reporting period.

Within US stock funds, the fund’s exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.

The fund’s allocation to international stock funds positively impacted relative performance. Here, both the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.

MFS Lifetime 2020 Fund

Summary of Results

For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2020 Fund (fund) provided a total return of 5.30%, at net asset value. This compares with a return of 13.49% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2020 Fund Blended Index (Blended Index), generated a return of 6.64%. The Blended

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Management Review – continued

Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, equity markets generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to both the fixed income segment and US equity segment negatively impacted relative performance during the reporting period.

Within the fund’s allocation to the fixed income segment, the MFS Inflation-Adjusted Bond Fund, MFS Limited Maturity Fund and MFS Global Bond Fund weakened relative performance. A shorter relative duration stance drove the underperformance of the MFS Limited Maturity Fund, while the MFS Global Bond Fund was negatively impacted by a stronger US dollar during the reporting period.

Within US stock funds, the fund’s exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.

The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.

Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the fund’s investments in the MFS Blended Research International Equity Fund held back relative performance during the reporting period.

MFS Lifetime 2025 Fund

Summary of Results

For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2025 Fund (fund) provided a total return of 5.70%, at net asset value. This compares with a return of 13.49% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2025 Fund Blended Index (Blended Index), generated a return of 7.08%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, equity markets generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to both the fixed income segment and US equity segment negatively impacted relative performance during the reporting period.

Within the fund’s allocation to the fixed income segment, the MFS Inflation-Adjusted Bond Fund, MFS Global Bond Fund and MFS Emerging Markets Debt Local Currency Fund weakened relative performance. The MFS Global Bond Fund and MFS Emerging Markets Debt Local Currency Fund were negatively impacted by a stronger US dollar during the reporting period.

Within US stock funds, the fund’s exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.

The fund’s allocation to international stock funds positively impacted relative performance. Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.

The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.

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Management Review – continued

MFS Lifetime 2030 Fund

Summary of Results

For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2030 Fund (fund) provided a total return of 6.24%, at net asset value. This compares with a return of 13.49% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2030 Fund Blended Index (Blended Index), generated a return of 7.42%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, equity markets generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to both the US equity segment and fixed income segment negatively impacted relative performance during the reporting period.

Within US stock funds, exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.

Within the fund’s allocation to the fixed income segment, the MFS Emerging Markets Debt Local Currency Fund, MFS Inflation-Adjusted Bond Fund and MFS Global Bond Fund weakened relative performance. The MFS Global Bond Fund and MFS Emerging Markets Debt Local Currency Fund were negatively impacted by a stronger US dollar during the reporting period.

The fund’s allocation to international stock funds positively impacted relative performance. Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.

The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.

MFS Lifetime 2035 Fund

Summary of Results

For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2035 Fund (fund) provided a total return of 6.50%, at net asset value. This compares with a return of 13.49% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2035 Fund Blended Index (Blended Index), generated a return of 7.40%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, equity markets generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to both the US equity segment and fixed income segment negatively impacted relative performance during the reporting period.

Within US stock funds, exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.

Within the fund’s allocation to the fixed income segment, the MFS Emerging Markets Debt Local Currency Fund, MFS Inflation-Adjusted Bond Fund and MFS Global Bond Fund weakened relative performance. The MFS Global Bond Fund and MFS Emerging Markets Debt Local Currency Fund were negatively impacted by a stronger US dollar during the reporting period.

The fund’s allocation to international stock funds positively impacted relative performance. Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.

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Management Review – continued

The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.

MFS Lifetime 2040 Fund

Summary of Results

For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2040 Fund (fund) provided a total return of 6.45%, at net asset value. This compares with a return of 13.49% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2040 Fund Blended Index (Blended Index), generated a return of 7.14%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, equity markets generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to both the US equity segment and fixed income segment negatively impacted relative performance during the reporting period.

Within US stock funds, exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.

The fund’s allocation to international stock funds positively impacted relative performance. Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.

The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.

MFS Lifetime 2045 Fund

Summary of Results

For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2045 Fund (fund) provided a total return of 6.45%, at net asset value. This compares with a return of 13.49% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2045 Fund Blended Index (Blended Index), generated a return of 7.01%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, equity markets generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to the US equity segment negatively impacted relative performance during the reporting period.

Within US stock funds, exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.

The fund’s allocation to international stock funds positively impacted relative performance. Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.

The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.

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Management Review – continued

MFS Lifetime 2050 Fund

Summary of Results

For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2050 Fund (fund) provided a total return of 6.47%, at net asset value. This compares with a return of 13.49% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2050 Fund Blended Index (Blended Index), generated a return of 7.01%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, equity markets generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to the US equity segment negatively impacted relative performance during the reporting period.

Within US stock funds, exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.

The fund’s allocation to international stock funds positively impacted relative performance. Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.

The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.

MFS Lifetime 2055 Fund

Summary of Results

For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2055 Fund (fund) provided a total return of 6.46%, at net asset value. This compares with a return of 13.49% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2055 Fund Blended Index (Blended Index), generated a return of 7.01%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, equity markets generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to the US equity segment negatively impacted relative performance during the reporting period.

Within US stock funds, exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.

The fund’s allocation to international stock funds positively impacted relative performance. Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.

The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.

MFS Lifetime 2060 Fund

Summary of Results

For the twelve months ended April 30, 2019, Class A shares of the MFS Lifetime 2060 Fund (fund) provided a total return of 6.47%, at net asset value. This compares with a return of 13.49% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2060 Fund Blended Index (Blended Index), generated a return of 7.01%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to

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Management Review – continued

resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, equity markets generally outperformed fixed income markets. However, on a relative basis, the fund’s allocation to the US equity segment negatively impacted relative performance during the reporting period.

Within US stock funds, exposure to the MFS Blended Research Mid Cap Equity Fund held back relative results. During the reporting period, the fund’s investments in growth funds generally outperformed but were offset by the fund’s investments in value strategies, which underperformed the broader market. From a market capitalization perspective, large capitalization equities generally outperformed small capitalization stocks, meaning that allocations down the capitalization spectrum were generally a detractor from performance. Fundamental underlying funds have generally outperformed their respective indices, while Blended Research portfolios have lagged due to a quantitative discipline that favors cheaper stocks in a market where investors are paying up for growth.

The fund’s allocation to international stock funds positively impacted relative performance. Within the international stock fund segment, the MFS International Value Fund and MFS International Growth Fund helped relative returns. Conversely, the MFS Blended Research International Equity Fund held back relative performance during the reporting period.

The fund’s allocation to specialty funds, overall, positively impacted performance. Within the specialty funds segment, the MFS Global Real Estate Fund supported performance and outweighed the negative impact from its investments in the MFS Commodity Strategy Fund.

Respectfully,

Portfolio Manager(s)

Joseph Flaherty and Natalie Shapiro

Note to Shareholders: Effective September 1, 2018, Natalie Shapiro became a Portfolio Manager of the Fund.

The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.

17

PERFORMANCE SUMMARY THROUGH 4/30/19

The following charts illustrate a representative class of each fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value, including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.

MFS Lifetime Income Fund

Growth of a hypothetical $10,000 investment

Average annual total returns through 4/30/19

Without sales charge

Share Class	Class Inception Date	1-yr	5-yr	10-yr	Life (t)
A	9/29/05	5.18%	3.66%	6.37%	N/A
B	9/29/05	4.48%	2.90%	5.58%	N/A
C	9/29/05	4.40%	2.89%	5.58%	N/A
I	9/29/05	5.53%	3.93%	6.64%	N/A
R1	9/29/05	4.48%	2.90%	5.58%	N/A
R2	9/29/05	4.92%	3.40%	6.11%	N/A
R3	9/29/05	5.26%	3.67%	6.39%	N/A
R4	9/29/05	5.44%	3.90%	6.63%	N/A
R6	8/29/16	5.52%	N/A	N/A	4.68%
529A	1/08/15	5.16%	N/A	N/A	3.86%
529B	1/08/15	4.38%	N/A	N/A	3.09%
529C	1/08/15	4.48%	N/A	N/A	3.09%

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Performance Summary – continued

Comparative benchmark(s)
		1-yr	5-yr	10-yr	Life (t)
	Bloomberg Barclays U.S. Aggregate Bond Index (f)	5.29%	2.57%	3.72%	N/A
	MFS Lifetime Income Fund Blended Index (f)(z)	6.50%	4.37%	6.39%	N/A
	Bloomberg Commodity Index (f)	(8.03)%	(9.43)%	(2.67)%	N/A
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)	9.62%	5.51%	11.74%	N/A
	MSCI EAFE Index (net div) (f)	(3.22)%	2.60%	7.95%	N/A
	Standard & Poor’s 500 Stock Index (f)	13.49%	11.63%	15.32%	N/A
With sales charge
	A With Initial Sales Charge (4.25%)	0.71%	2.76%	5.91%	N/A
	B With CDSC (Declining over six years from 4% to 0%) (v)	0.48%	2.54%	5.58%	N/A
	C With CDSC (1% for 12 months) (v)	3.40%	2.89%	5.58%	N/A
	529A With Initial Sales Charge (4.25%)	0.69%	N/A	N/A	2.82%
	529B With CDSC (Declining over six years from 4% to 0%) (v)	0.38%	N/A	N/A	2.67%
	529C With CDSC (1% for 12 months) (v)	3.48%	N/A	N/A	3.09%

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)

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

(z) The weights of the components of the blended benchmark (MFS Lifetime Income Fund Blended Index) (a custom index) are comprised of 71% Bloomberg Barclays U.S. Aggregate Bond Index, 20% Standard & Poor’s 500 Stock Index, 5% MSCI EAFE Index (net div), 2% FTSE EPRA Nareit Developed Real Estate Index (net div), and 2% Bloomberg Commodity Index.

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Performance Summary – continued

MFS Lifetime 2020 Fund

Growth of a hypothetical $10,000 investment

Average annual total returns through 4/30/19

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	10-yr	Life (t)
	A	9/29/05	5.30%	4.34%	8.58%	N/A
	B	9/29/05	4.49%	3.56%	7.78%	N/A
	C	9/29/05	4.50%	3.56%	7.78%	N/A
	I	9/29/05	5.54%	4.60%	8.85%	N/A
	R1	9/29/05	4.51%	3.56%	7.78%	N/A
	R2	9/29/05	5.04%	4.08%	8.31%	N/A
	R3	9/29/05	5.33%	4.32%	8.59%	N/A
	R4	9/29/05	5.55%	4.60%	8.86%	N/A
	R6	8/29/16	5.62%	N/A	N/A	5.38%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.49%	11.63%	15.32%	N/A
	MFS Lifetime 2020 Fund Blended Index (f)(z)		6.64%	4.86%	8.33%	N/A
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		5.29%	2.57%	3.72%	N/A
	Bloomberg Commodity Index (f)		(8.03)%	(9.43)%	(2.67)%	N/A
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		9.62%	5.51%	11.74%	N/A
	MSCI EAFE Index (net div) (f)		(3.22)%	2.60%	7.95%	N/A
With sales charge
	A With Initial Sales Charge (5.75%)		(0.75)%	3.11%	7.94%	N/A
	B With CDSC (Declining over six years from 4% to 0%) (v)		0.49%	3.22%	7.78%	N/A
	C With CDSC (1% for 12 months) (v)		3.51%	3.56%	7.78%	N/A

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)

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Performance Summary – continued

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

(z) The weights of the components of the blended benchmark (MFS Lifetime 2020 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:

	4/30/19	4/30/18
Bloomberg Barclays U.S. Aggregate Bond Index	67.70%	65.50%
Standard & Poor’s 500 Stock Index	22.40%	24.00%
MSCI EAFE Index (net div)	5.90%	6.50%
Bloomberg Commodity Index	2.00%	2.00%
FTSE EPRA/NAREIT Developed Real Estate Index (net div)	2.00%	2.00%

21

Performance Summary – continued

MFS Lifetime 2025 Fund

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

Average annual total returns through 4/30/19

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	Life (t)
	A	11/02/12	5.70%	5.37%	7.23%
	B	11/02/12	4.96%	4.56%	6.41%
	C	11/02/12	4.94%	4.57%	6.41%
	I	11/02/12	6.05%	5.63%	7.49%
	R1	11/02/12	4.97%	4.58%	6.42%
	R2	11/02/12	5.48%	5.09%	6.94%
	R3	11/02/12	5.75%	5.36%	7.21%
	R4	11/02/12	6.06%	5.63%	7.48%
	R6	8/29/16	6.21%	N/A	7.04%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.49%	11.63%	14.15%
	MFS Lifetime 2025 Fund Blended Index (f)(z)		7.08%	5.69%	7.53%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		5.29%	2.57%	2.10%
	Bloomberg Commodity Index (f)		(8.03)%	(9.43)%	(7.86)%
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		9.62%	5.51%	6.57%
	MSCI EAFE Index (net div) (f)		(3.22)%	2.60%	6.41%
With sales charge
	A With Initial Sales Charge (5.75%)		(0.37)%	4.13%	6.26%
	B With CDSC (Declining over six years from 4% to 0%) (v)		0.96%	4.22%	6.41%
	C With CDSC (1% for 12 months) (v)		3.94%	4.57%	6.41%

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

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

22

Performance Summary – continued

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

(z) The weights of the components of the blended benchmark (MFS Lifetime 2025 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:

	4/30/19	4/30/18
Bloomberg Barclays U.S. Aggregate Bond Index	54.00%	50.00%
Standard & Poor’s 500 Stock Index	31.90%	34.50%
MSCI EAFE Index (net div)	9.50%	10.50%
Bloomberg Commodity Index	2.30%	2.50%
FTSE EPRA/NAREIT Developed Real Estate Index (net div)	2.30%	2.50%

23

Performance Summary – continued

MFS Lifetime 2030 Fund

Growth of a hypothetical $10,000 investment

Average annual total returns through 4/30/19

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	10-yr	Life (t)
	A	9/29/05	6.24%	6.54%	11.34%	N/A
	B	9/29/05	5.44%	5.74%	10.50%	N/A
	C	9/29/05	5.46%	5.73%	10.49%	N/A
	I	9/29/05	6.50%	6.74%	11.57%	N/A
	R1	9/29/05	5.42%	5.72%	10.50%	N/A
	R2	9/29/05	6.00%	6.26%	11.05%	N/A
	R3	9/29/05	6.21%	6.53%	11.32%	N/A
	R4	9/29/05	6.56%	6.79%	11.60%	N/A
	R6	8/29/16	6.71%	N/A	N/A	9.06%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.49%	11.63%	15.32%	N/A
	MFS Lifetime 2030 Fund Blended Index (f)(z)		7.42%	6.60%	10.91%	N/A
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		5.29%	2.57%	3.72%	N/A
	Bloomberg Commodity Index (f)		(8.03)%	(9.43)%	(2.67)%	N/A
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		9.62%	5.51%	11.74%	N/A
	MSCI EAFE Index (net div) (f)		(3.22)%	2.60%	7.95%	N/A
With sales charge
	A With Initial Sales Charge (5.75%)		0.13%	5.29%	10.68%	N/A
	B With CDSC (Declining over six years from 4% to 0%) (v)		1.44%	5.41%	10.50%	N/A
	C With CDSC (1% for 12 months) (v)		4.46%	5.73%	10.49%	N/A

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)

24

Performance Summary – continued

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

(z) The weights of the components of the blended benchmark (MFS Lifetime 2030 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:

	4/30/19	4/30/18
Standard & Poor’s 500 Stock Index	44.30%	46.50%
Bloomberg Barclays U.S. Aggregate Bond Index	34.00%	30.00%
MSCI EAFE Index (net div)	15.10%	16.50%
Bloomberg Commodity Index	3.30%	3.50%
FTSE EPRA/NAREIT Developed Real Estate Index (net div)	3.30%	3.50%

25

Performance Summary – continued

MFS Lifetime 2035 Fund

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

Average annual total returns through 4/30/19

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	Life (t)
	A	11/02/12	6.50%	7.16%	9.44%
	B	11/02/12	5.71%	6.36%	8.63%
	C	11/02/12	5.69%	6.36%	8.64%
	I	11/02/12	6.76%	7.38%	9.68%
	R1	11/02/12	5.72%	6.36%	8.63%
	R2	11/02/12	6.23%	6.89%	9.18%
	R3	11/02/12	6.46%	7.15%	9.45%
	R4	11/02/12	6.80%	7.43%	9.72%
	R6	8/29/16	6.90%	N/A	10.13%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.49%	11.63%	14.15%
	MFS Lifetime 2035 Fund Blended Index (f)(z)		7.40%	7.02%	9.52%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		5.29%	2.57%	2.10%
	Bloomberg Commodity Index (f)		(8.03)%	(9.43)%	(7.86)%
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		9.62%	5.51%	6.57%
	MSCI EAFE Index (net div) (f)		(3.22)%	2.60%	6.41%
With sales charge
	A With Initial Sales Charge (5.75%)		0.37%	5.90%	8.45%
	B With CDSC (Declining over six years from 4% to 0%) (v)		1.71%	6.04%	8.63%
	C With CDSC (1% for 12 months) (v)		4.69%	6.36%	8.64%

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

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

26

Performance Summary – continued

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

(z) The weights of the components of the blended benchmark (MFS Lifetime 2035 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:

	4/30/19	4/30/18
Standard & Poor’s 500 Stock Index	52.75%	53.25%
MSCI EAFE Index (net div)	21.20%	22.00%
Bloomberg Barclays U.S. Aggregate Bond Index	17.75%	16.25%
Bloomberg Commodity Index	4.15%	4.25%
FTSE EPRA/NAREIT Developed Real Estate Index (net div)	4.15%	4.25%

27

Performance Summary – continued

MFS Lifetime 2040 Fund

Growth of a hypothetical $10,000 investment

Average annual total returns through 4/30/19

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	10-yr	Life (t)
	A	9/29/05	6.45%	7.47%	12.16%	N/A
	B	9/29/05	5.66%	6.66%	11.32%	N/A
	C	9/29/05	5.65%	6.67%	11.31%	N/A
	I	9/29/05	6.75%	7.69%	12.41%	N/A
	R1	9/29/05	5.71%	6.66%	11.32%	N/A
	R2	9/29/05	6.23%	7.20%	11.87%	N/A
	R3	9/29/05	6.45%	7.46%	12.15%	N/A
	R4	9/29/05	6.73%	7.74%	12.43%	N/A
	R6	8/29/16	6.89%	N/A	N/A	10.69%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.49%	11.63%	15.32%	N/A
	MFS Lifetime 2040 Fund Blended Index (f)(z)		7.14%	7.19%	11.68%	N/A
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		5.29%	2.57%	3.72%	N/A
	Bloomberg Commodity Index (f)		(8.03)%	(9.43)%	(2.67)%	N/A
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		9.62%	5.51%	11.74%	N/A
	MSCI EAFE Index (net div) (f)		(3.22)%	2.60%	7.95%	N/A
With sales charge
	A With Initial Sales Charge (5.75%)		0.33%	6.21%	11.50%	N/A
	B With CDSC (Declining over six years from 4% to 0%) (v)		1.66%	6.35%	11.32%	N/A
	C With CDSC (1% for 12 months) (v)		4.65%	6.67%	11.31%	N/A

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)

28

Performance Summary – continued

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

(z) The weights of the components of the blended benchmark (MFS Lifetime 2040 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:

	4/30/19	4/30/18
Standard & Poor’s 500 Stock Index	55.25%	55.75%
MSCI EAFE Index (net div)	25.20%	26.00%
Bloomberg Barclays U.S. Aggregate Bond Index	10.25%	8.75%
Bloomberg Commodity Index	4.65%	4.75%
FTSE EPRA/NAREIT Developed Real Estate Index (net div)	4.65%	4.75%

29

Performance Summary – continued

MFS Lifetime 2045 Fund

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

Average annual total returns through 4/30/19

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	Life (t)
	A	11/02/12	6.45%	7.55%	9.92%
	B	11/02/12	5.71%	6.77%	9.08%
	C	11/02/12	5.70%	6.75%	9.07%
	I	11/02/12	6.75%	7.86%	10.20%
	R1	11/02/12	5.70%	6.75%	9.08%
	R2	11/02/12	6.15%	7.29%	9.62%
	R3	11/02/12	6.49%	7.56%	9.91%
	R4	11/02/12	6.73%	7.82%	10.17%
	R6	8/29/16	6.91%	N/A	10.85%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.49%	11.63%	14.15%
	MFS Lifetime 2045 Fund Blended Index (f)(z)		7.01%	7.29%	9.90%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		5.29%	2.57%	2.10%
	Bloomberg Commodity Index (f)		(8.03)%	(9.43)%	(7.86)%
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		9.62%	5.51%	6.57%
	MSCI EAFE Index (net div) (f)		(3.22)%	2.60%	6.41%
With sales charge
	A With Initial Sales Charge (5.75%)		0.33%	6.29%	8.92%
	B With CDSC (Declining over six years from 4% to 0%) (v)		1.71%	6.46%	9.08%
	C With CDSC (1% for 12 months) (v)		4.70%	6.75%	9.07%

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

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

30

Performance Summary – continued

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

(z) The weights of the components of the blended benchmark (MFS Lifetime 2045 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:

	4/30/19	4/30/18
Standard & Poor’s 500 Stock Index	57.00%	57.00%
MSCI EAFE Index (net div)	28.00%	28.00%
Bloomberg Barclays U.S. Aggregate Bond Index	5.00%	5.00%
Bloomberg Commodity Index	5.00%	5.00%
FTSE EPRA/NAREIT Developed Real Estate Index (net div)	5.00%	5.00%

31

Performance Summary – continued

MFS Lifetime 2050 Fund

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

Average annual total returns through 4/30/19

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	Life (t)
	A	9/15/10	6.47%	7.56%	10.08%
	B	9/15/10	5.67%	6.76%	9.26%
	C	9/15/10	5.67%	6.76%	9.26%
	I	9/15/10	6.70%	7.83%	10.37%
	R1	9/15/10	5.65%	6.76%	9.26%
	R2	9/15/10	6.18%	7.29%	9.81%
	R3	9/15/10	6.48%	7.56%	10.09%
	R4	9/15/10	6.71%	7.83%	10.35%
	R6	8/29/16	6.89%	N/A	10.83%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.49%	11.63%	14.20%
	MFS Lifetime 2050 Fund Blended Index (f)(z)		7.01%	7.29%	9.92%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		5.29%	2.57%	2.84%
	Bloomberg Commodity Index (f)		(8.03)%	(9.43)%	(5.56)%
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		9.62%	5.51%	7.58%
	MSCI EAFE Index (net div) (f)		(3.22)%	2.60%	5.58%
With sales charge
	A With Initial Sales Charge (5.75%)		0.35%	6.29%	9.33%
	B With CDSC (Declining over six years from 4% to 0%) (v)		1.67%	6.45%	9.26%
	C With CDSC (1% for 12 months) (v)		4.67%	6.76%	9.26%

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

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

32

Performance Summary – continued

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

(z) The weights of the components of the blended benchmark (MFS Lifetime 2050 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:

	4/30/19	4/30/18
Standard & Poor’s 500 Stock Index	57.00%	57.00%
MSCI EAFE Index (net div)	28.00%	28.00%
Bloomberg Barclays U.S. Aggregate Bond Index	5.00%	5.00%
Bloomberg Commodity Index	5.00%	5.00%
FTSE EPRA/NAREIT Developed Real Estate Index (net div)	5.00%	5.00%

33

Performance Summary – continued

MFS Lifetime 2055 Fund

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

Average annual total returns through 4/30/19

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	Life (t)
	A	11/02/12	6.46%	7.54%	9.90%
	B	11/02/12	5.65%	6.75%	9.09%
	C	11/02/12	5.63%	6.74%	9.08%
	I	11/02/12	6.74%	7.72%	10.11%
	R1	11/02/12	5.65%	6.73%	9.07%
	R2	11/02/12	6.19%	7.27%	9.62%
	R3	11/02/12	6.46%	7.55%	9.91%
	R4	11/02/12	6.71%	7.82%	10.18%
	R6	8/29/16	6.88%	N/A	10.81%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.49%	11.63%	14.15%
	MFS Lifetime 2055 Fund Blended Index (f)(z)		7.01%	7.29%	9.90%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		5.29%	2.57%	2.10%
	Bloomberg Commodity Index (f)		(8.03)%	(9.43)%	(7.86)%
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		9.62%	5.51%	6.57%
	MSCI EAFE Index (net div) (f)		(3.22)%	2.60%	6.41%
With sales charge
	A With Initial Sales Charge (5.75%)		0.33%	6.27%	8.90%
	B With CDSC (Declining over six years from 4% to 0%) (v)		1.65%	6.44%	9.09%
	C With CDSC (1% for 12 months) (v)		4.63%	6.74%	9.08%

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

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

34

Performance Summary – continued

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

(z) The weights of the components of the blended benchmark (MFS Lifetime 2055 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:

	4/30/19	4/30/18
Standard & Poor’s 500 Stock Index	57.00%	57.00%
MSCI EAFE Index (net div)	28.00%	28.00%
Bloomberg Barclays U.S. Aggregate Bond Index	5.00%	5.00%
Bloomberg Commodity Index	5.00%	5.00%
FTSE EPRA/NAREIT Developed Real Estate Index (net div)	5.00%	5.00%

35

Performance Summary – continued

MFS Lifetime 2060 Fund

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

Average annual total returns through 4/30/19

Without sales charge

	Share Class	Class Inception Date	1-yr	Life (t)
	A	12/06/16	6.47%	11.80%
	B	12/06/16	5.78%	11.01%
	C	12/06/16	5.75%	11.00%
	I	12/06/16	6.76%	12.11%
	R1	12/06/16	5.69%	10.98%
	R2	12/06/16	6.29%	11.55%
	R3	12/06/16	6.48%	11.81%
	R4	12/06/16	6.72%	12.09%
	R6	12/06/16	6.95%	12.19%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		13.49%	15.08%
	MFS Lifetime 2060 Fund Blended Index (f)(z)		7.01%	11.84%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		5.29%	2.80%
	Bloomberg Commodity Index (f)		(8.03)%	(2.24)%
	FTSE EPRA/NAREIT Developed Real Estate Index (net div) (f)		9.62%	8.46%
	MSCI EAFE Index (net div) (f)		(3.22)%	9.91%
With sales charge
	A With Initial Sales Charge (5.75%)		0.35%	9.07%
	B With CDSC (Declining over six years from 4% to 0%) (v)		1.78%	9.92%
	C With CDSC (1% for 12 months) (v)		4.75%	11.00%

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

(t) For the period from the class inception date through the stated period end. (See Notes to Performance Summary.)

36

Performance Summary – continued

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

(z) The weights of the components of the blended benchmark (MFS Lifetime 2060 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period

	4/30/19	4/30/18
Standard & Poor’s 500 Stock Index	57.00%	57.00%
MSCI EAFE Index (net div)	28.00%	28.00%
Bloomberg Barclays U.S. Aggregate Bond Index	5.00%	5.00%
Bloomberg Commodity Index	5.00%	5.00%
FTSE EPRA/NAREIT Developed Real Estate Index (net div)	5.00%	5.00%

Benchmark Definition(s)

Bloomberg Barclays U.S. Aggregate Bond Index – a market capitalization-weighted index that measures the performance of the U.S. investment-grade, fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities with at least one year to final maturity.

Bloomberg Commodity Index – a highly liquid and diversified benchmark for the commodity futures market. The index tracks trades on futures contracts for physical commodities, such as energy (petroleum, gas), precious metals (gold, silver), industrial metals (zinc, copper), grains (corn, wheat), livestock (pork bellies), among others, and are traded in a variety of currencies.

FTSE EPRA/NAREIT Developed Real Estate Index (net div) – measures the performance of eligible real estate equities worldwide that generate a majority of their revenue and income through the ownership, disposure and development of income-producing real estate.

MSCI EAFE (Europe, Australasia, Far East) Index (net div) – a market capitalization-weighted index that is designed to measure equity market performance in the developed markets, excluding the U.S. and Canada.

Standard & Poor’s 500 Stock Index – a market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.

It is not possible to invest directly in an index.

Notes to Performance Summary

Class 529 shares, which currently are only offered by the MFS Lifetime Income Fund, are only available in conjunction with qualified tuition programs, such as the MFS 529 Savings Plan. There also is an additional fee, which is detailed in the program description, on qualified tuition programs. If this fee was reflected, the performance for Class 529 shares would have been lower. This annual fee is waived for Oregon residents and for those accounts with assets of $25,000 or more.

Average annual total return represents the average annual change in value for each share class for the periods presented. Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end date. As the fund’s share classes may have different inception dates, the life returns may represent different time periods and may not be comparable. As a result, no comparative benchmark performance information is provided for life periods, for certain classes for certain funds.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers each fund’s performance results would be less favorable. Please see the prospectus and financial statements for complete details.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.

From time to time the funds may receive proceeds from litigation settlements, without which performance would be lower.

37

EXPENSE TABLES

Fund expenses borne by the shareholders during the period, November 1, 2018 through April 30, 2019

As a shareholder of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including distribution and service (12b-1) fees; and other fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds.

In addition to the fees and expenses which each fund bears directly, each fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which each fund invests. Because the underlying funds have varied expenses and fee levels and each fund may own different proportions of the underlying funds at different times, the amount of fees and expenses incurred indirectly by each fund will vary. If these transactional and indirect costs were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2018 through April 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

38

Expense Tables – continued

MFS LIFETIME INCOME FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/18		Ending Account Value 4/30/19		Expenses Paid During Period (p) 11/01/18-4/30/19
A	Actual		0.23%		$1,000.00		$1,061.51		$1.18
	Hypothetical (h)		0.23%		$1,000.00		$1,023.65		$1.15
B	Actual		0.98%		$1,000.00		$1,058.42		$5.00
	Hypothetical (h)		0.98%		$1,000.00		$1,019.93		$4.91
C	Actual		0.98%		$1,000.00		$1,057.58		$5.00
	Hypothetical (h)		0.98%		$1,000.00		$1,019.93		$4.91
I	Actual		0.00%		$1,000.00		$1,063.68		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		0.98%		$1,000.00		$1,058.38		$5.00
	Hypothetical (h)		0.98%		$1,000.00		$1,019.93		$4.91
R2	Actual		0.48%		$1,000.00		$1,060.16		$2.45
	Hypothetical (h)		0.48%		$1,000.00		$1,022.41		$2.41
R3	Actual		0.23%		$1,000.00		$1,062.36		$1.18
	Hypothetical (h)		0.23%		$1,000.00		$1,023.65		$1.15
R4	Actual		0.00%		$1,000.00		$1,062.82		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,063.10		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
529A	Actual		0.26%		$1,000.00		$1,061.55		$1.33
	Hypothetical (h)		0.26%		$1,000.00		$1,023.51		$1.30
529B	Actual		1.02%		$1,000.00		$1,057.61		$5.20
	Hypothetical (h)		1.02%		$1,000.00		$1,019.74		$5.11
529C	Actual		1.02%		$1,000.00		$1,057.60		$5.20
	Hypothetical (h)		1.02%		$1,000.00		$1,019.74		$5.11

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

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect 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%, 0.01%, and 0.01%, respectively. See Note 3 in the Notes to Financial Statements for additional information.

39

Expense Tables – continued

MFS LIFETIME 2020 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/18		Ending Account Value 4/30/19		Expenses Paid During Period (p) 11/01/18-4/30/19
A	Actual		0.22%		$1,000.00		$1,064.49		$1.13
	Hypothetical (h)		0.22%		$1,000.00		$1,023.70		$1.10
B	Actual		0.98%		$1,000.00		$1,060.50		$5.01
	Hypothetical (h)		0.98%		$1,000.00		$1,019.93		$4.91
C	Actual		0.98%		$1,000.00		$1,060.01		$5.01
	Hypothetical (h)		0.98%		$1,000.00		$1,019.93		$4.91
I	Actual		0.00%		$1,000.00		$1,065.17		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		0.98%		$1,000.00		$1,060.66		$5.01
	Hypothetical (h)		0.98%		$1,000.00		$1,019.93		$4.91
R2	Actual		0.48%		$1,000.00		$1,062.72		$2.45
	Hypothetical (h)		0.48%		$1,000.00		$1,022.41		$2.41
R3	Actual		0.23%		$1,000.00		$1,063.92		$1.18
	Hypothetical (h)		0.23%		$1,000.00		$1,023.65		$1.15
R4	Actual		0.00%		$1,000.00		$1,065.30		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,065.97		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

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

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

40

Expense Tables – continued

MFS LIFETIME 2025 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/18		Ending Account Value 4/30/19		Expenses Paid During Period (p) 11/01/18-4/30/19
A	Actual		0.21%		$1,000.00		$1,072.93		$1.08
	Hypothetical (h)		0.21%		$1,000.00		$1,023.75		$1.05
B	Actual		0.97%		$1,000.00		$1,068.96		$4.98
	Hypothetical (h)		0.97%		$1,000.00		$1,019.98		$4.86
C	Actual		0.98%		$1,000.00		$1,068.78		$5.03
	Hypothetical (h)		0.98%		$1,000.00		$1,019.93		$4.91
I	Actual		0.00%		$1,000.00		$1,074.65		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		0.98%		$1,000.00		$1,069.80		$5.03
	Hypothetical (h)		0.98%		$1,000.00		$1,019.93		$4.91
R2	Actual		0.48%		$1,000.00		$1,071.58		$2.47
	Hypothetical (h)		0.48%		$1,000.00		$1,022.41		$2.41
R3	Actual		0.23%		$1,000.00		$1,073.41		$1.18
	Hypothetical (h)		0.23%		$1,000.00		$1,023.65		$1.15
R4	Actual		0.00%		$1,000.00		$1,074.75		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,075.42		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

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

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect 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.

41

Expense Tables – continued

MFS LIFETIME 2030 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/18		Ending Account Value 4/30/19		Expenses Paid During Period (p) 11/01/18-4/30/19
A	Actual		0.24%		$1,000.00		$1,084.12		$1.24
	Hypothetical (h)		0.24%		$1,000.00		$1,023.60		$1.20
B	Actual		0.99%		$1,000.00		$1,079.91		$5.11
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
C	Actual		0.99%		$1,000.00		$1,079.52		$5.10
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
I	Actual		0.00%		$1,000.00		$1,085.25		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		0.99%		$1,000.00		$1,079.58		$5.10
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
R2	Actual		0.49%		$1,000.00		$1,082.60		$2.53
	Hypothetical (h)		0.49%		$1,000.00		$1,022.36		$2.46
R3	Actual		0.24%		$1,000.00		$1,083.90		$1.24
	Hypothetical (h)		0.24%		$1,000.00		$1,023.60		$1.20
R4	Actual		0.00%		$1,000.00		$1,085.85		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,086.64		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

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

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

42

Expense Tables – continued

MFS LIFETIME 2035 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/18		Ending Account Value 4/30/19		Expenses Paid During Period (p) 11/01/18-4/30/19
A	Actual		0.24%		$1,000.00		$1,091.12		$1.24
	Hypothetical (h)		0.24%		$1,000.00		$1,023.60		$1.20
B	Actual		0.99%		$1,000.00		$1,087.11		$5.12
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
C	Actual		0.99%		$1,000.00		$1,087.73		$5.12
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
I	Actual		0.00%		$1,000.00		$1,092.99		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		0.99%		$1,000.00		$1,087.17		$5.12
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
R2	Actual		0.49%		$1,000.00		$1,090.05		$2.54
	Hypothetical (h)		0.49%		$1,000.00		$1,022.36		$2.46
R3	Actual		0.24%		$1,000.00		$1,091.45		$1.24
	Hypothetical (h)		0.24%		$1,000.00		$1,023.60		$1.20
R4	Actual		0.00%		$1,000.00		$1,092.61		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,093.52		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

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

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect 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 and Class C shares, this rebate reduced the expense ratios above by 0.01%. See Note 3 in the Notes to Financial Statements for additional information.

43

Expense Tables – continued

MFS LIFETIME 2040 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/18		Ending Account Value 4/30/19		Expenses Paid During Period (p) 11/01/18-4/30/19
A	Actual		0.23%		$1,000.00		$1,093.16		$1.19
	Hypothetical (h)		0.23%		$1,000.00		$1,023.65		$1.15
B	Actual		0.99%		$1,000.00		$1,089.50		$5.13
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
C	Actual		0.99%		$1,000.00		$1,089.85		$5.13
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
I	Actual		0.00%		$1,000.00		$1,094.78		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		0.99%		$1,000.00		$1,090.16		$5.13
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
R2	Actual		0.49%		$1,000.00		$1,092.55		$2.54
	Hypothetical (h)		0.49%		$1,000.00		$1,022.36		$2.46
R3	Actual		0.24%		$1,000.00		$1,093.20		$1.25
	Hypothetical (h)		0.24%		$1,000.00		$1,023.60		$1.20
R4	Actual		0.00%		$1,000.00		$1,095.19		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,096.14		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

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

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect 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.

44

Expense Tables – continued

MFS LIFETIME 2045 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/18		Ending Account Value 4/30/19		Expenses Paid During Period (p) 11/01/18-4/30/19
A	Actual		0.25%		$1,000.00		$1,094.89		$1.30
	Hypothetical (h)		0.25%		$1,000.00		$1,023.55		$1.25
B	Actual		1.00%		$1,000.00		$1,091.24		$5.19
	Hypothetical (h)		1.00%		$1,000.00		$1,019.84		$5.01
C	Actual		0.99%		$1,000.00		$1,091.30		$5.13
	Hypothetical (h)		0.99%		$1,000.00		$1,019.89		$4.96
I	Actual		0.00%		$1,000.00		$1,097.04		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		1.00%		$1,000.00		$1,091.09		$5.18
	Hypothetical (h)		1.00%		$1,000.00		$1,019.84		$5.01
R2	Actual		0.50%		$1,000.00		$1,094.20		$2.60
	Hypothetical (h)		0.50%		$1,000.00		$1,022.32		$2.51
R3	Actual		0.25%		$1,000.00		$1,096.03		$1.30
	Hypothetical (h)		0.25%		$1,000.00		$1,023.55		$1.25
R4	Actual		0.00%		$1,000.00		$1,096.94		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,097.97		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

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

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect 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 2045 Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class C shares, this rebate reduced the expense ratio above by 0.01%. See Note 3 in the Notes to Financial Statements for additional information.

