UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21780

MFS SERIES TRUST XII

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

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

Date of fiscal year end: April 30*

Date of reporting period: October 31, 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.

ITEM 1. REPORTS TO STOCKHOLDERS.

Semiannual Report

October 31, 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-SEM

MFS® Lifetime® Funds

CONTENTS

Letter from the Executive Chair	1
Portfolio composition	2
Expense tables	12
Portfolio of investments	23
Statements of assets and liabilities	33
Statements of operations	39
Statements of changes in net assets	41
Financial highlights	43
Notes to financial statements	95
Board review of investment advisory agreement	127
Proxy voting policies and information	131
Quarterly portfolio disclosure	131
Further information	131
Information about fund contracts and legal claims	131
Provision of financial reports and summary prospectuses	131
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 CHAIR

Dear Shareholders:

Slowing global growth, low inflation, and trade friction between the United States and China have been hallmarks of the past 12 months. After experiencing an uptick in market volatility in late 2018, markets steadied during 2019, thanks in large measure to the adoption of a dovish policy stance on the part of global central banks, focused on supporting economic growth. The U.S. and China have repeatedly raised tariffs on each other, though preliminary steps toward an interim trade agreement have been undertaken, modestly easing tensions in recent months. While British Prime Minister Boris Johnson has negotiated a reworked withdrawal agreement with the European Union, Parliament has not yet approved the deal, leading the EU to grant the United Kingdom a Brexit delay until no later than January 31, 2020. Uncertainty over Brexit, along with the ripple effects from the trade conflict, have hampered business confidence and investment in the U.K. and Europe, though investors hope that greater clarity regarding the Brexit outcome will emerge after a British parliamentary election in December.

Markets expect that the longest economic expansion in U.S. history will continue for the time being, albeit at a slower pace. In an effort to prolong the expansion, the U.S. Federal Reserve lowered interest rates three times between July and October. Similarly, the European Central Bank loosened policy in September. While the monetary policy environment remains quite accommodative, tentative signs of easing trade tensions and receding global recession fears have helped push global interest rates modestly higher from the record-low levels posted late in the summer as investors grew less risk averse.

Here at MFS®, we aim to help our clients navigate the growing complexity of the markets and world economies. Our long-term investment philosophy and commitment to responsible allocation of capital allow us to wade through the noise to uncover what we believe are the best, most durable investment opportunities in the market. Through our powerful global investment platform, we combine collective expertise, thoughtful risk management and long-term discipline with the purpose of creating sustainable value for investors.

Respectfully,

Robert J. Manning

Executive Chair

MFS Investment Management

December 16, 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 Total Return Bond Fund	19.9%
MFS Limited Maturity Fund	19.9%
MFS Inflation-Adjusted Bond Fund	10.0%
MFS Government Securities Fund	9.9%
MFS Global Bond Fund	5.0%
MFS Blended Research Mid Cap Equity Fund	3.0%
MFS High Income Fund	3.0%
MFS Blended Research International Equity Fund	2.5%
MFS Blended Research Core Equity Fund	2.1%
MFS Blended Research Growth Equity Fund	2.0%
MFS Growth Fund	2.0%
MFS Blended Research Value Equity Fund	2.0%
MFS Research Fund	2.0%
MFS Value Fund	2.0%
MFS Commodity Strategy Fund	2.0%
MFS Emerging Markets Debt Fund	2.0%
MFS Global Real Estate Fund	2.0%
MFS Research International Fund	1.5%
MFS Mid Cap Value Fund	1.5%
MFS Mid Cap Growth Fund	1.5%
MFS Blended Research Small Cap Equity Fund	1.0%
MFS Emerging Markets Debt Local Currency Fund	1.0%
MFS International Growth Fund	0.5%
MFS International Intrinsic Value 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 October 31, 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	19.0%
MFS Limited Maturity Fund	18.0%
MFS Government Securities Fund	10.0%
MFS Inflation-Adjusted Bond Fund	10.0%
MFS Global Bond Fund	5.0%
MFS High Income Fund	3.4%
MFS Blended Research Mid Cap Equity Fund	3.2%
MFS Blended Research International Equity Fund	2.8%
MFS Blended Research Growth Equity Fund	2.2%
MFS Blended Research Core Equity Fund	2.2%
MFS Growth Fund	2.2%
MFS Research Fund	2.2%
MFS Blended Research Value Equity Fund	2.2%
MFS Value Fund	2.2%
MFS Emerging Markets Debt Fund	2.2%
MFS Commodity Strategy Fund	2.0%
MFS Global Real Estate Fund	2.0%
MFS Research International Fund	1.6%
MFS Mid Cap Growth Fund	1.6%
MFS Mid Cap Value Fund	1.6%
MFS Emerging Markets Debt Local Currency Fund	1.2%
MFS Blended Research Small Cap Equity Fund	1.0%
MFS International Growth Fund	0.6%
MFS International Intrinsic Value 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.

Percentages are based on net assets as of October 31, 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	13.6%
MFS Government Securities Fund	9.9%
MFS Inflation-Adjusted Bond Fund	9.3%
MFS Limited Maturity Fund	8.0%
MFS High Income Fund	5.0%
MFS Global Bond Fund	5.0%
MFS Blended Research Mid Cap Equity Fund	4.6%
MFS Blended Research International Equity Fund	4.4%
MFS Blended Research Value Equity Fund	3.2%
MFS Blended Research Core Equity Fund	3.2%
MFS Blended Research Growth Equity Fund	3.2%
MFS Value Fund	3.2%
MFS Research Fund	3.2%
MFS Growth Fund	3.2%
MFS Emerging Markets Debt Fund	3.0%
MFS Mid Cap Value Fund	2.3%
MFS Mid Cap Growth Fund	2.3%
MFS Research International Fund	2.2%
MFS Global Real Estate Fund	2.2%
MFS Commodity Strategy Fund	2.2%
MFS Emerging Markets Debt Local Currency Fund	2.0%
MFS International Growth Fund	1.1%
MFS Blended Research Small Cap Equity Fund	1.1%
MFS International Intrinsic Value Fund	1.1%
MFS New Discovery Value Fund	0.6%
MFS New Discovery Fund	0.5%
Cash & Cash Equivalents	0.2%
MFS International New Discovery Fund	0.2%

Portfolio actual allocation

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

Percentages are based on net assets as of October 31, 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 Government Securities Fund	7.9%
MFS Blended Research Mid Cap Equity Fund	7.4%
MFS Total Return Bond Fund	7.0%
MFS Blended Research International Equity Fund	6.5%
MFS Inflation-Adjusted Bond Fund	6.5%
MFS High Income Fund	5.0%
MFS Global Bond Fund	4.4%
MFS Blended Research Value Equity Fund	4.3%
MFS Blended Research Growth Equity Fund	4.3%
MFS Value Fund	4.3%
MFS Growth Fund	4.3%
MFS Blended Research Core Equity Fund	4.0%
MFS Research Fund	4.0%
MFS Mid Cap Value Fund	3.7%
MFS Mid Cap Growth Fund	3.7%
MFS Global Real Estate Fund	3.2%
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 Growth Fund	1.7%
MFS International Intrinsic Value Fund	1.7%
MFS Blended Research Small Cap Equity Fund	1.6%
MFS International New Discovery Fund	1.2%
MFS New Discovery Value Fund	0.8%
MFS New Discovery Fund	0.8%
Cash & Cash Equivalents	0.1%
MFS Emerging Markets Equity Fund	0.1%
MFS Blended Research Emerging Markets Equity Fund	0.1%

Portfolio actual allocation

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

Percentages are based on net assets as of October 31, 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	9.0%
MFS Blended Research International Equity Fund	8.7%
MFS Blended Research Growth Equity Fund	5.6%
MFS Blended Research Value Equity Fund	5.6%
MFS Growth Fund	5.6%
MFS Value Fund	5.5%
MFS Inflation-Adjusted Bond Fund	4.8%
MFS Mid Cap Value Fund	4.5%
MFS Mid Cap Growth Fund	4.5%
MFS High Income Fund	4.5%
MFS Global Real Estate Fund	4.1%
MFS Commodity Strategy Fund	4.1%
MFS Blended Research Core Equity Fund	4.0%
MFS Research Fund	4.0%
MFS Research International Fund	3.6%
MFS Total Return Bond Fund	2.9%
MFS Emerging Markets Debt Fund	2.7%
MFS International Growth Fund	2.6%
MFS International Intrinsic Value Fund	2.6%
MFS International New Discovery Fund	2.2%
MFS Blended Research Small Cap Equity Fund	2.1%
MFS Emerging Markets Debt Local Currency Fund	1.8%
MFS Global Bond Fund	1.8%
MFS New Discovery Value Fund	1.0%
MFS New Discovery Fund	1.0%
MFS Emerging Markets Equity Fund	0.6%
MFS Blended Research Emerging Markets Equity Fund	0.5%
Cash & Cash Equivalents	0.1%

Portfolio actual allocation

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

Percentages are based on net assets as of October 31, 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	9.5%
MFS Blended Research Value Equity Fund	5.8%
MFS Blended Research Growth Equity Fund	5.8%
MFS Value Fund	5.8%
MFS Growth Fund	5.8%
MFS Mid Cap Value Fund	4.8%
MFS Mid Cap Growth Fund	4.8%
MFS Global Real Estate Fund	4.6%
MFS Commodity Strategy Fund	4.6%
MFS Blended Research Core Equity Fund	4.0%
MFS Research Fund	4.0%
MFS Research International Fund	3.8%
MFS Inflation-Adjusted Bond Fund	3.5%
MFS International New Discovery Fund	3.2%
MFS International Growth Fund	3.1%
MFS International Intrinsic Value Fund	3.1%
MFS Total Return Bond Fund	2.7%
MFS Blended Research Small Cap Equity Fund	2.3%
MFS High Income Fund	2.0%
MFS Emerging Markets Debt Fund	1.2%
MFS New Discovery Value Fund	1.2%
MFS New Discovery Fund	1.1%
MFS Emerging Markets Debt Local Currency Fund	0.8%
MFS Global Bond Fund	0.8%
MFS Emerging Markets Equity Fund	0.8%
MFS Blended Research Emerging Markets Equity Fund	0.8%
Cash & Cash Equivalents (o)	(0.0)%

Portfolio actual allocation

(o) Less than 0.1%.

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

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

Percentages are based on net assets as of October 31, 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	11.0%
MFS Blended Research Mid Cap Equity Fund	9.9%
MFS Blended Research Growth Equity Fund	6.0%
MFS Blended Research Value Equity Fund	6.0%
MFS Growth Fund	6.0%
MFS Value Fund	6.0%
MFS Global Real Estate Fund	5.0%
MFS Mid Cap Value Fund	5.0%
MFS Mid Cap Growth Fund	5.0%
MFS Commodity Strategy Fund	5.0%
MFS International New Discovery Fund	4.0%
MFS Research International Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS Research Fund	4.0%
MFS International Growth Fund	3.5%
MFS International Intrinsic Value Fund	3.5%
MFS Total Return Bond Fund	2.5%
MFS Inflation-Adjusted Bond Fund	2.5%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS New Discovery Value Fund	1.3%
MFS New Discovery Fund	1.2%
MFS Emerging Markets Equity Fund	1.0%
MFS Blended Research Emerging Markets Equity Fund	1.0%
Cash & Cash Equivalents	0.1%

Portfolio actual allocation

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

Percentages are based on net assets as of October 31, 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	9.9%
MFS Growth Fund	6.0%
MFS Blended Research Growth Equity Fund	6.0%
MFS Value Fund	6.0%
MFS Blended Research Value Equity Fund	6.0%
MFS Global Real Estate Fund	5.0%
MFS Mid Cap Growth Fund	5.0%
MFS Mid Cap Value Fund	5.0%
MFS Commodity Strategy Fund	5.0%
MFS International New Discovery Fund	4.0%
MFS Research International Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS Research Fund	4.0%
MFS International Growth Fund	3.5%
MFS International Intrinsic Value Fund	3.5%
MFS Total Return Bond Fund	2.5%
MFS Inflation-Adjusted Bond Fund	2.5%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS New Discovery Value Fund	1.3%
MFS New Discovery Fund	1.2%
MFS Emerging Markets Equity Fund	1.0%
MFS Blended Research Emerging Markets Equity Fund	1.0%
Cash & Cash Equivalents	0.1%

Portfolio actual allocation

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

Percentages are based on net assets as of October 31, 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	11.0%
MFS Blended Research Mid Cap Equity Fund	9.9%
MFS Growth Fund	6.0%
MFS Blended Research Growth Equity Fund	6.0%
MFS Value Fund	6.0%
MFS Blended Research Value Equity Fund	6.0%
MFS Global Real Estate Fund	5.0%
MFS Mid Cap Growth Fund	5.0%
MFS Mid Cap Value Fund	5.0%
MFS Commodity Strategy Fund	5.0%
MFS International New Discovery Fund	4.0%
MFS Research International Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS Research Fund	4.0%
MFS International Growth Fund	3.5%
MFS International Intrinsic Value Fund	3.5%
MFS Inflation-Adjusted Bond Fund	2.5%
MFS Total Return Bond Fund	2.5%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS New Discovery Value Fund	1.2%
MFS New Discovery Fund	1.2%
MFS Emerging Markets Equity Fund	1.0%
MFS Blended Research Emerging Markets Equity Fund	1.0%
Cash & Cash Equivalents	0.2%

Portfolio actual allocation

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

Percentages are based on net assets as of October 31, 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	9.9%
MFS Blended Research Growth Equity Fund	6.0%
MFS Growth Fund	6.0%
MFS Value 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 International New Discovery Fund	4.0%
MFS Research International Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS Research Fund	4.0%
MFS International Growth Fund	3.5%
MFS International Intrinsic Value Fund	3.5%
MFS Inflation-Adjusted Bond Fund	2.5%
MFS Total Return Bond Fund	2.5%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS New Discovery Value Fund	1.2%
MFS New Discovery Fund	1.2%
MFS Emerging Markets Equity Fund	1.0%
MFS Blended Research Emerging Markets Equity Fund	1.0%
Cash & Cash Equivalents	0.2%

Portfolio actual allocation

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

Percentages are based on net assets as of October 31, 2019.

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

11

EXPENSE TABLES

Fund expenses borne by the shareholders during the period, May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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.

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Expense Tables – continued

MFS LIFETIME INCOME FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/19		Ending Account Value 10/31/19		Expenses Paid During Period (p) 5/01/19-10/31/19
A	Actual		0.23%		$1,000.00		$1,041.33		$1.18
	Hypothetical (h)		0.23%		$1,000.00		$1,023.98		$1.17
B	Actual		0.98%		$1,000.00		$1,036.63		$5.02
	Hypothetical (h)		0.98%		$1,000.00		$1,020.21		$4.98
C	Actual		0.98%		$1,000.00		$1,037.47		$5.02
	Hypothetical (h)		0.98%		$1,000.00		$1,020.21		$4.98
I	Actual		0.00%		$1,000.00		$1,042.59		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R1	Actual		0.98%		$1,000.00		$1,037.42		$5.02
	Hypothetical (h)		0.98%		$1,000.00		$1,020.21		$4.98
R2	Actual		0.48%		$1,000.00		$1,040.02		$2.46
	Hypothetical (h)		0.48%		$1,000.00		$1,022.72		$2.44
R3	Actual		0.23%		$1,000.00		$1,040.49		$1.18
	Hypothetical (h)		0.23%		$1,000.00		$1,023.98		$1.17
R4	Actual		0.00%		$1,000.00		$1,042.62		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R6	Actual		0.00%		$1,000.00		$1,042.94		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
529A	Actual		0.27%		$1,000.00		$1,041.12		$1.39
	Hypothetical (h)		0.27%		$1,000.00		$1,023.78		$1.37
529B	Actual		1.02%		$1,000.00		$1,037.26		$5.22
	Hypothetical (h)		1.02%		$1,000.00		$1,020.01		$5.18
529C	Actual		1.03%		$1,000.00		$1,036.27		$5.27
	Hypothetical (h)		1.03%		$1,000.00		$1,019.96		$5.23

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

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.

Notes to Expense Table

For the MFS Lifetime Income Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class 529A, Class 529B, and Class 529C shares, this rebate reduced the expense ratios above by 0.02%, 0.02%, and 0.01%, respectively. See Note 3 in the Notes to Financial Statements for additional information.

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Expense Tables – continued

MFS LIFETIME 2020 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/19		Ending Account Value 10/31/19		Expenses Paid During Period (p) 5/01/19-10/31/19
A	Actual		0.24%		$1,000.00		$1,040.83		$1.23
	Hypothetical (h)		0.24%		$1,000.00		$1,023.93		$1.22
B	Actual		0.99%		$1,000.00		$1,037.18		$5.07
	Hypothetical (h)		0.99%		$1,000.00		$1,020.16		$5.03
C	Actual		0.99%		$1,000.00		$1,036.98		$5.07
	Hypothetical (h)		0.99%		$1,000.00		$1,020.16		$5.03
I	Actual		0.00%		$1,000.00		$1,042.85		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R1	Actual		0.99%		$1,000.00		$1,037.18		$5.07
	Hypothetical (h)		0.99%		$1,000.00		$1,020.16		$5.03
R2	Actual		0.49%		$1,000.00		$1,039.60		$2.51
	Hypothetical (h)		0.49%		$1,000.00		$1,022.67		$2.49
R3	Actual		0.24%		$1,000.00		$1,040.83		$1.23
	Hypothetical (h)		0.24%		$1,000.00		$1,023.93		$1.22
R4	Actual		0.00%		$1,000.00		$1,042.08		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R6	Actual		0.00%		$1,000.00		$1,043.68		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00

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

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (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 2020 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.

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Expense Tables – continued

MFS LIFETIME 2025 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/19		Ending Account Value 10/31/19		Expenses Paid During Period (p) 5/01/19-10/31/19
A	Actual		0.22%		$1,000.00		$1,041.44		$1.13
	Hypothetical (h)		0.22%		$1,000.00		$1,024.03		$1.12
B	Actual		0.98%		$1,000.00		$1,037.90		$5.02
	Hypothetical (h)		0.98%		$1,000.00		$1,020.21		$4.98
C	Actual		0.99%		$1,000.00		$1,038.10		$5.07
	Hypothetical (h)		0.99%		$1,000.00		$1,020.16		$5.03
I	Actual		0.00%		$1,000.00		$1,042.81		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R1	Actual		0.99%		$1,000.00		$1,037.07		$5.07
	Hypothetical (h)		0.99%		$1,000.00		$1,020.16		$5.03
R2	Actual		0.49%		$1,000.00		$1,040.12		$2.51
	Hypothetical (h)		0.49%		$1,000.00		$1,022.67		$2.49
R3	Actual		0.24%		$1,000.00		$1,041.48		$1.23
	Hypothetical (h)		0.24%		$1,000.00		$1,023.93		$1.22
R4	Actual		0.00%		$1,000.00		$1,042.75		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R6	Actual		0.00%		$1,000.00		$1,042.75		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00

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

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.

Notes to Expense Table

For the MFS Lifetime 2025 Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class A and Class B shares, this rebate reduced the expense ratios above by 0.02% and 0.01%, respectively. See Note 3 in the Notes to Financial Statements for additional information.

15

Expense Tables – continued

MFS LIFETIME 2030 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/19		Ending Account Value 10/31/19		Expenses Paid During Period (p) 5/01/19-10/31/19
A	Actual		0.24%		$1,000.00		$1,039.13		$1.23
	Hypothetical (h)		0.24%		$1,000.00		$1,023.93		$1.22
B	Actual		0.99%		$1,000.00		$1,035.78		$5.07
	Hypothetical (h)		0.99%		$1,000.00		$1,020.16		$5.03
C	Actual		0.99%		$1,000.00		$1,036.02		$5.07
	Hypothetical (h)		0.99%		$1,000.00		$1,020.16		$5.03
I	Actual		0.00%		$1,000.00		$1,040.87		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R1	Actual		0.99%		$1,000.00		$1,035.67		$5.07
	Hypothetical (h)		0.99%		$1,000.00		$1,020.16		$5.03
R2	Actual		0.49%		$1,000.00		$1,038.24		$2.51
	Hypothetical (h)		0.49%		$1,000.00		$1,022.67		$2.49
R3	Actual		0.25%		$1,000.00		$1,039.25		$1.28
	Hypothetical (h)		0.25%		$1,000.00		$1,023.88		$1.27
R4	Actual		0.00%		$1,000.00		$1,040.82		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R6	Actual		0.00%		$1,000.00		$1,041.45		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00

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

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.

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Expense Tables – continued

MFS LIFETIME 2035 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/19		Ending Account Value 10/31/19		Expenses Paid During Period (p) 5/01/19-10/31/19
A	Actual		0.24%		$1,000.00		$1,036.15		$1.23
	Hypothetical (h)		0.24%		$1,000.00		$1,023.93		$1.22
B	Actual		1.00%		$1,000.00		$1,032.35		$5.11
	Hypothetical (h)		1.00%		$1,000.00		$1,020.11		$5.08
C	Actual		0.99%		$1,000.00		$1,031.80		$5.06
	Hypothetical (h)		0.99%		$1,000.00		$1,020.16		$5.03
I	Actual		0.00%		$1,000.00		$1,036.74		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R1	Actual		1.00%		$1,000.00		$1,032.37		$5.11
	Hypothetical (h)		1.00%		$1,000.00		$1,020.11		$5.08
R2	Actual		0.50%		$1,000.00		$1,034.25		$2.56
	Hypothetical (h)		0.50%		$1,000.00		$1,022.62		$2.54
R3	Actual		0.25%		$1,000.00		$1,036.10		$1.28
	Hypothetical (h)		0.25%		$1,000.00		$1,023.88		$1.27
R4	Actual		0.00%		$1,000.00		$1,037.28		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R6	Actual		0.00%		$1,000.00		$1,037.95		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00

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

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (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.

17

Expense Tables – continued

MFS LIFETIME 2040 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/19		Ending Account Value 10/31/19		Expenses Paid During Period (p) 5/01/19-10/31/19
A	Actual		0.24%		$1,000.00		$1,034.63		$1.23
	Hypothetical (h)		0.24%		$1,000.00		$1,023.93		$1.22
B	Actual		0.99%		$1,000.00		$1,030.60		$5.05
	Hypothetical (h)		0.99%		$1,000.00		$1,020.16		$5.03
C	Actual		0.99%		$1,000.00		$1,030.38		$5.05
	Hypothetical (h)		0.99%		$1,000.00		$1,020.16		$5.03
I	Actual		0.00%		$1,000.00		$1,035.61		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R1	Actual		1.00%		$1,000.00		$1,030.12		$5.10
	Hypothetical (h)		1.00%		$1,000.00		$1,020.11		$5.08
R2	Actual		0.50%		$1,000.00		$1,033.05		$2.56
	Hypothetical (h)		0.50%		$1,000.00		$1,022.62		$2.54
R3	Actual		0.25%		$1,000.00		$1,034.63		$1.28
	Hypothetical (h)		0.25%		$1,000.00		$1,023.88		$1.27
R4	Actual		0.00%		$1,000.00		$1,035.52		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R6	Actual		0.00%		$1,000.00		$1,036.12		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00

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

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (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 and Class B shares, this rebate reduced the expense ratios above by 0.01%. See Note 3 in the Notes to Financial Statements for additional information.

18

Expense Tables – continued

MFS LIFETIME 2045 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/19		Ending Account Value 10/31/19		Expenses Paid During Period (p) 5/01/19-10/31/19
A	Actual		0.25%		$1,000.00		$1,033.48		$1.28
	Hypothetical (h)		0.25%		$1,000.00		$1,023.88		$1.27
B	Actual		1.00%		$1,000.00		$1,029.16		$5.10
	Hypothetical (h)		1.00%		$1,000.00		$1,020.11		$5.08
C	Actual		0.97%		$1,000.00		$1,029.32		$4.95
	Hypothetical (h)		0.97%		$1,000.00		$1,020.26		$4.93
I	Actual		0.00%		$1,000.00		$1,033.97		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R1	Actual		1.00%		$1,000.00		$1,029.20		$5.10
	Hypothetical (h)		1.00%		$1,000.00		$1,020.11		$5.08
R2	Actual		0.50%		$1,000.00		$1,031.78		$2.55
	Hypothetical (h)		0.50%		$1,000.00		$1,022.62		$2.54
R3	Actual		0.25%		$1,000.00		$1,032.86		$1.28
	Hypothetical (h)		0.25%		$1,000.00		$1,023.88		$1.27
R4	Actual		0.00%		$1,000.00		$1,034.02		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R6	Actual		0.00%		$1,000.00		$1,034.66		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00

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

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (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 0.03%. See Note 3 in the Notes to Financial Statements for additional information.

19

Expense Tables – continued

MFS LIFETIME 2050 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/19		Ending Account Value 10/31/19		Expenses Paid During Period (p) 5/01/19-10/31/19
A	Actual		0.25%		$1,000.00		$1,032.98		$1.28
	Hypothetical (h)		0.25%		$1,000.00		$1,023.88		$1.27
B	Actual		1.00%		$1,000.00		$1,029.11		$5.10
	Hypothetical (h)		1.00%		$1,000.00		$1,020.11		$5.08
C	Actual		1.00%		$1,000.00		$1,028.73		$5.10
	Hypothetical (h)		1.00%		$1,000.00		$1,020.11		$5.08
I	Actual		0.00%		$1,000.00		$1,034.08		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R1	Actual		1.00%		$1,000.00		$1,028.71		$5.10
	Hypothetical (h)		1.00%		$1,000.00		$1,020.11		$5.08
R2	Actual		0.50%		$1,000.00		$1,031.81		$2.55
	Hypothetical (h)		0.50%		$1,000.00		$1,022.62		$2.54
R3	Actual		0.25%		$1,000.00		$1,032.67		$1.28
	Hypothetical (h)		0.25%		$1,000.00		$1,023.88		$1.27
R4	Actual		0.00%		$1,000.00		$1,034.10		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R6	Actual		0.00%		$1,000.00		$1,035.18		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00

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

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.

20

Expense Tables – continued

MFS LIFETIME 2055 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/19		Ending Account Value 10/31/19		Expenses Paid During Period (p) 5/01/19-10/31/19
A	Actual		0.25%		$1,000.00		$1,033.27		$1.28
	Hypothetical (h)		0.25%		$1,000.00		$1,023.88		$1.27
B	Actual		1.00%		$1,000.00		$1,028.99		$5.10
	Hypothetical (h)		1.00%		$1,000.00		$1,020.11		$5.08
C	Actual		0.99%		$1,000.00		$1,029.21		$5.05
	Hypothetical (h)		0.99%		$1,000.00		$1,020.16		$5.03
I	Actual		0.00%		$1,000.00		$1,034.50		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R1	Actual		1.00%		$1,000.00		$1,029.19		$5.10
	Hypothetical (h)		1.00%		$1,000.00		$1,020.11		$5.08
R2	Actual		0.50%		$1,000.00		$1,032.20		$2.55
	Hypothetical (h)		0.50%		$1,000.00		$1,022.62		$2.54
R3	Actual		0.25%		$1,000.00		$1,033.27		$1.28
	Hypothetical (h)		0.25%		$1,000.00		$1,023.88		$1.27
R4	Actual		0.00%		$1,000.00		$1,034.35		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R6	Actual		0.00%		$1,000.00		$1,035.60		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00

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

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (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 2055 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.

21

Expense Tables – continued

MFS LIFETIME 2060 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 5/01/19		Ending Account Value 10/31/19		Expenses Paid During Period (p) 5/01/19-10/31/19
A	Actual		0.20%		$1,000.00		$1,033.44		$1.02
	Hypothetical (h)		0.20%		$1,000.00		$1,024.13		$1.02
B	Actual		0.95%		$1,000.00		$1,029.39		$4.85
	Hypothetical (h)		0.95%		$1,000.00		$1,020.36		$4.82
C	Actual		0.95%		$1,000.00		$1,029.48		$4.85
	Hypothetical (h)		0.95%		$1,000.00		$1,020.36		$4.82
I	Actual		0.00%		$1,000.00		$1,034.90		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R1	Actual		0.95%		$1,000.00		$1,030.13		$4.85
	Hypothetical (h)		0.95%		$1,000.00		$1,020.36		$4.82
R2	Actual		0.45%		$1,000.00		$1,032.65		$2.30
	Hypothetical (h)		0.45%		$1,000.00		$1,022.87		$2.29
R3	Actual		0.20%		$1,000.00		$1,034.20		$1.02
	Hypothetical (h)		0.20%		$1,000.00		$1,024.13		$1.02
R4	Actual		0.00%		$1,000.00		$1,034.93		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00
R6	Actual		0.00%		$1,000.00		$1,034.87		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,025.14		$0.00

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

(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher.

