UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21780

MFS SERIES TRUST XII

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

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

Date of fiscal year end: April 30

Date of reporting period: April 30, 2020

ITEM 1. REPORTS TO STOCKHOLDERS.

Annual Report

April 30, 2020

MFS® Lifetime® Funds

MFS® Lifetime® Income Fund

MFS® Lifetime® 2020 Fund

MFS® Lifetime® 2025 Fund

MFS® Lifetime® 2030 Fund

MFS® Lifetime® 2035 Fund

MFS® Lifetime® 2040 Fund

MFS® Lifetime® 2045 Fund

MFS® Lifetime® 2050 Fund

MFS® Lifetime® 2055 Fund

MFS® Lifetime® 2060 Fund

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

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

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

LTF-ANN

MFS® Lifetime® Funds

CONTENTS

Letter from the Executive Chair	1
Portfolio composition	2
Management review	12
Performance summary	17
Expense tables	38
Portfolio of investments	49
Statements of assets and liabilities	59
Statements of operations	65
Statements of changes in net assets	67
Financial highlights	69
Notes to financial statements	121
Report of independent registered public accounting firm	154
Trustees and officers	155
Statement regarding liquidity risk management program	158
Proxy voting policies and information	159
Quarterly portfolio disclosure	159
Further information	159
Information about fund contracts and legal claims	159
Federal tax information	159
MFS® privacy notice	160

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:

Markets experienced dramatic swings in early 2020 as the coronavirus pandemic crippled the global economy for a time. Optimism over the development of vaccines and therapeutics, along with a decline in cases in countries hit early in the outbreak, has brightened the economic and market outlook during the second quarter, though a great deal of uncertainty remains on how long the aftereffects of the lockdowns will linger.

Global central banks have taken aggressive, coordinated steps to cushion the economic and market fallout related to the virus, and governments are undertaking unprecedented levels of fiscal stimulus. As uncertainty recedes, these measures can help build a supportive environment and encourage economic recovery. In the aftermath of the crisis, there are likely to be societal changes as households, businesses, and governments adjust to a new reality, and these alterations could change the investment landscape. For investors, occurrences such as the COVID-19 outbreak demonstrate the importance of having a deep understanding of company fundamentals, and our global research platform has been built to do just that.

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 the responsible allocation of capital allow us to tune out the noise and 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 to create sustainable value for investors.

Respectfully,

Robert J. Manning

Executive Chair

MFS Investment Management

June 16, 2020

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	19.5%
MFS Inflation-Adjusted Bond Fund	9.6%
MFS Government Securities Fund	9.5%
MFS Global Bond Fund	4.9%
MFS Blended Research Mid Cap Equity Fund	3.2%
MFS High Income Fund	3.0%
MFS Blended Research International Equity Fund	2.6%
MFS Blended Research Growth Equity Fund	2.2%
MFS Blended Research Core Equity Fund	2.1%
MFS Growth Fund	2.1%
MFS Research Fund	2.1%
MFS Blended Research Value Equity Fund	2.1%
MFS Value Fund	2.1%
MFS Global Real Estate Fund	2.1%
MFS Emerging Markets Debt Fund	2.0%
MFS Commodity Strategy Fund	1.9%
MFS Mid Cap Value Fund	1.6%
MFS Mid Cap Growth Fund	1.6%
MFS Research International Fund	1.5%
MFS Blended Research Small Cap Equity Fund	1.1%
MFS Emerging Markets Debt Local Currency Fund	1.0%
MFS New Discovery Fund	0.6%
MFS New Discovery Value Fund	0.5%
MFS International Growth Fund	0.5%
MFS International Intrinsic Value Fund	0.5%
Cash & Cash Equivalents	0.2%

Portfolio actual allocation

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

Percentages are based on net assets as of April 30, 2020.

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	19.3%
MFS Limited Maturity Fund	18.6%
MFS Inflation-Adjusted Bond Fund	9.6%
MFS Government Securities Fund	9.6%
MFS Global Bond Fund	4.9%
MFS Blended Research Mid Cap Equity Fund	3.3%
MFS High Income Fund	3.2%
MFS Blended Research International Equity Fund	2.7%
MFS Blended Research Growth Equity Fund	2.3%
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 Global Real Estate Fund	2.1%
MFS Emerging Markets Debt Fund	2.1%
MFS Commodity Strategy Fund	1.9%
MFS Mid Cap Value Fund	1.7%
MFS Mid Cap Growth Fund	1.7%
MFS Research International Fund	1.5%
MFS Emerging Markets Debt Local Currency Fund	1.1%
MFS Blended Research Small Cap Equity Fund	1.1%
MFS International Growth Fund	0.6%
MFS International Intrinsic Value Fund	0.6%
MFS New Discovery Fund	0.6%
MFS New Discovery Value Fund	0.6%
Cash & Cash Equivalents	(0.1)%

Portfolio actual allocation

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

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

Percentages are based on net assets as of April 30, 2020.

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	14.1%
MFS Government Securities Fund	9.6%
MFS Inflation-Adjusted Bond Fund	9.4%
MFS Limited Maturity Fund	8.8%
MFS High Income Fund	4.9%
MFS Global Bond Fund	4.9%
MFS Blended Research Mid Cap Equity Fund	4.5%
MFS Blended Research International Equity Fund	4.2%
MFS Blended Research Growth Equity Fund	3.2%
MFS Blended Research Core Equity Fund	3.2%
MFS Blended Research Value Equity Fund	3.2%
MFS Research Fund	3.2%
MFS Growth Fund	3.2%
MFS Value Fund	3.2%
MFS Emerging Markets Debt Fund	3.0%
MFS Mid Cap Value Fund	2.3%
MFS Mid Cap Growth Fund	2.2%
MFS Global Real Estate Fund	2.2%
MFS Research International Fund	2.1%
MFS Commodity Strategy Fund	2.0%
MFS Emerging Markets Debt Local Currency Fund	2.0%
MFS Blended Research Small Cap Equity Fund	1.1%
MFS International Growth Fund	1.1%
MFS International Intrinsic Value Fund	1.0%
MFS New Discovery Value Fund	0.6%
MFS New Discovery Fund	0.6%
Cash & Cash Equivalents	0.1%
MFS International New Discovery 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 April 30, 2020.

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	8.5%
MFS Blended Research Mid Cap Equity Fund	7.6%
MFS Total Return Bond Fund	7.3%
MFS Inflation-Adjusted Bond Fund	6.4%
MFS Blended Research International Equity Fund	6.2%
MFS High Income Fund	4.9%
MFS Global Bond Fund	4.5%
MFS Blended Research Growth Equity Fund	4.4%
MFS Growth Fund	4.3%
MFS Blended Research Value Equity Fund	4.3%
MFS Value Fund	4.3%
MFS Blended Research Core Equity Fund	4.1%
MFS Research Fund	4.1%
MFS Mid Cap Value Fund	3.8%
MFS Mid Cap Growth Fund	3.7%
MFS Global Real Estate Fund	3.1%
MFS Research International Fund	3.0%
MFS Emerging Markets Debt Fund	2.9%
MFS Commodity Strategy Fund	2.9%
MFS Emerging Markets Debt Local Currency Fund	1.9%
MFS Blended Research Small Cap Equity Fund	1.7%
MFS International Growth Fund	1.6%
MFS International Intrinsic Value Fund	1.6%
MFS International New Discovery Fund	1.1%
MFS New Discovery Fund	0.8%
MFS New Discovery Value Fund	0.8%
MFS Emerging Markets Equity Fund	0.1%
MFS Blended Research Emerging Markets Equity Fund	0.1%
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 April 30, 2020.

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	9.3%
MFS Blended Research International Equity Fund	8.5%
MFS Blended Research Growth Equity Fund	5.7%
MFS Growth Fund	5.6%
MFS Blended Research Value Equity Fund	5.5%
MFS Value Fund	5.5%
MFS Inflation-Adjusted Bond Fund	4.7%
MFS High Income Fund	4.6%
MFS Mid Cap Value Fund	4.6%
MFS Mid Cap Growth Fund	4.6%
MFS Blended Research Core Equity Fund	4.1%
MFS Global Real Estate Fund	4.0%
MFS Research Fund	4.0%
MFS Commodity Strategy Fund	3.9%
MFS Research International Fund	3.5%
MFS Total Return Bond Fund	2.9%
MFS Emerging Markets Debt Fund	2.8%
MFS International Growth Fund	2.5%
MFS International Intrinsic Value Fund	2.5%
MFS Blended Research Small Cap Equity Fund	2.1%
MFS International New Discovery Fund	2.1%
MFS Emerging Markets Debt Local Currency Fund	1.9%
MFS Global Bond Fund	1.9%
MFS New Discovery Value Fund	1.1%
MFS New Discovery Fund	1.1%
MFS Blended Research Emerging Markets Equity Fund	0.5%
MFS Emerging Markets Equity 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 April 30, 2020.

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 Mid Cap Equity Fund	9.8%
MFS Blended Research International Equity Fund	9.7%
MFS Blended Research Growth Equity Fund	5.9%
MFS Growth Fund	5.8%
MFS Blended Research Value Equity Fund	5.8%
MFS Value Fund	5.8%
MFS Mid Cap Value Fund	4.9%
MFS Mid Cap Growth Fund	4.8%
MFS Global Real Estate Fund	4.5%
MFS Commodity Strategy Fund	4.4%
MFS Blended Research Core Equity Fund	4.0%
MFS Research Fund	4.0%
MFS Research International Fund	3.7%
MFS Inflation-Adjusted Bond Fund	3.5%
MFS International New Discovery Fund	3.1%
MFS International Growth Fund	3.0%
MFS International Intrinsic Value Fund	3.0%
MFS Total Return Bond Fund	2.7%
MFS Blended Research Small Cap Equity Fund	2.4%
MFS High Income Fund	2.2%
MFS Emerging Markets Debt Fund	1.3%
MFS New Discovery Fund	1.2%
MFS New Discovery Value Fund	1.2%
MFS Emerging Markets Debt Local Currency Fund	0.9%
MFS Global Bond Fund	0.9%
MFS Blended Research Emerging Markets Equity Fund	0.8%
MFS Emerging Markets Equity Fund	0.8%
Cash & Cash Equivalents	(0.1)%

Portfolio actual allocation

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

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

Percentages are based on net assets as of April 30, 2020.

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

7

Portfolio Composition – continued

MFS Lifetime 2045 Fund

Portfolio target allocation

Portfolio holdings
MFS Blended Research International Equity Fund	10.8%
MFS Blended Research Mid Cap Equity Fund	10.0%
MFS Blended Research Growth Equity Fund	6.3%
MFS Growth Fund	6.2%
MFS Value Fund	5.9%
MFS Blended Research Value Equity Fund	5.9%
MFS Mid Cap Growth Fund	5.0%
MFS Mid Cap Value Fund	4.9%
MFS Global Real Estate Fund	4.9%
MFS Commodity Strategy Fund	4.8%
MFS Blended Research Core Equity Fund	4.0%
MFS Research Fund	4.0%
MFS International New Discovery Fund	4.0%
MFS Research International Fund	3.9%
MFS International Intrinsic Value Fund	3.5%
MFS International Growth Fund	3.5%
MFS Inflation-Adjusted Bond Fund	2.6%
MFS Total Return Bond Fund	2.6%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS New Discovery Fund	1.3%
MFS New Discovery Value Fund	1.3%
MFS Blended Research Emerging Markets Equity Fund	1.0%
MFS Emerging Markets Equity Fund	1.0%
Cash & Cash Equivalents	0.1%

Portfolio actual allocation

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

Percentages are based on net assets as of April 30, 2020.

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	10.7%
MFS Blended Research Mid Cap Equity Fund	10.0%
MFS Blended Research Growth Equity Fund	6.3%
MFS Growth Fund	6.2%
MFS Blended Research Value Equity Fund	5.9%
MFS Value Fund	5.9%
MFS Mid Cap Growth Fund	5.0%
MFS Mid Cap Value Fund	5.0%
MFS Global Real Estate Fund	4.9%
MFS Commodity Strategy Fund	4.8%
MFS Research Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS International New Discovery Fund	4.0%
MFS Research International Fund	3.9%
MFS International Intrinsic Value Fund	3.6%
MFS International Growth Fund	3.5%
MFS Inflation-Adjusted Bond Fund	2.6%
MFS Total Return Bond Fund	2.6%
MFS Blended Research Small Cap Equity Fund	2.5%
MFS New Discovery Fund	1.3%
MFS New Discovery Value Fund	1.3%
MFS Blended Research Emerging Markets Equity Fund	1.0%
MFS Emerging Markets Equity Fund	1.0%
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 April 30, 2020.

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

9

Portfolio Composition – continued

MFS Lifetime 2055 Fund

Portfolio target allocation

Portfolio holdings
MFS Blended Research International Equity Fund	10.8%
MFS Blended Research Mid Cap Equity Fund	10.0%
MFS Blended Research Growth Equity Fund	6.1%
MFS Growth Fund	6.1%
MFS Blended Research Value Equity Fund	5.9%
MFS Value Fund	5.9%
MFS Mid Cap Value Fund	5.0%
MFS Mid Cap Growth Fund	5.0%
MFS Global Real Estate Fund	4.9%
MFS Commodity Strategy Fund	4.9%
MFS Blended Research Core Equity Fund	4.0%
MFS Research Fund	4.0%
MFS International New Discovery Fund	4.0%
MFS Research International Fund	3.9%
MFS International Intrinsic Value Fund	3.5%
MFS International Growth Fund	3.5%
MFS Inflation-Adjusted Bond Fund	2.6%
MFS Total Return Bond Fund	2.6%
MFS Blended Research Small Cap Equity Fund	2.6%
MFS New Discovery Value Fund	1.3%
MFS New Discovery Fund	1.3%
MFS Blended Research Emerging Markets Equity Fund	1.0%
MFS Emerging Markets Equity Fund	1.0%
Cash & Cash Equivalents	0.1%

Portfolio actual allocation

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

Percentages are based on net assets as of April 30, 2020.

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

10

Portfolio Composition – continued

MFS Lifetime 2060 Fund

Portfolio target allocation

Portfolio holdings
MFS Blended Research International Equity Fund	10.9%
MFS Blended Research Mid Cap Equity Fund	10.1%
MFS Blended Research Growth Equity Fund	6.0%
MFS Growth Fund	6.0%
MFS Blended Research Value Equity Fund	6.0%
MFS Value Fund	5.9%
MFS Mid Cap Value Fund	5.0%
MFS Commodity Strategy Fund	5.0%
MFS Global Real Estate Fund	5.0%
MFS Mid Cap Growth Fund	5.0%
MFS International New Discovery Fund	4.0%
MFS Blended Research Core Equity Fund	4.0%
MFS Research Fund	4.0%
MFS Research International Fund	4.0%
MFS International Growth Fund	3.5%
MFS International Intrinsic Value Fund	3.5%
MFS Blended Research Small Cap Equity Fund	2.6%
MFS Total Return Bond Fund	2.5%
MFS Inflation-Adjusted Bond Fund	2.5%
MFS New Discovery Value Fund	1.3%
MFS New Discovery Fund	1.3%
MFS Emerging Markets Equity Fund	1.0%
MFS Blended Research Emerging Markets Equity Fund	1.0%
Cash & Cash Equivalents	(0.1)%

Portfolio actual allocation

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

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

Percentages are based on net assets as of April 30, 2020.

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

11

MANAGEMENT REVIEW

MFS Lifetime Funds

Market Environment

Market volatility soared at the end of the period as COVID-19, the illness caused by the novel coronavirus first detected in China, spread around the world in early 2020. Government-imposed social distancing measures taken to slow the spread of the virus forced the shutdown of large portions of the global economy. In an attempt to limit the economic fallout of the crisis, central bankers and policymakers have taken a variety of actions unprecedented in both size and speed, but despite their best efforts, a global recession has begun. Given the unique circumstances surrounding the genesis of the downturn, it is difficult to forecast how long the crisis will linger.

High levels of investor uncertainty saw equity prices plunge, market volatility rise and large segments of global fixed income markets freeze as investors sought liquidity wherever they could find it. As the global economy rapidly slowed, a disagreement between Saudi Arabia and Russia over OPEC+ production cuts resulted in the Saudis shelving the OPEC+ arrangement and increasing oil output at the same time that global oil demand was plummeting, which compounded market turmoil. The resulting drop in prices undercut oil exporters, many of which are in emerging markets, as well as a large segment of the high-yield credit market.

Central banks around the world responded quickly and massively to the crisis with programs to improve liquidity and support markets. They proved largely successful in helping to restore market function, easing volatility and stimulating a market rebound at the end of the period. Monetary easing measures were complimented by large fiscal stimulus plans in developed countries. Even emerging market countries were able to implement counter-cyclical policies, a departure from the usual market-dictated response to risk-off crises, due to relatively manageable external liabilities and balance of payments in many countries and persistently low inflation.

As is often the case in a serious crisis, market vulnerabilities have been revealed. For example, companies that have added significant leverage to their balance sheets in recent years by borrowing to fund dividend payments and stock buybacks may find it difficult to follow that path in the future, and investors may not reward them if they do. Recapitalizations by some of these highly leveraged firms could dilute existing shareholders. Very long supply chains designed to squeeze out every bit of savings may be shifted closer to home markets if companies seek to emphasize resiliency over cost after a series of supply disruptions. The aftereffects of the global pandemic could impact consumer, business and government behavior in ways it will be difficult to forecast.

MFS Lifetime Income Fund

Summary of Results

For the twelve months ended April 30, 2020, Class A shares of the MFS Lifetime Income Fund (fund) provided a total return of 2.78%, at net asset value. This compares with a return of 10.84% for the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The fund’s other benchmark, the MFS Lifetime Income Fund Blended Index (Blended Index), generated a return of 6.74%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, fixed income markets outperformed equity markets.The fund’s broad diversification across fixed income funds was a notable detractor from relative performance, as diversification away from the US rates market and into credit and global markets generally held back performance. Further, underlying funds that tend to be overweight credit versus their respective market segments, such as the MFS Limited Maturity Fund and the MFS Total Return Bond Fund, were among the fund’s top relative detractors.

Within US stock funds, the fund’s investments in middle and small capitalization strategies, as well as value funds, generally underperformed but were partially offset by the fund’s investments in growth strategies, which outperformed.

The fund’s allocation to international stock funds and specialty funds positively affected relative performance. Within international stock funds, both the MFS Research International Fund and MFS International Intrinsic Value Fund helped relative returns as the funds performed well within their respective markets. Within specialty funds, the MFS Global Real Estate Fund supported relative performance as the fund performed well within the global real estate market segment and outweighed the negative impact from investments in the MFS Commodity Strategy Fund which underperformed the commodity market segment during the reporting period.

MFS Lifetime 2020 Fund

Summary of Results

For the twelve months ended April 30, 2020, Class A shares of the MFS Lifetime 2020 Fund (fund) provided a total return of 2.46%, at net asset value. This compares with a return of 0.86% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2020 Fund Blended Index (Blended Index), generated a return of 6.51%. The Blended

12

Management Review – continued

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

Factors Affecting Performance

During the reporting period, on an absolute basis, fixed income markets outperformed equity markets. The fund’s broad diversification across fixed income funds was a notable detractor from relative performance, as diversification away from the US rates market and into credit and global markets generally held back performance. Further, underlying funds that tend to be overweight credit versus their respective market segments, such as the MFS Limited Maturity Fund, MFS Total Return Bond Fund and MFS High Income Fund, were among the fund’s top relative detractors.

Within US stock funds, the fund’s investments in middle and small capitalization strategies, as well as value funds, generally underperformed but were partially offset by the fund’s investments in growth strategies, which outperformed.

The fund’s allocation to international stock funds and specialty funds positively affected relative performance. Within international stock funds, both the MFS Research International Fund and MFS International Intrinsic Value Fund helped relative returns as the funds performed well within their respective markets. Within specialty funds, the MFS Global Real Estate Fund supported relative performance as the fund performed well within the global real estate market segment and outweighed the negative impact from investments in the MFS Commodity Strategy Fund which underperformed the commodity market segment during the reporting period.

MFS Lifetime 2025 Fund

Summary of Results

For the twelve months ended April 30, 2020, Class A shares of the MFS Lifetime 2025 Fund (fund) provided a total return of 1.25%, at net asset value. This compares with a return of 0.86% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2025 Fund Blended Index (Blended Index), generated a return of 4.86%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, fixed income markets outperformed equity markets. On a relative basis, the fund’s allocation to both bond funds and US stock funds were notable detractors from performance.

Within the fixed income segment of the fund, diversification away from the US rates market and into credit and global markets generally held back performance. Further, underlying funds that tend to be overweight credit versus their respective market segments, such as the MFS Limited Maturity Fund, MFS High Income Fund and MFS Total Return Bond Fund, were among the fund’s top relative detractors.

Within US stock funds, the fund’s investments in middle and small capitalization strategies, as well as value funds, generally underperformed but were partially offset by the fund’s investments in growth strategies, which outperformed.

The fund’s allocation to international stock funds and specialty funds positively affected relative performance. Within international stock funds, both the MFS Research International Fund and MFS International Intrinsic Value Fund helped relative returns as the funds performed well within their respective markets. Within specialty funds, the MFS Global Real Estate Fund supported relative performance as the fund performed well within the global real estate market segment and outweighed the negative impact from investments in the MFS Commodity Strategy Fund which underperformed the commodity market segment during the reporting period.

MFS Lifetime 2030 Fund

Summary of Results

For the twelve months ended April 30, 2020, Class A shares of the MFS Lifetime 2030 Fund (fund) provided a total return of –1.36%, at net asset value. This compares with a return of 0.86% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2030 Fund Blended Index (Blended Index), generated a return of 1.73%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, fixed income markets outperformed equity markets. On a relative basis, the fund’s allocation to bond funds and US stock funds were notable detractors from performance.

13

Management Review – continued

Within the fixed income segment of the fund, most of the underlying funds underperformed their respective market segments during the reporting period. The fund’s diversification into credit and global markets generally held back performance. Further, underlying funds that tend to be overweight credit versus their respective market segments, such as the MFS High Income Fund, were among the fund’s top relative detractors.

Within US stock funds, the fund’s investments in middle and small capitalization strategies, as well as value funds, generally underperformed but were partially offset by the fund’s investments in growth strategies, which outperformed.

The fund’s allocation to international stock funds and specialty funds positively affected relative performance. Within international stock funds, both the MFS Research International Fund and MFS International Intrinsic Value Fund helped relative returns as the funds performed well within their respective markets. Within specialty funds, the MFS Global Real Estate Fund supported relative performance as the fund performed well within the global real estate market segment and outweighed the negative impact from investments in the MFS Commodity Strategy Fund which underperformed the commodity market segment during the reporting period.

MFS Lifetime 2035 Fund

Summary of Results

For the twelve months ended April 30, 2020, Class A shares of the MFS Lifetime 2035 Fund (fund) provided a total return of –4.23%, at net asset value. This compares with a return of 0.86% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2035 Fund Blended Index (Blended Index), generated a return of –1.42%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, fixed income markets outperformed equity markets. On a relative basis, the fund’s allocation to US stock funds and bond funds were notable detractors from performance.

Within US stock funds, the fund’s investments in middle and small capitalization strategies, as well as value funds, generally underperformed but were partially offset by the fund’s investments in growth strategies, which outperformed.

Within the fixed income segment of the fund, most of the underlying funds underperformed their respective market segments during the reporting period. The fund’s diversification into credit and global markets generally held back performance. Further, underlying funds that tend to be overweight credit versus their respective market segments, such as the MFS High Income Fund and MFS Emerging Market Debt Fund, were among the fund’s top relative detractors.

The fund’s allocation to international stock funds and specialty funds positively affected relative performance. Within international stock funds, the MFS International Intrinsic Value Fund, MFS Research International Fund and MFS International Growth Fund helped relative returns. Within specialty funds, MFS Global Real Estate Fund supported relative performance as the fund performed well within the global real estate market segment and outweighed the negative impact from investments in the MFS Commodity Strategy Fund which underperformed the commodity market segment during the reporting period.

MFS Lifetime 2040 Fund

Summary of Results

For the twelve months ended April 30, 2020, Class A shares of the MFS Lifetime 2040 Fund (fund) provided a total return of –5.08%, at net asset value. This compares with a return of 0.86% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2040 Fund Blended Index (Blended Index), generated a return of –2.96%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, fixed income markets outperformed equity markets. On a relative basis, the fund’s allocation to US stock funds and bond funds were notable detractors from performance.

Within US stock funds, the fund’s investments in middle and small capitalization strategies, as well as value funds, generally underperformed but were partially offset by the fund’s investments in growth strategies, which outperformed.

Within the fixed income segment of the fund, most of the underlying funds underperformed their respective market segments during the reporting period. The fund’s diversification into credit and global markets generally held back performance. Further, underlying funds that tend to be overweight credit versus their respective market segments, such as the MFS High Income Fund and MFS Emerging Market Debt Fund, were among the fund’s top relative detractors.

14

Management Review – continued

The fund’s allocation to international stock funds and specialty funds positively affected relative performance. Within international stock funds, the MFS International Intrinsic Value Fund, MFS Research International Fund and MFS International Growth Fund helped relative returns. Within specialty funds, the MFS Global Real Estate Fund supported relative performance as the fund performed well within the global real estate market segment and outweighed the negative impact from investments in the MFS Commodity Strategy Fund which underperformed the commodity market segment during the reporting period.