45

Expense Tables – continued

MFS LIFETIME 2050 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/18		Ending Account Value 4/30/19		Expenses Paid During Period (p) 11/01/18-4/30/19
A	Actual		0.25%		$1,000.00		$1,095.20		$1.30
	Hypothetical (h)		0.25%		$1,000.00		$1,023.55		$1.25
B	Actual		1.00%		$1,000.00		$1,091.09		$5.18
	Hypothetical (h)		1.00%		$1,000.00		$1,019.84		$5.01
C	Actual		1.00%		$1,000.00		$1,091.33		$5.19
	Hypothetical (h)		1.00%		$1,000.00		$1,019.84		$5.01
I	Actual		0.00%		$1,000.00		$1,096.35		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		1.00%		$1,000.00		$1,091.09		$5.18
	Hypothetical (h)		1.00%		$1,000.00		$1,019.84		$5.01
R2	Actual		0.50%		$1,000.00		$1,093.86		$2.60
	Hypothetical (h)		0.50%		$1,000.00		$1,022.32		$2.51
R3	Actual		0.25%		$1,000.00		$1,095.55		$1.30
	Hypothetical (h)		0.25%		$1,000.00		$1,023.55		$1.25
R4	Actual		0.00%		$1,000.00		$1,096.51		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,097.09		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

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

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

46

Expense Tables – continued

MFS LIFETIME 2055 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/18		Ending Account Value 4/30/19		Expenses Paid During Period (p) 11/01/18-4/30/19
A	Actual		0.25%		$1,000.00		$1,095.04		$1.30
	Hypothetical (h)		0.25%		$1,000.00		$1,023.55		$1.25
B	Actual		1.00%		$1,000.00		$1,091.20		$5.19
	Hypothetical (h)		1.00%		$1,000.00		$1,019.84		$5.01
C	Actual		1.00%		$1,000.00		$1,091.31		$5.19
	Hypothetical (h)		1.00%		$1,000.00		$1,019.84		$5.01
I	Actual		0.00%		$1,000.00		$1,096.49		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		1.00%		$1,000.00		$1,090.64		$5.18
	Hypothetical (h)		1.00%		$1,000.00		$1,019.84		$5.01
R2	Actual		0.50%		$1,000.00		$1,093.95		$2.60
	Hypothetical (h)		0.50%		$1,000.00		$1,022.32		$2.51
R3	Actual		0.25%		$1,000.00		$1,095.11		$1.30
	Hypothetical (h)		0.25%		$1,000.00		$1,023.55		$1.25
R4	Actual		0.00%		$1,000.00		$1,096.73		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,097.08		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

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

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

47

Expense Tables – continued

MFS LIFETIME 2060 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/18		Ending Account Value 4/30/19		Expenses Paid During Period (p) 11/01/18-4/30/19
A	Actual		0.21%		$1,000.00		$1,095.21		$1.09
	Hypothetical (h)		0.21%		$1,000.00		$1,023.75		$1.05
B	Actual		0.96%		$1,000.00		$1,091.99		$4.98
	Hypothetical (h)		0.96%		$1,000.00		$1,020.03		$4.81
C	Actual		0.96%		$1,000.00		$1,091.74		$4.98
	Hypothetical (h)		0.96%		$1,000.00		$1,020.03		$4.81
I	Actual		0.00%		$1,000.00		$1,097.18		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R1	Actual		0.96%		$1,000.00		$1,090.99		$4.98
	Hypothetical (h)		0.96%		$1,000.00		$1,020.03		$4.81
R2	Actual		0.46%		$1,000.00		$1,094.30		$2.39
	Hypothetical (h)		0.46%		$1,000.00		$1,022.51		$2.31
R3	Actual		0.21%		$1,000.00		$1,095.32		$1.09
	Hypothetical (h)		0.21%		$1,000.00		$1,023.75		$1.05
R4	Actual		0.00%		$1,000.00		$1,096.77		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00
R6	Actual		0.00%		$1,000.00		$1,098.15		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.79		$0.00

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

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

48

PORTFOLIO OF INVESTMENTS

4/30/19

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

MFS LIFETIME INCOME FUND

Investment Companies (h) - 99.9%
Issuer	Shares/Par		Value ($)
Bond Funds - 70.9%
MFS Emerging Markets Debt Fund - Class R6		803,212	$	11,485,934
MFS Emerging Markets Debt Local Currency Fund - Class R6		876,548		5,750,151
MFS Global Bond Fund - Class R6		3,278,869		28,690,105
MFS Government Securities Fund - Class R6		5,923,856		57,342,926
MFS High Income Fund - Class R6		5,103,594		17,250,148
MFS Inflation-Adjusted Bond Fund - Class R6		5,636,182		57,319,971
MFS Limited Maturity Fund - Class R6		19,287,344		114,759,694
MFS Total Return Bond Fund - Class R6		10,802,903		114,726,834
			$	407,325,763
International Stock Funds - 5.0%
MFS Blended Research International Equity Fund - Class R6		1,324,398	$	14,329,986
MFS International Growth Fund - Class R6		83,305		2,869,019
MFS International Value Fund - Class R6		65,509		2,873,250
MFS Research International Fund - Class R6		477,661		8,607,451
			$	28,679,706
Specialty Funds - 4.0%
MFS Commodity Strategy Fund - Class R6		2,105,001	$	11,430,155
MFS Global Real Estate Fund - Class R6		682,508		11,486,614
			$	22,916,769
U.S. Stock Funds - 19.9%
MFS Blended Research Core Equity Fund - Class R6		428,139	$	11,448,429
MFS Blended Research Growth Equity Fund - Class R6		801,739		11,440,815
MFS Blended Research Mid Cap Equity Fund - Class R6		1,460,781		17,237,209
MFS Blended Research Small Cap Equity Fund - Class R6		411,220		5,711,851
MFS Blended Research Value Equity Fund - Class R6		879,028		11,471,311
MFS Growth Fund - Class R6		98,728		11,455,389
MFS Mid Cap Growth Fund - Class R6		417,514		8,613,320
MFS Mid Cap Value Fund - Class R6		361,398		8,608,502
MFS New Discovery Fund - Class R6		92,186		2,859,618
MFS New Discovery Value Fund - Class R6		182,033		2,861,559
MFS Research Fund - Class R6		266,386		11,467,931
MFS Value Fund - Class R6		278,286		11,504,330
			$	114,680,264
Money Market Funds - 0.1%
MFS Institutional Money Market Portfolio, 2.48% (v)		597,869	$	597,869
Total Investment Companies (Identified Cost, $518,813,190)			$	574,200,371
Other Assets, Less Liabilities - 0.1%				455,588
Net Assets - 100.0%			$	574,655,959

See Portfolio Footnotes and Notes to Financial Statements

49

Portfolio of Investments – continued

MFS LIFETIME 2020 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 67.9%
MFS Emerging Markets Debt Fund - Class R6		548,136	$	7,838,347
MFS Emerging Markets Debt Local Currency Fund - Class R6		673,204		4,416,218
MFS Global Bond Fund - Class R6		1,957,775		17,130,530
MFS Government Securities Fund - Class R6		3,535,765		34,226,209
MFS High Income Fund - Class R6		3,629,700		12,268,387
MFS Inflation-Adjusted Bond Fund - Class R6		3,361,334		34,184,768
MFS Limited Maturity Fund - Class R6		9,876,713		58,766,441
MFS Total Return Bond Fund - Class R6		5,989,699		63,610,600
			$	232,441,500
International Stock Funds - 5.8%
MFS Blended Research International Equity Fund - Class R6		924,979	$	10,008,274
MFS International Growth Fund - Class R6		63,897		2,200,598
MFS International Value Fund - Class R6		50,284		2,205,476
MFS Research International Fund - Class R6		312,261		5,626,939
			$	20,041,287
Specialty Funds - 4.0%
MFS Commodity Strategy Fund - Class R6		1,253,685	$	6,807,512
MFS Global Real Estate Fund - Class R6		407,769		6,862,743
			$	13,670,255
U.S. Stock Funds - 22.3%
MFS Blended Research Core Equity Fund - Class R6		291,390	$	7,791,771
MFS Blended Research Growth Equity Fund - Class R6		545,341		7,782,021
MFS Blended Research Mid Cap Equity Fund - Class R6		955,651		11,276,687
MFS Blended Research Small Cap Equity Fund - Class R6		244,582		3,397,237
MFS Blended Research Value Equity Fund - Class R6		599,289		7,820,715
MFS Growth Fund - Class R6		67,225		7,800,147
MFS Mid Cap Growth Fund - Class R6		273,044		5,632,894
MFS Mid Cap Value Fund - Class R6		236,297		5,628,593
MFS New Discovery Fund - Class R6		54,886		1,702,573
MFS New Discovery Value Fund - Class R6		108,458		1,704,964
MFS Research Fund - Class R6		181,557		7,816,027
MFS Value Fund - Class R6		190,046		7,856,502
			$	76,210,131
Money Market Funds - 0.0%
MFS Institutional Money Market Portfolio, 2.48% (v)		51,135	$	51,135
Total Investment Companies (Identified Cost, $302,039,311)			$	342,414,308
Other Assets, Less Liabilities - (0.0)%				(161,576)
Net Assets - 100.0%			$	342,252,732

See Portfolio Footnotes and Notes to Financial Statements

50

Portfolio of Investments – continued

MFS LIFETIME 2025 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 54.2%
MFS Emerging Markets Debt Fund - Class R6		613,076	$	8,766,979
MFS Emerging Markets Debt Local Currency Fund - Class R6		891,694		5,849,515
MFS Global Bond Fund - Class R6		1,668,956		14,603,367
MFS Government Securities Fund - Class R6		3,015,946		29,194,356
MFS High Income Fund - Class R6		4,326,526		14,623,656
MFS Inflation-Adjusted Bond Fund - Class R6		2,623,817		26,684,218
MFS Limited Maturity Fund - Class R6		3,513,018		20,902,459
MFS Total Return Bond Fund - Class R6		3,577,473		37,992,765
			$	158,617,315
International Stock Funds - 9.4%
MFS Blended Research International Equity Fund - Class R6		1,231,557	$	13,325,449
MFS International Growth Fund - Class R6		96,852		3,335,595
MFS International New Discovery Fund - Class R6		24,414		830,561
MFS International Value Fund - Class R6		76,127		3,338,919
MFS Research International Fund - Class R6		370,226		6,671,462
			$	27,501,986
Specialty Funds - 4.6%
MFS Commodity Strategy Fund - Class R6		1,224,612	$	6,649,640
MFS Global Real Estate Fund - Class R6		396,743		6,677,188
			$	13,326,828
U.S. Stock Funds - 31.6%
MFS Blended Research Core Equity Fund - Class R6		357,301	$	9,554,219
MFS Blended Research Growth Equity Fund - Class R6		668,642		9,541,525
MFS Blended Research Mid Cap Equity Fund - Class R6		1,202,175		14,185,666
MFS Blended Research Small Cap Equity Fund - Class R6		238,807		3,317,030
MFS Blended Research Value Equity Fund - Class R6		734,759		9,588,601
MFS Growth Fund - Class R6		82,430		9,564,368
MFS Mid Cap Growth Fund - Class R6		343,657		7,089,647
MFS Mid Cap Value Fund - Class R6		297,547		7,087,574
MFS New Discovery Fund - Class R6		53,776		1,668,128
MFS New Discovery Value Fund - Class R6		105,914		1,664,968
MFS Research Fund - Class R6		222,627		9,584,086
MFS Value Fund - Class R6		232,388		9,606,923
			$	92,452,735
Money Market Funds - 0.3%
MFS Institutional Money Market Portfolio, 2.48% (v)		772,854	$	772,854
Total Investment Companies (Identified Cost, $264,139,699)			$	292,671,718
Other Assets, Less Liabilities - (0.1)%				(199,445)
Net Assets - 100.0%			$	292,472,273

See Portfolio Footnotes and Notes to Financial Statements

51

Portfolio of Investments – continued

MFS LIFETIME 2030 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 34.2%
MFS Emerging Markets Debt Fund - Class R6		1,236,762	$	17,685,702
MFS Emerging Markets Debt Local Currency Fund - Class R6		1,799,961		11,807,746
MFS Global Bond Fund - Class R6		2,788,189		24,396,655
MFS Government Securities Fund - Class R6		4,330,872		41,922,835
MFS High Income Fund - Class R6		8,722,776		29,482,982
MFS Inflation-Adjusted Bond Fund - Class R6		3,706,925		37,699,428
MFS Total Return Bond Fund - Class R6		3,635,665		38,610,762
			$	201,606,110
International Stock Funds - 15.0%
MFS Blended Research Emerging Markets Equity Fund - Class R6		63,291	$	839,242
MFS Blended Research International Equity Fund - Class R6		3,655,542		39,552,966
MFS Emerging Markets Equity Fund - Class R6		23,342		837,518
MFS International Growth Fund - Class R6		305,909		10,535,493
MFS International New Discovery Fund - Class R6		222,377		7,565,259
MFS International Value Fund - Class R6		240,344		10,541,475
MFS Research International Fund - Class R6		1,029,054		18,543,558
			$	88,415,511
Specialty Funds - 6.5%
MFS Commodity Strategy Fund - Class R6		3,532,114	$	19,179,380
MFS Global Real Estate Fund - Class R6		1,149,713		19,349,673
			$	38,529,053
U.S. Stock Funds - 44.2%
MFS Blended Research Core Equity Fund - Class R6		879,035	$	23,505,404
MFS Blended Research Growth Equity Fund - Class R6		1,823,742		26,024,795
MFS Blended Research Mid Cap Equity Fund - Class R6		3,792,000		44,745,605
MFS Blended Research Small Cap Equity Fund - Class R6		696,012		9,667,611
MFS Blended Research Value Equity Fund - Class R6		1,999,241		26,090,094
MFS Growth Fund - Class R6		224,769		26,079,975
MFS Mid Cap Growth Fund - Class R6		1,084,608		22,375,454
MFS Mid Cap Value Fund - Class R6		937,787		22,338,090
MFS New Discovery Fund - Class R6		156,363		4,850,361
MFS New Discovery Value Fund - Class R6		308,284		4,846,225
MFS Research Fund - Class R6		547,900		23,587,089
MFS Value Fund - Class R6		634,376		26,225,117
			$	260,335,820
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 2.48% (v)		894,351	$	894,351
Total Investment Companies (Identified Cost, $473,522,113)			$	589,780,845
Other Assets, Less Liabilities - (0.1)%				(425,323)
Net Assets - 100.0%			$	589,355,522

See Portfolio Footnotes and Notes to Financial Statements

52

Portfolio of Investments – continued

MFS LIFETIME 2035 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 17.8%
MFS Emerging Markets Debt Fund - Class R6		518,750	$	7,418,121
MFS Emerging Markets Debt Local Currency Fund - Class R6		755,100		4,953,455
MFS Global Bond Fund - Class R6		564,778		4,941,811
MFS High Income Fund - Class R6		3,660,315		12,371,866
MFS Inflation-Adjusted Bond Fund - Class R6		1,313,510		13,358,392
MFS Total Return Bond Fund - Class R6		794,046		8,432,768
			$	51,476,413
International Stock Funds - 21.1%
MFS Blended Research Emerging Markets Equity Fund - Class R6		123,920	$	1,643,181
MFS Blended Research International Equity Fund - Class R6		2,357,322		25,506,217
MFS Emerging Markets Equity Fund - Class R6		45,728		1,640,722
MFS International Growth Fund - Class R6		221,353		7,623,388
MFS International New Discovery Fund - Class R6		193,300		6,576,061
MFS International Value Fund - Class R6		174,007		7,631,959
MFS Research International Fund - Class R6		571,570		10,299,695
			$	60,921,223
Specialty Funds - 8.3%
MFS Commodity Strategy Fund - Class R6		2,190,109	$	11,892,292
MFS Global Real Estate Fund - Class R6		709,479		11,940,538
			$	23,832,830
U.S. Stock Funds - 52.7%
MFS Blended Research Core Equity Fund - Class R6		430,170	$	11,502,752
MFS Blended Research Growth Equity Fund - Class R6		1,122,520		16,018,364
MFS Blended Research Mid Cap Equity Fund - Class R6		2,240,664		26,439,830
MFS Blended Research Small Cap Equity Fund - Class R6		429,359		5,963,798
MFS Blended Research Value Equity Fund - Class R6		1,229,923		16,050,495
MFS Growth Fund - Class R6		138,246		16,040,708
MFS Mid Cap Growth Fund - Class R6		641,105		13,226,000
MFS Mid Cap Value Fund - Class R6		553,523		13,184,915
MFS New Discovery Fund - Class R6		96,606		2,996,722
MFS New Discovery Value Fund - Class R6		190,241		2,990,582
MFS Research Fund - Class R6		267,803		11,528,907
MFS Value Fund - Class R6		391,132		16,169,409
			$	152,112,482
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 2.48% (v)		406,980	$	406,980
Total Investment Companies (Identified Cost, $247,402,618)			$	288,749,928
Other Assets, Less Liabilities - (0.1)%				(216,143)
Net Assets - 100.0%			$	288,533,785

See Portfolio Footnotes and Notes to Financial Statements

53

Portfolio of Investments – continued

MFS LIFETIME 2040 FUND

Investment Companies (h) - 100.0%
Issuer	Shares/Par		Value ($)
Bond Funds - 10.3%
MFS Emerging Markets Debt Fund - Class R6		320,040	$	4,576,572
MFS Emerging Markets Debt Local Currency Fund - Class R6		465,971		3,056,769
MFS Global Bond Fund - Class R6		348,323		3,047,829
MFS High Income Fund - Class R6		2,257,256		7,629,526
MFS Inflation-Adjusted Bond Fund - Class R6		1,418,877		14,429,974
MFS Total Return Bond Fund - Class R6		1,074,600		11,412,249
			$	44,152,919
International Stock Funds - 25.1%
MFS Blended Research Emerging Markets Equity Fund - Class R6		263,802	$	3,498,010
MFS Blended Research International Equity Fund - Class R6		3,986,337		43,132,166
MFS Emerging Markets Equity Fund - Class R6		97,318		3,491,785
MFS International Growth Fund - Class R6		390,258		13,440,489
MFS International New Discovery Fund - Class R6		411,796		14,009,311
MFS International Value Fund - Class R6		307,019		13,465,844
MFS Research International Fund - Class R6		906,920		16,342,701
			$	107,380,306
Specialty Funds - 9.3%
MFS Commodity Strategy Fund - Class R6		3,621,046	$	19,662,278
MFS Global Real Estate Fund - Class R6		1,181,689		19,887,823
			$	39,550,101
U.S. Stock Funds - 55.3%
MFS Blended Research Core Equity Fund - Class R6		637,116	$	17,036,487
MFS Blended Research Growth Equity Fund - Class R6		1,736,245		24,776,210
MFS Blended Research Mid Cap Equity Fund - Class R6		3,503,221		41,338,013
MFS Blended Research Small Cap Equity Fund - Class R6		710,591		9,870,109
MFS Blended Research Value Equity Fund - Class R6		1,904,925		24,859,271
MFS Growth Fund - Class R6		213,942		24,823,694
MFS Mid Cap Growth Fund - Class R6		1,001,291		20,656,625
MFS Mid Cap Value Fund - Class R6		865,841		20,624,332
MFS New Discovery Fund - Class R6		159,524		4,948,434
MFS New Discovery Value Fund - Class R6		314,872		4,949,787
MFS Research Fund - Class R6		396,856		17,084,663
MFS Value Fund - Class R6		605,047		25,012,652
			$	235,980,277
Money Market Funds - 0.0%
MFS Institutional Money Market Portfolio, 2.48% (v)		175	$	176
Total Investment Companies (Identified Cost, $317,166,307)			$	427,063,779
Other Assets, Less Liabilities - (0.0)%				(173,226)
Net Assets - 100.0%			$	426,890,553

See Portfolio Footnotes and Notes to Financial Statements

54

Portfolio of Investments – continued

MFS LIFETIME 2045 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6		488,174	$	4,964,730
MFS Total Return Bond Fund - Class R6		467,817		4,968,214
			$	9,932,944
International Stock Funds - 27.9%
MFS Blended Research Emerging Markets Equity Fund - Class R6		149,323	$	1,980,026
MFS Blended Research International Equity Fund - Class R6		2,018,127		21,836,130
MFS Emerging Markets Equity Fund - Class R6		55,059		1,975,514
MFS International Growth Fund - Class R6		202,452		6,972,459
MFS International New Discovery Fund - Class R6		233,618		7,947,702
MFS International Value Fund - Class R6		159,052		6,976,036
MFS Research International Fund - Class R6		441,775		7,960,778
			$	55,648,645
Specialty Funds - 10.0%
MFS Commodity Strategy Fund - Class R6		1,814,637	$	9,853,480
MFS Global Real Estate Fund - Class R6		592,347		9,969,190
			$	19,822,670
U.S. Stock Funds - 57.0%
MFS Blended Research Core Equity Fund - Class R6		296,753	$	7,935,167
MFS Blended Research Growth Equity Fund - Class R6		834,454		11,907,662
MFS Blended Research Mid Cap Equity Fund - Class R6		1,689,022		19,930,464
MFS Blended Research Small Cap Equity Fund - Class R6		357,140		4,960,674
MFS Blended Research Value Equity Fund - Class R6		914,230		11,930,703
MFS Growth Fund - Class R6		102,972		11,947,887
MFS Mid Cap Growth Fund - Class R6		483,263		9,969,711
MFS Mid Cap Value Fund - Class R6		417,718		9,950,033
MFS New Discovery Fund - Class R6		80,327		2,491,740
MFS New Discovery Value Fund - Class R6		158,163		2,486,326
MFS Research Fund - Class R6		185,193		7,972,543
MFS Value Fund - Class R6		289,746		11,978,090
			$	113,461,000
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 2.48% (v)		361,342	$	361,342
Total Investment Companies (Identified Cost, $168,726,648)			$	199,226,601
Other Assets, Less Liabilities - (0.1)%				(163,898)
Net Assets - 100.0%			$	199,062,703

See Portfolio Footnotes and Notes to Financial Statements

55

Portfolio of Investments – continued

MFS LIFETIME 2050 FUND

Investment Companies (h) - 100.0%
Issuer	Shares/Par		Value ($)
Bond Funds - 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6		518,084	$	5,268,916
MFS Total Return Bond Fund - Class R6		496,494		5,272,758
			$	10,541,674
International Stock Funds - 28.0%
MFS Blended Research Emerging Markets Equity Fund - Class R6		158,763	$	2,105,194
MFS Blended Research International Equity Fund - Class R6		2,144,372		23,202,105
MFS Emerging Markets Equity Fund - Class R6		58,546		2,100,648
MFS International Growth Fund - Class R6		215,103		7,408,131
MFS International New Discovery Fund - Class R6		248,081		8,439,715
MFS International Value Fund - Class R6		169,223		7,422,120
MFS Research International Fund - Class R6		469,580		8,461,840
			$	59,139,753
Specialty Funds - 9.9%
MFS Commodity Strategy Fund - Class R6		1,928,605	$	10,472,324
MFS Global Real Estate Fund - Class R6		629,938		10,601,864
			$	21,074,188
U.S. Stock Funds - 57.0%
MFS Blended Research Core Equity Fund - Class R6		315,188	$	8,428,129
MFS Blended Research Growth Equity Fund - Class R6		885,463		12,635,554
MFS Blended Research Mid Cap Equity Fund - Class R6		1,797,072		21,205,452
MFS Blended Research Small Cap Equity Fund - Class R6		378,567		5,258,300
MFS Blended Research Value Equity Fund - Class R6		970,854		12,669,646
MFS Growth Fund - Class R6		109,201		12,670,625
MFS Mid Cap Growth Fund - Class R6		513,792		10,599,522
MFS Mid Cap Value Fund - Class R6		443,985		10,575,728
MFS New Discovery Fund - Class R6		85,044		2,638,052
MFS New Discovery Value Fund - Class R6		167,716		2,636,486
MFS Research Fund - Class R6		196,586		8,463,023
MFS Value Fund - Class R6		308,525		12,754,438
			$	120,534,955
Money Market Funds - 0.1%
MFS Institutional Money Market Portfolio, 2.48% (v)		224,333	$	224,333
Total Investment Companies (Identified Cost, $170,955,609)			$	211,514,903
Other Assets, Less Liabilities - (0.0)%				(69,490)
Net Assets - 100.0%			$	211,445,413

See Portfolio Footnotes and Notes to Financial Statements

56

Portfolio of Investments – continued

MFS LIFETIME 2055 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6		253,407	$	2,577,148
MFS Total Return Bond Fund - Class R6		242,788		2,578,408
			$	5,155,556
International Stock Funds - 27.9%
MFS Blended Research Emerging Markets Equity Fund - Class R6		77,792	$	1,031,519
MFS Blended Research International Equity Fund - Class R6		1,049,176		11,352,084
MFS Emerging Markets Equity Fund - Class R6		28,728		1,030,751
MFS International Growth Fund - Class R6		104,972		3,615,250
MFS International New Discovery Fund - Class R6		121,299		4,126,603
MFS International Value Fund - Class R6		82,544		3,620,372
MFS Research International Fund - Class R6		229,304		4,132,056
			$	28,908,635
Specialty Funds - 10.0%
MFS Commodity Strategy Fund - Class R6		948,396	$	5,149,791
MFS Global Real Estate Fund - Class R6		306,557		5,159,348
			$	10,309,139
U.S. Stock Funds - 57.0%
MFS Blended Research Core Equity Fund - Class R6		154,240	$	4,124,388
MFS Blended Research Growth Equity Fund - Class R6		433,457		6,185,424
MFS Blended Research Mid Cap Equity Fund - Class R6		876,821		10,346,483
MFS Blended Research Small Cap Equity Fund - Class R6		185,643		2,578,585
MFS Blended Research Value Equity Fund - Class R6		474,560		6,193,006
MFS Growth Fund - Class R6		53,376		6,193,259
MFS Mid Cap Growth Fund - Class R6		250,903		5,176,138
MFS Mid Cap Value Fund - Class R6		216,760		5,163,223
MFS New Discovery Fund - Class R6		41,708		1,293,788
MFS New Discovery Value Fund - Class R6		82,116		1,290,855
MFS Research Fund - Class R6		95,941		4,130,266
MFS Value Fund - Class R6		150,757		6,232,286
			$	58,907,701
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 2.48% (v)		235,350	$	235,351
Total Investment Companies (Identified Cost, $91,767,206)			$	103,516,382
Other Assets, Less Liabilities - (0.1)%				(119,234)
Net Assets - 100.0%			$	103,397,148

See Portfolio Footnotes and Notes to Financial Statements

57

Portfolio of Investments – continued

MFS LIFETIME 2060 FUND

Investment Companies (h) - 100.2%
Issuer	Shares/Par		Value ($)
Bond Funds - 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6		24,751	$	251,719
MFS Total Return Bond Fund - Class R6		23,702		251,718
			$	503,437
International Stock Funds - 28.0%
MFS Blended Research Emerging Markets Equity Fund - Class R6		7,593	$	100,687
MFS Blended Research International Equity Fund - Class R6		102,362		1,107,560
MFS Emerging Markets Equity Fund - Class R6		2,806		100,687
MFS International Growth Fund - Class R6		10,233		352,406
MFS International New Discovery Fund - Class R6		11,839		402,749
MFS International Value Fund - Class R6		8,035		352,406
MFS Research International Fund - Class R6		22,350		402,749
			$	2,819,244
Specialty Funds - 10.0%
MFS Commodity Strategy Fund - Class R6		92,714	$	503,437
MFS Global Real Estate Fund - Class R6		29,913		503,436
			$	1,006,873
U.S. Stock Funds - 57.1%
MFS Blended Research Core Equity Fund - Class R6		15,062	$	402,749
MFS Blended Research Growth Equity Fund - Class R6		42,335		604,124
MFS Blended Research Mid Cap Equity Fund - Class R6		85,328		1,006,873
MFS Blended Research Small Cap Equity Fund - Class R6		18,122		251,718
MFS Blended Research Value Equity Fund - Class R6		46,293		604,124
MFS Growth Fund - Class R6		5,207		604,124
MFS Mid Cap Growth Fund - Class R6		24,403		503,437
MFS Mid Cap Value Fund - Class R6		21,135		503,437
MFS New Discovery Fund - Class R6		4,057		125,859
MFS New Discovery Value Fund - Class R6		8,006		125,859
MFS Research Fund - Class R6		9,356		402,749
MFS Value Fund - Class R6		14,614		604,124
			$	5,739,177
Money Market Funds - 0.1%
MFS Institutional Money Market Portfolio, 2.48% (v)		12,869	$	12,869
Total Investment Companies (Identified Cost, $9,458,521)			$	10,081,600
Other Assets, Less Liabilities - (0.2)%				(22,887)
Net Assets - 100.0%			$	10,058,713

Portfolio Footnotes:

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

	Affiliated Issuers
Lifetime Income Fund	$	574,200,371
Lifetime 2020 Fund		342,414,308
Lifetime 2025 Fund		292,671,718
Lifetime 2030 Fund		589,780,845
Lifetime 2035 Fund		288,749,928
Lifetime 2040 Fund		427,063,779
Lifetime 2045 Fund		199,226,601
Lifetime 2050 Fund		211,514,903
Lifetime 2055 Fund		103,516,382
Lifetime 2060 Fund		10,081,600

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

See Notes to Financial Statements

58

Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES

At 4/30/19

These statements represent each fund’s balance sheet, which details the assets and liabilities comprising the total value of each fund.

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Assets
Investments in affiliated issuers, at value (identified cost, $518,813,190, $302,039,311, $264,139,699, $473,522,113, and $247,402,618, respectively)		$574,200,371		$342,414,308		$292,671,718		$589,780,845		$288,749,928
Receivables for
Investments sold		952,327		781,046		198,851		794,671		36,805
Fund shares sold		822,839		215,054		2,228,379		475,831		581,072
Receivable from investment adviser		123,335		84,027		77,976		119,159		73,688
Other assets		1,760		1,186		987		1,794		983
Total assets		$576,100,632		$343,495,621		$295,177,911		$591,172,300		$289,442,476
Liabilities
Payables for
Distributions		$26,543		$—		$—		$—		$—
Investments purchased		250,163		3,739		1,983,302		88,992		523,106
Fund shares reacquired		768,500		925,262		456,379		1,257,094		118,440
Payable to affiliates
Shareholder servicing costs		312,516		257,840		212,254		406,029		211,298
Distribution and service fees		11,729		4,062		2,351		6,769		2,461
Program manager fee		402		—		—		—		—
Payable for independent Trustees’ compensation		13		13		15		13		10
Accrued expenses and other liabilities		74,807		51,973		51,337		57,881		53,376
Total liabilities		$1,444,673		$1,242,889		$2,705,638		$1,816,778		$908,691
Net assets		$574,655,959		$342,252,732		$292,472,273		$589,355,522		$288,533,785
Net assets consist of
Paid-in capital		$529,166,974		$304,398,790		$263,004,189		$470,206,747		$244,404,902
Total distributable earnings (loss)		45,488,985		37,853,942		29,468,084		119,148,775		44,128,883
Net assets		$574,655,959		$342,252,732		$292,472,273		$589,355,522		$288,533,785

59

Statements of Assets and Liabilities – continued

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Net assets
Class A		$111,591,229		$44,271,425		$19,689,182		$63,578,717		$16,562,972
Class B		9,110,562		3,148,193		1,501,278		8,726,875		1,649,897
Class C		112,772,642		11,880,725		4,185,716		15,790,355		2,730,172
Class I		34,654,348		2,133,953		1,227,732		2,282,416		842,785
Class R1		3,976,518		4,509,547		1,577,758		7,422,834		2,535,200
Class R2		19,458,469		47,258,936		36,120,743		78,171,404		32,591,808
Class R3		54,540,291		79,477,710		76,111,500		146,737,422		71,027,167
Class R4		47,906,389		85,763,063		105,032,398		158,287,888		115,939,235
Class R6		33,595,354		63,809,180		47,025,966		108,357,611		44,654,549
Class 529A		108,397,724		—		—		—		—
Class 529B		4,492,293		—		—		—		—
Class 529C		34,160,140		—		—		—		—
Total net assets		$574,655,959		$342,252,732		$292,472,273		$589,355,522		$288,533,785
Shares of beneficial interest outstanding
Class A		9,003,256		3,411,541		1,510,865		4,079,152		1,108,624
Class B		734,985		243,906		116,079		567,847		111,189
Class C		9,101,559		935,084		325,357		1,033,885		184,758
Class I		2,795,112		163,262		93,892		145,758		56,314
Class R1		320,456		349,399		121,879		481,306		170,959
Class R2		1,569,262		3,670,026		2,786,084		5,066,675		2,189,324
Class R3		4,400,178		6,123,903		5,845,593		9,441,970		4,747,946
Class R4		3,865,567		6,563,999		8,020,192		10,096,373		7,720,149
Class R6		2,702,583		4,888,705		3,590,828		6,912,501		2,972,598
Class 529A		10,681,758		—		—		—		—
Class 529B		442,700		—		—		—		—
Class 529C		3,367,115		—		—		—		—
Total shares of beneficial interest outstanding		48,984,531		26,349,825		22,410,769		37,825,467		19,261,861
Class A shares
Net asset value per share
(net assets / shares of beneficial interest outstanding)		$12.39		$12.98		$13.03		$15.59		$14.94
Offering price per share (100 / 95.75 × net asset value per share)		$12.94		$—		$—		$—		$—
Offering price per share (100 / 94.25 × net asset value per share)		$—		$13.77		$13.82		$16.54		$15.85
Class B shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$12.40		$12.91		$12.93		$15.37		$14.84
Class C shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$12.39		$12.71		$12.86		$15.27		$14.78
Class I shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.40		$13.07		$13.08		$15.66		$14.97
Class R1 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.41		$12.91		$12.95		$15.42		$14.83

60

Statements of Assets and Liabilities – continued

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Class R2 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.40		$12.88		$12.96		$15.43		$14.89
Class R3 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.40		$12.98		$13.02		$15.54		$14.96
Class R4 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.39		$13.07		$13.10		$15.68		$15.02
Class R6 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.43		$13.05		$13.10		$15.68		$15.02
Class 529A shares
Net asset value and redemption price per share
(net assets / shares of beneficial interest outstanding)		$10.15		$—		$—		$—		$—
Offering price per share (100 / 95.75 × net asset value per share)		$10.60		$—		$—		$—		$—
Class 529B shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$10.15		$—		$—		$—		$—
Class 529C shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$10.15		$—		$—		$—		$—

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

See Notes to Financial Statements

61

Statements of Assets and Liabilities – continued

At 4/30/19	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Assets
Investments in affiliated issuers, at value (identified cost, $317,166,307, $168,726,648, $170,955,609, $91,767,206, and $9,458,521, respectively)		$427,063,779		$199,226,601		$211,514,903		$103,516,382		$10,081,600
Receivables for
Investments sold		661,739		261,682		195,301		—		—
Fund shares sold		459,999		190,518		466,657		323,994		103,247
Receivable from investment adviser		99,368		55,395		64,891		47,611		28,376
Other assets		1,370		713		822		461		100
Total assets		$428,286,255		$199,734,909		$212,242,574		$103,888,448		$10,213,323
Liabilities
Payable to custodian		$419,140		$—		$—		$—		$—
Payables for
Investments purchased		167,494		61,040		72,489		185,111		99,676
Fund shares reacquired		428,558		397,436		480,400		144,893		6,485
Payable to affiliates
Shareholder servicing costs		321,649		161,632		192,237		111,231		9,201
Distribution and service fees		4,480		1,667		2,049		1,204		101
Payable for independent Trustees’ compensation		10		12		13		12		15
Accrued expenses and other liabilities		54,371		50,419		49,973		48,849		39,132
Total liabilities		$1,395,702		$672,206		$797,161		$491,300		$154,610
Net assets		$426,890,553		$199,062,703		$211,445,413		$103,397,148		$10,058,713
Net assets consist of
Paid-in capital		$312,098,053		$166,099,595		$168,350,873		$90,665,385		$9,478,231
Total distributable earnings (loss)		114,792,500		32,963,108		43,094,540		12,731,763		580,482
Net assets		$426,890,553		$199,062,703		$211,445,413		$103,397,148		$10,058,713

62

Statements of Assets and Liabilities – continued

	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Net assets
Class A		$36,747,279		$8,748,846		$12,791,062		$5,865,951		$1,362,064
Class B		4,587,883		918,577		1,629,562		605,339		148,955
Class C		10,994,469		2,301,232		3,344,353		2,178,997		283,120
Class I		1,432,163		295,536		213,195		155,821		65,782
Class R1		4,957,961		1,092,858		1,321,522		1,523,297		64,221
Class R2		59,428,593		21,895,267		28,574,682		18,694,668		796,650
Class R3		89,829,979		53,766,644		54,561,388		27,657,647		2,505,066
Class R4		143,534,398		83,824,493		69,834,434		30,136,708		1,523,754
Class R6		75,377,828		26,219,250		39,175,215		16,578,720		3,309,101
Total net assets		$426,890,553		$199,062,703		$211,445,413		$103,397,148		$10,058,713
Shares of beneficial interest outstanding
Class A		2,232,016		563,194		680,283		368,126		111,075
Class B		280,750		59,534		87,855		38,149		12,164
Class C		681,496		149,901		181,283		138,346		23,190
Class I		86,429		18,945		11,353		9,776		5,339
Class R1		304,778		70,915		71,595		96,637		5,228
Class R2		3,637,379		1,419,631		1,540,112		1,179,884		65,027
Class R3		5,456,281		3,465,144		2,923,004		1,736,044		203,926
Class R4		8,641,495		5,379,735		3,720,468		1,882,752		123,785
Class R6		4,538,453		1,683,007		2,087,953		1,035,204		268,485
Total shares of beneficial interest outstanding		25,859,077		12,810,006		11,303,906		6,484,918		818,219
Class A shares
Net asset value per share
(net assets / shares of beneficial interest outstanding)		$16.46		$15.53		$18.80		$15.93		$12.26
Offering price per share (100 / 94.25 × net asset value per share)		$17.46		$16.48		$19.95		$16.90		$13.01
Class B shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$16.34		$15.43		$18.55		$15.87		$12.25
Class C shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$16.13		$15.35		$18.45		$15.75		$12.21
Class I shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.57		$15.60		$18.78		$15.94		$12.32
Class R1 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.27		$15.41		$18.46		$15.76		$12.28
Class R2 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.34		$15.42		$18.55		$15.84		$12.25
Class R3 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.46		$15.52		$18.67		$15.93		$12.28

63

Statements of Assets and Liabilities – continued

	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Class R4 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.61		$15.58		$18.77		$16.01		$12.31
Class R6 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.61		$15.58		$18.76		$16.01		$12.33

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

See Notes to Financial Statements

64

Financial Statements

STATEMENTS OF OPERATIONS

Year ended 4/30/19

These statements describe how much each fund earned in investment income and accrued in expenses. They also describe any gains or losses generated by each fund’s operations.