22

PORTFOLIO OF INVESTMENTS

10/31/19 (unaudited)

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

MFS LIFETIME INCOME FUND

Investment Companies (h) - 100.0%
Issuer	Shares/Par		Value ($)
Bond Funds - 70.7%
MFS Emerging Markets Debt Fund - Class R6		822,081	$	12,092,808
MFS Emerging Markets Debt Local Currency Fund - Class R6		871,325		6,055,709
MFS Global Bond Fund - Class R6		3,299,486		30,256,286
MFS Government Securities Fund - Class R6		6,020,083		60,381,429
MFS High Income Fund - Class R6		5,301,729		18,131,914
MFS Inflation-Adjusted Bond Fund - Class R6		5,756,151		60,382,023
MFS Limited Maturity Fund - Class R6		20,091,444		120,749,577
MFS Total Return Bond Fund - Class R6		10,933,295		120,922,247
			$	428,971,993
International Stock Funds - 5.0%
MFS Blended Research International Equity Fund - Class R6		1,361,407	$	15,166,072
MFS International Growth Fund - Class R6		86,222		3,074,679
MFS International Intrinsic Value Fund - Class R6		67,522		3,059,457
MFS Research International Fund - Class R6		484,879		9,173,909
			$	30,474,117
Specialty Funds - 4.0%
MFS Commodity Strategy Fund - Class R6		2,270,189	$	12,100,108
MFS Global Real Estate Fund - Class R6		650,429		12,091,484
			$	24,191,592
U.S. Stock Funds - 20.1%
MFS Blended Research Core Equity Fund - Class R6		441,912	$	12,240,962
MFS Blended Research Growth Equity Fund - Class R6		831,140		12,226,068
MFS Blended Research Mid Cap Equity Fund - Class R6		1,492,452		18,163,141
MFS Blended Research Small Cap Equity Fund - Class R6		454,332		6,106,216
MFS Blended Research Value Equity Fund - Class R6		911,393		12,185,325
MFS Growth Fund - Class R6		100,634		12,197,886
MFS Mid Cap Growth Fund - Class R6		422,728		9,084,425
MFS Mid Cap Value Fund - Class R6		370,976		9,103,754
MFS New Discovery Fund - Class R6		95,999		3,039,328
MFS New Discovery Value Fund - Class R6		188,592		3,047,651
MFS Research Fund - Class R6		271,424		12,170,623
MFS Value Fund - Class R6		286,081		12,161,308
			$	121,726,687
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 1.89% (v)		1,304,961	$	1,305,091
Total Investment Companies (Identified Cost, $533,516,775)			$	606,669,480
Other Assets, Less Liabilities - (0.0)%				(169,647)
Net Assets - 100.0%			$	606,499,833

See Portfolio Footnotes and Notes to Financial Statements

23

Portfolio of Investments (unaudited) – continued

MFS LIFETIME 2020 FUND

Investment Companies (h) - 100.0%
Issuer	Shares/Par		Value ($)
Bond Funds - 68.8%
MFS Emerging Markets Debt Fund - Class R6		511,794	$	7,528,493
MFS Emerging Markets Debt Local Currency Fund - Class R6		588,755		4,091,849
MFS Global Bond Fund - Class R6		1,878,180		17,222,913
MFS Government Securities Fund - Class R6		3,422,766		34,330,336
MFS High Income Fund - Class R6		3,394,015		11,607,531
MFS Inflation-Adjusted Bond Fund - Class R6		3,271,107		34,313,910
MFS Limited Maturity Fund - Class R6		10,335,027		62,113,513
MFS Total Return Bond Fund - Class R6		5,920,140		65,476,750
			$	236,685,295
International Stock Funds - 5.6%
MFS Blended Research International Equity Fund - Class R6		861,899	$	9,601,553
MFS International Growth Fund - Class R6		57,911		2,065,100
MFS International Intrinsic Value Fund - Class R6		45,448		2,059,244
MFS Research International Fund - Class R6		292,239		5,529,173
			$	19,255,070
Specialty Funds - 4.0%
MFS Commodity Strategy Fund - Class R6		1,292,707	$	6,890,131
MFS Global Real Estate Fund - Class R6		370,484		6,887,295
			$	13,777,426
U.S. Stock Funds - 21.6%
MFS Blended Research Core Equity Fund - Class R6		273,748	$	7,582,814
MFS Blended Research Growth Equity Fund - Class R6		515,529		7,583,431
MFS Blended Research Mid Cap Equity Fund - Class R6		902,967		10,989,109
MFS Blended Research Small Cap Equity Fund - Class R6		257,456		3,460,207
MFS Blended Research Value Equity Fund - Class R6		565,238		7,557,236
MFS Growth Fund - Class R6		62,526		7,578,786
MFS Mid Cap Growth Fund - Class R6		255,748		5,496,028
MFS Mid Cap Value Fund - Class R6		223,908		5,494,713
MFS New Discovery Fund - Class R6		54,516		1,725,991
MFS New Discovery Value Fund - Class R6		106,917		1,727,772
MFS Research Fund - Class R6		168,600		7,560,011
MFS Value Fund - Class R6		177,633		7,551,179
			$	74,307,277
Money Market Funds - 0.0%
MFS Institutional Money Market Portfolio, 1.89% (v)		125,195	$	125,207
Total Investment Companies (Identified Cost, $295,405,702)			$	344,150,275
Other Assets, Less Liabilities - (0.0)%				(99,263)
Net Assets - 100.0%			$	344,051,012

See Portfolio Footnotes and Notes to Financial Statements

24

Portfolio of Investments (unaudited) – continued

MFS LIFETIME 2025 FUND

Investment Companies (h) - 100.0%
Issuer	Shares/Par		Value ($)
Bond Funds - 55.8%
MFS Emerging Markets Debt Fund - Class R6		650,110	$	9,563,119
MFS Emerging Markets Debt Local Currency Fund - Class R6		920,800		6,399,560
MFS Global Bond Fund - Class R6		1,737,538		15,933,225
MFS Government Securities Fund - Class R6		3,163,492		31,729,819
MFS High Income Fund - Class R6		4,662,237		15,944,851
MFS Inflation-Adjusted Bond Fund - Class R6		2,843,971		29,833,260
MFS Limited Maturity Fund - Class R6		4,258,653		25,594,504
MFS Total Return Bond Fund - Class R6		3,920,598		43,361,818
			$	178,360,156
International Stock Funds - 9.0%
MFS Blended Research International Equity Fund - Class R6		1,264,621	$	14,087,879
MFS International Growth Fund - Class R6		98,791		3,522,887
MFS International Intrinsic Value Fund - Class R6		77,610		3,516,511
MFS International New Discovery Fund - Class R6		17,428		610,141
MFS Research International Fund - Class R6		372,741		7,052,260
			$	28,789,678
Specialty Funds - 4.4%
MFS Commodity Strategy Fund - Class R6		1,310,229	$	6,983,521
MFS Global Real Estate Fund - Class R6		377,019		7,008,782
			$	13,992,303
U.S. Stock Funds - 30.6%
MFS Blended Research Core Equity Fund - Class R6		370,180	$	10,253,988
MFS Blended Research Growth Equity Fund - Class R6		695,255		10,227,198
MFS Blended Research Mid Cap Equity Fund - Class R6		1,201,242		14,619,118
MFS Blended Research Small Cap Equity Fund - Class R6		261,762		3,518,084
MFS Blended Research Value Equity Fund - Class R6		767,056		10,255,540
MFS Growth Fund - Class R6		84,159		10,200,931
MFS Mid Cap Growth Fund - Class R6		338,738		7,279,474
MFS Mid Cap Value Fund - Class R6		298,747		7,331,247
MFS New Discovery Fund - Class R6		55,268		1,749,779
MFS New Discovery Value Fund - Class R6		109,108		1,763,192
MFS Research Fund - Class R6		227,504		10,201,262
MFS Value Fund - Class R6		240,233		10,212,302
			$	97,612,115
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 1.89% (v)		771,734	$	771,811
Total Investment Companies (Identified Cost, $281,040,911)			$	319,526,063
Other Assets, Less Liabilities - (0.0)%				(83,041)
Net Assets - 100.0%			$	319,443,022

See Portfolio Footnotes and Notes to Financial Statements

25

Portfolio of Investments (unaudited) – continued

MFS LIFETIME 2030 FUND

Investment Companies (h) - 99.9%
Issuer	Shares/Par		Value ($)
Bond Funds - 35.8%
MFS Emerging Markets Debt Fund - Class R6		1,231,580	$	18,116,545
MFS Emerging Markets Debt Local Currency Fund - Class R6		1,756,907		12,210,501
MFS Global Bond Fund - Class R6		2,906,074		26,648,701
MFS Government Securities Fund - Class R6		4,824,844		48,393,188
MFS High Income Fund - Class R6		8,848,079		30,260,429
MFS Inflation-Adjusted Bond Fund - Class R6		3,781,213		39,664,928
MFS Total Return Bond Fund - Class R6		3,825,882		42,314,256
			$	217,608,548
International Stock Funds - 14.5%
MFS Blended Research Emerging Markets Equity Fund - Class R6		45,786	$	586,978
MFS Blended Research International Equity Fund - Class R6		3,564,436		39,707,815
MFS Emerging Markets Equity Fund - Class R6		16,766		589,484
MFS International Growth Fund - Class R6		291,381		10,390,655
MFS International Intrinsic Value Fund - Class R6		228,334		10,345,830
MFS International New Discovery Fund - Class R6		209,342		7,329,068
MFS Research International Fund - Class R6		1,006,204		19,037,369
			$	87,987,199
Specialty Funds - 6.4%
MFS Commodity Strategy Fund - Class R6		3,634,609	$	19,372,463
MFS Global Real Estate Fund - Class R6		1,049,354		19,507,491
			$	38,879,954
U.S. Stock Funds - 43.2%
MFS Blended Research Core Equity Fund - Class R6		885,626	$	24,531,855
MFS Blended Research Growth Equity Fund - Class R6		1,779,851		26,181,612
MFS Blended Research Mid Cap Equity Fund - Class R6		3,690,954		44,918,910
MFS Blended Research Small Cap Equity Fund - Class R6		729,026		9,798,114
MFS Blended Research Value Equity Fund - Class R6		1,964,190		26,261,216
MFS Growth Fund - Class R6		215,149		26,078,200
MFS Mid Cap Growth Fund - Class R6		1,040,435		22,358,950
MFS Mid Cap Value Fund - Class R6		918,971		22,551,539
MFS New Discovery Fund - Class R6		153,399		4,856,610
MFS New Discovery Value Fund - Class R6		303,401		4,902,967
MFS Research Fund - Class R6		543,344		24,363,535
MFS Value Fund - Class R6		614,726		26,131,987
			$	262,935,495
Money Market Funds - 0.0%
MFS Institutional Money Market Portfolio, 1.89% (v)		74,855	$	74,863
Total Investment Companies (Identified Cost, $474,406,331)			$	607,486,059
Other Assets, Less Liabilities - 0.1%				584,855
Net Assets - 100.0%			$	608,070,914

See Portfolio Footnotes and Notes to Financial Statements

26

Portfolio of Investments (unaudited) – continued

MFS LIFETIME 2035 FUND

Investment Companies (h) - 100.0%
Issuer	Shares/Par		Value ($)
Bond Funds - 18.5%
MFS Emerging Markets Debt Fund - Class R6		585,391	$	8,611,094
MFS Emerging Markets Debt Local Currency Fund - Class R6		827,421		5,750,577
MFS Global Bond Fund - Class R6		626,932		5,748,964
MFS High Income Fund - Class R6		4,187,699		14,321,932
MFS Inflation-Adjusted Bond Fund - Class R6		1,438,175		15,086,454
MFS Total Return Bond Fund - Class R6		846,577		9,363,144
			$	58,882,165
International Stock Funds - 20.8%
MFS Blended Research Emerging Markets Equity Fund - Class R6		135,383	$	1,735,614
MFS Blended Research International Equity Fund - Class R6		2,492,184		27,762,932
MFS Emerging Markets Equity Fund - Class R6		49,652		1,745,772
MFS International Growth Fund - Class R6		232,902		8,305,268
MFS International Intrinsic Value Fund - Class R6		182,406		8,264,799
MFS International New Discovery Fund - Class R6		200,314		7,013,004
MFS Research International Fund - Class R6		599,115		11,335,248
			$	66,162,637
Specialty Funds - 8.2%
MFS Commodity Strategy Fund - Class R6		2,426,073	$	12,930,967
MFS Global Real Estate Fund - Class R6		698,038		12,976,528
			$	25,907,495
U.S. Stock Funds - 52.4%
MFS Blended Research Core Equity Fund - Class R6		460,755	$	12,762,918
MFS Blended Research Growth Equity Fund - Class R6		1,200,547		17,660,041
MFS Blended Research Mid Cap Equity Fund - Class R6		2,361,188		28,735,663
MFS Blended Research Small Cap Equity Fund - Class R6		486,574		6,539,553
MFS Blended Research Value Equity Fund - Class R6		1,320,403		17,653,793
MFS Growth Fund - Class R6		145,566		17,644,096
MFS Mid Cap Growth Fund - Class R6		669,271		14,382,631
MFS Mid Cap Value Fund - Class R6		587,959		14,428,504
MFS New Discovery Fund - Class R6		102,536		3,246,293
MFS New Discovery Value Fund - Class R6		202,079		3,265,588
MFS Research Fund - Class R6		283,074		12,693,051
MFS Value Fund - Class R6		413,928		17,596,077
			$	166,608,208
Money Market Funds - 0.1%
MFS Institutional Money Market Portfolio, 1.89% (v)		383,653	$	383,692
Total Investment Companies (Identified Cost, $266,408,127)			$	317,944,197
Other Assets, Less Liabilities - (0.0)%				(98,198)
Net Assets - 100.0%			$	317,845,999

See Portfolio Footnotes and Notes to Financial Statements

27

Portfolio of Investments (unaudited) – continued

MFS LIFETIME 2040 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 11.0%
MFS Emerging Markets Debt Fund - Class R6		366,043	$	5,384,484
MFS Emerging Markets Debt Local Currency Fund - Class R6		519,376		3,609,662
MFS Global Bond Fund - Class R6		391,765		3,592,486
MFS High Income Fund - Class R6		2,622,379		8,968,536
MFS Inflation-Adjusted Bond Fund - Class R6		1,480,730		15,532,860
MFS Total Return Bond Fund - Class R6		1,083,087		11,978,946
			$	49,066,974
International Stock Funds - 24.9%
MFS Blended Research Emerging Markets Equity Fund - Class R6		278,340	$	3,568,318
MFS Blended Research International Equity Fund - Class R6		4,027,307		44,864,205
MFS Emerging Markets Equity Fund - Class R6		101,996		3,586,178
MFS International Growth Fund - Class R6		390,987		13,942,599
MFS International Intrinsic Value Fund - Class R6		305,804		13,855,972
MFS International New Discovery Fund - Class R6		411,013		14,389,566
MFS Research International Fund - Class R6		904,347		17,110,237
			$	111,317,075
Specialty Funds - 9.2%
MFS Commodity Strategy Fund - Class R6		3,823,224	$	20,377,784
MFS Global Real Estate Fund - Class R6		1,103,274		20,509,869
			$	40,887,653
U.S. Stock Funds - 54.9%
MFS Blended Research Core Equity Fund - Class R6		647,575	$	17,937,818
MFS Blended Research Growth Equity Fund - Class R6		1,762,054		25,919,808
MFS Blended Research Mid Cap Equity Fund - Class R6		3,503,787		42,641,084
MFS Blended Research Small Cap Equity Fund - Class R6		767,490		10,315,064
MFS Blended Research Value Equity Fund - Class R6		1,942,687		25,973,726
MFS Growth Fund - Class R6		213,133		25,833,843
MFS Mid Cap Growth Fund - Class R6		989,231		21,258,584
MFS Mid Cap Value Fund - Class R6		873,564		21,437,251
MFS New Discovery Fund - Class R6		161,157		5,102,237
MFS New Discovery Value Fund - Class R6		319,579		5,164,398
MFS Research Fund - Class R6		397,480		17,823,013
MFS Value Fund - Class R6		608,486		25,866,756
			$	245,273,582
Money Market Funds - 0.1%
MFS Institutional Money Market Portfolio, 1.89% (v)		311,266	$	311,298
Total Investment Companies (Identified Cost, $325,121,475)			$	446,856,582
Other Assets, Less Liabilities - (0.1)%				(337,860)
Net Assets - 100.0%			$	446,518,722

See Portfolio Footnotes and Notes to Financial Statements

28

Portfolio of Investments (unaudited) – continued

MFS LIFETIME 2045 FUND

Investment Companies (h) - 100.0%
Issuer	Shares/Par		Value ($)
Bond Funds - 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6		544,675	$	5,713,642
MFS Total Return Bond Fund - Class R6		516,688		5,714,569
			$	11,428,211
International Stock Funds - 28.0%
MFS Blended Research Emerging Markets Equity Fund - Class R6		177,680	$	2,277,860
MFS Blended Research International Equity Fund - Class R6		2,247,878		25,041,355
MFS Emerging Markets Equity Fund - Class R6		64,944		2,283,424
MFS International Growth Fund - Class R6		224,589		8,008,833
MFS International Intrinsic Value Fund - Class R6		176,341		7,990,024
MFS International New Discovery Fund - Class R6		261,516		9,155,674
MFS Research International Fund - Class R6		483,240		9,142,902
			$	63,900,072
Specialty Funds - 10.0%
MFS Commodity Strategy Fund - Class R6		2,133,621	$	11,372,200
MFS Global Real Estate Fund - Class R6		613,911		11,412,601
			$	22,784,801
U.S. Stock Funds - 56.9%
MFS Blended Research Core Equity Fund - Class R6		329,737	$	9,133,725
MFS Blended Research Growth Equity Fund - Class R6		930,269		13,684,248
MFS Blended Research Mid Cap Equity Fund - Class R6		1,860,369		22,640,687
MFS Blended Research Small Cap Equity Fund - Class R6		424,880		5,710,389
MFS Blended Research Value Equity Fund - Class R6		1,023,395		13,682,789
MFS Growth Fund - Class R6		112,862		13,680,011
MFS Mid Cap Growth Fund - Class R6		529,253		11,373,649
MFS Mid Cap Value Fund - Class R6		464,042		11,387,595
MFS New Discovery Fund - Class R6		89,635		2,837,856
MFS New Discovery Value Fund - Class R6		176,709		2,855,621
MFS Research Fund - Class R6		203,302		9,116,066
MFS Value Fund - Class R6		321,485		13,666,316
			$	129,768,952
Money Market Funds - 0.1%
MFS Institutional Money Market Portfolio, 1.89% (v)		367,268	$	367,305
Total Investment Companies (Identified Cost, $190,355,193)			$	228,249,341
Other Assets, Less Liabilities - (0.0)%				(82,677)
Net Assets - 100.0%			$	228,166,664

See Portfolio Footnotes and Notes to Financial Statements

29

Portfolio of Investments (unaudited) – 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		560,022	$	5,874,634
MFS Total Return Bond Fund - Class R6		531,252		5,875,650
			$	11,750,284
International Stock Funds - 28.0%
MFS Blended Research Emerging Markets Equity Fund - Class R6		182,130	$	2,334,903
MFS Blended Research International Equity Fund - Class R6		2,302,359		25,648,279
MFS Emerging Markets Equity Fund - Class R6		66,568		2,340,533
MFS International Growth Fund - Class R6		230,827		8,231,297
MFS International Intrinsic Value Fund - Class R6		181,337		8,216,380
MFS International New Discovery Fund - Class R6		268,025		9,383,569
MFS Research International Fund - Class R6		495,409		9,373,137
			$	65,528,098
Specialty Funds - 10.0%
MFS Commodity Strategy Fund - Class R6		2,188,005	$	11,662,066
MFS Global Real Estate Fund - Class R6		630,174		11,714,937
			$	23,377,003
U.S. Stock Funds - 56.9%
MFS Blended Research Core Equity Fund - Class R6		337,921	$	9,360,420
MFS Blended Research Growth Equity Fund - Class R6		954,442		14,039,846
MFS Blended Research Mid Cap Equity Fund - Class R6		1,907,180		23,210,386
MFS Blended Research Small Cap Equity Fund - Class R6		434,844		5,844,308
MFS Blended Research Value Equity Fund - Class R6		1,047,503		14,005,114
MFS Growth Fund - Class R6		116,023		14,063,119
MFS Mid Cap Growth Fund - Class R6		543,439		11,678,494
MFS Mid Cap Value Fund - Class R6		475,652		11,672,504
MFS New Discovery Fund - Class R6		91,934		2,910,619
MFS New Discovery Value Fund - Class R6		180,836		2,922,302
MFS Research Fund - Class R6		208,601		9,353,660
MFS Value Fund - Class R6		329,771		14,018,561
			$	133,079,333
Money Market Funds - 0.1%
MFS Institutional Money Market Portfolio, 1.89% (v)		311,691	$	311,722
Total Investment Companies (Identified Cost, $186,305,219)			$	234,046,440
Other Assets, Less Liabilities - (0.0)%				(51,067)
Net Assets - 100.0%			$	233,995,373

See Portfolio Footnotes and Notes to Financial Statements

30

Portfolio of Investments (unaudited) – continued

MFS LIFETIME 2055 FUND

Investment Companies (h) - 100.0%
Issuer	Shares/Par		Value ($)
Bond Funds - 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6		281,661	$	2,954,620
MFS Total Return Bond Fund - Class R6		267,089		2,954,008
			$	5,908,628
International Stock Funds - 28.0%
MFS Blended Research Emerging Markets Equity Fund - Class R6		91,422	$	1,172,024
MFS Blended Research International Equity Fund - Class R6		1,155,292		12,869,950
MFS Emerging Markets Equity Fund - Class R6		33,401		1,174,395
MFS International Growth Fund - Class R6		115,845		4,131,049
MFS International Intrinsic Value Fund - Class R6		90,946		4,120,777
MFS International New Discovery Fund - Class R6		134,400		4,705,331
MFS Research International Fund - Class R6		248,630		4,704,083
			$	32,877,609
Specialty Funds - 10.0%
MFS Commodity Strategy Fund - Class R6		1,098,830	$	5,856,767
MFS Global Real Estate Fund - Class R6		316,427		5,882,371
			$	11,739,138
U.S. Stock Funds - 56.8%
MFS Blended Research Core Equity Fund - Class R6		169,475	$	4,694,464
MFS Blended Research Growth Equity Fund - Class R6		478,651		7,040,952
MFS Blended Research Mid Cap Equity Fund - Class R6		956,693		11,642,960
MFS Blended Research Small Cap Equity Fund - Class R6		217,561		2,924,018
MFS Blended Research Value Equity Fund - Class R6		525,342		7,023,818
MFS Growth Fund - Class R6		58,195		7,053,828
MFS Mid Cap Growth Fund - Class R6		272,596		5,858,081
MFS Mid Cap Value Fund - Class R6		238,689		5,857,442
MFS New Discovery Fund - Class R6		46,105		1,459,679
MFS New Discovery Value Fund - Class R6		90,631		1,464,601
MFS Research Fund - Class R6		104,646		4,692,312
MFS Value Fund - Class R6		165,405		7,031,352
			$	66,743,507
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 1.89% (v)		199,682	$	199,702
Total Investment Companies (Identified Cost, $101,806,301)			$	117,468,584
Other Assets, Less Liabilities - (0.0)%				(10,947)
Net Assets - 100.0%			$	117,457,637

See Portfolio Footnotes and Notes to Financial Statements

31

Portfolio of Investments (unaudited) – continued

MFS LIFETIME 2060 FUND

Investment Companies (h) - 99.9%
Issuer	Shares/Par		Value ($)
Bond Funds - 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6		40,310	$	422,852
MFS Total Return Bond Fund - Class R6		38,204		422,539
			$	845,391
International Stock Funds - 28.0%
MFS Blended Research Emerging Markets Equity Fund - Class R6		13,057	$	167,385
MFS Blended Research International Equity Fund - Class R6		165,085		1,839,047
MFS Emerging Markets Equity Fund - Class R6		4,767		167,624
MFS International Growth Fund - Class R6		16,509		588,705
MFS International Intrinsic Value Fund - Class R6		12,975		587,876
MFS International New Discovery Fund - Class R6		19,180		671,493
MFS Research International Fund - Class R6		35,490		671,470
			$	4,693,600
Specialty Funds - 10.0%
MFS Commodity Strategy Fund - Class R6		156,966	$	836,628
MFS Global Real Estate Fund - Class R6		45,220		840,645
			$	1,677,273
U.S. Stock Funds - 56.8%
MFS Blended Research Core Equity Fund - Class R6		24,180	$	669,795
MFS Blended Research Growth Equity Fund - Class R6		68,294		1,004,600
MFS Blended Research Mid Cap Equity Fund - Class R6		136,994		1,667,211
MFS Blended Research Small Cap Equity Fund - Class R6		31,042		417,200
MFS Blended Research Value Equity Fund - Class R6		75,032		1,003,180
MFS Growth Fund - Class R6		8,287		1,004,495
MFS Mid Cap Growth Fund - Class R6		38,924		836,480
MFS Mid Cap Value Fund - Class R6		34,088		836,511
MFS New Discovery Fund - Class R6		6,593		208,742
MFS New Discovery Value Fund - Class R6		12,930		208,956
MFS Research Fund - Class R6		14,934		669,657
MFS Value Fund - Class R6		23,616		1,003,899
			$	9,530,726
Money Market Funds - 0.1%
MFS Institutional Money Market Portfolio, 1.89% (v)		14,011	$	14,012
Total Investment Companies (Identified Cost, $15,597,811)			$	16,761,002
Other Assets, Less Liabilities - 0.1%				23,166
Net Assets - 100.0%			$	16,784,168

Portfolio Footnotes:

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

	Affiliated Issuers
MFS Lifetime Income Fund	$	606,669,480
MFS Lifetime 2020 Fund		344,150,275
MFS Lifetime 2025 Fund		319,526,063
MFS Lifetime 2030 Fund		607,486,059
MFS Lifetime 2035 Fund		317,944,197
MFS Lifetime 2040 Fund		446,856,582
MFS Lifetime 2045 Fund		228,249,341
MFS Lifetime 2050 Fund		234,046,440
MFS Lifetime 2055 Fund		117,468,584
MFS Lifetime 2060 Fund		16,761,002

(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

32

Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES

At 10/31/19 (unaudited)

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

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Assets
Investments in affiliated issuers, at value (identified cost, $533,516,775, $295,405,702, $281,040,911, $474,406,331, and $266,408,127, respectively)		$606,669,480		$344,150,275		$319,526,063		$607,486,059		$317,944,197
Receivables for
Investments sold		64,218		651,553		2,093,850		2,703,710		159,176
Fund shares sold		2,249,590		1,576,126		356,537		585,234		462,515
Receivable from investment adviser		119,689		83,662		79,575		123,307		78,982
Other assets		45,881		43,529		44,404		47,718		42,087
Total assets		$609,148,858		$346,505,145		$322,100,429		$610,946,028		$318,686,957
Liabilities
Payables for
Distributions		$25,643		$—		$—		$—		$—
Investments purchased		1,000,988		211,663		247,688		306,363		375,077
Fund shares reacquired		1,250,937		2,018,629		2,201,464		2,224,973		240,099
Payable to affiliates
Administrative services fee		96		96		96		96		96
Shareholder servicing costs		297,244		180,898		169,998		290,679		186,438
Distribution and service fees		11,585		4,034		2,483		6,803		2,618
Program manager fee		442		—		—		—		—
Accrued expenses and other liabilities		62,090		38,813		35,678		46,200		36,630
Total liabilities		$2,649,025		$2,454,133		$2,657,407		$2,875,114		$840,958
Net assets		$606,499,833		$344,051,012		$319,443,022		$608,070,914		$317,845,999
Net assets consist of
Paid-in capital		$542,835,833		$292,358,599		$277,267,920		$465,842,004		$262,692,296
Total distributable earnings (loss)		63,664,000		51,692,413		42,175,102		142,228,910		55,153,703
Net assets		$606,499,833		$344,051,012		$319,443,022		$608,070,914		$317,845,999

33

Statements of Assets and Liabilities (unaudited) – continued

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Net assets
Class A		$122,109,041		$43,214,165		$21,992,797		$68,592,137		$18,367,564
Class B		8,217,983		3,082,165		1,737,300		8,153,942		1,626,807
Class C		108,436,856		11,647,244		4,140,595		14,861,696		2,944,794
Class I		35,712,915		2,391,345		1,503,730		2,355,712		902,915
Class R1		2,817,933		4,237,688		1,831,172		6,971,705		1,843,272
Class R2		16,902,392		43,518,166		33,288,786		75,186,301		31,264,275
Class R3		67,388,599		87,932,145		89,035,477		155,494,724		84,857,310
Class R4		44,322,763		82,344,797		106,790,387		163,244,545		119,487,514
Class R6		38,150,443		65,683,297		59,122,778		113,210,152		56,551,548
Class 529A		122,975,956		—		—		—		—
Class 529B		4,818,358		—		—		—		—
Class 529C		34,646,594		—		—		—		—
Total net assets		$606,499,833		$344,051,012		$319,443,022		$608,070,914		$317,845,999
Shares of beneficial interest outstanding
Class A		9,552,733		3,197,808		1,620,260		4,233,532		1,186,660
Class B		642,886		230,181		129,456		512,321		106,221
Class C		8,486,454		883,653		310,207		939,645		193,071
Class I		2,793,064		175,473		110,280		144,542		58,162
Class R1		220,213		316,506		136,339		436,524		120,427
Class R2		1,321,788		3,249,476		2,468,569		4,693,976		2,029,613
Class R3		5,271,834		6,506,359		6,565,893		9,625,224		5,475,345
Class R4		3,467,732		6,044,723		7,819,984		10,004,324		7,670,163
Class R6		2,975,922		4,823,244		4,326,604		6,934,444		3,626,581
Class 529A		11,749,650		—		—		—		—
Class 529B		460,398		—		—		—		—
Class 529C		3,311,471		—		—		—		—
Total shares of beneficial interest outstanding		50,254,145		25,427,423		23,487,592		37,524,532		20,466,243
Class A shares
Net asset value per share
(net assets / shares of beneficial interest outstanding)		$12.78		$13.51		$13.57		$16.20		$15.48
Offering price per share (100 / 95.75 × net asset value per share)		$13.35		$—		$—		$—		$—
Offering price per share (100 / 94.25 × net asset value per share)		$—		$14.33		$14.40		$17.19		$16.42
Class B shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$12.78		$13.39		$13.42		$15.92		$15.32
Class C shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$12.78		$13.18		$13.35		$15.82		$15.25
Class I shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.79		$13.63		$13.64		$16.30		$15.52
Class R1 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.80		$13.39		$13.43		$15.97		$15.31

34

Statements of Assets and Liabilities (unaudited) – continued

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Class R2 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.79		$13.39		$13.49		$16.02		$15.40
Class R3 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.78		$13.51		$13.56		$16.15		$15.50
Class R4 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.78		$13.62		$13.66		$16.32		$15.58
Class R6 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.82		$13.62		$13.66		$16.33		$15.59
Class 529A shares
Net asset value and redemption price per share
(net assets / shares of beneficial interest outstanding)		$10.47		$—		$—		$—		$—
Offering price per share (100 / 95.75 × net asset value per share)		$10.93		$—		$—		$—		$—
Class 529B shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$10.47		$—		$—		$—		$—
Class 529C shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$10.46		$—		$—		$—		$—

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

35

Statements of Assets and Liabilities (unaudited) – continued

At 10/31/19	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, $325,121,475, $190,355,193, $186,305,219, $101,806,301, and $15,597,811, respectively)		$446,856,582		$228,249,341		$234,046,440		$117,468,584		$16,761,002
Receivables for
Investments sold		369,726		217,150		172,191		60,542		—
Fund shares sold		875,741		449,388		603,099		416,385		121,101
Receivable from investment adviser		99,942		68,204		67,508		51,717		25,212
Other assets		47,051		41,181		42,325		38,793		38,514
Total assets		$448,249,042		$229,025,264		$234,931,563		$118,036,021		$16,945,829
Liabilities
Payables for
Investments purchased		$634,605		$425,394		$465,310		$347,625		$116,966
Fund shares reacquired		810,051		246,806		281,303		94,387		7,400
Payable to affiliates
Administrative services fee		96		96		96		96		96
Shareholder servicing costs		239,020		148,802		148,799		99,427		10,102
Distribution and service fees		4,540		1,820		2,254		1,317		162
Accrued expenses and other liabilities		42,008		35,682		38,428		35,532		26,935
Total liabilities		$1,730,320		$858,600		$936,190		$578,384		$161,661
Net assets		$446,518,722		$228,166,664		$233,995,373		$117,457,637		$16,784,168
Net assets consist of
Paid-in capital		$317,127,735		$187,757,101		$183,437,436		$100,978,075		$15,661,620
Total distributable earnings (loss)		129,390,987		40,409,563		50,557,937		16,479,562		1,122,548
Net assets		$446,518,722		$228,166,664		$233,995,373		$117,457,637		$16,784,168