MFS Lifetime 2045 Fund

Summary of Results

For the twelve months ended April 30, 2020, Class A shares of the MFS Lifetime 2045 Fund (fund) provided a total return of –5.93%, at net asset value. This compares with a return of 0.86% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2045 Fund Blended Index (Blended Index), generated a return of –4.26%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, fixed income markets outperformed equity markets. On a relative basis, the fund’s allocation to US stock funds was a notable detractor from performance.

Within US stock funds, the fund’s investments in middle and small capitalization strategies, as well as value funds, generally underperformed but were partially offset by the fund’s investments in growth strategies, which outperformed.

Within the fixed income segment of the fund, the fund’s diversification into credit and global markets generally held back performance. Further, underlying funds that tend to be overweight credit versus their respective market segments, such as the MFS Total Return Bond Fund, were among the fund’s top relative detractors.

The fund’s allocation to international stock funds and specialty funds positively affected relative performance. Within international stock funds, the MFS International Intrinsic Value Fund, MFS International Growth Fund and MFS Research International Fund helped relative returns. Within specialty funds, the MFS Global Real Estate Fund supported relative performance as the fund performed well within the global real estate market segment and outweighed the negative impact from investments in the MFS Commodity Strategy Fund which underperformed the commodity market segment during the reporting period.

MFS Lifetime 2050 Fund

Summary of Results

For the twelve months ended April 30, 2020, Class A shares of the MFS Lifetime 2050 Fund (fund) provided a total return of –5.93%, at net asset value. This compares with a return of 0.86% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2050 Fund Blended Index (Blended Index), generated a return of –4.26%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, fixed income markets outperformed equity markets. On a relative basis, the fund’s allocation to US stock funds was a notable detractor from performance.

Within US stock funds, the fund’s investments in middle and small capitalization strategies, as well as value funds, generally underperformed but were partially offset by the fund’s investments in growth strategies, which outperformed.

Within the fixed income segment of the fund, the fund’s diversification into credit and global markets generally held back performance. Further, underlying funds that tend to be overweight credit versus their respective market segments, such as the MFS Total Return Bond Fund, were among the fund’s top relative detractors.

The fund’s allocation to international stock funds and specialty funds positively affected relative performance. Within international stock funds, the MFS International Intrinsic Value Fund, MFS International Growth Fund and MFS Research International Fund helped relative returns. Within specialty funds, the MFS Global Real Estate Fund supported relative performance as the fund performed well within the global real estate market segment and outweighed the negative impact from investments in the MFS Commodity Strategy Fund which underperformed the commodity market segment during the reporting period.

MFS Lifetime 2055 Fund

Summary of Results

For the twelve months ended April 30, 2020, Class A shares of the MFS Lifetime 2055 Fund (fund) provided a total return of –5.87%, at net asset value. This compares with a return of 0.86% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index.

15

Management Review – continued

The fund’s other benchmark, the MFS Lifetime 2055 Fund Blended Index (Blended Index), generated a return of –4.26%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, fixed income markets outperformed equity markets. On a relative basis, the fund’s allocation to US stock funds was a notable detractor from performance.

Within US stock funds, the fund’s investments in middle and small capitalization strategies, as well as value funds, generally underperformed but were partially offset by the fund’s investments in growth strategies, which outperformed.

Within the fixed income segment of the fund, the fund’s diversification into credit and global markets generally held back performance. Further, underlying funds that tend to be overweight credit versus their respective market segments, such as the MFS Total Return Bond Fund, were among the fund’s top relative detractors.

The fund’s allocation to international stock funds and specialty funds positively affected relative performance. Within international stock funds, the MFS International Intrinsic Value Fund, MFS International Growth Fund and MFS Research International Fund helped relative returns. Within specialty funds, the MFS Global Real Estate Fund supported relative performance as the fund performed well within the global real estate market segment and outweighed the negative impact from investments in the MFS Commodity Strategy Fund which underperformed the commodity market segment during the reporting period.

MFS Lifetime 2060 Fund

Summary of Results

For the twelve months ended April 30, 2020, Class A shares of the MFS Lifetime 2060 Fund (fund) provided a total return of –5.83%, at net asset value. This compares with a return of 0.86% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2060 Fund Blended Index (Blended Index), generated a return of –4.26%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Factors Affecting Performance

During the reporting period, on an absolute basis, fixed income markets outperformed equity markets. On a relative basis, the fund’s allocation to US stock funds was a notable detractor from performance.

Within US stock funds, the fund’s investments in middle and small capitalization strategies, as well as value funds, generally underperformed but were partially offset by the fund’s investments in growth strategies, which outperformed.

Within the fixed income segment of the fund, the fund’s diversification into credit and global markets generally held back performance. Further, underlying funds that tend to be overweight credit versus their respective market segments, such as the MFS Total Return Bond Fund, were among the fund’s top relative detractors.

The fund’s allocation to international stock funds and specialty funds positively affected relative performance. Within international stock funds, the MFS International Intrinsic Value Fund, MFS International Growth Fund and MFS Research International Fund helped relative returns. Within specialty funds, the MFS Global Real Estate Fund supported relative performance as the fund performed well within the global real estate market segment and outweighed the negative impact from investments in the MFS Commodity Strategy Fund which underperformed the commodity market segment during the reporting period.

Respectfully,

Portfolio Manager(s)

Joseph Flaherty and Natalie Shapiro

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

16

PERFORMANCE SUMMARY THROUGH 4/30/20

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

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

MFS Lifetime Income Fund

Growth of a hypothetical $10,000 investment

Average annual total returns through 4/30/20

Without sales charge

Share Class	Class Inception Date	1-yr	5-yr	10-yr	Life (t)
A	9/29/05	2.78%	3.48%	4.59%	N/A
B	9/29/05	1.93%	2.71%	3.80%	N/A
C	9/29/05	1.93%	2.69%	3.79%	N/A
I	9/29/05	2.96%	3.72%	4.84%	N/A
R1	9/29/05	1.93%	2.71%	3.80%	N/A
R2	9/29/05	2.44%	3.21%	4.32%	N/A
R3	9/29/05	2.70%	3.46%	4.58%	N/A
R4	9/29/05	3.04%	3.72%	4.83%	N/A
R6	8/29/16	3.04%	N/A	N/A	4.23%
529A	1/08/15	2.71%	3.45%	N/A	3.65%
529B	1/08/15	1.94%	2.68%	N/A	2.87%
529C	1/08/15	1.83%	2.66%	N/A	2.85%

17

Performance Summary – continued

Comparative benchmark(s)
		1-yr	5-yr	10-yr	Life (t)
	Bloomberg Barclays U.S. Aggregate Bond Index (f)	10.84%	3.80%	3.96%	N/A
	MFS Lifetime Income Fund Blended Index (f)(z)	6.74%	4.56%	5.49%	N/A
	Bloomberg Commodity Index (f)	(23.18)%	(9.07)%	(7.07)%	N/A
	FTSE EPRA Nareit Developed Real Estate Index (net div) (f)	(17.51)%	(0.40)%	4.86%	N/A
	MSCI EAFE Index (net div) (f)	(11.34)%	(0.17)%	3.55%	N/A
	Standard & Poor’s 500 Stock Index (f)	0.86%	9.12%	11.69%	N/A
With sales charge
	A With Initial Sales Charge (4.25%)	(1.58)%	2.59%	4.13%	N/A
	B With CDSC (Declining over six years from 4% to 0%) (v)	(2.03)%	2.35%	3.80%	N/A
	C With CDSC (1% for 12 months) (v)	0.94%	2.69%	3.79%	N/A
	529A With Initial Sales Charge (4.25%)	(1.66)%	2.56%	N/A	2.80%
	529B With CDSC (Declining over six years from 4% to 0%) (v)	(2.02)%	2.32%	N/A	2.70%
	529C With CDSC (1% for 12 months) (v)	0.84%	2.66%	N/A	2.85%

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

(f) Source: FactSet Research Systems Inc.

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

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

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

	4/30/20	4/30/19
Bloomberg Barclays U.S. Aggregate Bond Index	71%	71%
Standard & Poor’s 500 Stock Index	20%	20%
MSCI EAFE Index (net div)	5%	5%
FTSE EPRA Nareit Developed Real Estate Index (net div)	2%	2%
Bloomberg Commodity Index	2%	2%

18

Performance Summary – continued

MFS Lifetime 2020 Fund

Growth of a hypothetical $10,000 investment

Average annual total returns through 4/30/20

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	10-yr	Life (t)
	A	9/29/05	2.46%	3.88%	5.83%	N/A
	B	9/29/05	1.72%	3.11%	5.05%	N/A
	C	9/29/05	1.64%	3.09%	5.04%	N/A
	I	9/29/05	2.77%	4.15%	6.10%	N/A
	R1	9/29/05	1.64%	3.08%	5.03%	N/A
	R2	9/29/05	2.25%	3.63%	5.57%	N/A
	R3	9/29/05	2.48%	3.88%	5.83%	N/A
	R4	9/29/05	2.69%	4.14%	6.09%	N/A
	R6	8/29/16	2.91%	N/A	N/A	4.70%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		0.86%	9.12%	11.69%	N/A
	MFS Lifetime 2020 Fund Blended Index (f)(z)		6.51%	4.88%	6.44%	N/A
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		10.84%	3.80%	3.96%	N/A
	Bloomberg Commodity Index (f)		(23.18)%	(9.07)%	(7.07)%	N/A
	FTSE EPRA Nareit Developed Real Estate Index (net div) (f)		(17.51)%	(0.40)%	4.86%	N/A
	MSCI EAFE Index (net div) (f)		(11.34)%	(0.17)%	3.55%	N/A
With sales charge
	A With Initial Sales Charge (5.75%)		(3.43)%	2.65%	5.20%	N/A
	B With CDSC (Declining over six years from 4% to 0%) (v)		(2.19)%	2.78%	5.05%	N/A
	C With CDSC (1% for 12 months) (v)		0.67%	3.09%	5.04%	N/A

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

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

19

Performance Summary – continued

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

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

	4/30/20	4/30/19
Bloomberg Barclays U.S. Aggregate Bond Index	69.90%	67.70%
Standard & Poor’s 500 Stock Index	20.80%	22.40%
MSCI EAFE Index (net div)	5.30%	5.90%
Bloomberg Commodity Index	2.00%	2.00%
FTSE EPRA Nareit Developed Real Estate Index (net div)	2.00%	2.00%

20

Performance Summary – continued

MFS Lifetime 2025 Fund

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

Average annual total returns through 4/30/20

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	Life (t)
	A	11/02/12	1.25%	4.48%	6.41%
	B	11/02/12	0.48%	3.68%	5.60%
	C	11/02/12	0.45%	3.67%	5.59%
	I	11/02/12	1.38%	4.71%	6.65%
	R1	11/02/12	0.37%	3.66%	5.59%
	R2	11/02/12	0.93%	4.18%	6.12%
	R3	11/02/12	1.17%	4.45%	6.38%
	R4	11/02/12	1.37%	4.71%	6.65%
	R6	8/29/16	1.57%	N/A	5.52%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		0.86%	9.12%	12.28%
	MFS Lifetime 2025 Fund Blended Index (f)(z)		4.86%	5.30%	7.17%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		10.84%	3.80%	3.22%
	Bloomberg Commodity Index (f)		(23.18)%	(9.07)%	(10.07)%
	FTSE EPRA Nareit Developed Real Estate Index (net div) (f)		(17.51)%	(0.40)%	2.99%
	MSCI EAFE Index (net div) (f)		(11.34)%	(0.17)%	3.85%
With sales charge
	A With Initial Sales Charge (5.75%)		(4.57)%	3.25%	5.58%
	B With CDSC (Declining over six years from 4% to 0%) (v)		(3.43)%	3.33%	5.60%
	C With CDSC (1% for 12 months) (v)		(0.52)%	3.67%	5.59%

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

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

21

Performance Summary – continued

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

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

	4/30/20	4/30/19
Bloomberg Barclays U.S. Aggregate Bond Index	58.00%	54.00%
Standard & Poor’s 500 Stock Index	29.30%	31.90%
MSCI EAFE Index (net div)	8.50%	9.50%
Bloomberg Commodity Index	2.10%	2.30%
FTSE EPRA Nareit Developed Real Estate Index (net div)	2.10%	2.30%

22

Performance Summary – continued

MFS Lifetime 2030 Fund

Growth of a hypothetical $10,000 investment

Average annual total returns through 4/30/20

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	10-yr	Life (t)
	A	9/29/05	(1.36)%	4.94%	7.58%	N/A
	B	9/29/05	(2.07)%	4.16%	6.77%	N/A
	C	9/29/05	(2.05)%	4.17%	6.77%	N/A
	I	9/29/05	(1.07)%	5.17%	7.82%	N/A
	R1	9/29/05	(2.06)%	4.17%	6.77%	N/A
	R2	9/29/05	(1.60)%	4.68%	7.30%	N/A
	R3	9/29/05	(1.31)%	4.95%	7.58%	N/A
	R4	9/29/05	(1.14)%	5.20%	7.83%	N/A
	R6	8/29/16	(1.02)%	N/A	N/A	6.22%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		0.86%	9.12%	11.69%	N/A
	MFS Lifetime 2030 Fund Blended Index (f)(z)		1.73%	5.50%	7.82%	N/A
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		10.84%	3.80%	3.96%	N/A
	Bloomberg Commodity Index (f)		(23.18)%	(9.07)%	(7.07)%	N/A
	FTSE EPRA Nareit Developed Real Estate Index (net div) (f)		(17.51)%	(0.40)%	4.86%	N/A
	MSCI EAFE Index (net div) (f)		(11.34)%	(0.17)%	3.55%	N/A
With sales charge
	A With Initial Sales Charge (5.75%)		(7.03)%	3.71%	6.94%	N/A
	B With CDSC (Declining over six years from 4% to 0%) (v)		(5.82)%	3.81%	6.77%	N/A
	C With CDSC (1% for 12 months) (v)		(2.99)%	4.17%	6.77%	N/A

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

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

23

Performance Summary – continued

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

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

	4/30/20	4/30/19
Standard & Poor’s 500 Stock Index	42.10%	44.30%
Bloomberg Barclays U.S. Aggregate Bond Index	38.00%	34.00%
MSCI EAFE Index (net div)	13.70%	15.10%
Bloomberg Commodity Index	3.10%	3.30%
FTSE EPRA Nareit Developed Real Estate Index (net div)	3.10%	3.30%

24

Performance Summary – continued

MFS Lifetime 2035 Fund

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

Average annual total returns through 4/30/20

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	Life (t)
	A	11/02/12	(4.23)%	4.87%	7.51%
	B	11/02/12	(4.98)%	4.08%	6.71%
	C	11/02/12	(4.97)%	4.09%	6.71%
	I	11/02/12	(4.03)%	5.08%	7.74%
	R1	11/02/12	(5.01)%	4.07%	6.70%
	R2	11/02/12	(4.50)%	4.61%	7.24%
	R3	11/02/12	(4.27)%	4.87%	7.51%
	R4	11/02/12	(4.01)%	5.12%	7.78%
	R6	8/29/16	(3.90)%	N/A	6.12%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		0.86%	9.12%	12.28%
	MFS Lifetime 2035 Fund Blended Index (f)(z)		(1.42)%	5.26%	7.99%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		10.84%	3.80%	3.22%
	Bloomberg Commodity Index (f)		(23.18)%	(9.07)%	(10.07)%
	FTSE EPRA Nareit Developed Real Estate Index (net div) (f)		(17.51)%	(0.40)%	2.99%
	MSCI EAFE Index (net div) (f)		(11.34)%	(0.17)%	3.85%
With sales charge
	A With Initial Sales Charge (5.75%)		(9.74)%	3.63%	6.66%
	B With CDSC (Declining over six years from 4% to 0%) (v)		(8.67)%	3.74%	6.71%
	C With CDSC (1% for 12 months) (v)		(5.89)%	4.09%	6.71%

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

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

25

Performance Summary – continued

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

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

	4/30/20	4/30/19
Standard & Poor’s 500 Stock Index	52.25%	52.75%
MSCI EAFE Index (net div)	20.40%	21.20%
Bloomberg Barclays U.S. Aggregate Bond Index	19.25%	17.75%
Bloomberg Commodity Index	4.05%	4.15%
FTSE EPRA Nareit Developed Real Estate Index (net div)	4.05%	4.15%

26

Performance Summary – continued

MFS Lifetime 2040 Fund

Growth of a hypothetical $10,000 investment

Average annual total returns through 4/30/20

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	10-yr	Life (t)
	A	9/29/05	(5.08)%	4.93%	7.87%	N/A
	B	9/29/05	(5.80)%	4.15%	7.07%	N/A
	C	9/29/05	(5.79)%	4.14%	7.07%	N/A
	I	9/29/05	(4.81)%	5.15%	8.12%	N/A
	R1	9/29/05	(5.80)%	4.14%	7.06%	N/A
	R2	9/29/05	(5.30)%	4.68%	7.61%	N/A
	R3	9/29/05	(5.02)%	4.94%	7.87%	N/A
	R4	9/29/05	(4.84)%	5.20%	8.14%	N/A
	R6	8/29/16	(4.72)%	N/A	N/A	6.27%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		0.86%	9.12%	11.69%	N/A
	MFS Lifetime 2040 Fund Blended Index (f)(z)		(2.96)%	5.10%	7.90%	N/A
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		10.84%	3.80%	3.96%	N/A
	Bloomberg Commodity Index (f)		(23.18)%	(9.07)%	(7.07)%	N/A
	FTSE EPRA Nareit Developed Real Estate Index (net div) (f)		(17.51)%	(0.40)%	4.86%	N/A
	MSCI EAFE Index (net div) (f)		(11.34)%	(0.17)%	3.55%	N/A
With sales charge
	A With Initial Sales Charge (5.75%)		(10.53)%	3.70%	7.24%	N/A
	B With CDSC (Declining over six years from 4% to 0%) (v)		(9.39)%	3.80%	7.07%	N/A
	C With CDSC (1% for 12 months) (v)		(6.69)%	4.14%	7.07%	N/A

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

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

27

Performance Summary – continued

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

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

	4/30/20	4/30/19
Standard & Poor’s 500 Stock Index	54.75%	55.25%
MSCI EAFE Index (net div)	24.40%	25.20%
Bloomberg Barclays U.S. Aggregate Bond Index	11.75%	10.25%
Bloomberg Commodity Index	4.55%	4.65%
FTSE EPRA Nareit Developed Real Estate Index (net div)	4.55%	4.65%

28

Performance Summary – continued

MFS Lifetime 2045 Fund

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

Average annual total returns through 4/30/20

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	Life (t)
	A	11/02/12	(5.93)%	4.83%	7.66%
	B	11/02/12	(6.62)%	4.06%	6.84%
	C	11/02/12	(6.60)%	4.05%	6.84%
	I	11/02/12	(5.72)%	5.12%	7.93%
	R1	11/02/12	(6.67)%	4.04%	6.83%
	R2	11/02/12	(6.12)%	4.57%	7.38%
	R3	11/02/12	(5.93)%	4.84%	7.65%
	R4	11/02/12	(5.67)%	5.11%	7.91%
	R6	8/29/16	(5.55)%	N/A	6.13%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		0.86%	9.12%	12.28%
	MFS Lifetime 2045 Fund Blended Index (f)(z)		(4.26)%	4.91%	7.90%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		10.84%	3.80%	3.22%
	Bloomberg Commodity Index (f)		(23.18)%	(9.07)%	(10.07)%
	FTSE EPRA Nareit Developed Real Estate Index (net div) (f)		(17.51)%	(0.40)%	2.99%
	MSCI EAFE Index (net div) (f)		(11.34)%	(0.17)%	3.85%
With sales charge
	A With Initial Sales Charge (5.75%)		(11.33)%	3.60%	6.81%
	B With CDSC (Declining over six years from 4% to 0%) (v)		(10.25)%	3.71%	6.84%
	C With CDSC (1% for 12 months) (v)		(7.51)%	4.05%	6.84%

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

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

29

Performance Summary – continued

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

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

	4/30/20	4/30/19
Standard & Poor’s 500 Stock Index	57.00%	57.00%
MSCI EAFE Index (net div)	28.00%	28.00%
Bloomberg Barclays U.S. Aggregate Bond Index	5.00%	5.00%
Bloomberg Commodity Index	5.00%	5.00%
FTSE EPRA Nareit Developed Real Estate Index (net div)	5.00%	5.00%

30

Performance Summary – continued

MFS Lifetime 2050 Fund

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

Average annual total returns through 4/30/20

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	Life (t)
	A	9/15/10	(5.93)%	4.84%	8.30%
	B	9/15/10	(6.61)%	4.06%	7.49%
	C	9/15/10	(6.66)%	4.05%	7.49%
	I	9/15/10	(5.71)%	5.11%	8.57%
	R1	9/15/10	(6.64)%	4.05%	7.49%
	R2	9/15/10	(6.12)%	4.58%	8.04%
	R3	9/15/10	(5.96)%	4.83%	8.30%
	R4	9/15/10	(5.69)%	5.09%	8.57%
	R6	8/29/16	(5.52)%	N/A	6.12%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		0.86%	9.12%	12.73%
	MFS Lifetime 2050 Fund Blended Index (f)(z)		(4.26)%	4.91%	8.36%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		10.84%	3.80%	3.64%
	Bloomberg Commodity Index (f)		(23.18)%	(9.07)%	(7.56)%
	FTSE EPRA Nareit Developed Real Estate Index (net div) (f)		(17.51)%	(0.40)%	4.65%
	MSCI EAFE Index (net div) (f)		(11.34)%	(0.17)%	3.68%
With sales charge
	A With Initial Sales Charge (5.75%)		(11.34)%	3.60%	7.64%
	B With CDSC (Declining over six years from 4% to 0%) (v)		(10.23)%	3.72%	7.49%
	C With CDSC (1% for 12 months) (v)		(7.56)%	4.05%	7.49%

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

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

31

Performance Summary – continued

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

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

	4/30/20	4/30/19
Standard & Poor’s 500 Stock Index	57.00%	57.00%
MSCI EAFE Index (net div)	28.00%	28.00%
Bloomberg Barclays U.S. Aggregate Bond Index	5.00%	5.00%
Bloomberg Commodity Index	5.00%	5.00%
FTSE EPRA Nareit Developed Real Estate Index (net div)	5.00%	5.00%

32

Performance Summary – continued

MFS Lifetime 2055 Fund

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

Average annual total returns through 4/30/20

Without sales charge

	Share Class	Class Inception Date	1-yr	5-yr	Life (t)
	A	11/02/12	(5.87)%	4.84%	7.65%
	B	11/02/12	(6.61)%	4.05%	6.85%
	C	11/02/12	(6.59)%	4.05%	6.85%
	I	11/02/12	(5.65)%	5.01%	7.86%
	R1	11/02/12	(6.60)%	4.03%	6.84%
	R2	11/02/12	(6.12)%	4.57%	7.38%
	R3	11/02/12	(5.88)%	4.83%	7.65%
	R4	11/02/12	(5.67)%	5.10%	7.92%
	R6	8/29/16	(5.50)%	N/A	6.11%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		0.86%	9.12%	12.28%
	MFS Lifetime 2055 Fund Blended Index (f)(z)		(4.26)%	4.91%	7.90%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		10.84%	3.80%	3.22%
	Bloomberg Commodity Index (f)		(23.18)%	(9.07)%	(10.07)%
	FTSE EPRA Nareit Developed Real Estate Index (net div) (f)		(17.51)%	(0.40)%	2.99%
	MSCI EAFE Index (net div) (f)		(11.34)%	(0.17)%	3.85%
With sales charge
	A With Initial Sales Charge (5.75%)		(11.28)%	3.60%	6.80%
	B With CDSC (Declining over six years from 4% to 0%) (v)		(10.24)%	3.71%	6.85%
	C With CDSC (1% for 12 months) (v)		(7.50)%	4.05%	6.85%

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

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

33

Performance Summary – continued

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

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

	4/30/20	4/30/19
Standard & Poor’s 500 Stock Index	57.00%	57.00%
MSCI EAFE Index (net div)	28.00%	28.00%
Bloomberg Barclays U.S. Aggregate Bond Index	5.00%	5.00%
Bloomberg Commodity Index	5.00%	5.00%
FTSE EPRA Nareit Developed Real Estate Index (net div)	5.00%	5.00%

34

Performance Summary – continued

MFS Lifetime 2060 Fund

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

Average annual total returns through 4/30/20

Without sales charge

	Share Class	Class Inception Date	1-yr	Life (t)
	A	12/06/16	(5.83)%	6.30%
	B	12/06/16	(6.53)%	5.53%
	C	12/06/16	(6.53)%	5.53%
	I	12/06/16	(5.58)%	6.59%
	R1	12/06/16	(6.46)%	5.54%
	R2	12/06/16	(6.03)%	6.07%
	R3	12/06/16	(5.78)%	6.32%
	R4	12/06/16	(5.55)%	6.58%
	R6	12/06/16	(5.50)%	6.67%
Comparative benchmark(s)
	Standard & Poor’s 500 Stock Index (f)		0.86%	10.69%
	MFS Lifetime 2060 Fund Blended Index (f)(z)		(4.26)%	6.84%
	Bloomberg Barclays U.S. Aggregate Bond Index (f)		10.84%	5.10%
	Bloomberg Commodity Index (f)		(23.18)%	(8.93)%
	FTSE EPRA Nareit Developed Real Estate Index (net div) (f)		(17.51)%	0.07%
	MSCI EAFE Index (net div) (f)		(11.34)%	3.18%
With sales charge
	A With Initial Sales Charge (5.75%)		(11.24)%	4.46%
	B With CDSC (Declining over six years from 4% to 0%) (v)		(10.20)%	4.75%
	C With CDSC (1% for 12 months) (v)		(7.45)%	5.53%

CDSC – Contingent Deferred Sales Charge.