	MFS Lifetime Income Fund			MFS Lifetime 2020 Fund			MFS Lifetime 2025 Fund			MFS Lifetime 2030 Fund			MFS Lifetime 2035 Fund
Net investment income (loss)
Dividends from affiliated issuers		$15,846,656			$10,032,445			$7,322,032			$15,535,615			$6,375,545
Other		107			76			57			102			49
Excess expense reimbursement from investment adviser		39,838			89,037			64,250			137,535			48,429
Total investment income		$15,886,601			$10,121,558			$7,386,339			$15,673,252			$6,424,023
Expenses
Distribution and service fees		$2,480,921			$862,516			$459,387			$1,361,429			$414,475
Shareholder servicing costs		804,343			516,303			414,156			815,661			431,689
Program manager fees		64,896			—			—			—			—
Administrative services fee		17,500			17,500			17,500			17,500			17,500
Independent Trustees’ compensation		13,761			8,199			8,046			13,793			8,023
Custodian fee		23,884			11,203			9,481			14,879			9,369
Shareholder communications		43,183			15,660			14,689			20,582			16,135
Audit and tax fees		38,591			36,919			36,101			36,975			36,099
Legal fees		4,049			2,391			1,851			4,588			1,970
Registration fees		132,518			125,515			129,582			132,343			133,357
Miscellaneous		38,177			32,263			30,582			36,243			30,613
Total expenses		$3,661,823			$1,628,469			$1,121,375			$2,453,993			$1,099,230
Reduction of expenses by investment adviser and distributor		(1,204,371	)		(804,303	)		(680,852	)		(1,132,569	)		(688,943	)
Net expenses		$2,457,452			$824,166			$440,523			$1,321,424			$410,287
Net investment income (loss)		$13,429,149			$9,297,392			$6,945,816			$14,351,828			$6,013,736
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Investments in affiliated issuers		$1,231,265			$4,929,256			$(621,785	)		$6,434,808			$(1,377,638	)
Capital gain distributions from affiliated issuers		5,455,385			4,122,169			4,459,983			13,559,579			6,827,038
Net realized gain (loss)		$6,686,650			$9,051,425			$3,838,198			$19,994,387			$5,449,400
Change in unrealized appreciation or depreciation
Affiliated issuers		$7,671,552			$384,845			$5,123,265			$2,292,247			$6,135,730
Net realized and unrealized gain (loss)		$14,358,202			$9,436,270			$8,961,463			$22,286,634			$11,585,130
Change in net assets from operations		$27,787,351			$18,733,662			$15,907,279			$36,638,462			$17,598,866

See Notes to Financial Statements

65

Statements of Operations – continued

Year ended 4/30/19	MFS Lifetime 2040 Fund			MFS Lifetime 2045 Fund			MFS Lifetime 2050 Fund			MFS Lifetime 2055 Fund			MFS Lifetime 2060 Fund
Net investment income (loss)
Dividends from affiliated issuers		$10,484,989			$4,084,493			$5,155,811			$2,102,322			$154,542
Other		81			40			43			21			3
Excess expense reimbursement from investment adviser		95,115			26,780			40,253			16,489			3,350
Total investment income		$10,580,185			$4,111,313			$5,196,107			$2,118,832			$157,895
Expenses
Distribution and service fees		$923,250			$278,478			$449,754			$192,417			$11,734
Shareholder servicing costs		663,683			354,068			421,859			265,132			24,472
Administrative services fee		17,500			17,500			17,500			17,500			17,500
Independent Trustees’ compensation		8,338			4,095			5,559			2,458			1,033
Custodian fee		12,508			8,191			8,940			6,789			5,412
Shareholder communications		18,770			15,970			19,274			18,977			5,019
Audit and tax fees		36,937			36,079			36,284			36,056			35,422
Legal fees		3,598			1,358			1,683			732			50
Registration fees		127,076			127,771			125,656			124,579			119,847
Miscellaneous		33,934			29,219			29,775			27,624			25,301
Total expenses		$1,845,594			$872,729			$1,116,284			$692,264			$245,790
Reduction of expenses by investment adviser and distributor		(944,412	)		(593,859	)		(666,215	)		(499,510	)		(235,542	)
Net expenses		$901,182			$278,870			$450,069			$192,754			$10,248
Net investment income (loss)		$9,679,003			$3,832,443			$4,746,038			$1,926,078			$147,647
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Investments in affiliated issuers		$5,441,067			$(733,535	)		$(194,744	)		$(805,086	)		$(223,535	)
Capital gain distributions from affiliated issuers		12,754,859			5,350,706			6,773,407			2,757,427			206,811
Net realized gain (loss)		$18,195,926			$4,617,171			$6,578,663			$1,952,341			$(16,724	)
Change in unrealized appreciation or depreciation
Affiliated issuers		$748,500			$4,085,562			$3,595,525			$2,678,794			$446,750
Net realized and unrealized gain (loss)		$18,944,426			$8,702,733			$10,174,188			$4,631,135			$430,026
Change in net assets from operations		$28,623,429			$12,535,176			$14,920,226			$6,557,213			$577,673

See Notes to Financial Statements

66

Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

Year ended 4/30/19	MFS Lifetime Income Fund			MFS Lifetime 2020 Fund			MFS Lifetime 2025 Fund			MFS Lifetime 2030 Fund			MFS Lifetime 2035 Fund
Change in net assets
From operations
Net investment income (loss)		$13,429,149			$9,297,392			$6,945,816			$14,351,828			$6,013,736
Net realized gain (loss)		6,686,650			9,051,425			3,838,198			19,994,387			5,449,400
Net unrealized gain (loss)		7,671,552			384,845			5,123,265			2,292,247			6,135,730
Change in net assets from operations		$27,787,351			$18,733,662			$15,907,279			$36,638,462			$17,598,866
Total distributions to shareholders (a)		$(20,987,416	)		$(18,339,611	)		$(10,143,196	)		$(28,803,946	)		$(9,435,149	)
Change in net assets from fund share transactions		$(587,657	)		$(17,882,528	)		$49,680,033			$15,493,522			$53,588,567
Total change in net assets		$6,212,278			$(17,488,477	)		$55,444,116			$23,328,038			$61,752,284
Net assets
At beginning of period		568,443,681			359,741,209			237,028,157			566,027,484			226,781,501
At end of period (b)		$574,655,959			$342,252,732			$292,472,273			$589,355,522			$288,533,785
Year ended 4/30/19	MFS Lifetime 2040 Fund			MFS Lifetime 2045 Fund			MFS Lifetime 2050 Fund			MFS Lifetime 2055 Fund			MFS Lifetime 2060 Fund
Change in net assets
From operations
Net investment income (loss)		$9,679,003			$3,832,443			$4,746,038			$1,926,078			$147,647
Net realized gain (loss)		18,195,926			4,617,171			6,578,663			1,952,341			(16,724	)
Net unrealized gain (loss)		748,500			4,085,562			3,595,525			2,678,794			446,750
Change in net assets from operations		$28,623,429			$12,535,176			$14,920,226			$6,557,213			$577,673
Total distributions to shareholders (a)		$(22,289,256	)		$(6,197,223	)		$(7,384,189	)		$(2,720,076	)		$(174,213	)
Change in net assets from fund share transactions		$(7,743,746	)		$31,292,577			$(3,056,119	)		$20,085,679			$6,068,672
Total change in net assets		$(1,409,573	)		$37,630,530			$4,479,918			$23,922,816			$6,472,132
Net assets
At beginning of period		428,300,126			161,432,173			206,965,495			79,474,332			3,586,581
At end of period (b)		$426,890,553			$199,062,703			$211,445,413			$103,397,148			$10,058,713

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

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

See Notes to Financial Statements

67

Statements of Changes in Net Assets – continued

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

See Notes to Financial Statements

68

Financial Statements

FINANCIAL HIGHLIGHTS

MFS LIFETIME INCOME FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

	Year ended
Class A	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.25			$12.20			$12.08			$12.29			$12.15
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.31			$0.27			$0.21			$0.18			$0.21
Net realized and unrealized gain (loss)		0.30			0.20			0.39			(0.11	)		0.22
Total from investment operations		$0.61			$0.47			$0.60			$0.07			$0.43
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.27	)		$(0.24	)		$(0.19	)		$(0.22	)
From net realized gain		(0.15	)		(0.15	)		(0.24	)		(0.09	)		(0.07	)
Total distributions declared to shareholders		$(0.47	)		$(0.42	)		$(0.48	)		$(0.28	)		$(0.29	)
Net asset value, end of period (x)		$12.39			$12.25			$12.20			$12.08			$12.29
Total return (%) (r)(s)(t)(x)		5.18			3.84			5.09			0.58			3.66
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.45			0.45			0.46			0.38			0.39
Expenses after expense reductions (f)(h)		0.23			0.24			0.25			0.25			0.25
Net investment income (loss) (l)		2.57			2.19			1.74			1.54			1.68
Portfolio turnover		10			11			25			10			14
Net assets at end of period (000 omitted)		$111,591			$108,482			$115,872			$120,810			$126,212
	Year ended
Class B	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.25			$12.20			$12.08			$12.29			$12.15
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.22			$0.17			$0.12			$0.09			$0.11
Net realized and unrealized gain (loss)		0.31			0.21			0.39			(0.11	)		0.23
Total from investment operations		$0.53			$0.38			$0.51			$(0.02	)		$0.34
Less distributions declared to shareholders
From net investment income		$(0.23	)		$(0.18	)		$(0.15	)		$(0.10	)		$(0.13	)
From net realized gain		(0.15	)		(0.15	)		(0.24	)		(0.09	)		(0.07	)
Total distributions declared to shareholders		$(0.38	)		$(0.33	)		$(0.39	)		$(0.19	)		$(0.20	)
Net asset value, end of period (x)		$12.40			$12.25			$12.20			$12.08			$12.29
Total return (%) (r)(s)(t)(x)		4.48			3.07			4.31			(0.16	)		2.89
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.20			1.20			1.21			1.13			1.14
Expenses after expense reductions (f)(h)		0.99			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.81			1.40			0.98			0.79			0.93
Portfolio turnover		10			11			25			10			14
Net assets at end of period (000 omitted)		$9,111			$11,818			$15,801			$18,088			$20,720

See Notes to Financial Statements

69

Financial Highlights – continued

MFS LIFETIME INCOME FUND – continued

	Year ended
Class C	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.25			$12.19			$12.08			$12.29			$12.15
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.22			$0.18			$0.12			$0.09			$0.11
Net realized and unrealized gain (loss)		0.30			0.21			0.38			(0.11	)		0.23
Total from investment operations		$0.52			$0.39			$0.50			$(0.02	)		$0.34
Less distributions declared to shareholders
From net investment income		$(0.23	)		$(0.18	)		$(0.15	)		$(0.10	)		$(0.13	)
From net realized gain		(0.15	)		(0.15	)		(0.24	)		(0.09	)		(0.07	)
Total distributions declared to shareholders		$(0.38	)		$(0.33	)		$(0.39	)		$(0.19	)		$(0.20	)
Net asset value, end of period (x)		$12.39			$12.25			$12.19			$12.08			$12.29
Total return (%) (r)(s)(t)(x)		4.40			3.15			4.22			(0.16	)		2.89
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.20			1.20			1.21			1.13			1.14
Expenses after expense reductions (f)(h)		0.99			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.80			1.43			0.98			0.79			0.93
Portfolio turnover		10			11			25			10			14
Net assets at end of period (000 omitted)		$112,773			$128,791			$147,518			$153,472			$162,868
	Year ended
Class I	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.25			$12.20			$12.08			$12.30			$12.15
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.34			$0.31			$0.24			$0.21			$0.23
Net realized and unrealized gain (loss)		0.31			0.19			0.39			(0.12	)		0.25
Total from investment operations		$0.65			$0.50			$0.63			$0.09			$0.48
Less distributions declared to shareholders
From net investment income		$(0.35	)		$(0.30	)		$(0.27	)		$(0.22	)		$(0.26	)
From net realized gain		(0.15	)		(0.15	)		(0.24	)		(0.09	)		(0.07	)
Total distributions declared to shareholders		$(0.50	)		$(0.45	)		$(0.51	)		$(0.31	)		$(0.33	)
Net asset value, end of period (x)		$12.40			$12.25			$12.20			$12.08			$12.30
Total return (%) (r)(s)(t)(x)		5.53			4.10			5.35			0.75			4.00
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.20			0.20			0.21			0.13			0.14
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.82			2.46			1.98			1.76			1.92
Portfolio turnover		10			11			25			10			14
Net assets at end of period (000 omitted)		$34,654			$32,496			$32,683			$26,134			$29,661

See Notes to Financial Statements

70

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MFS LIFETIME INCOME FUND – continued

	Year ended
Class R1	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.26			$12.21			$12.09			$12.30			$12.16
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.21			$0.18			$0.12			$0.10			$0.12
Net realized and unrealized gain (loss)		0.32			0.20			0.39			(0.12	)		0.22
Total from investment operations		$0.53			$0.38			$0.51			$(0.02	)		$0.34
Less distributions declared to shareholders
From net investment income		$(0.23	)		$(0.18	)		$(0.15	)		$(0.10	)		$(0.13	)
From net realized gain		(0.15	)		(0.15	)		(0.24	)		(0.09	)		(0.07	)
Total distributions declared to shareholders		$(0.38	)		$(0.33	)		$(0.39	)		$(0.19	)		$(0.20	)
Net asset value, end of period (x)		$12.41			$12.26			$12.21			$12.09			$12.30
Total return (%) (r)(s)(t)(x)		4.48			3.06			4.31			(0.16	)		2.88
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.20			1.20			1.21			1.13			1.14
Expenses after expense reductions (f)(h)		0.98			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.72			1.42			0.96			0.79			0.95
Portfolio turnover		10			11			25			10			14
Net assets at end of period (000 omitted)		$3,977			$4,344			$4,453			$5,332			$5,606
	Year ended
Class R2	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.26			$12.20			$12.08			$12.30			$12.16
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.28			$0.24			$0.18			$0.16			$0.18
Net realized and unrealized gain (loss)		0.30			0.21			0.39			(0.13	)		0.22
Total from investment operations		$0.58			$0.45			$0.57			$0.03			$0.40
Less distributions declared to shareholders
From net investment income		$(0.29	)		$(0.24	)		$(0.21	)		$(0.16	)		$(0.19	)
From net realized gain		(0.15	)		(0.15	)		(0.24	)		(0.09	)		(0.07	)
Total distributions declared to shareholders		$(0.44	)		$(0.39	)		$(0.45	)		$(0.25	)		$(0.26	)
Net asset value, end of period (x)		$12.40			$12.26			$12.20			$12.08			$12.30
Total return (%) (r)(s)(t)(x)		4.92			3.67			4.83			0.25			3.40
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.70			0.70			0.71			0.63			0.64
Expenses after expense reductions (f)(h)		0.49			0.49			0.50			0.50			0.50
Net investment income (loss) (l)		2.30			1.91			1.49			1.32			1.46
Portfolio turnover		10			11			25			10			14
Net assets at end of period (000 omitted)		$19,458			$27,110			$31,542			$24,621			$28,528

See Notes to Financial Statements

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MFS LIFETIME INCOME FUND – continued

	Year ended
Class R3	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.25			$12.20			$12.08			$12.30			$12.15
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.31			$0.27			$0.21			$0.17			$0.21
Net realized and unrealized gain (loss)		0.31			0.20			0.39			(0.11	)		0.23
Total from investment operations		$0.62			$0.47			$0.60			$0.06			$0.44
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.27	)		$(0.24	)		$(0.19	)		$(0.22	)
From net realized gain		(0.15	)		(0.15	)		(0.24	)		(0.09	)		(0.07	)
Total distributions declared to shareholders		$(0.47	)		$(0.42	)		$(0.48	)		$(0.28	)		$(0.29	)
Net asset value, end of period (x)		$12.40			$12.25			$12.20			$12.08			$12.30
Total return (%) (r)(s)(t)(x)		5.26			3.84			5.09			0.50			3.74
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.45			0.45			0.47			0.38			0.39
Expenses after expense reductions (f)(h)		0.24			0.24			0.25			0.25			0.25
Net investment income (loss) (l)		2.57			2.21			1.74			1.46			1.68
Portfolio turnover		10			11			25			10			14
Net assets at end of period (000 omitted)		$54,540			$54,156			$49,628			$33,728			$25,641
	Year ended
Class R4	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.25			$12.20			$12.08			$12.30			$12.16
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.34			$0.31			$0.24			$0.21			$0.24
Net realized and unrealized gain (loss)		0.30			0.19			0.39			(0.12	)		0.23
Total from investment operations		$0.64			$0.50			$0.63			$0.09			$0.47
Less distributions declared to shareholders
From net investment income		$(0.35	)		$(0.30	)		$(0.27	)		$(0.22	)		$(0.26	)
From net realized gain		(0.15	)		(0.15	)		(0.24	)		(0.09	)		(0.07	)
Total distributions declared to shareholders		$(0.50	)		$(0.45	)		$(0.51	)		$(0.31	)		$(0.33	)
Net asset value, end of period (x)		$12.39			$12.25			$12.20			$12.08			$12.30
Total return (%) (r)(s)(t)(x)		5.44			4.10			5.35			0.75			3.92
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.20			0.21			0.21			0.13			0.14
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.82			2.51			2.01			1.78			1.93
Portfolio turnover		10			11			25			10			14
Net assets at end of period (000 omitted)		$47,906			$52,790			$112,472			$83,522			$75,336

See Notes to Financial Statements

72

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MFS LIFETIME INCOME FUND – continued

							Year ended
Class R6							4/30/19			4/30/18			4/30/17 (i)
Net asset value, beginning of period								$12.29			$12.23			$12.37
Income (loss) from investment operations
Net investment income (loss) (d)(l)								$0.35			$0.35			$0.11
Net realized and unrealized gain (loss)								0.30			0.17			0.21
Total from investment operations								$0.65			$0.52			$0.32
Less distributions declared to shareholders
From net investment income								$(0.36	)		$(0.31	)		$(0.22	)
From net realized gain								(0.15	)		(0.15	)		(0.24	)
Total distributions declared to shareholders								$(0.51	)		$(0.46	)		$(0.46	)
Net asset value, end of period (x)								$12.43			$12.29			$12.23
Total return (%) (r)(s)(t)(x)								5.52			4.28			2.70	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)								0.12			0.10			0.21	(a)
Expenses after expense reductions (f)(h)								0.00			0.00			0.00	(a)
Net investment income (loss) (l)								2.84			2.83			1.34	(a)
Portfolio turnover								10			11			25
Net assets at end of period (000 omitted)								$33,595			$26,728			$6,775
	Year ended
Class 529A	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15 (i)
Net asset value, beginning of period		$10.06			$10.04			$9.98			$10.17			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.25			$0.22			$0.17			$0.15			$0.02
Net realized and unrealized gain (loss)		0.25			0.17			0.32			(0.10	)		0.19
Total from investment operations		$0.50			$0.39			$0.49			$0.05			$0.21
Less distributions declared to shareholders
From net investment income		$(0.26	)		$(0.22	)		$(0.19	)		$(0.15	)		$(0.04	)
From net realized gain		(0.15	)		(0.15	)		(0.24	)		(0.09	)		—
Total distributions declared to shareholders		$(0.41	)		$(0.37	)		$(0.43	)		$(0.24	)		$(0.04	)
Net asset value, end of period (x)		$10.15			$10.06			$10.04			$9.98			$10.17
Total return (%) (r)(s)(t)(x)		5.16			3.84			5.08			0.53			2.07	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.50			0.53			0.56			0.48			0.53	(a)
Expenses after expense reductions (f)(h)		0.27			0.28			0.29			0.29			0.30	(a)
Net investment income (loss) (l)		2.55			2.16			1.70			1.48			0.70	(a)
Portfolio turnover		10			11			25			10			14
Net assets at end of period (000 omitted)		$108,398			$83,713			$73,448			$52,434			$47,993

See Notes to Financial Statements

73

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MFS LIFETIME INCOME FUND – continued

	Year ended
Class 529B	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15 (i)
Net asset value, beginning of period		$10.06			$10.04			$9.98			$10.17			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.18			$0.14			$0.10			$0.07			$(0.00	)(w)
Net realized and unrealized gain (loss)		0.24			0.17			0.32			(0.10	)		0.18
Total from investment operations		$0.42			$0.31			$0.42			$(0.03	)		$0.18
Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.14	)		$(0.12	)		$(0.07	)		$(0.01	)
From net realized gain		(0.15	)		(0.15	)		(0.24	)		(0.09	)		—
Total distributions declared to shareholders		$(0.33	)		$(0.29	)		$(0.36	)		$(0.16	)		$(0.01	)
Net asset value, end of period (x)		$10.15			$10.06			$10.04			$9.98			$10.17
Total return (%) (r)(s)(t)(x)		4.38			3.07			4.30			(0.22	)		1.83	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.25			1.28			1.31			1.23			1.28	(a)
Expenses after expense reductions (f)(h)		1.02			1.04			1.05			1.04			1.04	(a)
Net investment income (loss) (l)		1.78			1.36			0.96			0.73			(0.05	)(a)
Portfolio turnover		10			11			25			10			14
Net assets at end of period (000 omitted)		$4,492			$3,975			$4,722			$3,456			$3,428
	Year ended
Class 529C	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15 (i)
Net asset value, beginning of period		$10.05			$10.04			$9.98			$10.17			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.18			$0.14			$0.09			$0.07			$(0.00	)(w)
Net realized and unrealized gain (loss)		0.25			0.16			0.33			(0.10	)		0.18
Total from investment operations		$0.43			$0.30			$0.42			$(0.03	)		$0.18
Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.14	)		$(0.12	)		$(0.07	)		$(0.01	)
From net realized gain		(0.15	)		(0.15	)		(0.24	)		(0.09	)		—
Total distributions declared to shareholders		$(0.33	)		$(0.29	)		$(0.36	)		$(0.16	)		$(0.01	)
Net asset value, end of period (x)		$10.15			$10.05			$10.04			$9.98			$10.17
Total return (%) (r)(s)(t)(x)		4.48			2.97			4.30			(0.22	)		1.83	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.25			1.28			1.31			1.23			1.28	(a)
Expenses after expense reductions (f)(h)		1.03			1.04			1.05			1.04			1.05	(a)
Net investment income (loss) (l)		1.79			1.40			0.94			0.74			(0.05	)(a)
Portfolio turnover		10			11			25			10			14
Net assets at end of period (000 omitted)		$34,160			$34,039			$32,166			$26,047			$23,987

See Notes to Financial Statements

74

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MFS LIFETIME INCOME FUND – continued

(a) Annualized.

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

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

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

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

(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(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 2020 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

	Year ended
Class A	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$13.01			$12.94			$13.08			$13.52			$13.16
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.33			$0.29			$0.23			$0.20			$0.22
Net realized and unrealized gain (loss)		0.30			0.35			0.60			(0.18	)		0.40
Total from investment operations		$0.63			$0.64			$0.83			$0.02			$0.62
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.35	)		$(0.21	)		$(0.23	)		$(0.26	)
From net realized gain		(0.34	)		(0.22	)		(0.76	)		(0.23	)		—
Total distributions declared to shareholders		$(0.66	)		$(0.57	)		$(0.97	)		$(0.46	)		$(0.26	)
Net asset value, end of period (x)		$12.98			$13.01			$12.94			$13.08			$13.52
Total return (%) (r)(s)(t)(x)		5.30			4.94			6.60			0.20			4.76
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.48			0.48			0.48			0.40			0.42
Expenses after expense reductions (f)(h)		0.23			0.24			0.25			0.25			0.25
Net investment income (loss) (l)		2.56			2.22			1.73			1.52			1.62
Portfolio turnover		17			19			35			11			18
Net assets at end of period (000 omitted)		$44,271			$46,580			$50,239			$46,171			$45,846
	Year ended
Class B	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.92			$12.84			$12.98			$13.41			$13.06
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.23			$0.19			$0.13			$0.10			$0.12
Net realized and unrealized gain (loss)		0.31			0.35			0.59			(0.17	)		0.39
Total from investment operations		$0.54			$0.54			$0.72			$(0.07	)		$0.51
Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.24	)		$(0.10	)		$(0.13	)		$(0.16	)
From net realized gain		(0.34	)		(0.22	)		(0.76	)		(0.23	)		—
Total distributions declared to shareholders		$(0.55	)		$(0.46	)		$(0.86	)		$(0.36	)		$(0.16	)
Net asset value, end of period (x)		$12.91			$12.92			$12.84			$12.98			$13.41
Total return (%) (r)(s)(t)(x)		4.49			4.21			5.75			(0.49	)		3.96
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.23			1.23			1.22			1.15			1.17
Expenses after expense reductions (f)(h)		0.98			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.81			1.46			0.99			0.77			0.93
Portfolio turnover		17			19			35			11			18
Net assets at end of period (000 omitted)		$3,148			$4,420			$5,425			$6,376			$6,605

See Notes to Financial Statements

76

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MFS LIFETIME 2020 FUND – continued

	Year ended
Class C	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.74			$12.67			$12.83			$13.26			$12.92
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.23			$0.19			$0.13			$0.10			$0.12
Net realized and unrealized gain (loss)		0.30			0.34			0.58			(0.18	)		0.39
Total from investment operations		$0.53			$0.53			$0.71			$(0.08	)		$0.51
Less distributions declared to shareholders
From net investment income		$(0.22	)		$(0.24	)		$(0.11	)		$(0.12	)		$(0.17	)
From net realized gain		(0.34	)		(0.22	)		(0.76	)		(0.23	)		—
Total distributions declared to shareholders		$(0.56	)		$(0.46	)		$(0.87	)		$(0.35	)		$(0.17	)
Net asset value, end of period (x)		$12.71			$12.74			$12.67			$12.83			$13.26
Total return (%) (r)(s)(t)(x)		4.50			4.20			5.76			(0.53	)		3.97
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.23			1.23			1.23			1.15			1.17
Expenses after expense reductions (f)(h)		0.98			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.82			1.47			0.98			0.76			0.92
Portfolio turnover		17			19			35			11			18
Net assets at end of period (000 omitted)		$11,881			$13,178			$16,629			$17,196			$18,428
	Year ended
Class I	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$13.10			$13.03			$13.16			$13.60			$13.24
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.36			$0.33			$0.30			$0.23			$0.26
Net realized and unrealized gain (loss)		0.31			0.35			0.57			(0.18	)		0.40
Total from investment operations		$0.67			$0.68			$0.87			$0.05			$0.66
Less distributions declared to shareholders
From net investment income		$(0.36	)		$(0.39	)		$(0.24	)		$(0.26	)		$(0.30	)
From net realized gain		(0.34	)		(0.22	)		(0.76	)		(0.23	)		—
Total distributions declared to shareholders		$(0.70	)		$(0.61	)		$(1.00	)		$(0.49	)		$(0.30	)
Net asset value, end of period (x)		$13.07			$13.10			$13.03			$13.16			$13.60
Total return (%) (r)(s)(t)(x)		5.54			5.19			6.91			0.45			5.03
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.23			0.23			0.21			0.15			0.17
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.76			2.50			2.25			1.78			1.93
Portfolio turnover		17			19			35			11			18
Net assets at end of period (000 omitted)		$2,134			$1,742			$1,631			$4,466			$7,312

See Notes to Financial Statements

77

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Year ended
Class R1	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.94			$12.88			$13.00			$13.42			$13.06
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.23			$0.20			$0.12			$0.10			$0.12
Net realized and unrealized gain (loss)		0.31			0.34			0.60			(0.18	)		0.40
Total from investment operations		$0.54			$0.54			$0.72			$(0.08	)		$0.52
Less distributions declared to shareholders
From net investment income		$(0.23	)		$(0.26	)		$(0.08	)		$(0.11	)		$(0.16	)
From net realized gain		(0.34	)		(0.22	)		(0.76	)		(0.23	)		—
Total distributions declared to shareholders		$(0.57	)		$(0.48	)		$(0.84	)		$(0.34	)		$(0.16	)
Net asset value, end of period (x)		$12.91			$12.94			$12.88			$13.00			$13.42
Total return (%) (r)(s)(t)(x)		4.51			4.19			5.73			(0.54	)		3.99
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.23			1.23			1.22			1.15			1.17
Expenses after expense reductions (f)(h)		0.98			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.82			1.49			0.95			0.78			0.93
Portfolio turnover		17			19			35			11			18
Net assets at end of period (000 omitted)		$4,510			$4,587			$4,355			$4,794			$6,357
	Year ended
Class R2	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.91			$12.84			$13.00			$13.43			$13.08
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.30			$0.26			$0.19			$0.17			$0.19
Net realized and unrealized gain (loss)		0.30			0.35			0.59			(0.18	)		0.39
Total from investment operations		$0.60			$0.61			$0.78			$(0.01	)		$0.58
Less distributions declared to shareholders
From net investment income		$(0.29	)		$(0.32	)		$(0.18	)		$(0.19	)		$(0.23	)
From net realized gain		(0.34	)		(0.22	)		(0.76	)		(0.23	)		—
Total distributions declared to shareholders		$(0.63	)		$(0.54	)		$(0.94	)		$(0.42	)		$(0.23	)
Net asset value, end of period (x)		$12.88			$12.91			$12.84			$13.00			$13.43
Total return (%) (r)(s)(t)(x)		5.04			4.73			6.26			0.01			4.48
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.73			0.73			0.73			0.65			0.67
Expenses after expense reductions (f)(h)		0.48			0.49			0.50			0.50			0.50
Net investment income (loss) (l)		2.32			1.97			1.49			1.28			1.42
Portfolio turnover		17			19			35			11			18
Net assets at end of period (000 omitted)		$47,259			$72,233			$76,217			$63,116			$68,263

See Notes to Financial Statements

78

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Year ended
Class R3	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$13.01			$12.95			$13.09			$13.53			$13.18
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.34			$0.30			$0.22			$0.19			$0.22
Net realized and unrealized gain (loss)		0.30			0.34			0.61			(0.17	)		0.40
Total from investment operations		$0.64			$0.64			$0.83			$0.02			$0.62
Less distributions declared to shareholders
From net investment income		$(0.33	)		$(0.36	)		$(0.21	)		$(0.23	)		$(0.27	)
From net realized gain		(0.34	)		(0.22	)		(0.76	)		(0.23	)		—
Total distributions declared to shareholders		$(0.67	)		$(0.58	)		$(0.97	)		$(0.46	)		$(0.27	)
Net asset value, end of period (x)		$12.98			$13.01			$12.95			$13.09			$13.53
Total return (%) (r)(s)(t)(x)		5.33			4.90			6.59			0.20			4.72
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.48			0.48			0.48			0.40			0.42
Expenses after expense reductions (f)(h)		0.23			0.24			0.25			0.25			0.25
Net investment income (loss) (l)		2.61			2.24			1.71			1.45			1.67
Portfolio turnover		17			19			35			11			18
Net assets at end of period (000 omitted)		$79,478			$84,245			$74,655			$63,904			$51,380
	Year ended
Class R4	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$13.10			$13.01			$13.15			$13.58			$13.23
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.37			$0.34			$0.27			$0.23			$0.26
Net realized and unrealized gain (loss)		0.30			0.34			0.59			(0.17	)		0.39
Total from investment operations		$0.67			$0.68			$0.86			$0.06			$0.65
Less distributions declared to shareholders
From net investment income		$(0.36	)		$(0.37	)		$(0.24	)		$(0.26	)		$(0.30	)
From net realized gain		(0.34	)		(0.22	)		(0.76	)		(0.23	)		—
Total distributions declared to shareholders		$(0.70	)		$(0.59	)		$(1.00	)		$(0.49	)		$(0.30	)
Net asset value, end of period (x)		$13.07			$13.10			$13.01			$13.15			$13.58
Total return (%) (r)(s)(t)(x)		5.55			5.24			6.83			0.53			4.96
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.23			0.24			0.23			0.15			0.17
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.82			2.56			2.02			1.76			1.94
Portfolio turnover		17			19			35			11			18
Net assets at end of period (000 omitted)		$85,763			$87,475			$146,535			$165,273			$159,446

See Notes to Financial Statements

79

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Year ended
Class R6	4/30/19			4/30/18			4/30/17 (i)
Net asset value, beginning of period		$13.09			$13.02			$13.60
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.38			$0.38			$0.11
Net realized and unrealized gain (loss)		0.30			0.31			0.32
Total from investment operations		$0.68			$0.69			$0.43
Less distributions declared to shareholders
From net investment income		$(0.38	)		$(0.40	)		$(0.25	)
From net realized gain		(0.34	)		(0.22	)		(0.76	)
Total distributions declared to shareholders		$(0.72	)		$(0.62	)		$(1.01	)
Net asset value, end of period (x)		$13.05			$13.09			$13.02
Total return (%) (r)(s)(t)(x)		5.62			5.33			3.43	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.11			0.10			0.16	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.95			2.82			1.28	(a)
Portfolio turnover		17			19			35
Net assets at end of period (000 omitted)		$63,809			$45,280			$21,091

(a) Annualized.

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

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

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

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

(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

See Notes to Financial Statements

80

Financial Highlights – continued

MFS LIFETIME 2025 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

	Year ended
Class A	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.83			$12.35			$11.76			$12.19			$11.81
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.33			$0.29			$0.20			$0.16			$0.19
Net realized and unrealized gain (loss)		0.35			0.62			0.84			(0.24	)		0.47
Total from investment operations		$0.68			$0.91			$1.04			$(0.08	)		$0.66
Less distributions declared to shareholders
From net investment income		$(0.31	)		$(0.35	)		$(0.17	)		$(0.18	)		$(0.20	)
From net realized gain		(0.17	)		(0.08	)		(0.28	)		(0.17	)		(0.08	)
Total distributions declared to shareholders		$(0.48	)		$(0.43	)		$(0.45	)		$(0.35	)		$(0.28	)
Net asset value, end of period (x)		$13.03			$12.83			$12.35			$11.76			$12.19
Total return (%) (r)(s)(t)(x)		5.70			7.34			9.03			(0.60	)		5.64
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.52			0.54			0.55			0.53			0.48
Expenses after expense reductions (f)(h)		0.22			0.23			0.24			0.23			0.23
Net investment income (loss) (l)		2.62			2.28			1.62			1.34			1.58
Portfolio turnover		14			37			33			10			13
Net assets at end of period (000 omitted)		$19,689			$16,710			$14,518			$12,598			$8,807
	Year ended
Class B	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.72			$12.26			$11.68			$12.11			$11.75
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.23			$0.19			$0.10			$0.07			$0.10
Net realized and unrealized gain (loss)		0.36			0.60			0.85			(0.24	)		0.47
Total from investment operations		$0.59			$0.79			$0.95			$(0.17	)		$0.57
Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.25	)		$(0.09	)		$(0.09	)		$(0.13	)
From net realized gain		(0.17	)		(0.08	)		(0.28	)		(0.17	)		(0.08	)
Total distributions declared to shareholders		$(0.38	)		$(0.33	)		$(0.37	)		$(0.26	)		$(0.21	)
Net asset value, end of period (x)		$12.93			$12.72			$12.26			$11.68			$12.11
Total return (%) (r)(s)(t)(x)		4.96			6.40			8.23			(1.37	)		4.83
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.27			1.29			1.29			1.28			1.23
Expenses after expense reductions (f)(h)		0.97			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.82			1.47			0.86			0.59			0.83
Portfolio turnover		14			37			33			10			13
Net assets at end of period (000 omitted)		$1,501			$1,472			$1,340			$1,190			$1,035

See Notes to Financial Statements

81

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Year ended
Class C	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.66			$12.21			$11.63			$12.07			$11.71
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.22			$0.19			$0.10			$0.07			$0.10
Net realized and unrealized gain (loss)		0.37			0.60			0.84			(0.24	)		0.47
Total from investment operations		$0.59			$0.79			$0.94			$(0.17	)		$0.57
Less distributions declared to shareholders
From net investment income		$(0.22	)		$(0.26	)		$(0.08	)		$(0.10	)		$(0.13	)
From net realized gain		(0.17	)		(0.08	)		(0.28	)		(0.17	)		(0.08	)
Total distributions declared to shareholders		$(0.39	)		$(0.34	)		$(0.36	)		$(0.27	)		$(0.21	)
Net asset value, end of period (x)		$12.86			$12.66			$12.21			$11.63			$12.07
Total return (%) (r)(s)(t)(x)		4.94			6.42			8.24			(1.37	)		4.86
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.27			1.29			1.29			1.28			1.23
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.78			1.50			0.83			0.59			0.80
Portfolio turnover		14			37			33			10			13
Net assets at end of period (000 omitted)		$4,186			$3,571			$3,311			$2,846			$2,213
	Year ended
Class I	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.87			$12.40			$11.79			$12.22			$11.83
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.41			$0.25			$0.27			$0.19			$0.23
Net realized and unrealized gain (loss)		0.32			0.68			0.82			(0.25	)		0.46
Total from investment operations		$0.73			$0.93			$1.09			$(0.06	)		$0.69
Less distributions declared to shareholders
From net investment income		$(0.35	)		$(0.38	)		$(0.20	)		$(0.20	)		$(0.22	)
From net realized gain		(0.17	)		(0.08	)		(0.28	)		(0.17	)		(0.08	)
Total distributions declared to shareholders		$(0.52	)		$(0.46	)		$(0.48	)		$(0.37	)		$(0.30	)
Net asset value, end of period (x)		$13.08			$12.87			$12.40			$11.79			$12.22
Total return (%) (r)(s)(t)(x)		6.05			7.44			9.42			(0.39	)		5.89
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.27			0.32			0.28			0.29			0.23
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		3.23			1.96			2.25			1.59			1.87
Portfolio turnover		14			37			33			10			13
Net assets at end of period (000 omitted)		$1,228			$538			$127			$4,563			$1,889

See Notes to Financial Statements

82

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Year ended
Class R1	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.76			$12.33			$11.79			$12.17			$11.78
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.22			$0.20			$0.09			$0.06			$0.09
Net realized and unrealized gain (loss)		0.37			0.60			0.86			(0.24	)		0.48
Total from investment operations		$0.59			$0.80			$0.95			$(0.18	)		$0.57
Less distributions declared to shareholders
From net investment income		$(0.23	)		$(0.29	)		$(0.13	)		$(0.03	)		$(0.10	)
From net realized gain		(0.17	)		(0.08	)		(0.28	)		(0.17	)		(0.08	)
Total distributions declared to shareholders		$(0.40	)		$(0.37	)		$(0.41	)		$(0.20	)		$(0.18	)
Net asset value, end of period (x)		$12.95			$12.76			$12.33			$11.79			$12.17
Total return (%) (r)(s)(t)(x)		4.97			6.46			8.24			(1.40	)		4.88
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.27			1.30			1.31			1.26			1.23
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.76			1.58			0.77			0.51			0.73
Portfolio turnover		14			37			33			10			13
Net assets at end of period (000 omitted)		$1,578			$1,234			$432			$87			$163
	Year ended
Class R2	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.74			$12.29			$11.73			$12.17			$11.78
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.28			$0.26			$0.17			$0.12			$0.15
Net realized and unrealized gain (loss)		0.37			0.60			0.84			(0.24	)		0.49
Total from investment operations		$0.65			$0.86			$1.01			$(0.12	)		$0.64
Less distributions declared to shareholders
From net investment income		$(0.26	)		$(0.33	)		$(0.17	)		$(0.15	)		$(0.17	)
From net realized gain		(0.17	)		(0.08	)		(0.28	)		(0.17	)		(0.08	)
Total distributions declared to shareholders		$(0.43	)		$(0.41	)		$(0.45	)		$(0.32	)		$(0.25	)
Net asset value, end of period (x)		$12.96			$12.74			$12.29			$11.73			$12.17
Total return (%) (r)(s)(t)(x)		5.48			6.95			8.75			(0.89	)		5.42
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.77			0.79			0.81			0.79			0.73
Expenses after expense reductions (f)(h)		0.49			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		2.21			2.06			1.40			1.02			1.27
Portfolio turnover		14			37			33			10			13
Net assets at end of period (000 omitted)		$36,121			$35,799			$23,253			$7,489			$4,200

See Notes to Financial Statements

83

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Year ended
Class R3	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.81			$12.35			$11.76			$12.19			$11.80
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.33			$0.29			$0.20			$0.15			$0.17
Net realized and unrealized gain (loss)		0.36			0.60			0.85			(0.23	)		0.49
Total from investment operations		$0.69			$0.89			$1.05			$(0.08	)		$0.66
Less distributions declared to shareholders
From net investment income		$(0.31	)		$(0.35	)		$(0.18	)		$(0.18	)		$(0.19	)
From net realized gain		(0.17	)		(0.08	)		(0.28	)		(0.17	)		(0.08	)
Total distributions declared to shareholders		$(0.48	)		$(0.43	)		$(0.46	)		$(0.35	)		$(0.27	)
Net asset value, end of period (x)		$13.02			$12.81			$12.35			$11.76			$12.19
Total return (%) (r)(s)(t)(x)		5.75			7.19			9.08			(0.60	)		5.65
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.52			0.54			0.55			0.54			0.48
Expenses after expense reductions (f)(h)		0.24			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		2.56			2.24			1.61			1.27			1.45
Portfolio turnover		14			37			33			10			13
Net assets at end of period (000 omitted)		$76,112			$63,426			$39,042			$22,370			$12,732
	Year ended
Class R4	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$12.88			$12.40			$11.79			$12.22			$11.83
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.36			$0.35			$0.22			$0.19			$0.22
Net realized and unrealized gain (loss)		0.37			0.58			0.87			(0.25	)		0.47
Total from investment operations		$0.73			$0.93			$1.09			$(0.06	)		$0.69
Less distributions declared to shareholders
From net investment income		$(0.34	)		$(0.37	)		$(0.20	)		$(0.20	)		$(0.22	)
From net realized gain		(0.17	)		(0.08	)		(0.28	)		(0.17	)		(0.08	)
Total distributions declared to shareholders		$(0.51	)		$(0.45	)		$(0.48	)		$(0.37	)		$(0.30	)
Net asset value, end of period (x)		$13.10			$12.88			$12.40			$11.79			$12.22
Total return (%) (r)(s)(t)(x)		6.06			7.43			9.42			(0.40	)		5.88
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.27			0.28			0.30			0.28			0.23
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.82			2.68			1.84			1.59			1.82
Portfolio turnover		14			37			33			10			13
Net assets at end of period (000 omitted)		$105,032			$81,894			$135,040			$105,570			$98,370

See Notes to Financial Statements

84

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Year ended
Class R6	4/30/19			4/30/18			4/30/17 (i)
Net asset value, beginning of period		$12.88			$12.41			$12.30
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.38			$0.40			$0.11
Net realized and unrealized gain (loss)		0.37			0.55			0.48
Total from investment operations		$0.75			$0.95			$0.59
Less distributions declared to shareholders
From net investment income		$(0.36	)		$(0.40	)		$(0.20	)
From net realized gain		(0.17	)		(0.08	)		(0.28	)
Total distributions declared to shareholders		$(0.53	)		$(0.48	)		$(0.48	)
Net asset value, end of period (x)		$13.10			$12.88			$12.41
Total return (%) (r)(s)(t)(x)		6.21			7.57			5.02	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.14			0.15			0.20	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.93			3.08			1.31	(a)
Portfolio turnover		14			37			33
Net assets at end of period (000 omitted)		$47,026			$32,384			$10,834

(a) Annualized.