36

Statements of Assets and Liabilities (unaudited) – continued

	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Net assets
Class A		$42,370,477		$10,829,714		$14,543,361		$7,052,193		$1,755,895
Class B		4,325,860		828,172		1,702,276		590,643		152,183
Class C		10,299,521		2,234,906		3,314,233		2,146,256		402,110
Class I		1,438,271		382,613		346,994		115,654		68,832
Class R1		4,416,416		1,104,953		1,175,446		1,459,294		66,122
Class R2		56,381,827		22,380,030		29,532,914		19,884,886		1,088,498
Class R3		99,410,511		64,988,685		66,154,108		32,601,790		5,414,176
Class R4		151,327,342		92,212,492		75,445,388		34,351,202		2,704,937
Class R6		76,548,497		33,205,099		41,780,653		19,255,719		5,131,415
Total net assets		$446,518,722		$228,166,664		$233,995,373		$117,457,637		$16,784,168
Shares of beneficial interest outstanding
Class A		2,488,446		674,907		748,771		428,395		138,549
Class B		256,929		52,160		89,180		36,168		12,070
Class C		619,663		141,451		174,575		132,399		31,989
Class I		83,825		23,715		17,866		7,015		5,399
Class R1		263,508		69,678		61,883		89,950		5,228
Class R2		3,341,041		1,406,600		1,542,875		1,216,332		86,078
Class R3		5,838,693		4,054,877		3,430,840		1,980,846		426,434
Class R4		8,798,596		5,722,320		3,886,185		2,074,759		212,356
Class R6		4,448,044		2,059,409		2,151,441		1,161,584		402,176
Total shares of beneficial interest outstanding		26,138,745		14,205,117		12,103,616		7,127,448		1,320,279
Class A shares
Net asset value per share
(net assets / shares of beneficial interest outstanding)		$17.03		$16.05		$19.42		$16.46		$12.67
Offering price per share (100 / 94.25 × net asset value per share)		$18.07		$17.03		$20.60		$17.46		$13.44
Class B shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$16.84		$15.88		$19.09		$16.33		$12.61
Class C shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$16.62		$15.80		$18.98		$16.21		$12.57
Class I shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$17.16		$16.13		$19.42		$16.49		$12.75
Class R1 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.76		$15.86		$18.99		$16.22		$12.65
Class R2 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$16.88		$15.91		$19.14		$16.35		$12.65
Class R3 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$17.03		$16.03		$19.28		$16.46		$12.70

37

Statements of Assets and Liabilities (unaudited) – continued

	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Class R4 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$17.20		$16.11		$19.41		$16.56		$12.74
Class R6 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$17.21		$16.12		$19.42		$16.58		$12.76

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

38

Financial Statements

STATEMENTS OF OPERATIONS

Six months ended 10/31/19 (unaudited)

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

	MFS Lifetime Income Fund			MFS Lifetime 2020 Fund			MFS Lifetime 2025 Fund			MFS Lifetime 2030 Fund			MFS Lifetime 2035 Fund
Net investment income (loss)
Dividends from affiliated issuers		$6,272,742			$3,541,681			$2,731,826			$3,694,569			$1,234,319
Other		101			69			57			102			55
Excess expense reimbursement from investment adviser		24,268			46,268			41,548			78,906			36,658
Total investment income		$6,297,111			$3,588,018			$2,773,431			$3,773,577			$1,271,032
Expenses
Distribution and service fees		$1,228,506			$371,106			$258,318			$619,733			$230,291
Shareholder servicing costs		405,364			257,483			231,643			407,914			238,823
Program manager fees		38,382			—			—			—			—
Administrative services fee		8,797			8,797			8,797			8,797			8,797
Independent Trustees’ compensation		8,650			5,163			5,084			8,679			5,075
Custodian fee		11,697			5,730			4,894			7,418			4,795
Shareholder communications		24,340			8,690			7,507			11,250			8,215
Audit and tax fees		19,401			18,560			18,150			18,588			18,148
Legal fees		2,480			1,634			1,254			2,633			1,170
Registration fees		66,084			63,665			66,406			67,592			65,735
Miscellaneous		18,969			16,469			16,226			20,780			16,262
Total expenses		$1,832,670			$757,297			$618,279			$1,173,384			$597,311
Reduction of expenses by investment adviser and distributor		(619,713	)		(392,841	)		(367,287	)		(563,264	)		(368,250	)
Net expenses		$1,212,957			$364,456			$250,992			$610,120			$229,061
Net investment income (loss)		$5,084,154			$3,223,562			$2,522,439			$3,163,457			$1,041,971
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Investments in affiliated issuers		$354,132			$2,193,455			$169,891			$2,931,521			$(311,441	)
Capital gain distributions from affiliated issuers		82,986			51,878			61,555			164,161			105,530
Net realized gain (loss)		$437,118			$2,245,333			$231,446			$3,095,682			$(205,911	)
Change in unrealized appreciation or depreciation
Affiliated issuers		$17,765,524			$8,369,576			$9,953,133			$16,820,996			$10,188,760
Net realized and unrealized gain (loss)		$18,202,642			$10,614,909			$10,184,579			$19,916,678			$9,982,849
Change in net assets from operations		$23,286,796			$13,838,471			$12,707,018			$23,080,135			$11,024,820

See Notes to Financial Statements

39

Statements of Operations (unaudited) – continued

Six months ended 10/31/19	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		$1,119,837			$318,391			$328,760			$164,174			$19,678
Other		79			41			47			26			6
Excess expense reimbursement from investment adviser		53,032			22,031			27,728			12,161			3,502
Total investment income		$1,172,948			$340,463			$356,535			$176,361			$23,186
Expenses
Distribution and service fees		$408,134			$160,458			$194,321			$113,771			$11,775
Shareholder servicing costs		324,332			197,115			200,200			135,240			15,643
Administrative services fee		8,797			8,797			8,797			8,797			8,797
Independent Trustees’ compensation		5,238			2,583			5,047			1,546			651
Custodian fee		6,199			4,159			4,496			3,462			2,732
Shareholder communications		10,578			8,400			10,443			9,818			2,457
Audit and tax fees		18,569			18,139			18,242			18,128			17,808
Legal fees		1,949			833			1,012			443			37
Registration fees		66,573			63,941			63,690			62,132			59,974
Miscellaneous		17,260			15,543			15,804			14,927			14,294
Total expenses		$867,629			$479,968			$522,052			$368,264			$134,168
Reduction of expenses by investment adviser and distributor		(465,032	)		(319,657	)		(327,693	)		(254,684	)		(124,245	)
Net expenses		$402,597			$160,311			$194,359			$113,580			$9,923
Net investment income (loss)		$770,351			$180,152			$162,176			$62,781			$13,263
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Investments in affiliated issuers		$1,828,674			$(210,817	)		$32,952			$(270,977	)		$(16,202	)
Capital gain distributions from affiliated issuers		161,827			82,925			86,342			42,888			4,893
Net realized gain (loss)		$1,990,501			$(127,892	)		$119,294			$(228,089	)		$(11,309	)
Change in unrealized appreciation or depreciation
Affiliated issuers		$11,837,635			$7,394,195			$7,181,927			$3,913,107			$540,112
Net realized and unrealized gain (loss)		$13,828,136			$7,266,303			$7,301,221			$3,685,018			$528,803
Change in net assets from operations		$14,598,487			$7,446,455			$7,463,397			$3,747,799			$542,066

See Notes to Financial Statements

40

Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

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

Six months ended 10/31/19 (unaudited)	MFS Lifetime Income Fund			MFS Lifetime 2020 Fund			MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund			MFS Lifetime 2035 Fund
Change in net assets
From operations
Net investment income (loss)		$5,084,154			$3,223,562			$2,522,439		$3,163,457			$1,041,971
Net realized gain (loss)		437,118			2,245,333			231,446		3,095,682			(205,911	)
Net unrealized gain (loss)		17,765,524			8,369,576			9,953,133		16,820,996			10,188,760
Change in net assets from operations		$23,286,796			$13,838,471			$12,707,018		$23,080,135			$11,024,820
Total distributions to shareholders		$(5,111,781	)		$—			$—		$—			$—
Change in net assets from fund share transactions		$13,668,859			$(12,040,191	)		$14,263,731		$(4,364,743	)		$18,287,394
Total change in net assets		$31,843,874			$1,798,280			$26,970,749		$18,715,392			$29,312,214
Net assets
At beginning of period		574,655,959			342,252,732			292,472,273		589,355,522			288,533,785
At end of period		$606,499,833			$344,051,012			$319,443,022		$608,070,914			$317,845,999
Six months ended 10/31/19 (unaudited)	MFS Lifetime 2040 Fund			MFS Lifetime 2045 Fund			MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund			MFS Lifetime 2060 Fund
Change in net assets
From operations
Net investment income (loss)		$770,351			$180,152			$162,176		$62,781			$13,263
Net realized gain (loss)		1,990,501			(127,892	)		119,294		(228,089	)		(11,309	)
Net unrealized gain (loss)		11,837,635			7,394,195			7,181,927		3,913,107			540,112
Change in net assets from operations		$14,598,487			$7,446,455			$7,463,397		$3,747,799			$542,066
Change in net assets from fund share transactions		$5,029,682			$21,657,506			$15,086,563		$10,312,690			$6,183,389
Total change in net assets		$19,628,169			$29,103,961			$22,549,960		$14,060,489			$6,725,455
Net assets
At beginning of period		426,890,553			199,062,703			211,445,413		103,397,148			10,058,713
At end of period		$446,518,722			$228,166,664			$233,995,373		$117,457,637			$16,784,168

See Notes to Financial Statements

41

Statements of Changes in Net Assets – continued

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		$(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		$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		$(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		$426,890,553			$199,062,703			$211,445,413			$103,397,148			$10,058,713

See Notes to Financial Statements

42

Financial Statements

FINANCIAL HIGHLIGHTS

MFS LIFETIME INCOME FUND

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

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class A	(unaudited)
Net asset value, beginning of period		$12.39			$12.25			$12.20			$12.08			$12.29			$12.15
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.12			$0.31			$0.27			$0.21			$0.18			$0.21
Net realized and unrealized gain (loss)		0.39			0.30			0.20			0.39			(0.11	)		0.22
Total from investment operations		$0.51			$0.61			$0.47			$0.60			$0.07			$0.43
Less distributions declared to shareholders
From net investment income		$(0.12	)		$(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		$(0.12	)		$(0.47	)		$(0.42	)		$(0.48	)		$(0.28	)		$(0.29	)
Net asset value, end of period (x)		$12.78			$12.39			$12.25			$12.20			$12.08			$12.29
Total return (%) (r)(s)(t)(x)		4.13	(n)		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	(a)		0.45			0.45			0.46			0.38			0.39
Expenses after expense reductions (f)(h)		0.23	(a)		0.23			0.24			0.25			0.25			0.25
Net investment income (loss) (l)		1.89	(a)		2.57			2.19			1.74			1.54			1.68
Portfolio turnover		5	(n)		10			11			25			10			14
Net assets at end of period (000 omitted)		$122,109			$111,591			$108,482			$115,872			$120,810			$126,212
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class B	(unaudited)
Net asset value, beginning of period		$12.40			$12.25			$12.20			$12.08			$12.29			$12.15
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.07			$0.22			$0.17			$0.12			$0.09			$0.11
Net realized and unrealized gain (loss)		0.38			0.31			0.21			0.39			(0.11	)		0.23
Total from investment operations		$0.45			$0.53			$0.38			$0.51			$(0.02	)		$0.34
Less distributions declared to shareholders
From net investment income		$(0.07	)		$(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		$(0.07	)		$(0.38	)		$(0.33	)		$(0.39	)		$(0.19	)		$(0.20	)
Net asset value, end of period (x)		$12.78			$12.40			$12.25			$12.20			$12.08			$12.29
Total return (%) (r)(s)(t)(x)		3.66	(n)		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	(a)		1.20			1.20			1.21			1.13			1.14
Expenses after expense reductions (f)(h)		0.98	(a)		0.99			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.14	(a)		1.81			1.40			0.98			0.79			0.93
Portfolio turnover		5	(n)		10			11			25			10			14
Net assets at end of period (000 omitted)		$8,218			$9,111			$11,818			$15,801			$18,088			$20,720

See Notes to Financial Statements

43

Financial Highlights – continued

MFS LIFETIME INCOME FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class C	(unaudited)
Net asset value, beginning of period		$12.39			$12.25			$12.19			$12.08			$12.29			$12.15
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.07			$0.22			$0.18			$0.12			$0.09			$0.11
Net realized and unrealized gain (loss)		0.39			0.30			0.21			0.38			(0.11	)		0.23
Total from investment operations		$0.46			$0.52			$0.39			$0.50			$(0.02	)		$0.34
Less distributions declared to shareholders
From net investment income		$(0.07	)		$(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		$(0.07	)		$(0.38	)		$(0.33	)		$(0.39	)		$(0.19	)		$(0.20	)
Net asset value, end of period (x)		$12.78			$12.39			$12.25			$12.19			$12.08			$12.29
Total return (%) (r)(s)(t)(x)		3.75	(n)		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	(a)		1.20			1.20			1.21			1.13			1.14
Expenses after expense reductions (f)(h)		0.98	(a)		0.99			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.14	(a)		1.80			1.43			0.98			0.79			0.93
Portfolio turnover		5	(n)		10			11			25			10			14
Net assets at end of period (000 omitted)		$108,437			$112,773			$128,791			$147,518			$153,472			$162,868
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class I	(unaudited)
Net asset value, beginning of period		$12.40			$12.25			$12.20			$12.08			$12.30			$12.15
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.14			$0.34			$0.31			$0.24			$0.21			$0.23
Net realized and unrealized gain (loss)		0.39			0.31			0.19			0.39			(0.12	)		0.25
Total from investment operations		$0.53			$0.65			$0.50			$0.63			$0.09			$0.48
Less distributions declared to shareholders
From net investment income		$(0.14	)		$(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		$(0.14	)		$(0.50	)		$(0.45	)		$(0.51	)		$(0.31	)		$(0.33	)
Net asset value, end of period (x)		$12.79			$12.40			$12.25			$12.20			$12.08			$12.30
Total return (%) (r)(s)(t)(x)		4.26	(n)		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	(a)		0.20			0.20			0.21			0.13			0.14
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.14	(a)		2.82			2.46			1.98			1.76			1.92
Portfolio turnover		5	(n)		10			11			25			10			14
Net assets at end of period (000 omitted)		$35,713			$34,654			$32,496			$32,683			$26,134			$29,661

See Notes to Financial Statements

44

Financial Highlights – continued

MFS LIFETIME INCOME FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R1	(unaudited)
Net asset value, beginning of period		$12.41			$12.26			$12.21			$12.09			$12.30			$12.16
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.07			$0.21			$0.18			$0.12			$0.10			$0.12
Net realized and unrealized gain (loss)		0.39			0.32			0.20			0.39			(0.12	)		0.22
Total from investment operations		$0.46			$0.53			$0.38			$0.51			$(0.02	)		$0.34
Less distributions declared to shareholders
From net investment income		$(0.07	)		$(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		$(0.07	)		$(0.38	)		$(0.33	)		$(0.39	)		$(0.19	)		$(0.20	)
Net asset value, end of period (x)		$12.80			$12.41			$12.26			$12.21			$12.09			$12.30
Total return (%) (r)(s)(t)(x)		3.74	(n)		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	(a)		1.20			1.20			1.21			1.13			1.14
Expenses after expense reductions (f)(h)		0.98	(a)		0.98			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.14	(a)		1.72			1.42			0.96			0.79			0.95
Portfolio turnover		5	(n)		10			11			25			10			14
Net assets at end of period (000 omitted)		$2,818			$3,977			$4,344			$4,453			$5,332			$5,606
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R2	(unaudited)
Net asset value, beginning of period		$12.40			$12.26			$12.20			$12.08			$12.30			$12.16
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.10			$0.28			$0.24			$0.18			$0.16			$0.18
Net realized and unrealized gain (loss)		0.39			0.30			0.21			0.39			(0.13	)		0.22
Total from investment operations		$0.49			$0.58			$0.45			$0.57			$0.03			$0.40
Less distributions declared to shareholders
From net investment income		$(0.10	)		$(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		$(0.10	)		$(0.44	)		$(0.39	)		$(0.45	)		$(0.25	)		$(0.26	)
Net asset value, end of period (x)		$12.79			$12.40			$12.26			$12.20			$12.08			$12.30
Total return (%) (r)(s)(t)(x)		4.00	(n)		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	(a)		0.70			0.70			0.71			0.63			0.64
Expenses after expense reductions (f)(h)		0.48	(a)		0.49			0.49			0.50			0.50			0.50
Net investment income (loss) (l)		1.64	(a)		2.30			1.91			1.49			1.32			1.46
Portfolio turnover		5	(n)		10			11			25			10			14
Net assets at end of period (000 omitted)		$16,902			$19,458			$27,110			$31,542			$24,621			$28,528

See Notes to Financial Statements

45

Financial Highlights – continued

MFS LIFETIME INCOME FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R3	(unaudited)
Net asset value, beginning of period		$12.40			$12.25			$12.20			$12.08			$12.30			$12.15
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.12			$0.31			$0.27			$0.21			$0.17			$0.21
Net realized and unrealized gain (loss)		0.38			0.31			0.20			0.39			(0.11	)		0.23
Total from investment operations		$0.50			$0.62			$0.47			$0.60			$0.06			$0.44
Less distributions declared to shareholders
From net investment income		$(0.12	)		$(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		$(0.12	)		$(0.47	)		$(0.42	)		$(0.48	)		$(0.28	)		$(0.29	)
Net asset value, end of period (x)		$12.78			$12.40			$12.25			$12.20			$12.08			$12.30
Total return (%) (r)(s)(t)(x)		4.05	(n)		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	(a)		0.45			0.45			0.47			0.38			0.39
Expenses after expense reductions (f)(h)		0.23	(a)		0.24			0.24			0.25			0.25			0.25
Net investment income (loss) (l)		1.89	(a)		2.57			2.21			1.74			1.46			1.68
Portfolio turnover		5	(n)		10			11			25			10			14
Net assets at end of period (000 omitted)		$67,389			$54,540			$54,156			$49,628			$33,728			$25,641
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R4	(unaudited)
Net asset value, beginning of period		$12.39			$12.25			$12.20			$12.08			$12.30			$12.16
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.14			$0.34			$0.31			$0.24			$0.21			$0.24
Net realized and unrealized gain (loss)		0.39			0.30			0.19			0.39			(0.12	)		0.23
Total from investment operations		$0.53			$0.64			$0.50			$0.63			$0.09			$0.47
Less distributions declared to shareholders
From net investment income		$(0.14	)		$(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		$(0.14	)		$(0.50	)		$(0.45	)		$(0.51	)		$(0.31	)		$(0.33	)
Net asset value, end of period (x)		$12.78			$12.39			$12.25			$12.20			$12.08			$12.30
Total return (%) (r)(s)(t)(x)		4.26	(n)		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	(a)		0.20			0.21			0.21			0.13			0.14
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.14	(a)		2.82			2.51			2.01			1.78			1.93
Portfolio turnover		5	(n)		10			11			25			10			14
Net assets at end of period (000 omitted)		$44,323			$47,906			$52,790			$112,472			$83,522			$75,336

See Notes to Financial Statements

46

Financial Highlights – continued

MFS LIFETIME INCOME FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$12.43			$12.29			$12.23			$12.37
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.14			$0.35			$0.35			$0.11
Net realized and unrealized gain (loss)		0.39			0.30			0.17			0.21
Total from investment operations		$0.53			$0.65			$0.52			$0.32
Less distributions declared to shareholders
From net investment income		$(0.14	)		$(0.36	)		$(0.31	)		$(0.22	)
From net realized gain		—			(0.15	)		(0.15	)		(0.24	)
Total distributions declared to shareholders		$(0.14	)		$(0.51	)		$(0.46	)		$(0.46	)
Net asset value, end of period (x)		$12.82			$12.43			$12.29			$12.23
Total return (%) (r)(s)(t)(x)		4.29	(n)		5.52			4.28			2.70	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.11	(a)		0.12			0.10			0.21	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.22	(a)		2.84			2.83			1.34	(a)
Portfolio turnover		5	(n)		10			11			25
Net assets at end of period (000 omitted)		$38,150			$33,595			$26,728			$6,775

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15 (i)
Class 529A	(unaudited)
Net asset value, beginning of period		$10.15			$10.06			$10.04			$9.98			$10.17			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.10			$0.25			$0.22			$0.17			$0.15			$0.02
Net realized and unrealized gain (loss)		0.32			0.25			0.17			0.32			(0.10	)		0.19
Total from investment operations		$0.42			$0.50			$0.39			$0.49			$0.05			$0.21
Less distributions declared to shareholders
From net investment income		$(0.10	)		$(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		$(0.10	)		$(0.41	)		$(0.37	)		$(0.43	)		$(0.24	)		$(0.04	)
Net asset value, end of period (x)		$10.47			$10.15			$10.06			$10.04			$9.98			$10.17
Total return (%) (r)(s)(t)(x)		4.11	(n)		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	(a)		0.50			0.53			0.56			0.48			0.53	(a)
Expenses after expense reductions (f)(h)		0.27	(a)		0.27			0.28			0.29			0.29			0.30	(a)
Net investment income (loss) (l)		1.85	(a)		2.55			2.16			1.70			1.48			0.70	(a)
Portfolio turnover		5	(n)		10			11			25			10			14
Net assets at end of period (000 omitted)		$122,976			$108,398			$83,713			$73,448			$52,434			$47,993

See Notes to Financial Statements

47

Financial Highlights – continued

MFS LIFETIME INCOME FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15 (i)
Class 529B	(unaudited)
Net asset value, beginning of period		$10.15			$10.06			$10.04			$9.98			$10.17			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.06			$0.18			$0.14			$0.10			$0.07			$(0.00	)(w)
Net realized and unrealized gain (loss)		0.32			0.24			0.17			0.32			(0.10	)		0.18
Total from investment operations		$0.38			$0.42			$0.31			$0.42			$(0.03	)		$0.18
Less distributions declared to shareholders
From net investment income		$(0.06	)		$(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		$(0.06	)		$(0.33	)		$(0.29	)		$(0.36	)		$(0.16	)		$(0.01	)
Net asset value, end of period (x)		$10.47			$10.15			$10.06			$10.04			$9.98			$10.17
Total return (%) (r)(s)(t)(x)		3.73	(n)		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	(a)		1.25			1.28			1.31			1.23			1.28	(a)
Expenses after expense reductions (f)(h)		1.02	(a)		1.02			1.04			1.05			1.04			1.04	(a)
Net investment income (loss) (l)		1.10	(a)		1.78			1.36			0.96			0.73			(0.05	)(a)
Portfolio turnover		5	(n)		10			11			25			10			14
Net assets at end of period (000 omitted)		$4,818			$4,492			$3,975			$4,722			$3,456			$3,428
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15 (i)
Class 529C	(unaudited)
Net asset value, beginning of period		$10.15			$10.05			$10.04			$9.98			$10.17			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.06			$0.18			$0.14			$0.09			$0.07			$(0.00	)(w)
Net realized and unrealized gain (loss)		0.31			0.25			0.16			0.33			(0.10	)		0.18
Total from investment operations		$0.37			$0.43			$0.30			$0.42			$(0.03	)		$0.18
Less distributions declared to shareholders
From net investment income		$(0.06	)		$(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		$(0.06	)		$(0.33	)		$(0.29	)		$(0.36	)		$(0.16	)		$(0.01	)
Net asset value, end of period (x)		$10.46			$10.15			$10.05			$10.04			$9.98			$10.17
Total return (%) (r)(s)(t)(x)		3.63	(n)		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	(a)		1.25			1.28			1.31			1.23			1.28	(a)
Expenses after expense reductions (f)(h)		1.03	(a)		1.03			1.04			1.05			1.04			1.05	(a)
Net investment income (loss) (l)		1.09	(a)		1.79			1.40			0.94			0.74			(0.05	)(a)
Portfolio turnover		5	(n)		10			11			25			10			14
Net assets at end of period (000 omitted)		$34,647			$34,160			$34,039			$32,166			$26,047			$23,987

See Notes to Financial Statements

48

Financial Highlights – continued

MFS LIFETIME INCOME FUND – continued

(a) Annualized.

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

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

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

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

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

(n) Not annualized.

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

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

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

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

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

See Notes to Financial Statements

49

Financial Highlights – continued

MFS LIFETIME 2020 FUND

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

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class A	(unaudited)
Net asset value, beginning of period		$12.98			$13.01			$12.94			$13.08			$13.52			$13.16
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.12			$0.33			$0.29			$0.23			$0.20			$0.22
Net realized and unrealized gain (loss)		0.41			0.30			0.35			0.60			(0.18	)		0.40
Total from investment operations		$0.53			$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)		$13.51			$12.98			$13.01			$12.94			$13.08			$13.52
Total return (%) (r)(s)(t)(x)		4.08	(n)		5.30			4.94			6.60			0.20			4.76
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.50	(a)		0.48			0.48			0.48			0.40			0.42
Expenses after expense reductions (f)(h)		0.24	(a)		0.23			0.24			0.25			0.25			0.25
Net investment income (loss) (l)		1.82	(a)		2.56			2.22			1.73			1.52			1.62
Portfolio turnover		6	(n)		17			19			35			11			18
Net assets at end of period (000 omitted)		$43,214			$44,271			$46,580			$50,239			$46,171			$45,846
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class B	(unaudited)
Net asset value, beginning of period		$12.91			$12.92			$12.84			$12.98			$13.41			$13.06
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.07			$0.23			$0.19			$0.13			$0.10			$0.12
Net realized and unrealized gain (loss)		0.41			0.31			0.35			0.59			(0.17	)		0.39
Total from investment operations		$0.48			$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)		$13.39			$12.91			$12.92			$12.84			$12.98			$13.41
Total return (%) (r)(s)(t)(x)		3.72	(n)		4.49			4.21			5.75			(0.49	)		3.96
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.25	(a)		1.23			1.23			1.22			1.15			1.17
Expenses after expense reductions (f)(h)		0.99	(a)		0.98			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.07	(a)		1.81			1.46			0.99			0.77			0.93
Portfolio turnover		6	(n)		17			19			35			11			18
Net assets at end of period (000 omitted)		$3,082			$3,148			$4,420			$5,425			$6,376			$6,605

See Notes to Financial Statements

50

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class C	(unaudited)
Net asset value, beginning of period		$12.71			$12.74			$12.67			$12.83			$13.26			$12.92
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.07			$0.23			$0.19			$0.13			$0.10			$0.12
Net realized and unrealized gain (loss)		0.40			0.30			0.34			0.58			(0.18	)		0.39
Total from investment operations		$0.47			$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)		$13.18			$12.71			$12.74			$12.67			$12.83			$13.26
Total return (%) (r)(s)(t)(x)		3.70	(n)		4.50			4.20			5.76			(0.53	)		3.97
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.25	(a)		1.23			1.23			1.23			1.15			1.17
Expenses after expense reductions (f)(h)		0.99	(a)		0.98			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.07	(a)		1.82			1.47			0.98			0.76			0.92
Portfolio turnover		6	(n)		17			19			35			11			18
Net assets at end of period (000 omitted)		$11,647			$11,881			$13,178			$16,629			$17,196			$18,428
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class I	(unaudited)
Net asset value, beginning of period		$13.07			$13.10			$13.03			$13.16			$13.60			$13.24
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.14			$0.36			$0.33			$0.30			$0.23			$0.26
Net realized and unrealized gain (loss)		0.42			0.31			0.35			0.57			(0.18	)		0.40
Total from investment operations		$0.56			$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)		$13.63			$13.07			$13.10			$13.03			$13.16			$13.60
Total return (%) (r)(s)(t)(x)		4.28	(n)		5.54			5.19			6.91			0.45			5.03
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.25	(a)		0.23			0.23			0.21			0.15			0.17
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.07	(a)		2.76			2.50			2.25			1.78			1.93
Portfolio turnover		6	(n)		17			19			35			11			18
Net assets at end of period (000 omitted)		$2,391			$2,134			$1,742			$1,631			$4,466			$7,312

See Notes to Financial Statements

51

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R1	(unaudited)
Net asset value, beginning of period		$12.91			$12.94			$12.88			$13.00			$13.42			$13.06
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.07			$0.23			$0.20			$0.12			$0.10			$0.12
Net realized and unrealized gain (loss)		0.41			0.31			0.34			0.60			(0.18	)		0.40
Total from investment operations		$0.48			$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)		$13.39			$12.91			$12.94			$12.88			$13.00			$13.42
Total return (%) (r)(s)(t)(x)		3.72	(n)		4.51			4.19			5.73			(0.54	)		3.99
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.25	(a)		1.23			1.23			1.22			1.15			1.17
Expenses after expense reductions (f)(h)		0.99	(a)		0.98			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.07	(a)		1.82			1.49			0.95			0.78			0.93
Portfolio turnover		6	(n)		17			19			35			11			18
Net assets at end of period (000 omitted)		$4,238			$4,510			$4,587			$4,355			$4,794			$6,357
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R2	(unaudited)
Net asset value, beginning of period		$12.88			$12.91			$12.84			$13.00			$13.43			$13.08
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.10			$0.30			$0.26			$0.19			$0.17			$0.19
Net realized and unrealized gain (loss)		0.41			0.30			0.35			0.59			(0.18	)		0.39
Total from investment operations		$0.51			$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)		$13.39			$12.88			$12.91			$12.84			$13.00			$13.43
Total return (%) (r)(s)(t)(x)		3.96	(n)		5.04			4.73			6.26			0.01			4.48
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.75	(a)		0.73			0.73			0.73			0.65			0.67
Expenses after expense reductions (f)(h)		0.49	(a)		0.48			0.49			0.50			0.50			0.50
Net investment income (loss) (l)		1.57	(a)		2.32			1.97			1.49			1.28			1.42
Portfolio turnover		6	(n)		17			19			35			11			18
Net assets at end of period (000 omitted)		$43,518			$47,259			$72,233			$76,217			$63,116			$68,263

See Notes to Financial Statements

52

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R3	(unaudited)
Net asset value, beginning of period		$12.98			$13.01			$12.95			$13.09			$13.53			$13.18
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.12			$0.34			$0.30			$0.22			$0.19			$0.22
Net realized and unrealized gain (loss)		0.41			0.30			0.34			0.61			(0.17	)		0.40
Total from investment operations		$0.53			$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)		$13.51			$12.98			$13.01			$12.95			$13.09			$13.53
Total return (%) (r)(s)(t)(x)		4.08	(n)		5.33			4.90			6.59			0.20			4.72
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.50	(a)		0.48			0.48			0.48			0.40			0.42
Expenses after expense reductions (f)(h)		0.24	(a)		0.23			0.24			0.25			0.25			0.25
Net investment income (loss) (l)		1.82	(a)		2.61			2.24			1.71			1.45			1.67
Portfolio turnover		6	(n)		17			19			35			11			18
Net assets at end of period (000 omitted)		$87,932			$79,478			$84,245			$74,655			$63,904			$51,380
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R4	(unaudited)
Net asset value, beginning of period		$13.07			$13.10			$13.01			$13.15			$13.58			$13.23
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.14			$0.37			$0.34			$0.27			$0.23			$0.26
Net realized and unrealized gain (loss)		0.41			0.30			0.34			0.59			(0.17	)		0.39
Total from investment operations		$0.55			$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)		$13.62			$13.07			$13.10			$13.01			$13.15			$13.58
Total return (%) (r)(s)(t)(x)		4.21	(n)		5.55			5.24			6.83			0.53			4.96
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.25	(a)		0.23			0.24			0.23			0.15			0.17
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.07	(a)		2.82			2.56			2.02			1.76			1.94
Portfolio turnover		6	(n)		17			19			35			11			18
Net assets at end of period (000 omitted)		$82,345			$85,763			$87,475			$146,535			$165,273			$159,446