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

(f) Source: FactSet Research Systems Inc.

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

35

Performance Summary – continued

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

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

	4/30/20	4/30/19
Standard & Poor’s 500 Stock Index	57.00%	57.00%
MSCI EAFE Index (net div)	28.00%	28.00%
Bloomberg Barclays U.S. Aggregate Bond Index	5.00%	5.00%
Bloomberg Commodity Index	5.00%	5.00%
FTSE EPRA Nareit Developed Real Estate Index (net div)	5.00%	5.00%

Benchmark Definition(s)

Bloomberg Barclays U.S. Aggregate Bond Index – a market capitalization-weighted index that measures the performance of the U.S. investment-grade, fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities with at least one year to final maturity. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom, and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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

FTSE EPRA Nareit Developed Real Estate Index (net div) – measures the performance of eligible real estate equities worldwide that generate a majority of their revenue and income through the ownership, disposure and development of income-producing real estate. FTSE International Limited (“FTSE”)© FTSE 2019. “FTSE®” is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. “FT-SE®”, “FOOTSIE®” and “FTSE4GOOD®” are trademarks of the London Stock Exchange Group companies. “Nareit®” is a trademark of the National Association of Real Estate Investment Trusts (“Nareit”) and “EPRA®” is a trademark of the European Public Real Estate Association (“EPRA”) and all are used by FTSE under license. The FTSE EPRA Nareit Developed Real Estate Index is calculated by FTSE. Neither FTSE, Euronext N.V., Nareit, nor EPRA sponsor, endorse, or promote this product and are not in any way connected to it and do not accept any liability. All intellectual property rights in the index values and constituent list vests in FTSE, Euronext N.V., Nareit, and EPRA. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

MSCI EAFE (Europe, Australasia, Far East) Index (net div) – a market capitalization-weighted index that is designed to measure equity market performance in the developed markets, excluding the U.S. and Canada. Morgan Stanley Capital International (“MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

Standard & Poor’s 500 Stock Index – a market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance. “Standard & Poor’s®” and “S&P®” are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by MFS. The S&P 500® is a product of S&P Dow Jones Indices LLC, and has been licensed for use by MFS. MFS’s product(s) is not sponsored, endorsed, sold, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, nor their respective affiliates make any representation regarding the advisability of investing in such product(s).

It is not possible to invest directly in an index.

Notes to Performance Summary

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

36

Performance Summary – continued

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

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

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

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

37

EXPENSE TABLES

Fund expenses borne by the shareholders during the period, November 1, 2019 through April 30, 2020

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

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

38

Expense Tables – continued

MFS LIFETIME INCOME FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/19		Ending Account Value 4/30/20		Expenses Paid During Period (p) 11/01/19-4/30/20
A	Actual		0.23%		$1,000.00		$987.04		$1.14
	Hypothetical (h)		0.23%		$1,000.00		$1,023.72		$1.16
B	Actual		0.98%		$1,000.00		$983.31		$4.83
	Hypothetical (h)		0.98%		$1,000.00		$1,019.99		$4.92
C	Actual		0.98%		$1,000.00		$982.51		$4.83
	Hypothetical (h)		0.98%		$1,000.00		$1,019.99		$4.92
I	Actual		0.00%		$1,000.00		$987.51		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R1	Actual		0.98%		$1,000.00		$982.55		$4.83
	Hypothetical (h)		0.98%		$1,000.00		$1,019.99		$4.92
R2	Actual		0.48%		$1,000.00		$985.01		$2.37
	Hypothetical (h)		0.48%		$1,000.00		$1,022.48		$2.41
R3	Actual		0.23%		$1,000.00		$987.04		$1.14
	Hypothetical (h)		0.23%		$1,000.00		$1,023.72		$1.16
R4	Actual		0.00%		$1,000.00		$988.29		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R6	Actual		0.00%		$1,000.00		$987.99		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
529A	Actual		0.27%		$1,000.00		$986.49		$1.33
	Hypothetical (h)		0.27%		$1,000.00		$1,023.52		$1.36
529B	Actual		1.02%		$1,000.00		$982.77		$5.03
	Hypothetical (h)		1.02%		$1,000.00		$1,019.79		$5.12
529C	Actual		1.03%		$1,000.00		$982.68		$5.08
	Hypothetical (h)		1.03%		$1,000.00		$1,019.74		$5.17

(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 182/366 (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 and Class 529B shares, this rebate reduced the expense ratios above by 0.02%. See Note 3 in the Notes to Financial Statements for additional information.

39

Expense Tables – continued

MFS LIFETIME 2020 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/19		Ending Account Value 4/30/20		Expenses Paid During Period (p) 11/01/19-4/30/20
A	Actual		0.24%		$1,000.00		$984.41		$1.18
	Hypothetical (h)		0.24%		$1,000.00		$1,023.67		$1.21
B	Actual		0.99%		$1,000.00		$980.77		$4.88
	Hypothetical (h)		0.99%		$1,000.00		$1,019.94		$4.97
C	Actual		0.99%		$1,000.00		$980.19		$4.87
	Hypothetical (h)		0.99%		$1,000.00		$1,019.94		$4.97
I	Actual		0.00%		$1,000.00		$985.47		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R1	Actual		1.00%		$1,000.00		$980.00		$4.92
	Hypothetical (h)		1.00%		$1,000.00		$1,019.89		$5.02
R2	Actual		0.50%		$1,000.00		$983.53		$2.47
	Hypothetical (h)		0.50%		$1,000.00		$1,022.38		$2.51
R3	Actual		0.25%		$1,000.00		$984.64		$1.23
	Hypothetical (h)		0.25%		$1,000.00		$1,023.62		$1.26
R4	Actual		0.00%		$1,000.00		$985.45		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R6	Actual		0.00%		$1,000.00		$985.99		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$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 182/366 (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.

40

Expense Tables – continued

MFS LIFETIME 2025 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/19		Ending Account Value 4/30/20		Expenses Paid During Period (p) 11/01/19-4/30/20
A	Actual		0.24%		$1,000.00		$972.23		$1.18
	Hypothetical (h)		0.24%		$1,000.00		$1,023.67		$1.21
B	Actual		1.00%		$1,000.00		$968.10		$4.89
	Hypothetical (h)		1.00%		$1,000.00		$1,019.89		$5.02
C	Actual		1.01%		$1,000.00		$967.66		$4.94
	Hypothetical (h)		1.01%		$1,000.00		$1,019.84		$5.07
I	Actual		0.00%		$1,000.00		$972.16		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R1	Actual		1.01%		$1,000.00		$967.87		$4.94
	Hypothetical (h)		1.01%		$1,000.00		$1,019.84		$5.07
R2	Actual		0.51%		$1,000.00		$970.37		$2.50
	Hypothetical (h)		0.51%		$1,000.00		$1,022.33		$2.56
R3	Actual		0.26%		$1,000.00		$971.46		$1.27
	Hypothetical (h)		0.26%		$1,000.00		$1,023.57		$1.31
R4	Actual		0.00%		$1,000.00		$972.16		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R6	Actual		0.00%		$1,000.00		$974.07		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$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 182/366 (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.

41

Expense Tables – continued

MFS LIFETIME 2030 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/19		Ending Account Value 4/30/20		Expenses Paid During Period (p) 11/01/19-4/30/20
A	Actual		0.24%		$1,000.00		$949.26		$1.16
	Hypothetical (h)		0.24%		$1,000.00		$1,023.67		$1.21
B	Actual		0.99%		$1,000.00		$945.44		$4.79
	Hypothetical (h)		0.99%		$1,000.00		$1,019.94		$4.97
C	Actual		0.99%		$1,000.00		$945.41		$4.79
	Hypothetical (h)		0.99%		$1,000.00		$1,019.94		$4.97
I	Actual		0.00%		$1,000.00		$950.41		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R1	Actual		1.00%		$1,000.00		$945.69		$4.84
	Hypothetical (h)		1.00%		$1,000.00		$1,019.89		$5.02
R2	Actual		0.49%		$1,000.00		$947.80		$2.37
	Hypothetical (h)		0.49%		$1,000.00		$1,022.43		$2.46
R3	Actual		0.25%		$1,000.00		$949.62		$1.21
	Hypothetical (h)		0.25%		$1,000.00		$1,023.62		$1.26
R4	Actual		0.00%		$1,000.00		$949.85		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R6	Actual		0.00%		$1,000.00		$950.40		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$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 182/366 (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.

42

Expense Tables – continued

MFS LIFETIME 2035 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/19		Ending Account Value 4/30/20		Expenses Paid During Period (p) 11/01/19-4/30/20
A	Actual		0.25%		$1,000.00		$924.26		$1.20
	Hypothetical (h)		0.25%		$1,000.00		$1,023.62		$1.26
B	Actual		1.00%		$1,000.00		$920.46		$4.77
	Hypothetical (h)		1.00%		$1,000.00		$1,019.89		$5.02
C	Actual		0.99%		$1,000.00		$921.04		$4.73
	Hypothetical (h)		0.99%		$1,000.00		$1,019.94		$4.97
I	Actual		0.00%		$1,000.00		$925.72		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R1	Actual		1.00%		$1,000.00		$920.13		$4.77
	Hypothetical (h)		1.00%		$1,000.00		$1,019.89		$5.02
R2	Actual		0.50%		$1,000.00		$923.42		$2.39
	Hypothetical (h)		0.50%		$1,000.00		$1,022.38		$2.51
R3	Actual		0.25%		$1,000.00		$923.97		$1.20
	Hypothetical (h)		0.25%		$1,000.00		$1,023.62		$1.26
R4	Actual		0.00%		$1,000.00		$925.37		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R6	Actual		0.00%		$1,000.00		$925.85		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$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 182/366 (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 C shares, this rebate reduced the expense ratio above by 0.01%. See Note 3 in the Notes to Financial Statements for additional information.

43

Expense Tables – continued

MFS LIFETIME 2040 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/19		Ending Account Value 4/30/20		Expenses Paid During Period (p) 11/01/19-4/30/20
A	Actual		0.24%		$1,000.00		$917.47		$1.14
	Hypothetical (h)		0.24%		$1,000.00		$1,023.67		$1.21
B	Actual		0.99%		$1,000.00		$914.06		$4.71
	Hypothetical (h)		0.99%		$1,000.00		$1,019.94		$4.97
C	Actual		1.00%		$1,000.00		$914.31		$4.76
	Hypothetical (h)		1.00%		$1,000.00		$1,019.89		$5.02
I	Actual		0.00%		$1,000.00		$919.17		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R1	Actual		1.00%		$1,000.00		$914.42		$4.76
	Hypothetical (h)		1.00%		$1,000.00		$1,019.89		$5.02
R2	Actual		0.50%		$1,000.00		$916.75		$2.38
	Hypothetical (h)		0.50%		$1,000.00		$1,022.38		$2.51
R3	Actual		0.25%		$1,000.00		$917.98		$1.19
	Hypothetical (h)		0.25%		$1,000.00		$1,023.62		$1.26
R4	Actual		0.00%		$1,000.00		$918.95		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R6	Actual		0.00%		$1,000.00		$919.56		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$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 182/366 (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.

44

Expense Tables – continued

MFS LIFETIME 2045 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/19		Ending Account Value 4/30/20		Expenses Paid During Period (p) 11/01/19-4/30/20
A	Actual		0.25%		$1,000.00		$910.27		$1.19
	Hypothetical (h)		0.25%		$1,000.00		$1,023.62		$1.26
B	Actual		1.00%		$1,000.00		$907.32		$4.74
	Hypothetical (h)		1.00%		$1,000.00		$1,019.89		$5.02
C	Actual		0.97%		$1,000.00		$907.38		$4.60
	Hypothetical (h)		0.97%		$1,000.00		$1,020.04		$4.87
I	Actual		0.00%		$1,000.00		$911.85		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R1	Actual		1.00%		$1,000.00		$906.85		$4.74
	Hypothetical (h)		1.00%		$1,000.00		$1,019.89		$5.02
R2	Actual		0.50%		$1,000.00		$909.90		$2.37
	Hypothetical (h)		0.50%		$1,000.00		$1,022.38		$2.51
R3	Actual		0.25%		$1,000.00		$910.74		$1.19
	Hypothetical (h)		0.25%		$1,000.00		$1,023.62		$1.26
R4	Actual		0.00%		$1,000.00		$912.30		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R6	Actual		0.00%		$1,000.00		$912.82		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$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 182/366 (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.

45

Expense Tables – continued

MFS LIFETIME 2050 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/19		Ending Account Value 4/30/20		Expenses Paid During Period (p) 11/01/19-4/30/20
A	Actual		0.25%		$1,000.00		$910.67		$1.19
	Hypothetical (h)		0.25%		$1,000.00		$1,023.62		$1.26
B	Actual		1.00%		$1,000.00		$907.45		$4.74
	Hypothetical (h)		1.00%		$1,000.00		$1,019.89		$5.02
C	Actual		1.00%		$1,000.00		$907.33		$4.74
	Hypothetical (h)		1.00%		$1,000.00		$1,019.89		$5.02
I	Actual		0.00%		$1,000.00		$911.78		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R1	Actual		1.00%		$1,000.00		$907.52		$4.74
	Hypothetical (h)		1.00%		$1,000.00		$1,019.89		$5.02
R2	Actual		0.50%		$1,000.00		$909.90		$2.37
	Hypothetical (h)		0.50%		$1,000.00		$1,022.38		$2.51
R3	Actual		0.25%		$1,000.00		$910.69		$1.19
	Hypothetical (h)		0.25%		$1,000.00		$1,023.62		$1.26
R4	Actual		0.00%		$1,000.00		$912.00		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R6	Actual		0.00%		$1,000.00		$912.66		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$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 182/366 (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.

46

Expense Tables – continued

MFS LIFETIME 2055 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/19		Ending Account Value 4/30/20		Expenses Paid During Period (p) 11/01/19-4/30/20
A	Actual		0.25%		$1,000.00		$910.98		$1.19
	Hypothetical (h)		0.25%		$1,000.00		$1,023.62		$1.26
B	Actual		1.00%		$1,000.00		$907.58		$4.74
	Hypothetical (h)		1.00%		$1,000.00		$1,019.89		$5.02
C	Actual		0.99%		$1,000.00		$907.57		$4.70
	Hypothetical (h)		0.99%		$1,000.00		$1,019.94		$4.97
I	Actual		0.00%		$1,000.00		$912.04		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R1	Actual		1.00%		$1,000.00		$907.48		$4.74
	Hypothetical (h)		1.00%		$1,000.00		$1,019.89		$5.02
R2	Actual		0.50%		$1,000.00		$909.50		$2.37
	Hypothetical (h)		0.50%		$1,000.00		$1,022.38		$2.51
R3	Actual		0.25%		$1,000.00		$910.86		$1.19
	Hypothetical (h)		0.25%		$1,000.00		$1,023.62		$1.26
R4	Actual		0.00%		$1,000.00		$911.99		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R6	Actual		0.00%		$1,000.00		$912.53		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$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 182/366 (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.

47

Expense Tables – continued

MFS LIFETIME 2060 FUND

Share Class		Annualized Expense Ratio		Beginning Account Value 11/01/19		Ending Account Value 4/30/20		Expenses Paid During Period (p) 11/01/19-4/30/20
A	Actual		0.24%		$1,000.00		$911.23		$1.14
	Hypothetical (h)		0.24%		$1,000.00		$1,023.67		$1.21
B	Actual		0.99%		$1,000.00		$907.98		$4.70
	Hypothetical (h)		0.99%		$1,000.00		$1,019.94		$4.97
C	Actual		0.98%		$1,000.00		$907.93		$4.65
	Hypothetical (h)		0.98%		$1,000.00		$1,019.99		$4.92
I	Actual		0.00%		$1,000.00		$912.40		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R1	Actual		0.99%		$1,000.00		$908.02		$4.70
	Hypothetical (h)		0.99%		$1,000.00		$1,019.94		$4.97
R2	Actual		0.49%		$1,000.00		$910.00		$2.33
	Hypothetical (h)		0.49%		$1,000.00		$1,022.43		$2.46
R3	Actual		0.24%		$1,000.00		$911.00		$1.14
	Hypothetical (h)		0.24%		$1,000.00		$1,023.67		$1.21
R4	Actual		0.00%		$1,000.00		$912.60		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$0.00
R6	Actual		0.00%		$1,000.00		$913.15		$0.00
	Hypothetical (h)		0.00%		$1,000.00		$1,024.86		$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 182/366 (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 2060 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.

48

PORTFOLIO OF INVESTMENTS

4/30/20

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 - 69.4%
MFS Emerging Markets Debt Fund - Class R6		884,444	$	11,816,178
MFS Emerging Markets Debt Local Currency Fund - Class R6		1,010,422		5,941,280
MFS Global Bond Fund - Class R6		3,274,395		29,305,837
MFS Government Securities Fund - Class R6		5,422,760		56,613,616
MFS High Income Fund - Class R6		5,698,505		17,950,290
MFS Inflation-Adjusted Bond Fund - Class R6		5,239,148		56,844,752
MFS Limited Maturity Fund - Class R6		19,474,000		115,480,821
MFS Total Return Bond Fund - Class R6		10,636,246		117,955,963
			$	411,908,737
International Stock Funds - 5.1%
MFS Blended Research International Equity Fund - Class R6		1,627,986	$	15,156,550
MFS International Growth Fund - Class R6		94,097		3,064,734
MFS International Intrinsic Value Fund - Class R6		72,128		3,042,349
MFS Research International Fund - Class R6		542,918		9,093,886
			$	30,357,519
Specialty Funds - 4.0%
MFS Commodity Strategy Fund - Class R6		2,784,721	$	11,194,579
MFS Global Real Estate Fund - Class R6		853,827		12,389,028
			$	23,583,607
U.S. Stock Funds - 21.3%
MFS Blended Research Core Equity Fund - Class R6		498,167	$	12,628,522
MFS Blended Research Growth Equity Fund - Class R6		856,882		12,793,246
MFS Blended Research Mid Cap Equity Fund - Class R6		1,905,155		19,165,862
MFS Blended Research Small Cap Equity Fund - Class R6		596,205		6,456,901
MFS Blended Research Value Equity Fund - Class R6		1,124,794		12,541,458
MFS Growth Fund - Class R6		98,618		12,595,516
MFS Mid Cap Growth Fund - Class R6		444,613		9,474,698
MFS Mid Cap Value Fund - Class R6		481,503		9,553,023
MFS New Discovery Fund - Class R6		111,021		3,278,456
MFS New Discovery Value Fund - Class R6		257,388		3,250,810
MFS Research Fund - Class R6		298,653		12,588,213
MFS Value Fund - Class R6		334,317		12,463,332
			$	126,790,037
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 0.41% (v)		1,176,502	$	1,176,620
Total Investment Companies (Identified Cost, $540,433,323)			$	593,816,520
Other Assets, Less Liabilities - (0.0)%				(145,820)
Net Assets - 100.0%			$	593,670,700

See Portfolio Footnotes and Notes to Financial Statements

49

Portfolio of Investments – continued

MFS LIFETIME 2020 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 68.4%
MFS Emerging Markets Debt Fund - Class R6		502,270	$	6,710,335
MFS Emerging Markets Debt Local Currency Fund - Class R6		602,908		3,545,097
MFS Global Bond Fund - Class R6		1,776,359		15,898,413
MFS Government Securities Fund - Class R6		2,971,257		31,019,919
MFS High Income Fund - Class R6		3,277,621		10,324,507
MFS Inflation-Adjusted Bond Fund - Class R6		2,864,385		31,078,577
MFS Limited Maturity Fund - Class R6		10,109,415		59,948,834
MFS Total Return Bond Fund - Class R6		5,612,908		62,247,148
			$	220,772,830
International Stock Funds - 5.4%
MFS Blended Research International Equity Fund - Class R6		933,597	$	8,691,790
MFS International Growth Fund - Class R6		56,192		1,830,175
MFS International Intrinsic Value Fund - Class R6		43,188		1,821,651
MFS Research International Fund - Class R6		304,291		5,096,873
			$	17,440,489
Specialty Funds - 4.0%
MFS Commodity Strategy Fund - Class R6		1,531,328	$	6,155,938
MFS Global Real Estate Fund - Class R6		463,064		6,719,056
			$	12,874,994
U.S. Stock Funds - 22.3%
MFS Blended Research Core Equity Fund - Class R6		286,083	$	7,252,202
MFS Blended Research Growth Equity Fund - Class R6		493,010		7,360,640
MFS Blended Research Mid Cap Equity Fund - Class R6		1,074,348		10,807,938
MFS Blended Research Small Cap Equity Fund - Class R6		325,798		3,528,387
MFS Blended Research Value Equity Fund - Class R6		644,494		7,186,107
MFS Growth Fund - Class R6		56,649		7,235,262
MFS Mid Cap Growth Fund - Class R6		251,490		5,359,252
MFS Mid Cap Value Fund - Class R6		271,094		5,378,512
MFS New Discovery Fund - Class R6		60,942		1,799,630
MFS New Discovery Value Fund - Class R6		140,383		1,773,031
MFS Research Fund - Class R6		171,348		7,222,329
MFS Value Fund - Class R6		191,250		7,129,787
			$	72,033,077
Money Market Funds - 0.0%
MFS Institutional Money Market Portfolio, 0.41% (v)		111,149	$	111,160
Total Investment Companies (Identified Cost, $289,425,808)			$	323,232,550
Other Assets, Less Liabilities - (0.1)%				(224,543)
Net Assets - 100.0%			$	323,008,007

See Portfolio Footnotes and Notes to Financial Statements

50

Portfolio of Investments – continued

MFS LIFETIME 2025 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 56.7%
MFS Emerging Markets Debt Fund - Class R6		725,477	$	9,692,373
MFS Emerging Markets Debt Local Currency Fund - Class R6		1,109,213		6,522,169
MFS Global Bond Fund - Class R6		1,790,742		16,027,142
MFS Government Securities Fund - Class R6		3,021,128		31,540,573
MFS High Income Fund - Class R6		5,132,876		16,168,559
MFS Inflation-Adjusted Bond Fund - Class R6		2,826,892		30,671,779
MFS Limited Maturity Fund - Class R6		4,875,353		28,910,845
MFS Total Return Bond Fund - Class R6		4,149,959		46,023,045
			$	185,556,485
International Stock Funds - 8.5%
MFS Blended Research International Equity Fund - Class R6		1,480,635	$	13,784,718
MFS International Growth Fund - Class R6		106,458		3,467,332
MFS International Intrinsic Value Fund - Class R6		81,507		3,437,958
MFS International New Discovery Fund - Class R6		10,768		317,978
MFS Research International Fund - Class R6		411,724		6,896,371
			$	27,904,357
Specialty Funds - 4.2%
MFS Commodity Strategy Fund - Class R6		1,642,491	$	6,602,813
MFS Global Real Estate Fund - Class R6		486,191		7,054,639
			$	13,657,452
U.S. Stock Funds - 30.5%
MFS Blended Research Core Equity Fund - Class R6		414,727	$	10,513,321
MFS Blended Research Growth Equity Fund - Class R6		709,378		10,591,015
MFS Blended Research Mid Cap Equity Fund - Class R6		1,474,255		14,831,006
MFS Blended Research Small Cap Equity Fund - Class R6		340,333		3,685,807
MFS Blended Research Value Equity Fund - Class R6		941,522		10,497,965
MFS Growth Fund - Class R6		81,778		10,444,694
MFS Mid Cap Growth Fund - Class R6		340,880		7,264,159
MFS Mid Cap Value Fund - Class R6		373,408		7,408,421
MFS New Discovery Fund - Class R6		62,505		1,845,781
MFS New Discovery Value Fund - Class R6		147,606		1,864,267
MFS Research Fund - Class R6		248,080		10,456,583
MFS Value Fund - Class R6		278,906		10,397,593
			$	99,800,612
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 0.41% (v)		784,353	$	784,432
Total Investment Companies (Identified Cost, $305,860,012)			$	327,703,338
Other Assets, Less Liabilities - (0.1)%				(233,482)
Net Assets - 100.0%			$	327,469,856