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

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

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

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

(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

See Notes to Financial Statements

85

Financial Highlights – continued

MFS LIFETIME 2030 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

	Year ended
Class A	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.48			$14.57			$13.91			$14.55			$13.90
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.37			$0.34			$0.19			$0.16			$0.18
Net realized and unrealized gain (loss)		0.49			1.13			1.42			(0.38	)		0.70
Total from investment operations		$0.86			$1.47			$1.61			$(0.22	)		$0.88
Less distributions declared to shareholders
From net investment income		$(0.36	)		$(0.36	)		$(0.19	)		$(0.20	)		$(0.23	)
From net realized gain		(0.39	)		(0.20	)		(0.76	)		(0.22	)		—
Total distributions declared to shareholders		$(0.75	)		$(0.56	)		$(0.95	)		$(0.42	)		$(0.23	)
Net asset value, end of period (x)		$15.59			$15.48			$14.57			$13.91			$14.55
Total return (%) (r)(s)(t)(x)		6.24			10.09			12.01			(1.51	)		6.37
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.46			0.46			0.47			0.42			0.44
Expenses after expense reductions (f)(h)		0.23			0.23			0.25			0.24			0.24
Net investment income (loss) (l)		2.40			2.18			1.36			1.13			1.29
Portfolio turnover		18			19			50			6			11
Net assets at end of period (000 omitted)		$63,579			$61,458			$57,961			$44,995			$42,887
	Year ended
Class B	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.26			$14.37			$13.73			$14.37			$13.73
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.25			$0.21			$0.08			$0.05			$0.07
Net realized and unrealized gain (loss)		0.50			1.13			1.40			(0.38	)		0.69
Total from investment operations		$0.75			$1.34			$1.48			$(0.33	)		$0.76
Less distributions declared to shareholders
From net investment income		$(0.25	)		$(0.25	)		$(0.08	)		$(0.09	)		$(0.12	)
From net realized gain		(0.39	)		(0.20	)		(0.76	)		(0.22	)		—
Total distributions declared to shareholders		$(0.64	)		$(0.45	)		$(0.84	)		$(0.31	)		$(0.12	)
Net asset value, end of period (x)		$15.37			$15.26			$14.37			$13.73			$14.37
Total return (%) (r)(s)(t)(x)		5.44			9.28			11.15			(2.27	)		5.59
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.21			1.21			1.22			1.17			1.19
Expenses after expense reductions (f)(h)		0.99			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.67			1.42			0.60			0.37			0.53
Portfolio turnover		18			19			50			6			11
Net assets at end of period (000 omitted)		$8,727			$8,834			$8,753			$8,498			$8,414

See Notes to Financial Statements

86

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Year ended
Class C	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.16			$14.29			$13.66			$14.29			$13.67
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.25			$0.21			$0.09			$0.05			$0.08
Net realized and unrealized gain (loss)		0.49			1.11			1.38			(0.37	)		0.67
Total from investment operations		$0.74			$1.32			$1.47			$(0.32	)		$0.75
Less distributions declared to shareholders
From net investment income		$(0.24	)		$(0.25	)		$(0.08	)		$(0.09	)		$(0.13	)
From net realized gain		(0.39	)		(0.20	)		(0.76	)		(0.22	)		—
Total distributions declared to shareholders		$(0.63	)		$(0.45	)		$(0.84	)		$(0.31	)		$(0.13	)
Net asset value, end of period (x)		$15.27			$15.16			$14.29			$13.66			$14.29
Total return (%) (r)(s)(t)(x)		5.46			9.21			11.17			(2.20	)		5.51
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.21			1.21			1.22			1.17			1.19
Expenses after expense reductions (f)(h)		0.99			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.63			1.42			0.61			0.38			0.55
Portfolio turnover		18			19			50			6			11
Net assets at end of period (000 omitted)		$15,790			$15,885			$15,827			$15,554			$15,521
	Year ended
Class I	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.55			$14.63			$14.00			$14.63			$13.98
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.42			$0.38			$0.28			$0.19			$0.23
Net realized and unrealized gain (loss)		0.48			1.14			1.33			(0.37	)		0.68
Total from investment operations		$0.90			$1.52			$1.61			$(0.18	)		$0.91
Less distributions declared to shareholders
From net investment income		$(0.40	)		$(0.40	)		$(0.22	)		$(0.23	)		$(0.26	)
From net realized gain		(0.39	)		(0.20	)		(0.76	)		(0.22	)		—
Total distributions declared to shareholders		$(0.79	)		$(0.60	)		$(0.98	)		$(0.45	)		$(0.26	)
Net asset value, end of period (x)		$15.66			$15.55			$14.63			$14.00			$14.63
Total return (%) (r)(s)(t)(x)		6.50			10.38			11.95			(1.19	)		6.57
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.21			0.21			0.20			0.17			0.20
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.70			2.48			1.96			1.36			1.61
Portfolio turnover		18			19			50			6			11
Net assets at end of period (000 omitted)		$2,282			$2,171			$1,743			$12,156			$11,665

See Notes to Financial Statements

87

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Year ended
Class R1	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.32			$14.44			$13.78			$14.39			$13.75
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.26			$0.21			$0.08			$0.04			$0.09
Net realized and unrealized gain (loss)		0.48			1.13			1.40			(0.36	)		0.67
Total from investment operations		$0.74			$1.34			$1.48			$(0.32	)		$0.76
Less distributions declared to shareholders
From net investment income		$(0.25	)		$(0.26	)		$(0.06	)		$(0.07	)		$(0.12	)
From net realized gain		(0.39	)		(0.20	)		(0.76	)		(0.22	)		—
Total distributions declared to shareholders		$(0.64	)		$(0.46	)		$(0.82	)		$(0.29	)		$(0.12	)
Net asset value, end of period (x)		$15.42			$15.32			$14.44			$13.78			$14.39
Total return (%) (r)(s)(t)(x)		5.42			9.26			11.13			(2.25	)		5.56
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.21			1.21			1.22			1.17			1.19
Expenses after expense reductions (f)(h)		0.99			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.69			1.38			0.57			0.31			0.61
Portfolio turnover		18			19			50			6			11
Net assets at end of period (000 omitted)		$7,423			$6,825			$5,740			$6,427			$8,165
	Year ended
Class R2	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.32			$14.43			$13.79			$14.43			$13.79
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.33			$0.30			$0.16			$0.12			$0.14
Net realized and unrealized gain (loss)		0.49			1.12			1.40			(0.38	)		0.69
Total from investment operations		$0.82			$1.42			$1.56			$(0.26	)		$0.83
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.33	)		$(0.16	)		$(0.16	)		$(0.19	)
From net realized gain		(0.39	)		(0.20	)		(0.76	)		(0.22	)		—
Total distributions declared to shareholders		$(0.71	)		$(0.53	)		$(0.92	)		$(0.38	)		$(0.19	)
Net asset value, end of period (x)		$15.43			$15.32			$14.43			$13.79			$14.43
Total return (%) (r)(s)(t)(x)		6.00			9.80			11.73			(1.78	)		6.07
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.71			0.71			0.72			0.67			0.69
Expenses after expense reductions (f)(h)		0.49			0.49			0.50			0.50			0.50
Net investment income (loss) (l)		2.17			1.95			1.13			0.88			1.01
Portfolio turnover		18			19			50			6			11
Net assets at end of period (000 omitted)		$78,171			$112,223			$105,808			$83,102			$79,912

See Notes to Financial Statements

88

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Year ended
Class R3	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.44			$14.54			$13.88			$14.52			$13.87
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.37			$0.34			$0.19			$0.15			$0.18
Net realized and unrealized gain (loss)		0.49			1.12			1.42			(0.37	)		0.70
Total from investment operations		$0.86			$1.46			$1.61			$(0.22	)		$0.88
Less distributions declared to shareholders
From net investment income		$(0.37	)		$(0.36	)		$(0.19	)		$(0.20	)		$(0.23	)
From net realized gain		(0.39	)		(0.20	)		(0.76	)		(0.22	)		—
Total distributions declared to shareholders		$(0.76	)		$(0.56	)		$(0.95	)		$(0.42	)		$(0.23	)
Net asset value, end of period (x)		$15.54			$15.44			$14.54			$13.88			$14.52
Total return (%) (r)(s)(t)(x)		6.21			10.07			12.03			(1.52	)		6.37
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.46			0.46			0.47			0.42			0.44
Expenses after expense reductions (f)(h)		0.24			0.24			0.25			0.25			0.25
Net investment income (loss) (l)		2.44			2.20			1.34			1.06			1.27
Portfolio turnover		18			19			50			6			11
Net assets at end of period (000 omitted)		$146,737			$136,815			$109,088			$90,624			$71,753
	Year ended
Class R4	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.56			$14.64			$13.97			$14.61			$13.96
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.40			$0.40			$0.24			$0.19			$0.22
Net realized and unrealized gain (loss)		0.51			1.11			1.41			(0.38	)		0.69
Total from investment operations		$0.91			$1.51			$1.65			$(0.19	)		$0.91
Less distributions declared to shareholders
From net investment income		$(0.40	)		$(0.39	)		$(0.22	)		$(0.23	)		$(0.26	)
From net realized gain		(0.39	)		(0.20	)		(0.76	)		(0.22	)		—
Total distributions declared to shareholders		$(0.79	)		$(0.59	)		$(0.98	)		$(0.45	)		$(0.26	)
Net asset value, end of period (x)		$15.68			$15.56			$14.64			$13.97			$14.61
Total return (%) (r)(s)(t)(x)		6.56			10.30			12.28			(1.26	)		6.58
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.21			0.21			0.22			0.17			0.20
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.61			2.57			1.66			1.37			1.56
Portfolio turnover		18			19			50			6			11
Net assets at end of period (000 omitted)		$158,288			$148,064			$188,413			$184,249			$169,285

See Notes to Financial Statements

89

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Year ended
Class R6	4/30/19			4/30/18			4/30/17 (i)
Net asset value, beginning of period		$15.56			$14.65			$14.67
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.44			$0.45			$0.07
Net realized and unrealized gain (loss)		0.49			1.08			0.90
Total from investment operations		$0.93			$1.53			$0.97
Less distributions declared to shareholders
From net investment income		$(0.42	)		$(0.42	)		$(0.23	)
From net realized gain		(0.39	)		(0.20	)		(0.76	)
Total distributions declared to shareholders		$(0.81	)		$(0.62	)		$(0.99	)
Net asset value, end of period (x)		$15.68			$15.56			$14.65
Total return (%) (r)(s)(t)(x)		6.71			10.43			7.05	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.08			0.08			0.13	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.86			2.91			0.75	(a)
Portfolio turnover		18			19			50
Net assets at end of period (000 omitted)		$108,358			$73,753			$33,584

(a) Annualized.

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

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

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

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

(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

See Notes to Financial Statements

90

Financial Highlights – continued

MFS LIFETIME 2035 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

	Year ended
Class A	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$14.61			$13.49			$12.35			$12.96			$12.41
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.34			$0.31			$0.16			$0.12			$0.15
Net realized and unrealized gain (loss)		0.52			1.28			1.44			(0.35	)		0.67
Total from investment operations		$0.86			$1.59			$1.60			$(0.23	)		$0.82
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.37	)		$(0.15	)		$(0.16	)		$(0.18	)
From net realized gain		(0.21	)		(0.10	)		(0.31	)		(0.22	)		(0.09	)
Total distributions declared to shareholders		$(0.53	)		$(0.47	)		$(0.46	)		$(0.38	)		$(0.27	)
Net asset value, end of period (x)		$14.94			$14.61			$13.49			$12.35			$12.96
Total return (%) (r)(s)(t)(x)		6.50			11.78			13.18			(1.71	)		6.72
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.54			0.56			0.59			0.59			0.54
Expenses after expense reductions (f)(h)		0.24			0.25			0.25			0.24			0.24
Net investment income (loss) (l)		2.36			2.13			1.23			0.98			1.19
Portfolio turnover		12			33			43			7			8
Net assets at end of period (000 omitted)		$16,563			$15,369			$10,591			$7,454			$6,353
	Year ended
Class B	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$14.49			$13.39			$12.26			$12.88			$12.36
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.22			$0.19			$0.06			$0.02			$0.04
Net realized and unrealized gain (loss)		0.54			1.28			1.43			(0.34	)		0.68
Total from investment operations		$0.76			$1.47			$1.49			$(0.32	)		$0.72
Less distributions declared to shareholders
From net investment income		$(0.20	)		$(0.27	)		$(0.05	)		$(0.08	)		$(0.11	)
From net realized gain		(0.21	)		(0.10	)		(0.31	)		(0.22	)		(0.09	)
Total distributions declared to shareholders		$(0.41	)		$(0.37	)		$(0.36	)		$(0.30	)		$(0.20	)
Net asset value, end of period (x)		$14.84			$14.49			$13.39			$12.26			$12.88
Total return (%) (r)(s)(t)(x)		5.71			10.96			12.34			(2.45	)		5.88
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.29			1.31			1.34			1.34			1.29
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.55			1.31			0.45			0.20			0.33
Portfolio turnover		12			33			43			7			8
Net assets at end of period (000 omitted)		$1,650			$1,730			$1,314			$1,261			$950

See Notes to Financial Statements

91

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Year ended
Class C	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$14.45			$13.35			$12.22			$12.83			$12.32
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.22			$0.19			$0.05			$0.03			$0.05
Net realized and unrealized gain (loss)		0.53			1.28			1.43			(0.35	)		0.67
Total from investment operations		$0.75			$1.47			$1.48			$(0.32	)		$0.72
Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.27	)		$(0.04	)		$(0.07	)		$(0.12	)
From net realized gain		(0.21	)		(0.10	)		(0.31	)		(0.22	)		(0.09	)
Total distributions declared to shareholders		$(0.42	)		$(0.37	)		$(0.35	)		$(0.29	)		$(0.21	)
Net asset value, end of period (x)		$14.78			$14.45			$13.35			$12.22			$12.83
Total return (%) (r)(s)(t)(x)		5.69			11.00			12.28			(2.40	)		5.89
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.29			1.31			1.34			1.33			1.29
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.54			1.35			0.40			0.27			0.39
Portfolio turnover		12			33			43			7			8
Net assets at end of period (000 omitted)		$2,730			$2,510			$1,893			$1,950			$1,965
	Year ended
Class I	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$14.64			$13.51			$12.40			$13.00			$12.44
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.37			$0.38			$0.26			$0.15			$0.17
Net realized and unrealized gain (loss)		0.53			1.25			1.34			(0.34	)		0.69
Total from investment operations		$0.90			$1.63			$1.60			$(0.19	)		$0.86
Less distributions declared to shareholders
From net investment income		$(0.36	)		$(0.40	)		$(0.18	)		$(0.19	)		$(0.21	)
From net realized gain		(0.21	)		(0.10	)		(0.31	)		(0.22	)		(0.09	)
Total distributions declared to shareholders		$(0.57	)		$(0.50	)		$(0.49	)		$(0.41	)		$(0.30	)
Net asset value, end of period (x)		$14.97			$14.64			$13.51			$12.40			$13.00
Total return (%) (r)(s)(t)(x)		6.76			12.10			13.12			(1.40	)		6.98
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.29			0.32			0.32			0.33			0.29
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.55			2.59			2.01			1.19			1.36
Portfolio turnover		12			33			43			7			8
Net assets at end of period (000 omitted)		$843			$636			$311			$3,921			$3,507

See Notes to Financial Statements

92

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Year ended
Class R1	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$14.50			$13.44			$12.39			$12.93			$12.39
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.22			$0.23			$0.07			$0.00	(w)		$0.04
Net realized and unrealized gain (loss)		0.54			1.25			1.42			(0.32	)		0.68
Total from investment operations		$0.76			$1.48			$1.49			$(0.32	)		$0.72
Less distributions declared to shareholders
From net investment income		$(0.22	)		$(0.32	)		$(0.13	)		$(0.00	)(w)		$(0.09	)
From net realized gain		(0.21	)		(0.10	)		(0.31	)		(0.22	)		(0.09	)
Total distributions declared to shareholders		$(0.43	)		$(0.42	)		$(0.44	)		$(0.22	)		$(0.18	)
Net asset value, end of period (x)		$14.83			$14.50			$13.44			$12.39			$12.93
Total return (%) (r)(s)(t)(x)		5.72			11.00			12.22			(2.39	)		5.90
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.29			1.31			1.36			1.31			1.29
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.55			1.61			0.57			0.01			0.35
Portfolio turnover		12			33			43			7			8
Net assets at end of period (000 omitted)		$2,535			$1,974			$664			$118			$180
	Year ended
Class R2	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$14.54			$13.43			$12.33			$12.93			$12.39
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.27			$0.27			$0.13			$0.08			$0.11
Net realized and unrealized gain (loss)		0.56			1.28			1.42			(0.33	)		0.67
Total from investment operations		$0.83			$1.55			$1.55			$(0.25	)		$0.78
Less distributions declared to shareholders
From net investment income		$(0.27	)		$(0.34	)		$(0.14	)		$(0.13	)		$(0.15	)
From net realized gain		(0.21	)		(0.10	)		(0.31	)		(0.22	)		(0.09	)
Total distributions declared to shareholders		$(0.48	)		$(0.44	)		$(0.45	)		$(0.35	)		$(0.24	)
Net asset value, end of period (x)		$14.89			$14.54			$13.43			$12.33			$12.93
Total return (%) (r)(s)(t)(x)		6.23			11.57			12.80			(1.87	)		6.38
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.79			0.81			0.86			0.84			0.79
Expenses after expense reductions (f)(h)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.84			1.86			1.00			0.66			0.86
Portfolio turnover		12			33			43			7			8
Net assets at end of period (000 omitted)		$32,592			$32,185			$20,918			$5,805			$3,758

See Notes to Financial Statements

93

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MFS LIFETIME 2035 FUND – continued

	Year ended
Class R3	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$14.63			$13.50			$12.37			$12.97			$12.43
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.34			$0.30			$0.16			$0.12			$0.14
Net realized and unrealized gain (loss)		0.52			1.30			1.43			(0.34	)		0.67
Total from investment operations		$0.86			$1.60			$1.59			$(0.22	)		$0.81
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.37	)		$(0.15	)		$(0.16	)		$(0.18	)
From net realized gain		(0.21	)		(0.10	)		(0.31	)		(0.22	)		(0.09	)
Total distributions declared to shareholders		$(0.53	)		$(0.47	)		$(0.46	)		$(0.38	)		$(0.27	)
Net asset value, end of period (x)		$14.96			$14.63			$13.50			$12.37			$12.97
Total return (%) (r)(s)(t)(x)		6.46			11.85			13.11			(1.63	)		6.61
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.54			0.56			0.60			0.59			0.54
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		2.31			2.10			1.23			0.95			1.08
Portfolio turnover		12			33			43			7			8
Net assets at end of period (000 omitted)		$71,027			$58,283			$35,284			$20,110			$12,389
	Year ended
Class R4	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$14.69			$13.54			$12.39			$13.00			$12.44
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.38			$0.38			$0.19			$0.15			$0.19
Net realized and unrealized gain (loss)		0.52			1.26			1.45			(0.35	)		0.67
Total from investment operations		$0.90			$1.64			$1.64			$(0.20	)		$0.86
Less distributions declared to shareholders
From net investment income		$(0.36	)		$(0.39	)		$(0.18	)		$(0.19	)		$(0.21	)
From net realized gain		(0.21	)		(0.10	)		(0.31	)		(0.22	)		(0.09	)
Total distributions declared to shareholders		$(0.57	)		$(0.49	)		$(0.49	)		$(0.41	)		$(0.30	)
Net asset value, end of period (x)		$15.02			$14.69			$13.54			$12.39			$13.00
Total return (%) (r)(s)(t)(x)		6.73			12.11			13.46			(1.48	)		6.98
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.29			0.30			0.34			0.34			0.29
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.58			2.61			1.44			1.22			1.49
Portfolio turnover		12			33			43			7			8
Net assets at end of period (000 omitted)		$115,939			$87,528			$119,254			$86,982			$77,094

See Notes to Financial Statements

94

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Year ended
Class R6	4/30/19			4/30/18			4/30/17 (i)
Net asset value, beginning of period		$14.69			$13.55			$13.04
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.39			$0.44			$0.06
Net realized and unrealized gain (loss)		0.53			1.22			0.94
Total from investment operations		$0.92			$1.66			$1.00
Less distributions declared to shareholders
From net investment income		$(0.38	)		$(0.42	)		$(0.18	)
From net realized gain		(0.21	)		(0.10	)		(0.31	)
Total distributions declared to shareholders		$(0.59	)		$(0.52	)		$(0.49	)
Net asset value, end of period (x)		$15.02			$14.69			$13.55
Total return (%) (r)(s)(t)(x)		6.90			12.23			7.93	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.15			0.16			0.27	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.67			3.03			0.63	(a)
Portfolio turnover		12			33			43
Net assets at end of period (000 omitted)		$44,655			$26,567			$9,531

(a) Annualized.

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

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

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

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

(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

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

See Notes to Financial Statements

95

Financial Highlights – continued

MFS LIFETIME 2040 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

	Year ended
Class A	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$16.38			$15.00			$14.07			$14.83			$14.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.35			$0.31			$0.15			$0.12			$0.14
Net realized and unrealized gain (loss)		0.57			1.61			1.72			(0.41	)		0.84
Total from investment operations		$0.92			$1.92			$1.87			$(0.29	)		$0.98
Less distributions declared to shareholders
From net investment income		$(0.36	)		$(0.36	)		$(0.15	)		$(0.17	)		$(0.21	)
From net realized gain		(0.48	)		(0.18	)		(0.79	)		(0.30	)		(0.03	)
Total distributions declared to shareholders		$(0.84	)		$(0.54	)		$(0.94	)		$(0.47	)		$(0.24	)
Net asset value, end of period (x)		$16.46			$16.38			$15.00			$14.07			$14.83
Total return (%) (r)(s)(t)(x)		6.45			12.86			13.76			(1.94	)		6.97
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.48			0.48			0.50			0.45			0.48
Expenses after expense reductions (f)(h)		0.24			0.24			0.25			0.24			0.25
Net investment income (loss) (l)		2.15			1.90			1.04			0.83			0.99
Portfolio turnover		17			18			54			6			10
Net assets at end of period (000 omitted)		$36,747			$36,354			$35,093			$28,324			$26,564
	Year ended
Class B	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$16.23			$14.87			$13.95			$14.71			$13.98
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.22			$0.19			$0.04			$0.01			$0.03
Net realized and unrealized gain (loss)		0.59			1.59			1.71			(0.41	)		0.83
Total from investment operations		$0.81			$1.78			$1.75			$(0.40	)		$0.86
Less distributions declared to shareholders
From net investment income		$(0.22	)		$(0.24	)		$(0.04	)		$(0.06	)		$(0.10	)
From net realized gain		(0.48	)		(0.18	)		(0.79	)		(0.30	)		(0.03	)
Total distributions declared to shareholders		$(0.70	)		$(0.42	)		$(0.83	)		$(0.36	)		$(0.13	)
Net asset value, end of period (x)		$16.34			$16.23			$14.87			$13.95			$14.71
Total return (%) (r)(s)(t)(x)		5.66			12.00			12.94			(2.69	)		6.16
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.23			1.23			1.25			1.20			1.23
Expenses after expense reductions (f)(h)		0.99			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.39			1.20			0.27			0.06			0.23
Portfolio turnover		17			18			54			6			10
Net assets at end of period (000 omitted)		$4,588			$4,965			$4,924			$4,527			$4,432

See Notes to Financial Statements

96

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Year ended
Class C	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$16.03			$14.70			$13.80			$14.55			$13.83
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.21			$0.19			$0.04			$(0.00	)(w)		$0.04
Net realized and unrealized gain (loss)		0.58			1.57			1.70			(0.40	)		0.82
Total from investment operations		$0.79			$1.76			$1.74			$(0.40	)		$0.86
Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.25	)		$(0.05	)		$(0.05	)		$(0.11	)
From net realized gain		(0.48	)		(0.18	)		(0.79	)		(0.30	)		(0.03	)
Total distributions declared to shareholders		$(0.69	)		$(0.43	)		$(0.84	)		$(0.35	)		$(0.14	)
Net asset value, end of period (x)		$16.13			$16.03			$14.70			$13.80			$14.55
Total return (%) (r)(s)(t)(x)		5.65			11.99			12.96			(2.71	)		6.21
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.23			1.23			1.25			1.20			1.23
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.35			1.19			0.30			(0.01	)		0.26
Portfolio turnover		17			18			54			6			10
Net assets at end of period (000 omitted)		$10,994			$11,735			$11,035			$10,226			$11,840
	Year ended
Class I	4/30/19			4/30/18			4/30/17 (i)			4/30/16			4/30/15
Net asset value, beginning of period		$16.47			$15.08			$14.17			$14.93			$14.18
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.42			$0.37			$0.26			$0.15			$0.19
Net realized and unrealized gain (loss)		0.55			1.60			1.63			(0.41	)		0.83
Total from investment operations		$0.97			$1.97			$1.89			$(0.26	)		$1.02
Less distributions declared to shareholders
From net investment income		$(0.39	)		$(0.40	)		$(0.19	)		$(0.20	)		$(0.24	)
From net realized gain		(0.48	)		(0.18	)		(0.79	)		(0.30	)		(0.03	)
Total distributions declared to shareholders		$(0.87	)		$(0.58	)		$(0.98	)		$(0.50	)		$(0.27	)
Net asset value, end of period (x)		$16.57			$16.47			$15.08			$14.17			$14.93
Total return (%) (r)(s)(t)(x)		6.75			13.11			13.77			(1.68	)		7.24
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.23			0.23			0.24			0.20			0.23
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.55			2.30			1.78			1.09			1.30
Portfolio turnover		17			18			54			6			10
Net assets at end of period (000 omitted)		$1,432			$1,622			$1,670			$9,766			$8,679

See Notes to Financial Statements

97

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Year ended
Class R1	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$16.16			$14.82			$13.87			$14.62			$13.88
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.21			$0.18			$0.02			$0.00	(w)		$0.04
Net realized and unrealized gain (loss)		0.60			1.58			1.73			(0.40	)		0.82
Total from investment operations		$0.81			$1.76			$1.75			$(0.40	)		$0.86
Less distributions declared to shareholders
From net investment income		$(0.22	)		$(0.24	)		$(0.01	)		$(0.05	)		$(0.09	)
From net realized gain		(0.48	)		(0.18	)		(0.79	)		(0.30	)		(0.03	)
Total distributions declared to shareholders		$(0.70	)		$(0.42	)		$(0.80	)		$(0.35	)		$(0.12	)
Net asset value, end of period (x)		$16.27			$16.16			$14.82			$13.87			$14.62
Total return (%) (r)(s)(t)(x)		5.71			11.91			12.96			(2.70	)		6.18
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.23			1.23			1.25			1.20			1.22
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.32			1.16			0.17			0.02			0.28
Portfolio turnover		17			18			54			6			10
Net assets at end of period (000 omitted)		$4,958			$4,606			$4,130			$5,279			$5,528
	Year ended
Class R2	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$16.24			$14.88			$13.97			$14.73			$14.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.31			$0.27			$0.11			$0.08			$0.11
Net realized and unrealized gain (loss)		0.57			1.59			1.71			(0.41	)		0.82
Total from investment operations		$0.88			$1.86			$1.82			$(0.33	)		$0.93
Less distributions declared to shareholders
From net investment income		$(0.30	)		$(0.32	)		$(0.12	)		$(0.13	)		$(0.17	)
From net realized gain		(0.48	)		(0.18	)		(0.79	)		(0.30	)		(0.03	)
Total distributions declared to shareholders		$(0.78	)		$(0.50	)		$(0.91	)		$(0.43	)		$(0.20	)
Net asset value, end of period (x)		$16.34			$16.24			$14.88			$13.97			$14.73
Total return (%) (r)(s)(t)(x)		6.23			12.55			13.46			(2.18	)		6.68
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.73			0.73			0.75			0.70			0.73
Expenses after expense reductions (f)(h)		0.49			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.92			1.69			0.79			0.58			0.76
Portfolio turnover		17			18			54			6			10
Net assets at end of period (000 omitted)		$59,429			$86,042			$82,965			$66,272			$61,127

See Notes to Financial Statements

98

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Year ended
Class R3	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$16.37			$15.00			$14.07			$14.83			$14.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.36			$0.31			$0.15			$0.10			$0.14
Net realized and unrealized gain (loss)		0.56			1.61			1.72			(0.39	)		0.84
Total from investment operations		$0.92			$1.92			$1.87			$(0.29	)		$0.98
Less distributions declared to shareholders
From net investment income		$(0.35	)		$(0.37	)		$(0.15	)		$(0.17	)		$(0.21	)
From net realized gain		(0.48	)		(0.18	)		(0.79	)		(0.30	)		(0.03	)
Total distributions declared to shareholders		$(0.83	)		$(0.55	)		$(0.94	)		$(0.47	)		$(0.24	)
Net asset value, end of period (x)		$16.46			$16.37			$15.00			$14.07			$14.83
Total return (%) (r)(s)(t)(x)		6.45			12.81			13.76			(1.93	)		6.97
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.48			0.48			0.50			0.46			0.48
Expenses after expense reductions (f)(h)		0.24			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		2.20			1.94			1.03			0.74			0.98
Portfolio turnover		17			18			54			6			10
Net assets at end of period (000 omitted)		$89,830			$88,577			$63,409			$49,816			$38,524
	Year ended
Class R4	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$16.51			$15.11			$14.16			$14.92			$14.17
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.39			$0.39			$0.19			$0.15			$0.19
Net realized and unrealized gain (loss)		0.58			1.58			1.74			(0.41	)		0.83
Total from investment operations		$0.97			$1.97			$1.93			$(0.26	)		$1.02
Less distributions declared to shareholders
From net investment income		$(0.39	)		$(0.39	)		$(0.19	)		$(0.20	)		$(0.24	)
From net realized gain		(0.48	)		(0.18	)		(0.79	)		(0.30	)		(0.03	)
Total distributions declared to shareholders		$(0.87	)		$(0.57	)		$(0.98	)		$(0.50	)		$(0.27	)
Net asset value, end of period (x)		$16.61			$16.51			$15.11			$14.16			$14.92
Total return (%) (r)(s)(t)(x)		6.73			13.09			14.08			(1.68	)		7.25
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.23			0.23			0.25			0.20			0.24
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.36			2.44			1.33			1.07			1.30
Portfolio turnover		17			18			54			6			10
Net assets at end of period (000 omitted)		$143,534			$145,328			$174,887			$166,141			$153,594

See Notes to Financial Statements

99

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Year ended
Class R6	4/30/19			4/30/18			4/30/17 (i)
Net asset value, beginning of period		$16.51			$15.12			$14.91
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.43			$0.43			$0.04
Net realized and unrealized gain (loss)		0.56			1.56			1.15
Total from investment operations		$0.99			$1.99			$1.19
Less distributions declared to shareholders
From net investment income		$(0.41	)		$(0.42	)		$(0.19	)
From net realized gain		(0.48	)		(0.18	)		(0.79	)
Total distributions declared to shareholders		$(0.89	)		$(0.60	)		$(0.98	)
Net asset value, end of period (x)		$16.61			$16.51			$15.12
Total return (%) (r)(s)(t)(x)		6.89			13.21			8.46	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.10			0.10			0.16	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.62			2.63			0.43	(a)
Portfolio turnover		17			18			54
Net assets at end of period (000 omitted)		$75,378			$49,071			$25,793

(a) Annualized.