See Notes to Financial Statements

53

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$13.05			$13.09			$13.02			$13.60
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.15			$0.38			$0.38			$0.11
Net realized and unrealized gain (loss)		0.42			0.30			0.31			0.32
Total from investment operations		$0.57			$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)		$13.62			$13.05			$13.09			$13.02
Total return (%) (r)(s)(t)(x)		4.37	(n)		5.62			5.33			3.43	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.12	(a)		0.11			0.10			0.16	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.20	(a)		2.95			2.82			1.28	(a)
Portfolio turnover		6	(n)		17			19			35
Net assets at end of period (000 omitted)		$65,683			$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) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

See Notes to Financial Statements

54

Financial Highlights – continued

MFS LIFETIME 2025 FUND

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

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class A	(unaudited)
Net asset value, beginning of period		$13.03			$12.83			$12.35			$11.76			$12.19			$11.81
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.10			$0.33			$0.29			$0.20			$0.16			$0.19
Net realized and unrealized gain (loss)		0.44			0.35			0.62			0.84			(0.24	)		0.47
Total from investment operations		$0.54			$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)		$13.57			$13.03			$12.83			$12.35			$11.76			$12.19
Total return (%) (r)(s)(t)(x)		4.14	(n)		5.70			7.34			9.03			(0.60	)		5.64
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.51	(a)		0.52			0.54			0.55			0.53			0.48
Expenses after expense reductions (f)(h)		0.22	(a)		0.22			0.23			0.24			0.23			0.23
Net investment income (loss) (l)		1.54	(a)		2.62			2.28			1.62			1.34			1.58
Portfolio turnover		6	(n)		14			37			33			10			13
Net assets at end of period (000 omitted)		$21,993			$19,689			$16,710			$14,518			$12,598			$8,807
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class B	(unaudited)
Net asset value, beginning of period		$12.93			$12.72			$12.26			$11.68			$12.11			$11.75
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.05			$0.23			$0.19			$0.10			$0.07			$0.10
Net realized and unrealized gain (loss)		0.44			0.36			0.60			0.85			(0.24	)		0.47
Total from investment operations		$0.49			$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)		$13.42			$12.93			$12.72			$12.26			$11.68			$12.11
Total return (%) (r)(s)(t)(x)		3.79	(n)		4.96			6.40			8.23			(1.37	)		4.83
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.26	(a)		1.27			1.29			1.29			1.28			1.23
Expenses after expense reductions (f)(h)		0.98	(a)		0.97			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.78	(a)		1.82			1.47			0.86			0.59			0.83
Portfolio turnover		6	(n)		14			37			33			10			13
Net assets at end of period (000 omitted)		$1,737			$1,501			$1,472			$1,340			$1,190			$1,035

See Notes to Financial Statements

55

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class C	(unaudited)
Net asset value, beginning of period		$12.86			$12.66			$12.21			$11.63			$12.07			$11.71
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.05			$0.22			$0.19			$0.10			$0.07			$0.10
Net realized and unrealized gain (loss)		0.44			0.37			0.60			0.84			(0.24	)		0.47
Total from investment operations		$0.49			$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)		$13.35			$12.86			$12.66			$12.21			$11.63			$12.07
Total return (%) (r)(s)(t)(x)		3.81	(n)		4.94			6.42			8.24			(1.37	)		4.86
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.26	(a)		1.27			1.29			1.29			1.28			1.23
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.77	(a)		1.78			1.50			0.83			0.59			0.80
Portfolio turnover		6	(n)		14			37			33			10			13
Net assets at end of period (000 omitted)		$4,141			$4,186			$3,571			$3,311			$2,846			$2,213
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class I	(unaudited)
Net asset value, beginning of period		$13.08			$12.87			$12.40			$11.79			$12.22			$11.83
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.12			$0.41			$0.25			$0.27			$0.19			$0.23
Net realized and unrealized gain (loss)		0.44			0.32			0.68			0.82			(0.25	)		0.46
Total from investment operations		$0.56			$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)		$13.64			$13.08			$12.87			$12.40			$11.79			$12.22
Total return (%) (r)(s)(t)(x)		4.28	(n)		6.05			7.44			9.42			(0.39	)		5.89
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.26	(a)		0.27			0.32			0.28			0.29			0.23
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		1.77	(a)		3.23			1.96			2.25			1.59			1.87
Portfolio turnover		6	(n)		14			37			33			10			13
Net assets at end of period (000 omitted)		$1,504			$1,228			$538			$127			$4,563			$1,889

See Notes to Financial Statements

56

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R1	(unaudited)
Net asset value, beginning of period		$12.95			$12.76			$12.33			$11.79			$12.17			$11.78
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.05			$0.22			$0.20			$0.09			$0.06			$0.09
Net realized and unrealized gain (loss)		0.43			0.37			0.60			0.86			(0.24	)		0.48
Total from investment operations		$0.48			$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)		$13.43			$12.95			$12.76			$12.33			$11.79			$12.17
Total return (%) (r)(s)(t)(x)		3.71	(n)		4.97			6.46			8.24			(1.40	)		4.88
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.26	(a)		1.27			1.30			1.31			1.26			1.23
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.77	(a)		1.76			1.58			0.77			0.51			0.73
Portfolio turnover		6	(n)		14			37			33			10			13
Net assets at end of period (000 omitted)		$1,831			$1,578			$1,234			$432			$87			$163
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R2	(unaudited)
Net asset value, beginning of period		$12.96			$12.74			$12.29			$11.73			$12.17			$11.78
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.08			$0.28			$0.26			$0.17			$0.12			$0.15
Net realized and unrealized gain (loss)		0.45			0.37			0.60			0.84			(0.24	)		0.49
Total from investment operations		$0.53			$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)		$13.49			$12.96			$12.74			$12.29			$11.73			$12.17
Total return (%) (r)(s)(t)(x)		4.01	(n)		5.48			6.95			8.75			(0.89	)		5.42
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.76	(a)		0.77			0.79			0.81			0.79			0.73
Expenses after expense reductions (f)(h)		0.49	(a)		0.49			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.27	(a)		2.21			2.06			1.40			1.02			1.27
Portfolio turnover		6	(n)		14			37			33			10			13
Net assets at end of period (000 omitted)		$33,289			$36,121			$35,799			$23,253			$7,489			$4,200

See Notes to Financial Statements

57

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R3	(unaudited)
Net asset value, beginning of period		$13.02			$12.81			$12.35			$11.76			$12.19			$11.80
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.10			$0.33			$0.29			$0.20			$0.15			$0.17
Net realized and unrealized gain (loss)		0.44			0.36			0.60			0.85			(0.23	)		0.49
Total from investment operations		$0.54			$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)		$13.56			$13.02			$12.81			$12.35			$11.76			$12.19
Total return (%) (r)(s)(t)(x)		4.15	(n)		5.75			7.19			9.08			(0.60	)		5.65
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.51	(a)		0.52			0.54			0.55			0.54			0.48
Expenses after expense reductions (f)(h)		0.24	(a)		0.24			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.52	(a)		2.56			2.24			1.61			1.27			1.45
Portfolio turnover		6	(n)		14			37			33			10			13
Net assets at end of period (000 omitted)		$89,035			$76,112			$63,426			$39,042			$22,370			$12,732
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R4	(unaudited)
Net asset value, beginning of period		$13.10			$12.88			$12.40			$11.79			$12.22			$11.83
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.12			$0.36			$0.35			$0.22			$0.19			$0.22
Net realized and unrealized gain (loss)		0.44			0.37			0.58			0.87			(0.25	)		0.47
Total from investment operations		$0.56			$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)		$13.66			$13.10			$12.88			$12.40			$11.79			$12.22
Total return (%) (r)(s)(t)(x)		4.27	(n)		6.06			7.43			9.42			(0.40	)		5.88
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.26	(a)		0.27			0.28			0.30			0.28			0.23
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		1.77	(a)		2.82			2.68			1.84			1.59			1.82
Portfolio turnover		6	(n)		14			37			33			10			13
Net assets at end of period (000 omitted)		$106,790			$105,032			$81,894			$135,040			$105,570			$98,370

See Notes to Financial Statements

58

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$13.10			$12.88			$12.41			$12.30
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.13			$0.38			$0.40			$0.11
Net realized and unrealized gain (loss)		0.43			0.37			0.55			0.48
Total from investment operations		$0.56			$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)		$13.66			$13.10			$12.88			$12.41
Total return (%) (r)(s)(t)(x)		4.27	(n)		6.21			7.57			5.02	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.12	(a)		0.14			0.15			0.20	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		1.91	(a)		2.93			3.08			1.31	(a)
Portfolio turnover		6	(n)		14			37			33
Net assets at end of period (000 omitted)		$59,123			$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) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

See Notes to Financial Statements

59

Financial Highlights – continued

MFS LIFETIME 2030 FUND

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

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class A	(unaudited)
Net asset value, beginning of period		$15.59			$15.48			$14.57			$13.91			$14.55			$13.90
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.08			$0.37			$0.34			$0.19			$0.16			$0.18
Net realized and unrealized gain (loss)		0.53			0.49			1.13			1.42			(0.38	)		0.70
Total from investment operations		$0.61			$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)		$16.20			$15.59			$15.48			$14.57			$13.91			$14.55
Total return (%) (r)(s)(t)(x)		3.91	(n)		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	(a)		0.46			0.46			0.47			0.42			0.44
Expenses after expense reductions (f)(h)		0.24	(a)		0.23			0.23			0.25			0.24			0.24
Net investment income (loss) (l)		1.00	(a)		2.40			2.18			1.36			1.13			1.29
Portfolio turnover		7	(n)		18			19			50			6			11
Net assets at end of period (000 omitted)		$68,592			$63,579			$61,458			$57,961			$44,995			$42,887
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class B	(unaudited)
Net asset value, beginning of period		$15.37			$15.26			$14.37			$13.73			$14.37			$13.73
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.25			$0.21			$0.08			$0.05			$0.07
Net realized and unrealized gain (loss)		0.53			0.50			1.13			1.40			(0.38	)		0.69
Total from investment operations		$0.55			$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)		$15.92			$15.37			$15.26			$14.37			$13.73			$14.37
Total return (%) (r)(s)(t)(x)		3.58	(n)		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	(a)		1.21			1.21			1.22			1.17			1.19
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		0.25	(a)		1.67			1.42			0.60			0.37			0.53
Portfolio turnover		7	(n)		18			19			50			6			11
Net assets at end of period (000 omitted)		$8,154			$8,727			$8,834			$8,753			$8,498			$8,414

See Notes to Financial Statements

60

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class C	(unaudited)
Net asset value, beginning of period		$15.27			$15.16			$14.29			$13.66			$14.29			$13.67
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.25			$0.21			$0.09			$0.05			$0.08
Net realized and unrealized gain (loss)		0.53			0.49			1.11			1.38			(0.37	)		0.67
Total from investment operations		$0.55			$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)		$15.82			$15.27			$15.16			$14.29			$13.66			$14.29
Total return (%) (r)(s)(t)(x)		3.60	(n)		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	(a)		1.21			1.21			1.22			1.17			1.19
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		0.25	(a)		1.63			1.42			0.61			0.38			0.55
Portfolio turnover		7	(n)		18			19			50			6			11
Net assets at end of period (000 omitted)		$14,862			$15,790			$15,885			$15,827			$15,554			$15,521
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class I	(unaudited)
Net asset value, beginning of period		$15.66			$15.55			$14.63			$14.00			$14.63			$13.98
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.10			$0.42			$0.38			$0.28			$0.19			$0.23
Net realized and unrealized gain (loss)		0.54			0.48			1.14			1.33			(0.37	)		0.68
Total from investment operations		$0.64			$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)		$16.30			$15.66			$15.55			$14.63			$14.00			$14.63
Total return (%) (r)(s)(t)(x)		4.09	(n)		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	(a)		0.21			0.21			0.20			0.17			0.20
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		1.25	(a)		2.70			2.48			1.96			1.36			1.61
Portfolio turnover		7	(n)		18			19			50			6			11
Net assets at end of period (000 omitted)		$2,356			$2,282			$2,171			$1,743			$12,156			$11,665

See Notes to Financial Statements

61

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R1	(unaudited)
Net asset value, beginning of period		$15.42			$15.32			$14.44			$13.78			$14.39			$13.75
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.26			$0.21			$0.08			$0.04			$0.09
Net realized and unrealized gain (loss)		0.53			0.48			1.13			1.40			(0.36	)		0.67
Total from investment operations		$0.55			$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)		$15.97			$15.42			$15.32			$14.44			$13.78			$14.39
Total return (%) (r)(s)(t)(x)		3.57	(n)		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	(a)		1.21			1.21			1.22			1.17			1.19
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		0.25	(a)		1.69			1.38			0.57			0.31			0.61
Portfolio turnover		7	(n)		18			19			50			6			11
Net assets at end of period (000 omitted)		$6,972			$7,423			$6,825			$5,740			$6,427			$8,165
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R2	(unaudited)
Net asset value, beginning of period		$15.43			$15.32			$14.43			$13.79			$14.43			$13.79
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.06			$0.33			$0.30			$0.16			$0.12			$0.14
Net realized and unrealized gain (loss)		0.53			0.49			1.12			1.40			(0.38	)		0.69
Total from investment operations		$0.59			$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)		$16.02			$15.43			$15.32			$14.43			$13.79			$14.43
Total return (%) (r)(s)(t)(x)		3.82	(n)		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	(a)		0.71			0.71			0.72			0.67			0.69
Expenses after expense reductions (f)(h)		0.49	(a)		0.49			0.49			0.50			0.50			0.50
Net investment income (loss) (l)		0.75	(a)		2.17			1.95			1.13			0.88			1.01
Portfolio turnover		7	(n)		18			19			50			6			11
Net assets at end of period (000 omitted)		$75,186			$78,171			$112,223			$105,808			$83,102			$79,912

See Notes to Financial Statements

62

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R3	(unaudited)
Net asset value, beginning of period		$15.54			$15.44			$14.54			$13.88			$14.52			$13.87
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.08			$0.37			$0.34			$0.19			$0.15			$0.18
Net realized and unrealized gain (loss)		0.53			0.49			1.12			1.42			(0.37	)		0.70
Total from investment operations		$0.61			$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)		$16.15			$15.54			$15.44			$14.54			$13.88			$14.52
Total return (%) (r)(s)(t)(x)		3.93	(n)		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	(a)		0.46			0.46			0.47			0.42			0.44
Expenses after expense reductions (f)(h)		0.25	(a)		0.24			0.24			0.25			0.25			0.25
Net investment income (loss) (l)		1.00	(a)		2.44			2.20			1.34			1.06			1.27
Portfolio turnover		7	(n)		18			19			50			6			11
Net assets at end of period (000 omitted)		$155,495			$146,737			$136,815			$109,088			$90,624			$71,753
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R4	(unaudited)
Net asset value, beginning of period		$15.68			$15.56			$14.64			$13.97			$14.61			$13.96
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.10			$0.40			$0.40			$0.24			$0.19			$0.22
Net realized and unrealized gain (loss)		0.54			0.51			1.11			1.41			(0.38	)		0.69
Total from investment operations		$0.64			$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)		$16.32			$15.68			$15.56			$14.64			$13.97			$14.61
Total return (%) (r)(s)(t)(x)		4.08	(n)		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	(a)		0.21			0.21			0.22			0.17			0.20
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		1.24	(a)		2.61			2.57			1.66			1.37			1.56
Portfolio turnover		7	(n)		18			19			50			6			11
Net assets at end of period (000 omitted)		$163,245			$158,288			$148,064			$188,413			$184,249			$169,285

See Notes to Financial Statements

63

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$15.68			$15.56			$14.65			$14.67
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.11			$0.44			$0.45			$0.07
Net realized and unrealized gain (loss)		0.54			0.49			1.08			0.90
Total from investment operations		$0.65			$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)		$16.33			$15.68			$15.56			$14.65
Total return (%) (r)(s)(t)(x)		4.15	(n)		6.71			10.43			7.05	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.08	(a)		0.08			0.08			0.13	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		1.38	(a)		2.86			2.91			0.75	(a)
Portfolio turnover		7	(n)		18			19			50
Net assets at end of period (000 omitted)		$113,210			$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) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

See Notes to Financial Statements

64

Financial Highlights – continued

MFS LIFETIME 2035 FUND

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

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class A	(unaudited)
Net asset value, beginning of period		$14.94			$14.61			$13.49			$12.35			$12.96			$12.41
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.04			$0.34			$0.31			$0.16			$0.12			$0.15
Net realized and unrealized gain (loss)		0.50			0.52			1.28			1.44			(0.35	)		0.67
Total from investment operations		$0.54			$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)		$15.48			$14.94			$14.61			$13.49			$12.35			$12.96
Total return (%) (r)(s)(t)(x)		3.61	(n)		6.50			11.78			13.18			(1.71	)		6.72
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.52	(a)		0.54			0.56			0.59			0.59			0.54
Expenses after expense reductions (f)(h)		0.24	(a)		0.24			0.25			0.25			0.24			0.24
Net investment income (loss) (l)		0.57	(a)		2.36			2.13			1.23			0.98			1.19
Portfolio turnover		6	(n)		12			33			43			7			8
Net assets at end of period (000 omitted)		$18,368			$16,563			$15,369			$10,591			$7,454			$6,353
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class B	(unaudited)
Net asset value, beginning of period		$14.84			$14.49			$13.39			$12.26			$12.88			$12.36
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.01	)		$0.22			$0.19			$0.06			$0.02			$0.04
Net realized and unrealized gain (loss)		0.49			0.54			1.28			1.43			(0.34	)		0.68
Total from investment operations		$0.48			$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)		$15.32			$14.84			$14.49			$13.39			$12.26			$12.88
Total return (%) (r)(s)(t)(x)		3.23	(n)		5.71			10.96			12.34			(2.45	)		5.88
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.27	(a)		1.29			1.31			1.34			1.34			1.29
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.18	)(a)		1.55			1.31			0.45			0.20			0.33
Portfolio turnover		6	(n)		12			33			43			7			8
Net assets at end of period (000 omitted)		$1,627			$1,650			$1,730			$1,314			$1,261			$950

See Notes to Financial Statements

65

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class C	(unaudited)
Net asset value, beginning of period		$14.78			$14.45			$13.35			$12.22			$12.83			$12.32
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.01	)		$0.22			$0.19			$0.05			$0.03			$0.05
Net realized and unrealized gain (loss)		0.48			0.53			1.28			1.43			(0.35	)		0.67
Total from investment operations		$0.47			$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)		$15.25			$14.78			$14.45			$13.35			$12.22			$12.83
Total return (%) (r)(s)(t)(x)		3.18	(n)		5.69			11.00			12.28			(2.40	)		5.89
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.27	(a)		1.29			1.31			1.34			1.33			1.29
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.17	)(a)		1.54			1.35			0.40			0.27			0.39
Portfolio turnover		6	(n)		12			33			43			7			8
Net assets at end of period (000 omitted)		$2,945			$2,730			$2,510			$1,893			$1,950			$1,965
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class I	(unaudited)
Net asset value, beginning of period		$14.97			$14.64			$13.51			$12.40			$13.00			$12.44
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.06			$0.37			$0.38			$0.26			$0.15			$0.17
Net realized and unrealized gain (loss)		0.49			0.53			1.25			1.34			(0.34	)		0.69
Total from investment operations		$0.55			$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)		$15.52			$14.97			$14.64			$13.51			$12.40			$13.00
Total return (%) (r)(s)(t)(x)		3.67	(n)		6.76			12.10			13.12			(1.40	)		6.98
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.27	(a)		0.29			0.32			0.32			0.33			0.29
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.82	(a)		2.55			2.59			2.01			1.19			1.36
Portfolio turnover		6	(n)		12			33			43			7			8
Net assets at end of period (000 omitted)		$903			$843			$636			$311			$3,921			$3,507

See Notes to Financial Statements

66

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R1	(unaudited)
Net asset value, beginning of period		$14.83			$14.50			$13.44			$12.39			$12.93			$12.39
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.01	)		$0.22			$0.23			$0.07			$0.00	(w)		$0.04
Net realized and unrealized gain (loss)		0.49			0.54			1.25			1.42			(0.32	)		0.68
Total from investment operations		$0.48			$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)		$15.31			$14.83			$14.50			$13.44			$12.39			$12.93
Total return (%) (r)(s)(t)(x)		3.24	(n)		5.72			11.00			12.22			(2.39	)		5.90
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.27	(a)		1.29			1.31			1.36			1.31			1.29
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.18	)(a)		1.55			1.61			0.57			0.01			0.35
Portfolio turnover		6	(n)		12			33			43			7			8
Net assets at end of period (000 omitted)		$1,843			$2,535			$1,974			$664			$118			$180
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R2	(unaudited)
Net asset value, beginning of period		$14.89			$14.54			$13.43			$12.33			$12.93			$12.39
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.27			$0.27			$0.13			$0.08			$0.11
Net realized and unrealized gain (loss)		0.49			0.56			1.28			1.42			(0.33	)		0.67
Total from investment operations		$0.51			$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)		$15.40			$14.89			$14.54			$13.43			$12.33			$12.93
Total return (%) (r)(s)(t)(x)		3.43	(n)		6.23			11.57			12.80			(1.87	)		6.38
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.77	(a)		0.79			0.81			0.86			0.84			0.79
Expenses after expense reductions (f)(h)		0.50	(a)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		0.31	(a)		1.84			1.86			1.00			0.66			0.86
Portfolio turnover		6	(n)		12			33			43			7			8
Net assets at end of period (000 omitted)		$31,264			$32,592			$32,185			$20,918			$5,805			$3,758

See Notes to Financial Statements

67

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R3	(unaudited)
Net asset value, beginning of period		$14.96			$14.63			$13.50			$12.37			$12.97			$12.43
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.04			$0.34			$0.30			$0.16			$0.12			$0.14
Net realized and unrealized gain (loss)		0.50			0.52			1.30			1.43			(0.34	)		0.67
Total from investment operations		$0.54			$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)		$15.50			$14.96			$14.63			$13.50			$12.37			$12.97
Total return (%) (r)(s)(t)(x)		3.61	(n)		6.46			11.85			13.11			(1.63	)		6.61
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.52	(a)		0.54			0.56			0.60			0.59			0.54
Expenses after expense reductions (f)(h)		0.25	(a)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		0.57	(a)		2.31			2.10			1.23			0.95			1.08
Portfolio turnover		6	(n)		12			33			43			7			8
Net assets at end of period (000 omitted)		$84,857			$71,027			$58,283			$35,284			$20,110			$12,389
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R4	(unaudited)
Net asset value, beginning of period		$15.02			$14.69			$13.54			$12.39			$13.00			$12.44
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.06			$0.38			$0.38			$0.19			$0.15			$0.19
Net realized and unrealized gain (loss)		0.50			0.52			1.26			1.45			(0.35	)		0.67
Total from investment operations		$0.56			$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)		$15.58			$15.02			$14.69			$13.54			$12.39			$13.00
Total return (%) (r)(s)(t)(x)		3.73	(n)		6.73			12.11			13.46			(1.48	)		6.98
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.27	(a)		0.29			0.30			0.34			0.34			0.29
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.82	(a)		2.58			2.61			1.44			1.22			1.49
Portfolio turnover		6	(n)		12			33			43			7			8
Net assets at end of period (000 omitted)		$119,488			$115,939			$87,528			$119,254			$86,982			$77,094

See Notes to Financial Statements

68

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$15.02			$14.69			$13.55			$13.04
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.07			$0.39			$0.44			$0.06
Net realized and unrealized gain (loss)		0.50			0.53			1.22			0.94
Total from investment operations		$0.57			$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)		$15.59			$15.02			$14.69			$13.55
Total return (%) (r)(s)(t)(x)		3.79	(n)		6.90			12.23			7.93	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.13	(a)		0.15			0.16			0.27	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		0.96	(a)		2.67			3.03			0.63	(a)
Portfolio turnover		6	(n)		12			33			43
Net assets at end of period (000 omitted)		$56,552			$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) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

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

See Notes to Financial Statements

69

Financial Highlights – continued

MFS LIFETIME 2040 FUND

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

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class A	(unaudited)
Net asset value, beginning of period		$16.46			$16.38			$15.00			$14.07			$14.83			$14.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.35			$0.31			$0.15			$0.12			$0.14
Net realized and unrealized gain (loss)		0.55			0.57			1.61			1.72			(0.41	)		0.84
Total from investment operations		$0.57			$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)		$17.03			$16.46			$16.38			$15.00			$14.07			$14.83
Total return (%) (r)(s)(t)(x)		3.46	(n)		6.45			12.86			13.76			(1.94	)		6.97
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.49	(a)		0.48			0.48			0.50			0.45			0.48
Expenses after expense reductions (f)(h)		0.24	(a)		0.24			0.24			0.25			0.24			0.25
Net investment income (loss) (l)		0.28	(a)		2.15			1.90			1.04			0.83			0.99
Portfolio turnover		7	(n)		17			18			54			6			10
Net assets at end of period (000 omitted)		$42,370			$36,747			$36,354			$35,093			$28,324			$26,564
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class B	(unaudited)
Net asset value, beginning of period		$16.34			$16.23			$14.87			$13.95			$14.71			$13.98
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.04	)		$0.22			$0.19			$0.04			$0.01			$0.03
Net realized and unrealized gain (loss)		0.54			0.59			1.59			1.71			(0.41	)		0.83
Total from investment operations		$0.50			$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)		$16.84			$16.34			$16.23			$14.87			$13.95			$14.71
Total return (%) (r)(s)(t)(x)		3.06	(n)		5.66			12.00			12.94			(2.69	)		6.16
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.24	(a)		1.23			1.23			1.25			1.20			1.23
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		(0.47	)(a)		1.39			1.20			0.27			0.06			0.23
Portfolio turnover		7	(n)		17			18			54			6			10
Net assets at end of period (000 omitted)		$4,326			$4,588			$4,965			$4,924			$4,527			$4,432

See Notes to Financial Statements

70

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class C	(unaudited)
Net asset value, beginning of period		$16.13			$16.03			$14.70			$13.80			$14.55			$13.83
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.04	)		$0.21			$0.19			$0.04			$(0.00	)(w)		$0.04
Net realized and unrealized gain (loss)		0.53			0.58			1.57			1.70			(0.40	)		0.82
Total from investment operations		$0.49			$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)		$16.62			$16.13			$16.03			$14.70			$13.80			$14.55
Total return (%) (r)(s)(t)(x)		3.04	(n)		5.65			11.99			12.96			(2.71	)		6.21
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.24	(a)		1.23			1.23			1.25			1.20			1.23
Expenses after expense reductions (f)(h)		0.99	(a)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.47	)(a)		1.35			1.19			0.30			(0.01	)		0.26
Portfolio turnover		7	(n)		17			18			54			6			10
Net assets at end of period (000 omitted)		$10,300			$10,994			$11,735			$11,035			$10,226			$11,840
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class I	(unaudited)
Net asset value, beginning of period		$16.57			$16.47			$15.08			$14.17			$14.93			$14.18
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.04			$0.42			$0.37			$0.26			$0.15			$0.19
Net realized and unrealized gain (loss)		0.55			0.55			1.60			1.63			(0.41	)		0.83
Total from investment operations		$0.59			$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)		$17.16			$16.57			$16.47			$15.08			$14.17			$14.93
Total return (%) (r)(s)(t)(x)		3.56	(n)		6.75			13.11			13.77			(1.68	)		7.24
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.24	(a)		0.23			0.23			0.24			0.20			0.23
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.53	(a)		2.55			2.30			1.78			1.09			1.30
Portfolio turnover		7	(n)		17			18			54			6			10
Net assets at end of period (000 omitted)		$1,438			$1,432			$1,622			$1,670			$9,766			$8,679

See Notes to Financial Statements

71

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R1	(unaudited)
Net asset value, beginning of period		$16.27			$16.16			$14.82			$13.87			$14.62			$13.88
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.04	)		$0.21			$0.18			$0.02			$0.00	(w)		$0.04
Net realized and unrealized gain (loss)		0.53			0.60			1.58			1.73			(0.40	)		0.82
Total from investment operations		$0.49			$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)		$16.76			$16.27			$16.16			$14.82			$13.87			$14.62
Total return (%) (r)(s)(t)(x)		3.01	(n)		5.71			11.91			12.96			(2.70	)		6.18
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.24	(a)		1.23			1.23			1.25			1.20			1.22
Expenses after expense reductions (f)(h)		1.00	(a)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.47	)(a)		1.32			1.16			0.17			0.02			0.28
Portfolio turnover		7	(n)		17			18			54			6			10
Net assets at end of period (000 omitted)		$4,416			$4,958			$4,606			$4,130			$5,279			$5,528
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R2	(unaudited)
Net asset value, beginning of period		$16.34			$16.24			$14.88			$13.97			$14.73			$14.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.00	(w)		$0.31			$0.27			$0.11			$0.08			$0.11
Net realized and unrealized gain (loss)		0.54			0.57			1.59			1.71			(0.41	)		0.82
Total from investment operations		$0.54			$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)		$16.88			$16.34			$16.24			$14.88			$13.97			$14.73
Total return (%) (r)(s)(t)(x)		3.30	(n)		6.23			12.55			13.46			(2.18	)		6.68
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.74	(a)		0.73			0.73			0.75			0.70			0.73
Expenses after expense reductions (f)(h)		0.50	(a)		0.49			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		0.02	(a)		1.92			1.69			0.79			0.58			0.76
Portfolio turnover		7	(n)		17			18			54			6			10
Net assets at end of period (000 omitted)		$56,382			$59,429			$86,042			$82,965			$66,272			$61,127

See Notes to Financial Statements

72

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R3	(unaudited)
Net asset value, beginning of period		$16.46			$16.37			$15.00			$14.07			$14.83			$14.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.36			$0.31			$0.15			$0.10			$0.14
Net realized and unrealized gain (loss)		0.55			0.56			1.61			1.72			(0.39	)		0.84
Total from investment operations		$0.57			$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)		$17.03			$16.46			$16.37			$15.00			$14.07			$14.83
Total return (%) (r)(s)(t)(x)		3.46	(n)		6.45			12.81			13.76			(1.93	)		6.97
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.49	(a)		0.48			0.48			0.50			0.46			0.48
Expenses after expense reductions (f)(h)		0.25	(a)		0.24			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		0.28	(a)		2.20			1.94			1.03			0.74			0.98
Portfolio turnover		7	(n)		17			18			54			6			10
Net assets at end of period (000 omitted)		$99,411			$89,830			$88,577			$63,409			$49,816			$38,524
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R4	(unaudited)
Net asset value, beginning of period		$16.61			$16.51			$15.11			$14.16			$14.92			$14.17
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.04			$0.39			$0.39			$0.19			$0.15			$0.19
Net realized and unrealized gain (loss)		0.55			0.58			1.58			1.74			(0.41	)		0.83
Total from investment operations		$0.59			$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)		$17.20			$16.61			$16.51			$15.11			$14.16			$14.92
Total return (%) (r)(s)(t)(x)		3.55	(n)		6.73			13.09			14.08			(1.68	)		7.25
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.24	(a)		0.23			0.23			0.25			0.20			0.24
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.52	(a)		2.36			2.44			1.33			1.07			1.30
Portfolio turnover		7	(n)		17			18			54			6			10
Net assets at end of period (000 omitted)		$151,327			$143,534			$145,328			$174,887			$166,141			$153,594