See Portfolio Footnotes and Notes to Financial Statements

51

Portfolio of Investments – continued

MFS LIFETIME 2030 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 36.4%
MFS Emerging Markets Debt Fund - Class R6		1,301,087	$	17,382,522
MFS Emerging Markets Debt Local Currency Fund - Class R6		1,984,801		11,670,628
MFS Global Bond Fund - Class R6		3,030,859		27,126,192
MFS Government Securities Fund - Class R6		4,869,683		50,839,494
MFS High Income Fund - Class R6		9,330,126		29,389,897
MFS Inflation-Adjusted Bond Fund - Class R6		3,546,107		38,475,262
MFS Total Return Bond Fund - Class R6		3,919,303		43,465,069
			$	218,349,064
International Stock Funds - 13.7%
MFS Blended Research Emerging Markets Equity Fund - Class R6		26,775	$	297,208
MFS Blended Research International Equity Fund - Class R6		3,992,561		37,170,740
MFS Emerging Markets Equity Fund - Class R6		10,129		298,001
MFS International Growth Fund - Class R6		295,437		9,622,368
MFS International Intrinsic Value Fund - Class R6		226,111		9,537,354
MFS International New Discovery Fund - Class R6		228,696		6,753,391
MFS Research International Fund - Class R6		1,083,451		18,147,804
			$	81,826,866
Specialty Funds - 6.0%
MFS Commodity Strategy Fund - Class R6		4,301,121	$	17,290,506
MFS Global Real Estate Fund - Class R6		1,303,766		18,917,648
			$	36,208,154
U.S. Stock Funds - 43.9%
MFS Blended Research Core Equity Fund - Class R6		980,683	$	24,860,305
MFS Blended Research Growth Equity Fund - Class R6		1,750,620		26,136,753
MFS Blended Research Mid Cap Equity Fund - Class R6		4,518,217		45,453,257
MFS Blended Research Small Cap Equity Fund - Class R6		913,103		9,888,907
MFS Blended Research Value Equity Fund - Class R6		2,300,663		25,652,391
MFS Growth Fund - Class R6		201,357		25,717,261
MFS Mid Cap Growth Fund - Class R6		1,050,630		22,388,925
MFS Mid Cap Value Fund - Class R6		1,142,384		22,664,905
MFS New Discovery Fund - Class R6		170,220		5,026,607
MFS New Discovery Value Fund - Class R6		394,709		4,985,177
MFS Research Fund - Class R6		588,051		24,786,357
MFS Value Fund - Class R6		683,594		25,484,392
			$	263,045,237
Money Market Funds - 0.1%
MFS Institutional Money Market Portfolio, 0.41% (v)		839,003	$	839,087
Total Investment Companies (Identified Cost, $516,325,405)			$	600,268,408
Other Assets, Less Liabilities - (0.1)%				(366,332)
Net Assets - 100.0%			$	599,902,076

See Portfolio Footnotes and Notes to Financial Statements

52

Portfolio of Investments – continued

MFS LIFETIME 2035 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 18.8%
MFS Emerging Markets Debt Fund - Class R6		693,411	$	9,263,971
MFS Emerging Markets Debt Local Currency Fund - Class R6		1,057,662		6,219,054
MFS Global Bond Fund - Class R6		687,519		6,153,290
MFS High Income Fund - Class R6		4,884,936		15,387,549
MFS Inflation-Adjusted Bond Fund - Class R6		1,438,901		15,612,071
MFS Total Return Bond Fund - Class R6		863,919		9,580,865
			$	62,216,800
International Stock Funds - 20.1%
MFS Blended Research Emerging Markets Equity Fund - Class R6		155,431	$	1,725,287
MFS Blended Research International Equity Fund - Class R6		3,030,256		28,211,679
MFS Emerging Markets Equity Fund - Class R6		58,603		1,724,092
MFS International Growth Fund - Class R6		257,361		8,382,249
MFS International Intrinsic Value Fund - Class R6		197,159		8,316,177
MFS International New Discovery Fund - Class R6		235,479		6,953,686
MFS Research International Fund - Class R6		689,884		11,555,555
			$	66,868,725
Specialty Funds - 7.9%
MFS Commodity Strategy Fund - Class R6		3,198,299	$	12,857,163
MFS Global Real Estate Fund - Class R6		925,034		13,422,244
			$	26,279,407
U.S. Stock Funds - 53.2%
MFS Blended Research Core Equity Fund - Class R6		532,471	$	13,498,142
MFS Blended Research Growth Equity Fund - Class R6		1,260,971		18,826,303
MFS Blended Research Mid Cap Equity Fund - Class R6		3,068,815		30,872,275
MFS Blended Research Small Cap Equity Fund - Class R6		647,289		7,010,141
MFS Blended Research Value Equity Fund - Class R6		1,656,780		18,473,097
MFS Growth Fund - Class R6		146,166		18,668,259
MFS Mid Cap Growth Fund - Class R6		714,800		15,232,388
MFS Mid Cap Value Fund - Class R6		775,144		15,378,861
MFS New Discovery Fund - Class R6		119,547		3,530,219
MFS New Discovery Value Fund - Class R6		280,833		3,546,925
MFS Research Fund - Class R6		318,404		13,420,713
MFS Value Fund - Class R6		491,845		18,335,984
			$	176,793,307
Money Market Funds - 0.1%
MFS Institutional Money Market Portfolio, 0.41% (v)		393,216	$	393,256
Total Investment Companies (Identified Cost, $316,129,812)			$	332,551,495
Other Assets, Less Liabilities - (0.1)%				(233,779)
Net Assets - 100.0%			$	332,317,716

See Portfolio Footnotes and Notes to Financial Statements

53

Portfolio of Investments – continued

MFS LIFETIME 2040 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 11.5%
MFS Emerging Markets Debt Fund - Class R6		433,197	$	5,787,512
MFS Emerging Markets Debt Local Currency Fund - Class R6		659,944		3,880,472
MFS Global Bond Fund - Class R6		429,622		3,845,114
MFS High Income Fund - Class R6		3,056,961		9,629,426
MFS Inflation-Adjusted Bond Fund - Class R6		1,402,339		15,215,380
MFS Total Return Bond Fund - Class R6		1,037,553		11,506,462
			$	49,864,366
International Stock Funds - 24.1%
MFS Blended Research Emerging Markets Equity Fund - Class R6		299,049	$	3,319,443
MFS Blended Research International Equity Fund - Class R6		4,531,530		42,188,549
MFS Emerging Markets Equity Fund - Class R6		112,784		3,318,102
MFS International Growth Fund - Class R6		401,837		13,087,824
MFS International Intrinsic Value Fund - Class R6		308,174		12,998,766
MFS International New Discovery Fund - Class R6		454,446		13,419,787
MFS Research International Fund - Class R6		964,383		16,153,423
			$	104,485,894
Specialty Funds - 8.9%
MFS Commodity Strategy Fund - Class R6		4,714,037	$	18,950,430
MFS Global Real Estate Fund - Class R6		1,356,894		19,688,527
			$	38,638,957
U.S. Stock Funds - 55.6%
MFS Blended Research Core Equity Fund - Class R6		692,576	$	17,556,812
MFS Blended Research Growth Equity Fund - Class R6		1,718,864		25,662,641
MFS Blended Research Mid Cap Equity Fund - Class R6		4,236,440		42,618,586
MFS Blended Research Small Cap Equity Fund - Class R6		950,494		10,293,849
MFS Blended Research Value Equity Fund - Class R6		2,257,210		25,167,888
MFS Growth Fund - Class R6		198,318		25,329,193
MFS Mid Cap Growth Fund - Class R6		982,003		20,926,484
MFS Mid Cap Value Fund - Class R6		1,070,936		21,247,370
MFS New Discovery Fund - Class R6		176,434		5,210,093
MFS New Discovery Value Fund - Class R6		411,822		5,201,311
MFS Research Fund - Class R6		414,319		17,463,530
MFS Value Fund - Class R6		670,590		24,999,616
			$	241,677,373
Money Market Funds - 0.0%
MFS Institutional Money Market Portfolio, 0.41% (v)		113,296	$	113,308
Total Investment Companies (Identified Cost, $363,856,911)			$	434,779,898
Other Assets, Less Liabilities - (0.1)%				(299,786)
Net Assets - 100.0%			$	434,480,112

See Portfolio Footnotes and Notes to Financial Statements

54

Portfolio of Investments – continued

MFS LIFETIME 2045 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 5.2%
MFS Inflation-Adjusted Bond Fund - Class R6		556,369	$	6,036,606
MFS Total Return Bond Fund - Class R6		537,448		5,960,294
			$	11,996,900
International Stock Funds - 27.7%
MFS Blended Research Emerging Markets Equity Fund - Class R6		204,973	$	2,275,197
MFS Blended Research International Equity Fund - Class R6		2,665,527		24,816,053
MFS Emerging Markets Equity Fund - Class R6		76,993		2,265,132
MFS International Growth Fund - Class R6		246,930		8,042,500
MFS International Intrinsic Value Fund - Class R6		194,460		8,202,342
MFS International New Discovery Fund - Class R6		309,408		9,136,821
MFS Research International Fund - Class R6		542,657		9,089,514
			$	63,827,559
Specialty Funds - 9.7%
MFS Commodity Strategy Fund - Class R6		2,753,511	$	11,069,112
MFS Global Real Estate Fund - Class R6		774,516		11,238,226
			$	22,307,338
U.S. Stock Funds - 57.3%
MFS Blended Research Core Equity Fund - Class R6		364,668	$	9,244,335
MFS Blended Research Growth Equity Fund - Class R6		965,613		14,416,602
MFS Blended Research Mid Cap Equity Fund - Class R6		2,278,197		22,918,666
MFS Blended Research Small Cap Equity Fund - Class R6		533,022		5,772,624
MFS Blended Research Value Equity Fund - Class R6		1,219,682		13,599,456
MFS Growth Fund - Class R6		111,806		14,279,852
MFS Mid Cap Growth Fund - Class R6		544,412		11,601,424
MFS Mid Cap Value Fund - Class R6		572,563		11,359,658
MFS New Discovery Fund - Class R6		100,821		2,977,241
MFS New Discovery Value Fund - Class R6		230,914		2,916,437
MFS Research Fund - Class R6		219,287		9,242,965
MFS Value Fund - Class R6		364,876		13,602,572
			$	131,931,832
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 0.41% (v)		365,439	$	365,476
Total Investment Companies (Identified Cost, $221,696,576)			$	230,429,105
Other Assets, Less Liabilities - (0.1)%				(201,769)
Net Assets - 100.0%			$	230,227,336

See Portfolio Footnotes and Notes to Financial Statements

55

Portfolio of Investments – continued

MFS LIFETIME 2050 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 5.2%
MFS Inflation-Adjusted Bond Fund - Class R6		579,539	$	6,287,997
MFS Total Return Bond Fund - Class R6		557,091		6,178,134
			$	12,466,131
International Stock Funds - 27.7%
MFS Blended Research Emerging Markets Equity Fund - Class R6		210,733	$	2,339,143
MFS Blended Research International Equity Fund - Class R6		2,747,384		25,578,145
MFS Emerging Markets Equity Fund - Class R6		79,186		2,329,644
MFS International Growth Fund - Class R6		253,719		8,263,622
MFS International Intrinsic Value Fund - Class R6		200,832		8,471,101
MFS International New Discovery Fund - Class R6		318,948		9,418,526
MFS Research International Fund - Class R6		559,196		9,366,533
			$	65,766,714
Specialty Funds - 9.7%
MFS Commodity Strategy Fund - Class R6		2,828,528	$	11,370,682
MFS Global Real Estate Fund - Class R6		800,906		11,621,151
			$	22,991,833
U.S. Stock Funds - 57.4%
MFS Blended Research Core Equity Fund - Class R6		375,001	$	9,506,278
MFS Blended Research Growth Equity Fund - Class R6		1,001,622		14,954,213
MFS Blended Research Mid Cap Equity Fund - Class R6		2,360,702		23,748,658
MFS Blended Research Small Cap Equity Fund - Class R6		554,602		6,006,340
MFS Blended Research Value Equity Fund - Class R6		1,260,462		14,054,148
MFS Growth Fund - Class R6		116,085		14,826,368
MFS Mid Cap Growth Fund - Class R6		560,329		11,940,621
MFS Mid Cap Value Fund - Class R6		594,849		11,801,799
MFS New Discovery Fund - Class R6		104,515		3,086,343
MFS New Discovery Value Fund - Class R6		240,585		3,038,589
MFS Research Fund - Class R6		225,594		9,508,799
MFS Value Fund - Class R6		376,553		14,037,900
			$	136,510,056
Money Market Funds - 0.1%
MFS Institutional Money Market Portfolio, 0.41% (v)		347,448	$	347,483
Total Investment Companies (Identified Cost, $219,997,276)			$	238,082,217
Other Assets, Less Liabilities - (0.1)%				(204,876)
Net Assets - 100.0%			$	237,877,341

See Portfolio Footnotes and Notes to Financial Statements

56

Portfolio of Investments – continued

MFS LIFETIME 2055 FUND

Investment Companies (h) - 100.1%
Issuer	Shares/Par		Value ($)
Bond Funds - 5.2%
MFS Inflation-Adjusted Bond Fund - Class R6		299,556	$	3,250,187
MFS Total Return Bond Fund - Class R6		289,214		3,207,386
			$	6,457,573
International Stock Funds - 27.7%
MFS Blended Research Emerging Markets Equity Fund - Class R6		111,383	$	1,236,348
MFS Blended Research International Equity Fund - Class R6		1,455,057		13,546,585
MFS Emerging Markets Equity Fund - Class R6		41,955		1,234,307
MFS International Growth Fund - Class R6		133,180		4,337,672
MFS International Intrinsic Value Fund - Class R6		103,390		4,360,966
MFS International New Discovery Fund - Class R6		168,112		4,964,352
MFS Research International Fund - Class R6		295,020		4,941,591
			$	34,621,821
Specialty Funds - 9.8%
MFS Commodity Strategy Fund - Class R6		1,519,494	$	6,108,364
MFS Global Real Estate Fund - Class R6		426,068		6,182,249
			$	12,290,613
U.S. Stock Funds - 57.2%
MFS Blended Research Core Equity Fund - Class R6		196,393	$	4,978,574
MFS Blended Research Growth Equity Fund - Class R6		513,354		7,664,373
MFS Blended Research Mid Cap Equity Fund - Class R6		1,247,463		12,549,483
MFS Blended Research Small Cap Equity Fund - Class R6		294,378		3,188,114
MFS Blended Research Value Equity Fund - Class R6		665,031		7,415,091
MFS Growth Fund - Class R6		59,540		7,604,484
MFS Mid Cap Growth Fund - Class R6		292,062		6,223,831
MFS Mid Cap Value Fund - Class R6		315,445		6,258,422
MFS New Discovery Fund - Class R6		54,587		1,611,949
MFS New Discovery Value Fund - Class R6		128,136		1,618,357
MFS Research Fund - Class R6		117,984		4,973,047
MFS Value Fund - Class R6		198,623		7,404,666
			$	71,490,391
Money Market Funds - 0.2%
MFS Institutional Money Market Portfolio, 0.41% (v)		237,813	$	237,837
Total Investment Companies (Identified Cost, $124,684,521)			$	125,098,235
Other Assets, Less Liabilities - (0.1)%				(141,552)
Net Assets - 100.0%			$	124,956,683

See Portfolio Footnotes and Notes to Financial Statements

57

Portfolio of Investments – continued

MFS LIFETIME 2060 FUND

Investment Companies (h) - 100.2%
Issuer	Shares/Par		Value ($)
Bond Funds - 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6		55,057	$	597,365
MFS Total Return Bond Fund - Class R6		54,063		599,563
			$	1,196,928
International Stock Funds - 27.9%
MFS Blended Research Emerging Markets Equity Fund - Class R6		21,643	$	240,240
MFS Blended Research International Equity Fund - Class R6		282,982		2,634,560
MFS Emerging Markets Equity Fund - Class R6		8,167		240,279
MFS International Growth Fund - Class R6		25,769		839,284
MFS International Intrinsic Value Fund - Class R6		19,828		836,349
MFS International New Discovery Fund - Class R6		32,520		960,324
MFS Research International Fund - Class R6		57,224		958,500
			$	6,709,536
Specialty Funds - 10.0%
MFS Commodity Strategy Fund - Class R6		299,989	$	1,205,956
MFS Global Real Estate Fund - Class R6		82,858		1,202,275
			$	2,408,231
U.S. Stock Funds - 57.2%
MFS Blended Research Core Equity Fund - Class R6		37,873	$	960,085
MFS Blended Research Growth Equity Fund - Class R6		96,863		1,446,163
MFS Blended Research Mid Cap Equity Fund - Class R6		241,272		2,427,196
MFS Blended Research Small Cap Equity Fund - Class R6		57,497		622,689
MFS Blended Research Value Equity Fund - Class R6		128,729		1,435,327
MFS Growth Fund - Class R6		11,313		1,444,959
MFS Mid Cap Growth Fund - Class R6		56,241		1,198,490
MFS Mid Cap Value Fund - Class R6		61,224		1,214,689
MFS New Discovery Fund - Class R6		10,296		304,030
MFS New Discovery Value Fund - Class R6		25,152		317,670
MFS Research Fund - Class R6		22,773		959,872
MFS Value Fund - Class R6		38,475		1,434,364
			$	13,765,534
Money Market Funds - 0.1%
MFS Institutional Money Market Portfolio, 0.41% (v)		15,860	$	15,861
Total Investment Companies (Identified Cost, $25,257,576)			$	24,096,090
Other Assets, Less Liabilities - (0.2)%				(43,054)
Net Assets - 100.0%			$	24,053,036

Portfolio Footnotes:

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

	Affiliated Issuers
Lifetime Income Fund	$	593,816,520
Lifetime 2020 Fund		323,232,550
Lifetime 2025 Fund		327,703,338
Lifetime 2030 Fund		600,268,408
Lifetime 2035 Fund		332,551,495
Lifetime 2040 Fund		434,779,898
Lifetime 2045 Fund		230,429,105
Lifetime 2050 Fund		238,082,217
Lifetime 2055 Fund		125,098,235
Lifetime 2060 Fund		24,096,090

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

See Notes to Financial Statements

58

Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES

At 4/30/20

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, $540,433,323, $289,425,808, $305,860,012, $516,325,405, and $316,129,812, respectively)		$593,816,520		$323,232,550		$327,703,338		$600,268,408		$332,551,495
Receivables for
Investments sold		658,792		45,618		57,159		359,311		60,912
Fund shares sold		575,321		531,313		649,334		1,733,522		1,381,466
Receivable from investment adviser		122,299		75,090		73,817		109,560		84,722
Other assets		1,600		1,024		1,010		1,605		1,002
Total assets		$595,174,532		$323,885,595		$328,484,658		$602,472,406		$334,079,597
Liabilities
Payables for
Distributions		$25,899		$—		$—		$—		$—
Investments purchased		8,468		48,848		47,416		1,010,319		1,117,149
Fund shares reacquired		1,041,702		516,048		663,742		1,084,343		326,789
Payable to affiliates
Administrative services fee		97		97		97		97		97
Shareholder servicing costs		335,114		255,292		244,111		404,213		255,099
Distribution and service fees		10,876		3,654		2,366		6,373		2,638
Program manager fee		445		—		—		—		—
Payable for independent Trustees’ compensation		53		33		28		60		30
Accrued expenses and other liabilities		81,178		53,616		57,042		64,925		60,079
Total liabilities		$1,503,832		$877,588		$1,014,802		$2,570,330		$1,761,881
Net assets		$593,670,700		$323,008,007		$327,469,856		$599,902,076		$332,317,716
Net assets consist of
Paid-in capital		$555,278,078		$293,824,551		$307,349,380		$524,048,902		$317,614,775
Total distributable earnings (loss)		38,392,622		29,183,456		20,120,476		75,853,174		14,702,941
Net assets		$593,670,700		$323,008,007		$327,469,856		$599,902,076		$332,317,716

59

Statements of Assets and Liabilities – continued

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Net assets
Class A		$124,123,215		$40,185,954		$26,335,274		$66,731,575		$20,382,361
Class B		5,773,765		2,491,544		1,632,054		6,494,886		1,387,360
Class C		98,285,842		10,400,492		3,851,936		13,473,826		2,631,586
Class I		34,513,052		1,980,041		1,445,270		2,395,297		714,233
Class R1		2,493,006		3,347,884		1,902,167		7,149,741		1,834,595
Class R2		14,259,183		36,926,586		26,607,164		66,342,366		26,572,492
Class R3		67,236,901		88,804,053		95,012,511		158,189,457		96,287,080
Class R4		41,807,331		77,500,016		105,160,280		162,913,239		120,414,904
Class R6		42,065,327		61,371,437		65,523,200		116,211,689		62,093,105
Class 529A		127,305,819		—		—		—		—
Class 529B		4,611,276		—		—		—		—
Class 529C		31,195,983		—		—		—		—
Total net assets		$593,670,700		$323,008,007		$327,469,856		$599,902,076		$332,317,716
Shares of beneficial interest outstanding
Class A		10,100,930		3,166,452		2,066,125		4,567,538		1,478,441
Class B		469,807		197,321		129,136		450,759		101,279
Class C		8,001,049		837,740		306,179		941,608		193,258
Class I		2,807,900		154,841		112,968		163,098		51,695
Class R1		202,644		264,777		150,353		495,477		133,873
Class R2		1,159,912		2,929,512		2,096,082		4,584,844		1,933,095
Class R3		5,471,741		6,998,721		7,462,561		10,859,685		6,977,299
Class R4		3,402,610		6,063,312		8,206,437		11,078,984		8,683,975
Class R6		3,413,244		4,806,161		5,112,234		7,903,098		4,475,396
Class 529A		12,683,692		—		—		—		—
Class 529B		459,437		—		—		—		—
Class 529C		3,108,832		—		—		—		—
Total shares of beneficial interest outstanding		51,281,798		25,418,837		25,642,075		41,045,091		24,028,311
Class A shares
Net asset value per share
(net assets / shares of beneficial interest outstanding)		$12.29		$12.69		$12.75		$14.61		$13.79
Offering price per share (100 / 95.75 × net asset value per share)		$12.84		$—		$—		$—		$—
Offering price per share (100 / 94.25 × net asset value per share)		$—		$13.46		$13.53		$15.50		$14.63
Class B shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$12.29		$12.63		$12.64		$14.41		$13.70
Class C shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$12.28		$12.41		$12.58		$14.31		$13.62
Class I shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.29		$12.79		$12.79		$14.69		$13.82
Class R1 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.30		$12.64		$12.65		$14.43		$13.70

60

Statements of Assets and Liabilities – continued

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Class R2 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.29		$12.61		$12.69		$14.47		$13.75
Class R3 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.29		$12.69		$12.73		$14.57		$13.80
Class R4 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.29		$12.78		$12.81		$14.70		$13.87
Class R6 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$12.32		$12.77		$12.82		$14.70		$13.87
Class 529A shares
Net asset value and redemption price per share
(net assets / shares of beneficial interest outstanding)		$10.04		$—		$—		$—		$—
Offering price per share (100 / 95.75 × net asset value per share)		$10.49		$—		$—		$—		$—
Class 529B shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$10.04		$—		$—		$—		$—
Class 529C shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$10.03		$—		$—		$—		$—

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

See Notes to Financial Statements

61

Statements of Assets and Liabilities – continued

At 4/30/20	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, $363,856,911, $221,696,576, $219,997,276, $124,684,521, and $25,257,576, respectively)		$434,779,898		$230,429,105		$238,082,217		$125,098,235		$24,096,090
Receivables for
Fund shares sold		2,373,296		813,590		900,388		817,252		262,077
Receivable from investment adviser		88,470		61,454		65,808		50,983		26,862
Other assets		1,222		757		750		507		159
Total assets		$437,242,886		$231,304,906		$239,049,163		$125,966,977		$24,385,188
Liabilities
Payables for
Distributions		$—		$—		$351		$—		$—
Investments purchased		1,989,294		611,287		793,186		733,824		266,619
Fund shares reacquired		385,737		204,920		113,541		86,739		1,091
Payable to affiliates
Administrative services fee		97		97		97		97		97
Shareholder servicing costs		322,435		202,174		203,541		133,142		17,896
Distribution and service fees		4,241		1,715		2,192		1,315		195
Payable for independent Trustees’ compensation		48		23		24		11		1
Accrued expenses and other liabilities		60,922		57,354		58,890		55,166		46,253
Total liabilities		$2,762,774		$1,077,570		$1,171,822		$1,010,294		$332,152
Net assets		$434,480,112		$230,227,336		$237,877,341		$124,956,683		$24,053,036
Net assets consist of
Paid-in capital		$369,601,295		$221,534,938		$220,345,712		$124,862,198		$25,324,517
Total distributable earnings (loss)		64,878,817		8,692,398		17,531,629		94,485		(1,271,481	)
Net assets		$434,480,112		$230,227,336		$237,877,341		$124,956,683		$24,053,036

62

Statements of Assets and Liabilities – continued

	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Net assets
Class A		$41,909,236		$11,408,736		$14,314,963		$7,729,199		$2,879,448
Class B		3,577,161		723,567		1,359,436		517,174		137,310
Class C		9,201,802		1,960,228		3,029,220		2,125,878		432,228
Class I		1,201,420		394,722		353,656		98,334		102,849
Class R1		4,152,740		995,067		1,184,172		1,596,972		60,039
Class R2		48,085,882		17,299,409		26,544,896		17,485,033		980,409
Class R3		104,521,112		69,136,416		70,610,152		36,674,182		7,252,041
Class R4		144,006,443		90,453,079		76,018,212		37,664,778		4,567,839
Class R6		77,824,316		37,856,112		44,462,634		21,065,133		7,640,873
Total net assets		$434,480,112		$230,227,336		$237,877,341		$124,956,683		$24,053,036
Shares of beneficial interest outstanding
Class A		2,832,695		810,103		842,323		534,203		255,849
Class B		243,602		51,693		81,177		35,895		12,219
Class C		635,311		140,913		181,885		148,785		38,657
Class I		80,599		27,891		20,835		6,788		9,085
Class R1		284,221		71,205		71,033		111,661		5,324
Class R2		3,271,987		1,236,027		1,581,379		1,214,986		87,154
Class R3		7,064,470		4,914,847		4,187,247		2,534,885		643,410
Class R4		9,638,610		6,398,594		4,479,280		2,589,303		404,024
Class R6		5,208,596		2,677,568		2,620,393		1,446,874		674,446
Total shares of beneficial interest outstanding		29,260,091		16,328,841		14,065,552		8,623,380		2,130,168
Class A shares
Net asset value per share
(net assets / shares of beneficial interest outstanding)		$14.79		$14.08		$16.99		$14.47		$11.25
Offering price per share (100 / 94.25 × net asset value per share)		$15.69		$14.94		$18.03		$15.35		$11.94
Class B shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$14.68		$14.00		$16.75		$14.41		$11.24
Class C shares
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding)		$14.48		$13.91		$16.65		$14.29		$11.18
Class I shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$14.91		$14.15		$16.97		$14.49		$11.32
Class R1 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$14.61		$13.97		$16.67		$14.30		$11.28
Class R2 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$14.70		$14.00		$16.79		$14.39		$11.25
Class R3 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$14.80		$14.07		$16.86		$14.47		$11.27