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

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

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

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

(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

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

See Notes to Financial Statements

100

Financial Highlights – continued

MFS LIFETIME 2045 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

	Year ended
Class A	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.15			$13.79			$12.52			$13.14			$12.55
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.32			$0.30			$0.14			$0.11			$0.13
Net realized and unrealized gain (loss)		0.57			1.52			1.57			(0.36	)		0.73
Total from investment operations		$0.89			$1.82			$1.71			$(0.25	)		$0.86
Less distributions declared to shareholders
From net investment income		$(0.31	)		$(0.35	)		$(0.14	)		$(0.15	)		$(0.18	)
From net realized gain		(0.20	)		(0.11	)		(0.30	)		(0.22	)		(0.09	)
Total distributions declared to shareholders		$(0.51	)		$(0.46	)		$(0.44	)		$(0.37	)		$(0.27	)
Net asset value, end of period (x)		$15.53			$15.15			$13.79			$12.52			$13.14
Total return (%) (r)(s)(t)(x)		6.45			13.18			13.89			(1.93	)		6.95
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.60			0.62			0.69			0.70			0.72
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.24			0.24
Net investment income (loss) (l)		2.13			1.99			1.04			0.85			1.02
Portfolio turnover		12			30			45			6			7
Net assets at end of period (000 omitted)		$8,749			$7,789			$6,135			$4,576			$2,811
	Year ended
Class B	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.03			$13.70			$12.44			$13.06			$12.47
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.17			$0.03			$0.00	(w)		$0.03
Net realized and unrealized gain (loss)		0.59			1.51			1.57			(0.35	)		0.73
Total from investment operations		$0.79			$1.68			$1.60			$(0.35	)		$0.76
Less distributions declared to shareholders
From net investment income		$(0.19	)		$(0.24	)		$(0.04	)		$(0.05	)		$(0.08	)
From net realized gain		(0.20	)		(0.11	)		(0.30	)		(0.22	)		(0.09	)
Total distributions declared to shareholders		$(0.39	)		$(0.35	)		$(0.34	)		$(0.27	)		$(0.17	)
Net asset value, end of period (x)		$15.43			$15.03			$13.70			$12.44			$13.06
Total return (%) (r)(s)(t)(x)		5.71			12.28			13.09			(2.67	)		6.19
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.35			1.37			1.43			1.45			1.48
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.31			1.15			0.24			0.02			0.22
Portfolio turnover		12			30			45			6			7
Net assets at end of period (000 omitted)		$919			$948			$746			$593			$408

See Notes to Financial Statements

101

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Year ended
Class C	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$14.97			$13.66			$12.42			$13.04			$12.48
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.19			$0.03			$0.01			$0.04
Net realized and unrealized gain (loss)		0.58			1.48			1.56			(0.35	)		0.72
Total from investment operations		$0.78			$1.67			$1.59			$(0.34	)		$0.76
Less distributions declared to shareholders
From net investment income		$(0.20	)		$(0.25	)		$(0.05	)		$(0.06	)		$(0.11	)
From net realized gain		(0.20	)		(0.11	)		(0.30	)		(0.22	)		(0.09	)
Total distributions declared to shareholders		$(0.40	)		$(0.36	)		$(0.35	)		$(0.28	)		$(0.20	)
Net asset value, end of period (x)		$15.35			$14.97			$13.66			$12.42			$13.04
Total return (%) (r)(s)(t)(x)		5.70			12.24			13.03			(2.64	)		6.17
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.35			1.37			1.44			1.45			1.47
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.37			1.28			0.26			0.04			0.33
Portfolio turnover		12			30			45			6			7
Net assets at end of period (000 omitted)		$2,301			$1,966			$1,640			$1,104			$909
	Year ended
Class I	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.22			$13.85			$12.55			$13.16			$12.56
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.36			$0.33			$0.25			$0.14			$0.20
Net realized and unrealized gain (loss)		0.57			1.53			1.51			(0.36	)		0.69
Total from investment operations		$0.93			$1.86			$1.76			$(0.22	)		$0.89
Less distributions declared to shareholders
From net investment income		$(0.35	)		$(0.38	)		$(0.16	)		$(0.17	)		$(0.20	)
From net realized gain		(0.20	)		(0.11	)		(0.30	)		(0.22	)		(0.09	)
Total distributions declared to shareholders		$(0.55	)		$(0.49	)		$(0.46	)		$(0.39	)		$(0.29	)
Net asset value, end of period (x)		$15.60			$15.22			$13.85			$12.55			$13.16
Total return (%) (r)(s)(t)(x)		6.75			13.42			14.34			(1.66	)		7.21
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.35			0.37			0.41			0.45			0.46
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.40			2.24			1.89			1.10			1.53
Portfolio turnover		12			30			45			6			7
Net assets at end of period (000 omitted)		$296			$161			$138			$1,718			$1,108

See Notes to Financial Statements

102

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Year ended
Class R1	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.06			$13.75			$12.51			$13.10			$12.51
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.23			$0.17			$0.03			$(0.01	)		$0.02
Net realized and unrealized gain (loss)		0.55			1.52			1.58			(0.34	)		0.74
Total from investment operations		$0.78			$1.69			$1.61			$(0.35	)		$0.76
Less distributions declared to shareholders
From net investment income		$(0.23	)		$(0.27	)		$(0.07	)		$(0.02	)		$(0.08	)
From net realized gain		(0.20	)		(0.11	)		(0.30	)		(0.22	)		(0.09	)
Total distributions declared to shareholders		$(0.43	)		$(0.38	)		$(0.37	)		$(0.24	)		$(0.17	)
Net asset value, end of period (x)		$15.41			$15.06			$13.75			$12.51			$13.10
Total return (%) (r)(s)(t)(x)		5.70			12.27			13.05			(2.66	)		6.13
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.35			1.37			1.45			1.43			1.48
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.54			1.14			0.22			(0.09	)		0.19
Portfolio turnover		12			30			45			6			7
Net assets at end of period (000 omitted)		$1,093			$872			$463			$152			$172
	Year ended
Class R2	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.04			$13.71			$12.47			$13.10			$12.51
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.25			$0.25			$0.12			$0.07			$0.09
Net realized and unrealized gain (loss)		0.59			1.51			1.55			(0.36	)		0.74
Total from investment operations		$0.84			$1.76			$1.67			$(0.29	)		$0.83
Less distributions declared to shareholders
From net investment income		$(0.26	)		$(0.32	)		$(0.13	)		$(0.12	)		$(0.15	)
From net realized gain		(0.20	)		(0.11	)		(0.30	)		(0.22	)		(0.09	)
Total distributions declared to shareholders		$(0.46	)		$(0.43	)		$(0.43	)		$(0.34	)		$(0.24	)
Net asset value, end of period (x)		$15.42			$15.04			$13.71			$12.47			$13.10
Total return (%) (r)(s)(t)(x)		6.15			12.87			13.65			(2.20	)		6.74
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.85			0.87			0.95			0.96			0.97
Expenses after expense reductions (f)(h)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.65			1.70			0.89			0.55			0.71
Portfolio turnover		12			30			45			6			7
Net assets at end of period (000 omitted)		$21,895			$20,428			$10,716			$3,583			$1,769

See Notes to Financial Statements

103

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Year ended
Class R3	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.14			$13.78			$12.52			$13.13			$12.54
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.32			$0.28			$0.14			$0.10			$0.11
Net realized and unrealized gain (loss)		0.57			1.54			1.56			(0.34	)		0.75
Total from investment operations		$0.89			$1.82			$1.70			$(0.24	)		$0.86
Less distributions declared to shareholders
From net investment income		$(0.31	)		$(0.35	)		$(0.14	)		$(0.15	)		$(0.18	)
From net realized gain		(0.20	)		(0.11	)		(0.30	)		(0.22	)		(0.09	)
Total distributions declared to shareholders		$(0.51	)		$(0.46	)		$(0.44	)		$(0.37	)		$(0.27	)
Net asset value, end of period (x)		$15.52			$15.14			$13.78			$12.52			$13.13
Total return (%) (r)(s)(t)(x)		6.49			13.20			13.83			(1.87	)		6.92
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.60			0.62			0.69			0.70			0.72
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		2.10			1.87			1.06			0.78			0.86
Portfolio turnover		12			30			45			6			7
Net assets at end of period (000 omitted)		$53,767			$42,729			$23,479			$12,721			$7,566
	Year ended
Class R4	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.20			$13.82			$12.54			$13.15			$12.56
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.35			$0.36			$0.17			$0.13			$0.17
Net realized and unrealized gain (loss)		0.57			1.50			1.57			(0.35	)		0.71
Total from investment operations		$0.92			$1.86			$1.74			$(0.22	)		$0.88
Less distributions declared to shareholders
From net investment income		$(0.34	)		$(0.37	)		$(0.16	)		$(0.17	)		$(0.20	)
From net realized gain		(0.20	)		(0.11	)		(0.30	)		(0.22	)		(0.09	)
Total distributions declared to shareholders		$(0.54	)		$(0.48	)		$(0.46	)		$(0.39	)		$(0.29	)
Net asset value, end of period (x)		$15.58			$15.20			$13.82			$12.54			$13.15
Total return (%) (r)(s)(t)(x)		6.73			13.47			14.18			(1.67	)		7.13
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.35			0.36			0.44			0.45			0.47
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.33			2.43			1.27			1.04			1.34
Portfolio turnover		12			30			45			6			7
Net assets at end of period (000 omitted)		$83,824			$70,628			$84,597			$58,947			$47,311

See Notes to Financial Statements

104

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Year ended
Class R6	4/30/19			4/30/18			4/30/17 (i)
Net asset value, beginning of period		$15.20			$13.83			$13.21
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.36			$0.47			$0.03
Net realized and unrealized gain (loss)		0.59			1.41			1.06
Total from investment operations		$0.95			$1.88			$1.09
Less distributions declared to shareholders
From net investment income		$(0.37	)		$(0.40	)		$(0.17	)
From net realized gain		(0.20	)		(0.11	)		(0.30	)
Total distributions declared to shareholders		$(0.57	)		$(0.51	)		$(0.47	)
Net asset value, end of period (x)		$15.58			$15.20			$13.83
Total return (%) (r)(s)(t)(x)		6.91			13.57			8.52	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.21			0.23			0.36	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.42			3.11			0.39	(a)
Portfolio turnover		12			30			45
Net assets at end of period (000 omitted)		$26,219			$15,910			$4,351

(a) Annualized.

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

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

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

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

(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

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

See Notes to Financial Statements

105

Financial Highlights – continued

MFS LIFETIME 2050 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

	Year ended
Class A	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$18.30			$16.63			$15.14			$15.88			$15.17
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.38			$0.33			$0.17			$0.13			$0.15
Net realized and unrealized gain (loss)		0.71			1.86			1.89			(0.43	)		0.89
Total from investment operations		$1.09			$2.19			$2.06			$(0.30	)		$1.04
Less distributions declared to shareholders
From net investment income		$(0.37	)		$(0.37	)		$(0.16	)		$(0.18	)		$(0.22	)
From net realized gain		(0.22	)		(0.15	)		(0.41	)		(0.26	)		(0.11	)
Total distributions declared to shareholders		$(0.59	)		$(0.52	)		$(0.57	)		$(0.44	)		$(0.33	)
Net asset value, end of period (x)		$18.80			$18.30			$16.63			$15.14			$15.88
Total return (%) (r)(s)(t)(x)		6.47			13.16			13.89			(1.89	)		6.92
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.57			0.58			0.65			0.60			0.69
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		2.11			1.83			1.06			0.88			0.99
Portfolio turnover		24			20			52			7			9
Net assets at end of period (000 omitted)		$12,791			$12,353			$11,383			$7,624			$5,730
	Year ended
Class B	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$18.07			$16.44			$14.98			$15.72			$15.01
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.25			$0.20			$0.04			$0.00	(w)		$0.04
Net realized and unrealized gain (loss)		0.70			1.83			1.88			(0.42	)		0.89
Total from investment operations		$0.95			$2.03			$1.92			$(0.42	)		$0.93
Less distributions declared to shareholders
From net investment income		$(0.25	)		$(0.25	)		$(0.05	)		$(0.06	)		$(0.11	)
From net realized gain		(0.22	)		(0.15	)		(0.41	)		(0.26	)		(0.11	)
Total distributions declared to shareholders		$(0.47	)		$(0.40	)		$(0.46	)		$(0.32	)		$(0.22	)
Net asset value, end of period (x)		$18.55			$18.07			$16.44			$14.98			$15.72
Total return (%) (r)(s)(t)(x)		5.67			12.36			12.99			(2.66	)		6.21
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.32			1.33			1.39			1.35			1.44
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.39			1.15			0.24			0.02			0.23
Portfolio turnover		24			20			52			7			9
Net assets at end of period (000 omitted)		$1,630			$1,270			$1,048			$853			$828

See Notes to Financial Statements

106

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Year ended
Class C	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$17.96			$16.35			$14.91			$15.63			$14.96
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.23			$0.20			$0.04			$(0.00	)(w)		$0.04
Net realized and unrealized gain (loss)		0.72			1.81			1.87			(0.41	)		0.87
Total from investment operations		$0.95			$2.01			$1.91			$(0.41	)		$0.91
Less distributions declared to shareholders
From net investment income		$(0.24	)		$(0.25	)		$(0.06	)		$(0.05	)		$(0.13	)
From net realized gain		(0.22	)		(0.15	)		(0.41	)		(0.26	)		(0.11	)
Total distributions declared to shareholders		$(0.46	)		$(0.40	)		$(0.47	)		$(0.31	)		$(0.24	)
Net asset value, end of period (x)		$18.45			$17.96			$16.35			$14.91			$15.63
Total return (%) (r)(s)(t)(x)		5.67			12.30			13.04			(2.59	)		6.13
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.32			1.33			1.39			1.35			1.44
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.31			1.16			0.28			(0.00	)(w)		0.28
Portfolio turnover		24			20			52			7			9
Net assets at end of period (000 omitted)		$3,344			$2,775			$2,535			$1,775			$1,835
	Year ended
Class I	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$18.29			$16.62			$15.12			$15.85			$15.14
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.50			$0.41			$0.30			$0.15			$0.20
Net realized and unrealized gain (loss)		0.62			1.83			1.81			(0.41	)		0.87
Total from investment operations		$1.12			$2.24			$2.11			$(0.26	)		$1.07
Less distributions declared to shareholders
From net investment income		$(0.41	)		$(0.42	)		$(0.20	)		$(0.21	)		$(0.25	)
From net realized gain		(0.22	)		(0.15	)		(0.41	)		(0.26	)		(0.11	)
Total distributions declared to shareholders		$(0.63	)		$(0.57	)		$(0.61	)		$(0.47	)		$(0.36	)
Net asset value, end of period (x)		$18.78			$18.29			$16.62			$15.12			$15.85
Total return (%) (r)(s)(t)(x)		6.70			13.47			14.21			(1.61	)		7.16
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.32			0.33			0.38			0.35			0.44
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.73			2.26			1.92			0.97			1.31
Portfolio turnover		24			20			52			7			9
Net assets at end of period (000 omitted)		$213			$566			$423			$1,560			$1,132

See Notes to Financial Statements

107

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Year ended
Class R1	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$17.97			$16.38			$14.94			$15.64			$14.98
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.25			$0.21			$0.04			$(0.01	)		$0.12
Net realized and unrealized gain (loss)		0.69			1.82			1.88			(0.40	)		0.79
Total from investment operations		$0.94			$2.03			$1.92			$(0.41	)		$0.91
Less distributions declared to shareholders
From net investment income		$(0.23	)		$(0.29	)		$(0.07	)		$(0.03	)		$(0.14	)
From net realized gain		(0.22	)		(0.15	)		(0.41	)		(0.26	)		(0.11	)
Total distributions declared to shareholders		$(0.45	)		$(0.44	)		$(0.48	)		$(0.29	)		$(0.25	)
Net asset value, end of period (x)		$18.46			$17.97			$16.38			$14.94			$15.64
Total return (%) (r)(s)(t)(x)		5.65			12.35			13.06			(2.64	)		6.14
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.32			1.33			1.40			1.34			1.42
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.42			1.18			0.26			(0.05	)		0.77
Portfolio turnover		24			20			52			7			9
Net assets at end of period (000 omitted)		$1,322			$1,052			$606			$316			$377
	Year ended
Class R2	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$18.07			$16.44			$14.98			$15.73			$15.04
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.34			$0.30			$0.13			$0.09			$0.12
Net realized and unrealized gain (loss)		0.69			1.82			1.88			(0.43	)		0.87
Total from investment operations		$1.03			$2.12			$2.01			$(0.34	)		$0.99
Less distributions declared to shareholders
From net investment income		$(0.33	)		$(0.34	)		$(0.14	)		$(0.15	)		$(0.19	)
From net realized gain		(0.22	)		(0.15	)		(0.41	)		(0.26	)		(0.11	)
Total distributions declared to shareholders		$(0.55	)		$(0.49	)		$(0.55	)		$(0.41	)		$(0.30	)
Net asset value, end of period (x)		$18.55			$18.07			$16.44			$14.98			$15.73
Total return (%) (r)(s)(t)(x)		6.18			12.89			13.64			(2.16	)		6.67
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.82			0.83			0.90			0.85			0.94
Expenses after expense reductions (f)(h)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.92			1.67			0.82			0.60			0.81
Portfolio turnover		24			20			52			7			9
Net assets at end of period (000 omitted)		$28,575			$46,468			$33,805			$19,041			$13,030

See Notes to Financial Statements

108

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Year ended
Class R3	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$18.18			$16.53			$15.05			$15.80			$15.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.38			$0.34			$0.16			$0.11			$0.14
Net realized and unrealized gain (loss)		0.70			1.84			1.89			(0.42	)		0.90
Total from investment operations		$1.08			$2.18			$2.05			$(0.31	)		$1.04
Less distributions declared to shareholders
From net investment income		$(0.37	)		$(0.38	)		$(0.16	)		$(0.18	)		$(0.22	)
From net realized gain		(0.22	)		(0.15	)		(0.41	)		(0.26	)		(0.11	)
Total distributions declared to shareholders		$(0.59	)		$(0.53	)		$(0.57	)		$(0.44	)		$(0.33	)
Net asset value, end of period (x)		$18.67			$18.18			$16.53			$15.05			$15.80
Total return (%) (r)(s)(t)(x)		6.48			13.19			13.91			(1.96	)		6.95
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.57			0.58			0.65			0.60			0.69
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		2.10			1.90			1.03			0.76			0.90
Portfolio turnover		24			20			52			7			9
Net assets at end of period (000 omitted)		$54,561			$48,180			$27,276			$15,980			$9,089
	Year ended
Class R4	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$18.28			$16.60			$15.11			$15.85			$15.13
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.42			$0.42			$0.21			$0.16			$0.20
Net realized and unrealized gain (loss)		0.70			1.82			1.89			(0.43	)		0.88
Total from investment operations		$1.12			$2.24			$2.10			$(0.27	)		$1.08
Less distributions declared to shareholders
From net investment income		$(0.41	)		$(0.41	)		$(0.20	)		$(0.21	)		$(0.25	)
From net realized gain		(0.22	)		(0.15	)		(0.41	)		(0.26	)		(0.11	)
Total distributions declared to shareholders		$(0.63	)		$(0.56	)		$(0.61	)		$(0.47	)		$(0.36	)
Net asset value, end of period (x)		$18.77			$18.28			$16.60			$15.11			$15.85
Total return (%) (r)(s)(t)(x)		6.71			13.49			14.15			(1.68	)		7.23
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.32			0.33			0.39			0.35			0.44
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.30			2.35			1.30			1.06			1.28
Portfolio turnover		24			20			52			7			9
Net assets at end of period (000 omitted)		$69,834			$70,936			$75,323			$66,990			$58,759

See Notes to Financial Statements

109

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Year ended
Class R6	4/30/19			4/30/18			4/30/17 (i)
Net asset value, beginning of period		$18.27			$16.60			$15.91
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.44			$0.51			$0.04
Net realized and unrealized gain (loss)		0.71			1.75			1.26
Total from investment operations		$1.15			$2.26			$1.30
Less distributions declared to shareholders
From net investment income		$(0.44	)		$(0.44	)		$(0.20	)
From net realized gain		(0.22	)		(0.15	)		(0.41	)
Total distributions declared to shareholders		$(0.66	)		$(0.59	)		$(0.61	)
Net asset value, end of period (x)		$18.76			$18.27			$16.60
Total return (%) (r)(s)(t)(x)		6.89			13.60			8.46	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.18			0.19			0.32	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.44			2.82			0.41	(a)
Portfolio turnover		24			20			52
Net assets at end of period (000 omitted)		$39,175			$23,365			$8,776

(a) Annualized.

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

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

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

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

(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

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

See Notes to Financial Statements

110

Financial Highlights – continued

MFS LIFETIME 2055 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

	Year ended
Class A	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.45			$14.00			$12.61			$13.16			$12.54
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.32			$0.29			$0.13			$0.13			$0.14
Net realized and unrealized gain (loss)		0.60			1.55			1.59			(0.38	)		0.72
Total from investment operations		$0.92			$1.84			$1.72			$(0.25	)		$0.86
Less distributions declared to shareholders
From net investment income		$(0.31	)		$(0.31	)		$(0.13	)		$(0.14	)		$(0.18	)
From net realized gain		(0.13	)		(0.08	)		(0.20	)		(0.16	)		(0.06	)
Total distributions declared to shareholders		$(0.44	)		$(0.39	)		$(0.33	)		$(0.30	)		$(0.24	)
Net asset value, end of period (x)		$15.93			$15.45			$14.00			$12.61			$13.16
Total return (%) (r)(s)(t)(x)		6.46			13.10			13.80			(1.81	)		6.90
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.81			0.92			1.34			1.73			2.84
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		2.08			1.91			1.01			1.00			1.10
Portfolio turnover		20			18			45			14			18
Net assets at end of period (000 omitted)		$5,866			$4,833			$3,516			$2,014			$1,036
	Year ended
Class B	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.39			$13.95			$12.58			$13.12			$12.51
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.21			$0.18			$0.04			$(0.01	)		$0.03
Net realized and unrealized gain (loss)		0.60			1.55			1.57			(0.33	)		0.73
Total from investment operations		$0.81			$1.73			$1.61			$(0.34	)		$0.76
Less distributions declared to shareholders
From net investment income		$(0.20	)		$(0.21	)		$(0.04	)		$(0.04	)		$(0.09	)
From net realized gain		(0.13	)		(0.08	)		(0.20	)		(0.16	)		(0.06	)
Total distributions declared to shareholders		$(0.33	)		$(0.29	)		$(0.24	)		$(0.20	)		$(0.15	)
Net asset value, end of period (x)		$15.87			$15.39			$13.95			$12.58			$13.12
Total return (%) (r)(s)(t)(x)		5.65			12.36			12.94			(2.58	)		6.13
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.56			1.67			2.09			2.50			3.67
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.34			1.22			0.28			(0.06	)		0.26
Portfolio turnover		20			18			45			14			18
Net assets at end of period (000 omitted)		$605			$470			$407			$270			$244

See Notes to Financial Statements

111

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Year ended
Class C	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.28			$13.86			$12.49			$13.04			$12.45
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.18			$0.03			$(0.00	)(w)		$0.05
Net realized and unrealized gain (loss)		0.60			1.53			1.58			(0.34	)		0.71
Total from investment operations		$0.80			$1.71			$1.61			$(0.34	)		$0.76
Less distributions declared to shareholders
From net investment income		$(0.20	)		$(0.21	)		$(0.04	)		$(0.05	)		$(0.11	)
From net realized gain		(0.13	)		(0.08	)		(0.20	)		(0.16	)		(0.06	)
Total distributions declared to shareholders		$(0.33	)		$(0.29	)		$(0.24	)		$(0.21	)		$(0.17	)
Net asset value, end of period (x)		$15.75			$15.28			$13.86			$12.49			$13.04
Total return (%) (r)(s)(t)(x)		5.63			12.29			12.98			(2.59	)		6.17
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.56			1.67			2.08			2.50			3.61
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.32			1.19			0.26			(0.00	)(w)		0.37
Portfolio turnover		20			18			45			14			18
Net assets at end of period (000 omitted)		$2,179			$1,789			$1,284			$1,100			$1,031
	Year ended
Class I	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.46			$14.00			$12.65			$13.20			$12.57
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.35			$0.30			$0.26			$0.12			$0.12
Net realized and unrealized gain (loss)		0.61			1.58			1.45			(0.34	)		0.77
Total from investment operations		$0.96			$1.88			$1.71			$(0.22	)		$0.89
Less distributions declared to shareholders
From net investment income		$(0.35	)		$(0.34	)		$(0.16	)		$(0.17	)		$(0.20	)
From net realized gain		(0.13	)		(0.08	)		(0.20	)		(0.16	)		(0.06	)
Total distributions declared to shareholders		$(0.48	)		$(0.42	)		$(0.36	)		$(0.33	)		$(0.26	)
Net asset value, end of period (x)		$15.94			$15.46			$14.00			$12.65			$13.20
Total return (%) (r)(s)(t)(x)		6.74			13.40			13.66			(1.61	)		7.14
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.56			0.67			1.09			1.50			2.80
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.29			1.98			2.01			0.94			0.95
Portfolio turnover		20			18			45			14			18
Net assets at end of period (000 omitted)		$156			$114			$79			$608			$391

See Notes to Financial Statements

112

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Year ended
Class R1	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.32			$13.92			$12.63			$13.14			$12.51
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.17			$0.15			$(0.04	)		$0.03
Net realized and unrealized gain (loss)		0.60			1.55			1.46			(0.31	)		0.73
Total from investment operations		$0.80			$1.72			$1.61			$(0.35	)		$0.76
Less distributions declared to shareholders
From net investment income		$(0.23	)		$(0.24	)		$(0.12	)		$—			$(0.07	)
From net realized gain		(0.13	)		(0.08	)		(0.20	)		(0.16	)		(0.06	)
Total distributions declared to shareholders		$(0.36	)		$(0.32	)		$(0.32	)		$(0.16	)		$(0.13	)
Net asset value, end of period (x)		$15.76			$15.32			$13.92			$12.63			$13.14
Total return (%) (r)(s)(t)(x)		5.65			12.31			12.93			(2.62	)		6.14
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.56			1.66			2.08			2.53			3.71
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.32			1.13			1.10			(0.31	)		0.21
Portfolio turnover		20			18			45			14			18
Net assets at end of period (000 omitted)		$1,523			$854			$318			$62			$141
	Year ended
Class R2	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.36			$13.94			$12.57			$13.14			$12.53
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.26			$0.26			$0.11			$0.07			$0.09
Net realized and unrealized gain (loss)		0.62			1.53			1.58			(0.36	)		0.73
Total from investment operations		$0.88			$1.79			$1.69			$(0.29	)		$0.82
Less distributions declared to shareholders
From net investment income		$(0.27	)		$(0.29	)		$(0.12	)		$(0.12	)		$(0.15	)
From net realized gain		(0.13	)		(0.08	)		(0.20	)		(0.16	)		(0.06	)
Total distributions declared to shareholders		$(0.40	)		$(0.37	)		$(0.32	)		$(0.28	)		$(0.21	)
Net asset value, end of period (x)		$15.84			$15.36			$13.94			$12.57			$13.14
Total return (%) (r)(s)(t)(x)		6.19			12.82			13.59			(2.12	)		6.63
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.06			1.16			1.60			1.98			3.11
Expenses after expense reductions (f)(h)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.73			1.73			0.85			0.57			0.73
Portfolio turnover		20			18			45			14			18
Net assets at end of period (000 omitted)		$18,695			$15,534			$6,657			$1,855			$773

See Notes to Financial Statements

113

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MFS LIFETIME 2055 FUND – continued

	Year ended
Class R3	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.45			$14.00			$12.61			$13.17			$12.54
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.32			$0.29			$0.14			$0.10			$0.11
Net realized and unrealized gain (loss)		0.60			1.55			1.58			(0.36	)		0.75
Total from investment operations		$0.92			$1.84			$1.72			$(0.26	)		$0.86
Less distributions declared to shareholders
From net investment income		$(0.31	)		$(0.31	)		$(0.13	)		$(0.14	)		$(0.17	)
From net realized gain		(0.13	)		(0.08	)		(0.20	)		(0.16	)		(0.06	)
Total distributions declared to shareholders		$(0.44	)		$(0.39	)		$(0.33	)		$(0.30	)		$(0.23	)
Net asset value, end of period (x)		$15.93			$15.45			$14.00			$12.61			$13.17
Total return (%) (r)(s)(t)(x)		6.46			13.14			13.83			(1.89	)		6.95
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.81			0.92			1.34			1.74			2.81
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		2.07			1.89			1.07			0.76			0.84
Portfolio turnover		20			18			45			14			18
Net assets at end of period (000 omitted)		$27,658			$21,438			$10,285			$3,915			$2,353
	Year ended
Class R4	4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Net asset value, beginning of period		$15.53			$14.06			$12.65			$13.20			$12.56
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.36			$0.37			$0.17			$0.13			$0.18
Net realized and unrealized gain (loss)		0.60			1.52			1.60			(0.35	)		0.72
Total from investment operations		$0.96			$1.89			$1.77			$(0.22	)		$0.90
Less distributions declared to shareholders
From net investment income		$(0.35	)		$(0.34	)		$(0.16	)		$(0.17	)		$(0.20	)
From net realized gain		(0.13	)		(0.08	)		(0.20	)		(0.16	)		(0.06	)
Total distributions declared to shareholders		$(0.48	)		$(0.42	)		$(0.36	)		$(0.33	)		$(0.26	)
Net asset value, end of period (x)		$16.01			$15.53			$14.06			$12.65			$13.20
Total return (%) (r)(s)(t)(x)		6.71			13.42			14.14			(1.61	)		7.23
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.56			0.67			1.09			1.48			2.51
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.31			2.43			1.31			1.07			1.42
Portfolio turnover		20			18			45			14			18
Net assets at end of period (000 omitted)		$30,137			$26,747			$21,882			$10,776			$5,056

See Notes to Financial Statements

114

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Year ended
Class R6	4/30/19			4/30/18			4/30/17 (i)
Net asset value, beginning of period		$15.53			$14.06			$13.32
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.37			$0.49			$0.04
Net realized and unrealized gain (loss)		0.61			1.42			1.06
Total from investment operations		$0.98			$1.91			$1.10
Less distributions declared to shareholders
From net investment income		$(0.37	)		$(0.36	)		$(0.16	)
From net realized gain		(0.13	)		(0.08	)		(0.20	)
Total distributions declared to shareholders		$(0.50	)		$(0.44	)		$(0.36	)
Net asset value, end of period (x)		$16.01			$15.53			$14.06
Total return (%) (r)(s)(t)(x)		6.88			13.56			8.44	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.42			0.52			0.95	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.40			3.15			0.44	(a)
Portfolio turnover		20			18			45
Net assets at end of period (000 omitted)		$16,579			$7,695			$1,726

(a) Annualized.

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

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

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

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

(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

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

See Notes to Financial Statements

115

Financial Highlights – continued

MFS LIFETIME 2060 FUND

The financial highlights table is intended to help you understand the fund’s financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

	Year ended
Class A	4/30/19			4/30/18			4/30/17 (c)
Net asset value, beginning of period		$11.85			$10.73			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.41			$0.25			$0.10
Net realized and unrealized gain (loss)		0.30			1.16			0.74
Total from investment operations		$0.71			$1.41			$0.84
Less distributions declared to shareholders
From net investment income		$(0.25	)		$(0.23	)		$(0.11	)
From net realized gain		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.30	)		$(0.29	)		$(0.11	)
Net asset value, end of period (x)		$12.26			$11.85			$10.73
Total return (%) (r)(s)(t)(x)		6.47			13.19			8.45	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		4.01			9.75			15.07	(a)
Expenses after expense reductions (f)(h)		0.20			0.16			0.12	(a)
Net investment income (loss) (l)		3.49			2.17			2.42	(a)
Portfolio turnover		34			37			2	(n)
Net assets at end of period (000 omitted)		$1,362			$306			$59
	Year ended
Class B	4/30/19			4/30/18			4/30/17 (c)
Net asset value, beginning of period		$11.82			$10.70			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.17			$0.14			$0.07
Net realized and unrealized gain (loss)		0.48			1.19			0.73
Total from investment operations		$0.65			$1.33			$0.80
Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.15	)		$(0.10	)
From net realized gain		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.22	)		$(0.21	)		$(0.10	)
Net asset value, end of period (x)		$12.25			$11.82			$10.70
Total return (%) (r)(s)(t)(x)		5.78			12.39			8.08	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		4.98			11.79			15.87	(a)
Expenses after expense reductions (f)(h)		0.95			0.90			0.87	(a)
Net investment income (loss) (l)		1.44			1.26			1.76	(a)
Portfolio turnover		34			37			2	(n)
Net assets at end of period (000 omitted)		$149			$73			$55

See Notes to Financial Statements

116

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Year ended
Class C	4/30/19			4/30/18			4/30/17 (c)
Net asset value, beginning of period		$11.81			$10.70			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.14			$0.07
Net realized and unrealized gain (loss)		0.44			1.19			0.73
Total from investment operations		$0.64			$1.33			$0.80
Less distributions declared to shareholders
From net investment income		$(0.19	)		$(0.16	)		$(0.10	)
From net realized gain		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.24	)		$(0.22	)		$(0.10	)
Net asset value, end of period (x)		$12.21			$11.81			$10.70
Total return (%) (r)(s)(t)(x)		5.75			12.38			8.08	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		4.88			11.46			15.81	(a)
Expenses after expense reductions (f)(h)		0.95			0.90			0.87	(a)
Net investment income (loss) (l)		1.68			1.24			1.68	(a)
Portfolio turnover		34			37			2	(n)
Net assets at end of period (000 omitted)		$283			$107			$60
	Year ended
Class I	4/30/19			4/30/18			4/30/17 (c)
Net asset value, beginning of period		$11.88			$10.74			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.28			$0.26			$0.11
Net realized and unrealized gain (loss)		0.47			1.19			0.74
Total from investment operations		$0.75			$1.45			$0.85
Less distributions declared to shareholders
From net investment income		$(0.26	)		$(0.25	)		$(0.11	)
From net realized gain		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.31	)		$(0.31	)		$(0.11	)
Net asset value, end of period (x)		$12.32			$11.88			$10.74
Total return (%) (r)(s)(t)(x)		6.76			13.50			8.57	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		4.04			11.01			14.88	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.37			2.23			2.76	(a)
Portfolio turnover		34			37			2	(n)
Net assets at end of period (000 omitted)		$66			$62			$54

See Notes to Financial Statements

117

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MFS LIFETIME 2060 FUND – continued

	Year ended
Class R1	4/30/19			4/30/18			4/30/17 (c)
Net asset value, beginning of period		$11.83			$10.70			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.16			$0.14			$0.07
Net realized and unrealized gain (loss)		0.48			1.19			0.73
Total from investment operations		$0.64			$1.33			$0.80
Less distributions declared to shareholders
From net investment income		$(0.14	)		$(0.14	)		$(0.10	)
From net realized gain		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.19	)		$(0.20	)		$(0.10	)
Net asset value, end of period (x)		$12.28			$11.83			$10.70
Total return (%) (r)(s)(t)(x)		5.69			12.41			8.08	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		5.04			12.02			15.88	(a)
Expenses after expense reductions (f)(h)		0.95			0.90			0.87	(a)
Net investment income (loss) (l)		1.36			1.23			1.76	(a)
Portfolio turnover		34			37			2	(n)
Net assets at end of period (000 omitted)		$64			$61			$54
	Year ended
Class R2	4/30/19			4/30/18			4/30/17 (c)
Net asset value, beginning of period		$11.84			$10.72			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.27			$0.18			$0.09
Net realized and unrealized gain (loss)		0.42			1.21			0.73
Total from investment operations		$0.69			$1.39			$0.82
Less distributions declared to shareholders
From net investment income		$(0.23	)		$(0.21	)		$(0.10	)
From net realized gain		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.28	)		$(0.27	)		$(0.10	)
Net asset value, end of period (x)		$12.25			$11.84			$10.72
Total return (%) (r)(s)(t)(x)		6.29			12.92			8.32	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		4.31			10.36			15.38	(a)
Expenses after expense reductions (f)(h)		0.45			0.41			0.37	(a)
Net investment income (loss) (l)		2.34			1.56			2.26	(a)
Portfolio turnover		34			37			2	(n)
Net assets at end of period (000 omitted)		$797			$151			$54

See Notes to Financial Statements

118

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Year ended
Class R3	4/30/19			4/30/18			4/30/17 (c)
Net asset value, beginning of period		$11.85			$10.73			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.24			$0.25			$0.10
Net realized and unrealized gain (loss)		0.48			1.17			0.74
Total from investment operations		$0.72			$1.42			$0.84
Less distributions declared to shareholders
From net investment income		$(0.24	)		$(0.24	)		$(0.11	)
From net realized gain		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.29	)		$(0.30	)		$(0.11	)
Net asset value, end of period (x)		$12.28			$11.85			$10.73
Total return (%) (r)(s)(t)(x)		6.48			13.21			8.45	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		4.15			9.15			14.31	(a)
Expenses after expense reductions (f)(h)		0.20			0.16			0.12	(a)
Net investment income (loss) (l)		2.04			2.11			2.41	(a)
Portfolio turnover		34			37			2	(n)
Net assets at end of period (000 omitted)		$2,505			$1,203			$88
	Year ended
Class R4	4/30/19			4/30/18			4/30/17 (c)
Net asset value, beginning of period		$11.88			$10.74			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.31			$0.30			$0.11
Net realized and unrealized gain (loss)		0.43			1.15			0.74
Total from investment operations		$0.74			$1.45			$0.85
Less distributions declared to shareholders
From net investment income		$(0.26	)		$(0.25	)		$(0.11	)
From net realized gain		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.31	)		$(0.31	)		$(0.11	)
Net asset value, end of period (x)		$12.31			$11.88			$10.74
Total return (%) (r)(s)(t)(x)		6.72			13.51			8.57	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		3.79			8.82			14.88	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.63			2.54			2.75	(a)
Portfolio turnover		34			37			2	(n)
Net assets at end of period (000 omitted)		$1,524			$356			$55

See Notes to Financial Statements

119

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Year ended
Class R6	4/30/19			4/30/18			4/30/17 (c)
Net asset value, beginning of period		$11.88			$10.74			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.29			$0.25			$0.11
Net realized and unrealized gain (loss)		0.48			1.20			0.74
Total from investment operations		$0.77			$1.45			$0.85
Less distributions declared to shareholders
From net investment income		$(0.27	)		$(0.25	)		$(0.11	)
From net realized gain		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.32	)		$(0.31	)		$(0.11	)
Net asset value, end of period (x)		$12.33			$11.88			$10.74
Total return (%) (r)(s)(t)(x)		6.95			13.51			8.57	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		3.80			10.10			14.87	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.43			2.18			2.76	(a)
Portfolio turnover		34			37			2	(n)
Net assets at end of period (000 omitted)		$3,309			$1,268			$543

(a) Annualized.

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

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

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

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

(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

See Notes to Financial Statements

120

NOTES TO FINANCIAL STATEMENTS

(1) Business and Organization

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

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

Equity securities, including restricted equity securities and equity securities sold short, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Equity securities sold short, for which there were no sales reported 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

121

Notes to Financial Statements – continued

generally valued at valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. Securities and other assets, including commodity-linked structured notes, generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

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

Various inputs are used in determining the value of each fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Each fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. The following is a summary of the levels used as of April 30, 2019 in valuing each fund’s assets or liabilities:

	Level 1		Level 2		Level 3		Total
MFS Lifetime Income Fund
Financial Instruments
Mutual Funds		$574,200,371		$—		$—		$574,200,371
MFS Lifetime 2020 Fund
Financial Instruments
Mutual Funds		$342,414,308		$—		$—		$342,414,308
MFS Lifetime 2025 Fund
Financial Instruments
Mutual Funds		$292,671,718		$—		$—		$292,671,718
MFS Lifetime 2030 Fund
Financial Instruments
Mutual Funds		$589,780,845		$—		$—		$589,780,845
MFS Lifetime 2035 Fund
Financial Instruments
Mutual Funds		$288,749,928		$—		$—		$288,749,928

122

Notes to Financial Statements – continued

	Level 1		Level 2		Level 3		Total
MFS Lifetime 2040 Fund
Financial Instruments
Mutual Funds		$427,063,779		$—		$—		$427,063,779
MFS Lifetime 2045 Fund
Financial Instruments
Mutual Funds		$199,226,601		$—		$—		$199,226,601
MFS Lifetime 2050 Fund
Financial Instruments
Mutual Funds		$211,514,903		$—		$—		$211,514,903
MFS Lifetime 2055 Fund
Financial Instruments
Mutual Funds		$103,516,382		$—		$—		$103,516,382
MFS Lifetime 2060 Fund
Financial Instruments
Mutual Funds		$10,081,600		$—		$—		$10,081,600

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

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

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

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

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

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

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes.

123

Notes to Financial Statements – continued

Book/tax differences primarily relate to wash sale loss deferrals and treating a portion of the proceeds from redemptions as a distribution for tax purposes.