See Notes to Financial Statements

73

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$16.61			$16.51			$15.12			$14.91
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.06			$0.43			$0.43			$0.04
Net realized and unrealized gain (loss)		0.54			0.56			1.56			1.15
Total from investment operations		$0.60			$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)		$17.21			$16.61			$16.51			$15.12
Total return (%) (r)(s)(t)(x)		3.61	(n)		6.89			13.21			8.46	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.10	(a)		0.10			0.10			0.16	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		0.66	(a)		2.62			2.63			0.43	(a)
Portfolio turnover		7	(n)		17			18			54
Net assets at end of period (000 omitted)		$76,548			$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) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

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

See Notes to Financial Statements

74

Financial Highlights – continued

MFS LIFETIME 2045 FUND

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

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class A	(unaudited)
Net asset value, beginning of period		$15.53			$15.15			$13.79			$12.52			$13.14			$12.55
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.00	(w)		$0.32			$0.30			$0.14			$0.11			$0.13
Net realized and unrealized gain (loss)		0.52			0.57			1.52			1.57			(0.36	)		0.73
Total from investment operations		$0.52			$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)		$16.05			$15.53			$15.15			$13.79			$12.52			$13.14
Total return (%) (r)(s)(t)(x)		3.35	(n)		6.45			13.18			13.89			(1.93	)		6.95
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.57	(a)		0.60			0.62			0.69			0.70			0.72
Expenses after expense reductions (f)(h)		0.25	(a)		0.25			0.25			0.25			0.24			0.24
Net investment income (loss) (l)		0.05	(a)		2.13			1.99			1.04			0.85			1.02
Portfolio turnover		4	(n)		12			30			45			6			7
Net assets at end of period (000 omitted)		$10,830			$8,749			$7,789			$6,135			$4,576			$2,811
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class B	(unaudited)
Net asset value, beginning of period		$15.43			$15.03			$13.70			$12.44			$13.06			$12.47
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.05	)		$0.20			$0.17			$0.03			$0.00	(w)		$0.03
Net realized and unrealized gain (loss)		0.50			0.59			1.51			1.57			(0.35	)		0.73
Total from investment operations		$0.45			$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)		$15.88			$15.43			$15.03			$13.70			$12.44			$13.06
Total return (%) (r)(s)(t)(x)		2.92	(n)		5.71			12.28			13.09			(2.67	)		6.19
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.32	(a)		1.35			1.37			1.43			1.45			1.48
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.70	)(a)		1.31			1.15			0.24			0.02			0.22
Portfolio turnover		4	(n)		12			30			45			6			7
Net assets at end of period (000 omitted)		$828			$919			$948			$746			$593			$408

See Notes to Financial Statements

75

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class C	(unaudited)
Net asset value, beginning of period		$15.35			$14.97			$13.66			$12.42			$13.04			$12.48
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.05	)		$0.20			$0.19			$0.03			$0.01			$0.04
Net realized and unrealized gain (loss)		0.50			0.58			1.48			1.56			(0.35	)		0.72
Total from investment operations		$0.45			$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)		$15.80			$15.35			$14.97			$13.66			$12.42			$13.04
Total return (%) (r)(s)(t)(x)		2.93	(n)		5.70			12.24			13.03			(2.64	)		6.17
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.32	(a)		1.35			1.37			1.44			1.45			1.47
Expenses after expense reductions (f)(h)		0.97	(a)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.66	)(a)		1.37			1.28			0.26			0.04			0.33
Portfolio turnover		4	(n)		12			30			45			6			7
Net assets at end of period (000 omitted)		$2,235			$2,301			$1,966			$1,640			$1,104			$909
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class I	(unaudited)
Net asset value, beginning of period		$15.60			$15.22			$13.85			$12.55			$13.16			$12.56
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.36			$0.33			$0.25			$0.14			$0.20
Net realized and unrealized gain (loss)		0.51			0.57			1.53			1.51			(0.36	)		0.69
Total from investment operations		$0.53			$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)		$16.13			$15.60			$15.22			$13.85			$12.55			$13.16
Total return (%) (r)(s)(t)(x)		3.40	(n)		6.75			13.42			14.34			(1.66	)		7.21
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.32	(a)		0.35			0.37			0.41			0.45			0.46
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.30	(a)		2.40			2.24			1.89			1.10			1.53
Portfolio turnover		4	(n)		12			30			45			6			7
Net assets at end of period (000 omitted)		$383			$296			$161			$138			$1,718			$1,108

See Notes to Financial Statements

76

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R1	(unaudited)
Net asset value, beginning of period		$15.41			$15.06			$13.75			$12.51			$13.10			$12.51
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.05	)		$0.23			$0.17			$0.03			$(0.01	)		$0.02
Net realized and unrealized gain (loss)		0.50			0.55			1.52			1.58			(0.34	)		0.74
Total from investment operations		$0.45			$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)		$15.86			$15.41			$15.06			$13.75			$12.51			$13.10
Total return (%) (r)(s)(t)(x)		2.92	(n)		5.70			12.27			13.05			(2.66	)		6.13
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.32	(a)		1.35			1.37			1.45			1.43			1.48
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.70	)(a)		1.54			1.14			0.22			(0.09	)		0.19
Portfolio turnover		4	(n)		12			30			45			6			7
Net assets at end of period (000 omitted)		$1,105			$1,093			$872			$463			$152			$172
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R2	(unaudited)
Net asset value, beginning of period		$15.42			$15.04			$13.71			$12.47			$13.10			$12.51
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.02	)		$0.25			$0.25			$0.12			$0.07			$0.09
Net realized and unrealized gain (loss)		0.51			0.59			1.51			1.55			(0.36	)		0.74
Total from investment operations		$0.49			$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)		$15.91			$15.42			$15.04			$13.71			$12.47			$13.10
Total return (%) (r)(s)(t)(x)		3.18	(n)		6.15			12.87			13.65			(2.20	)		6.74
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.82	(a)		0.85			0.87			0.95			0.96			0.97
Expenses after expense reductions (f)(h)		0.50	(a)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		(0.20	)(a)		1.65			1.70			0.89			0.55			0.71
Portfolio turnover		4	(n)		12			30			45			6			7
Net assets at end of period (000 omitted)		$22,380			$21,895			$20,428			$10,716			$3,583			$1,769

See Notes to Financial Statements

77

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R3	(unaudited)
Net asset value, beginning of period		$15.52			$15.14			$13.78			$12.52			$13.13			$12.54
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.00	(w)		$0.32			$0.28			$0.14			$0.10			$0.11
Net realized and unrealized gain (loss)		0.51			0.57			1.54			1.56			(0.34	)		0.75
Total from investment operations		$0.51			$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)		$16.03			$15.52			$15.14			$13.78			$12.52			$13.13
Total return (%) (r)(s)(t)(x)		3.29	(n)		6.49			13.20			13.83			(1.87	)		6.92
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.57	(a)		0.60			0.62			0.69			0.70			0.72
Expenses after expense reductions (f)(h)		0.25	(a)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		0.05	(a)		2.10			1.87			1.06			0.78			0.86
Portfolio turnover		4	(n)		12			30			45			6			7
Net assets at end of period (000 omitted)		$64,989			$53,767			$42,729			$23,479			$12,721			$7,566
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R4	(unaudited)
Net asset value, beginning of period		$15.58			$15.20			$13.82			$12.54			$13.15			$12.56
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.35			$0.36			$0.17			$0.13			$0.17
Net realized and unrealized gain (loss)		0.51			0.57			1.50			1.57			(0.35	)		0.71
Total from investment operations		$0.53			$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)		$16.11			$15.58			$15.20			$13.82			$12.54			$13.15
Total return (%) (r)(s)(t)(x)		3.40	(n)		6.73			13.47			14.18			(1.67	)		7.13
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.32	(a)		0.35			0.36			0.44			0.45			0.47
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.30	(a)		2.33			2.43			1.27			1.04			1.34
Portfolio turnover		4	(n)		12			30			45			6			7
Net assets at end of period (000 omitted)		$92,212			$83,824			$70,628			$84,597			$58,947			$47,311

See Notes to Financial Statements

78

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$15.58			$15.20			$13.83			$13.21
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.04			$0.36			$0.47			$0.03
Net realized and unrealized gain (loss)		0.50			0.59			1.41			1.06
Total from investment operations		$0.54			$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)		$16.12			$15.58			$15.20			$13.83
Total return (%) (r)(s)(t)(x)		3.47	(n)		6.91			13.57			8.52	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.18	(a)		0.21			0.23			0.36	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		0.45	(a)		2.42			3.11			0.39	(a)
Portfolio turnover		4	(n)		12			30			45
Net assets at end of period (000 omitted)		$33,205			$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) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

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

See Notes to Financial Statements

79

Financial Highlights – continued

MFS LIFETIME 2050 FUND

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

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class A	(unaudited)
Net asset value, beginning of period		$18.80			$18.30			$16.63			$15.14			$15.88			$15.17
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.00	(w)		$0.38			$0.33			$0.17			$0.13			$0.15
Net realized and unrealized gain (loss)		0.62			0.71			1.86			1.89			(0.43	)		0.89
Total from investment operations		$0.62			$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)		$19.42			$18.80			$18.30			$16.63			$15.14			$15.88
Total return (%) (r)(s)(t)(x)		3.30	(n)		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	(a)		0.57			0.58			0.65			0.60			0.69
Expenses after expense reductions (f)(h)		0.25	(a)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		0.05	(a)		2.11			1.83			1.06			0.88			0.99
Portfolio turnover		6	(n)		24			20			52			7			9
Net assets at end of period (000 omitted)		$14,543			$12,791			$12,353			$11,383			$7,624			$5,730
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class B	(unaudited)
Net asset value, beginning of period		$18.55			$18.07			$16.44			$14.98			$15.72			$15.01
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.07	)		$0.25			$0.20			$0.04			$0.00	(w)		$0.04
Net realized and unrealized gain (loss)		0.61			0.70			1.83			1.88			(0.42	)		0.89
Total from investment operations		$0.54			$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)		$19.09			$18.55			$18.07			$16.44			$14.98			$15.72
Total return (%) (r)(s)(t)(x)		2.91	(n)		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	(a)		1.32			1.33			1.39			1.35			1.44
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.70	)(a)		1.39			1.15			0.24			0.02			0.23
Portfolio turnover		6	(n)		24			20			52			7			9
Net assets at end of period (000 omitted)		$1,702			$1,630			$1,270			$1,048			$853			$828

See Notes to Financial Statements

80

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class C	(unaudited)
Net asset value, beginning of period		$18.45			$17.96			$16.35			$14.91			$15.63			$14.96
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.06	)		$0.23			$0.20			$0.04			$(0.00	)(w)		$0.04
Net realized and unrealized gain (loss)		0.59			0.72			1.81			1.87			(0.41	)		0.87
Total from investment operations		$0.53			$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)		$18.98			$18.45			$17.96			$16.35			$14.91			$15.63
Total return (%) (r)(s)(t)(x)		2.87	(n)		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	(a)		1.32			1.33			1.39			1.35			1.44
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.70	)(a)		1.31			1.16			0.28			(0.00	)(w)		0.28
Portfolio turnover		6	(n)		24			20			52			7			9
Net assets at end of period (000 omitted)		$3,314			$3,344			$2,775			$2,535			$1,775			$1,835
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class I	(unaudited)
Net asset value, beginning of period		$18.78			$18.29			$16.62			$15.12			$15.85			$15.14
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.03			$0.50			$0.41			$0.30			$0.15			$0.20
Net realized and unrealized gain (loss)		0.61			0.62			1.83			1.81			(0.41	)		0.87
Total from investment operations		$0.64			$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)		$19.42			$18.78			$18.29			$16.62			$15.12			$15.85
Total return (%) (r)(s)(t)(x)		3.41	(n)		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	(a)		0.32			0.33			0.38			0.35			0.44
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.29	(a)		2.73			2.26			1.92			0.97			1.31
Portfolio turnover		6	(n)		24			20			52			7			9
Net assets at end of period (000 omitted)		$347			$213			$566			$423			$1,560			$1,132

See Notes to Financial Statements

81

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R1	(unaudited)
Net asset value, beginning of period		$18.46			$17.97			$16.38			$14.94			$15.64			$14.98
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.07	)		$0.25			$0.21			$0.04			$(0.01	)		$0.12
Net realized and unrealized gain (loss)		0.60			0.69			1.82			1.88			(0.40	)		0.79
Total from investment operations		$0.53			$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)		$18.99			$18.46			$17.97			$16.38			$14.94			$15.64
Total return (%) (r)(s)(t)(x)		2.87	(n)		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	(a)		1.32			1.33			1.40			1.34			1.42
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.70	)(a)		1.42			1.18			0.26			(0.05	)		0.77
Portfolio turnover		6	(n)		24			20			52			7			9
Net assets at end of period (000 omitted)		$1,175			$1,322			$1,052			$606			$316			$377
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R2	(unaudited)
Net asset value, beginning of period		$18.55			$18.07			$16.44			$14.98			$15.73			$15.04
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.02	)		$0.34			$0.30			$0.13			$0.09			$0.12
Net realized and unrealized gain (loss)		0.61			0.69			1.82			1.88			(0.43	)		0.87
Total from investment operations		$0.59			$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)		$19.14			$18.55			$18.07			$16.44			$14.98			$15.73
Total return (%) (r)(s)(t)(x)		3.18	(n)		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	(a)		0.82			0.83			0.90			0.85			0.94
Expenses after expense reductions (f)(h)		0.50	(a)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		(0.20	)(a)		1.92			1.67			0.82			0.60			0.81
Portfolio turnover		6	(n)		24			20			52			7			9
Net assets at end of period (000 omitted)		$29,533			$28,575			$46,468			$33,805			$19,041			$13,030

See Notes to Financial Statements

82

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R3	(unaudited)
Net asset value, beginning of period		$18.67			$18.18			$16.53			$15.05			$15.80			$15.09
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.00	(w)		$0.38			$0.34			$0.16			$0.11			$0.14
Net realized and unrealized gain (loss)		0.61			0.70			1.84			1.89			(0.42	)		0.90
Total from investment operations		$0.61			$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)		$19.28			$18.67			$18.18			$16.53			$15.05			$15.80
Total return (%) (r)(s)(t)(x)		3.27	(n)		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	(a)		0.57			0.58			0.65			0.60			0.69
Expenses after expense reductions (f)(h)		0.25	(a)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		0.05	(a)		2.10			1.90			1.03			0.76			0.90
Portfolio turnover		6	(n)		24			20			52			7			9
Net assets at end of period (000 omitted)		$66,154			$54,561			$48,180			$27,276			$15,980			$9,089
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R4	(unaudited)
Net asset value, beginning of period		$18.77			$18.28			$16.60			$15.11			$15.85			$15.13
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.03			$0.42			$0.42			$0.21			$0.16			$0.20
Net realized and unrealized gain (loss)		0.61			0.70			1.82			1.89			(0.43	)		0.88
Total from investment operations		$0.64			$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)		$19.41			$18.77			$18.28			$16.60			$15.11			$15.85
Total return (%) (r)(s)(t)(x)		3.41	(n)		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	(a)		0.32			0.33			0.39			0.35			0.44
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.30	(a)		2.30			2.35			1.30			1.06			1.28
Portfolio turnover		6	(n)		24			20			52			7			9
Net assets at end of period (000 omitted)		$75,445			$69,834			$70,936			$75,323			$66,990			$58,759

See Notes to Financial Statements

83

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$18.76			$18.27			$16.60			$15.91
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.04			$0.44			$0.51			$0.04
Net realized and unrealized gain (loss)		0.62			0.71			1.75			1.26
Total from investment operations		$0.66			$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)		$19.42			$18.76			$18.27			$16.60
Total return (%) (r)(s)(t)(x)		3.52	(n)		6.89			13.60			8.46	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.18	(a)		0.18			0.19			0.32	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		0.44	(a)		2.44			2.82			0.41	(a)
Portfolio turnover		6	(n)		24			20			52
Net assets at end of period (000 omitted)		$41,781			$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) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

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

See Notes to Financial Statements

84

Financial Highlights – continued

MFS LIFETIME 2055 FUND

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

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class A	(unaudited)
Net asset value, beginning of period		$15.93			$15.45			$14.00			$12.61			$13.16			$12.54
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.00	(w)		$0.32			$0.29			$0.13			$0.13			$0.14
Net realized and unrealized gain (loss)		0.53			0.60			1.55			1.59			(0.38	)		0.72
Total from investment operations		$0.53			$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)		$16.46			$15.93			$15.45			$14.00			$12.61			$13.16
Total return (%) (r)(s)(t)(x)		3.33	(n)		6.46			13.10			13.80			(1.81	)		6.90
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.74	(a)		0.81			0.92			1.34			1.73			2.84
Expenses after expense reductions (f)(h)		0.25	(a)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		0.05	(a)		2.08			1.91			1.01			1.00			1.10
Portfolio turnover		8	(n)		20			18			45			14			18
Net assets at end of period (000 omitted)		$7,052			$5,866			$4,833			$3,516			$2,014			$1,036
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class B	(unaudited)
Net asset value, beginning of period		$15.87			$15.39			$13.95			$12.58			$13.12			$12.51
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.06	)		$0.21			$0.18			$0.04			$(0.01	)		$0.03
Net realized and unrealized gain (loss)		0.52			0.60			1.55			1.57			(0.33	)		0.73
Total from investment operations		$0.46			$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)		$16.33			$15.87			$15.39			$13.95			$12.58			$13.12
Total return (%) (r)(s)(t)(x)		2.90	(n)		5.65			12.36			12.94			(2.58	)		6.13
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.49	(a)		1.56			1.67			2.09			2.50			3.67
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.70	)(a)		1.34			1.22			0.28			(0.06	)		0.26
Portfolio turnover		8	(n)		20			18			45			14			18
Net assets at end of period (000 omitted)		$591			$605			$470			$407			$270			$244

See Notes to Financial Statements

85

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class C	(unaudited)
Net asset value, beginning of period		$15.75			$15.28			$13.86			$12.49			$13.04			$12.45
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.05	)		$0.20			$0.18			$0.03			$(0.00	)(w)		$0.05
Net realized and unrealized gain (loss)		0.51			0.60			1.53			1.58			(0.34	)		0.71
Total from investment operations		$0.46			$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)		$16.21			$15.75			$15.28			$13.86			$12.49			$13.04
Total return (%) (r)(s)(t)(x)		2.92	(n)		5.63			12.29			12.98			(2.59	)		6.17
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.49	(a)		1.56			1.67			2.08			2.50			3.61
Expenses after expense reductions (f)(h)		0.99	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.69	)(a)		1.32			1.19			0.26			(0.00	)		0.37
Portfolio turnover		8	(n)		20			18			45			14			18
Net assets at end of period (000 omitted)		$2,146			$2,179			$1,789			$1,284			$1,100			$1,031
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class I	(unaudited)
Net asset value, beginning of period		$15.94			$15.46			$14.00			$12.65			$13.20			$12.57
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.35			$0.30			$0.26			$0.12			$0.12
Net realized and unrealized gain (loss)		0.53			0.61			1.58			1.45			(0.34	)		0.77
Total from investment operations		$0.55			$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)		$16.49			$15.94			$15.46			$14.00			$12.65			$13.20
Total return (%) (r)(s)(t)(x)		3.45	(n)		6.74			13.40			13.66			(1.61	)		7.14
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.49	(a)		0.56			0.67			1.09			1.50			2.80
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.29	(a)		2.29			1.98			2.01			0.94			0.95
Portfolio turnover		8	(n)		20			18			45			14			18
Net assets at end of period (000 omitted)		$116			$156			$114			$79			$608			$391

See Notes to Financial Statements

86

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R1	(unaudited)
Net asset value, beginning of period		$15.76			$15.32			$13.92			$12.63			$13.14			$12.51
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.06	)		$0.20			$0.17			$0.15			$(0.04	)		$0.03
Net realized and unrealized gain (loss)		0.52			0.60			1.55			1.46			(0.31	)		0.73
Total from investment operations		$0.46			$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)		$16.22			$15.76			$15.32			$13.92			$12.63			$13.14
Total return (%) (r)(s)(t)(x)		2.92	(n)		5.65			12.31			12.93			(2.62	)		6.14
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.49	(a)		1.56			1.66			2.08			2.53			3.71
Expenses after expense reductions (f)(h)		1.00	(a)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		(0.70	)(a)		1.32			1.13			1.10			(0.31	)		0.21
Portfolio turnover		8	(n)		20			18			45			14			18
Net assets at end of period (000 omitted)		$1,459			$1,523			$854			$318			$62			$141
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R2	(unaudited)
Net asset value, beginning of period		$15.84			$15.36			$13.94			$12.57			$13.14			$12.53
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.02	)		$0.26			$0.26			$0.11			$0.07			$0.09
Net realized and unrealized gain (loss)		0.53			0.62			1.53			1.58			(0.36	)		0.73
Total from investment operations		$0.51			$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)		$16.35			$15.84			$15.36			$13.94			$12.57			$13.14
Total return (%) (r)(s)(t)(x)		3.22	(n)		6.19			12.82			13.59			(2.12	)		6.63
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.99	(a)		1.06			1.16			1.60			1.98			3.11
Expenses after expense reductions (f)(h)		0.50	(a)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		(0.20	)(a)		1.73			1.73			0.85			0.57			0.73
Portfolio turnover		8	(n)		20			18			45			14			18
Net assets at end of period (000 omitted)		$19,885			$18,695			$15,534			$6,657			$1,855			$773

See Notes to Financial Statements

87

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R3	(unaudited)
Net asset value, beginning of period		$15.93			$15.45			$14.00			$12.61			$13.17			$12.54
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.00	(w)		$0.32			$0.29			$0.14			$0.10			$0.11
Net realized and unrealized gain (loss)		0.53			0.60			1.55			1.58			(0.36	)		0.75
Total from investment operations		$0.53			$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)		$16.46			$15.93			$15.45			$14.00			$12.61			$13.17
Total return (%) (r)(s)(t)(x)		3.33	(n)		6.46			13.14			13.83			(1.89	)		6.95
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.74	(a)		0.81			0.92			1.34			1.74			2.81
Expenses after expense reductions (f)(h)		0.25	(a)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		0.05	(a)		2.07			1.89			1.07			0.76			0.84
Portfolio turnover		8	(n)		20			18			45			14			18
Net assets at end of period (000 omitted)		$32,602			$27,658			$21,438			$10,285			$3,915			$2,353
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17			4/30/16			4/30/15
Class R4	(unaudited)
Net asset value, beginning of period		$16.01			$15.53			$14.06			$12.65			$13.20			$12.56
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.36			$0.37			$0.17			$0.13			$0.18
Net realized and unrealized gain (loss)		0.53			0.60			1.52			1.60			(0.35	)		0.72
Total from investment operations		$0.55			$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)		$16.56			$16.01			$15.53			$14.06			$12.65			$13.20
Total return (%) (r)(s)(t)(x)		3.44	(n)		6.71			13.42			14.14			(1.61	)		7.23
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.49	(a)		0.56			0.67			1.09			1.48			2.51
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		0.30	(a)		2.31			2.43			1.31			1.07			1.42
Portfolio turnover		8	(n)		20			18			45			14			18
Net assets at end of period (000 omitted)		$34,351			$30,137			$26,747			$21,882			$10,776			$5,056

See Notes to Financial Statements

88

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (i)
Class R6	(unaudited)
Net asset value, beginning of period		$16.01			$15.53			$14.06			$13.32
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.04			$0.37			$0.49			$0.04
Net realized and unrealized gain (loss)		0.53			0.61			1.42			1.06
Total from investment operations		$0.57			$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)		$16.58			$16.01			$15.53			$14.06
Total return (%) (r)(s)(t)(x)		3.56	(n)		6.88			13.56			8.44	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.35	(a)		0.42			0.52			0.95	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		0.44	(a)		2.40			3.15			0.44	(a)
Portfolio turnover		8	(n)		20			18			45
Net assets at end of period (000 omitted)		$19,256			$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) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

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

See Notes to Financial Statements

89

Financial Highlights – continued

MFS LIFETIME 2060 FUND

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

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (c)
Class A	(unaudited)
Net asset value, beginning of period		$12.26			$11.85			$10.73			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.01			$0.41			$0.25			$0.10
Net realized and unrealized gain (loss)		0.40			0.30			1.16			0.74
Total from investment operations		$0.41			$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)		$12.67			$12.26			$11.85			$10.73
Total return (%) (r)(s)(t)(x)		3.34	(n)		6.47			13.19			8.45	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		2.16	(a)		4.01			9.75			15.07	(a)
Expenses after expense reductions (f)(h)		0.20	(a)		0.20			0.16			0.12	(a)
Net investment income (loss) (l)		0.10	(a)		3.49			2.17			2.42	(a)
Portfolio turnover		3	(n)		34			37			2	(n)
Net assets at end of period (000 omitted)		$1,756			$1,362			$306			$59
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (c)
Class B	(unaudited)
Net asset value, beginning of period		$12.25			$11.82			$10.70			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.04	)		$0.17			$0.14			$0.07
Net realized and unrealized gain (loss)		0.40			0.48			1.19			0.73
Total from investment operations		$0.36			$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)		$12.61			$12.25			$11.82			$10.70
Total return (%) (r)(s)(t)(x)		2.94	(n)		5.78			12.39			8.08	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		2.93	(a)		4.98			11.79			15.87	(a)
Expenses after expense reductions (f)(h)		0.95	(a)		0.95			0.90			0.87	(a)
Net investment income (loss) (l)		(0.64	)(a)		1.44			1.26			1.76	(a)
Portfolio turnover		3	(n)		34			37			2	(n)
Net assets at end of period (000 omitted)		$152			$149			$73			$55

See Notes to Financial Statements

90

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (c)
Class C	(unaudited)
Net asset value, beginning of period		$12.21			$11.81			$10.70			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.04	)		$0.20			$0.14			$0.07
Net realized and unrealized gain (loss)		0.40			0.44			1.19			0.73
Total from investment operations		$0.36			$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)		$12.57			$12.21			$11.81			$10.70
Total return (%) (r)(s)(t)(x)		2.95	(n)		5.75			12.38			8.08	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		2.90	(a)		4.88			11.46			15.81	(a)
Expenses after expense reductions (f)(h)		0.95	(a)		0.95			0.90			0.87	(a)
Net investment income (loss) (l)		(0.65	)(a)		1.68			1.24			1.68	(a)
Portfolio turnover		3	(n)		34			37			2	(n)
Net assets at end of period (000 omitted)		$402			$283			$107			$60
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (c)
Class I	(unaudited)
Net asset value, beginning of period		$12.32			$11.88			$10.74			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.28			$0.26			$0.11
Net realized and unrealized gain (loss)		0.41			0.47			1.19			0.74
Total from investment operations		$0.43			$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)		$12.75			$12.32			$11.88			$10.74
Total return (%) (r)(s)(t)(x)		3.49	(n)		6.76			13.50			8.57	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.93	(a)		4.04			11.01			14.88	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		0.36	(a)		2.37			2.23			2.76	(a)
Portfolio turnover		3	(n)		34			37			2	(n)
Net assets at end of period (000 omitted)		$69			$66			$62			$54

See Notes to Financial Statements

91

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (c)
Class R1	(unaudited)
Net asset value, beginning of period		$12.28			$11.83			$10.70			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.04	)		$0.16			$0.14			$0.07
Net realized and unrealized gain (loss)		0.41			0.48			1.19			0.73
Total from investment operations		$0.37			$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)		$12.65			$12.28			$11.83			$10.70
Total return (%) (r)(s)(t)(x)		3.01	(n)		5.69			12.41			8.08	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		2.93	(a)		5.04			12.02			15.88	(a)
Expenses after expense reductions (f)(h)		0.95	(a)		0.95			0.90			0.87	(a)
Net investment income (loss) (l)		(0.65	)(a)		1.36			1.23			1.76	(a)
Portfolio turnover		3	(n)		34			37			2	(n)
Net assets at end of period (000 omitted)		$66			$64			$61			$54
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (c)
Class R2	(unaudited)
Net asset value, beginning of period		$12.25			$11.84			$10.72			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$(0.01	)		$0.27			$0.18			$0.09
Net realized and unrealized gain (loss)		0.41			0.42			1.21			0.73
Total from investment operations		$0.40			$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)		$12.65			$12.25			$11.84			$10.72
Total return (%) (r)(s)(t)(x)		3.27	(n)		6.29			12.92			8.32	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		2.40	(a)		4.31			10.36			15.38	(a)
Expenses after expense reductions (f)(h)		0.45	(a)		0.45			0.41			0.37	(a)
Net investment income (loss) (l)		(0.15	)(a)		2.34			1.56			2.26	(a)
Portfolio turnover		3	(n)		34			37			2	(n)
Net assets at end of period (000 omitted)		$1,088			$797			$151			$54

See Notes to Financial Statements

92

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (c)
Class R3	(unaudited)
Net asset value, beginning of period		$12.28			$11.85			$10.73			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.01			$0.24			$0.25			$0.10
Net realized and unrealized gain (loss)		0.41			0.48			1.17			0.74
Total from investment operations		$0.42			$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)		$12.70			$12.28			$11.85			$10.73
Total return (%) (r)(s)(t)(x)		3.42	(n)		6.48			13.21			8.45	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		2.11	(a)		4.15			9.15			14.31	(a)
Expenses after expense reductions (f)(h)		0.20	(a)		0.20			0.16			0.12	(a)
Net investment income (loss) (l)		0.10	(a)		2.04			2.11			2.41	(a)
Portfolio turnover		3	(n)		34			37			2	(n)
Net assets at end of period (000 omitted)		$5,414			$2,505			$1,203			$88
	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (c)
Class R4	(unaudited)
Net asset value, beginning of period		$12.31			$11.88			$10.74			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.02			$0.31			$0.30			$0.11
Net realized and unrealized gain (loss)		0.41			0.43			1.15			0.74
Total from investment operations		$0.43			$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)		$12.74			$12.31			$11.88			$10.74
Total return (%) (r)(s)(t)(x)		3.49	(n)		6.72			13.51			8.57	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.89	(a)		3.79			8.82			14.88	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		0.35	(a)		2.63			2.54			2.75	(a)
Portfolio turnover		3	(n)		34			37			2	(n)
Net assets at end of period (000 omitted)		$2,705			$1,524			$356			$55

See Notes to Financial Statements

93

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Six months ended 10/31/19			Year ended
				4/30/19			4/30/18			4/30/17 (c)
Class R6	(unaudited)
Net asset value, beginning of period		$12.33			$11.88			$10.74			$10.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.03			$0.29			$0.25			$0.11
Net realized and unrealized gain (loss)		0.40			0.48			1.20			0.74
Total from investment operations		$0.43			$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)		$12.76			$12.33			$11.88			$10.74
Total return (%) (r)(s)(t)(x)		3.49	(n)		6.95			13.51			8.57	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.81	(a)		3.80			10.10			14.87	(a)
Expenses after expense reductions (f)(h)		0.00	(a)		0.00			0.00			0.00	(a)
Net investment income (loss) (l)		0.44	(a)		2.43			2.18			2.76	(a)
Portfolio turnover		3	(n)		34			37			2	(n)
Net assets at end of period (000 omitted)		$5,131			$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) Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.