63

Statements of Assets and Liabilities – continued

	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Class R4 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$14.94		$14.14		$16.97		$14.55		$11.31
Class R6 shares
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding)		$14.94		$14.14		$16.97		$14.56		$11.33

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

See Notes to Financial Statements

64

Financial Statements

STATEMENTS OF OPERATIONS

Year ended 4/30/20

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

	MFS Lifetime Income Fund			MFS Lifetime 2020 Fund			MFS Lifetime 2025 Fund			MFS Lifetime 2030 Fund			MFS Lifetime 2035 Fund
Net investment income (loss)
Dividends from affiliated issuers		$15,522,485			$8,748,164			$7,923,810			$13,969,349			$7,035,403
Other		101			69			57			102			55
Excess expense reimbursement from investment adviser		50,353			93,023			82,275			163,151			80,161
Total investment income		$15,572,939			$8,841,256			$8,006,142			$14,132,602			$7,115,619
Expenses
Distribution and service fees		$2,424,739			$723,373			$516,849			$1,233,208			$475,143
Shareholder servicing costs		827,531			527,613			492,170			824,980			506,927
Program manager fees		79,129			—			—			—			—
Administrative services fee		17,500			17,500			17,500			17,500			17,500
Independent Trustees’ compensation		16,514			9,789			9,732			16,542			9,735
Custodian fee		23,595			11,063			10,366			14,664			10,166
Shareholder communications		57,989			17,649			16,017			22,735			16,983
Audit and tax fees		39,208			37,506			36,693			37,570			36,690
Legal fees		4,970			3,409			3,059			5,444			2,864
Registration fees		137,539			126,568			138,138			144,578			138,691
Miscellaneous		38,916			34,378			33,964			40,020			34,061
Total expenses		$3,667,630			$1,508,848			$1,274,488			$2,357,241			$1,248,760
Reduction of expenses by investment adviser and distributor		(1,270,892	)		(797,793	)		(761,124	)		(1,142,724	)		(772,446	)
Net expenses		$2,396,738			$711,055			$513,364			$1,214,517			$476,314
Net investment income (loss)		$13,176,201			$8,130,201			$7,492,778			$12,918,085			$6,639,305
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Investments in affiliated issuers		$228,188			$5,129,062			$(363,990	)		$3,285,057			$(1,963,171	)
Capital gain distributions from affiliated issuers		2,660,440			1,614,114			2,195,930			6,042,959			3,963,210
Net realized gain (loss)		$2,888,628			$6,743,176			$1,831,940			$9,328,016			$2,000,039
Change in unrealized appreciation or depreciation
Affiliated issuers		$(2,003,984	)		$(6,568,255	)		$(6,688,693	)		$(32,315,729	)		$(24,925,627	)
Net realized and unrealized gain (loss)		$884,644			$174,921			$(4,856,753	)		$(22,987,713	)		$(22,925,588	)
Change in net assets from operations		$14,060,845			$8,305,122			$2,636,025			$(10,069,628	)		$(16,286,283	)

See Notes to Financial Statements

65

Statements of Operations – continued

Year ended 4/30/20	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		$9,058,742			$4,480,907			$4,593,093			$2,317,528			$357,294
Other		79			41			46			26			5
Excess expense reimbursement from investment adviser		109,185			49,442			59,378			27,356			7,890
Total investment income		$9,168,006			$4,530,390			$4,652,517			$2,344,910			$365,189
Expenses
Distribution and service fees		$816,465			$328,589			$400,889			$234,968			$28,284
Shareholder servicing costs		660,481			409,885			414,009			279,999			37,393
Administrative services fee		17,500			17,500			17,500			17,500			17,500
Independent Trustees’ compensation		9,987			6,114			9,568			3,415			1,232
Custodian fee		12,015			8,793			8,790			7,082			5,638
Shareholder communications		21,458			17,393			21,390			20,594			8,154
Audit and tax fees		37,528			36,668			36,870			36,644			35,995
Legal fees		3,986			2,131			2,133			1,232			319
Registration fees		139,527			134,369			131,402			126,939			121,012
Miscellaneous		35,456			32,871			33,206			31,735			30,707
Total expenses		$1,754,403			$994,313			$1,075,757			$760,108			$286,234
Reduction of expenses by investment adviser and distributor		(946,866	)		(666,048	)		(673,691	)		(524,758	)		(260,300	)
Net expenses		$807,537			$328,265			$402,066			$235,350			$25,934
Net investment income (loss)		$8,360,469			$4,202,125			$4,250,451			$2,109,560			$339,255
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Investments in affiliated issuers		$734,268			$(483,926	)		$(152,675	)		$(403,600	)		$(106,219	)
Capital gain distributions from affiliated issuers		5,788,503			3,165,238			3,244,878			1,635,290			253,858
Net realized gain (loss)		$6,522,771			$2,681,312			$3,092,203			$1,231,690			$147,639
Change in unrealized appreciation or depreciation
Affiliated issuers		$(38,974,485	)		$(21,767,424	)		$(22,474,353	)		$(11,335,462	)		$(1,784,565	)
Net realized and unrealized gain (loss)		$(32,451,714	)		$(19,086,112	)		$(19,382,150	)		$(10,103,772	)		$(1,636,926	)
Change in net assets from operations		$(24,091,245	)		$(14,883,987	)		$(15,131,699	)		$(7,994,212	)		$(1,297,671	)

See Notes to Financial Statements

66

Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

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

Year ended 4/30/20	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)		$13,176,201			$8,130,201			$7,492,778			$12,918,085			$6,639,305
Net realized gain (loss)		2,888,628			6,743,176			1,831,940			9,328,016			2,000,039
Net unrealized gain (loss)		(2,003,984	)		(6,568,255	)		(6,688,693	)		(32,315,729	)		(24,925,627	)
Change in net assets from operations		$14,060,845			$8,305,122			$2,636,025			$(10,069,628	)		$(16,286,283	)
Total distributions to shareholders		$(21,037,176	)		$(16,362,312	)		$(11,561,295	)		$(32,529,458	)		$(12,938,370	)
Change in net assets from fund share transactions		$25,991,072			$(11,187,535	)		$43,922,853			$53,145,640			$73,008,584
Total change in net assets		$19,014,741			$(19,244,725	)		$34,997,583			$10,546,554			$43,783,931
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		$593,670,700			$323,008,007			$327,469,856			$599,902,076			$332,317,716
Year ended 4/30/20	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)		$8,360,469			$4,202,125			$4,250,451			$2,109,560			$339,255
Net realized gain (loss)		6,522,771			2,681,312			3,092,203			1,231,690			147,639
Net unrealized gain (loss)		(38,974,485	)		(21,767,424	)		(22,474,353	)		(11,335,462	)		(1,784,565	)
Change in net assets from operations		$(24,091,245	)		$(14,883,987	)		$(15,131,699	)		$(7,994,212	)		$(1,297,671	)
Total distributions to shareholders		$(25,567,413	)		$(9,201,300	)		$(10,246,366	)		$(4,557,091	)		$(533,610	)
Change in net assets from fund share transactions		$57,248,217			$55,249,920			$51,809,993			$34,110,838			$15,825,604
Total change in net assets		$7,589,559			$31,164,633			$26,431,928			$21,559,535			$13,994,323
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		$434,480,112			$230,227,336			$237,877,341			$124,956,683			$24,053,036

See Notes to Financial Statements

67

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

68

Financial Statements

FINANCIAL HIGHLIGHTS

MFS LIFETIME INCOME FUND

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

	Year ended
Class A	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.39			$12.25			$12.20			$12.08			$12.29
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.30			$0.31			$0.27			$0.21			$0.18
Net realized and unrealized gain (loss)		0.05			0.30			0.20			0.39			(0.11	)
Total from investment operations		$0.35			$0.61			$0.47			$0.60			$0.07
Less distributions declared to shareholders
From net investment income		$(0.31	)		$(0.32	)		$(0.27	)		$(0.24	)		$(0.19	)
From net realized gain		(0.14	)		(0.15	)		(0.15	)		(0.24	)		(0.09	)
Total distributions declared to shareholders		$(0.45	)		$(0.47	)		$(0.42	)		$(0.48	)		$(0.28	)
Net asset value, end of period (x)		$12.29			$12.39			$12.25			$12.20			$12.08
Total return (%) (r)(s)(t)(x)		2.78			5.18			3.84			5.09			0.58
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.45			0.45			0.45			0.46			0.38
Expenses after expense reductions (f)(h)		0.23			0.23			0.24			0.25			0.25
Net investment income (loss) (l)		2.37			2.57			2.19			1.74			1.54
Portfolio turnover		15			10			11			25			10
Net assets at end of period (000 omitted)		$124,123			$111,591			$108,482			$115,872			$120,810
	Year ended
Class B	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.40			$12.25			$12.20			$12.08			$12.29
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.22			$0.17			$0.12			$0.09
Net realized and unrealized gain (loss)		0.04			0.31			0.21			0.39			(0.11	)
Total from investment operations		$0.24			$0.53			$0.38			$0.51			$(0.02	)
Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.23	)		$(0.18	)		$(0.15	)		$(0.10	)
From net realized gain		(0.14	)		(0.15	)		(0.15	)		(0.24	)		(0.09	)
Total distributions declared to shareholders		$(0.35	)		$(0.38	)		$(0.33	)		$(0.39	)		$(0.19	)
Net asset value, end of period (x)		$12.29			$12.40			$12.25			$12.20			$12.08
Total return (%) (r)(s)(t)(x)		1.93			4.48			3.07			4.31			(0.16	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.20			1.20			1.20			1.21			1.13
Expenses after expense reductions (f)(h)		0.98			0.99			0.99			1.00			1.00
Net investment income (loss) (l)		1.61			1.81			1.40			0.98			0.79
Portfolio turnover		15			10			11			25			10
Net assets at end of period (000 omitted)		$5,774			$9,111			$11,818			$15,801			$18,088

See Notes to Financial Statements

69

Financial Highlights – continued

MFS LIFETIME INCOME FUND – continued

	Year ended
Class C	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.39			$12.25			$12.19			$12.08			$12.29
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.22			$0.18			$0.12			$0.09
Net realized and unrealized gain (loss)		0.04			0.30			0.21			0.38			(0.11	)
Total from investment operations		$0.24			$0.52			$0.39			$0.50			$(0.02	)
Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.23	)		$(0.18	)		$(0.15	)		$(0.10	)
From net realized gain		(0.14	)		(0.15	)		(0.15	)		(0.24	)		(0.09	)
Total distributions declared to shareholders		$(0.35	)		$(0.38	)		$(0.33	)		$(0.39	)		$(0.19	)
Net asset value, end of period (x)		$12.28			$12.39			$12.25			$12.19			$12.08
Total return (%) (r)(s)(t)(x)		1.93			4.40			3.15			4.22			(0.16	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.20			1.20			1.20			1.21			1.13
Expenses after expense reductions (f)(h)		0.98			0.99			0.99			1.00			1.00
Net investment income (loss) (l)		1.60			1.80			1.43			0.98			0.79
Portfolio turnover		15			10			11			25			10
Net assets at end of period (000 omitted)		$98,286			$112,773			$128,791			$147,518			$153,472
	Year ended
Class I	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.40			$12.25			$12.20			$12.08			$12.30
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.33			$0.34			$0.31			$0.24			$0.21
Net realized and unrealized gain (loss)		0.04			0.31			0.19			0.39			(0.12	)
Total from investment operations		$0.37			$0.65			$0.50			$0.63			$0.09
Less distributions declared to shareholders
From net investment income		$(0.34	)		$(0.35	)		$(0.30	)		$(0.27	)		$(0.22	)
From net realized gain		(0.14	)		(0.15	)		(0.15	)		(0.24	)		(0.09	)
Total distributions declared to shareholders		$(0.48	)		$(0.50	)		$(0.45	)		$(0.51	)		$(0.31	)
Net asset value, end of period (x)		$12.29			$12.40			$12.25			$12.20			$12.08
Total return (%) (r)(s)(t)(x)		2.96			5.53			4.10			5.35			0.75
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.20			0.20			0.20			0.21			0.13
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.61			2.82			2.46			1.98			1.76
Portfolio turnover		15			10			11			25			10
Net assets at end of period (000 omitted)		$34,513			$34,654			$32,496			$32,683			$26,134

See Notes to Financial Statements

70

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MFS LIFETIME INCOME FUND – continued

	Year ended
Class R1	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.41			$12.26			$12.21			$12.09			$12.30
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.21			$0.18			$0.12			$0.10
Net realized and unrealized gain (loss)		0.04			0.32			0.20			0.39			(0.12	)
Total from investment operations		$0.24			$0.53			$0.38			$0.51			$(0.02	)
Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.23	)		$(0.18	)		$(0.15	)		$(0.10	)
From net realized gain		(0.14	)		(0.15	)		(0.15	)		(0.24	)		(0.09	)
Total distributions declared to shareholders		$(0.35	)		$(0.38	)		$(0.33	)		$(0.39	)		$(0.19	)
Net asset value, end of period (x)		$12.30			$12.41			$12.26			$12.21			$12.09
Total return (%) (r)(s)(t)(x)		1.93			4.48			3.06			4.31			(0.16	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.20			1.20			1.20			1.21			1.13
Expenses after expense reductions (f)(h)		0.98			0.98			0.99			1.00			1.00
Net investment income (loss) (l)		1.58			1.72			1.42			0.96			0.79
Portfolio turnover		15			10			11			25			10
Net assets at end of period (000 omitted)		$2,493			$3,977			$4,344			$4,453			$5,332
	Year ended
Class R2	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.40			$12.26			$12.20			$12.08			$12.30
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.26			$0.28			$0.24			$0.18			$0.16
Net realized and unrealized gain (loss)		0.05			0.30			0.21			0.39			(0.13	)
Total from investment operations		$0.31			$0.58			$0.45			$0.57			$0.03
Less distributions declared to shareholders
From net investment income		$(0.28	)		$(0.29	)		$(0.24	)		$(0.21	)		$(0.16	)
From net realized gain		(0.14	)		(0.15	)		(0.15	)		(0.24	)		(0.09	)
Total distributions declared to shareholders		$(0.42	)		$(0.44	)		$(0.39	)		$(0.45	)		$(0.25	)
Net asset value, end of period (x)		$12.29			$12.40			$12.26			$12.20			$12.08
Total return (%) (r)(s)(t)(x)		2.44			4.92			3.67			4.83			0.25
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.70			0.70			0.70			0.71			0.63
Expenses after expense reductions (f)(h)		0.48			0.49			0.49			0.50			0.50
Net investment income (loss) (l)		2.07			2.30			1.91			1.49			1.32
Portfolio turnover		15			10			11			25			10
Net assets at end of period (000 omitted)		$14,259			$19,458			$27,110			$31,542			$24,621

See Notes to Financial Statements

71

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MFS LIFETIME INCOME FUND – continued

	Year ended
Class R3	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.40			$12.25			$12.20			$12.08			$12.30
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.30			$0.31			$0.27			$0.21			$0.17
Net realized and unrealized gain (loss)		0.04			0.31			0.20			0.39			(0.11	)
Total from investment operations		$0.34			$0.62			$0.47			$0.60			$0.06
Less distributions declared to shareholders
From net investment income		$(0.31	)		$(0.32	)		$(0.27	)		$(0.24	)		$(0.19	)
From net realized gain		(0.14	)		(0.15	)		(0.15	)		(0.24	)		(0.09	)
Total distributions declared to shareholders		$(0.45	)		$(0.47	)		$(0.42	)		$(0.48	)		$(0.28	)
Net asset value, end of period (x)		$12.29			$12.40			$12.25			$12.20			$12.08
Total return (%) (r)(s)(t)(x)		2.70			5.26			3.84			5.09			0.50
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.45			0.45			0.45			0.47			0.38
Expenses after expense reductions (f)(h)		0.23			0.24			0.24			0.25			0.25
Net investment income (loss) (l)		2.39			2.57			2.21			1.74			1.46
Portfolio turnover		15			10			11			25			10
Net assets at end of period (000 omitted)		$67,237			$54,540			$54,156			$49,628			$33,728
	Year ended
Class R4	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.39			$12.25			$12.20			$12.08			$12.30
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.33			$0.34			$0.31			$0.24			$0.21
Net realized and unrealized gain (loss)		0.05			0.30			0.19			0.39			(0.12	)
Total from investment operations		$0.38			$0.64			$0.50			$0.63			$0.09
Less distributions declared to shareholders
From net investment income		$(0.34	)		$(0.35	)		$(0.30	)		$(0.27	)		$(0.22	)
From net realized gain		(0.14	)		(0.15	)		(0.15	)		(0.24	)		(0.09	)
Total distributions declared to shareholders		$(0.48	)		$(0.50	)		$(0.45	)		$(0.51	)		$(0.31	)
Net asset value, end of period (x)		$12.29			$12.39			$12.25			$12.20			$12.08
Total return (%) (r)(s)(t)(x)		3.04			5.44			4.10			5.35			0.75
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.20			0.20			0.21			0.21			0.13
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.61			2.82			2.51			2.01			1.78
Portfolio turnover		15			10			11			25			10
Net assets at end of period (000 omitted)		$41,807			$47,906			$52,790			$112,472			$83,522

See Notes to Financial Statements

72

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MFS LIFETIME INCOME FUND – continued

				Year ended
Class R6				4/30/20			4/30/19			4/30/18			4/30/17 (i)
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)					$0.34			$0.35			$0.35			$0.11
Net realized and unrealized gain (loss)					0.04			0.30			0.17			0.21
Total from investment operations					$0.38			$0.65			$0.52			$0.32
Less distributions declared to shareholders
From net investment income					$(0.35	)		$(0.36	)		$(0.31	)		$(0.22	)
From net realized gain					(0.14	)		(0.15	)		(0.15	)		(0.24	)
Total distributions declared to shareholders					$(0.49	)		$(0.51	)		$(0.46	)		$(0.46	)
Net asset value, end of period (x)					$12.32			$12.43			$12.29			$12.23
Total return (%) (r)(s)(t)(x)					3.04			5.52			4.28			2.70	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)					0.12			0.12			0.10			0.21	(a)
Expenses after expense reductions (f)(h)					0.00			0.00			0.00			0.00	(a)
Net investment income (loss) (l)					2.69			2.84			2.83			1.34	(a)
Portfolio turnover					15			10			11			25
Net assets at end of period (000 omitted)					$42,065			$33,595			$26,728			$6,775
	Year ended
Class 529A	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$10.15			$10.06			$10.04			$9.98			$10.17
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.24			$0.25			$0.22			$0.17			$0.15
Net realized and unrealized gain (loss)		0.04			0.25			0.17			0.32			(0.10	)
Total from investment operations		$0.28			$0.50			$0.39			$0.49			$0.05
Less distributions declared to shareholders
From net investment income		$(0.25	)		$(0.26	)		$(0.22	)		$(0.19	)		$(0.15	)
From net realized gain		(0.14	)		(0.15	)		(0.15	)		(0.24	)		(0.09	)
Total distributions declared to shareholders		$(0.39	)		$(0.41	)		$(0.37	)		$(0.43	)		$(0.24	)
Net asset value, end of period (x)		$10.04			$10.15			$10.06			$10.04			$9.98
Total return (%) (r)(s)(t)(x)		2.71			5.16			3.84			5.08			0.53
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.50			0.50			0.53			0.56			0.48
Expenses after expense reductions (f)(h)		0.27			0.27			0.28			0.29			0.29
Net investment income (loss) (l)		2.33			2.55			2.16			1.70			1.48
Portfolio turnover		15			10			11			25			10
Net assets at end of period (000 omitted)		$127,306			$108,398			$83,713			$73,448			$52,434

See Notes to Financial Statements

73

Financial Highlights – continued

MFS LIFETIME INCOME FUND – continued

	Year ended
Class 529B	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$10.15			$10.06			$10.04			$9.98			$10.17
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.16			$0.18			$0.14			$0.10			$0.07
Net realized and unrealized gain (loss)		0.04			0.24			0.17			0.32			(0.10	)
Total from investment operations		$0.20			$0.42			$0.31			$0.42			$(0.03	)
Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.18	)		$(0.14	)		$(0.12	)		$(0.07	)
From net realized gain		(0.14	)		(0.15	)		(0.15	)		(0.24	)		(0.09	)
Total distributions declared to shareholders		$(0.31	)		$(0.33	)		$(0.29	)		$(0.36	)		$(0.16	)
Net asset value, end of period (x)		$10.04			$10.15			$10.06			$10.04			$9.98
Total return (%) (r)(s)(t)(x)		1.94			4.38			3.07			4.30			(0.22	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.25			1.25			1.28			1.31			1.23
Expenses after expense reductions (f)(h)		1.02			1.02			1.04			1.05			1.04
Net investment income (loss) (l)		1.58			1.78			1.36			0.96			0.73
Portfolio turnover		15			10			11			25			10
Net assets at end of period (000 omitted)		$4,611			$4,492			$3,975			$4,722			$3,456
	Year ended
Class 529C	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$10.15			$10.05			$10.04			$9.98			$10.17
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.16			$0.18			$0.14			$0.09			$0.07
Net realized and unrealized gain (loss)		0.03			0.25			0.16			0.33			(0.10	)
Total from investment operations		$0.19			$0.43			$0.30			$0.42			$(0.03	)
Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.18	)		$(0.14	)		$(0.12	)		$(0.07	)
From net realized gain		(0.14	)		(0.15	)		(0.15	)		(0.24	)		(0.09	)
Total distributions declared to shareholders		$(0.31	)		$(0.33	)		$(0.29	)		$(0.36	)		$(0.16	)
Net asset value, end of period (x)		$10.03			$10.15			$10.05			$10.04			$9.98
Total return (%) (r)(s)(t)(x)		1.83			4.48			2.97			4.30			(0.22	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.25			1.25			1.28			1.31			1.23
Expenses after expense reductions (f)(h)		1.03			1.03			1.04			1.05			1.04
Net investment income (loss) (l)		1.57			1.79			1.40			0.94			0.74
Portfolio turnover		15			10			11			25			10
Net assets at end of period (000 omitted)		$31,196			$34,160			$34,039			$32,166			$26,047

See Notes to Financial Statements

74

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MFS LIFETIME INCOME FUND – continued

(a) Annualized.

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

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

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

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

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

(n) Not annualized.