The tax character of distributions declared to shareholders for the last two fiscal years is as follows:

Year ended 4/30/19	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Ordinary income (including any short-term capital gains)		$14,151,442		$9,359,915		$7,672,089		$14,927,515		$7,625,114
Long-term capital gains		6,835,974		8,979,696		2,471,107		13,876,431		1,810,035
Total distributions		$20,987,416		$18,339,611		$10,143,196		$28,803,946		$9,435,149
Year ended 4/30/19	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Ordinary income (including any short-term capital gains)		$10,699,061		$4,711,122		$5,205,028		$1,995,019		$146,710
Long-term capital gains		11,590,195		1,486,101		2,179,161		725,057		27,503
Total distributions		$22,289,256		$6,197,223		$7,384,189		$2,720,076		$174,213
Year ended 4/30/18	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Ordinary income (including any short-term capital gains)		$12,605,779		$10,537,384		$6,358,589		$14,663,281		$5,512,109
Long-term capital gains		6,382,316		4,886,326		950,079		5,000,049		1,250,038
Total distributions		$18,988,095		$15,423,710		$7,308,668		$19,663,330		$6,762,147
Year ended 4/30/18	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Ordinary income (including any short-term capital gains)		$10,491,232		$3,550,071		$4,260,080		$1,398,251		$44,075
Long-term capital gains		3,240,477		956,004		1,218,136		300,022		8,525
Total distributions		$13,731,709		$4,506,075		$5,478,216		$1,698,273		$52,600

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

As of 4/30/19	MFS Lifetime Income Fund			MFS Lifetime 2020 Fund			MFS Lifetime 2025 Fund			MFS Lifetime 2030 Fund			MFS Lifetime 2035 Fund
Cost of investments		$534,732,337			$312,420,309			$268,669,839			$489,041,425			$251,327,227
Gross appreciation		42,619,530			30,860,535			24,681,844			101,964,022			37,976,102
Gross depreciation		(3,151,496	)		(866,536	)		(679,965	)		(1,224,602	)		(553,401	)
Net unrealized appreciation (depreciation)		$39,468,034			$29,993,999			$24,001,879			$100,739,420			$37,422,701
Undistributed ordinary income		1,503,026			2,964,847			1,493,120			3,668,104			649,145
Undistributed long-term capital gain		5,348,729			4,895,096			3,973,085			14,741,251			6,057,037
Other temporary differences		(830,804	)		—			—			—			—
As of 4/30/19	MFS Lifetime 2040 Fund			MFS Lifetime 2045 Fund			MFS Lifetime 2050 Fund			MFS Lifetime 2055 Fund			MFS Lifetime 2060 Fund
Cost of investments		$327,487,462			$171,192,517			$174,111,866			$93,126,426			$9,697,298
Gross appreciation		100,550,575			28,428,079			37,793,695			10,561,831			393,933
Gross depreciation		(974,258	)		(393,995	)		(390,658	)		(171,875	)		(9,631	)
Net unrealized appreciation (depreciation)		$99,576,317			$28,034,084			$37,403,037			$10,389,956			$384,302
Undistributed ordinary income		2,383,912			100,292			186,226			9,448			21,523
Undistributed long-term capital gain		12,832,271			4,828,732			5,505,277			2,357,193			174,657
Post-October capital loss deferral		—			—			—			(24,834	)		—

Multiple Classes of Shares of Beneficial Interest – Each fund offers multiple classes of shares, which differ in their respective distribution, service, and program manager fees. For the MFS Lifetime Income Fund, income and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. For the MFS Lifetime Income Fund, realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. For all other funds, income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class 529B shares will convert to Class A and Class 529A shares, respectively, approximately eight years after

124

Notes to Financial Statements – continued

purchase. Class C and Class 529C shares will convert to Class A and Class 529A shares, respectively, approximately ten years after purchase. Each fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

From net investment income

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund
	Year Ended 4/30/19	Year Ended 4/30/18	Year Ended 4/30/19	Year Ended 4/30/18	Year Ended 4/30/19	Year Ended 4/30/18
Class A	$2,820,303	$2,398,788	$1,055,726	$1,249,773	$483,914	$432,896
Class B	194,797	186,981	60,584	91,371	24,559	26,321
Class C	2,191,182	1,985,495	211,940	279,201	67,927	73,131
Class I	1,095,806	797,088	50,379	53,819	30,784	3,368
Class R1	63,985	60,968	80,226	89,059	28,105	18,945
Class R2	623,419	558,776	1,467,452	1,767,538	677,183	854,419
Class R3	1,422,751	1,174,314	2,140,164	2,259,963	1,667,677	1,442,800
Class R4	1,461,663	1,904,479	2,322,474	2,431,246	2,585,504	2,364,609
Class R6	813,392	458,470	1,610,762	1,225,726	1,084,376	818,543
Class 529A	2,378,350	1,673,544	—	—	—	—
Class 529B	73,400	58,435	—	—	—	—
Class 529C	628,220	467,772	—	—	—	—
Total	$13,767,268	$11,725,110	$8,999,707	$9,447,696	$6,650,029	$6,035,032
	MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund		MFS Lifetime 2040 Fund
	Year Ended 4/30/19	Year Ended 4/30/18	Year Ended 4/30/19	Year Ended 4/30/18	Year Ended 4/30/19	Year Ended 4/30/18
Class A	$1,368,959	$1,387,972	$338,583	$337,208	$751,120	$789,985
Class B	138,382	141,645	22,637	27,870	61,851	73,989
Class C	246,088	264,745	36,994	42,702	143,159	180,808
Class I	54,680	50,068	17,672	13,040	39,770	46,257
Class R1	119,691	106,904	33,030	36,641	59,997	58,974
Class R2	2,307,109	2,427,710	532,212	668,384	1,543,180	1,759,698
Class R3	3,390,118	2,990,300	1,312,009	1,220,662	1,870,697	1,703,757
Class R4	3,883,993	3,583,069	2,557,870	2,367,031	3,441,499	3,421,430
Class R6	2,491,402	1,747,665	949,054	636,542	1,568,737	1,102,127
Total	$14,000,422	$12,700,078	$5,800,061	$5,350,080	$9,480,010	$9,137,025
	MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund
	Year Ended 4/30/19	Year Ended 4/30/18	Year Ended 4/30/19	Year Ended 4/30/18	Year Ended 4/30/19	Year Ended 4/30/18
Class A	$150,250	$170,187	$239,727	$236,172	$96,725	$83,567
Class B	11,021	14,121	20,407	16,826	6,862	6,631
Class C	28,802	36,236	39,103	40,269	25,435	22,020
Class I	4,923	4,138	12,033	14,180	2,854	1,782
Class R1	21,381	11,938	14,480	13,471	18,135	9,021
Class R2	330,178	370,779	910,115	803,171	285,147	232,915
Class R3	931,011	727,135	1,039,197	776,294	464,328	311,034
Class R4	1,795,722	1,757,947	1,687,365	1,576,226	689,848	558,543
Class R6	521,732	367,530	752,584	498,415	327,676	147,528
Total	$3,795,020	$3,460,011	$4,715,011	$3,975,024	$1,917,010	$1,373,041

125

Notes to Financial Statements – continued

	MFS Lifetime 2060 Fund
	Year Ended 4/30/19	Year Ended 4/30/18
Class A	$23,953	$3,710
Class B	1,623	810
Class C	3,217	1,084
Class I	1,341	1,261
Class R1	716	704
Class R2	12,388	1,344
Class R3	30,938	12,696
Class R4	19,514	4,710
Class R6	50,919	15,731
Total	$144,609	$42,050

From net realized gain

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund
	Year Ended 4/30/19	Year Ended 4/30/18	Year Ended 4/30/19	Year Ended 4/30/18	Year Ended 4/30/19	Year Ended 4/30/18
Class A	$1,299,159	$1,323,158	$1,109,087	$787,622	$258,825	$92,868
Class B	124,865	155,225	100,188	83,367	19,197	7,913
Class C	1,392,126	1,677,548	330,698	252,436	52,293	21,166
Class I	488,455	403,673	48,034	30,731	14,936	672
Class R1	36,203	50,876	120,126	75,203	20,079	4,876
Class R2	315,151	340,570	1,733,979	1,228,335	428,648	194,805
Class R3	662,741	658,794	2,227,102	1,402,030	906,395	308,197
Class R4	613,987	669,958	2,208,683	1,445,562	1,281,216	486,778
Class R6	339,976	271,378	1,462,007	670,728	511,578	156,361
Class 529A	1,384,640	1,155,342	—	—	—	—
Class 529B	58,188	60,914	—	—	—	—
Class 529C	504,657	495,549	—	—	—	—
Total	$7,220,148	$7,262,985	$9,339,904	$5,976,014	$3,493,167	$1,273,636
	MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund		MFS Lifetime 2040 Fund
	Year Ended 4/30/19	Year Ended 4/30/18	Year Ended 4/30/19	Year Ended 4/30/18	Year Ended 4/30/19	Year Ended 4/30/18
Class A	$1,471,361	$762,335	$220,190	$91,006	$1,010,676	$398,600
Class B	219,956	114,519	23,542	10,307	138,045	56,391
Class C	394,625	211,589	36,234	15,777	322,729	133,920
Class I	53,090	24,922	10,385	3,214	49,335	21,200
Class R1	183,512	81,645	31,437	11,393	131,744	44,925
Class R2	2,793,687	1,481,346	415,604	193,626	2,456,434	999,949
Class R3	3,611,479	1,628,664	862,857	328,483	2,581,036	855,727
Class R4	3,770,000	1,828,737	1,506,435	605,985	4,277,296	1,603,287
Class R6	2,305,814	829,495	528,404	152,276	1,841,951	480,685
Total	$14,803,524	$6,963,252	$3,635,088	$1,412,067	$12,809,246	$4,594,684
	MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund
	Year Ended 4/30/19	Year Ended 4/30/18	Year Ended 4/30/19	Year Ended 4/30/18	Year Ended 4/30/19	Year Ended 4/30/18
Class A	$100,848	$53,084	$140,725	$92,817	$41,898	$20,516
Class B	12,049	6,297	17,631	9,631	4,605	2,409
Class C	29,427	15,525	35,743	23,130	16,944	7,998
Class I	2,906	1,187	6,319	4,927	1,102	398
Class R1	19,001	4,814	13,391	6,860	10,523	2,874
Class R2	260,014	123,741	599,353	342,907	141,772	60,382
Class R3	616,581	226,378	603,513	296,244	200,723	75,049
Class R4	1,069,590	514,360	882,648	560,958	266,764	124,530
Class R6	291,787	100,678	369,855	165,718	118,735	31,076
Total	$2,402,203	$1,046,064	$2,669,178	$1,503,192	$803,066	$325,232

126

Notes to Financial Statements – continued

	MFS Lifetime 2060 Fund
	Year Ended 4/30/19	Year Ended 4/30/18
Class A	$4,838	$927
Class B	503	325
Class C	876	407
Class I	265	297
Class R1	263	296
Class R2	2,703	385
Class R3	6,666	3,132
Class R4	3,795	1,104
Class R6	9,695	3,677
Total	$29,604	$10,550

(3) Transactions with Affiliates

Investment Adviser – Each fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the funds. MFS receives no compensation under this agreement; however MFS receives management fees from the underlying MFS funds.

The investment adviser has agreed in writing to pay all of each fund’s operating expenses, excluding distribution and service fees, program manager fees, interest, taxes, extraordinary expenses, brokerage and transaction costs and investment-related expenses including fees and expenses associated with investments in investment companies and other similar investment vehicles (“Other Expenses”). For the year ended April 30, 2019, this reduction amounted to the following for each fund and is included in the reduction of total expenses in the Statements of Operations:

MFS Lifetime Income Fund	MFS Lifetime 2020 Fund	MFS Lifetime 2025 Fund	MFS Lifetime 2030 Fund	MFS Lifetime 2035 Fund	MFS Lifetime 2040 Fund	MFS Lifetime 2045 Fund	MFS Lifetime 2050 Fund	MFS Lifetime 2055 Fund	MFS Lifetime 2060 Fund
$1,181,504	$801,998	$676,895	$1,127,957	$687,869	$941,113	$593,332	$665,431	$499,379	$235,541

For Class R6 shares, the investment adviser has agreed to bear each fund’s expenses, or make payment to such fund, such that the “Other Expenses” of the class do not exceed (0.10)% annually of average daily net assets for the MFS Lifetime Income Fund and (0.14)% annually of average daily net assets for all other funds. These written agreements will continue until modified by the funds’ Board of Trustees, but such agreements will continue at least until August 31, 2019. Payments made to certain classes of the funds to further reduce “Other Expenses” below 0.00% annually of average daily net assets are included in “Excess expense reimbursement from investment adviser” in the Statements of Operations.

In addition to the fees and expenses which each fund bears directly, each fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which each fund invests. Accordingly, the expense ratio for each fund reflects only those fees and expenses borne directly by each fund.

Distributor – MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the year ended April 30, 2019, as its portion of the initial sales charge on sales of Class A and Class 529A shares of each fund:

	Class A		Class 529A
MFS Lifetime Income Fund		$7,643		$7,196
MFS Lifetime 2020 Fund		4,360		—
MFS Lifetime 2025 Fund		12,022		—
MFS Lifetime 2030 Fund		25,116		—
MFS Lifetime 2035 Fund		13,165		—
MFS Lifetime 2040 Fund		15,600		—
MFS Lifetime 2045 Fund		9,372		—
MFS Lifetime 2050 Fund		14,569		—
MFS Lifetime 2055 Fund		8,045		—
MFS Lifetime 2060 Fund		2,724		—

The Board of Trustees has adopted a distribution plan for certain share classes pursuant to 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.

127

Notes to Financial Statements – continued

Distribution Plan Fee Table:

	Class A
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		—		0.25%		0.25%		0.25%		$268,806
MFS Lifetime 2020 Fund		—		0.25%		0.25%		0.25%		108,897
MFS Lifetime 2025 Fund		—		0.25%		0.25%		0.23%		44,937
MFS Lifetime 2030 Fund		—		0.25%		0.25%		0.25%		148,149
MFS Lifetime 2035 Fund		—		0.25%		0.25%		0.24%		36,467
MFS Lifetime 2040 Fund		—		0.25%		0.25%		0.24%		85,365
MFS Lifetime 2045 Fund		—		0.25%		0.25%		0.25%		18,798
MFS Lifetime 2050 Fund		—		0.25%		0.25%		0.25%		29,312
MFS Lifetime 2055 Fund		—		0.25%		0.25%		0.25%		12,035
MFS Lifetime 2060 Fund		—		0.25%		0.25%		0.25%		1,795
	Class B
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		0.75%		0.25%		1.00%		1.00%		$105,272
MFS Lifetime 2020 Fund		0.75%		0.25%		1.00%		1.00%		39,701
MFS Lifetime 2025 Fund		0.75%		0.25%		1.00%		0.99%		14,344
MFS Lifetime 2030 Fund		0.75%		0.25%		1.00%		1.00%		86,820
MFS Lifetime 2035 Fund		0.75%		0.25%		1.00%		1.00%		16,763
MFS Lifetime 2040 Fund		0.75%		0.25%		1.00%		1.00%		47,367
MFS Lifetime 2045 Fund		0.75%		0.25%		1.00%		1.00%		8,960
MFS Lifetime 2050 Fund		0.75%		0.25%		1.00%		1.00%		14,316
MFS Lifetime 2055 Fund		0.75%		0.25%		1.00%		1.00%		5,239
MFS Lifetime 2060 Fund		0.75%		0.25%		1.00%		1.00%		1,120
	Class C
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		0.75%		0.25%		1.00%		1.00%		$1,187,408
MFS Lifetime 2020 Fund		0.75%		0.25%		1.00%		1.00%		126,793
MFS Lifetime 2025 Fund		0.75%		0.25%		1.00%		1.00%		39,060
MFS Lifetime 2030 Fund		0.75%		0.25%		1.00%		1.00%		156,311
MFS Lifetime 2035 Fund		0.75%		0.25%		1.00%		0.99%		24,836
MFS Lifetime 2040 Fund		0.75%		0.25%		1.00%		1.00%		111,525
MFS Lifetime 2045 Fund		0.75%		0.25%		1.00%		0.99%		20,853
MFS Lifetime 2050 Fund		0.75%		0.25%		1.00%		1.00%		29,803
MFS Lifetime 2055 Fund		0.75%		0.25%		1.00%		1.00%		19,240
MFS Lifetime 2060 Fund		0.75%		0.25%		1.00%		1.00%		1,719
	Class R1
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		0.75%		0.25%		1.00%		1.00%		$39,125
MFS Lifetime 2020 Fund		0.75%		0.25%		1.00%		1.00%		46,297
MFS Lifetime 2025 Fund		0.75%		0.25%		1.00%		1.00%		14,823
MFS Lifetime 2030 Fund		0.75%		0.25%		1.00%		1.00%		71,407
MFS Lifetime 2035 Fund		0.75%		0.25%		1.00%		1.00%		21,568
MFS Lifetime 2040 Fund		0.75%		0.25%		1.00%		1.00%		46,526
MFS Lifetime 2045 Fund		0.75%		0.25%		1.00%		1.00%		12,664
MFS Lifetime 2050 Fund		0.75%		0.25%		1.00%		1.00%		11,789
MFS Lifetime 2055 Fund		0.75%		0.25%		1.00%		1.00%		11,220
MFS Lifetime 2060 Fund		0.75%		0.25%		1.00%		1.00%		609

128

Notes to Financial Statements – continued

	Class R2
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		0.25%		0.25%		0.50%		0.50%		$132,314
MFS Lifetime 2020 Fund		0.25%		0.25%		0.50%		0.50%		334,532
MFS Lifetime 2025 Fund		0.25%		0.25%		0.50%		0.50%		175,290
MFS Lifetime 2030 Fund		0.25%		0.25%		0.50%		0.50%		549,004
MFS Lifetime 2035 Fund		0.25%		0.25%		0.50%		0.50%		161,234
MFS Lifetime 2040 Fund		0.25%		0.25%		0.50%		0.50%		415,114
MFS Lifetime 2045 Fund		0.25%		0.25%		0.50%		0.50%		103,544
MFS Lifetime 2050 Fund		0.25%		0.25%		0.50%		0.50%		238,667
MFS Lifetime 2055 Fund		0.25%		0.25%		0.50%		0.50%		85,096
MFS Lifetime 2060 Fund		0.25%		0.25%		0.50%		0.50%		2,521
	Class R3
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		—		0.25%		0.25%		0.25%		$134,858
MFS Lifetime 2020 Fund		—		0.25%		0.25%		0.25%		206,296
MFS Lifetime 2025 Fund		—		0.25%		0.25%		0.25%		170,933
MFS Lifetime 2030 Fund		—		0.25%		0.25%		0.25%		349,738
MFS Lifetime 2035 Fund		—		0.25%		0.25%		0.25%		153,607
MFS Lifetime 2040 Fund		—		0.25%		0.25%		0.25%		217,353
MFS Lifetime 2045 Fund		—		0.25%		0.25%		0.25%		113,659
MFS Lifetime 2050 Fund		—		0.25%		0.25%		0.25%		125,867
MFS Lifetime 2055 Fund		—		0.25%		0.25%		0.25%		59,587
MFS Lifetime 2060 Fund		—		0.25%		0.25%		0.25%		3,970
	Class 529A
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		—		0.25%		0.25%		0.23%		$228,261
	Class 529B
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		0.75%		0.25%		1.00%		0.99%		$40,501
	Class 529C
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		0.75%		0.25%		1.00%		0.99%		$344,376

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Total Distribution and Service Fees		$2,480,921		$862,516		$459,387		$1,361,429		$414,475
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Total Distribution and Service Fees		$923,250		$278,478		$449,754		$192,417		$11,734

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

129

Notes to Financial Statements – continued

(e) The annual effective rates represent actual fees incurred under the distribution plan for the year ended April 30, 2019 based on each class’s average daily net assets. MFD has voluntarily agreed to rebate a portion of each class’s 0.25% service fee attributable to accounts for which MFD retains the 0.25% service fee except for accounts attributable to MFS or its affiliates’ seed money. For the year ended April 30, 2019, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations:

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Class A		$3,159		$1,579		$3,731		$2,877		$817
Class B		2		39		194		122		5
Class C		95		81		5		345		118
Class R1		81		1		—		95		1
Class R2		170		601		7		1,149		26
Class R3		7		4		20		24		107
Class 529A		15,983		N/A		N/A		N/A		N/A
Class 529B		563		N/A		N/A		N/A		N/A
Class 529C		2,807		N/A		N/A		N/A		N/A
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Class A		$2,054		$226		$355		$85		$1
Class B		208		24		28		—		—
Class C		138		130		24		41		—
Class R1		1		—		1		—		—
Class R2		699		146		216		1		—
Class R3		199		1		160		4		—

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B and Class 529B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C and Class 529C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the year ended April 30, 2019, were as follows:

CDSC Imposed	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Class A		$2,069		$37		$321		$784		$287
Class B		11,334		6,470		1,426		10,797		2,046
Class C		10,263		1,039		545		1,646		308
Class 529B		601		N/A		N/A		N/A		N/A
Class 529C		308		N/A		N/A		N/A		N/A
CDSC Imposed	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Class A		$399		$173		$383		$173		$7
Class B		5,997		943		2,043		337		—
Class C		1,201		215		767		237		175

The MFS Lifetime Income Fund has entered into and may from time to time enter into contracts with program managers and other parties which administer the tuition programs through which an investment in the fund’s 529 share classes is made. The MFS Lifetime Income Fund has entered into an agreement with MFD pursuant to which MFD receives an annual fee of up to 0.05% of the average daily net assets attributable to each 529 share class. The services provided by MFD, or a third party with which MFD contracts, include recordkeeping and tax reporting and account services, as well as services designed to maintain the program’s compliance with the Internal Revenue Code and other regulatory requirements. Program manager fees for the MFS Lifetime Income Fund for the year ended April 30, 2019, were as follows:

	Fee
Class 529A		$45,652
Class 529B		2,025
Class 529C		17,219
Total Program Manager Fees		$64,896

130

Notes to Financial Statements – continued

Shareholder Servicing Agent – MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from each fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of each fund as determined periodically under the supervision of the funds’ Board of Trustees. For the year ended April 30, 2019, each fund paid the following fee, which equated to the following annual percentage of each fund’s average daily net assets:

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Expenses paid		$168,312		$28,022		$22,271		$45,322		$26,457
Percentage of average daily net assets		0.0297%		0.0079%		0.0085%		0.0077%		0.0105%
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Expenses paid		$43,030		$26,658		$32,777		$31,827		$4,036
Percentage of average daily net assets		0.0099%		0.0151%		0.0149%		0.0347%		0.0661%

MFSC also receives payment from each fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the year ended April 30, 2019, 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
$636,031	$488,281	$391,885	$770,339	$405,232	$620,653	$327,410	$389,082	$233,305	$20,436

Administrator – MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to each fund. Under an administrative services agreement, each fund reimburses MFS the costs incurred to provide these services. Each fund pays an annual fixed amount of $17,500. The administrative services fee incurred for the year ended April 30, 2019 was equivalent to the following annual effective rates of each fund’s average daily net assets:

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Percentage of average daily net assets		0.0031%		0.0049%		0.0067%		0.0030%		0.0070%
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Percentage of average daily net assets		0.0040%		0.0099%		0.0080%		0.0191%		0.2865%

Trustees’ and Officers’ Compensation – Each fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Each fund does not pay compensation directly to Trustees or officers of each fund who are also officers of the investment adviser, all of whom receive remuneration for their services to each fund from MFS. Certain officers and Trustees of each fund are officers or directors of MFS, MFD, and MFSC.

Other – These funds and certain other funds managed by MFS (the funds) have entered into a service agreement (the ISO

Agreement) which provides for payment of fees solely by the funds to Tarantino LLC in return for the provision of services of an Independent Senior Officer (ISO) for the funds. Frank L. Tarantino serves as the ISO and is an officer of the funds and the sole member of Tarantino LLC. The funds can terminate the ISO Agreement with Tarantino LLC at any time under the terms of the ISO Agreement. For the year ended April 30, 2019, the fee paid by each fund under this agreement amounted to the following and is included in “Miscellaneous” expense in the Statements of Operations:

MFS Lifetime Income Fund	MFS Lifetime 2020 Fund	MFS Lifetime 2025 Fund	MFS Lifetime 2030 Fund	MFS Lifetime 2035 Fund
$983	$595	$425	$1,007	$409
MFS Lifetime 2040 Fund	MFS Lifetime 2045 Fund	MFS Lifetime 2050 Fund	MFS Lifetime 2055 Fund	MFS Lifetime 2060 Fund
$726	$301	$377	$157	$10

MFS has agreed to bear all expenses associated with office space, other administrative support, and supplies provided to the ISO.

Each fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS.

131

Notes to Financial Statements – continued

On December 14, 2018, MFS redeemed the following fund shares:

Fund	Class		Shares		Amount
MFS Lifetime 2025 Fund		Class R1		4,630		$57,137
MFS Lifetime 2035 Fund		Class R1		3,712		50,748
MFS Lifetime 2045 Fund		Class R1		3,607		50,829
MFS Lifetime 2050 Fund		Class R1		3,026		50,839
MFS Lifetime 2060 Fund		Class R3		5,178		57,686
MFS Lifetime 2060 Fund		Class R6		51,866		580,381

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

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

At April 30, 2019, MFS held 100% of the outstanding shares of Class I and Class R1 of the MFS Lifetime 2060 Fund.

(4) Portfolio Securities

For the year ended April 30, 2019, purchases and sales of shares of underlying funds aggregated to the following:

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Purchases		$56,965,769		$60,521,194		$75,487,641		$106,544,682		$75,299,185
Sales		$81,012,313		$97,479,554		$36,302,259		$120,974,141		$31,458,692
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Purchases		$72,969,265		$46,607,125		$51,845,425		$35,962,721		$8,014,772
Sales		$103,784,826		$21,714,580		$62,644,849		$18,720,940		$2,120,204

132

Notes to Financial Statements – continued

(5) Shares of Beneficial Interest

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

	MFS Lifetime Income Fund												MFS Lifetime 2020 Fund
	Year ended 4/30/19						Year ended 4/30/18						Year ended 4/30/19						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		1,847,214			$22,585,377			1,570,740			$19,455,932			564,103			$7,238,411			874,650			$11,535,936
Class B		72,255			871,139			41,009			509,648			28,088			360,967			20,859			273,064
Class C		744,303			9,078,830			1,058,685			13,125,576			113,595			1,421,637			124,141			1,598,345
Class I		1,822,886			22,106,905			1,054,906			13,083,468			186,312			2,438,993			43,525			577,609
Class R1		200,891			2,432,039			76,139			943,967			86,084			1,103,481			58,349			767,529
Class R2		664,264			8,109,192			770,210			9,540,633			1,540,597			19,699,792			1,816,565			23,850,777
Class R3		1,101,831			13,410,501			1,578,766			19,605,115			2,670,176			34,461,787			2,178,484			28,760,987
Class R4		708,696			8,669,602			977,153			12,095,704			1,848,609			24,102,640			1,872,609			24,848,676
Class R6		1,212,170			14,591,892			1,864,974			23,340,425			2,196,708			28,396,542			2,379,969			32,044,301
Class 529A		6,574,351			65,564,555			4,868,641			49,659,678			—			—			—			—
Class 529B		299,079			2,980,144			278,741			2,844,484			—			—			—			—
Class 529C		1,979,803			19,725,207			2,362,887			24,093,144			—			—			—			—
		17,227,743			$190,125,383			16,502,851			$188,297,774			9,234,272			$119,224,250			9,369,151			$124,257,224
Shares issued to shareholders in reinvestment of distributions
Class A		341,016			$4,062,769			292,591			$3,638,273			165,902			$1,987,511			137,450			$1,797,843
Class B		26,118			309,489			26,741			332,903			13,142			157,051			13,169			171,460
Class C		295,866			3,505,070			287,628			3,578,466			40,235			473,163			35,653			457,789
Class I		106,067			1,264,014			72,022			896,019			7,525			90,755			5,756			75,752
Class R1		8,342			99,287			8,972			111,786			16,766			200,352			12,597			164,262
Class R2		72,937			867,906			66,213			823,895			245,658			2,923,334			208,430			2,707,503
Class R3		174,810			2,082,264			147,244			1,831,616			364,546			4,367,264			279,755			3,661,993
Class R4		173,791			2,073,601			206,323			2,566,100			376,030			4,531,157			294,590			3,876,808
Class R6		84,145			1,007,101			49,628			618,687			230,076			2,770,111			127,866			1,680,156
Class 529A		384,144			3,740,994			275,125			2,811,781			—			—			—			—
Class 529B		13,521			131,004			11,617			118,801			—			—			—			—
Class 529C		116,314			1,126,589			93,840			958,836			—			—			—			—
		1,797,071			$20,270,088			1,537,944			$18,287,163			1,459,880			$17,500,698			1,115,266			$14,593,566
Shares reacquired
Class A		(2,040,158	)		$(24,838,227	)		(2,509,753	)		$(31,085,779	)		(898,874	)		$(11,630,896	)		(1,314,434	)		$(17,415,297	)
Class B		(327,953	)		(3,994,084	)		(398,723	)		(4,947,769	)		(139,556	)		(1,771,432	)		(114,201	)		(1,496,009	)
Class C		(2,454,438	)		(29,919,300	)		(2,930,152	)		(36,287,026	)		(253,368	)		(3,179,163	)		(437,526	)		(5,639,052	)
Class I		(1,785,685	)		(21,503,321	)		(1,154,296	)		(14,326,758	)		(163,579	)		(2,156,647	)		(41,460	)		(549,913	)
Class R1		(243,007	)		(2,935,981	)		(95,654	)		(1,189,500	)		(107,998	)		(1,379,784	)		(54,447	)		(716,502	)
Class R2		(1,380,033	)		(16,883,006	)		(1,209,849	)		(15,015,150	)		(3,711,863	)		(47,418,906	)		(2,363,331	)		(31,013,425	)
Class R3		(1,296,899	)		(15,776,205	)		(1,374,650	)		(17,055,452	)		(3,383,935	)		(43,644,096	)		(1,750,424	)		(23,118,351	)
Class R4		(1,326,467	)		(16,095,604	)		(6,094,327	)		(76,564,127	)		(2,339,803	)		(30,513,779	)		(6,752,614	)		(91,728,500	)
Class R6		(769,099	)		(9,366,737	)		(293,127	)		(3,644,616	)		(998,215	)		(12,912,773	)		(668,138	)		(8,882,236	)
Class 529A		(4,600,709	)		(45,965,876	)		(4,138,056	)		(42,244,514	)		—			—			—			—
Class 529B		(265,130	)		(2,646,621	)		(365,560	)		(3,734,820	)		—			—			—			—
Class 529C		(2,114,359	)		(21,058,166	)		(2,276,627	)		(23,184,198	)		—			—			—			—
		(18,603,937	)		$(210,983,128	)		(22,840,774	)		$(269,279,709	)		(11,997,191	)		$(154,607,476	)		(13,496,575	)		$(180,559,285	)

133

Notes to Financial Statements – continued

	MFS Lifetime Income Fund – continued												MFS Lifetime 2020 Fund – continued
	Year ended 4/30/19						Year ended 4/30/18						Year ended 4/30/19						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Net change
Class A		148,072			$1,809,919			(646,422	)		$(7,991,574	)		(168,869	)		$(2,404,974	)		(302,334	)		$(4,081,518	)
Class B		(229,580	)		(2,813,456	)		(330,973	)		(4,105,218	)		(98,326	)		(1,253,414	)		(80,173	)		(1,051,485	)
Class C		(1,414,269	)		(17,335,400	)		(1,583,839	)		(19,582,984	)		(99,538	)		(1,284,363	)		(277,732	)		(3,582,918	)
Class I		143,268			1,867,598			(27,368	)		(347,271	)		30,258			373,101			7,821			103,448
Class R1		(33,774	)		(404,655	)		(10,543	)		(133,747	)		(5,148	)		(75,951	)		16,499			215,289
Class R2		(642,832	)		(7,905,908	)		(373,426	)		(4,650,622	)		(1,925,608	)		(24,795,780	)		(338,336	)		(4,455,145	)
Class R3		(20,258	)		(283,440	)		351,360			4,381,279			(349,213	)		(4,815,045	)		707,815			9,304,629
Class R4		(443,980	)		(5,352,401	)		(4,910,851	)		(61,902,323	)		(115,164	)		(1,879,982	)		(4,585,415	)		(63,003,016	)
Class R6		527,216			6,232,256			1,621,475			20,314,496			1,428,569			18,253,880			1,839,697			24,842,221
Class 529A		2,357,786			23,339,673			1,005,710			10,226,945			—			—			—			—
Class 529B		47,470			464,527			(75,202	)		(771,535	)		—			—			—			—
Class 529C		(18,242	)		(206,370	)		180,100			1,867,782			—			—			—			—
		420,877			$(587,657	)		(4,799,979	)		$(62,694,772	)		(1,303,039	)		$(17,882,528	)		(3,012,158	)		$(41,708,495	)
	MFS Lifetime 2025 Fund												MFS Lifetime 2030 Fund
	Year ended 4/30/19						Year ended 4/30/18						Year ended 4/30/19						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		567,330			$7,189,298			439,342			$5,659,951			871,533			$13,343,800			792,497			$12,242,729
Class B		14,316			183,102			22,994			292,465			79,920			1,204,490			48,645			737,390
Class C		74,764			942,228			86,290			1,100,035			156,614			2,332,793			150,628			2,271,328
Class I		55,035			695,114			68,375			883,133			50,313			770,645			38,067			592,551
Class R1		84,642			1,072,437			79,777			1,018,577			145,709			2,215,727			158,961			2,413,570
Class R2		1,130,263			14,397,361			1,571,472			20,053,970			2,150,624			32,736,983			2,686,924			40,756,518
Class R3		2,509,467			32,054,842			2,407,920			30,860,791			3,436,146			52,676,545			2,723,768			41,722,708
Class R4		2,766,476			35,583,331			1,831,071			23,611,322			2,834,408			43,601,309			2,396,549			36,938,959
Class R6		1,513,889			19,289,218			2,171,031			28,488,221			2,615,019			40,297,219			3,039,876			47,374,211
		8,716,182			$111,406,931			8,678,272			$111,968,465			12,340,286			$189,179,511			12,035,915			$185,049,964
Shares issued to shareholders in reinvestment of distributions
Class A		59,399			$700,316			36,062			$464,122			193,530			$2,655,232			122,981			$1,902,517
Class B		3,730			43,756			2,674			34,231			25,680			348,203			16,260			248,610
Class C		9,928			115,863			7,133			90,868			41,322			557,018			26,789			407,191
Class I		3,868			45,720			313			4,040			7,082			97,527			4,356			67,649
Class R1		4,104			48,184			1,857			23,821			22,277			303,202			12,283			188,549
Class R2		83,510			980,403			70,893			907,430			348,214			4,732,212			233,981			3,586,923
Class R3		218,512			2,574,072			136,264			1,750,997			511,813			7,001,597			299,350			4,618,964
Class R4		326,581			3,866,720			220,867			2,851,387			554,849			7,651,363			348,141			5,410,114
Class R6		109,152			1,291,267			61,003			787,543			281,709			3,881,976			131,223			2,039,201
		818,784			$9,666,301			537,066			$6,914,439			1,986,476			$27,228,330			1,195,364			$18,469,718

134

Notes to Financial Statements – continued

	MFS Lifetime 2025 Fund – continued												MFS Lifetime 2030 Fund – continued
	Year ended 4/30/19						Year ended 4/30/18						Year ended 4/30/19						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares reacquired
Class A		(418,765	)		$(5,272,674	)		(347,589	)		$(4,443,758	)		(957,301	)		$(14,772,195	)		(923,005	)		$(14,185,368	)
Class B		(17,685	)		(224,395	)		(19,239	)		(243,320	)		(116,768	)		(1,762,903	)		(94,951	)		(1,435,970	)
Class C		(41,360	)		(523,597	)		(82,528	)		(1,044,970	)		(211,637	)		(3,170,193	)		(237,561	)		(3,574,873	)
Class I		(6,764	)		(88,665	)		(37,202	)		(479,223	)		(51,257	)		(781,569	)		(21,950	)		(344,511	)
Class R1		(63,589	)		(807,690	)		(19,980	)		(257,485	)		(132,217	)		(1,985,985	)		(123,254	)		(1,860,960	)
Class R2		(1,236,726	)		(15,707,675	)		(725,005	)		(9,215,230	)		(4,757,324	)		(71,938,609	)		(2,928,379	)		(44,562,712	)
Class R3		(1,833,067	)		(23,448,568	)		(755,969	)		(9,721,463	)		(3,368,822	)		(51,830,605	)		(1,665,039	)		(25,650,805	)
Class R4		(1,429,789	)		(18,341,244	)		(6,589,685	)		(87,093,536	)		(2,805,747	)		(43,696,853	)		(6,102,456	)		(96,547,086	)
Class R6		(545,617	)		(6,978,691	)		(591,896	)		(7,598,522	)		(722,887	)		(10,975,407	)		(725,589	)		(11,110,604	)
		(5,593,362	)		$(71,393,199	)		(9,169,093	)		$(120,097,507	)		(13,123,960	)		$(200,914,319	)		(12,822,184	)		$(199,272,889	)
Net change
Class A		207,964			$2,616,940			127,815			$1,680,315			107,762			$1,226,837			(7,527	)		$(40,122	)
Class B		361			2,463			6,429			83,376			(11,168	)		(210,210	)		(30,046	)		(449,970	)
Class C		43,332			534,494			10,895			145,933			(13,701	)		(280,382	)		(60,144	)		(896,354	)
Class I		52,139			652,169			31,486			407,950			6,138			86,603			20,473			315,689
Class R1		25,157			312,931			61,654			784,913			35,769			532,944			47,990			741,159
Class R2		(22,953	)		(329,911	)		917,360			11,746,170			(2,258,486	)		(34,469,414	)		(7,474	)		(219,271	)
Class R3		894,912			11,180,346			1,788,215			22,890,325			579,137			7,847,537			1,358,079			20,690,867
Class R4		1,663,268			21,108,807			(4,537,747	)		(60,630,827	)		583,510			7,555,819			(3,357,766	)		(54,198,013	)
Class R6		1,077,424			13,601,794			1,640,138			21,677,242			2,173,841			33,203,788			2,445,510			38,302,808
		3,941,604			$49,680,033			46,245			$(1,214,603	)		1,202,802			$15,493,522			409,095			$4,246,793
	MFS Lifetime 2035 Fund												MFS Lifetime 2040 Fund
	Year ended 4/30/19						Year ended 4/30/18						Year ended 4/30/19						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		317,699			$4,554,781			456,502			$6,526,819			476,877			$7,636,531			566,906			$9,118,996
Class B		12,665			182,929			27,756			404,504			23,510			375,858			28,889			457,124
Class C		57,595			820,223			58,484			826,502			109,199			1,720,732			112,298			1,767,637
Class I		22,602			325,765			27,363			398,188			36,372			600,270			33,293			534,779
Class R1		84,674			1,216,315			158,580			2,259,004			115,349			1,849,793			129,646			2,069,716
Class R2		1,033,700			14,968,075			1,201,115			17,182,087			1,728,999			27,600,406			2,041,886			32,521,105
Class R3		1,924,656			28,015,898			1,952,076			28,095,710			1,901,160			30,517,741			1,976,416			31,789,457
Class R4		2,611,266			38,102,038			1,636,022			23,602,579			2,368,577			38,701,506			2,238,497			36,205,561
Class R6		1,380,361			19,775,494			1,266,185			18,699,329			1,873,600			30,218,453			1,461,342			23,936,198
		7,445,218			$107,961,518			6,784,083			$97,994,722			8,633,643			$139,221,290			8,589,173			$138,400,573
Shares issued to shareholders in reinvestment of distributions
Class A		39,574			$510,104			26,822			$390,791			113,626			$1,603,256			63,997			$1,043,784
Class B		3,597			46,179			2,635			38,177			14,088			197,794			7,882			127,694
Class C		5,571			72,752			3,688			53,258			29,290			405,962			16,745			267,914
Class I		1,991			25,699			972			14,173			4,494			63,765			3,053			50,032
Class R1		5,025			64,467			3,313			48,034			13,715			191,741			6,437			103,899
Class R2		64,591			830,637			51,210			743,064			262,197			3,673,383			153,118			2,478,978
Class R3		168,464			2,174,866			106,251			1,549,145			315,502			4,451,727			157,024			2,559,484
Class R4		313,846			4,064,305			203,214			2,973,016			542,812			7,718,793			305,826			5,024,717
Class R6		80,291			1,039,767			36,046			527,354			179,906			2,558,269			66,594			1,093,476
		682,950			$8,828,776			434,151			$6,337,012			1,475,630			$20,864,690			780,676			$12,749,978