(n) Not annualized.

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

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

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

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

See Notes to Financial Statements

94

NOTES TO FINANCIAL STATEMENTS

(unaudited)

(1) Business and Organization

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

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

(2) Significant Accounting Policies

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

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

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

The accounting policies of the underlying funds in which each fund invests are outlined in the underlying funds’ shareholder reports, which are available without charge by calling 1-800-225-2606, at mfs.com and on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov. The underlying funds’ shareholder reports are not covered by this report.

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

95

Notes to Financial Statements (unaudited) – continued

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

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

Various inputs are used in determining the value of each fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Each fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. The following is a summary of the levels used as of October 31, 2019 in valuing each fund’s assets or liabilities:

	Level 1		Level 2		Level 3		Total
MFS Lifetime Income Fund
Financial Instruments
Mutual Funds		$606,669,480		$—		$—		$606,669,480
MFS Lifetime 2020 Fund
Financial Instruments
Mutual Funds		$344,150,275		$—		$—		$344,150,275
MFS Lifetime 2025 Fund
Financial Instruments
Mutual Funds		$319,526,063		$—		$—		$319,526,063
MFS Lifetime 2030 Fund
Financial Instruments
Mutual Funds		$607,486,059		$—		$—		$607,486,059
MFS Lifetime 2035 Fund
Financial Instruments
Mutual Funds		$317,944,197		$—		$—		$317,944,197

96

Notes to Financial Statements (unaudited) – continued

	Level 1		Level 2		Level 3		Total
MFS Lifetime 2040 Fund
Financial Instruments
Mutual Funds		$446,856,582		$—		$—		$446,856,582
MFS Lifetime 2045 Fund
Financial Instruments
Mutual Funds		$228,249,341		$—		$—		$228,249,341
MFS Lifetime 2050 Fund
Financial Instruments
Mutual Funds		$234,046,440		$—		$—		$234,046,440
MFS Lifetime 2055 Fund
Financial Instruments
Mutual Funds		$117,468,584		$—		$—		$117,468,584
MFS Lifetime 2060 Fund
Financial Instruments
Mutual Funds		$16,761,002		$—		$—		$16,761,002

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.

97

Notes to Financial Statements (unaudited) – 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 fiscal year 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

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

As of 10/31/19	MFS Lifetime Income Fund			MFS Lifetime 2020 Fund			MFS Lifetime 2025 Fund			MFS Lifetime 2030 Fund			MFS Lifetime 2035 Fund
Cost of investments		$549,586,745			$305,902,475			$285,704,064			$490,202,933			$270,332,736
Gross appreciation		73,681,822			38,627,959			34,171,464			118,454,788			48,131,606
Gross depreciation		(16,599,087	)		(380,159	)		(349,465	)		(1,171,662	)		(520,145	)
Net unrealized appreciation (depreciation)		$57,082,735			$38,247,800			$33,821,999			$117,283,126			$47,611,461
As of 4/30/19
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	)		—			—			—			—
Net unrealized appreciation (depreciation)		39,468,034			29,993,999			24,001,879			100,739,420			37,422,701
As of 10/31/19	MFS Lifetime 2040 Fund			MFS Lifetime 2045 Fund			MFS Lifetime 2050 Fund			MFS Lifetime 2055 Fund			MFS Lifetime 2060 Fund
Cost of investments		$335,500,799			$192,821,062			$189,461,476			$101,806,301			$15,836,588
Gross appreciation		112,460,118			35,896,735			45,077,364			15,846,136			931,721
Gross depreciation		(1,104,335	)		(468,456	)		(492,400	)		(183,853	)		(7,307	)
Net unrealized appreciation (depreciation)		$111,355,783			$35,428,279			$44,584,964			$15,662,283			$924,414
As of 4/30/19
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	)		—
Net unrealized appreciation (depreciation)		99,576,317			28,034,084			37,403,037			10,389,956			384,302

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

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

98

Notes to Financial Statements (unaudited) – 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:

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund
	Six Months Ended 10/31/19	Year Ended 4/30/19	Six Months Ended 10/31/19	Year Ended 4/30/19	Six Months Ended 10/31/19	Year Ended 4/30/19
Class A	$1,109,154	$4,119,462	$—	$2,164,813	$—	$742,739
Class B	51,025	319,662	—	160,772	—	43,756
Class C	644,062	3,583,308	—	542,638	—	120,220
Class I	373,217	1,584,261	—	98,413	—	45,720
Class R1	19,369	100,188	—	200,352	—	48,184
Class R2	152,165	938,570	—	3,201,431	—	1,105,831
Class R3	611,634	2,085,492	—	4,367,266	—	2,574,072
Class R4	487,181	2,075,650	—	4,531,157	—	3,866,720
Class R6	390,118	1,153,368	—	3,072,769	—	1,595,954
Class 529A	1,058,540	3,762,990	—	—	—	—
Class 529B	25,518	131,588	—	—	—	—
Class 529C	189,798	1,132,877	—	—	—	—
Total	$5,111,781	$20,987,416	$—	$18,339,611	$—	$10,143,196
	MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund		MFS Lifetime 2040 Fund
	Six Months Ended 10/31/19	Year Ended 4/30/19	Six Months Ended 10/31/19	Year Ended 4/30/19	Six Months Ended 10/31/19	Year Ended 4/30/19
Class A	$—	$2,840,320	$—	$558,773	$—	$1,761,796
Class B	—	358,338	—	46,179	—	199,896
Class C	—	640,713	—	73,228	—	465,888
Class I	—	107,770	—	28,057	—	89,105
Class R1	—	303,203	—	64,467	—	191,741
Class R2	—	5,100,796	—	947,816	—	3,999,614
Class R3	—	7,001,597	—	2,174,866	—	4,451,733
Class R4	—	7,653,993	—	4,064,305	—	7,718,795
Class R6	—	4,797,216	—	1,477,458	—	3,410,688
Total	$—	$28,803,946	$—	$9,435,149	$—	$22,289,256
	MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund
	Six Months Ended 10/31/19	Year Ended 4/30/19	Six Months Ended 10/31/19	Year Ended 4/30/19	Six Months Ended 10/31/19	Year Ended 4/30/19
Class A	$—	$251,098	$—	$380,452	$—	$138,623
Class B	—	23,070	—	38,038	—	11,467
Class C	—	58,229	—	74,846	—	42,379
Class I	—	7,829	—	18,352	—	3,956
Class R1	—	40,382	—	27,871	—	28,658
Class R2	—	590,192	—	1,509,468	—	426,919
Class R3	—	1,547,592	—	1,642,710	—	665,051
Class R4	—	2,865,312	—	2,570,013	—	956,612
Class R6	—	813,519	—	1,122,439	—	446,411
Total	$—	$6,197,223	$—	$7,384,189	$—	$2,720,076

99

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2060 Fund
	Six Months Ended 10/31/19	Year Ended 4/30/19
Class A	$—	$28,791
Class B	—	2,126
Class C	—	4,093
Class I	—	1,606
Class R1	—	979
Class R2	—	15,091
Class R3	—	37,604
Class R4	—	23,309
Class R6	—	60,614
Total	$—	$174,213

(3) Transactions with Affiliates

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

The investment adviser has agreed in writing to pay all of each fund’s operating expenses, excluding distribution and service fees, program manager fees, interest, taxes, extraordinary expenses, brokerage and transaction costs and investment-related expenses including fees and expenses associated with investments in investment companies and other similar investment vehicles (“Other Expenses”). For the six months ended October 31, 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
$606,691	$391,470	$364,907	$561,538	$367,633	$463,395	$319,125	$327,173	$254,579	$124,242

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, 2020. 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 six months ended October 31, 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		$5,676		$3,667
MFS Lifetime 2020 Fund		4,948		—
MFS Lifetime 2025 Fund		4,711		—
MFS Lifetime 2030 Fund		11,714		—
MFS Lifetime 2035 Fund		9,000		—
MFS Lifetime 2040 Fund		10,418		—
MFS Lifetime 2045 Fund		3,970		—
MFS Lifetime 2050 Fund		8,682		—
MFS Lifetime 2055 Fund		4,233		—
MFS Lifetime 2060 Fund		2,947		—

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.

100

Notes to Financial Statements (unaudited) – continued

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

Distribution Plan Fee Table:

	Class A
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		—		0.25%		0.25%		0.25%		$146,186
MFS Lifetime 2020 Fund		—		0.25%		0.25%		0.24%		55,351
MFS Lifetime 2025 Fund		—		0.25%		0.25%		0.23%		26,168
MFS Lifetime 2030 Fund		—		0.25%		0.25%		0.25%		81,651
MFS Lifetime 2035 Fund		—		0.25%		0.25%		0.24%		21,065
MFS Lifetime 2040 Fund		—		0.25%		0.25%		0.24%		48,597
MFS Lifetime 2045 Fund		—		0.25%		0.25%		0.25%		11,689
MFS Lifetime 2050 Fund		—		0.25%		0.25%		0.25%		16,947
MFS Lifetime 2055 Fund		—		0.25%		0.25%		0.25%		7,828
MFS Lifetime 2060 Fund		—		0.25%		0.25%		0.25%		1,889
	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%		$44,124
MFS Lifetime 2020 Fund		0.75%		0.25%		1.00%		1.00%		15,662
MFS Lifetime 2025 Fund		0.75%		0.25%		1.00%		0.99%		8,284
MFS Lifetime 2030 Fund		0.75%		0.25%		1.00%		1.00%		42,096
MFS Lifetime 2035 Fund		0.75%		0.25%		1.00%		1.00%		8,291
MFS Lifetime 2040 Fund		0.75%		0.25%		1.00%		0.99%		22,041
MFS Lifetime 2045 Fund		0.75%		0.25%		1.00%		1.00%		4,392
MFS Lifetime 2050 Fund		0.75%		0.25%		1.00%		1.00%		8,329
MFS Lifetime 2055 Fund		0.75%		0.25%		1.00%		1.00%		3,009
MFS Lifetime 2060 Fund		0.75%		0.25%		1.00%		1.00%		744
	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%		$556,936
MFS Lifetime 2020 Fund		0.75%		0.25%		1.00%		1.00%		59,149
MFS Lifetime 2025 Fund		0.75%		0.25%		1.00%		1.00%		20,571
MFS Lifetime 2030 Fund		0.75%		0.25%		1.00%		1.00%		78,827
MFS Lifetime 2035 Fund		0.75%		0.25%		1.00%		0.99%		13,826
MFS Lifetime 2040 Fund		0.75%		0.25%		1.00%		1.00%		52,429
MFS Lifetime 2045 Fund		0.75%		0.25%		1.00%		0.97%		11,097
MFS Lifetime 2050 Fund		0.75%		0.25%		1.00%		1.00%		16,531
MFS Lifetime 2055 Fund		0.75%		0.25%		1.00%		0.99%		10,756
MFS Lifetime 2060 Fund		0.75%		0.25%		1.00%		1.00%		1,691
	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%		$16,706
MFS Lifetime 2020 Fund		0.75%		0.25%		1.00%		1.00%		21,557
MFS Lifetime 2025 Fund		0.75%		0.25%		1.00%		1.00%		8,965
MFS Lifetime 2030 Fund		0.75%		0.25%		1.00%		1.00%		35,676
MFS Lifetime 2035 Fund		0.75%		0.25%		1.00%		1.00%		11,244
MFS Lifetime 2040 Fund		0.75%		0.25%		1.00%		1.00%		23,703
MFS Lifetime 2045 Fund		0.75%		0.25%		1.00%		1.00%		5,397
MFS Lifetime 2050 Fund		0.75%		0.25%		1.00%		1.00%		6,441
MFS Lifetime 2055 Fund		0.75%		0.25%		1.00%		1.00%		7,511
MFS Lifetime 2060 Fund		0.75%		0.25%		1.00%		1.00%		323

101

Notes to Financial Statements (unaudited) – 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%		$46,064
MFS Lifetime 2020 Fund		0.25%		0.25%		0.50%		0.50%		113,206
MFS Lifetime 2025 Fund		0.25%		0.25%		0.50%		0.50%		89,128
MFS Lifetime 2030 Fund		0.25%		0.25%		0.50%		0.50%		190,961
MFS Lifetime 2035 Fund		0.25%		0.25%		0.50%		0.50%		78,346
MFS Lifetime 2040 Fund		0.25%		0.25%		0.50%		0.50%		143,242
MFS Lifetime 2045 Fund		0.25%		0.25%		0.50%		0.50%		53,750
MFS Lifetime 2050 Fund		0.25%		0.25%		0.50%		0.50%		71,236
MFS Lifetime 2055 Fund		0.25%		0.25%		0.50%		0.50%		47,124
MFS Lifetime 2060 Fund		0.25%		0.25%		0.50%		0.50%		2,316
	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%		$80,607
MFS Lifetime 2020 Fund		—		0.25%		0.25%		0.25%		106,181
MFS Lifetime 2025 Fund		—		0.25%		0.25%		0.25%		105,202
MFS Lifetime 2030 Fund		—		0.25%		0.25%		0.25%		190,522
MFS Lifetime 2035 Fund		—		0.25%		0.25%		0.25%		97,519
MFS Lifetime 2040 Fund		—		0.25%		0.25%		0.25%		118,122
MFS Lifetime 2045 Fund		—		0.25%		0.25%		0.25%		74,133
MFS Lifetime 2050 Fund		—		0.25%		0.25%		0.25%		74,837
MFS Lifetime 2055 Fund		—		0.25%		0.25%		0.25%		37,543
MFS Lifetime 2060 Fund		—		0.25%		0.25%		0.25%		4,812
	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%		$143,248
	Class 529B
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		0.75%		0.25%		1.00%		0.98%		$23,088
	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%		$171,547

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Total Distribution and Service Fees		$1,228,506		$371,106		$258,318		$619,733		$230,291
	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		$408,134		$160,458		$194,321		$113,771		$11,775

(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.

102

Notes to Financial Statements (unaudited) – continued

(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended October 31, 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 six months ended October 31, 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		$1,736		$1,129		$2,301		$1,115		$431
Class B		21		28		75		190		3
Class C		52		7		3		160		97
Class R2		76		202		—		257		60
Class R3		3		5		1		4		26
Class 529A		9,825		N/A		N/A		N/A		N/A
Class 529B		347		N/A		N/A		N/A		N/A
Class 529C		962		N/A		N/A		N/A		N/A
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Class A		$1,262		$124		$201		$47		$3
Class B		116		4		14		—		—
Class C		96		383		14		54		—
Class R2		32		21		164		—		—
Class R3		131		—		127		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 six months ended October 31, 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		$401		$63		$20		$268		$100
Class B		1,038		545		463		2,055		1,617
Class C		3,667		158		553		345		248
Class 529B		620		N/A		N/A		N/A		N/A
Class 529C		132		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		$157		$185		$188		$94		$31
Class B		3,434		1,415		141		484		—
Class C		382		174		321		167		4

The MFS Lifetime Income fund has entered into and may from time to time enter into contracts with program managers and other parties which administer the tuition programs through which an investment in the fund’s 529 share classes is made. The MFS Lifetime Income Fund has entered into an agreement with MFD pursuant to which MFD receives an annual fee of up to 0.05% of the average daily net assets attributable to each 529 share class. The services provided by MFD, or a third party with which MFD contracts, include recordkeeping and tax reporting and account services, as well as services designed to maintain the program’s compliance with the Internal Revenue Code and other regulatory requirements. Program manager fees for the MFS Lifetime Income Fund for the six months ended October 31, 2019, were as follows:

	Fee
Class 529A		$28,650
Class 529B		1,155
Class 529C		8,577
Total Program Manager Fees		$38,382

Shareholder Servicing Agent – MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from each fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of each fund as determined periodically under the supervision of the funds’ Board of Trustees. For the six months ended October 31, 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		$84,072		$11,112		$9,826		$18,513		$11,910
Percentage of average daily net assets		0.0284%		0.0065%		0.0063%		0.0062%		0.0079%

103

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Expenses paid		$18,068		$12,447		$14,716		$15,263		$3,217
Percentage of average daily net assets		0.0084%		0.0117%		0.0134%		0.0280%		0.0489%

MFSC also receives payment from each fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended October 31, 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
$321,292	$246,371	$221,817	$389,401	$226,913	$306,264	$184,668	$185,484	$119,977	$12,426

Administrator – MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to each fund. Under an administrative services agreement, each fund reimburses MFS the costs incurred to provide these services. Each fund pays an annual fixed amount of $17,500. The administrative services fee incurred for the six months ended October 31, 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		0.0030%		0.0051%		0.0057%		0.0030%		0.0058%
	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		0.0041%		0.0083%		0.0080%		0.0161%		0.1338%

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

Other – These funds and certain other funds managed by MFS (the funds) had entered into a service agreement (the ISO Agreement) which provided 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 served as the ISO and was an officer of the funds and the sole member of Tarantino LLC. Effective June 30, 2019, Mr. Tarantino retired from his position as ISO for the funds, and the ISO Agreement was terminated. For the six months ended October 31, 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
$337	$226	$188	$376	$186

MFS Lifetime 2040 Fund	MFS Lifetime 2045 Fund	MFS Lifetime 2050 Fund	MFS Lifetime 2055 Fund	MFS Lifetime 2060 Fund
$266	$123	$130	$68	$7

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

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

On 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

At October 31, 2019, MFS held approximately 52% of the outstanding shares of Class I of the MFS Lifetime 2055 Fund. At October 31, 2019, MFS held approximately 99% and 100% of the outstanding shares of Class I and Class R1, respectively, of the MFS Lifetime 2060 Fund.

104

Notes to Financial Statements (unaudited) – continued

(4) Portfolio Securities

For the six months ended October 31, 2019, purchases and sales of shares of underlying funds, excluding the MFS Institutional Money Market Portfolio, aggregated to the following:

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Purchases		$37,292,352		$19,650,921		$31,135,102		$39,284,380		$36,742,584
Sales		$29,990,999		$32,144,410		$17,187,341		$44,361,751		$18,737,804
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Purchases		$33,587,641		$29,761,446		$27,026,847		$18,895,086		$6,477,088
Sales		$29,052,782		$8,325,244		$12,208,820		$8,753,750		$347,164

(5) Shares of Beneficial Interest

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

	MFS Lifetime Income Fund								MFS Lifetime 2020 Fund
	Six Months Ended 10/31/19				Year ended 4/30/19				Six Months Ended 10/31/19				Year ended 4/30/19
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
Shares sold
Class A		1,441,609		$18,173,498		1,847,214		$22,585,377		229,745		$3,028,163		564,103		$7,238,411
Class B		9,654		121,672		72,255		871,139		5,341		70,610		28,088		360,967
Class C		292,248		3,678,136		744,303		9,078,830		32,102		414,654		113,595		1,421,637
Class I		262,992		3,323,722		1,822,886		22,106,905		17,883		237,169		186,312		2,438,993
Class R1		30,665		386,387		200,891		2,432,039		32,007		421,303		86,084		1,103,481
Class R2		228,726		2,878,680		664,264		8,109,192		461,629		6,073,809		1,540,597		19,699,792
Class R3		1,615,387		20,228,962		1,101,831		13,410,501		1,254,344		16,615,933		2,670,176		34,461,787
Class R4		210,069		2,641,349		708,696		8,669,602		525,024		7,008,920		1,848,609		24,102,640
Class R6		721,268		9,107,401		1,212,170		14,591,892		769,173		10,262,392		2,196,708		28,396,542
Class 529A		3,539,079		36,609,494		6,574,351		65,564,555		—		—		—		—
Class 529B		156,115		1,615,174		299,079		2,980,144		—		—		—		—
Class 529C		952,062		9,839,301		1,979,803		19,725,207		—		—		—		—
		9,459,874		$108,603,776		17,227,743		$190,125,383		3,327,248		$44,132,953		9,234,272		$119,224,250
Shares issued to shareholders in reinvestment of distributions
Class A		86,517		$1,091,727		341,016		$4,062,769		—		$—		165,902		$1,987,511
Class B		3,956		49,896		26,118		309,489		—		—		13,142		157,051
Class C		50,140		632,066		295,866		3,505,070		—		—		40,235		473,163
Class I		24,224		305,661		106,067		1,264,014		—		—		7,525		90,755
Class R1		1,523		19,203		8,342		99,287		—		—		16,766		200,352
Class R2		10,959		138,244		72,937		867,906		—		—		245,658		2,923,334
Class R3		48,451		611,573		174,810		2,082,264		—		—		364,546		4,367,264
Class R4		38,610		486,759		173,791		2,073,601		—		—		376,030		4,531,157
Class R6		27,261		344,953		84,145		1,007,101		—		—		230,076		2,770,111
Class 529A		101,280		1,046,458		384,144		3,740,994		—		—		—		—
Class 529B		2,439		25,193		13,521		131,004		—		—		—		—
Class 529C		18,112		186,892		116,314		1,126,589		—		—		—		—
		413,472		$4,938,625		1,797,071		$20,270,088		—		$—		1,459,880		$17,500,698

105

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime Income Fund – continued												MFS Lifetime 2020 Fund – continued
	Six Months Ended 10/31/19						Year ended 4/30/19						Six Months Ended 10/31/19						Year ended 4/30/19
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares reacquired
Class A		(978,649	)		$(12,337,309	)		(2,040,158	)		$(24,838,227	)		(443,478	)		$(5,869,734	)		(898,874	)		$(11,630,896	)
Class B		(105,709	)		(1,333,257	)		(327,953	)		(3,994,084	)		(19,066	)		(250,859	)		(139,556	)		(1,771,432	)
Class C		(957,493	)		(12,057,640	)		(2,454,438	)		(29,919,300	)		(83,533	)		(1,078,882	)		(253,368	)		(3,179,163	)
Class I		(289,264	)		(3,636,311	)		(1,785,685	)		(21,503,321	)		(5,672	)		(75,329	)		(163,579	)		(2,156,647	)
Class R1		(132,431	)		(1,670,601	)		(243,007	)		(2,935,981	)		(64,900	)		(853,792	)		(107,998	)		(1,379,784	)
Class R2		(487,159	)		(6,130,505	)		(1,380,033	)		(16,883,006	)		(882,179	)		(11,568,851	)		(3,711,863	)		(47,418,906	)
Class R3		(792,182	)		(9,984,420	)		(1,296,899	)		(15,776,205	)		(871,888	)		(11,540,348	)		(3,383,935	)		(43,644,096	)
Class R4		(646,514	)		(8,124,964	)		(1,326,467	)		(16,095,604	)		(1,044,300	)		(13,948,992	)		(2,339,803	)		(30,513,779	)
Class R6		(475,190	)		(5,937,521	)		(769,099	)		(9,366,737	)		(834,634	)		(10,986,357	)		(998,215	)		(12,912,773	)
Class 529A		(2,572,467	)		(26,601,286	)		(4,600,709	)		(45,965,876	)		—			—			—			—
Class 529B		(140,856	)		(1,455,625	)		(265,130	)		(2,646,621	)		—			—			—			—
Class 529C		(1,025,818	)		(10,604,103	)		(2,114,359	)		(21,058,166	)		—			—			—			—
		(8,603,732	)		$(99,873,542	)		(18,603,937	)		$(210,983,128	)		(4,249,650	)		$(56,173,144	)		(11,997,191	)		$(154,607,476	)
Net change
Class A		549,477			$6,927,916			148,072			$1,809,919			(213,733	)		$(2,841,571	)		(168,869	)		$(2,404,974	)
Class B		(92,099	)		(1,161,689	)		(229,580	)		(2,813,456	)		(13,725	)		(180,249	)		(98,326	)		(1,253,414	)
Class C		(615,105	)		(7,747,438	)		(1,414,269	)		(17,335,400	)		(51,431	)		(664,228	)		(99,538	)		(1,284,363	)
Class I		(2,048	)		(6,928	)		143,268			1,867,598			12,211			161,840			30,258			373,101
Class R1		(100,243	)		(1,265,011	)		(33,774	)		(404,655	)		(32,893	)		(432,489	)		(5,148	)		(75,951	)
Class R2		(247,474	)		(3,113,581	)		(642,832	)		(7,905,908	)		(420,550	)		(5,495,042	)		(1,925,608	)		(24,795,780	)
Class R3		871,656			10,856,115			(20,258	)		(283,440	)		382,456			5,075,585			(349,213	)		(4,815,045	)
Class R4		(397,835	)		(4,996,856	)		(443,980	)		(5,352,401	)		(519,276	)		(6,940,072	)		(115,164	)		(1,879,982	)
Class R6		273,339			3,514,833			527,216			6,232,256			(65,461	)		(723,965	)		1,428,569			18,253,880
Class 529A		1,067,892			11,054,666			2,357,786			23,339,673			—			—			—			—
Class 529B		17,698			184,742			47,470			464,527			—			—			—			—
Class 529C		(55,644	)		(577,910	)		(18,242	)		(206,370	)		—			—			—			—
		1,269,614			$13,668,859			420,877			$(587,657	)		(922,402	)		$(12,040,191	)		(1,303,039	)		$(17,882,528	)
	MFS Lifetime 2025 Fund												MFS Lifetime 2030 Fund
	Six Months Ended 10/31/19						Year ended 4/30/19						Six Months Ended 10/31/19						Year ended 4/30/19
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		197,181			$2,619,377			567,330			$7,189,298			463,288			$7,324,196			871,533			$13,343,800
Class B		22,311			292,843			14,316			183,102			8,545			128,475			79,920			1,204,490
Class C		24,128			314,871			74,764			942,228			71,585			1,103,546			156,614			2,332,793
Class I		22,701			295,216			55,035			695,114			11,389			181,939			50,313			770,645
Class R1		46,189			606,347			84,642			1,072,437			40,553			629,665			145,709			2,215,727
Class R2		421,533			5,546,949			1,130,263			14,397,361			594,791			9,279,900			2,150,624			32,736,983
Class R3		1,413,933			18,687,290			2,509,467			32,054,842			1,466,816			23,034,611			3,436,146			52,676,545
Class R4		752,429			10,030,498			2,766,476			35,583,331			1,034,159			16,407,774			2,834,408			43,601,309
Class R6		1,124,622			14,935,886			1,513,889			19,289,218			1,313,358			20,799,743			2,615,019			40,297,219
		4,025,027			$53,329,277			8,716,182			$111,406,931			5,004,484			$78,889,849			12,340,286			$189,179,511

106

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2025 Fund – continued												MFS Lifetime 2030 Fund – continued
	Six Months Ended 10/31/19						Year ended 4/30/19						Six Months Ended 10/31/19						Year ended 4/30/19
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares issued to shareholders in reinvestment of distributions
Class A		—			$—			59,399			$700,316			—			$—			193,530			$2,655,232
Class B		—			—			3,730			43,756			—			—			25,680			348,203
Class C		—			—			9,928			115,863			—			—			41,322			557,018
Class I		—			—			3,868			45,720			—			—			7,082			97,527
Class R1		—			—			4,104			48,184			—			—			22,277			303,202
Class R2		—			—			83,510			980,403			—			—			348,214			4,732,212
Class R3		—			—			218,512			2,574,072			—			—			511,813			7,001,597
Class R4		—			—			326,581			3,866,720			—			—			554,849			7,651,363
Class R6		—			—			109,152			1,291,267			—			—			281,709			3,881,976
		—			$—			818,784			$9,666,301			—			$—			1,986,476			$27,228,330
Shares reacquired
Class A		(87,786	)		$(1,164,183	)		(418,765	)		$(5,272,674	)		(308,908	)		$(4,858,061	)		(957,301	)		$(14,772,195	)
Class B		(8,934	)		(115,913	)		(17,685	)		(224,395	)		(64,071	)		(993,630	)		(116,768	)		(1,762,903	)
Class C		(39,278	)		(510,800	)		(41,360	)		(523,597	)		(165,825	)		(2,570,785	)		(211,637	)		(3,170,193	)
Class I		(6,313	)		(84,294	)		(6,764	)		(88,665	)		(12,605	)		(202,042	)		(51,257	)		(781,569	)
Class R1		(31,729	)		(419,620	)		(63,589	)		(807,690	)		(85,335	)		(1,330,890	)		(132,217	)		(1,985,985	)
Class R2		(739,048	)		(9,767,577	)		(1,236,726	)		(15,707,675	)		(967,490	)		(15,106,747	)		(4,757,324	)		(71,938,609	)
Class R3		(693,633	)		(9,185,701	)		(1,833,067	)		(23,448,568	)		(1,283,562	)		(20,179,423	)		(3,368,822	)		(51,830,605	)
Class R4		(952,637	)		(12,672,647	)		(1,429,789	)		(18,341,244	)		(1,126,208	)		(17,877,326	)		(2,805,747	)		(43,696,853	)
Class R6		(388,846	)		(5,144,811	)		(545,617	)		(6,978,691	)		(1,291,415	)		(20,135,688	)		(722,887	)		(10,975,407	)
		(2,948,204	)		$(39,065,546	)		(5,593,362	)		$(71,393,199	)		(5,305,419	)		$(83,254,592	)		(13,123,960	)		$(200,914,319	)
Net change
Class A		109,395			$1,455,194			207,964			$2,616,940			154,380			$2,466,135			107,762			$1,226,837
Class B		13,377			176,930			361			2,463			(55,526	)		(865,155	)		(11,168	)		(210,210	)
Class C		(15,150	)		(195,929	)		43,332			534,494			(94,240	)		(1,467,239	)		(13,701	)		(280,382	)
Class I		16,388			210,922			52,139			652,169			(1,216	)		(20,103	)		6,138			86,603
Class R1		14,460			186,727			25,157			312,931			(44,782	)		(701,225	)		35,769			532,944
Class R2		(317,515	)		(4,220,628	)		(22,953	)		(329,911	)		(372,699	)		(5,826,847	)		(2,258,486	)		(34,469,414	)
Class R3		720,300			9,501,589			894,912			11,180,346			183,254			2,855,188			579,137			7,847,537
Class R4		(200,208	)		(2,642,149	)		1,663,268			21,108,807			(92,049	)		(1,469,552	)		583,510			7,555,819
Class R6		735,776			9,791,075			1,077,424			13,601,794			21,943			664,055			2,173,841			33,203,788
		1,076,823			$14,263,731			3,941,604			$49,680,033			(300,935	)		$(4,364,743	)		1,202,802			$15,493,522
	MFS Lifetime 2035 Fund												MFS Lifetime 2040 Fund
	Six Months Ended 10/31/19						Year ended 4/30/19						Six Months Ended 10/31/19						Year ended 4/30/19
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		204,162			$3,078,548			317,699			$4,554,781			382,285			$6,330,608			476,877			$7,636,531
Class B		1,407			20,508			12,665			182,929			4,393			70,478			23,510			375,858
Class C		28,545			422,546			57,595			820,223			33,431			541,649			109,199			1,720,732
Class I		3,618			54,394			22,602			325,765			5,520			91,360			36,372			600,270
Class R1		27,143			403,876			84,674			1,216,315			45,893			745,221			115,349			1,849,793
Class R2		418,612			6,276,118			1,033,700			14,968,075			580,439			9,521,625			1,728,999			27,600,406
Class R3		1,464,138			21,989,892			1,924,656			28,015,898			1,197,998			19,747,058			1,901,160			30,517,741
Class R4		655,082			9,898,799			2,611,266			38,102,038			718,557			11,955,061			2,368,577			38,701,506
Class R6		970,871			14,672,872			1,380,361			19,775,494			890,840			14,828,078			1,873,600			30,218,453
		3,773,578			$56,817,553			7,445,218			$107,961,518			3,859,356			$63,831,138			8,633,643			$139,221,290