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

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

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

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

See Notes to Financial Statements

75

Financial Highlights – continued

MFS LIFETIME 2020 FUND

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

	Year ended
Class A	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.98			$13.01			$12.94			$13.08			$13.52
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.30			$0.33			$0.29			$0.23			$0.20
Net realized and unrealized gain (loss)		0.04			0.30			0.35			0.60			(0.18	)
Total from investment operations		$0.34			$0.63			$0.64			$0.83			$0.02
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.32	)		$(0.35	)		$(0.21	)		$(0.23	)
From net realized gain		(0.31	)		(0.34	)		(0.22	)		(0.76	)		(0.23	)
Total distributions declared to shareholders		$(0.63	)		$(0.66	)		$(0.57	)		$(0.97	)		$(0.46	)
Net asset value, end of period (x)		$12.69			$12.98			$13.01			$12.94			$13.08
Total return (%) (r)(s)(t)(x)		2.46			5.30			4.94			6.60			0.20
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.51			0.48			0.48			0.48			0.40
Expenses after expense reductions (f)(h)		0.24			0.23			0.24			0.25			0.25
Net investment income (loss) (l)		2.32			2.56			2.22			1.73			1.52
Portfolio turnover		16			17			19			35			11
Net assets at end of period (000 omitted)		$40,186			$44,271			$46,580			$50,239			$46,171
	Year ended
Class B	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.91			$12.92			$12.84			$12.98			$13.41
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.21			$0.23			$0.19			$0.13			$0.10
Net realized and unrealized gain (loss)		0.03			0.31			0.35			0.59			(0.17	)
Total from investment operations		$0.24			$0.54			$0.54			$0.72			$(0.07	)
Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.21	)		$(0.24	)		$(0.10	)		$(0.13	)
From net realized gain		(0.31	)		(0.34	)		(0.22	)		(0.76	)		(0.23	)
Total distributions declared to shareholders		$(0.52	)		$(0.55	)		$(0.46	)		$(0.86	)		$(0.36	)
Net asset value, end of period (x)		$12.63			$12.91			$12.92			$12.84			$12.98
Total return (%) (r)(s)(t)(x)		1.72			4.49			4.21			5.75			(0.49	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.26			1.23			1.23			1.22			1.15
Expenses after expense reductions (f)(h)		0.99			0.98			0.99			1.00			1.00
Net investment income (loss) (l)		1.58			1.81			1.46			0.99			0.77
Portfolio turnover		16			17			19			35			11
Net assets at end of period (000 omitted)		$2,492			$3,148			$4,420			$5,425			$6,376

See Notes to Financial Statements

76

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Year ended
Class C	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.71			$12.74			$12.67			$12.83			$13.26
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.23			$0.19			$0.13			$0.10
Net realized and unrealized gain (loss)		0.03			0.30			0.34			0.58			(0.18	)
Total from investment operations		$0.23			$0.53			$0.53			$0.71			$(0.08	)
Less distributions declared to shareholders
From net investment income		$(0.22	)		$(0.22	)		$(0.24	)		$(0.11	)		$(0.12	)
From net realized gain		(0.31	)		(0.34	)		(0.22	)		(0.76	)		(0.23	)
Total distributions declared to shareholders		$(0.53	)		$(0.56	)		$(0.46	)		$(0.87	)		$(0.35	)
Net asset value, end of period (x)		$12.41			$12.71			$12.74			$12.67			$12.83
Total return (%) (r)(s)(t)(x)		1.64			4.50			4.20			5.76			(0.53	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.26			1.23			1.23			1.23			1.15
Expenses after expense reductions (f)(h)		0.99			0.98			0.99			1.00			1.00
Net investment income (loss) (l)		1.58			1.82			1.47			0.98			0.76
Portfolio turnover		16			17			19			35			11
Net assets at end of period (000 omitted)		$10,400			$11,881			$13,178			$16,629			$17,196
	Year ended
Class I	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$13.07			$13.10			$13.03			$13.16			$13.60
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.34			$0.36			$0.33			$0.30			$0.23
Net realized and unrealized gain (loss)		0.05			0.31			0.35			0.57			(0.18	)
Total from investment operations		$0.39			$0.67			$0.68			$0.87			$0.05
Less distributions declared to shareholders
From net investment income		$(0.36	)		$(0.36	)		$(0.39	)		$(0.24	)		$(0.26	)
From net realized gain		(0.31	)		(0.34	)		(0.22	)		(0.76	)		(0.23	)
Total distributions declared to shareholders		$(0.67	)		$(0.70	)		$(0.61	)		$(1.00	)		$(0.49	)
Net asset value, end of period (x)		$12.79			$13.07			$13.10			$13.03			$13.16
Total return (%) (r)(s)(t)(x)		2.77			5.54			5.19			6.91			0.45
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.26			0.23			0.23			0.21			0.15
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.54			2.76			2.50			2.25			1.78
Portfolio turnover		16			17			19			35			11
Net assets at end of period (000 omitted)		$1,980			$2,134			$1,742			$1,631			$4,466

See Notes to Financial Statements

77

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Year ended
Class R1	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.91			$12.94			$12.88			$13.00			$13.42
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.23			$0.20			$0.12			$0.10
Net realized and unrealized gain (loss)		0.03			0.31			0.34			0.60			(0.18	)
Total from investment operations		$0.23			$0.54			$0.54			$0.72			$(0.08	)
Less distributions declared to shareholders
From net investment income		$(0.19	)		$(0.23	)		$(0.26	)		$(0.08	)		$(0.11	)
From net realized gain		(0.31	)		(0.34	)		(0.22	)		(0.76	)		(0.23	)
Total distributions declared to shareholders		$(0.50	)		$(0.57	)		$(0.48	)		$(0.84	)		$(0.34	)
Net asset value, end of period (x)		$12.64			$12.91			$12.94			$12.88			$13.00
Total return (%) (r)(s)(t)(x)		1.64			4.51			4.19			5.73			(0.54	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.26			1.23			1.23			1.22			1.15
Expenses after expense reductions (f)(h)		0.99			0.98			0.99			1.00			1.00
Net investment income (loss) (l)		1.57			1.82			1.49			0.95			0.78
Portfolio turnover		16			17			19			35			11
Net assets at end of period (000 omitted)		$3,348			$4,510			$4,587			$4,355			$4,794
	Year ended
Class R2	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.88			$12.91			$12.84			$13.00			$13.43
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.27			$0.30			$0.26			$0.19			$0.17
Net realized and unrealized gain (loss)		0.04			0.30			0.35			0.59			(0.18	)
Total from investment operations		$0.31			$0.60			$0.61			$0.78			$(0.01	)
Less distributions declared to shareholders
From net investment income		$(0.27	)		$(0.29	)		$(0.32	)		$(0.18	)		$(0.19	)
From net realized gain		(0.31	)		(0.34	)		(0.22	)		(0.76	)		(0.23	)
Total distributions declared to shareholders		$(0.58	)		$(0.63	)		$(0.54	)		$(0.94	)		$(0.42	)
Net asset value, end of period (x)		$12.61			$12.88			$12.91			$12.84			$13.00
Total return (%) (r)(s)(t)(x)		2.25			5.04			4.73			6.26			0.01
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.76			0.73			0.73			0.73			0.65
Expenses after expense reductions (f)(h)		0.49			0.48			0.49			0.50			0.50
Net investment income (loss) (l)		2.05			2.32			1.97			1.49			1.28
Portfolio turnover		16			17			19			35			11
Net assets at end of period (000 omitted)		$36,927			$47,259			$72,233			$76,217			$63,116

See Notes to Financial Statements

78

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Year ended
Class R3	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.98			$13.01			$12.95			$13.09			$13.53
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.31			$0.34			$0.30			$0.22			$0.19
Net realized and unrealized gain (loss)		0.04			0.30			0.34			0.61			(0.17	)
Total from investment operations		$0.35			$0.64			$0.64			$0.83			$0.02
Less distributions declared to shareholders
From net investment income		$(0.33	)		$(0.33	)		$(0.36	)		$(0.21	)		$(0.23	)
From net realized gain		(0.31	)		(0.34	)		(0.22	)		(0.76	)		(0.23	)
Total distributions declared to shareholders		$(0.64	)		$(0.67	)		$(0.58	)		$(0.97	)		$(0.46	)
Net asset value, end of period (x)		$12.69			$12.98			$13.01			$12.95			$13.09
Total return (%) (r)(s)(t)(x)		2.48			5.33			4.90			6.59			0.20
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.51			0.48			0.48			0.48			0.40
Expenses after expense reductions (f)(h)		0.24			0.23			0.24			0.25			0.25
Net investment income (loss) (l)		2.34			2.61			2.24			1.71			1.45
Portfolio turnover		16			17			19			35			11
Net assets at end of period (000 omitted)		$88,804			$79,478			$84,245			$74,655			$63,904
	Year ended
Class R4	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$13.07			$13.10			$13.01			$13.15			$13.58
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.34			$0.37			$0.34			$0.27			$0.23
Net realized and unrealized gain (loss)		0.04			0.30			0.34			0.59			(0.17	)
Total from investment operations		$0.38			$0.67			$0.68			$0.86			$0.06
Less distributions declared to shareholders
From net investment income		$(0.36	)		$(0.36	)		$(0.37	)		$(0.24	)		$(0.26	)
From net realized gain		(0.31	)		(0.34	)		(0.22	)		(0.76	)		(0.23	)
Total distributions declared to shareholders		$(0.67	)		$(0.70	)		$(0.59	)		$(1.00	)		$(0.49	)
Net asset value, end of period (x)		$12.78			$13.07			$13.10			$13.01			$13.15
Total return (%) (r)(s)(t)(x)		2.69			5.55			5.24			6.83			0.53
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.26			0.23			0.24			0.23			0.15
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.57			2.82			2.56			2.02			1.76
Portfolio turnover		16			17			19			35			11
Net assets at end of period (000 omitted)		$77,500			$85,763			$87,475			$146,535			$165,273

See Notes to Financial Statements

79

Financial Highlights – continued

MFS LIFETIME 2020 FUND – continued

	Year ended
Class R6	4/30/20			4/30/19			4/30/18			4/30/17 (i)
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)		$0.36			$0.38			$0.38			$0.11
Net realized and unrealized gain (loss)		0.04			0.30			0.31			0.32
Total from investment operations		$0.40			$0.68			$0.69			$0.43
Less distributions declared to shareholders
From net investment income		$(0.37	)		$(0.38	)		$(0.40	)		$(0.25	)
From net realized gain		(0.31	)		(0.34	)		(0.22	)		(0.76	)
Total distributions declared to shareholders		$(0.68	)		$(0.72	)		$(0.62	)		$(1.01	)
Net asset value, end of period (x)		$12.77			$13.05			$13.09			$13.02
Total return (%) (r)(s)(t)(x)		2.91			5.62			5.33			3.43	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.12			0.11			0.10			0.16	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.73			2.95			2.82			1.28	(a)
Portfolio turnover		16			17			19			35
Net assets at end of period (000 omitted)		$61,371			$63,809			$45,280			$21,091

(a) Annualized.

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

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

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

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

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

(n) Not annualized.

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

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

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

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

See Notes to Financial Statements

80

Financial Highlights – continued

MFS LIFETIME 2025 FUND

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

	Year ended
Class A	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$13.03			$12.83			$12.35			$11.76			$12.19
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.30			$0.33			$0.29			$0.20			$0.16
Net realized and unrealized gain (loss)		(0.11	)		0.35			0.62			0.84			(0.24	)
Total from investment operations		$0.19			$0.68			$0.91			$1.04			$(0.08	)
Less distributions declared to shareholders
From net investment income		$(0.28	)		$(0.31	)		$(0.35	)		$(0.17	)		$(0.18	)
From net realized gain		(0.19	)		(0.17	)		(0.08	)		(0.28	)		(0.17	)
Total distributions declared to shareholders		$(0.47	)		$(0.48	)		$(0.43	)		$(0.45	)		$(0.35	)
Net asset value, end of period (x)		$12.75			$13.03			$12.83			$12.35			$11.76
Total return (%) (r)(s)(t)(x)		1.25			5.70			7.34			9.03			(0.60	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.51			0.52			0.54			0.55			0.53
Expenses after expense reductions (f)(h)		0.23			0.22			0.23			0.24			0.23
Net investment income (loss) (l)		2.25			2.62			2.28			1.62			1.34
Portfolio turnover		18			14			37			33			10
Net assets at end of period (000 omitted)		$26,335			$19,689			$16,710			$14,518			$12,598
	Year ended
Class B	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.93			$12.72			$12.26			$11.68			$12.11
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.23			$0.19			$0.10			$0.07
Net realized and unrealized gain (loss)		(0.12	)		0.36			0.60			0.85			(0.24	)
Total from investment operations		$0.08			$0.59			$0.79			$0.95			$(0.17	)
Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.21	)		$(0.25	)		$(0.09	)		$(0.09	)
From net realized gain		(0.19	)		(0.17	)		(0.08	)		(0.28	)		(0.17	)
Total distributions declared to shareholders		$(0.37	)		$(0.38	)		$(0.33	)		$(0.37	)		$(0.26	)
Net asset value, end of period (x)		$12.64			$12.93			$12.72			$12.26			$11.68
Total return (%) (r)(s)(t)(x)		0.48			4.96			6.40			8.23			(1.37	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.26			1.27			1.29			1.29			1.28
Expenses after expense reductions (f)(h)		0.99			0.97			1.00			1.00			1.00
Net investment income (loss) (l)		1.49			1.82			1.47			0.86			0.59
Portfolio turnover		18			14			37			33			10
Net assets at end of period (000 omitted)		$1,632			$1,501			$1,472			$1,340			$1,190

See Notes to Financial Statements

81

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Year ended
Class C	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.86			$12.66			$12.21			$11.63			$12.07
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.19			$0.22			$0.19			$0.10			$0.07
Net realized and unrealized gain (loss)		(0.11	)		0.37			0.60			0.84			(0.24	)
Total from investment operations		$0.08			$0.59			$0.79			$0.94			$(0.17	)
Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.22	)		$(0.26	)		$(0.08	)		$(0.10	)
From net realized gain		(0.19	)		(0.17	)		(0.08	)		(0.28	)		(0.17	)
Total distributions declared to shareholders		$(0.36	)		$(0.39	)		$(0.34	)		$(0.36	)		$(0.27	)
Net asset value, end of period (x)		$12.58			$12.86			$12.66			$12.21			$11.63
Total return (%) (r)(s)(t)(x)		0.45			4.94			6.42			8.24			(1.37	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.26			1.27			1.29			1.29			1.28
Expenses after expense reductions (f)(h)		1.00			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.46			1.78			1.50			0.83			0.59
Portfolio turnover		18			14			37			33			10
Net assets at end of period (000 omitted)		$3,852			$4,186			$3,571			$3,311			$2,846
	Year ended
Class I	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$13.08			$12.87			$12.40			$11.79			$12.22
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.33			$0.41			$0.25			$0.27			$0.19
Net realized and unrealized gain (loss)		(0.12	)		0.32			0.68			0.82			(0.25	)
Total from investment operations		$0.21			$0.73			$0.93			$1.09			$(0.06	)
Less distributions declared to shareholders
From net investment income		$(0.31	)		$(0.35	)		$(0.38	)		$(0.20	)		$(0.20	)
From net realized gain		(0.19	)		(0.17	)		(0.08	)		(0.28	)		(0.17	)
Total distributions declared to shareholders		$(0.50	)		$(0.52	)		$(0.46	)		$(0.48	)		$(0.37	)
Net asset value, end of period (x)		$12.79			$13.08			$12.87			$12.40			$11.79
Total return (%) (r)(s)(t)(x)		1.38			6.05			7.44			9.42			(0.39	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.26			0.27			0.32			0.28			0.29
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.49			3.23			1.96			2.25			1.59
Portfolio turnover		18			14			37			33			10
Net assets at end of period (000 omitted)		$1,445			$1,228			$538			$127			$4,563

See Notes to Financial Statements

82

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Year ended
Class R1	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.95			$12.76			$12.33			$11.79			$12.17
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.19			$0.22			$0.20			$0.09			$0.06
Net realized and unrealized gain (loss)		(0.12	)		0.37			0.60			0.86			(0.24	)
Total from investment operations		$0.07			$0.59			$0.80			$0.95			$(0.18	)
Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.23	)		$(0.29	)		$(0.13	)		$(0.03	)
From net realized gain		(0.19	)		(0.17	)		(0.08	)		(0.28	)		(0.17	)
Total distributions declared to shareholders		$(0.37	)		$(0.40	)		$(0.37	)		$(0.41	)		$(0.20	)
Net asset value, end of period (x)		$12.65			$12.95			$12.76			$12.33			$11.79
Total return (%) (r)(s)(t)(x)		0.37			4.97			6.46			8.24			(1.40	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.26			1.27			1.30			1.31			1.26
Expenses after expense reductions (f)(h)		1.00			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.46			1.76			1.58			0.77			0.51
Portfolio turnover		18			14			37			33			10
Net assets at end of period (000 omitted)		$1,902			$1,578			$1,234			$432			$87
	Year ended
Class R2	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$12.96			$12.74			$12.29			$11.73			$12.17
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.25			$0.28			$0.26			$0.17			$0.12
Net realized and unrealized gain (loss)		(0.11	)		0.37			0.60			0.84			(0.24	)
Total from investment operations		$0.14			$0.65			$0.86			$1.01			$(0.12	)
Less distributions declared to shareholders
From net investment income		$(0.22	)		$(0.26	)		$(0.33	)		$(0.17	)		$(0.15	)
From net realized gain		(0.19	)		(0.17	)		(0.08	)		(0.28	)		(0.17	)
Total distributions declared to shareholders		$(0.41	)		$(0.43	)		$(0.41	)		$(0.45	)		$(0.32	)
Net asset value, end of period (x)		$12.69			$12.96			$12.74			$12.29			$11.73
Total return (%) (r)(s)(t)(x)		0.93			5.48			6.95			8.75			(0.89	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.76			0.77			0.79			0.81			0.79
Expenses after expense reductions (f)(h)		0.50			0.49			0.50			0.50			0.50
Net investment income (loss) (l)		1.89			2.21			2.06			1.40			1.02
Portfolio turnover		18			14			37			33			10
Net assets at end of period (000 omitted)		$26,607			$36,121			$35,799			$23,253			$7,489

See Notes to Financial Statements

83

Financial Highlights – continued

MFS LIFETIME 2025 FUND – continued

	Year ended
Class R3	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$13.02			$12.81			$12.35			$11.76			$12.19
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.30			$0.33			$0.29			$0.20			$0.15
Net realized and unrealized gain (loss)		(0.12	)		0.36			0.60			0.85			(0.23	)
Total from investment operations		$0.18			$0.69			$0.89			$1.05			$(0.08	)
Less distributions declared to shareholders
From net investment income		$(0.28	)		$(0.31	)		$(0.35	)		$(0.18	)		$(0.18	)
From net realized gain		(0.19	)		(0.17	)		(0.08	)		(0.28	)		(0.17	)
Total distributions declared to shareholders		$(0.47	)		$(0.48	)		$(0.43	)		$(0.46	)		$(0.35	)
Net asset value, end of period (x)		$12.73			$13.02			$12.81			$12.35			$11.76
Total return (%) (r)(s)(t)(x)		1.17			5.75			7.19			9.08			(0.60	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.51			0.52			0.54			0.55			0.54
Expenses after expense reductions (f)(h)		0.25			0.24			0.25			0.25			0.25
Net investment income (loss) (l)		2.25			2.56			2.24			1.61			1.27
Portfolio turnover		18			14			37			33			10
Net assets at end of period (000 omitted)		$95,013			$76,112			$63,426			$39,042			$22,370
	Year ended
Class R4	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$13.10			$12.88			$12.40			$11.79			$12.22
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.33			$0.36			$0.35			$0.22			$0.19
Net realized and unrealized gain (loss)		(0.12	)		0.37			0.58			0.87			(0.25	)
Total from investment operations		$0.21			$0.73			$0.93			$1.09			$(0.06	)
Less distributions declared to shareholders
From net investment income		$(0.31	)		$(0.34	)		$(0.37	)		$(0.20	)		$(0.20	)
From net realized gain		(0.19	)		(0.17	)		(0.08	)		(0.28	)		(0.17	)
Total distributions declared to shareholders		$(0.50	)		$(0.51	)		$(0.45	)		$(0.48	)		$(0.37	)
Net asset value, end of period (x)		$12.81			$13.10			$12.88			$12.40			$11.79
Total return (%) (r)(s)(t)(x)		1.37			6.06			7.43			9.42			(0.40	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.26			0.27			0.28			0.30			0.28
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.49			2.82			2.68			1.84			1.59
Portfolio turnover		18			14			37			33			10
Net assets at end of period (000 omitted)		$105,160			$105,032			$81,894			$135,040			$105,570

See Notes to Financial Statements

84

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MFS LIFETIME 2025 FUND – continued

	Year ended
Class R6	4/30/20			4/30/19			4/30/18			4/30/17 (i)
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)		$0.35			$0.38			$0.40			$0.11
Net realized and unrealized gain (loss)		(0.12	)		0.37			0.55			0.48
Total from investment operations		$0.23			$0.75			$0.95			$0.59
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.36	)		$(0.40	)		$(0.20	)
From net realized gain		(0.19	)		(0.17	)		(0.08	)		(0.28	)
Total distributions declared to shareholders		$(0.51	)		$(0.53	)		$(0.48	)		$(0.48	)
Net asset value, end of period (x)		$12.82			$13.10			$12.88			$12.41
Total return (%) (r)(s)(t)(x)		1.57			6.21			7.57			5.02	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.12			0.14			0.15			0.20	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.63			2.93			3.08			1.31	(a)
Portfolio turnover		18			14			37			33
Net assets at end of period (000 omitted)		$65,523			$47,026			$32,384			$10,834

(a) Annualized.

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

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

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

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

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

(n) Not annualized.

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

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

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

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

See Notes to Financial Statements

85

Financial Highlights – continued

MFS LIFETIME 2030 FUND

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

	Year ended
Class A	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.59			$15.48			$14.57			$13.91			$14.55
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.32			$0.37			$0.34			$0.19			$0.16
Net realized and unrealized gain (loss)		(0.46	)		0.49			1.13			1.42			(0.38	)
Total from investment operations		$(0.14	)		$0.86			$1.47			$1.61			$(0.22	)
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.36	)		$(0.36	)		$(0.19	)		$(0.20	)
From net realized gain		(0.52	)		(0.39	)		(0.20	)		(0.76	)		(0.22	)
Total distributions declared to shareholders		$(0.84	)		$(0.75	)		$(0.56	)		$(0.95	)		$(0.42	)
Net asset value, end of period (x)		$14.61			$15.59			$15.48			$14.57			$13.91
Total return (%) (r)(s)(t)(x)		(1.36	)		6.24			10.09			12.01			(1.51	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.46			0.46			0.46			0.47			0.42
Expenses after expense reductions (f)(h)		0.24			0.23			0.23			0.25			0.24
Net investment income (loss) (l)		2.07			2.40			2.18			1.36			1.13
Portfolio turnover		18			18			19			50			6
Net assets at end of period (000 omitted)		$66,732			$63,579			$61,458			$57,961			$44,995
	Year ended
Class B	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.37			$15.26			$14.37			$13.73			$14.37
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.25			$0.21			$0.08			$0.05
Net realized and unrealized gain (loss)		(0.46	)		0.50			1.13			1.40			(0.38	)
Total from investment operations		$(0.26	)		$0.75			$1.34			$1.48			$(0.33	)
Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.25	)		$(0.25	)		$(0.08	)		$(0.09	)
From net realized gain		(0.52	)		(0.39	)		(0.20	)		(0.76	)		(0.22	)
Total distributions declared to shareholders		$(0.70	)		$(0.64	)		$(0.45	)		$(0.84	)		$(0.31	)
Net asset value, end of period (x)		$14.41			$15.37			$15.26			$14.37			$13.73
Total return (%) (r)(s)(t)(x)		(2.07	)		5.44			9.28			11.15			(2.27	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.21			1.21			1.21			1.22			1.17
Expenses after expense reductions (f)(h)		0.99			0.99			0.99			1.00			1.00
Net investment income (loss) (l)		1.29			1.67			1.42			0.60			0.37
Portfolio turnover		18			18			19			50			6
Net assets at end of period (000 omitted)		$6,495			$8,727			$8,834			$8,753			$8,498

See Notes to Financial Statements

86

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Year ended
Class C	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.27			$15.16			$14.29			$13.66			$14.29
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.19			$0.25			$0.21			$0.09			$0.05
Net realized and unrealized gain (loss)		(0.44	)		0.49			1.11			1.38			(0.37	)
Total from investment operations		$(0.25	)		$0.74			$1.32			$1.47			$(0.32	)
Less distributions declared to shareholders
From net investment income		$(0.19	)		$(0.24	)		$(0.25	)		$(0.08	)		$(0.09	)
From net realized gain		(0.52	)		(0.39	)		(0.20	)		(0.76	)		(0.22	)
Total distributions declared to shareholders		$(0.71	)		$(0.63	)		$(0.45	)		$(0.84	)		$(0.31	)
Net asset value, end of period (x)		$14.31			$15.27			$15.16			$14.29			$13.66
Total return (%) (r)(s)(t)(x)		(2.05	)		5.46			9.21			11.17			(2.20	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.21			1.21			1.21			1.22			1.17
Expenses after expense reductions (f)(h)		0.99			0.99			0.99			1.00			1.00
Net investment income (loss) (l)		1.26			1.63			1.42			0.61			0.38
Portfolio turnover		18			18			19			50			6
Net assets at end of period (000 omitted)		$13,474			$15,790			$15,885			$15,827			$15,554
	Year ended
Class I	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.66			$15.55			$14.63			$14.00			$14.63
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.36			$0.42			$0.38			$0.28			$0.19
Net realized and unrealized gain (loss)		(0.46	)		0.48			1.14			1.33			(0.37	)
Total from investment operations		$(0.10	)		$0.90			$1.52			$1.61			$(0.18	)
Less distributions declared to shareholders
From net investment income		$(0.35	)		$(0.40	)		$(0.40	)		$(0.22	)		$(0.23	)
From net realized gain		(0.52	)		(0.39	)		(0.20	)		(0.76	)		(0.22	)
Total distributions declared to shareholders		$(0.87	)		$(0.79	)		$(0.60	)		$(0.98	)		$(0.45	)
Net asset value, end of period (x)		$14.69			$15.66			$15.55			$14.63			$14.00
Total return (%) (r)(s)(t)(x)		(1.07	)		6.50			10.38			11.95			(1.19	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.21			0.21			0.21			0.20			0.17
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.29			2.70			2.48			1.96			1.36
Portfolio turnover		18			18			19			50			6
Net assets at end of period (000 omitted)		$2,395			$2,282			$2,171			$1,743			$12,156

See Notes to Financial Statements

87

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MFS LIFETIME 2030 FUND – continued