135

Notes to Financial Statements – continued

	MFS Lifetime 2035 Fund – continued												MFS Lifetime 2040 Fund – continued
	Year ended 4/30/19						Year ended 4/30/18						Year ended 4/30/19						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares reacquired
Class A		(300,417	)		$(4,344,723	)		(216,888	)		$(3,065,616	)		(578,011	)		$(9,421,937	)		(750,115	)		$(12,120,811	)
Class B		(24,450	)		(348,840	)		(9,178	)		(130,176	)		(62,787	)		(998,114	)		(61,949	)		(977,838	)
Class C		(52,115	)		(748,013	)		(30,283	)		(427,897	)		(189,258	)		(3,031,158	)		(147,583	)		(2,319,106	)
Class I		(11,702	)		(169,059	)		(7,910	)		(111,456	)		(52,911	)		(836,947	)		(48,595	)		(803,760	)
Class R1		(54,848	)		(784,704	)		(75,180	)		(1,085,773	)		(109,275	)		(1,753,085	)		(129,884	)		(2,013,528	)
Class R2		(1,122,676	)		(16,213,841	)		(595,883	)		(8,464,857	)		(3,651,175	)		(58,240,251	)		(2,471,692	)		(39,422,790	)
Class R3		(1,330,185	)		(19,148,602	)		(686,777	)		(9,976,722	)		(2,171,183	)		(35,224,499	)		(950,303	)		(15,320,665	)
Class R4		(1,165,343	)		(17,092,326	)		(4,686,868	)		(70,040,299	)		(3,072,543	)		(50,447,233	)		(5,318,065	)		(88,921,009	)
Class R6		(296,367	)		(4,351,619	)		(197,343	)		(2,875,767	)		(487,056	)		(7,876,502	)		(262,338	)		(4,293,540	)
		(4,358,103	)		$(63,201,727	)		(6,506,310	)		$(96,178,563	)		(10,374,199	)		$(167,829,726	)		(10,140,524	)		$(166,193,047	)
Net change
Class A		56,856			$720,162			266,436			$3,851,994			12,492			$(182,150	)		(119,212	)		$(1,958,031	)
Class B		(8,188	)		(119,732	)		21,213			312,505			(25,189	)		(424,462	)		(25,178	)		(393,020	)
Class C		11,051			144,962			31,889			451,863			(50,769	)		(904,464	)		(18,540	)		(283,555	)
Class I		12,891			182,405			20,425			300,905			(12,045	)		(172,912	)		(12,249	)		(218,949	)
Class R1		34,851			496,078			86,713			1,221,265			19,789			288,449			6,199			160,087
Class R2		(24,385	)		(415,129	)		656,442			9,460,294			(1,659,979	)		(26,966,462	)		(276,688	)		(4,422,707	)
Class R3		762,935			11,042,162			1,371,550			19,668,133			45,479			(255,031	)		1,183,137			19,028,276
Class R4		1,759,769			25,074,017			(2,847,632	)		(43,464,704	)		(161,154	)		(4,026,934	)		(2,773,742	)		(47,690,731	)
Class R6		1,164,285			16,463,642			1,104,888			16,350,916			1,566,450			24,900,220			1,265,598			20,736,134
		3,770,065			$53,588,567			711,924			$8,153,171			(264,926	)		$(7,743,746	)		(770,675	)		$(15,042,496	)
	MFS Lifetime 2045 Fund												MFS Lifetime 2050 Fund
	Year ended 4/30/19						Year ended 4/30/18						Year ended 4/30/19						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		205,891			$3,073,934			205,909			$3,078,824			212,106			$3,874,731			208,910			$3,748,870
Class B		3,765			56,892			14,466			213,109			21,129			381,150			14,164			251,649
Class C		32,933			489,680			50,434			735,389			40,380			719,263			37,732			666,022
Class I		9,647			142,402			5,325			81,375			5,701			103,885			11,887			209,225
Class R1		62,118			944,961			36,490			538,253			48,506			865,633			40,471			714,936
Class R2		720,610			10,753,797			831,560			12,267,212			1,325,864			23,688,118			1,378,613			24,381,437
Class R3		1,378,306			20,744,811			1,519,379			22,643,543			1,121,091			20,203,947			1,397,753			25,009,017
Class R4		1,667,525			25,084,521			1,472,346			21,844,889			1,379,193			25,037,200			1,459,139			25,972,233
Class R6		836,684			12,396,334			878,888			13,313,294			1,008,037			17,954,337			876,884			15,883,236
		4,917,479			$73,687,332			5,014,797			$74,715,888			5,162,007			$92,828,264			5,425,553			$96,836,625
Shares issued to shareholders in reinvestment of distributions
Class A		17,511			$232,026			13,745			$207,280			23,172			$371,686			16,639			$303,168
Class B		1,748			23,070			1,359			20,418			2,397			38,038			1,467			26,454
Class C		3,408			44,746			2,547			38,071			4,260			67,224			3,122			55,946
Class I		589			7,829			352			5,325			1,146			18,352			1,050			19,107
Class R1		3,064			40,382			1,114			16,750			1,765			27,871			1,134			20,331
Class R2		40,282			530,514			28,438			426,005			90,222			1,429,114			58,618			1,055,119
Class R3		116,888			1,547,592			63,272			953,513			103,121			1,642,710			59,256			1,072,536
Class R4		215,761			2,865,312			150,285			2,272,307			160,618			2,569,892			117,557			2,137,183
Class R6		48,661			646,219			23,148			349,772			58,498			935,388			29,666			539,036
		447,912			$5,937,690			284,260			$4,289,441			445,199			$7,100,275			288,509			$5,228,880

136

Notes to Financial Statements – continued

	MFS Lifetime 2045 Fund – continued												MFS Lifetime 2050 Fund – continued
	Year ended 4/30/19						Year ended 4/30/18						Year ended 4/30/19						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares reacquired
Class A		(174,295	)		$(2,610,623	)		(150,367	)		$(2,212,403	)		(229,935	)		$(4,219,239	)		(235,042	)		$(4,180,453	)
Class B		(9,067	)		(137,439	)		(7,228	)		(106,632	)		(5,945	)		(104,142	)		(9,104	)		(159,713	)
Class C		(17,737	)		(265,356	)		(41,757	)		(624,943	)		(17,910	)		(320,913	)		(41,392	)		(736,810	)
Class I		(1,894	)		(26,294	)		(5,004	)		(77,136	)		(26,443	)		(457,483	)		(7,446	)		(134,385	)
Class R1		(52,124	)		(778,340	)		(13,397	)		(196,477	)		(37,257	)		(652,110	)		(20,039	)		(346,261	)
Class R2		(699,937	)		(10,458,430	)		(283,210	)		(4,167,931	)		(2,448,179	)		(44,022,350	)		(921,667	)		(16,254,014	)
Class R3		(852,525	)		(12,823,226	)		(463,617	)		(6,925,830	)		(951,483	)		(17,269,437	)		(456,605	)		(8,149,930	)
Class R4		(1,149,915	)		(17,507,428	)		(3,095,993	)		(47,589,071	)		(1,700,206	)		(31,322,071	)		(2,232,305	)		(40,832,891	)
Class R6		(249,014	)		(3,725,309	)		(170,040	)		(2,543,538	)		(257,215	)		(4,616,913	)		(156,495	)		(2,830,861	)
		(3,206,508	)		$(48,332,445	)		(4,230,613	)		$(64,443,961	)		(5,674,573	)		$(102,984,658	)		(4,080,095	)		$(73,625,318	)
Net change
Class A		49,107			$695,337			69,287			$1,073,701			5,343			$27,178			(9,493	)		$(128,415	)
Class B		(3,554	)		(57,477	)		8,597			126,895			17,581			315,046			6,527			118,390
Class C		18,604			269,070			11,224			148,517			26,730			465,574			(538	)		(14,842	)
Class I		8,342			123,937			673			9,564			(19,596	)		(335,246	)		5,491			93,947
Class R1		13,058			207,003			24,207			358,526			13,014			241,394			21,566			389,006
Class R2		60,955			825,881			576,788			8,525,286			(1,032,093	)		(18,905,118	)		515,564			9,182,542
Class R3		642,669			9,469,177			1,119,034			16,671,226			272,729			4,577,220			1,000,404			17,931,623
Class R4		733,371			10,442,405			(1,473,362	)		(23,471,875	)		(160,395	)		(3,714,979	)		(655,609	)		(12,723,475	)
Class R6		636,331			9,317,244			731,996			11,119,528			809,320			14,272,812			750,055			13,591,411
		2,158,883			$31,292,577			1,068,444			$14,561,368			(67,367	)		$(3,056,119	)		1,633,967			$28,440,187
	MFS Lifetime 2055 Fund												MFS Lifetime 2060 Fund
	Year ended 4/30/19						Year ended 4/30/18						Year ended 4/30/19						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		129,673			$1,995,896			135,897			$2,061,650			132,642			$1,540,130			20,978			$245,093
Class B		7,695			119,724			5,887			87,495			5,784			67,883			1,005			11,898
Class C		33,623			507,577			37,573			563,827			15,414			180,074			3,714			43,468
Class I		2,851			43,856			3,368			52,959			—			—			—			—
Class R1		59,257			894,529			41,788			633,186			—			—			—			—
Class R2		704,148			10,748,621			692,977			10,422,166			69,621			821,311			7,827			93,754
Class R3		976,652			15,060,511			884,135			13,410,315			183,340			2,148,135			96,480			1,128,433
Class R4		1,184,157			18,272,183			1,093,741			16,568,171			119,553			1,415,534			48,464			571,598
Class R6		694,479			10,488,257			432,778			6,696,227			242,210			2,840,940			58,397			698,436
		3,792,535			$58,131,154			3,328,144			$50,495,996			768,564			$9,014,007			236,865			$2,792,680
Shares issued to shareholders in reinvestment of distributions
Class A		9,624			$130,882			6,323			$97,308			2,753			$28,791			393			$4,637
Class B		845			11,467			589			9,040			203			2,126			96			1,135
Class C		2,372			31,952			1,486			22,660			392			4,093			126			1,491
Class I		291			3,956			142			2,180			153			1,606			132			1,558
Class R1		2,126			28,658			778			11,895			93			979			84			1,000
Class R2		27,555			372,822			16,753			256,482			1,443			15,091			148			1,729
Class R3		48,937			665,051			25,103			386,083			3,588			37,604			1,341			15,828
Class R4		70,082			956,612			44,240			683,073			2,222			23,309			491			5,814
Class R6		25,400			346,708			7,857			121,315			4,209			44,196			1,594			18,825
		187,232			$2,548,108			103,271			$1,590,036			15,056			$157,795			4,405			$52,017

137

Notes to Financial Statements – continued

	MFS Lifetime 2055 Fund – continued												MFS Lifetime 2060 Fund – continued
	Year ended 4/30/19						Year ended 4/30/18						Year ended 4/30/19						Year ended 4/30/18
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares reacquired
Class A		(83,896	)		$(1,306,200	)		(80,647	)		$(1,215,307	)		(50,134	)		$(569,011	)		(1,077	)		$(12,803	)
Class B		(966	)		(14,757	)		(5,069	)		(77,185	)		(35	)		(405	)		(7	)		(83	)
Class C		(14,762	)		(223,196	)		(14,597	)		(217,359	)		(1,687	)		(19,772	)		(330	)		(3,968	)
Class I		(744	)		(11,977	)		(1,799	)		(27,446	)		—			—			—			—
Class R1		(20,468	)		(311,203	)		(9,717	)		(146,933	)		—			—			—			—
Class R2		(562,874	)		(8,528,243	)		(176,227	)		(2,665,755	)		(18,794	)		(215,839	)		(270	)		(3,145	)
Class R3		(676,831	)		(10,359,570	)		(256,438	)		(3,886,504	)		(84,467	)		(1,003,900	)		(4,550	)		(53,797	)
Class R4		(1,094,209	)		(17,126,342	)		(972,079	)		(15,064,682	)		(27,944	)		(328,316	)		(24,111	)		(285,509	)
Class R6		(180,037	)		(2,712,095	)		(67,992	)		(1,041,732	)		(84,675	)		(965,887	)		(3,852	)		(46,053	)
		(2,634,787	)		$(40,593,583	)		(1,584,565	)		$(24,342,903	)		(267,736	)		$(3,103,130	)		(34,197	)		$(405,358	)
Net change
Class A		55,401			$820,578			61,573			$943,651			85,261			$999,910			20,294			$236,927
Class B		7,574			116,434			1,407			19,350			5,952			69,604			1,094			12,950
Class C		21,233			316,333			24,462			369,128			14,119			164,395			3,510			40,991
Class I		2,398			35,835			1,711			27,693			153			1,606			132			1,558
Class R1		40,915			611,984			32,849			498,148			93			979			84			1,000
Class R2		168,829			2,593,200			533,503			8,012,893			52,270			620,563			7,705			92,338
Class R3		348,758			5,365,992			652,800			9,909,894			102,461			1,181,839			93,271			1,090,464
Class R4		160,030			2,102,453			165,902			2,186,562			93,831			1,110,527			24,844			291,903
Class R6		539,842			8,122,870			372,643			5,775,810			161,744			1,919,249			56,139			671,208
		1,344,980			$20,085,679			1,846,850			$27,743,129			515,884			$6,068,672			207,073			$2,439,339

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

Effective June 1, 2019, purchases of each fund’s Class B and Class 529B (if applicable) shares are closed to new and existing investors subject to certain exceptions. Please see each fund’s prospectus for details.

(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 syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of one month LIBOR, the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus an agreed upon spread. A commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds. In addition, each fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended April 30, 2019, each fund’s commitment fee and interest expense were as follows and are included in “Miscellaneous” expense in the Statements of Operations:

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Commitment Fee		$2,718		$1,690		$1,347		$3,323		$1,362
Interest Expense		—		—		—		—		—
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Commitment Fee		$2,506		$987		$1,265		$523		$34
Interest Expense		—		—		—		—		—

138

Notes to Financial Statements – continued

(7) Investments in Affiliated Issuers

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

	MFS Lifetime Income Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$11,320,422		$2,851,391		$2,722,949		$179,434		$(179,869)		$11,448,429
MFS Blended Research Growth Equity Fund		11,277,275		2,685,942		3,333,176		345,862		464,912		11,440,815
MFS Blended Research International Equity Fund		14,178,836		4,295,387		2,408,545		(134,606)		(1,601,086)		14,329,986
MFS Blended Research Mid Cap Equity Fund		16,886,121		3,954,286		3,995,558		218,004		174,356		17,237,209
MFS Blended Research Small Cap Equity Fund		5,655,964		1,395,484		1,824,616		207,212		277,807		5,711,851
MFS Blended Research Value Equity Fund		11,325,995		2,254,886		2,429,186		154,491		165,125		11,471,311
MFS Commodity Strategy Fund		11,419,938		2,917,776		1,762,430		(199,713)		(945,416)		11,430,155
MFS Emerging Markets Debt Fund		11,322,231		1,580,485		1,279,106		(65,077)		(72,599)		11,485,934
MFS Emerging Markets Debt Local Currency Fund (a)		5,623,842		1,351,576		914,625		(179,814)		(130,828)		5,750,151
MFS Global Bond Fund		28,237,475		3,392,912		2,568,915		(316,776)		(54,591)		28,690,105
MFS Global Real Estate Fund		11,473,405		1,829,455		2,989,148		130,547		1,042,355		11,486,614
MFS Government Securities Fund		56,811,391		5,742,782		6,247,379		(466,667)		1,502,799		57,342,926
MFS Growth Fund		11,361,168		2,341,006		4,008,783		900,632		861,366		11,455,389
MFS High Income Fund		17,056,809		1,635,281		1,601,381		(79,087)		238,526		17,250,148
MFS Inflation-Adjusted Bond Fund		56,895,207		5,942,879		5,394,405		(303,497)		179,787		57,319,971
MFS Institutional Money Market Portfolio		1,355,658		48,314,625		49,071,493		(878)		(43)		597,869
MFS International Growth Fund		2,850,935		582,610		628,026		39,311		24,189		2,869,019
MFS International Value Fund		2,836,279		521,612		570,624		28,885		57,098		2,873,250
MFS Limited Maturity Fund		113,676,685		10,247,631		10,488,330		(342,005)		1,665,713		114,759,694
MFS Mid Cap Growth Fund		8,451,646		1,817,602		3,088,638		711,617		721,093		8,613,320
MFS Mid Cap Value Fund		8,516,550		1,826,219		1,964,573		212,629		17,677		8,608,502
MFS New Discovery Fund		2,839,747		1,117,552		1,161,670		176,057		(112,068)		2,859,618
MFS New Discovery Value Fund		2,831,606		680,127		751,959		87,428		14,357		2,861,559
MFS Research Fund		11,324,867		2,800,530		3,114,999		438,991		18,542		11,467,931
MFS Research International Fund		8,518,393		2,118,785		1,565,125		(19,820)		(444,782)		8,607,451
MFS Total Return Bond Fund		113,544,726		10,163,184		11,409,392		(638,152)		3,066,468		114,726,834
MFS Value Fund		11,232,980		2,223,767		2,819,338		146,257		720,664		11,504,330
		$568,826,151		$126,585,772		$130,114,369		$1,231,265		$7,671,552		$574,200,371

139

Notes to Financial Statements – continued

	MFS Lifetime Income Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$357,768		$733,196
MFS Blended Research Growth Equity Fund		282,872		455,369
MFS Blended Research International Equity Fund		383,885		470,885
MFS Blended Research Mid Cap Equity Fund		393,148		779,830
MFS Blended Research Small Cap Equity Fund		197,761		94,778
MFS Blended Research Value Equity Fund		339,927		149,959
MFS Commodity Strategy Fund		348,050		—
MFS Emerging Markets Debt Fund		551,860		—
MFS Emerging Markets Debt Local Currency Fund (a)		115,193		—
MFS Global Bond Fund		671,809		—
MFS Global Real Estate Fund		285,820		40,061
MFS Government Securities Fund		1,490,115		—
MFS Growth Fund		30,538		387,429
MFS High Income Fund		894,711		—
MFS Inflation-Adjusted Bond Fund		1,654,150		—
MFS Institutional Money Market Portfolio		27,226		—
MFS International Growth Fund		47,257		59,678
MFS International Value Fund		45,521		76,866
MFS Limited Maturity Fund		2,906,702		—
MFS Mid Cap Growth Fund		—		321,948
MFS Mid Cap Value Fund		195,649		273,237
MFS New Discovery Fund		158,536		311,664
MFS New Discovery Value Fund		98,686		91,096
MFS Research Fund		185,135		1,003,732
MFS Research International Fund		373,682		61,431
MFS Total Return Bond Fund		3,577,094		—
MFS Value Fund		233,561		144,226
		$15,846,656		$5,455,385

140

Notes to Financial Statements – continued

	MFS Lifetime 2020 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$8,932,301		$2,513,683		$3,617,095		$281,031		$(318,149)		$7,791,771
MFS Blended Research Growth Equity Fund		8,930,672		2,473,010		4,207,273		519,957		65,655		7,782,021
MFS Blended Research International Equity Fund		11,631,919		3,664,981		3,891,525		67,520		(1,464,621)		10,008,274
MFS Blended Research Mid Cap Equity Fund		12,507,137		3,406,223		4,882,302		367,877		(122,248)		11,276,687
MFS Blended Research Small Cap Equity Fund		3,589,632		1,105,085		1,592,847		164,817		130,550		3,397,237
MFS Blended Research Value Equity Fund		8,926,067		1,967,297		3,284,782		296,009		(83,876)		7,820,715
MFS Commodity Strategy Fund		7,203,334		2,254,919		1,935,847		(135,114)		(579,780)		6,807,512
MFS Emerging Markets Debt Fund		8,929,729		1,400,112		2,377,409		(92,252)		(21,833)		7,838,347
MFS Emerging Markets Debt Local Currency Fund (a)		5,310,100		1,139,281		1,736,735		(233,505)		(62,923)		4,416,218
MFS Global Bond Fund		17,920,660		3,018,532		3,577,618		(355,610)		124,566		17,130,530
MFS Global Real Estate Fund		7,293,070		1,436,053		2,614,713		119,337		628,996		6,862,743
MFS Government Securities Fund		36,002,509		5,631,935		8,060,293		(481,427)		1,133,485		34,226,209
MFS Growth Fund		8,982,531		2,152,496		4,637,678		1,559,935		(257,137)		7,800,147
MFS High Income Fund		14,333,858		1,978,263		4,157,526		(200,354)		314,146		12,268,387
MFS Inflation-Adjusted Bond Fund		36,116,667		5,617,413		7,473,394		(295,520)		219,602		34,184,768
MFS Institutional Money Market Portfolio		102,394		7,002,662		7,053,918		(6)		3		51,135
MFS International Growth Fund		2,698,135		573,717		1,112,875		306,563		(264,942)		2,200,598
MFS International Value Fund		2,678,431		510,656		1,043,236		328,569		(268,944)		2,205,476
MFS Limited Maturity Fund		54,450,458		12,319,685		8,706,947		(203,414)		906,659		58,766,441
MFS Mid Cap Growth Fund		6,255,654		1,568,791		3,192,925		1,061,493		(60,119)		5,632,894
MFS Mid Cap Value Fund		6,265,168		1,570,327		2,344,873		480,814		(342,843)		5,628,593
MFS New Discovery Fund		1,800,134		839,684		959,839		160,703		(138,109)		1,702,573
MFS New Discovery Value Fund		1,793,128		552,122		700,978		70,128		(9,436)		1,704,964
MFS Research Fund		8,946,619		2,391,258		3,824,620		755,481		(452,711)		7,816,027
MFS Research International Fund		6,287,370		1,833,712		2,143,936		110,594		(460,801)		5,626,939
MFS Total Return Bond Fund		63,164,167		10,924,612		11,908,717		(378,260)		1,808,798		63,610,600
MFS Value Fund		8,905,489		1,884,122		3,547,856		653,890		(39,143)		7,856,502
		$359,957,333		$81,730,631		$104,587,757		$4,929,256		$384,845		$342,414,308

141

Notes to Financial Statements – continued

	MFS Lifetime 2020 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$276,542		$566,736
MFS Blended Research Growth Equity Fund		219,485		353,328
MFS Blended Research International Equity Fund		304,648		373,691
MFS Blended Research Mid Cap Equity Fund		287,496		570,265
MFS Blended Research Small Cap Equity Fund		130,669		62,623
MFS Blended Research Value Equity Fund		262,576		115,835
MFS Commodity Strategy Fund		221,277		—
MFS Emerging Markets Debt Fund		415,462		—
MFS Emerging Markets Debt Local Currency Fund (a)		90,498		—
MFS Global Bond Fund		423,332		—
MFS Global Real Estate Fund		180,977		25,366
MFS Government Securities Fund		937,949		—
MFS Growth Fund		23,756		298,733
MFS High Income Fund		710,693		—
MFS Inflation-Adjusted Bond Fund		1,041,736		—
MFS Institutional Money Market Portfolio		2,124		—
MFS International Growth Fund		41,879		52,886
MFS International Value Fund		40,089		67,694
MFS Limited Maturity Fund		1,478,533		—
MFS Mid Cap Growth Fund		—		238,281
MFS Mid Cap Value Fund		144,244		201,447
MFS New Discovery Fund		105,309		207,026
MFS New Discovery Value Fund		63,938		58,797
MFS Research Fund		142,547		772,838
MFS Research International Fund		273,914		45,030
MFS Total Return Bond Fund		2,034,133		—
MFS Value Fund		178,639		111,593
		$10,032,445		$4,122,169

142

Notes to Financial Statements – continued

	MFS Lifetime 2025 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$8,256,174		$2,810,406		$1,442,989		$(51,945)		$(17,427)		$9,554,219
MFS Blended Research Growth Equity Fund		8,224,869		2,562,823		1,822,259		(2,340)		578,432		9,541,525
MFS Blended Research International Equity Fund		11,768,055		4,858,921		1,799,599		(151,347)		(1,350,581)		13,325,449
MFS Blended Research Mid Cap Equity Fund		12,869,952		3,929,869		2,879,143		(58,727)		323,715		14,185,666
MFS Blended Research Small Cap Equity Fund		2,946,777		931,911		800,048		28,598		209,792		3,317,030
MFS Blended Research Value Equity Fund		8,247,910		2,346,951		1,224,819		(17,016)		235,575		9,588,601
MFS Commodity Strategy Fund		5,947,866		2,229,433		919,991		(38,698)		(568,970)		6,649,640
MFS Emerging Markets Debt Fund		7,067,031		2,515,227		761,016		(66,512)		12,249		8,766,979
MFS Emerging Markets Debt Local Currency Fund (a)		4,685,883		2,088,210		675,246		(76,297)		(173,035)		5,849,515
MFS Global Bond Fund		11,759,417		4,307,106		1,341,098		(80,280)		(41,778)		14,603,367
MFS Global Real Estate Fund		5,952,739		1,337,838		1,254,340		10,953		629,998		6,677,188
MFS Government Securities Fund		23,639,701		8,108,624		3,056,157		(211,368)		713,556		29,194,356
MFS Growth Fund		8,289,172		2,204,200		2,290,056		182,732		1,178,320		9,564,368
MFS High Income Fund		11,821,798		3,625,790		987,017		(57,239)		220,324		14,623,656
MFS Inflation-Adjusted Bond Fund		20,211,758		8,459,929		2,007,404		(97,908)		117,843		26,684,218
MFS Institutional Money Market Portfolio		591,300		11,245,256		11,063,791		89		—		772,854
MFS International Growth Fund		2,959,875		845,068		544,424		(8,659)		83,735		3,335,595
MFS International New Discovery Fund		1,154,761		176,090		427,416		58,053		(130,927)		830,561
MFS International Value Fund		2,934,229		807,361		504,204		(5,856)		107,389		3,338,919
MFS Limited Maturity Fund		12,119,134		9,263,358		702,701		(13,011)		235,679		20,902,459
MFS Mid Cap Growth Fund		6,444,682		1,706,479		2,171,700		231,009		879,177		7,089,647
MFS Mid Cap Value Fund		6,484,605		1,770,909		1,328,314		(11,130)		171,504		7,087,574
MFS New Discovery Fund		1,482,456		704,129		538,081		24,281		(4,657)		1,668,128
MFS New Discovery Value Fund		1,472,888		480,823		338,074		(5,742)		55,073		1,664,968
MFS Research Fund		8,243,850		2,648,779		1,624,292		(25,748)		341,497		9,584,086
MFS Research International Fund		5,897,988		2,049,350		952,722		(51,240)		(271,914)		6,671,462
MFS Total Return Bond Fund		27,370,947		12,243,893		2,415,520		(120,953)		914,398		37,992,765
MFS Value Fund		8,191,939		2,260,198		1,514,028		(5,484)		674,298		9,606,923
		$237,037,756		$98,518,931		$47,386,449		$(621,785)		$5,123,265		$292,671,718

143

Notes to Financial Statements – continued

	MFS Lifetime 2025 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$293,240		$600,955
MFS Blended Research Growth Equity Fund		231,899		373,311
MFS Blended Research International Equity Fund		349,381		428,561
MFS Blended Research Mid Cap Equity Fund		323,611		641,901
MFS Blended Research Small Cap Equity Fund		114,889		55,061
MFS Blended Research Value Equity Fund		278,261		122,759
MFS Commodity Strategy Fund		195,506		—
MFS Emerging Markets Debt Fund		383,012		—
MFS Emerging Markets Debt Local Currency Fund (a)		120,800		—
MFS Global Bond Fund		309,914		—
MFS Global Real Estate Fund		159,302		22,328
MFS Government Securities Fund		686,255		—
MFS Growth Fund		22,735		314,140
MFS High Income Fund		689,977		—
MFS Inflation-Adjusted Bond Fund		670,816		—
MFS Institutional Money Market Portfolio		16,381		—
MFS International Growth Fund		53,599		67,686
MFS International New Discovery Fund		11,569		47,624
MFS International Value Fund		51,385		86,768
MFS Limited Maturity Fund		416,865		—
MFS Mid Cap Growth Fund		—		266,219
MFS Mid Cap Value Fund		161,331		225,310
MFS New Discovery Fund		90,382		177,682
MFS New Discovery Value Fund		55,315		50,776
MFS Research Fund		150,284		814,781
MFS Research International Fund		280,026		46,034
MFS Total Return Bond Fund		1,019,873		—
MFS Value Fund		185,424		118,087
		$7,322,032		$4,459,983

144

Notes to Financial Statements – continued

	MFS Lifetime 2030 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$22,642,159		$5,360,155		$4,292,427		$92,755		$(297,238)		$23,505,404
MFS Blended Research Emerging Markets Equity Fund		1,390,247		205,605		598,008		52,875		(211,477)		839,242
MFS Blended Research Growth Equity Fund		26,721,435		4,852,552		7,234,407		793,840		891,375		26,024,795
MFS Blended Research International Equity Fund		40,882,587		11,711,388		7,856,130		(399,431)		(4,785,448)		39,552,966
MFS Blended Research Mid Cap Equity Fund		44,966,566		8,540,150		9,517,013		544,441		211,461		44,745,605
MFS Blended Research Small Cap Equity Fund		9,887,919		1,822,797		2,807,098		353,664		410,329		9,667,611
MFS Blended Research Value Equity Fund		26,772,103		4,170,818		5,439,946		367,350		219,769		26,090,094
MFS Commodity Strategy Fund		19,927,797		5,699,697		4,437,962		(864,021)		(1,146,131)		19,179,380
MFS Emerging Markets Debt Fund		16,868,380		4,501,009		3,485,281		(235,507)		37,101		17,685,702
MFS Emerging Markets Debt Local Currency Fund (a)		11,165,826		3,937,169		2,664,022		(494,696)		(136,531)		11,807,746
MFS Emerging Markets Equity Fund		1,391,476		125,996		601,139		198,136		(276,951)		837,518
MFS Global Bond Fund		19,820,386		7,577,105		2,796,077		(169,180)		(35,579)		24,396,655
MFS Global Real Estate Fund		19,968,559		2,494,557		5,136,252		247,733		1,775,076		19,349,673
MFS Government Securities Fund		28,821,478		15,703,456		3,349,055		(198,522)		945,478		41,922,835
MFS Growth Fund		26,982,428		3,632,956		8,501,198		2,714,356		1,251,433		26,079,975
MFS High Income Fund		28,283,375		5,973,278		5,038,890		(321,943)		587,162		29,482,982
MFS Inflation-Adjusted Bond Fund		34,032,717		9,600,444		5,894,508		(267,206)		227,981		37,699,428
MFS Institutional Money Market Portfolio		823,569		14,934,973		14,864,290		88		11		894,351
MFS International Growth Fund		11,371,155		1,827,183		2,837,033		298,139		(123,951)		10,535,493
MFS International New Discovery Fund		8,410,812		1,520,500		1,826,945		107,398		(646,506)		7,565,259
MFS International Value Fund		11,232,215		1,665,341		2,623,448		401,327		(133,960)		10,541,475
MFS Mid Cap Growth Fund		22,494,474		3,345,992		7,139,280		2,043,239		1,631,029		22,375,454
MFS Mid Cap Value Fund		22,631,626		4,157,788		4,923,958		356,782		115,852		22,338,090
MFS New Discovery Fund		4,973,100		1,595,976		1,766,790		264,911		(216,836)		4,850,361
MFS New Discovery Value Fund		4,938,096		1,026,332		1,267,909		113,590		36,116		4,846,225
MFS Research Fund		22,627,246		4,856,709		4,664,476		228,945		538,665		23,587,089
MFS Research International Fund		18,417,630		4,585,184		3,377,728		(97,203)		(984,325)		18,543,558
MFS Total Return Bond Fund		31,307,439		11,229,217		4,759,340		(182,642)		1,016,088		38,610,762
MFS Value Fund		26,581,289		3,989,896		6,223,912		485,590		1,392,254		26,225,117
		$566,334,089		$150,644,223		$135,924,522		$6,434,808		$2,292,247		$589,780,845

145

Notes to Financial Statements – continued

	MFS Lifetime 2030 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$757,770		$1,552,945
MFS Blended Research Emerging Markets Equity Fund		30,101		22,091
MFS Blended Research Growth Equity Fund		683,114		1,099,680
MFS Blended Research International Equity Fund		1,112,387		1,364,489
MFS Blended Research Mid Cap Equity Fund		1,068,300		2,119,033
MFS Blended Research Small Cap Equity Fund		354,217		169,759
MFS Blended Research Value Equity Fund		815,768		359,876
MFS Commodity Strategy Fund		610,564		—
MFS Emerging Markets Debt Fund		854,037		—
MFS Emerging Markets Debt Local Currency Fund (a)		249,731		—
MFS Emerging Markets Equity Fund		9,113		—
MFS Global Bond Fund		529,110		—
MFS Global Real Estate Fund		496,068		69,531
MFS Government Securities Fund		931,039		—
MFS Growth Fund		72,958		931,306
MFS High Income Fund		1,538,407		—
MFS Inflation-Adjusted Bond Fund		1,056,781		—
MFS Institutional Money Market Portfolio		16,717		—
MFS International Growth Fund		184,747		233,304
MFS International New Discovery Fund		94,857		390,479
MFS International Value Fund		177,285		299,361
MFS Mid Cap Growth Fund		—		883,269
MFS Mid Cap Value Fund		532,829		744,132
MFS New Discovery Fund		284,572		559,437
MFS New Discovery Value Fund		174,013		160,394
MFS Research Fund		390,569		2,117,518
MFS Research International Fund		832,158		136,802
MFS Total Return Bond Fund		1,116,823		—
MFS Value Fund		561,580		346,173
		$15,535,615		$13,559,579

146

Notes to Financial Statements – continued

	MFS Lifetime 2035 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$9,028,242		$3,576,357		$1,047,347		$(66,129)		$11,629		$11,502,752
MFS Blended Research Emerging Markets Equity Fund		1,417,136		643,581		259,856		(25,717)		(131,963)		1,643,181
MFS Blended Research Growth Equity Fund		12,686,705		4,060,976		1,655,284		(35,566)		961,533		16,018,364
MFS Blended Research International Equity Fund		20,650,106		9,924,246		2,350,817		(261,961)		(2,455,357)		25,506,217
MFS Blended Research Mid Cap Equity Fund		20,845,572		7,251,880		2,150,750		(156,643)		649,771		26,439,830
MFS Blended Research Small Cap Equity Fund		4,785,585		1,569,710		781,104		(4,559)		394,166		5,963,798
MFS Blended Research Value Equity Fund		12,694,795		4,270,217		1,267,972		(18,633)		372,088		16,050,495
MFS Commodity Strategy Fund		9,644,920		5,170,323		1,910,129		(108,873)		(903,949)		11,892,292
MFS Emerging Markets Debt Fund		5,152,012		3,088,483		787,749		(65,870)		31,245		7,418,121
MFS Emerging Markets Debt Local Currency Fund (a)		3,427,875		2,315,656		597,831		(68,159)		(124,086)		4,953,455
MFS Emerging Markets Equity Fund		1,418,195		534,986		250,910		(18,172)		(43,377)		1,640,722
MFS Global Bond Fund		3,430,940		2,109,428		564,569		(29,729)		(4,259)		4,941,811
MFS Global Real Estate Fund		9,752,047		3,265,579		2,144,645		(34,282)		1,101,839		11,940,538
MFS Growth Fund		12,727,724		3,242,536		2,064,190		21,079		2,113,559		16,040,708
MFS High Income Fund		8,611,378		4,817,026		1,196,215		(64,055)		203,732		12,371,866
MFS Inflation-Adjusted Bond Fund		10,012,518		5,223,245		1,882,359		(82,348)		87,336		13,358,392
MFS Institutional Money Market Portfolio		574,640		7,649,953		7,817,566		(55)		8		406,980
MFS International Growth Fund		6,259,402		2,072,885		868,678		(31,168)		190,947		7,623,388
MFS International New Discovery Fund		5,631,882		2,014,834		713,071		(56,609)		(300,975)		6,576,061
MFS International Value Fund		6,225,211		1,987,257		805,560		(28,487)		253,538		7,631,959
MFS Mid Cap Growth Fund		10,434,017		2,670,646		1,778,283		11,012		1,888,608		13,226,000
MFS Mid Cap Value Fund		10,448,047		3,386,589		950,174		(50,790)		351,243		13,184,915
MFS New Discovery Fund		2,399,045		1,106,472		543,045		(16,389)		50,639		2,996,722
MFS New Discovery Value Fund		2,392,341		796,668		278,741		(13,550)		93,864		2,990,582
MFS Research Fund		9,040,357		3,068,745		972,243		(31,016)		423,064		11,528,907
MFS Research International Fund		8,215,518		3,378,881		832,702		(65,064)		(396,938)		10,299,695
MFS Total Return Bond Fund		6,547,101		3,022,830		1,304,323		(55,149)		222,309		8,432,768
MFS Value Fund		12,671,094		3,940,702		1,517,147		(20,756)		1,095,516		16,169,409
		$227,124,405		$96,160,691		$39,293,260		$(1,377,638)		$6,135,730		$288,749,928

147

Notes to Financial Statements – continued

	MFS Lifetime 2035 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$321,725		$659,331
MFS Blended Research Emerging Markets Equity Fund		41,399		30,382
MFS Blended Research Growth Equity Fund		355,534		572,339
MFS Blended Research International Equity Fund		614,138		753,321
MFS Blended Research Mid Cap Equity Fund		538,973		1,069,084
MFS Blended Research Small Cap Equity Fund		187,787		89,998
MFS Blended Research Value Equity Fund		426,482		188,143
MFS Commodity Strategy Fund		324,017		—
MFS Emerging Markets Debt Fund		297,334		—
MFS Emerging Markets Debt Local Currency Fund (a)		99,857		—
MFS Emerging Markets Equity Fund		12,473		—
MFS Global Bond Fund		96,183		—
MFS Global Real Estate Fund		263,265		36,900
MFS Growth Fund		35,824		481,930
MFS High Income Fund		535,730		—
MFS Inflation-Adjusted Bond Fund		327,977		—
MFS Institutional Money Market Portfolio		8,032		—
MFS International Growth Fund		112,919		142,598
MFS International New Discovery Fund		70,087		288,514
MFS International Value Fund		108,349		182,957
MFS Mid Cap Growth Fund		—		441,221
MFS Mid Cap Value Fund		267,877		374,108
MFS New Discovery Fund		149,197		293,306
MFS New Discovery Value Fund		91,214		83,931
MFS Research Fund		164,668		892,767
MFS Research International Fund		400,554		65,849
MFS Total Return Bond Fund		231,335		—
MFS Value Fund		292,615		180,359
		$6,375,545		$6,827,038