107

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2035 Fund – continued												MFS Lifetime 2040 Fund – continued
	Six Months Ended 10/31/19						Year ended 4/30/19						Six Months Ended 10/31/19						Year ended 4/30/19
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares issued to shareholders in reinvestment of distributions
Class A		—			$—			39,574			$510,104			—			$—			113,626			$1,603,256
Class B		—			—			3,597			46,179			—			—			14,088			197,794
Class C		—			—			5,571			72,752			—			—			29,290			405,962
Class I		—			—			1,991			25,699			—			—			4,494			63,765
Class R1		—			—			5,025			64,467			—			—			13,715			191,741
Class R2		—			—			64,591			830,637			—			—			262,197			3,673,383
Class R3		—			—			168,464			2,174,866			—			—			315,502			4,451,727
Class R4		—			—			313,846			4,064,305			—			—			542,812			7,718,793
Class R6		—			—			80,291			1,039,767			—			—			179,906			2,558,269
		—			$—			682,950			$8,828,776			—			$—			1,475,630			$20,864,690
Shares reacquired
Class A		(126,126	)		$(1,877,358	)		(300,417	)		$(4,344,723	)		(125,855	)		$(2,078,037	)		(578,011	)		$(9,421,937	)
Class B		(6,375	)		(94,966	)		(24,450	)		(348,840	)		(28,214	)		(462,175	)		(62,787	)		(998,114	)
Class C		(20,232	)		(300,155	)		(52,115	)		(748,013	)		(95,264	)		(1,539,290	)		(189,258	)		(3,031,158	)
Class I		(1,770	)		(26,424	)		(11,702	)		(169,059	)		(8,124	)		(133,936	)		(52,911	)		(836,947	)
Class R1		(77,675	)		(1,138,817	)		(54,848	)		(784,704	)		(87,163	)		(1,412,715	)		(109,275	)		(1,753,085	)
Class R2		(578,323	)		(8,684,848	)		(1,122,676	)		(16,213,841	)		(876,777	)		(14,373,282	)		(3,651,175	)		(58,240,251	)
Class R3		(736,739	)		(10,993,943	)		(1,330,185	)		(19,148,602	)		(815,586	)		(13,462,262	)		(2,171,183	)		(35,224,499	)
Class R4		(705,068	)		(10,629,097	)		(1,165,343	)		(17,092,326	)		(561,456	)		(9,357,424	)		(3,072,543	)		(50,447,233	)
Class R6		(316,888	)		(4,784,551	)		(296,367	)		(4,351,619	)		(981,249	)		(15,982,335	)		(487,056	)		(7,876,502	)
		(2,569,196	)		$(38,530,159	)		(4,358,103	)		$(63,201,727	)		(3,579,688	)		$(58,801,456	)		(10,374,199	)		$(167,829,726	)
Net change
Class A		78,036			$1,201,190			56,856			$720,162			256,430			$4,252,571			12,492			$(182,150	)
Class B		(4,968	)		(74,458	)		(8,188	)		(119,732	)		(23,821	)		(391,697	)		(25,189	)		(424,462	)
Class C		8,313			122,391			11,051			144,962			(61,833	)		(997,641	)		(50,769	)		(904,464	)
Class I		1,848			27,970			12,891			182,405			(2,604	)		(42,576	)		(12,045	)		(172,912	)
Class R1		(50,532	)		(734,941	)		34,851			496,078			(41,270	)		(667,494	)		19,789			288,449
Class R2		(159,711	)		(2,408,730	)		(24,385	)		(415,129	)		(296,338	)		(4,851,657	)		(1,659,979	)		(26,966,462	)
Class R3		727,399			10,995,949			762,935			11,042,162			382,412			6,284,796			45,479			(255,031	)
Class R4		(49,986	)		(730,298	)		1,759,769			25,074,017			157,101			2,597,637			(161,154	)		(4,026,934	)
Class R6		653,983			9,888,321			1,164,285			16,463,642			(90,409	)		(1,154,257	)		1,566,450			24,900,220
		1,204,382			$18,287,394			3,770,065			$53,588,567			279,668			$5,029,682			(264,926	)		$(7,743,746	)
	MFS Lifetime 2045 Fund												MFS Lifetime 2050 Fund
	Six Months Ended 10/31/19						Year ended 4/30/19						Six Months Ended 10/31/19						Year ended 4/30/19
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		143,164			$2,236,164			205,891			$3,073,934			116,443			$2,193,202			212,106			$3,874,731
Class B		184			2,793			3,765			56,892			4,675			83,717			21,129			381,150
Class C		11,146			170,450			32,933			489,680			13,178			242,357			40,380			719,263
Class I		5,012			77,708			9,647			142,402			8,310			158,121			5,701			103,885
Class R1		18,326			282,357			62,118			944,961			19,565			360,009			48,506			865,633
Class R2		280,092			4,326,334			720,610			10,753,797			290,013			5,389,429			1,325,864			23,688,118
Class R3		1,089,854			16,890,344			1,378,306			20,744,811			867,740			16,214,853			1,121,091			20,203,947
Class R4		705,675			11,024,726			1,667,525			25,084,521			524,915			9,869,140			1,379,193			25,037,200
Class R6		518,749			8,049,064			836,684			12,396,334			409,678			7,679,496			1,008,037			17,954,337
		2,772,202			$43,059,940			4,917,479			$73,687,332			2,254,517			$42,190,324			5,162,007			$92,828,264

108

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2045 Fund – continued												MFS Lifetime 2050 Fund – continued
	Six Months Ended 10/31/19						Year ended 4/30/19						Six Months Ended 10/31/19						Year ended 4/30/19
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares issued to shareholders in reinvestment of distributions
Class A		—			$—			17,511			$232,026			—			$—			23,172			$371,686
Class B		—			—			1,748			23,070			—			—			2,397			38,038
Class C		—			—			3,408			44,746			—			—			4,260			67,224
Class I		—			—			589			7,829			—			—			1,146			18,352
Class R1		—			—			3,064			40,382			—			—			1,765			27,871
Class R2		—			—			40,282			530,514			—			—			90,222			1,429,114
Class R3		—			—			116,888			1,547,592			—			—			103,121			1,642,710
Class R4		—			—			215,761			2,865,312			—			—			160,618			2,569,892
Class R6		—			—			48,661			646,219			—			—			58,498			935,388
		—			$—			447,912			$5,937,690			—			$—			445,199			$7,100,275
Shares reacquired
Class A		(31,451	)		$(488,497	)		(174,295	)		$(2,610,623	)		(47,955	)		$(908,809	)		(229,935	)		$(4,219,239	)
Class B		(7,558	)		(116,143	)		(9,067	)		(137,439	)		(3,350	)		(60,153	)		(5,945	)		(104,142	)
Class C		(19,596	)		(299,742	)		(17,737	)		(265,356	)		(19,886	)		(370,560	)		(17,910	)		(320,913	)
Class I		(242	)		(3,818	)		(1,894	)		(26,294	)		(1,797	)		(33,800	)		(26,443	)		(457,483	)
Class R1		(19,563	)		(301,631	)		(52,124	)		(778,340	)		(29,277	)		(539,494	)		(37,257	)		(652,110	)
Class R2		(293,123	)		(4,536,745	)		(699,937	)		(10,458,430	)		(287,250	)		(5,339,786	)		(2,448,179	)		(44,022,350	)
Class R3		(500,121	)		(7,772,877	)		(852,525	)		(12,823,226	)		(359,904	)		(6,718,483	)		(951,483	)		(17,269,437	)
Class R4		(363,090	)		(5,662,792	)		(1,149,915	)		(17,507,428	)		(359,198	)		(6,747,115	)		(1,700,206	)		(31,322,071	)
Class R6		(142,347	)		(2,220,189	)		(249,014	)		(3,725,309	)		(346,190	)		(6,385,561	)		(257,215	)		(4,616,913	)
		(1,377,091	)		$(21,402,434	)		(3,206,508	)		$(48,332,445	)		(1,454,807	)		$(27,103,761	)		(5,674,573	)		$(102,984,658	)
Net change
Class A		111,713			$1,747,667			49,107			$695,337			68,488			$1,284,393			5,343			$27,178
Class B		(7,374	)		(113,350	)		(3,554	)		(57,477	)		1,325			23,564			17,581			315,046
Class C		(8,450	)		(129,292	)		18,604			269,070			(6,708	)		(128,203	)		26,730			465,574
Class I		4,770			73,890			8,342			123,937			6,513			124,321			(19,596	)		(335,246	)
Class R1		(1,237	)		(19,274	)		13,058			207,003			(9,712	)		(179,485	)		13,014			241,394
Class R2		(13,031	)		(210,411	)		60,955			825,881			2,763			49,643			(1,032,093	)		(18,905,118	)
Class R3		589,733			9,117,467			642,669			9,469,177			507,836			9,496,370			272,729			4,577,220
Class R4		342,585			5,361,934			733,371			10,442,405			165,717			3,122,025			(160,395	)		(3,714,979	)
Class R6		376,402			5,828,875			636,331			9,317,244			63,488			1,293,935			809,320			14,272,812
		1,395,111			$21,657,506			2,158,883			$31,292,577			799,710			$15,086,563			(67,367	)		$(3,056,119	)
	MFS Lifetime 2055 Fund												MFS Lifetime 2060 Fund
	Six Months Ended 10/31/19						Year ended 4/30/19						Six Months Ended 10/31/19						Year ended 4/30/19
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		85,318			$1,362,703			129,673			$1,995,896			38,574			$475,383			132,642			$1,540,130
Class B		217			3,375			7,695			119,724			187			2,236			5,784			67,883
Class C		13,697			215,824			33,623			507,577			8,940			109,192			15,414			180,074
Class I		1,130			18,194			2,851			43,856			60			750			—			—
Class R1		31,492			496,738			59,257			894,529			—			—			—			—
Class R2		282,061			4,477,027			704,148			10,748,621			28,445			348,977			69,621			821,311
Class R3		653,590			10,395,597			976,652			15,060,511			247,603			3,047,705			183,340			2,148,135
Class R4		403,781			6,472,036			1,184,157			18,272,183			106,994			1,321,016			119,553			1,415,534
Class R6		291,331			4,671,434			694,479			10,488,257			173,765			2,141,631			242,210			2,840,940
		1,762,617			$28,112,928			3,792,535			$58,131,154			604,568			$7,446,890			768,564			$9,014,007

109

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2055 Fund – continued												MFS Lifetime 2060 Fund – continued
	Six Months Ended 10/31/19						Year ended 4/30/19						Six Months Ended 10/31/19						Year ended 4/30/19
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares issued to shareholders in reinvestment of distributions
Class A		—			$—			9,624			$130,882			—			$—			2,753			$28,791
Class B		—			—			845			11,467			—			—			203			2,126
Class C		—			—			2,372			31,952			—			—			392			4,093
Class I		—			—			291			3,956			—			—			153			1,606
Class R1		—			—			2,126			28,658			—			—			93			979
Class R2		—			—			27,555			372,822			—			—			1,443			15,091
Class R3		—			—			48,937			665,051			—			—			3,588			37,604
Class R4		—			—			70,082			956,612			—			—			2,222			23,309
Class R6		—			—			25,400			346,708			—			—			4,209			44,196
		—			$—			187,232			$2,548,108			—			$—			15,056			$157,795
Shares reacquired
Class A		(25,049	)		$(402,481	)		(83,896	)		$(1,306,200	)		(11,100	)		$(136,034	)		(50,134	)		$(569,011	)
Class B		(2,198	)		(34,956	)		(966	)		(14,757	)		(281	)		(3,371	)		(35	)		(405	)
Class C		(19,644	)		(311,966	)		(14,762	)		(223,196	)		(141	)		(1,702	)		(1,687	)		(19,772	)
Class I		(3,891	)		(60,687	)		(744	)		(11,977	)		—			—			—			—
Class R1		(38,179	)		(601,853	)		(20,468	)		(311,203	)		—			—			—			—
Class R2		(245,613	)		(3,908,161	)		(562,874	)		(8,528,243	)		(7,394	)		(90,153	)		(18,794	)		(215,839	)
Class R3		(408,788	)		(6,476,108	)		(676,831	)		(10,359,570	)		(25,095	)		(309,156	)		(84,467	)		(1,003,900	)
Class R4		(211,774	)		(3,404,749	)		(1,094,209	)		(17,126,342	)		(18,423	)		(227,060	)		(27,944	)		(328,316	)
Class R6		(164,951	)		(2,599,277	)		(180,037	)		(2,712,095	)		(40,074	)		(496,025	)		(84,675	)		(965,887	)
		(1,120,087	)		$(17,800,238	)		(2,634,787	)		$(40,593,583	)		(102,508	)		$(1,263,501	)		(267,736	)		$(3,103,130	)
Net change
Class A		60,269			$960,222			55,401			$820,578			27,474			$339,349			85,261			$999,910
Class B		(1,981	)		(31,581	)		7,574			116,434			(94	)		(1,135	)		5,952			69,604
Class C		(5,947	)		(96,142	)		21,233			316,333			8,799			107,490			14,119			164,395
Class I		(2,761	)		(42,493	)		2,398			35,835			60			750			153			1,606
Class R1		(6,687	)		(105,115	)		40,915			611,984			—			—			93			979
Class R2		36,448			568,866			168,829			2,593,200			21,051			258,824			52,270			620,563
Class R3		244,802			3,919,489			348,758			5,365,992			222,508			2,738,549			102,461			1,181,839
Class R4		192,007			3,067,287			160,030			2,102,453			88,571			1,093,956			93,831			1,110,527
Class R6		126,380			2,072,157			539,842			8,122,870			133,691			1,645,606			161,744			1,919,249
		642,530			$10,312,690			1,344,980			$20,085,679			502,060			$6,183,389			515,884			$6,068,672

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

110

Notes to Financial Statements (unaudited) – continued

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 six months ended October 31, 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		$1,659		$1,009		$826		$1,736		$778
Interest Expense		—		—		—		—		—

	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Commitment Fee		$1,285		$541		$641		$291		$27
Interest Expense		—		—		—		—		—

(7) Investments in Affiliated Issuers

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

	MFS Lifetime Income Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$11,448,429		$1,219,564		$885,890		$21,459		$437,400		$12,240,962
MFS Blended Research Growth Equity Fund		11,440,815		1,123,423		727,600		23,205		366,225		12,226,068
MFS Blended Research International Equity Fund		14,329,986		1,624,250		1,275,527		18,488		468,875		15,166,072
MFS Blended Research Mid Cap Equity Fund		17,237,209		1,769,706		1,437,636		64,164		529,698		18,163,141
MFS Blended Research Small Cap Equity Fund		5,711,851		1,130,201		583,276		7,958		(160,518)		6,106,216
MFS Blended Research Value Equity Fund		11,471,311		1,308,906		931,442		24,488		312,062		12,185,325
MFS Commodity Strategy Fund		11,430,155		1,798,869		957,644		(95,219)		(76,053)		12,100,108
MFS Emerging Markets Debt Fund		11,485,934		774,292		495,970		(1,815)		330,367		12,092,808
MFS Emerging Markets Debt Local Currency Fund		5,750,151		437,660		476,511		(55,968)		400,377		6,055,709
MFS Global Bond Fund		28,690,105		1,588,097		1,395,202		(74,841)		1,448,127		30,256,286
MFS Global Real Estate Fund		11,486,614		569,678		1,147,946		77,917		1,105,221		12,091,484
MFS Government Securities Fund		57,342,926		3,535,851		2,576,785		(73,620)		2,153,057		60,381,429
MFS Growth Fund		11,455,389		991,266		782,072		149,782		383,521		12,197,886
MFS High Income Fund		17,250,148		1,077,033		405,670		(9,541)		219,944		18,131,914
MFS Inflation-Adjusted Bond Fund		57,319,971		4,110,789		2,867,746		(32,125)		1,851,134		60,382,023
MFS Institutional Money Market Portfolio		597,869		23,270,508		22,563,375		(11)		100		1,305,091
MFS International Growth Fund		2,869,019		271,981		176,048		2,757		106,970		3,074,679
MFS International Intrinsic Value Fund		2,873,250		231,172		146,574		1,741		99,868		3,059,457
MFS Limited Maturity Fund		114,759,694		7,489,705		2,671,478		(30,569)		1,202,225		120,749,577
MFS Mid Cap Growth Fund		8,613,320		750,169		649,211		207,663		162,484		9,084,425
MFS Mid Cap Value Fund		8,608,502		971,979		774,585		23,353		274,505		9,103,754
MFS New Discovery Fund		2,859,618		431,949		324,318		24,174		47,905		3,039,328
MFS New Discovery Value Fund		2,861,559		431,658		343,686		11,545		86,575		3,047,651
MFS Research Fund		11,467,931		1,018,822		819,661		53,583		449,948		12,170,623
MFS Research International Fund		8,607,451		743,278		631,246		14,449		439,977		9,173,909
MFS Total Return Bond Fund		114,726,834		7,032,613		5,605,106		(21,464)		4,789,370		120,922,247
MFS Value Fund		11,504,330		1,202,135		903,896		22,579		336,160		12,161,308
		$574,200,371		$66,905,554		$52,556,101		$354,132		$17,765,524		$606,669,480

111

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime Income Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$—		$—
MFS Blended Research Growth Equity Fund		—		—
MFS Blended Research International Equity Fund		—		—
MFS Blended Research Mid Cap Equity Fund		—		—
MFS Blended Research Small Cap Equity Fund		—		—
MFS Blended Research Value Equity Fund		—		—
MFS Commodity Strategy Fund		—		—
MFS Emerging Markets Debt Fund		281,693		—
MFS Emerging Markets Debt Local Currency Fund		147,899		—
MFS Global Bond Fund		309,125		—
MFS Global Real Estate Fund		—		—
MFS Government Securities Fund		725,464		—
MFS Growth Fund		—		48,358
MFS High Income Fund		444,689		—
MFS Inflation-Adjusted Bond Fund		616,154		—
MFS Institutional Money Market Portfolio		14,762		—
MFS International Growth Fund		—		—
MFS International Intrinsic Value Fund		—		—
MFS Limited Maturity Fund		1,672,710		—
MFS Mid Cap Growth Fund		—		—
MFS Mid Cap Value Fund		—		—
MFS New Discovery Fund		—		—
MFS New Discovery Value Fund		6,578		34,628
MFS Research Fund		—		—
MFS Research International Fund		—		—
MFS Total Return Bond Fund		1,897,355		—
MFS Value Fund		156,313		—
		$6,272,742		$82,986

112

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2020 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$7,791,771		$521,595		$1,014,132		$75,175		$208,405		$7,582,814
MFS Blended Research Growth Equity Fund		7,782,021		497,160		942,068		126,078		120,240		7,583,431
MFS Blended Research International Equity Fund		10,008,274		748,919		1,456,471		69,556		231,275		9,601,553
MFS Blended Research Mid Cap Equity Fund		11,276,687		647,122		1,295,732		117,088		243,944		10,989,109
MFS Blended Research Small Cap Equity Fund		3,397,237		456,162		297,962		4,301		(99,531)		3,460,207
MFS Blended Research Value Equity Fund		7,820,715		557,162		1,020,770		82,960		117,169		7,557,236
MFS Commodity Strategy Fund		6,807,512		770,636		578,027		(56,256)		(53,734)		6,890,131
MFS Emerging Markets Debt Fund		7,838,347		254,617		781,478		(969)		217,976		7,528,493
MFS Emerging Markets Debt Local Currency Fund		4,416,218		161,758		734,082		(28,343)		276,298		4,091,849
MFS Global Bond Fund		17,130,530		1,008,380		1,717,707		(46,988)		848,698		17,222,913
MFS Global Real Estate Fund		6,862,743		234,060		895,966		99,436		587,022		6,887,295
MFS Government Securities Fund		34,226,209		2,085,412		3,198,709		(43,503)		1,260,927		34,330,336
MFS Growth Fund		7,800,147		364,010		930,569		393,545		(48,347)		7,578,786
MFS High Income Fund		12,268,387		449,177		1,245,277		(24,032)		159,276		11,607,531
MFS Inflation-Adjusted Bond Fund		34,184,768		2,381,770		3,320,199		392		1,067,179		34,313,910
MFS Institutional Money Market Portfolio		51,135		3,477,178		3,403,087		(16)		(3)		125,207
MFS International Growth Fund		2,200,598		85,932		294,128		118,006		(45,308)		2,065,100
MFS International Intrinsic Value Fund		2,205,476		54,230		267,628		129,833		(62,667)		2,059,244
MFS Limited Maturity Fund		58,766,441		5,507,459		2,757,842		(20,710)		618,165		62,113,513
MFS Mid Cap Growth Fund		5,632,894		242,070		610,645		312,095		(80,386)		5,496,028
MFS Mid Cap Value Fund		5,628,593		363,625		674,136		158,622		18,009		5,494,713
MFS New Discovery Fund		1,702,573		163,022		181,047		27,373		14,070		1,725,991
MFS New Discovery Value Fund		1,704,964		168,612		200,427		9,859		44,764		1,727,772
MFS Research Fund		7,816,027		348,293		925,186		302,943		17,934		7,560,011
MFS Research International Fund		5,626,939		311,303		683,347		91,997		182,281		5,529,173
MFS Total Return Bond Fund		63,610,600		4,418,191		5,151,585		34,259		2,565,285		65,476,750
MFS Value Fund		7,856,502		445,628		972,340		260,754		(39,365)		7,551,179
		$342,414,308		$26,723,483		$35,550,547		$2,193,455		$8,369,576		$344,150,275

113

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2020 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$—		$—
MFS Blended Research Growth Equity Fund		—		—
MFS Blended Research International Equity Fund		—		—
MFS Blended Research Mid Cap Equity Fund		—		—
MFS Blended Research Small Cap Equity Fund		—		—
MFS Blended Research Value Equity Fund		—		—
MFS Commodity Strategy Fund		—		—
MFS Emerging Markets Debt Fund		183,099		—
MFS Emerging Markets Debt Local Currency Fund		106,557		—
MFS Global Bond Fund		179,162		—
MFS Global Real Estate Fund		—		—
MFS Government Securities Fund		420,304		—
MFS Growth Fund		—		31,671
MFS High Income Fund		299,473		—
MFS Inflation-Adjusted Bond Fund		356,345		—
MFS Institutional Money Market Portfolio		1,228		—
MFS International Growth Fund		—		—
MFS International Intrinsic Value Fund		—		—
MFS Limited Maturity Fund		856,073		—
MFS Mid Cap Growth Fund		—		—
MFS Mid Cap Value Fund		—		—
MFS New Discovery Fund		—		—
MFS New Discovery Value Fund		3,838		20,207
MFS Research Fund		—		—
MFS Research International Fund		—		—
MFS Total Return Bond Fund		1,034,000		—
MFS Value Fund		101,602		—
		$3,541,681		$51,878

114

Notes to Financial Statements (unaudited) – 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		$9,554,219		$862,343		$550,689		$6,674		$381,441		$10,253,988
MFS Blended Research Growth Equity Fund		9,541,525		844,315		487,682		10,456		318,584		10,227,198
MFS Blended Research International Equity Fund		13,325,449		1,384,916		1,069,103		(41,808)		488,425		14,087,879
MFS Blended Research Mid Cap Equity Fund		14,185,666		870,806		912,847		30,538		444,955		14,619,118
MFS Blended Research Small Cap Equity Fund		3,317,030		538,666		242,386		(792)		(94,434)		3,518,084
MFS Blended Research Value Equity Fund		9,588,601		972,487		587,694		12,681		269,465		10,255,540
MFS Commodity Strategy Fund		6,649,640		788,856		345,382		(41,740)		(67,853)		6,983,521
MFS Emerging Markets Debt Fund		8,766,979		893,309		350,233		(7,446)		260,510		9,563,119
MFS Emerging Markets Debt Local Currency Fund		5,849,515		516,623		320,465		(15,849)		369,736		6,399,560
MFS Global Bond Fund		14,603,367		1,662,453		1,043,432		4,808		706,029		15,933,225
MFS Global Real Estate Fund		6,677,188		328,020		682,724		54,139		632,159		7,008,782
MFS Government Securities Fund		29,194,356		3,500,634		2,041,871		(16,769)		1,093,469		31,729,819
MFS Growth Fund		9,564,368		667,768		479,038		10,218		437,615		10,200,931
MFS High Income Fund		14,623,656		1,668,690		530,871		(12,789)		196,165		15,944,851
MFS Inflation-Adjusted Bond Fund		26,684,218		3,990,280		1,709,398		7,409		860,751		29,833,260
MFS Institutional Money Market Portfolio		772,854		3,052,652		3,053,771		(2)		78		771,811
MFS International Growth Fund		3,335,595		263,121		201,910		3,503		122,578		3,522,887
MFS International Intrinsic Value Fund		3,338,919		231,014		170,032		2,434		114,176		3,516,511
MFS International New Discovery Fund		830,561		789		237,124		57,138		(41,223)		610,141
MFS Limited Maturity Fund		20,902,459		5,035,262		571,376		167		227,992		25,594,504
MFS Mid Cap Growth Fund		7,089,647		316,921		428,852		45,466		256,292		7,279,474
MFS Mid Cap Value Fund		7,087,574		532,935		525,254		17,223		218,769		7,331,247
MFS New Discovery Fund		1,668,128		170,516		129,194		6,558		33,771		1,749,779
MFS New Discovery Value Fund		1,664,968		198,405		156,229		4,401		51,647		1,763,192
MFS Research Fund		9,584,086		608,195		411,682		8,611		412,052		10,201,262
MFS Research International Fund		6,671,462		496,636		466,911		2,983		348,090		7,052,260
MFS Total Return Bond Fund		37,992,765		5,873,704		2,140,946		13,973		1,622,322		43,361,818
MFS Value Fund		9,606,923		702,276		394,175		7,706		289,572		10,212,302
		$292,671,718		$36,972,592		$20,241,271		$169,891		$9,953,133		$319,526,063

115

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2025 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$—		$—
MFS Blended Research Growth Equity Fund		—		—
MFS Blended Research International Equity Fund		—		—
MFS Blended Research Mid Cap Equity Fund		—		—
MFS Blended Research Small Cap Equity Fund		—		—
MFS Blended Research Value Equity Fund		—		—
MFS Commodity Strategy Fund		—		—
MFS Emerging Markets Debt Fund		220,278		—
MFS Emerging Markets Debt Local Currency Fund		154,589		—
MFS Global Bond Fund		160,731		—
MFS Global Real Estate Fund		—		—
MFS Government Securities Fund		377,129		—
MFS Growth Fund		—		40,752
MFS High Income Fund		386,418		—
MFS Inflation-Adjusted Bond Fund		298,041		—
MFS Institutional Money Market Portfolio		8,702		—
MFS International Growth Fund		—		—
MFS International Intrinsic Value Fund		—		—
MFS International New Discovery Fund		—		—
MFS Limited Maturity Fund		332,333		—
MFS Mid Cap Growth Fund		—		—
MFS Mid Cap Value Fund		—		—
MFS New Discovery Fund		—		—
MFS New Discovery Value Fund		3,951		20,803
MFS Research Fund		—		—
MFS Research International Fund		—		—
MFS Total Return Bond Fund		657,063		—
MFS Value Fund		132,591		—
		$2,731,826		$61,555

116

Notes to Financial Statements (unaudited) – 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		$23,505,404		$1,296,568		$1,156,070		$19,476		$866,477		$24,531,855
MFS Blended Research Emerging Markets Equity Fund		839,242		22,123		245,216		20,682		(49,853)		586,978
MFS Blended Research Growth Equity Fund		26,024,795		1,045,588		1,707,806		173,258		645,777		26,181,612
MFS Blended Research International Equity Fund		39,552,966		2,749,852		3,792,918		60,702		1,137,213		39,707,815
MFS Blended Research Mid Cap Equity Fund		44,745,605		1,713,548		2,940,564		232,069		1,168,252		44,918,910
MFS Blended Research Small Cap Equity Fund		9,667,611		1,151,358		740,466		921		(281,310)		9,798,114
MFS Blended Research Value Equity Fund		26,090,094		1,134,390		1,621,280		59,283		598,729		26,261,216
MFS Commodity Strategy Fund		19,179,380		1,575,467		1,051,228		(149,167)		(181,989)		19,372,463
MFS Emerging Markets Debt Fund		17,685,702		1,321,824		1,384,210		(27,758)		520,987		18,116,545
MFS Emerging Markets Debt Local Currency Fund		11,807,746		838,180		1,119,098		(102,463)		786,136		12,210,501
MFS Emerging Markets Equity Fund		837,518		20,268		248,259		96,727		(116,770)		589,484
MFS Global Bond Fund		24,396,655		3,079,543		1,994,723		(10,543)		1,177,769		26,648,701
MFS Global Real Estate Fund		19,349,673		512,837		2,266,435		242,189		1,669,227		19,507,491
MFS Government Securities Fund		41,922,835		7,688,731		2,765,718		(46,925)		1,594,265		48,393,188
MFS Growth Fund		26,079,975		826,750		1,970,432		768,793		373,114		26,078,200
MFS High Income Fund		29,482,982		2,286,753		1,848,914		(64,051)		403,659		30,260,429
MFS Inflation-Adjusted Bond Fund		37,699,428		4,306,005		3,531,270		(568)		1,191,333		39,664,928
MFS Institutional Money Market Portfolio		894,351		5,993,413		6,812,841		(5)		(55)		74,863
MFS International Growth Fund		10,535,493		415,547		920,043		148,987		210,671		10,390,655
MFS International Intrinsic Value Fund		10,541,475		282,908		809,831		219,571		111,707		10,345,830
MFS International New Discovery Fund		7,565,259		253,959		696,331		95,222		110,959		7,329,068
MFS Mid Cap Growth Fund		22,375,454		706,468		1,624,587		682,891		218,724		22,358,950
MFS Mid Cap Value Fund		22,338,090		1,132,320		1,605,018		78,000		608,147		22,551,539
MFS New Discovery Fund		4,850,361		324,140		427,158		54,146		55,121		4,856,610
MFS New Discovery Value Fund		4,846,225		385,165		472,194		11,928		131,843		4,902,967
MFS Research Fund		23,587,089		882,374		1,083,536		69,447		908,161		24,363,535
MFS Research International Fund		18,543,558		1,022,441		1,451,188		30,147		892,411		19,037,369
MFS Total Return Bond Fund		38,610,762		5,088,001		2,995,086		11,447		1,599,132		42,314,256
MFS Value Fund		26,225,117		1,073,284		1,894,688		257,115		471,159		26,131,987
		$589,780,845		$49,129,805		$51,177,108		$2,931,521		$16,820,996		$607,486,059