	Year ended
Class R1	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.42			$15.32			$14.44			$13.78			$14.39
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.21			$0.26			$0.21			$0.08			$0.04
Net realized and unrealized gain (loss)		(0.46	)		0.48			1.13			1.40			(0.36	)
Total from investment operations		$(0.25	)		$0.74			$1.34			$1.48			$(0.32	)
Less distributions declared to shareholders
From net investment income		$(0.22	)		$(0.25	)		$(0.26	)		$(0.06	)		$(0.07	)
From net realized gain		(0.52	)		(0.39	)		(0.20	)		(0.76	)		(0.22	)
Total distributions declared to shareholders		$(0.74	)		$(0.64	)		$(0.46	)		$(0.82	)		$(0.29	)
Net asset value, end of period (x)		$14.43			$15.42			$15.32			$14.44			$13.78
Total return (%) (r)(s)(t)(x)		(2.06	)		5.42			9.26			11.13			(2.25	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.21			1.21			1.21			1.22			1.17
Expenses after expense reductions (f)(h)		1.00			0.99			0.99			1.00			1.00
Net investment income (loss) (l)		1.38			1.69			1.38			0.57			0.31
Portfolio turnover		18			18			19			50			6
Net assets at end of period (000 omitted)		$7,150			$7,423			$6,825			$5,740			$6,427
	Year ended
Class R2	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.43			$15.32			$14.43			$13.79			$14.43
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.28			$0.33			$0.30			$0.16			$0.12
Net realized and unrealized gain (loss)		(0.46	)		0.49			1.12			1.40			(0.38	)
Total from investment operations		$(0.18	)		$0.82			$1.42			$1.56			$(0.26	)
Less distributions declared to shareholders
From net investment income		$(0.26	)		$(0.32	)		$(0.33	)		$(0.16	)		$(0.16	)
From net realized gain		(0.52	)		(0.39	)		(0.20	)		(0.76	)		(0.22	)
Total distributions declared to shareholders		$(0.78	)		$(0.71	)		$(0.53	)		$(0.92	)		$(0.38	)
Net asset value, end of period (x)		$14.47			$15.43			$15.32			$14.43			$13.79
Total return (%) (r)(s)(t)(x)		(1.60	)		6.00			9.80			11.73			(1.78	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.71			0.71			0.71			0.72			0.67
Expenses after expense reductions (f)(h)		0.49			0.49			0.49			0.50			0.50
Net investment income (loss) (l)		1.78			2.17			1.95			1.13			0.88
Portfolio turnover		18			18			19			50			6
Net assets at end of period (000 omitted)		$66,342			$78,171			$112,223			$105,808			$83,102

See Notes to Financial Statements

88

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MFS LIFETIME 2030 FUND – continued

	Year ended
Class R3	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.54			$15.44			$14.54			$13.88			$14.52
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.32			$0.37			$0.34			$0.19			$0.15
Net realized and unrealized gain (loss)		(0.45	)		0.49			1.12			1.42			(0.37	)
Total from investment operations		$(0.13	)		$0.86			$1.46			$1.61			$(0.22	)
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.37	)		$(0.36	)		$(0.19	)		$(0.20	)
From net realized gain		(0.52	)		(0.39	)		(0.20	)		(0.76	)		(0.22	)
Total distributions declared to shareholders		$(0.84	)		$(0.76	)		$(0.56	)		$(0.95	)		$(0.42	)
Net asset value, end of period (x)		$14.57			$15.54			$15.44			$14.54			$13.88
Total return (%) (r)(s)(t)(x)		(1.31	)		6.21			10.07			12.03			(1.52	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.46			0.46			0.46			0.47			0.42
Expenses after expense reductions (f)(h)		0.25			0.24			0.24			0.25			0.25
Net investment income (loss) (l)		2.06			2.44			2.20			1.34			1.06
Portfolio turnover		18			18			19			50			6
Net assets at end of period (000 omitted)		$158,189			$146,737			$136,815			$109,088			$90,624
	Year ended
Class R4	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.68			$15.56			$14.64			$13.97			$14.61
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.37			$0.40			$0.40			$0.24			$0.19
Net realized and unrealized gain (loss)		(0.48	)		0.51			1.11			1.41			(0.38	)
Total from investment operations		$(0.11	)		$0.91			$1.51			$1.65			$(0.19	)
Less distributions declared to shareholders
From net investment income		$(0.35	)		$(0.40	)		$(0.39	)		$(0.22	)		$(0.23	)
From net realized gain		(0.52	)		(0.39	)		(0.20	)		(0.76	)		(0.22	)
Total distributions declared to shareholders		$(0.87	)		$(0.79	)		$(0.59	)		$(0.98	)		$(0.45	)
Net asset value, end of period (x)		$14.70			$15.68			$15.56			$14.64			$13.97
Total return (%) (r)(s)(t)(x)		(1.14	)		6.56			10.30			12.28			(1.26	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.21			0.21			0.21			0.22			0.17
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.32			2.61			2.57			1.66			1.37
Portfolio turnover		18			18			19			50			6
Net assets at end of period (000 omitted)		$162,913			$158,288			$148,064			$188,413			$184,249

See Notes to Financial Statements

89

Financial Highlights – continued

MFS LIFETIME 2030 FUND – continued

	Year ended
Class R6	4/30/20			4/30/19			4/30/18			4/30/17 (i)
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)		$0.38			$0.44			$0.45			$0.07
Net realized and unrealized gain (loss)		(0.47	)		0.49			1.08			0.90
Total from investment operations		$(0.09	)		$0.93			$1.53			$0.97
Less distributions declared to shareholders
From net investment income		$(0.37	)		$(0.42	)		$(0.42	)		$(0.23	)
From net realized gain		(0.52	)		(0.39	)		(0.20	)		(0.76	)
Total distributions declared to shareholders		$(0.89	)		$(0.81	)		$(0.62	)		$(0.99	)
Net asset value, end of period (x)		$14.70			$15.68			$15.56			$14.65
Total return (%) (r)(s)(t)(x)		(1.02	)		6.71			10.43			7.05	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.08			0.08			0.08			0.13	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.44			2.86			2.91			0.75	(a)
Portfolio turnover		18			18			19			50
Net assets at end of period (000 omitted)		$116,212			$108,358			$73,753			$33,584

(a) Annualized.

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

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

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

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

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

(n) Not annualized.

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

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

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

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

See Notes to Financial Statements

90

Financial Highlights – continued

MFS LIFETIME 2035 FUND

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

	Year ended
Class A	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$14.94			$14.61			$13.49			$12.35			$12.96
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.29			$0.34			$0.31			$0.16			$0.12
Net realized and unrealized gain (loss)		(0.85	)		0.52			1.28			1.44			(0.35	)
Total from investment operations		$(0.56	)		$0.86			$1.59			$1.60			$(0.23	)
Less distributions declared to shareholders
From net investment income		$(0.29	)		$(0.32	)		$(0.37	)		$(0.15	)		$(0.16	)
From net realized gain		(0.30	)		(0.21	)		(0.10	)		(0.31	)		(0.22	)
Total distributions declared to shareholders		$(0.59	)		$(0.53	)		$(0.47	)		$(0.46	)		$(0.38	)
Net asset value, end of period (x)		$13.79			$14.94			$14.61			$13.49			$12.35
Total return (%) (r)(s)(t)(x)		(4.23	)		6.50			11.78			13.18			(1.71	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.52			0.54			0.56			0.59			0.59
Expenses after expense reductions (f)(h)		0.25			0.24			0.25			0.25			0.24
Net investment income (loss) (l)		1.96			2.36			2.13			1.23			0.98
Portfolio turnover		13			12			33			43			7
Net assets at end of period (000 omitted)		$20,382			$16,563			$15,369			$10,591			$7,454
	Year ended
Class B	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$14.84			$14.49			$13.39			$12.26			$12.88
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.17			$0.22			$0.19			$0.06			$0.02
Net realized and unrealized gain (loss)		(0.85	)		0.54			1.28			1.43			(0.34	)
Total from investment operations		$(0.68	)		$0.76			$1.47			$1.49			$(0.32	)
Less distributions declared to shareholders
From net investment income		$(0.16	)		$(0.20	)		$(0.27	)		$(0.05	)		$(0.08	)
From net realized gain		(0.30	)		(0.21	)		(0.10	)		(0.31	)		(0.22	)
Total distributions declared to shareholders		$(0.46	)		$(0.41	)		$(0.37	)		$(0.36	)		$(0.30	)
Net asset value, end of period (x)		$13.70			$14.84			$14.49			$13.39			$12.26
Total return (%) (r)(s)(t)(x)		(4.98	)		5.71			10.96			12.34			(2.45	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.27			1.29			1.31			1.34			1.34
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.12			1.55			1.31			0.45			0.20
Portfolio turnover		13			12			33			43			7
Net assets at end of period (000 omitted)		$1,387			$1,650			$1,730			$1,314			$1,261

See Notes to Financial Statements

91

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Year ended
Class C	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$14.78			$14.45			$13.35			$12.22			$12.83
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.19			$0.22			$0.19			$0.05			$0.03
Net realized and unrealized gain (loss)		(0.87	)		0.53			1.28			1.43			(0.35	)
Total from investment operations		$(0.68	)		$0.75			$1.47			$1.48			$(0.32	)
Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.21	)		$(0.27	)		$(0.04	)		$(0.07	)
From net realized gain		(0.30	)		(0.21	)		(0.10	)		(0.31	)		(0.22	)
Total distributions declared to shareholders		$(0.48	)		$(0.42	)		$(0.37	)		$(0.35	)		$(0.29	)
Net asset value, end of period (x)		$13.62			$14.78			$14.45			$13.35			$12.22
Total return (%) (r)(s)(t)(x)		(4.97	)		5.69			11.00			12.28			(2.40	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.27			1.29			1.31			1.34			1.33
Expenses after expense reductions (f)(h)		0.99			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.26			1.54			1.35			0.40			0.27
Portfolio turnover		13			12			33			43			7
Net assets at end of period (000 omitted)		$2,632			$2,730			$2,510			$1,893			$1,950
	Year ended
Class I	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$14.97			$14.64			$13.51			$12.40			$13.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.32			$0.37			$0.38			$0.26			$0.15
Net realized and unrealized gain (loss)		(0.85	)		0.53			1.25			1.34			(0.34	)
Total from investment operations		$(0.53	)		$0.90			$1.63			$1.60			$(0.19	)
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.36	)		$(0.40	)		$(0.18	)		$(0.19	)
From net realized gain		(0.30	)		(0.21	)		(0.10	)		(0.31	)		(0.22	)
Total distributions declared to shareholders		$(0.62	)		$(0.57	)		$(0.50	)		$(0.49	)		$(0.41	)
Net asset value, end of period (x)		$13.82			$14.97			$14.64			$13.51			$12.40
Total return (%) (r)(s)(t)(x)		(4.03	)		6.76			12.10			13.12			(1.40	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.27			0.29			0.32			0.32			0.33
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.17			2.55			2.59			2.01			1.19
Portfolio turnover		13			12			33			43			7
Net assets at end of period (000 omitted)		$714			$843			$636			$311			$3,921

See Notes to Financial Statements

92

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Year ended
Class R1	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$14.83			$14.50			$13.44			$12.39			$12.93
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.15			$0.22			$0.23			$0.07			$0.00	(w)
Net realized and unrealized gain (loss)		(0.84	)		0.54			1.25			1.42			(0.32	)
Total from investment operations		$(0.69	)		$0.76			$1.48			$1.49			$(0.32	)
Less distributions declared to shareholders
From net investment income		$(0.14	)		$(0.22	)		$(0.32	)		$(0.13	)		$(0.00	)(w)
From net realized gain		(0.30	)		(0.21	)		(0.10	)		(0.31	)		(0.22	)
Total distributions declared to shareholders		$(0.44	)		$(0.43	)		$(0.42	)		$(0.44	)		$(0.22	)
Net asset value, end of period (x)		$13.70			$14.83			$14.50			$13.44			$12.39
Total return (%) (r)(s)(t)(x)		(5.01	)		5.72			11.00			12.22			(2.39	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.27			1.29			1.31			1.36			1.31
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		1.00			1.55			1.61			0.57			0.01
Portfolio turnover		13			12			33			43			7
Net assets at end of period (000 omitted)		$1,835			$2,535			$1,974			$664			$118
	Year ended
Class R2	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$14.89			$14.54			$13.43			$12.33			$12.93
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.23			$0.27			$0.27			$0.13			$0.08
Net realized and unrealized gain (loss)		(0.84	)		0.56			1.28			1.42			(0.33	)
Total from investment operations		$(0.61	)		$0.83			$1.55			$1.55			$(0.25	)
Less distributions declared to shareholders
From net investment income		$(0.23	)		$(0.27	)		$(0.34	)		$(0.14	)		$(0.13	)
From net realized gain		(0.30	)		(0.21	)		(0.10	)		(0.31	)		(0.22	)
Total distributions declared to shareholders		$(0.53	)		$(0.48	)		$(0.44	)		$(0.45	)		$(0.35	)
Net asset value, end of period (x)		$13.75			$14.89			$14.54			$13.43			$12.33
Total return (%) (r)(s)(t)(x)		(4.50	)		6.23			11.57			12.80			(1.87	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.77			0.79			0.81			0.86			0.84
Expenses after expense reductions (f)(h)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.58			1.84			1.86			1.00			0.66
Portfolio turnover		13			12			33			43			7
Net assets at end of period (000 omitted)		$26,572			$32,592			$32,185			$20,918			$5,805

See Notes to Financial Statements

93

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Year ended
Class R3	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$14.96			$14.63			$13.50			$12.37			$12.97
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.30			$0.34			$0.30			$0.16			$0.12
Net realized and unrealized gain (loss)		(0.87	)		0.52			1.30			1.43			(0.34	)
Total from investment operations		$(0.57	)		$0.86			$1.60			$1.59			$(0.22	)
Less distributions declared to shareholders
From net investment income		$(0.29	)		$(0.32	)		$(0.37	)		$(0.15	)		$(0.16	)
From net realized gain		(0.30	)		(0.21	)		(0.10	)		(0.31	)		(0.22	)
Total distributions declared to shareholders		$(0.59	)		$(0.53	)		$(0.47	)		$(0.46	)		$(0.38	)
Net asset value, end of period (x)		$13.80			$14.96			$14.63			$13.50			$12.37
Total return (%) (r)(s)(t)(x)		(4.27	)		6.46			11.85			13.11			(1.63	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.52			0.54			0.56			0.60			0.59
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		2.00			2.31			2.10			1.23			0.95
Portfolio turnover		13			12			33			43			7
Net assets at end of period (000 omitted)		$96,287			$71,027			$58,283			$35,284			$20,110
	Year ended
Class R4	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.02			$14.69			$13.54			$12.39			$13.00
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.33			$0.38			$0.38			$0.19			$0.15
Net realized and unrealized gain (loss)		(0.86	)		0.52			1.26			1.45			(0.35	)
Total from investment operations		$(0.53	)		$0.90			$1.64			$1.64			$(0.20	)
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.36	)		$(0.39	)		$(0.18	)		$(0.19	)
From net realized gain		(0.30	)		(0.21	)		(0.10	)		(0.31	)		(0.22	)
Total distributions declared to shareholders		$(0.62	)		$(0.57	)		$(0.49	)		$(0.49	)		$(0.41	)
Net asset value, end of period (x)		$13.87			$15.02			$14.69			$13.54			$12.39
Total return (%) (r)(s)(t)(x)		(4.01	)		6.73			12.11			13.46			(1.48	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.27			0.29			0.30			0.34			0.34
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.22			2.58			2.61			1.44			1.22
Portfolio turnover		13			12			33			43			7
Net assets at end of period (000 omitted)		$120,415			$115,939			$87,528			$119,254			$86,982

See Notes to Financial Statements

94

Financial Highlights – continued

MFS LIFETIME 2035 FUND – continued

	Year ended
Class R6	4/30/20			4/30/19			4/30/18			4/30/17 (i)
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)		$0.35			$0.39			$0.44			$0.06
Net realized and unrealized gain (loss)		(0.86	)		0.53			1.22			0.94
Total from investment operations		$(0.51	)		$0.92			$1.66			$1.00
Less distributions declared to shareholders
From net investment income		$(0.34	)		$(0.38	)		$(0.42	)		$(0.18	)
From net realized gain		(0.30	)		(0.21	)		(0.10	)		(0.31	)
Total distributions declared to shareholders		$(0.64	)		$(0.59	)		$(0.52	)		$(0.49	)
Net asset value, end of period (x)		$13.87			$15.02			$14.69			$13.55
Total return (%) (r)(s)(t)(x)		(3.90	)		6.90			12.23			7.93	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.12			0.15			0.16			0.27	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.35			2.67			3.03			0.63	(a)
Portfolio turnover		13			12			33			43
Net assets at end of period (000 omitted)		$62,093			$44,655			$26,567			$9,531

(a) Annualized.

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

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

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

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

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

(n) Not annualized.

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

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

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

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

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

See Notes to Financial Statements

95

Financial Highlights – continued

MFS LIFETIME 2040 FUND

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

	Year ended
Class A	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$16.46			$16.38			$15.00			$14.07			$14.83
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.30			$0.35			$0.31			$0.15			$0.12
Net realized and unrealized gain (loss)		(1.02	)		0.57			1.61			1.72			(0.41	)
Total from investment operations		$(0.72	)		$0.92			$1.92			$1.87			$(0.29	)
Less distributions declared to shareholders
From net investment income		$(0.30	)		$(0.36	)		$(0.36	)		$(0.15	)		$(0.17	)
From net realized gain		(0.65	)		(0.48	)		(0.18	)		(0.79	)		(0.30	)
Total distributions declared to shareholders		$(0.95	)		$(0.84	)		$(0.54	)		$(0.94	)		$(0.47	)
Net asset value, end of period (x)		$14.79			$16.46			$16.38			$15.00			$14.07
Total return (%) (r)(s)(t)(x)		(5.08	)		6.45			12.86			13.76			(1.94	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.49			0.48			0.48			0.50			0.45
Expenses after expense reductions (f)(h)		0.24			0.24			0.24			0.25			0.24
Net investment income (loss) (l)		1.86			2.15			1.90			1.04			0.83
Portfolio turnover		13			17			18			54			6
Net assets at end of period (000 omitted)		$41,909			$36,747			$36,354			$35,093			$28,324
	Year ended
Class B	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$16.34			$16.23			$14.87			$13.95			$14.71
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.17			$0.22			$0.19			$0.04			$0.01
Net realized and unrealized gain (loss)		(1.01	)		0.59			1.59			1.71			(0.41	)
Total from investment operations		$(0.84	)		$0.81			$1.78			$1.75			$(0.40	)
Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.22	)		$(0.24	)		$(0.04	)		$(0.06	)
From net realized gain		(0.65	)		(0.48	)		(0.18	)		(0.79	)		(0.30	)
Total distributions declared to shareholders		$(0.82	)		$(0.70	)		$(0.42	)		$(0.83	)		$(0.36	)
Net asset value, end of period (x)		$14.68			$16.34			$16.23			$14.87			$13.95
Total return (%) (r)(s)(t)(x)		(5.80	)		5.66			12.00			12.94			(2.69	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.24			1.23			1.23			1.25			1.20
Expenses after expense reductions (f)(h)		0.99			0.99			0.99			1.00			1.00
Net investment income (loss) (l)		1.05			1.39			1.20			0.27			0.06
Portfolio turnover		13			17			18			54			6
Net assets at end of period (000 omitted)		$3,577			$4,588			$4,965			$4,924			$4,527

See Notes to Financial Statements

96

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Year ended
Class C	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$16.13			$16.03			$14.70			$13.80			$14.55
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.16			$0.21			$0.19			$0.04			$(0.00	)(w)
Net realized and unrealized gain (loss)		(0.99	)		0.58			1.57			1.70			(0.40	)
Total from investment operations		$(0.83	)		$0.79			$1.76			$1.74			$(0.40	)
Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.21	)		$(0.25	)		$(0.05	)		$(0.05	)
From net realized gain		(0.65	)		(0.48	)		(0.18	)		(0.79	)		(0.30	)
Total distributions declared to shareholders		$(0.82	)		$(0.69	)		$(0.43	)		$(0.84	)		$(0.35	)
Net asset value, end of period (x)		$14.48			$16.13			$16.03			$14.70			$13.80
Total return (%) (r)(s)(t)(x)		(5.79	)		5.65			11.99			12.96			(2.71	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.24			1.23			1.23			1.25			1.20
Expenses after expense reductions (f)(h)		1.00			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.03			1.35			1.19			0.30			(0.01	)
Portfolio turnover		13			17			18			54			6
Net assets at end of period (000 omitted)		$9,202			$10,994			$11,735			$11,035			$10,226
	Year ended
Class I	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$16.57			$16.47			$15.08			$14.17			$14.93
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.32			$0.42			$0.37			$0.26			$0.15
Net realized and unrealized gain (loss)		(1.00	)		0.55			1.60			1.63			(0.41	)
Total from investment operations		$(0.68	)		$0.97			$1.97			$1.89			$(0.26	)
Less distributions declared to shareholders
From net investment income		$(0.33	)		$(0.39	)		$(0.40	)		$(0.19	)		$(0.20	)
From net realized gain		(0.65	)		(0.48	)		(0.18	)		(0.79	)		(0.30	)
Total distributions declared to shareholders		$(0.98	)		$(0.87	)		$(0.58	)		$(0.98	)		$(0.50	)
Net asset value, end of period (x)		$14.91			$16.57			$16.47			$15.08			$14.17
Total return (%) (r)(s)(t)(x)		(4.81	)		6.75			13.11			13.77			(1.68	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.24			0.23			0.23			0.24			0.20
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		1.92			2.55			2.30			1.78			1.09
Portfolio turnover		13			17			18			54			6
Net assets at end of period (000 omitted)		$1,201			$1,432			$1,622			$1,670			$9,766

See Notes to Financial Statements

97

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Year ended
Class R1	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$16.27			$16.16			$14.82			$13.87			$14.62
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.16			$0.21			$0.18			$0.02			$0.00	(w)
Net realized and unrealized gain (loss)		(1.00	)		0.60			1.58			1.73			(0.40	)
Total from investment operations		$(0.84	)		$0.81			$1.76			$1.75			$(0.40	)
Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.22	)		$(0.24	)		$(0.01	)		$(0.05	)
From net realized gain		(0.65	)		(0.48	)		(0.18	)		(0.79	)		(0.30	)
Total distributions declared to shareholders		$(0.82	)		$(0.70	)		$(0.42	)		$(0.80	)		$(0.35	)
Net asset value, end of period (x)		$14.61			$16.27			$16.16			$14.82			$13.87
Total return (%) (r)(s)(t)(x)		(5.80	)		5.71			11.91			12.96			(2.70	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.24			1.23			1.23			1.25			1.20
Expenses after expense reductions (f)(h)		1.00			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.01			1.32			1.16			0.17			0.02
Portfolio turnover		13			17			18			54			6
Net assets at end of period (000 omitted)		$4,153			$4,958			$4,606			$4,130			$5,279
	Year ended
Class R2	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$16.34			$16.24			$14.88			$13.97			$14.73
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.24			$0.31			$0.27			$0.11			$0.08
Net realized and unrealized gain (loss)		(0.99	)		0.57			1.59			1.71			(0.41	)
Total from investment operations		$(0.75	)		$0.88			$1.86			$1.82			$(0.33	)
Less distributions declared to shareholders
From net investment income		$(0.24	)		$(0.30	)		$(0.32	)		$(0.12	)		$(0.13	)
From net realized gain		(0.65	)		(0.48	)		(0.18	)		(0.79	)		(0.30	)
Total distributions declared to shareholders		$(0.89	)		$(0.78	)		$(0.50	)		$(0.91	)		$(0.43	)
Net asset value, end of period (x)		$14.70			$16.34			$16.24			$14.88			$13.97
Total return (%) (r)(s)(t)(x)		(5.30	)		6.23			12.55			13.46			(2.18	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.74			0.73			0.73			0.75			0.70
Expenses after expense reductions (f)(h)		0.50			0.49			0.50			0.50			0.50
Net investment income (loss) (l)		1.49			1.92			1.69			0.79			0.58
Portfolio turnover		13			17			18			54			6
Net assets at end of period (000 omitted)		$48,086			$59,429			$86,042			$82,965			$66,272

See Notes to Financial Statements

98

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Year ended
Class R3	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$16.46			$16.37			$15.00			$14.07			$14.83
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.30			$0.36			$0.31			$0.15			$0.10
Net realized and unrealized gain (loss)		(1.01	)		0.56			1.61			1.72			(0.39	)
Total from investment operations		$(0.71	)		$0.92			$1.92			$1.87			$(0.29	)
Less distributions declared to shareholders
From net investment income		$(0.30	)		$(0.35	)		$(0.37	)		$(0.15	)		$(0.17	)
From net realized gain		(0.65	)		(0.48	)		(0.18	)		(0.79	)		(0.30	)
Total distributions declared to shareholders		$(0.95	)		$(0.83	)		$(0.55	)		$(0.94	)		$(0.47	)
Net asset value, end of period (x)		$14.80			$16.46			$16.37			$15.00			$14.07
Total return (%) (r)(s)(t)(x)		(5.02	)		6.45			12.81			13.76			(1.93	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.49			0.48			0.48			0.50			0.46
Expenses after expense reductions (f)(h)		0.25			0.24			0.25			0.25			0.25
Net investment income (loss) (l)		1.82			2.20			1.94			1.03			0.74
Portfolio turnover		13			17			18			54			6
Net assets at end of period (000 omitted)		$104,521			$89,830			$88,577			$63,409			$49,816
	Year ended
Class R4	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$16.61			$16.51			$15.11			$14.16			$14.92
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.34			$0.39			$0.39			$0.19			$0.15
Net realized and unrealized gain (loss)		(1.02	)		0.58			1.58			1.74			(0.41	)
Total from investment operations		$(0.68	)		$0.97			$1.97			$1.93			$(0.26	)
Less distributions declared to shareholders
From net investment income		$(0.34	)		$(0.39	)		$(0.39	)		$(0.19	)		$(0.20	)
From net realized gain		(0.65	)		(0.48	)		(0.18	)		(0.79	)		(0.30	)
Total distributions declared to shareholders		$(0.99	)		$(0.87	)		$(0.57	)		$(0.98	)		$(0.50	)
Net asset value, end of period (x)		$14.94			$16.61			$16.51			$15.11			$14.16
Total return (%) (r)(s)(t)(x)		(4.84	)		6.73			13.09			14.08			(1.68	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.24			0.23			0.23			0.25			0.20
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.07			2.36			2.44			1.33			1.07
Portfolio turnover		13			17			18			54			6
Net assets at end of period (000 omitted)		$144,006			$143,534			$145,328			$174,887			$166,141

See Notes to Financial Statements

99

Financial Highlights – continued

MFS LIFETIME 2040 FUND – continued

	Year ended
Class R6	4/30/20			4/30/19			4/30/18			4/30/17 (i)
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)		$0.36			$0.43			$0.43			$0.04
Net realized and unrealized gain (loss)		(1.02	)		0.56			1.56			1.15
Total from investment operations		$(0.66	)		$0.99			$1.99			$1.19
Less distributions declared to shareholders
From net investment income		$(0.36	)		$(0.41	)		$(0.42	)		$(0.19	)
From net realized gain		(0.65	)		(0.48	)		(0.18	)		(0.79	)
Total distributions declared to shareholders		$(1.01	)		$(0.89	)		$(0.60	)		$(0.98	)
Net asset value, end of period (x)		$14.94			$16.61			$16.51			$15.12
Total return (%) (r)(s)(t)(x)		(4.72	)		6.89			13.21			8.46	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.10			0.10			0.10			0.16	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.20			2.62			2.63			0.43	(a)
Portfolio turnover		13			17			18			54
Net assets at end of period (000 omitted)		$77,824			$75,378			$49,071			$25,793

(a) Annualized.