148

Notes to Financial Statements – continued

	MFS Lifetime 2040 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$17,108,750		$3,789,291		$3,730,869		$184,902		$(315,587)		$17,036,487
MFS Blended Research Emerging Markets Equity Fund		3,756,891		1,157,521		997,160		(43,108)		(376,134)		3,498,010
MFS Blended Research Growth Equity Fund		25,061,434		4,503,206		6,408,467		544,507		1,075,530		24,776,210
MFS Blended Research International Equity Fund		44,383,866		13,133,851		8,703,530		(542,604)		(5,139,417)		43,132,166
MFS Blended Research Mid Cap Equity Fund		41,580,574		8,190,753		9,099,744		425,842		240,588		41,338,013
MFS Blended Research Small Cap Equity Fund		10,130,773		1,984,643		3,013,001		337,684		430,010		9,870,109
MFS Blended Research Value Equity Fund		25,097,836		4,624,258		5,422,316		241,987		317,506		24,859,271
MFS Commodity Strategy Fund		20,378,187		6,276,652		4,911,426		(614,710)		(1,466,425)		19,662,278
MFS Emerging Markets Debt Fund		3,298,496		2,006,182		713,179		(46,104)		31,177		4,576,572
MFS Emerging Markets Debt Local Currency Fund (a)		2,185,083		1,477,868		485,997		(44,033)		(76,152)		3,056,769
MFS Emerging Markets Equity Fund		3,752,960		868,734		955,941		(3,397)		(170,571)		3,491,785
MFS Global Bond Fund		2,195,242		1,367,757		499,097		(18,177)		2,104		3,047,829
MFS Global Real Estate Fund		20,736,078		3,403,490		6,286,646		190,577		1,844,324		19,887,823
MFS Growth Fund		25,145,430		3,478,839		7,571,894		1,928,180		1,843,139		24,823,694
MFS High Income Fund		5,509,921		3,068,873		1,043,974		(35,422)		130,128		7,629,526
MFS Inflation-Adjusted Bond Fund		13,527,874		4,724,041		3,809,324		(137,709)		125,092		14,429,974
MFS Institutional Money Market Portfolio		117,292		6,901,853		7,018,966		(1)		(2)		176
MFS International Growth Fund		13,986,471		2,398,661		3,187,195		191,917		50,635		13,440,489
MFS International New Discovery Fund		14,913,873		3,255,049		3,206,077		44,827		(998,361)		14,009,311
MFS International Value Fund		13,884,367		2,296,048		3,084,131		216,588		152,972		13,465,844
MFS Mid Cap Growth Fund		20,778,973		2,939,299		6,454,233		1,726,836		1,665,750		20,656,625
MFS Mid Cap Value Fund		20,850,247		3,996,111		4,645,292		222,254		201,012		20,624,332
MFS New Discovery Fund		5,082,687		1,644,330		1,825,300		246,298		(199,581)		4,948,434
MFS New Discovery Value Fund		5,060,911		1,096,383		1,348,158		73,909		66,742		4,949,787
MFS Research Fund		17,122,959		3,311,560		3,941,852		253,330		338,666		17,084,663
MFS Research International Fund		16,613,965		3,803,486		3,094,434		(58,176)		(922,140)		16,342,701
MFS Total Return Bond Fund		11,283,790		3,298,459		3,423,783		(107,750)		361,533		11,412,249
MFS Value Fund		25,024,052		4,125,299		5,935,281		262,620		1,535,962		25,012,652
		$428,568,982		$103,122,497		$110,817,267		$5,441,067		$748,500		$427,063,779

149

Notes to Financial Statements – continued

	MFS Lifetime 2040 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$555,837		$1,139,112
MFS Blended Research Emerging Markets Equity Fund		101,999		74,857
MFS Blended Research Growth Equity Fund		642,833		1,034,835
MFS Blended Research International Equity Fund		1,209,694		1,483,848
MFS Blended Research Mid Cap Equity Fund		983,275		1,950,380
MFS Blended Research Small Cap Equity Fund		362,400		173,681
MFS Blended Research Value Equity Fund		770,358		339,843
MFS Commodity Strategy Fund		630,440		—
MFS Emerging Markets Debt Fund		196,140		—
MFS Emerging Markets Debt Local Currency Fund (a)		68,474		—
MFS Emerging Markets Equity Fund		30,710		—
MFS Global Bond Fund		63,421		—
MFS Global Real Estate Fund		514,132		72,063
MFS Growth Fund		68,662		876,093
MFS High Income Fund		353,313		—
MFS Inflation-Adjusted Bond Fund		416,185		—
MFS Institutional Money Market Portfolio		1,943		—
MFS International Growth Fund		231,801		292,725
MFS International New Discovery Fund		172,150		708,657
MFS International Value Fund		222,333		375,427
MFS Mid Cap Growth Fund		—		810,438
MFS Mid Cap Value Fund		491,215		686,015
MFS New Discovery Fund		290,383		570,862
MFS New Discovery Value Fund		179,422		165,550
MFS Research Fund		286,261		1,551,997
MFS Research International Fund		739,520		121,573
MFS Total Return Bond Fund		367,459		—
MFS Value Fund		534,629		326,903
		$10,484,989		$12,754,859

150

Notes to Financial Statements – continued

	MFS Lifetime 2045 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$6,430,840		$2,173,579		$644,333		$(19,032)		$(5,887)		$7,935,167
MFS Blended Research Emerging Markets Equity Fund		1,619,488		818,177		278,884		(35,845)		(142,910)		1,980,026
MFS Blended Research Growth Equity Fund		9,637,236		2,851,979		1,300,575		(38)		719,060		11,907,662
MFS Blended Research International Equity Fund		17,723,707		8,349,930		1,908,684		(223,437)		(2,105,386)		21,836,130
MFS Blended Research Mid Cap Equity Fund		16,052,182		5,154,229		1,654,896		(97,284)		476,233		19,930,464
MFS Blended Research Small Cap Equity Fund		4,015,243		1,262,903		649,396		(616)		332,540		4,960,674
MFS Blended Research Value Equity Fund		9,651,658		2,981,565		975,474		(10,400)		283,354		11,930,703
MFS Commodity Strategy Fund		8,095,605		4,156,327		1,537,171		(79,590)		(781,691)		9,853,480
MFS Emerging Markets Equity Fund		1,620,140		685,341		263,398		(23,183)		(43,386)		1,975,514
MFS Global Real Estate Fund		8,212,175		2,645,516		1,778,526		(26,981)		917,006		9,969,190
MFS Growth Fund		9,663,118		2,337,475		1,679,200		45,949		1,580,545		11,947,887
MFS Inflation-Adjusted Bond Fund		4,056,191		1,777,525		868,233		(38,473)		37,720		4,964,730
MFS Institutional Money Market Portfolio		320,084		5,019,928		4,978,739		61		8		361,342
MFS International Growth Fund		5,679,030		1,785,547		645,689		(21,536)		175,107		6,972,459
MFS International New Discovery Fund		6,440,422		2,595,809		687,578		(60,597)		(340,354)		7,947,702
MFS International Value Fund		5,650,506		1,765,319		652,173		(18,899)		231,283		6,976,036
MFS Mid Cap Growth Fund		8,022,098		1,856,115		1,364,801		34,346		1,421,953		9,969,711
MFS Mid Cap Value Fund		8,049,985		2,452,640		785,941		(30,749)		264,098		9,950,033
MFS New Discovery Fund		2,011,486		888,704		441,463		(14,863)		47,876		2,491,740
MFS New Discovery Value Fund		2,007,972		646,672		236,071		(11,215)		78,968		2,486,326
MFS Research Fund		6,435,196		1,929,656		676,811		(10,931)		295,433		7,972,543
MFS Research International Fund		6,446,908		2,492,357		620,046		(43,203)		(315,238)		7,960,778
MFS Total Return Bond Fund		4,044,005		1,713,010		890,141		(36,898)		138,238		4,968,214
MFS Value Fund		9,627,893		2,714,417		1,175,091		(10,121)		820,992		11,978,090
		$161,513,168		$61,054,720		$26,693,314		$(733,535)		$4,085,562		$199,226,601

151

Notes to Financial Statements – continued

	MFS Lifetime 2045 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$223,451		$457,934
MFS Blended Research Emerging Markets Equity Fund		48,704		35,744
MFS Blended Research Growth Equity Fund		264,760		426,211
MFS Blended Research International Equity Fund		523,585		642,247
MFS Blended Research Mid Cap Equity Fund		408,071		809,433
MFS Blended Research Small Cap Equity Fund		155,712		74,626
MFS Blended Research Value Equity Fund		318,548		140,527
MFS Commodity Strategy Fund		272,295		—
MFS Emerging Markets Equity Fund		14,678		—
MFS Global Real Estate Fund		220,690		30,932
MFS Growth Fund		27,256		358,941
MFS Inflation-Adjusted Bond Fund		128,174		—
MFS Institutional Money Market Portfolio		7,527		—
MFS International Growth Fund		102,309		129,199
MFS International New Discovery Fund		82,351		339,000
MFS International Value Fund		98,405		166,162
MFS Mid Cap Growth Fund		—		334,507
MFS Mid Cap Value Fund		204,101		285,041
MFS New Discovery Fund		123,256		242,309
MFS New Discovery Value Fund		76,556		70,504
MFS Research Fund		114,657		621,625
MFS Research International Fund		309,233		50,836
MFS Total Return Bond Fund		140,165		—
MFS Value Fund		220,009		134,928
		$4,084,493		$5,350,706

152

Notes to Financial Statements – continued

	MFS Lifetime 2050 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$8,249,240		$2,483,724		$2,233,851		$(39,959)		$(31,025)		$8,428,129
MFS Blended Research Emerging Markets Equity Fund		2,080,911		952,792		697,132		(51,824)		(179,553)		2,105,194
MFS Blended Research Growth Equity Fund		12,357,640		3,280,774		3,843,101		182,113		658,128		12,635,554
MFS Blended Research International Equity Fund		22,743,994		9,790,573		6,346,092		(631,506)		(2,354,864)		23,202,105
MFS Blended Research Mid Cap Equity Fund		20,584,896		6,113,520		5,856,327		(103,808)		467,171		21,205,452
MFS Blended Research Small Cap Equity Fund		5,149,280		1,520,817		1,814,368		78,713		323,858		5,258,300
MFS Blended Research Value Equity Fund		12,376,926		3,349,172		3,353,910		9,393		288,065		12,669,646
MFS Commodity Strategy Fund		10,368,361		4,480,275		3,287,466		(251,888)		(836,958)		10,472,324
MFS Emerging Markets Equity Fund		2,082,125		790,252		685,399		(16,630)		(69,700)		2,100,648
MFS Global Real Estate Fund		10,546,864		2,816,248		3,878,086		70,791		1,046,047		10,601,864
MFS Growth Fund		12,397,116		2,630,865		4,331,850		510,765		1,463,729		12,670,625
MFS Inflation-Adjusted Bond Fund		5,201,512		2,057,354		1,987,601		(66,454)		64,105		5,268,916
MFS Institutional Money Market Portfolio		330,437		5,352,341		5,458,430		(14)		(1)		224,333
MFS International Growth Fund		7,286,765		2,015,802		2,057,608		9,961		153,211		7,408,131
MFS International New Discovery Fund		8,265,101		2,925,402		2,222,653		(109,731)		(418,404)		8,439,715
MFS International Value Fund		7,243,993		1,923,285		1,978,383		1,576		231,649		7,422,120
MFS Mid Cap Growth Fund		10,293,828		2,145,861		3,610,778		349,402		1,421,209		10,599,522
MFS Mid Cap Value Fund		10,320,186		2,780,362		2,761,964		(26,670)		263,814		10,575,728
MFS New Discovery Fund		2,580,293		1,054,006		1,017,419		29,313		(8,141)		2,638,052
MFS New Discovery Value Fund		2,573,860		761,957		774,481		(2,610)		77,760		2,636,486
MFS Research Fund		8,254,206		2,151,671		2,247,310		(4,691)		309,147		8,463,023
MFS Research International Fund		8,273,700		2,797,153		2,127,846		(107,152)		(374,015)		8,461,840
MFS Total Return Bond Fund		5,187,774		2,000,803		2,043,568		(54,839)		182,588		5,272,758
MFS Value Fund		12,348,385		2,944,997		3,487,654		31,005		917,705		12,754,438
		$207,097,393		$69,120,006		$68,103,277		$(194,744)		$3,595,525		$211,514,903

153

Notes to Financial Statements – continued

	MFS Lifetime 2050 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$282,723		$579,401
MFS Blended Research Emerging Markets Equity Fund		61,621		45,224
MFS Blended Research Growth Equity Fund		335,561		540,187
MFS Blended Research International Equity Fund		662,018		812,052
MFS Blended Research Mid Cap Equity Fund		516,559		1,024,624
MFS Blended Research Small Cap Equity Fund		197,106		94,463
MFS Blended Research Value Equity Fund		402,474		177,552
MFS Commodity Strategy Fund		342,884		—
MFS Emerging Markets Equity Fund		18,593		—
MFS Global Real Estate Fund		278,055		38,973
MFS Growth Fund		34,736		456,781
MFS Inflation-Adjusted Bond Fund		160,632		—
MFS Institutional Money Market Portfolio		6,975		—
MFS International Growth Fund		129,427		163,444
MFS International New Discovery Fund		103,996		428,100
MFS International Value Fund		124,184		209,695
MFS Mid Cap Growth Fund		—		424,163
MFS Mid Cap Value Fund		256,975		358,884
MFS New Discovery Fund		157,109		308,860
MFS New Discovery Value Fund		96,350		88,763
MFS Research Fund		145,226		787,359
MFS Research International Fund		390,683		64,226
MFS Total Return Bond Fund		174,674		—
MFS Value Fund		277,250		170,656
		$5,155,811		$6,773,407

154

Notes to Financial Statements – continued

	MFS Lifetime 2055 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$3,165,950		$1,646,893		$676,150		$(39,154)		$26,849		$4,124,388
MFS Blended Research Emerging Markets Equity Fund		794,499		524,792		199,618		(26,654)		(61,500)		1,031,519
MFS Blended Research Growth Equity Fund		4,748,461		2,232,325		1,170,111		(14,177)		388,926		6,185,424
MFS Blended Research International Equity Fund		8,717,285		5,595,175		1,781,088		(224,916)		(954,372)		11,352,084
MFS Blended Research Mid Cap Equity Fund		7,908,665		3,893,055		1,652,790		(103,202)		300,755		10,346,483
MFS Blended Research Small Cap Equity Fund		1,977,431		935,783		498,927		(9,928)		174,226		2,578,585
MFS Blended Research Value Equity Fund		4,750,603		2,243,114		949,581		(16,681)		165,551		6,193,006
MFS Commodity Strategy Fund		3,973,475		2,736,335		1,134,267		(70,199)		(355,553)		5,149,791
MFS Emerging Markets Equity Fund		795,501		463,639		196,510		(18,320)		(13,559)		1,030,751
MFS Global Real Estate Fund		4,042,561		1,965,620		1,312,771		(22,048)		485,986		5,159,348
MFS Growth Fund		4,756,237		1,968,488		1,383,358		24,218		827,674		6,193,259
MFS Inflation-Adjusted Bond Fund		1,990,673		1,206,644		620,672		(24,181)		24,684		2,577,148
MFS Institutional Money Market Portfolio		222,778		3,019,762		3,007,238		43		6		235,351
MFS International Growth Fund		2,783,749		1,355,806		610,727		(25,472)		111,894		3,615,250
MFS International New Discovery Fund		3,168,671		1,785,079		626,502		(58,845)		(141,800)		4,126,603
MFS International Value Fund		2,774,264		1,358,543		631,224		(22,161)		140,950		3,620,372
MFS Mid Cap Growth Fund		3,955,443		1,541,417		1,078,970		14,529		743,719		5,176,138
MFS Mid Cap Value Fund		3,960,188		1,841,306		769,272		(29,578)		160,579		5,163,223
MFS New Discovery Fund		989,871		584,666		295,711		(18,076)		33,038		1,293,788
MFS New Discovery Value Fund		988,965		473,830		206,293		(10,771)		45,124		1,290,855
MFS Research Fund		3,167,692		1,466,106		659,788		(18,074)		174,330		4,130,266
MFS Research International Fund		3,169,728		1,770,517		632,126		(53,903)		(122,160)		4,132,056
MFS Total Return Bond Fund		1,985,975		1,164,168		624,881		(23,091)		76,237		2,578,408
MFS Value Fund		4,744,871		2,064,244		1,009,594		(14,445)		447,210		6,232,286
		$79,533,536		$43,837,307		$21,728,169		$(805,086)		$2,678,794		$103,516,382

155

Notes to Financial Statements – continued

	MFS Lifetime 2055 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$115,613		$236,933
MFS Blended Research Emerging Markets Equity Fund		25,044		18,380
MFS Blended Research Growth Equity Fund		136,885		220,358
MFS Blended Research International Equity Fund		268,995		329,958
MFS Blended Research Mid Cap Equity Fund		210,793		418,119
MFS Blended Research Small Cap Equity Fund		80,823		38,735
MFS Blended Research Value Equity Fund		164,415		72,531
MFS Commodity Strategy Fund		137,531		—
MFS Emerging Markets Equity Fund		7,528		—
MFS Global Real Estate Fund		111,617		15,644
MFS Growth Fund		13,691		185,013
MFS Inflation-Adjusted Bond Fund		66,150		—
MFS Institutional Money Market Portfolio		4,915		—
MFS International Growth Fund		52,360		66,125
MFS International New Discovery Fund		42,533		175,086
MFS International Value Fund		50,280		84,902
MFS Mid Cap Growth Fund		—		172,247
MFS Mid Cap Value Fund		104,616		146,103
MFS New Discovery Fund		63,931		125,683
MFS New Discovery Value Fund		39,217		36,110
MFS Research Fund		58,948		319,591
MFS Research International Fund		159,583		26,234
MFS Total Return Bond Fund		72,777		—
MFS Value Fund		114,077		69,675
		$2,102,322		$2,757,427

156

Notes to Financial Statements – continued

	MFS Lifetime 2060 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$143,545		$347,609		$87,461		$(11,696)		$10,752		$402,749
MFS Blended Research Emerging Markets Equity Fund		35,896		90,861		23,338		(4,037)		1,305		100,687
MFS Blended Research Growth Equity Fund		215,319		491,887		129,950		(13,545)		40,413		604,124
MFS Blended Research International Equity Fund		394,814		1,000,003		229,396		(38,611)		(19,250)		1,107,560
MFS Blended Research Mid Cap Equity Fund		358,856		840,941		217,938		(25,916)		50,930		1,006,873
MFS Blended Research Small Cap Equity Fund		89,714		207,072		54,471		(5,226)		14,629		251,718
MFS Blended Research Value Equity Fund		215,321		491,263		115,117		(8,280)		20,937		604,124
MFS Commodity Strategy Fund		179,474		455,620		106,059		(10,758)		(14,840)		503,437
MFS Emerging Markets Equity Fund		35,897		85,472		21,404		(2,628)		3,350		100,687
MFS Global Real Estate Fund		180,503		411,335		122,712		(2,100)		36,410		503,436
MFS Growth Fund		215,334		458,873		133,907		(8,333)		72,157		604,124
MFS Inflation-Adjusted Bond Fund		89,743		221,961		62,074		(2,251)		4,340		251,719
MFS Institutional Money Market Portfolio		10,025		2,175,916		2,173,064		(7)		(1)		12,869
MFS International Growth Fund		125,632		287,474		72,782		(7,493)		19,575		352,406
MFS International New Discovery Fund		143,562		347,827		81,172		(12,047)		4,579		402,749
MFS International Value Fund		125,617		282,344		69,596		(6,751)		20,792		352,406
MFS Mid Cap Growth Fund		179,439		378,952		110,440		(9,239)		64,725		503,437
MFS Mid Cap Value Fund		179,440		408,228		97,357		(11,787)		24,913		503,437
MFS New Discovery Fund		44,861		110,737		29,630		(6,591)		6,482		125,859
MFS New Discovery Value Fund		44,857		104,480		26,018		(3,383)		5,923		125,859
MFS Research Fund		143,550		324,701		75,656		(10,736)		20,890		402,749
MFS Research International Fund		143,565		343,546		79,323		(12,106)		7,067		402,749
MFS Total Return Bond Fund		89,739		218,571		62,004		(1,664)		7,076		251,718
MFS Value Fund		215,316		465,962		112,400		(8,350)		43,596		604,124
		$3,600,019		$10,551,635		$4,293,269		$(223,535)		$446,750		$10,081,600

157

Notes to Financial Statements – continued

	MFS Lifetime 2060 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$8,347		$17,105
MFS Blended Research Emerging Markets Equity Fund		1,773		1,302
MFS Blended Research Growth Equity Fund		9,909		15,952
MFS Blended Research International Equity Fund		19,073		23,396
MFS Blended Research Mid Cap Equity Fund		15,210		30,166
MFS Blended Research Small Cap Equity Fund		5,854		2,806
MFS Blended Research Value Equity Fund		11,842		5,224
MFS Commodity Strategy Fund		10,799		—
MFS Emerging Markets Equity Fund		600		—
MFS Global Real Estate Fund		7,935		1,112
MFS Growth Fund		671		13,188
MFS Inflation-Adjusted Bond Fund		4,287		—
MFS Institutional Money Market Portfolio		406		—
MFS International Growth Fund		4,195		5,298
MFS International New Discovery Fund		3,380		13,912
MFS International Value Fund		4,012		6,775
MFS Mid Cap Growth Fund		—		13,702
MFS Mid Cap Value Fund		8,360		11,674
MFS New Discovery Fund		5,101		10,029
MFS New Discovery Value Fund		2,822		2,534
MFS Research Fund		4,681		25,374
MFS Research International Fund		12,667		2,083
MFS Total Return Bond Fund		4,905		—
MFS Value Fund		7,713		5,179
		$154,542		$206,811

(a) Amounts reflect the impact of a return of capital distribution adjustment which has the effect of reducing dividend income and increasing realized gain (loss) and/or change in unrealized appreciation (depreciation).

158

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of MFS Lifetime Funds and the Board of Trustees of MFS Series Trust XII

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of MFS Lifetime Income Fund, MFS Lifetime 2020 Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund and MFS Lifetime 2060 Fund (collectively referred to as the “MFS Lifetime Funds”) (ten of the funds constituting MFS Series Trust XII (the “Trust”)), including the portfolios of investments, as of April 30, 2019, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the MFS Lifetime Funds (ten of the funds constituting MFS Series Trust XII) at April 30, 2019, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the MFS Series Trust XII	Statement of operations	Statements of changes in net assets	Financial Highlights
MFS Lifetime Income Fund MFS Lifetime 2020 Fund MFS Lifetime 2025 Fund MFS Lifetime 2030 Fund MFS Lifetime 2035 Fund MFS Lifetime 2040 Fund MFS Lifetime 2045 Fund MFS Lifetime 2050 Fund MFS Lifetime 2055 Fund	For the year ended April 30, 2019	For each of the two years in the period ended April 30, 2019	For each of the five years in the period ended April 30, 2019
MFS Lifetime 2060 Fund	For the year ended April 30, 2019	For each of the two years in the period ended April 30, 2019	For each of the two years in the period ended April 30, 2019 and the period from December 6, 2016 (commencement of operations) through April 30, 2017

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the MFS Lifetime Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2019, by correspondence with the transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts

June 17, 2019

159

TRUSTEES AND OFFICERS — IDENTIFICATION AND BACKGROUND

The Trustees and Officers of the Trust, as of June 1, 2019, are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.) The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.

Name, Age	Position(s) Held with Fund	Trustee/Officer Since (h)	Number of MFS Funds overseen by the Trustee	Principal Occupations During the Past Five Years	Other Directorships During the Past Five Years (j)
INTERESTED TRUSTEES
Robert J. Manning (k) (age 55)	Trustee	February 2004	135	Massachusetts Financial Services Company, Executive Chairman (since January 2017); Director; Chairman of the Board; Chief Executive Officer (until 2015); Co-Chief Executive Officer (2015-2016)	N/A
Robin A. Stelmach (k) (age 57)	Trustee	January 2014	135	Massachusetts Financial Services Company, Vice Chair (since January 2017); Chief Operating Officer and Executive Vice President (until January 2017)	N/A
INDEPENDENT TRUSTEES
John P. Kavanaugh (age 64)	Trustee and Chair of Trustees	January 2009	135	Private investor	N/A
Steven E. Buller (age 67)	Trustee	February 2014	135	Financial Accounting Standards Advisory Council, Chairman (2014-2015); Public Company Accounting Oversight Board, Standing Advisory Group, Member (until 2014); BlackRock, Inc. (investment management), Managing Director (until 2014), BlackRock Finco UK (investment management), Director (until 2014)	N/A
John A. Caroselli (age 64)	Trustee	March 2017	135	JC Global Advisors, LLC (management consulting), President (since 2015); First Capital Corporation (commercial finance), Executive Vice President (until 2015)	N/A
Maureen R. Goldfarb (age 64)	Trustee	January 2009	135	Private investor	N/A
Michael Hegarty (age 74)	Trustee	December 2004	135	Private investor	Rouse Properties Inc., Director (until 2016); Capmark Financial Group Inc., Director (until 2015)
Peter D. Jones (age 63)	Trustee	January 2019	135	Franklin Templeton Distributors, Inc. (investment management), President (until 2015); Franklin Templeton Institutional, LLC (investment management), Chairman (until 2015)	N/A
James W. Kilman, Jr. (age 58)	Trustee	January 2019	135	KielStrand Capital LLC (family office and merchant bank), Chief Executive Officer (since 2016); Morgan Stanley & Co. (financial services), Vice Chairman of Investment Banking, Co-Head of Diversified Financials Coverage – Financial Institutions Investment Banking Group (until 2016)	Alpha-En Corporation, Director (since 2016)
Clarence Otis, Jr. (age 63)	Trustee	March 2017	135	Darden Restaurants, Inc., Chief Executive Officer (until 2014)	VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director; Federal Reserve Bank of Atlanta, Director (until 2015)

160

Trustees and Officers – continued

Name, Age	Position(s) Held with Fund	Trustee/Officer Since (h)	Number of MFS Funds overseen by the Trustee	Principal Occupations During the Past Five Years	Other Directorships During the Past Five Years (j)
Maryanne L. Roepke (age 63)	Trustee	May 2014	135	American Century Investments (investment management), Senior Vice President and Chief Compliance Officer (until 2014)	N/A
Laurie J. Thomsen (age 61)	Trustee	March 2005	135	Private investor	The Travelers Companies, Director; Dycom Industries, Inc., Director (since 2015)

Name, Age	Position(s) Held with Fund	Trustee/Officer Since (h)	Number of MFS Funds for which the Person is an Officer	Principal Occupations During the Past Five Years
OFFICERS
Christopher R. Bohane (k) (age 45)	Assistant Secretary and Assistant Clerk	July 2005	135	Massachusetts Financial Services Company, Vice President and Assistant General Counsel
Kino Clark (k) (age 50)	Assistant Treasurer	January 2012	135	Massachusetts Financial Services Company, Vice President
John W. Clark, Jr. (k) (age 52)	Assistant Treasurer	April 2017	135	Massachusetts Financial Services Company, Vice President (since March 2017); Deutsche Bank (financial services), Department Head –Treasurer’s Office (until February 2017)
Thomas H. Connors (k) (age 59)	Assistant Secretary and Assistant Clerk	September 2012	135	Massachusetts Financial Services Company, Vice President and Senior Counsel
Ethan D. Corey (k) (age 55)	Assistant Secretary and Assistant Clerk	July 2005	135	Massachusetts Financial Services Company, Senior Vice President and Associate General Counsel
David L. DiLorenzo (k) (age 50)	President	July 2005	135	Massachusetts Financial Services Company, Senior Vice President
Heidi W. Hardin (k) (age 51)	Secretary and Clerk	April 2017	135	Massachusetts Financial Services Company, Executive Vice President and General Counsel (since March 2017); Harris Associates (investment management), General Counsel (from September 2015 to January 2017); Janus Capital Management LLC (investment management), Senior Vice President and General Counsel (until September 2015)
Brian E. Langenfeld (k) (age 46)	Assistant Secretary and Assistant Clerk	June 2006	135	Massachusetts Financial Services Company, Vice President and Senior Counsel
Amanda S. Mooradian (k) (age 40)	Assistant Secretary and Assistant Clerk	September 2018	135	Massachusetts Financial Services Company, Assistant Vice President and Counsel
Susan A. Pereira (k) (age 48)	Assistant Secretary and Assistant Clerk	July 2005	135	Massachusetts Financial Services Company, Vice President and Assistant General Counsel
Kasey L. Phillips (k) (age 48)	Assistant Treasurer	September 2012	135	Massachusetts Financial Services Company, Vice President
Matthew A. Stowe (k) (age 44)	Assistant Secretary and Assistant Clerk	October 2014	135	Massachusetts Financial Services Company, Vice President and Assistant General Counsel
Frank L. Tarantino (age 75)	Independent Senior Officer	June 2004	135	Tarantino LLC (provider of compliance services), Principal

161

Trustees and Officers – continued

Name, Age	Position(s) Held with Fund	Trustee/Officer Since (h)	Number of MFS Funds for which the Person is an Officer	Principal Occupations During the Past Five Years
Martin J. Wolin (k) (age 51)	Chief Compliance Officer	July 2015	135	Massachusetts Financial Services Company, Senior Vice President and Chief Compliance Officer (since July 2015); Mercer (financial service provider), Chief Risk and Compliance Officer, North America and Latin America (until June 2015)
James O. Yost (k) (age 58)	Treasurer	September 1990	135	Massachusetts Financial Services Company, Senior Vice President

(h) Date first appointed to serve as Trustee/officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. For the period from December 15, 2004 until February 22, 2005, Mr. Manning served as Advisory Trustee. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively.

(j) Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”).

(k) “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.

Each Trustee (other than Messrs. Jones and Kilman) has been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal. Messrs. Jones and Kilman became Trustees of the Funds on January 1, 2019. The Trust does not hold annual meetings for the purpose of electing Trustees, and Trustees are not elected for fixed terms. Under the terms of the Board’s retirement policy, an Independent Trustee shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on the Board).

Messrs. Buller, Hegarty, Kilman and Otis and Ms. Roepke are members of the Trust’s Audit Committee.

Each of the Interested Trustees and certain Officers hold comparable officer positions with certain affiliates of MFS.

The Statement of Additional Information for a Fund includes further information about the Trustees and is available without charge upon request by calling 1-800-225-2606.

Investment Adviser	Custodian
Massachusetts Financial Services Company	State Street Bank and Trust Company
111 Huntington Avenue	1 Lincoln Street
Boston, MA 02199-7618	Boston, MA 02111-2900
Distributor	Independent Registered Public Accounting Firm
MFS Fund Distributors, Inc.	Ernst & Young LLP
111 Huntington Avenue	200 Clarendon Street
Boston, MA 02199-7618	Boston, MA 02116
Portfolio Manager(s)
Joseph Flaherty
Natalie Shapiro

162

PROXY VOTING POLICIES AND INFORMATION

MFS votes proxies on behalf of the funds pursuant to proxy voting policies and procedures that are available without charge, upon request, by 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 or as an exhibit to its reports on Form N-PORT (for first and third fiscal quarters ending March 31, 2019 or after). Each fund’s Form N-Q or Form N-PORT reports are 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.

163

FEDERAL TAX INFORMATION (unaudited)

The funds will notify shareholders of amounts for use in preparing 2019 income tax forms in January 2020. The following information is provided pursuant to provisions of the Internal Revenue Code.

The funds designate the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

The funds below designated the following amounts as capital gain dividends paid during the fiscal year:

	Capital Gains
MFS Lifetime Income Fund		$8,104,000
MFS Lifetime 2020 Fund		10,740,000
MFS Lifetime 2025 Fund		3,209,000
MFS Lifetime 2030 Fund		17,657,000
MFS Lifetime 2035 Fund		2,542,000
MFS Lifetime 2040 Fund		14,672,000
MFS Lifetime 2045 Fund		2,125,000
MFS Lifetime 2050 Fund		3,525,000
MFS Lifetime 2055 Fund		1,173,000
MFS Lifetime 2060 Fund		45,000

For corporate shareholders, the percentages of the ordinary income dividends paid during the fiscal year that qualify for the corporate dividends received deduction are as follows:

	Dividends Received Deductions
MFS Lifetime Income Fund		9.27%
MFS Lifetime 2020 Fund		10.09%
MFS Lifetime 2025 Fund		14.69%
MFS Lifetime 2030 Fund		19.50%
MFS Lifetime 2035 Fund		23.75%
MFS Lifetime 2040 Fund		23.90%
MFS Lifetime 2045 Fund		28.44%
MFS Lifetime 2050 Fund		28.93%
MFS Lifetime 2055 Fund		26.50%
MFS Lifetime 2060 Fund		26.08%

164

rev. 3/16

FACTS   WHAT DOES MFS DO WITH YOUR
PERSONAL INFORMATION?  

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

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

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

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

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

165

Page 2

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

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

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

Other important information

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

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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.

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

For the fiscal years ended April 30, 2019 and 2018, audit fees billed to each Fund by E&Y were as follows:

	Audit Fees
	2019		2018
Fees billed by E&Y:
MFS Lifetime Income Fund		32,028		31,326
MFS Lifetime 2020 Fund		30,412		29,747
MFS Lifetime 2025 Fund		29,738		29,087
MFS Lifetime 2030 Fund		30,412		29,747
MFS Lifetime 2035 Fund		29,738		29,087
MFS Lifetime 2040 Fund		30,412		29,747
MFS Lifetime 2045 Fund		29,738		29,087
MFS Lifetime 2050 Fund		29,845		29,192
MFS Lifetime 2055 Fund		29,738		29,087
MFS Lifetime 2060 Fund		29,088		21,702
Total		301,149		287,809

For the fiscal years ended April 30, 2019 and 2018, fees billed by E&Y for audit-related, tax and other services provided to each Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:

	Audit-Related  Fees1				Tax Fees2				All Other Fees3
	2019		2018		2019		2018		2019		2018
Fees billed by E&Y:
To MFS Lifetime Income Fund		0		0		5,407		5,285		1,156		1,172
To MFS Lifetime 2020 Fund		0		0		5,407		5,285		1,100		1,111
To MFS Lifetime 2025 Fund		0		0		5,297		5,178		1,067		1,062
To MFS Lifetime 2030 Fund		0		0		5,407		5,285		1,156		1,146
To MFS Lifetime 2035 Fund		0		0		5,297		5,178		1,064		1,054
To MFS Lifetime 2040 Fund		0		0		5,407		5,285		1,118		1,113
To MFS Lifetime 2045 Fund		0		0		5,297		5,178		1,045		1,036
To MFS Lifetime 2050 Fund		0		0		5,383		5,262		1,056		1,045
To MFS Lifetime 2055 Fund		0		0		5,297		5,178		1,022		1,013
To MFS Lifetime 2060 Fund		0		0		5,333		6,713		1,001		1,000
Total fees billed by E&Y To above Funds:		0		0		53,532		53,827		10,785		10,752

	Audit-Related  Fees1				Tax Fees2				All Other Fees3
	2019		2018		2019		2018		2019		2018
Fees billed by E&Y:
To MFS and MFS Related Entities of MFS Lifetime Income Fund*		1,783,943		1,653,893		0		0		104,750		102,450
To MFS and MFS Related Entities of MFS Lifetime 2020 Fund*		1,783,943		1,653,893		0		0		104,750		102,450
To MFS and MFS Related Entities of MFS Lifetime 2025 Fund*		1,783,943		1,653,893		0		0		104,750		102,450
To MFS and MFS Related Entities of MFS Lifetime 2030 Fund*		1,783,943		1,653,893		0		0		104,750		102,450
To MFS and MFS Related Entities of MFS Lifetime 2035 Fund*		1,783,943		1,653,893		0		0		104,750		102,450
To MFS and MFS Related Entities of MFS Lifetime 2040 Fund*		1,783,943		1,653,893		0		0		104,750		102,450
To MFS and MFS Related Entities of MFS Lifetime 2045 Fund*		1,783,943		1,653,893		0		0		104,750		102,450
To MFS and MFS Related Entities of MFS Lifetime 2050 Fund*		1,783,943		1,653,893		0		0		104,750		102,450
To MFS and MFS Related Entities of MFS Lifetime 2055 Fund*		1,783,943		1,653,893		0		0		104,750		102,450
To MFS and MFS Related Entities of MFS Lifetime 2060 Fund*		1,783,943		1,653,893		0		0		104,750		102,450

	Aggregate Fees for Non-audit Services
	2019		2018
Fees billed by E&Y:
To MFS Lifetime Income Fund, MFS and MFS Related Entities#		2,108,156		1,929,800
To MFS Lifetime 2020 Fund, MFS and MFS Related Entities#		2,108,100		1,929,739
To MFS Lifetime 2025 Fund, MFS and MFS Related Entities#		2,107,957		1,929,583
To MFS Lifetime 2030 Fund, MFS and MFS Related Entities#		2,108,156		1,929,774
To MFS Lifetime 2035 Fund, MFS and MFS Related Entities#		2,107,954		1,929,575
To MFS Lifetime 2040 Fund, MFS and MFS Related Entities#		2,108,118		1,929,741
To MFS Lifetime 2045 Fund, MFS and MFS Related Entities#		2,107,935		1,929,557
To MFS Lifetime 2050 Fund, MFS and MFS Related Entities#		2,108,032		1,929,650
To MFS Lifetime 2055 Fund, MFS and MFS Related Entities#		2,107,912		1,929,534
To MFS Lifetime 2060 Fund, MFS and MFS Related Entities#		2,107,927		1,931,056

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

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

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

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

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

Item 4(e)(1):

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

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

Item 4(e)(2):

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

Item 4(f):

Not applicable.

Item 4(h):

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the Registrant.

ITEM 6. INVESTMENTS

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

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

ITEM 13. EXHIBITS.

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

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Code of Ethics attached hereto as EX-99.COE.

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

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

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

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

Notice

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

SIGNATURES

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

(Registrant) MFS SERIES TRUST XII

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

Date: June 17, 2019

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

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

Date: June 17, 2019

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

Date: June 17, 2019

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