117

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2030 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$—		$—
MFS Blended Research Emerging Markets Equity Fund		—		—
MFS Blended Research Growth Equity Fund		—		—
MFS Blended Research International Equity Fund		—		—
MFS Blended Research Mid Cap Equity Fund		—		—
MFS Blended Research Small Cap Equity Fund		—		—
MFS Blended Research Value Equity Fund		—		—
MFS Commodity Strategy Fund		—		—
MFS Emerging Markets Debt Fund		423,903		—
MFS Emerging Markets Debt Local Currency Fund		297,386		—
MFS Emerging Markets Equity Fund		—		—
MFS Global Bond Fund		265,330		—
MFS Global Real Estate Fund		—		—
MFS Government Securities Fund		553,019		—
MFS Growth Fund		—		106,451
MFS High Income Fund		744,033		—
MFS Inflation-Adjusted Bond Fund		402,060		—
MFS Institutional Money Market Portfolio		9,233		—
MFS International Growth Fund		—		—
MFS International Intrinsic Value Fund		—		—
MFS International New Discovery Fund		—		—
MFS Mid Cap Growth Fund		—		—
MFS Mid Cap Value Fund		—		—
MFS New Discovery Fund		—		—
MFS New Discovery Value Fund		10,962		57,710
MFS Research Fund		—		—
MFS Research International Fund		—		—
MFS Total Return Bond Fund		645,926		—
MFS Value Fund		342,717		—
		$3,694,569		$164,161

118

Notes to Financial Statements (unaudited) – 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		$11,502,752		$1,224,854		$429,452		$(12,623)		$477,387		$12,762,918
MFS Blended Research Emerging Markets Equity Fund		1,643,181		275,048		133,280		(5,679)		(43,656)		1,735,614
MFS Blended Research Growth Equity Fund		16,018,364		1,786,030		691,049		2,931		543,765		17,660,041
MFS Blended Research International Equity Fund		25,506,217		3,216,706		1,795,944		(138,823)		974,776		27,762,932
MFS Blended Research Mid Cap Equity Fund		26,439,830		2,469,916		1,063,934		(7,884)		897,735		28,735,663
MFS Blended Research Small Cap Equity Fund		5,963,798		1,081,679		336,181		(4,520)		(165,223)		6,539,553
MFS Blended Research Value Equity Fund		16,050,495		1,742,616		598,891		(2,440)		462,013		17,653,793
MFS Commodity Strategy Fund		11,892,292		2,232,074		1,002,533		(134,715)		(56,151)		12,930,967
MFS Emerging Markets Debt Fund		7,418,121		1,521,877		543,165		(10,318)		224,579		8,611,094
MFS Emerging Markets Debt Local Currency Fund		4,953,455		905,067		410,685		(22,127)		324,867		5,750,577
MFS Emerging Markets Equity Fund		1,640,722		274,766		143,752		(3,107)		(22,857)		1,745,772
MFS Global Bond Fund		4,941,811		1,133,118		569,453		3,658		239,830		5,748,964
MFS Global Real Estate Fund		11,940,538		1,189,472		1,373,050		8,923		1,210,645		12,976,528
MFS Growth Fund		16,040,708		1,876,990		1,014,465		17,039		723,824		17,644,096
MFS High Income Fund		12,371,866		2,670,983		877,511		(18,241)		174,835		14,321,932
MFS Inflation-Adjusted Bond Fund		13,358,392		2,938,923		1,643,871		12,071		420,939		15,086,454
MFS Institutional Money Market Portfolio		406,980		2,878,061		2,901,326		(36)		13		383,692
MFS International Growth Fund		7,623,388		865,240		469,011		(3,410)		289,061		8,305,268
MFS International Intrinsic Value Fund		7,631,959		739,637		368,869		(4,763)		266,835		8,264,799
MFS International New Discovery Fund		6,576,061		639,757		403,263		(18,373)		218,822		7,013,004
MFS Mid Cap Growth Fund		13,226,000		1,472,982		864,167		37,980		509,836		14,382,631
MFS Mid Cap Value Fund		13,184,915		1,460,320		661,540		(3,109)		447,918		14,428,504
MFS New Discovery Fund		2,996,722		377,721		198,611		5,808		64,653		3,246,293
MFS New Discovery Value Fund		2,990,582		401,799		225,903		(985)		100,095		3,265,588
MFS Research Fund		11,528,907		1,131,674		468,690		2,762		498,398		12,693,051
MFS Research International Fund		10,299,695		1,142,930		650,783		(24,655)		568,061		11,335,248
MFS Total Return Bond Fund		8,432,768		1,585,478		1,011,861		10,557		346,202		9,363,144
MFS Value Fund		16,169,409		1,720,362		787,890		2,638		491,558		17,596,077
		$288,749,928		$40,956,080		$21,639,130		$(311,441)		$10,188,760		$317,944,197

119

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2035 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$—		$—
MFS Blended Research Emerging Markets Equity Fund		—		—
MFS Blended Research Growth Equity Fund		—		—
MFS Blended Research International Equity Fund		—		—
MFS Blended Research Mid Cap Equity Fund		—		—
MFS Blended Research Small Cap Equity Fund		—		—
MFS Blended Research Value Equity Fund		—		—
MFS Commodity Strategy Fund		—		—
MFS Emerging Markets Debt Fund		189,882		—
MFS Emerging Markets Debt Local Currency Fund		133,116		—
MFS Emerging Markets Equity Fund		—		—
MFS Global Bond Fund		55,508		—
MFS Global Real Estate Fund		—		—
MFS Growth Fund		—		67,920
MFS High Income Fund		332,917		—
MFS Inflation-Adjusted Bond Fund		147,811		—
MFS Institutional Money Market Portfolio		4,414		—
MFS International Growth Fund		—		—
MFS International Intrinsic Value Fund		—		—
MFS International New Discovery Fund		—		—
MFS Mid Cap Growth Fund		—		—
MFS Mid Cap Value Fund		—		—
MFS New Discovery Fund		—		—
MFS New Discovery Value Fund		7,144		37,610
MFS Research Fund		—		—
MFS Research International Fund		—		—
MFS Total Return Bond Fund		141,787		—
MFS Value Fund		221,740		—
		$1,234,319		$105,530

120

Notes to Financial Statements (unaudited) – 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		$17,036,487		$926,645		$659,234		$(883)		$634,803		$17,937,818
MFS Blended Research Emerging Markets Equity Fund		3,498,010		495,255		319,105		(2,982)		(102,860)		3,568,318
MFS Blended Research Growth Equity Fund		24,776,210		1,398,060		1,041,062		72,464		714,136		25,919,808
MFS Blended Research International Equity Fund		43,132,166		4,131,105		3,726,219		(3,002)		1,330,155		44,864,205
MFS Blended Research Mid Cap Equity Fund		41,338,013		2,163,172		2,154,833		136,111		1,158,621		42,641,084
MFS Blended Research Small Cap Equity Fund		9,870,109		1,366,437		637,755		(2,196)		(281,531)		10,315,064
MFS Blended Research Value Equity Fund		24,859,271		1,659,095		1,190,440		(1,529)		647,329		25,973,726
MFS Commodity Strategy Fund		19,662,278		2,210,099		1,158,445		(158,936)		(177,212)		20,377,784
MFS Emerging Markets Debt Fund		4,576,572		1,011,663		333,782		(8,956)		138,987		5,384,484
MFS Emerging Markets Debt Local Currency Fund		3,056,769		590,647		223,470		(12,100)		197,816		3,609,662
MFS Emerging Markets Equity Fund		3,491,785		474,316		321,277		(2,628)		(56,018)		3,586,178
MFS Global Bond Fund		3,047,829		694,111		297,903		136		148,313		3,592,486
MFS Global Real Estate Fund		19,887,823		1,224,733		2,564,403		166,440		1,795,276		20,509,869
MFS Growth Fund		24,823,694		1,294,127		1,368,947		511,030		573,939		25,833,843
MFS High Income Fund		7,629,526		1,730,789		487,295		(10,191)		105,707		8,968,536
MFS Inflation-Adjusted Bond Fund		14,429,974		2,401,991		1,755,603		3,545		452,953		15,532,860
MFS Institutional Money Market Portfolio		176		3,245,213		2,934,127		33		3		311,298
MFS International Growth Fund		13,440,489		912,863		880,440		62,989		406,698		13,942,599
MFS International Intrinsic Value Fund		13,465,844		709,269		750,198		127,477		303,580		13,855,972
MFS International New Discovery Fund		14,009,311		911,477		932,966		26,509		375,235		14,389,566
MFS Mid Cap Growth Fund		20,656,625		1,168,886		1,386,906		521,505		298,474		21,258,584
MFS Mid Cap Value Fund		20,624,332		1,364,262		1,189,490		51,770		586,377		21,437,251
MFS New Discovery Fund		4,948,434		390,844		347,777		45,148		65,588		5,102,237
MFS New Discovery Value Fund		4,949,787		473,506		409,410		3,981		146,534		5,164,398
MFS Research Fund		17,084,663		845,821		804,646		64,039		633,136		17,823,013
MFS Research International Fund		16,342,701		1,163,570		1,205,947		20,992		788,921		17,110,237
MFS Total Return Bond Fund		11,412,249		1,569,414		1,469,329		8,764		457,848		11,978,946
MFS Value Fund		25,012,652		1,586,933		1,436,800		209,144		494,827		25,866,756
		$427,063,779		$38,114,303		$31,987,809		$1,828,674		$11,837,635		$446,856,582

121

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2040 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$—		$—
MFS Blended Research Emerging Markets Equity Fund		—		—
MFS Blended Research Growth Equity Fund		—		—
MFS Blended Research International Equity Fund		—		—
MFS Blended Research Mid Cap Equity Fund		—		—
MFS Blended Research Small Cap Equity Fund		—		—
MFS Blended Research Value Equity Fund		—		—
MFS Commodity Strategy Fund		—		—
MFS Emerging Markets Debt Fund		116,838		—
MFS Emerging Markets Debt Local Currency Fund		81,946		—
MFS Emerging Markets Equity Fund		—		—
MFS Global Bond Fund		34,170		—
MFS Global Real Estate Fund		—		—
MFS Growth Fund		—		101,872
MFS High Income Fund		204,907		—
MFS Inflation-Adjusted Bond Fund		154,191		—
MFS Institutional Money Market Portfolio		1,118		—
MFS International Growth Fund		—		—
MFS International Intrinsic Value Fund		—		—
MFS International New Discovery Fund		—		—
MFS Mid Cap Growth Fund		—		—
MFS Mid Cap Value Fund		—		—
MFS New Discovery Fund		—		—
MFS New Discovery Value Fund		11,388		59,955
MFS Research Fund		—		—
MFS Research International Fund		—		—
MFS Total Return Bond Fund		184,893		—
MFS Value Fund		330,386		—
		$1,119,837		$161,827

122

Notes to Financial Statements (unaudited) – 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		$7,935,167		$1,079,309		$219,218		$(6,749)		$345,216		$9,133,725
MFS Blended Research Emerging Markets Equity Fund		1,980,026		468,247		115,613		(8,335)		(46,465)		2,277,860
MFS Blended Research Growth Equity Fund		11,907,662		1,733,243		386,616		3,577		426,382		13,684,248
MFS Blended Research International Equity Fund		21,836,130		3,552,605		1,123,710		(120,711)		897,041		25,041,355
MFS Blended Research Mid Cap Equity Fund		19,930,464		2,625,770		621,326		548		705,231		22,640,687
MFS Blended Research Small Cap Equity Fund		4,960,674		1,090,273		207,843		(2,496)		(130,219)		5,710,389
MFS Blended Research Value Equity Fund		11,930,703		1,691,869		311,289		(824)		372,330		13,682,789
MFS Commodity Strategy Fund		9,853,480		2,171,222		509,784		(58,931)		(83,787)		11,372,200
MFS Emerging Markets Equity Fund		1,975,514		455,632		122,490		(3,763)		(21,469)		2,283,424
MFS Global Real Estate Fund		9,969,190		1,169,407		781,631		6,090		1,049,545		11,412,601
MFS Growth Fund		11,947,887		1,654,054		489,075		5,150		561,995		13,680,011
MFS Inflation-Adjusted Bond Fund		4,964,730		985,232		395,434		1,095		158,019		5,713,642
MFS Institutional Money Market Portfolio		361,342		1,437,873		1,431,933		2		21		367,305
MFS International Growth Fund		6,972,459		1,085,151		328,708		(67)		279,998		8,008,833
MFS International Intrinsic Value Fund		6,976,036		973,178		216,340		(2,004)		259,154		7,990,024
MFS International New Discovery Fund		7,947,702		1,226,378		292,589		(16,702)		290,885		9,155,674
MFS Mid Cap Growth Fund		9,969,711		1,325,450		344,084		800		421,772		11,373,649
MFS Mid Cap Value Fund		9,950,033		1,384,963		304,832		(466)		357,897		11,387,595
MFS New Discovery Fund		2,491,740		403,023		117,692		4,072		56,713		2,837,856
MFS New Discovery Value Fund		2,486,326		418,544		139,333		419		89,665		2,855,621
MFS Research Fund		7,972,543		1,011,000		223,090		1,663		353,950		9,116,066
MFS Research International Fund		7,960,778		1,106,370		365,773		(14,948)		456,475		9,142,902
MFS Total Return Bond Fund		4,968,214		930,146		394,413		1,355		209,267		5,714,569
MFS Value Fund		11,978,090		1,617,622		314,383		408		384,579		13,666,316
		$199,226,601		$31,596,561		$9,757,199		$(210,817)		$7,394,195		$228,249,341

Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$—		$—
MFS Blended Research Emerging Markets Equity Fund		—		—
MFS Blended Research Growth Equity Fund		—		—
MFS Blended Research International Equity Fund		—		—
MFS Blended Research Mid Cap Equity Fund		—		—
MFS Blended Research Small Cap Equity Fund		—		—
MFS Blended Research Value Equity Fund		—		—
MFS Commodity Strategy Fund		—		—
MFS Emerging Markets Equity Fund		—		—
MFS Global Real Estate Fund		—		—
MFS Growth Fund		—		50,958
MFS Inflation-Adjusted Bond Fund		55,359		—
MFS Institutional Money Market Portfolio		4,095		—
MFS International Growth Fund		—		—
MFS International Intrinsic Value Fund		—		—
MFS International New Discovery Fund		—		—
MFS Mid Cap Growth Fund		—		—
MFS Mid Cap Value Fund		—		—
MFS New Discovery Fund		—		—
MFS New Discovery Value Fund		6,072		31,967
MFS Research Fund		—		—
MFS Research International Fund		—		—
MFS Total Return Bond Fund		84,818		—
MFS Value Fund		168,047		—
		$318,391		$82,925

123

Notes to Financial Statements (unaudited) – 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		$8,428,129		$871,980		$278,973		$(1,717)		$341,001		$9,360,420
MFS Blended Research Emerging Markets Equity Fund		2,105,194		449,088		158,364		(3,515)		(57,500)		2,334,903
MFS Blended Research Growth Equity Fund		12,635,554		1,475,920		505,683		2,187		431,868		14,039,846
MFS Blended Research International Equity Fund		23,202,105		3,326,564		1,649,031		(31,718)		800,359		25,648,279
MFS Blended Research Mid Cap Equity Fund		21,205,452		2,282,836		987,114		10,514		698,698		23,210,386
MFS Blended Research Small Cap Equity Fund		5,258,300		1,051,309		320,388		(2,652)		(142,261)		5,844,308
MFS Blended Research Value Equity Fund		12,669,646		1,444,540		473,680		(4,384)		368,992		14,005,114
MFS Commodity Strategy Fund		10,472,324		1,861,908		507,479		(62,945)		(101,742)		11,662,066
MFS Emerging Markets Equity Fund		2,100,648		427,123		156,480		(2,962)		(27,796)		2,340,533
MFS Global Real Estate Fund		10,601,864		1,222,362		1,197,636		42,795		1,045,552		11,714,937
MFS Growth Fund		12,670,625		1,421,845		611,083		25,906		555,826		14,063,119
MFS Inflation-Adjusted Bond Fund		5,268,916		1,106,323		667,982		2,127		165,250		5,874,634
MFS Institutional Money Market Portfolio		224,333		1,926,817		1,839,473		24		21		311,722
MFS International Growth Fund		7,408,131		974,726		431,865		(2,215)		282,520		8,231,297
MFS International Intrinsic Value Fund		7,422,120		899,697		364,027		669		257,921		8,216,380
MFS International New Discovery Fund		8,439,715		1,082,916		410,261		(5,570)		276,769		9,383,569
MFS Mid Cap Growth Fund		10,599,522		1,222,387		575,445		46,363		385,667		11,678,494
MFS Mid Cap Value Fund		10,575,728		1,270,986		531,040		1,266		355,564		11,672,504
MFS New Discovery Fund		2,638,052		383,487		172,863		9,583		52,360		2,910,619
MFS New Discovery Value Fund		2,636,486		399,026		203,061		764		89,087		2,922,302
MFS Research Fund		8,463,023		842,396		314,024		2,273		359,992		9,353,660
MFS Research International Fund		8,461,840		951,023		484,408		(4,273)		448,955		9,373,137
MFS Total Return Bond Fund		5,272,758		1,033,369		650,352		3,989		215,886		5,875,650
MFS Value Fund		12,754,438		1,436,684		557,942		6,443		378,938		14,018,561
		$211,514,903		$29,365,312		$14,048,654		$32,952		$7,181,927		$234,046,440

Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$—		$—
MFS Blended Research Emerging Markets Equity Fund		—		—
MFS Blended Research Growth Equity Fund		—		—
MFS Blended Research International Equity Fund		—		—
MFS Blended Research Mid Cap Equity Fund		—		—
MFS Blended Research Small Cap Equity Fund		—		—
MFS Blended Research Value Equity Fund		—		—
MFS Commodity Strategy Fund		—		—
MFS Emerging Markets Equity Fund		—		—
MFS Global Real Estate Fund		—		—
MFS Growth Fund		—		53,209
MFS Inflation-Adjusted Bond Fund		57,102		—
MFS Institutional Money Market Portfolio		3,814		—
MFS International Growth Fund		—		—
MFS International Intrinsic Value Fund		—		—
MFS International New Discovery Fund		—		—
MFS Mid Cap Growth Fund		—		—
MFS Mid Cap Value Fund		—		—
MFS New Discovery Fund		—		—
MFS New Discovery Value Fund		6,293		33,133
MFS Research Fund		—		—
MFS Research International Fund		—		—
MFS Total Return Bond Fund		87,686		—
MFS Value Fund		173,865		—
		$328,760		$86,342

124

Notes to Financial Statements (unaudited) – continued

	MFS Lifetime 2055 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$4,124,388		$661,626		$264,249		$(11,602)		$184,301		$4,694,464
MFS Blended Research Emerging Markets Equity Fund		1,031,519		269,900		100,272		(11,669)		(17,454)		1,172,024
MFS Blended Research Growth Equity Fund		6,185,424		1,055,843		420,511		(394)		220,590		7,040,952
MFS Blended Research International Equity Fund		11,352,084		2,199,189		1,071,927		(125,976)		516,580		12,869,950
MFS Blended Research Mid Cap Equity Fund		10,346,483		1,662,123		726,473		(6,125)		366,952		11,642,960
MFS Blended Research Small Cap Equity Fund		2,578,585		615,027		201,234		(3,412)		(64,948)		2,924,018
MFS Blended Research Value Equity Fund		6,193,006		1,043,582		401,030		(6,246)		194,506		7,023,818
MFS Commodity Strategy Fund		5,149,791		1,297,274		511,369		(66,951)		(11,978)		5,856,767
MFS Emerging Markets Equity Fund		1,030,751		259,008		101,381		(4,319)		(9,664)		1,174,395
MFS Global Real Estate Fund		5,159,348		862,472		674,331		4,661		530,221		5,882,371
MFS Growth Fund		6,193,259		1,033,224		463,411		4,659		286,097		7,053,828
MFS Inflation-Adjusted Bond Fund		2,577,148		731,491		436,632		3,493		79,120		2,954,620
MFS Institutional Money Market Portfolio		235,351		1,300,200		1,335,842		(25)		18		199,702
MFS International Growth Fund		3,615,250		705,570		331,342		(3,730)		145,301		4,131,049
MFS International Intrinsic Value Fund		3,620,372		647,024		276,904		(3,463)		133,748		4,120,777
MFS International New Discovery Fund		4,126,603		777,135		335,962		(23,794)		161,349		4,705,331
MFS Mid Cap Growth Fund		5,176,138		857,210		388,742		4,382		209,093		5,858,081
MFS Mid Cap Value Fund		5,163,223		876,827		364,125		(5,001)		186,518		5,857,442
MFS New Discovery Fund		1,293,788		237,945		103,723		1,824		29,845		1,459,679
MFS New Discovery Value Fund		1,290,855		249,739		121,822		(1,336)		47,165		1,464,601
MFS Research Fund		4,130,266		647,426		267,182		(289)		182,091		4,692,312
MFS Research International Fund		4,132,056		708,296		360,014		(18,852)		242,597		4,704,083
MFS Total Return Bond Fund		2,578,408		683,668		416,893		4,459		104,366		2,954,008
MFS Value Fund		6,232,286		1,017,866		414,222		(1,271)		196,693		7,031,352
		$103,516,382		$20,399,665		$10,089,593		$(270,977)		$3,913,107		$117,468,584

Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$—		$—
MFS Blended Research Emerging Markets Equity Fund		—		—
MFS Blended Research Growth Equity Fund		—		—
MFS Blended Research International Equity Fund		—		—
MFS Blended Research Mid Cap Equity Fund		—		—
MFS Blended Research Small Cap Equity Fund		—		—
MFS Blended Research Value Equity Fund		—		—
MFS Commodity Strategy Fund		—		—
MFS Emerging Markets Equity Fund		—		—
MFS Global Real Estate Fund		—		—
MFS Growth Fund		—		26,307
MFS Inflation-Adjusted Bond Fund		28,410		—
MFS Institutional Money Market Portfolio		2,680		—
MFS International Growth Fund		—		—
MFS International Intrinsic Value Fund		—		—
MFS International New Discovery Fund		—		—
MFS Mid Cap Growth Fund		—		—
MFS Mid Cap Value Fund		—		—
MFS New Discovery Fund		—		—
MFS New Discovery Value Fund		3,150		16,581
MFS Research Fund		—		—
MFS Research International Fund		—		—
MFS Total Return Bond Fund		43,556		—
MFS Value Fund		86,378		—
		$164,174		$42,888

125

Notes to Financial Statements (unaudited) – 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		$402,749		$249,627		$8,783		$(604)		$26,806		$669,795
MFS Blended Research Emerging Markets Equity Fund		100,687		72,148		3,581		(466)		(1,403)		167,385
MFS Blended Research Growth Equity Fund		604,124		384,139		15,505		(516)		32,358		1,004,600
MFS Blended Research International Equity Fund		1,107,560		709,807		38,742		(4,536)		64,958		1,839,047
MFS Blended Research Mid Cap Equity Fund		1,006,873		636,562		25,593		(561)		49,930		1,667,211
MFS Blended Research Small Cap Equity Fund		251,718		181,011		11,257		(469)		(3,803)		417,200
MFS Blended Research Value Equity Fund		604,124		384,773		17,427		(220)		31,930		1,003,180
MFS Commodity Strategy Fund		503,437		378,553		42,581		(5,106)		2,325		836,628
MFS Emerging Markets Equity Fund		100,687		71,122		4,274		(222)		311		167,624
MFS Global Real Estate Fund		503,436		296,781		25,908		(196)		66,532		840,645
MFS Growth Fund		604,124		381,698		18,009		(423)		37,105		1,004,495
MFS Inflation-Adjusted Bond Fund		251,719		184,983		22,358		26		8,482		422,852
MFS Institutional Money Market Portfolio		12,869		333,471		332,326		(2)		—		14,012
MFS International Growth Fund		352,406		221,471		6,162		(173)		21,163		588,705
MFS International Intrinsic Value Fund		352,406		220,875		4,837		(106)		19,538		587,876
MFS International New Discovery Fund		402,749		257,249		10,849		(919)		23,263		671,493
MFS Mid Cap Growth Fund		503,437		323,427		14,435		(282)		24,333		836,480
MFS Mid Cap Value Fund		503,437		321,155		16,016		(193)		28,128		836,511
MFS New Discovery Fund		125,859		84,012		4,799		(201)		3,871		208,742
MFS New Discovery Value Fund		125,859		81,874		6,644		(74)		7,941		208,956
MFS Research Fund		402,749		250,725		7,266		(244)		23,693		669,657
MFS Research International Fund		402,749		245,331		8,635		(557)		32,582		671,470
MFS Total Return Bond Fund		251,718		179,247		20,547		76		12,045		422,539
MFS Value Fund		604,124		384,942		12,957		(234)		28,024		1,003,899
		$10,081,600		$6,834,983		$679,491		$(16,202)		$540,112		$16,761,002

Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$—		$—
MFS Blended Research Emerging Markets Equity Fund		—		—
MFS Blended Research Growth Equity Fund		—		—
MFS Blended Research International Equity Fund		—		—
MFS Blended Research Mid Cap Equity Fund		—		—
MFS Blended Research Small Cap Equity Fund		—		—
MFS Blended Research Value Equity Fund		—		—
MFS Commodity Strategy Fund		—		—
MFS Emerging Markets Equity Fund		—		—
MFS Global Real Estate Fund		—		—
MFS Growth Fund		—		2,952
MFS Inflation-Adjusted Bond Fund		3,488		—
MFS Institutional Money Market Portfolio		148		—
MFS International Growth Fund		—		—
MFS International Intrinsic Value Fund		—		—
MFS International New Discovery Fund		—		—
MFS Mid Cap Growth Fund		—		—
MFS Mid Cap Value Fund		—		—
MFS New Discovery Fund		—		—
MFS New Discovery Value Fund		369		1,941
MFS Research Fund		—		—
MFS Research International Fund		—		—
MFS Total Return Bond Fund		5,231		—
MFS Value Fund		10,442		—
		$19,678		$4,893

126

BOARD REVIEW OF INVESTMENT ADVISORY AGREEMENT

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of the Funds’ investment advisory agreements with MFS. The Trustees consider matters bearing on the Funds and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2019 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment advisory agreements for the Funds and the other investment companies that the Board oversees (the “MFS Funds”). The independent Trustees were assisted in their evaluation of the Funds’ investment advisory agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by the MFS Funds’ Independent Senior Officer, a senior officer appointed by and reporting to the independent Trustees.

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

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party, on the investment performance of the Funds for various time periods ended December 31, 2018 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the “Broadridge performance universe”), (ii) information provided by Broadridge on the Funds’ fees and expenses and the fees and expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the “Broadridge expense group and universe”), (iii) information as to whether and to what extent applicable expense waivers and reimbursements are observed for the Funds, (iv) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the Funds and the MFS Funds as a whole, and compared to MFS’ institutional business, (v) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vi) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (vii) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Funds and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

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

MFS Lifetime Income Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 3rd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 1st quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2018 relative to the Broadridge performance universe.

MFS Lifetime 2020 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 3rd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 1st quintile for the one-year period and the 4th quintile for the three-year period ended December 31, 2018 relative to the Broadridge performance universe.

127

Board Review of Investment Advisory Agreement – continued

MFS Lifetime 2025 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 3rd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 2nd quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2018 relative to the Broadridge performance universe.

MFS Lifetime 2030 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 3rd quintile for the one-year period and the 1st quintile for the three-year period ended December 31, 2018 relative to the Broadridge performance universe.

MFS Lifetime 2035 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 3rd quintile for one-year period and in the 2nd quintile for the three-year period ended December 31, 2018 relative to the Broadridge performance universe.

MFS Lifetime 2040 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 3rd quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2018 relative to the Broadridge performance universe.

MFS Lifetime 2045 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 3rd quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2018 relative to the Broadridge performance universe.

MFS Lifetime 2050 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 2nd quintile for each of the one- and three-year periods ended December 31, 2018 relative to the Broadridge performance universe.

128

Board Review of Investment Advisory Agreement – continued

MFS Lifetime 2055 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 3rd quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2018 relative to the Broadridge performance universe.

MFS Lifetime 2060 Fund

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over the one-year period ended December 31, 2018. The total return performance of the Fund’s Class A shares was in the 3rd quintile relative to the other funds in the universe for this one-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The Fund commenced operations on December 6, 2016, and has a limited operating history and performance record; therefore no performance data for the three- or five-year periods was available.

General

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

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

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

In assessing the reasonableness of the Funds’ expenses, the Trustees considered, among other information, the total expense ratios of the Funds’ Class A shares as a percentage of average daily net assets and the total expense ratios of the Broadridge expense groups based on information provided by Broadridge. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any expense limitations that were in effect during the Funds’ last fiscal year): (i) the total expense ratio for each of MFS Lifetime 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 2055 Fund, and MFS Lifetime 2060 was lower than the Broadridge expense group median, and (ii) the total expense ratio for MFS Lifetime 2050 Fund was approximately at the Broadridge expense group median. Because the Funds do not pay advisory fees, the Trustees did not consider the extent to which economies of scale would be realized due to the Funds’ growth of assets, whether fee levels reflect economies of scale for the Funds’ shareholders, or the fees paid by similar funds to other investment advisers or by similar clients of MFS.

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

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

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

129

Board Review of Investment Advisory Agreement – continued

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

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Funds’ investment advisory agreements with MFS should be continued for an additional one-year period, commencing August 1, 2019.

130

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.

PROVISION OF FINANCIAL REPORTS AND SUMMARY PROSPECTUSES

Each fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid

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

131

Save paper with eDelivery.

  MFS® will send you prospectuses,

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

To sign up:

1. Go to mfs.com.

2. Log in via MFS® Access.

3. Select eDelivery.

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

CONTACT US

WEB SITE

mfs.com

MFS TALK

1-800-637-8255

24 hours a day

ACCOUNT SERVICE AND LITERATURE

Shareholders

1-800-225-2606

Financial advisors

1-800-343-2829

Retirement plan services

1-800-637-1255

MAILING ADDRESS

MFS Service Center, Inc.

P.O. Box 219341

Kansas City, MO 64121-9341

OVERNIGHT MAIL

MFS Service Center, Inc.

Suite 219341

430 W 7th Street

Kansas City, MO 64105-1407

ITEM 2. CODE OF ETHICS.

During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the “Code”) that relates to any element of the Code’s definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the Registrant.

ITEM 6. INVESTMENTS

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

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable to the Registrant.

ITEM 13. EXHIBITS.

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

Notice

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

SIGNATURES

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

(Registrant): MFS SERIES TRUST XII

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

Date: December 16, 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: December 16, 2019

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

Date: December 16, 2019

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