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

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

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

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

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

(n) Not annualized.

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

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

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

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

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

See Notes to Financial Statements

100

Financial Highlights – continued

MFS LIFETIME 2045 FUND

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

	Year ended
Class A	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.53			$15.15			$13.79			$12.52			$13.14
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.28			$0.32			$0.30			$0.14			$0.11
Net realized and unrealized gain (loss)		(1.12	)		0.57			1.52			1.57			(0.36	)
Total from investment operations		$(0.84	)		$0.89			$1.82			$1.71			$(0.25	)
Less distributions declared to shareholders
From net investment income		$(0.27	)		$(0.31	)		$(0.35	)		$(0.14	)		$(0.15	)
From net realized gain		(0.34	)		(0.20	)		(0.11	)		(0.30	)		(0.22	)
Total distributions declared to shareholders		$(0.61	)		$(0.51	)		$(0.46	)		$(0.44	)		$(0.37	)
Net asset value, end of period (x)		$14.08			$15.53			$15.15			$13.79			$12.52
Total return (%) (r)(s)(t)(x)		(5.93	)		6.45			13.18			13.89			(1.93	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.57			0.60			0.62			0.69			0.70
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.24
Net investment income (loss) (l)		1.78			2.13			1.99			1.04			0.85
Portfolio turnover		8			12			30			45			6
Net assets at end of period (000 omitted)		$11,409			$8,749			$7,789			$6,135			$4,576
	Year ended
Class B	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.43			$15.03			$13.70			$12.44			$13.06
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.14			$0.20			$0.17			$0.03			$0.00	(w)
Net realized and unrealized gain (loss)		(1.10	)		0.59			1.51			1.57			(0.35	)
Total from investment operations		$(0.96	)		$0.79			$1.68			$1.60			$(0.35	)
Less distributions declared to shareholders
From net investment income		$(0.13	)		$(0.19	)		$(0.24	)		$(0.04	)		$(0.05	)
From net realized gain		(0.34	)		(0.20	)		(0.11	)		(0.30	)		(0.22	)
Total distributions declared to shareholders		$(0.47	)		$(0.39	)		$(0.35	)		$(0.34	)		$(0.27	)
Net asset value, end of period (x)		$14.00			$15.43			$15.03			$13.70			$12.44
Total return (%) (r)(s)(t)(x)		(6.62	)		5.71			12.28			13.09			(2.67	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.32			1.35			1.37			1.43			1.45
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.89			1.31			1.15			0.24			0.02
Portfolio turnover		8			12			30			45			6
Net assets at end of period (000 omitted)		$724			$919			$948			$746			$593

See Notes to Financial Statements

101

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Year ended
Class C	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.35			$14.97			$13.66			$12.42			$13.04
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.16			$0.20			$0.19			$0.03			$0.01
Net realized and unrealized gain (loss)		(1.11	)		0.58			1.48			1.56			(0.35	)
Total from investment operations		$(0.95	)		$0.78			$1.67			$1.59			$(0.34	)
Less distributions declared to shareholders
From net investment income		$(0.15	)		$(0.20	)		$(0.25	)		$(0.05	)		$(0.06	)
From net realized gain		(0.34	)		(0.20	)		(0.11	)		(0.30	)		(0.22	)
Total distributions declared to shareholders		$(0.49	)		$(0.40	)		$(0.36	)		$(0.35	)		$(0.28	)
Net asset value, end of period (x)		$13.91			$15.35			$14.97			$13.66			$12.42
Total return (%) (r)(s)(t)(x)		(6.60	)		5.70			12.24			13.03			(2.64	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.32			1.35			1.37			1.44			1.45
Expenses after expense reductions (f)(h)		0.97			0.99			1.00			1.00			1.00
Net investment income (loss) (l)		1.02			1.37			1.28			0.26			0.04
Portfolio turnover		8			12			30			45			6
Net assets at end of period (000 omitted)		$1,960			$2,301			$1,966			$1,640			$1,104
	Year ended
Class I	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.60			$15.22			$13.85			$12.55			$13.16
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.31			$0.36			$0.33			$0.25			$0.14
Net realized and unrealized gain (loss)		(1.12	)		0.57			1.53			1.51			(0.36	)
Total from investment operations		$(0.81	)		$0.93			$1.86			$1.76			$(0.22	)
Less distributions declared to shareholders
From net investment income		$(0.30	)		$(0.35	)		$(0.38	)		$(0.16	)		$(0.17	)
From net realized gain		(0.34	)		(0.20	)		(0.11	)		(0.30	)		(0.22	)
Total distributions declared to shareholders		$(0.64	)		$(0.55	)		$(0.49	)		$(0.46	)		$(0.39	)
Net asset value, end of period (x)		$14.15			$15.60			$15.22			$13.85			$12.55
Total return (%) (r)(s)(t)(x)		(5.72	)		6.75			13.42			14.34			(1.66	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.32			0.35			0.37			0.41			0.45
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.01			2.40			2.24			1.89			1.10
Portfolio turnover		8			12			30			45			6
Net assets at end of period (000 omitted)		$395			$296			$161			$138			$1,718

See Notes to Financial Statements

102

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Year ended
Class R1	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.41			$15.06			$13.75			$12.51			$13.10
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.15			$0.23			$0.17			$0.03			$(0.01	)
Net realized and unrealized gain (loss)		(1.11	)		0.55			1.52			1.58			(0.34	)
Total from investment operations		$(0.96	)		$0.78			$1.69			$1.61			$(0.35	)
Less distributions declared to shareholders
From net investment income		$(0.14	)		$(0.23	)		$(0.27	)		$(0.07	)		$(0.02	)
From net realized gain		(0.34	)		(0.20	)		(0.11	)		(0.30	)		(0.22	)
Total distributions declared to shareholders		$(0.48	)		$(0.43	)		$(0.38	)		$(0.37	)		$(0.24	)
Net asset value, end of period (x)		$13.97			$15.41			$15.06			$13.75			$12.51
Total return (%) (r)(s)(t)(x)		(6.67	)		5.70			12.27			13.05			(2.66	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.32			1.35			1.37			1.45			1.43
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.98			1.54			1.14			0.22			(0.09	)
Portfolio turnover		8			12			30			45			6
Net assets at end of period (000 omitted)		$995			$1,093			$872			$463			$152
	Year ended
Class R2	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.42			$15.04			$13.71			$12.47			$13.10
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.20			$0.25			$0.25			$0.12			$0.07
Net realized and unrealized gain (loss)		(1.07	)		0.59			1.51			1.55			(0.36	)
Total from investment operations		$(0.87	)		$0.84			$1.76			$1.67			$(0.29	)
Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.26	)		$(0.32	)		$(0.13	)		$(0.12	)
From net realized gain		(0.34	)		(0.20	)		(0.11	)		(0.30	)		(0.22	)
Total distributions declared to shareholders		$(0.55	)		$(0.46	)		$(0.43	)		$(0.43	)		$(0.34	)
Net asset value, end of period (x)		$14.00			$15.42			$15.04			$13.71			$12.47
Total return (%) (r)(s)(t)(x)		(6.12	)		6.15			12.87			13.65			(2.20	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.82			0.85			0.87			0.95			0.96
Expenses after expense reductions (f)(h)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.31			1.65			1.70			0.89			0.55
Portfolio turnover		8			12			30			45			6
Net assets at end of period (000 omitted)		$17,299			$21,895			$20,428			$10,716			$3,583

See Notes to Financial Statements

103

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MFS LIFETIME 2045 FUND – continued

	Year ended
Class R3	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.52			$15.14			$13.78			$12.52			$13.13
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.27			$0.32			$0.28			$0.14			$0.10
Net realized and unrealized gain (loss)		(1.11	)		0.57			1.54			1.56			(0.34	)
Total from investment operations		$(0.84	)		$0.89			$1.82			$1.70			$(0.24	)
Less distributions declared to shareholders
From net investment income		$(0.27	)		$(0.31	)		$(0.35	)		$(0.14	)		$(0.15	)
From net realized gain		(0.34	)		(0.20	)		(0.11	)		(0.30	)		(0.22	)
Total distributions declared to shareholders		$(0.61	)		$(0.51	)		$(0.46	)		$(0.44	)		$(0.37	)
Net asset value, end of period (x)		$14.07			$15.52			$15.14			$13.78			$12.52
Total return (%) (r)(s)(t)(x)		(5.93	)		6.49			13.20			13.83			(1.87	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.57			0.60			0.62			0.69			0.70
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.77			2.10			1.87			1.06			0.78
Portfolio turnover		8			12			30			45			6
Net assets at end of period (000 omitted)		$69,136			$53,767			$42,729			$23,479			$12,721
	Year ended
Class R4	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.58			$15.20			$13.82			$12.54			$13.15
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.32			$0.35			$0.36			$0.17			$0.13
Net realized and unrealized gain (loss)		(1.12	)		0.57			1.50			1.57			(0.35	)
Total from investment operations		$(0.80	)		$0.92			$1.86			$1.74			$(0.22	)
Less distributions declared to shareholders
From net investment income		$(0.30	)		$(0.34	)		$(0.37	)		$(0.16	)		$(0.17	)
From net realized gain		(0.34	)		(0.20	)		(0.11	)		(0.30	)		(0.22	)
Total distributions declared to shareholders		$(0.64	)		$(0.54	)		$(0.48	)		$(0.46	)		$(0.39	)
Net asset value, end of period (x)		$14.14			$15.58			$15.20			$13.82			$12.54
Total return (%) (r)(s)(t)(x)		(5.67	)		6.73			13.47			14.18			(1.67	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.32			0.35			0.36			0.44			0.45
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.04			2.33			2.43			1.27			1.04
Portfolio turnover		8			12			30			45			6
Net assets at end of period (000 omitted)		$90,453			$83,824			$70,628			$84,597			$58,947

See Notes to Financial Statements

104

Financial Highlights – continued

MFS LIFETIME 2045 FUND – continued

	Year ended
Class R6	4/30/20			4/30/19			4/30/18			4/30/17 (i)
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)		$0.33			$0.36			$0.47			$0.03
Net realized and unrealized gain (loss)		(1.11	)		0.59			1.41			1.06
Total from investment operations		$(0.78	)		$0.95			$1.88			$1.09
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.37	)		$(0.40	)		$(0.17	)
From net realized gain		(0.34	)		(0.20	)		(0.11	)		(0.30	)
Total distributions declared to shareholders		$(0.66	)		$(0.57	)		$(0.51	)		$(0.47	)
Net asset value, end of period (x)		$14.14			$15.58			$15.20			$13.83
Total return (%) (r)(s)(t)(x)		(5.55	)		6.91			13.57			8.52	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.17			0.21			0.23			0.36	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.14			2.42			3.11			0.39	(a)
Portfolio turnover		8			12			30			45
Net assets at end of period (000 omitted)		$37,856			$26,219			$15,910			$4,351

(a) Annualized.

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

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

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

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

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

(n) Not annualized.

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

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

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

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

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

See Notes to Financial Statements

105

Financial Highlights – continued

MFS LIFETIME 2050 FUND

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

	Year ended
Class A	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$18.80			$18.30			$16.63			$15.14			$15.88
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.32			$0.38			$0.33			$0.17			$0.13
Net realized and unrealized gain (loss)		(1.33	)		0.71			1.86			1.89			(0.43	)
Total from investment operations		$(1.01	)		$1.09			$2.19			$2.06			$(0.30	)
Less distributions declared to shareholders
From net investment income		$(0.32	)		$(0.37	)		$(0.37	)		$(0.16	)		$(0.18	)
From net realized gain		(0.48	)		(0.22	)		(0.15	)		(0.41	)		(0.26	)
Total distributions declared to shareholders		$(0.80	)		$(0.59	)		$(0.52	)		$(0.57	)		$(0.44	)
Net asset value, end of period (x)		$16.99			$18.80			$18.30			$16.63			$15.14
Total return (%) (r)(s)(t)(x)		(5.93	)		6.47			13.16			13.89			(1.89	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.57			0.57			0.58			0.65			0.60
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.74			2.11			1.83			1.06			0.88
Portfolio turnover		8			24			20			52			7
Net assets at end of period (000 omitted)		$14,315			$12,791			$12,353			$11,383			$7,624
	Year ended
Class B	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$18.55			$18.07			$16.44			$14.98			$15.72
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.18			$0.25			$0.20			$0.04			$0.00	(w)
Net realized and unrealized gain (loss)		(1.32	)		0.70			1.83			1.88			(0.42	)
Total from investment operations		$(1.14	)		$0.95			$2.03			$1.92			$(0.42	)
Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.25	)		$(0.25	)		$(0.05	)		$(0.06	)
From net realized gain		(0.48	)		(0.22	)		(0.15	)		(0.41	)		(0.26	)
Total distributions declared to shareholders		$(0.66	)		$(0.47	)		$(0.40	)		$(0.46	)		$(0.32	)
Net asset value, end of period (x)		$16.75			$18.55			$18.07			$16.44			$14.98
Total return (%) (r)(s)(t)(x)		(6.61	)		5.67			12.36			12.99			(2.66	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.32			1.32			1.33			1.39			1.35
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.97			1.39			1.15			0.24			0.02
Portfolio turnover		8			24			20			52			7
Net assets at end of period (000 omitted)		$1,359			$1,630			$1,270			$1,048			$853

See Notes to Financial Statements

106

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MFS LIFETIME 2050 FUND – continued

	Year ended
Class C	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$18.45			$17.96			$16.35			$14.91			$15.63
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.17			$0.23			$0.20			$0.04			$(0.00	)(w)
Net realized and unrealized gain (loss)		(1.31	)		0.72			1.81			1.87			(0.41	)
Total from investment operations		$(1.14	)		$0.95			$2.01			$1.91			$(0.41	)
Less distributions declared to shareholders
From net investment income		$(0.18	)		$(0.24	)		$(0.25	)		$(0.06	)		$(0.05	)
From net realized gain		(0.48	)		(0.22	)		(0.15	)		(0.41	)		(0.26	)
Total distributions declared to shareholders		$(0.66	)		$(0.46	)		$(0.40	)		$(0.47	)		$(0.31	)
Net asset value, end of period (x)		$16.65			$18.45			$17.96			$16.35			$14.91
Total return (%) (r)(s)(t)(x)		(6.66	)		5.67			12.30			13.04			(2.59	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.32			1.32			1.33			1.39			1.35
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.94			1.31			1.16			0.28			(0.00	)(w)
Portfolio turnover		8			24			20			52			7
Net assets at end of period (000 omitted)		$3,029			$3,344			$2,775			$2,535			$1,775
	Year ended
Class I	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$18.78			$18.29			$16.62			$15.12			$15.85
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.41			$0.50			$0.41			$0.30			$0.15
Net realized and unrealized gain (loss)		(1.37	)		0.62			1.83			1.81			(0.41	)
Total from investment operations		$(0.96	)		$1.12			$2.24			$2.11			$(0.26	)
Less distributions declared to shareholders
From net investment income		$(0.37	)		$(0.41	)		$(0.42	)		$(0.20	)		$(0.21	)
From net realized gain		(0.48	)		(0.22	)		(0.15	)		(0.41	)		(0.26	)
Total distributions declared to shareholders		$(0.85	)		$(0.63	)		$(0.57	)		$(0.61	)		$(0.47	)
Net asset value, end of period (x)		$16.97			$18.78			$18.29			$16.62			$15.12
Total return (%) (r)(s)(t)(x)		(5.71	)		6.70			13.47			14.21			(1.61	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.32			0.32			0.33			0.38			0.35
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.23			2.73			2.26			1.92			0.97
Portfolio turnover		8			24			20			52			7
Net assets at end of period (000 omitted)		$354			$213			$566			$423			$1,560

See Notes to Financial Statements

107

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MFS LIFETIME 2050 FUND – continued

	Year ended
Class R1	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$18.46			$17.97			$16.38			$14.94			$15.64
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.16			$0.25			$0.21			$0.04			$(0.01	)
Net realized and unrealized gain (loss)		(1.30	)		0.69			1.82			1.88			(0.40	)
Total from investment operations		$(1.14	)		$0.94			$2.03			$1.92			$(0.41	)
Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.23	)		$(0.29	)		$(0.07	)		$(0.03	)
From net realized gain		(0.48	)		(0.22	)		(0.15	)		(0.41	)		(0.26	)
Total distributions declared to shareholders		$(0.65	)		$(0.45	)		$(0.44	)		$(0.48	)		$(0.29	)
Net asset value, end of period (x)		$16.67			$18.46			$17.97			$16.38			$14.94
Total return (%) (r)(s)(t)(x)		(6.64	)		5.65			12.35			13.06			(2.64	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.32			1.32			1.33			1.40			1.34
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.90			1.42			1.18			0.26			(0.05	)
Portfolio turnover		8			24			20			52			7
Net assets at end of period (000 omitted)		$1,184			$1,322			$1,052			$606			$316
	Year ended
Class R2	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$18.55			$18.07			$16.44			$14.98			$15.73
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.26			$0.34			$0.30			$0.13			$0.09
Net realized and unrealized gain (loss)		(1.30	)		0.69			1.82			1.88			(0.43	)
Total from investment operations		$(1.04	)		$1.03			$2.12			$2.01			$(0.34	)
Less distributions declared to shareholders
From net investment income		$(0.24	)		$(0.33	)		$(0.34	)		$(0.14	)		$(0.15	)
From net realized gain		(0.48	)		(0.22	)		(0.15	)		(0.41	)		(0.26	)
Total distributions declared to shareholders		$(0.72	)		$(0.55	)		$(0.49	)		$(0.55	)		$(0.41	)
Net asset value, end of period (x)		$16.79			$18.55			$18.07			$16.44			$14.98
Total return (%) (r)(s)(t)(x)		(6.12	)		6.18			12.89			13.64			(2.16	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.82			0.82			0.83			0.90			0.85
Expenses after expense reductions (f)(h)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.41			1.92			1.67			0.82			0.60
Portfolio turnover		8			24			20			52			7
Net assets at end of period (000 omitted)		$26,545			$28,575			$46,468			$33,805			$19,041

See Notes to Financial Statements

108

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Year ended
Class R3	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$18.67			$18.18			$16.53			$15.05			$15.80
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.33			$0.38			$0.34			$0.16			$0.11
Net realized and unrealized gain (loss)		(1.33	)		0.70			1.84			1.89			(0.42	)
Total from investment operations		$(1.00	)		$1.08			$2.18			$2.05			$(0.31	)
Less distributions declared to shareholders
From net investment income		$(0.33	)		$(0.37	)		$(0.38	)		$(0.16	)		$(0.18	)
From net realized gain		(0.48	)		(0.22	)		(0.15	)		(0.41	)		(0.26	)
Total distributions declared to shareholders		$(0.81	)		$(0.59	)		$(0.53	)		$(0.57	)		$(0.44	)
Net asset value, end of period (x)		$16.86			$18.67			$18.18			$16.53			$15.05
Total return (%) (r)(s)(t)(x)		(5.96	)		6.48			13.19			13.91			(1.96	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.57			0.57			0.58			0.65			0.60
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.77			2.10			1.90			1.03			0.76
Portfolio turnover		8			24			20			52			7
Net assets at end of period (000 omitted)		$70,610			$54,561			$48,180			$27,276			$15,980
	Year ended
Class R4	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$18.77			$18.28			$16.60			$15.11			$15.85
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.37			$0.42			$0.42			$0.21			$0.16
Net realized and unrealized gain (loss)		(1.33	)		0.70			1.82			1.89			(0.43	)
Total from investment operations		$(0.96	)		$1.12			$2.24			$2.10			$(0.27	)
Less distributions declared to shareholders
From net investment income		$(0.36	)		$(0.41	)		$(0.41	)		$(0.20	)		$(0.21	)
From net realized gain		(0.48	)		(0.22	)		(0.15	)		(0.41	)		(0.26	)
Total distributions declared to shareholders		$(0.84	)		$(0.63	)		$(0.56	)		$(0.61	)		$(0.47	)
Net asset value, end of period (x)		$16.97			$18.77			$18.28			$16.60			$15.11
Total return (%) (r)(s)(t)(x)		(5.69	)		6.71			13.49			14.15			(1.68	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.32			0.32			0.33			0.39			0.35
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.01			2.30			2.35			1.30			1.06
Portfolio turnover		8			24			20			52			7
Net assets at end of period (000 omitted)		$76,018			$69,834			$70,936			$75,323			$66,990

See Notes to Financial Statements

109

Financial Highlights – continued

MFS LIFETIME 2050 FUND – continued

	Year ended
Class R6	4/30/20			4/30/19			4/30/18			4/30/17 (i)
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)		$0.39			$0.44			$0.51			$0.04
Net realized and unrealized gain (loss)		(1.31	)		0.71			1.75			1.26
Total from investment operations		$(0.92	)		$1.15			$2.26			$1.30
Less distributions declared to shareholders
From net investment income		$(0.39	)		$(0.44	)		$(0.44	)		$(0.20	)
From net realized gain		(0.48	)		(0.22	)		(0.15	)		(0.41	)
Total distributions declared to shareholders		$(0.87	)		$(0.66	)		$(0.59	)		$(0.61	)
Net asset value, end of period (x)		$16.97			$18.76			$18.27			$16.60
Total return (%) (r)(s)(t)(x)		(5.52	)		6.89			13.60			8.46	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.17			0.18			0.19			0.32	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.11			2.44			2.82			0.41	(a)
Portfolio turnover		8			24			20			52
Net assets at end of period (000 omitted)		$44,463			$39,175			$23,365			$8,776

(a) Annualized.

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

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

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

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

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

(n) Not annualized.

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

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

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

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

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

See Notes to Financial Statements

110

Financial Highlights – continued

MFS LIFETIME 2055 FUND

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

	Year ended
Class A	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.93			$15.45			$14.00			$12.61			$13.16
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.28			$0.32			$0.29			$0.13			$0.13
Net realized and unrealized gain (loss)		(1.14	)		0.60			1.55			1.59			(0.38	)
Total from investment operations		$(0.86	)		$0.92			$1.84			$1.72			$(0.25	)
Less distributions declared to shareholders
From net investment income		$(0.27	)		$(0.31	)		$(0.31	)		$(0.13	)		$(0.14	)
From net realized gain		(0.33	)		(0.13	)		(0.08	)		(0.20	)		(0.16	)
Total distributions declared to shareholders		$(0.60	)		$(0.44	)		$(0.39	)		$(0.33	)		$(0.30	)
Net asset value, end of period (x)		$14.47			$15.93			$15.45			$14.00			$12.61
Total return (%) (r)(s)(t)(x)		(5.87	)		6.46			13.10			13.80			(1.81	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.72			0.81			0.92			1.34			1.73
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.78			2.08			1.91			1.01			1.00
Portfolio turnover		11			20			18			45			14
Net assets at end of period (000 omitted)		$7,729			$5,866			$4,833			$3,516			$2,014
	Year ended
Class B	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.87			$15.39			$13.95			$12.58			$13.12
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.15			$0.21			$0.18			$0.04			$(0.01	)
Net realized and unrealized gain (loss)		(1.14	)		0.60			1.55			1.57			(0.33	)
Total from investment operations		$(0.99	)		$0.81			$1.73			$1.61			$(0.34	)
Less distributions declared to shareholders
From net investment income		$(0.14	)		$(0.20	)		$(0.21	)		$(0.04	)		$(0.04	)
From net realized gain		(0.33	)		(0.13	)		(0.08	)		(0.20	)		(0.16	)
Total distributions declared to shareholders		$(0.47	)		$(0.33	)		$(0.29	)		$(0.24	)		$(0.20	)
Net asset value, end of period (x)		$14.41			$15.87			$15.39			$13.95			$12.58
Total return (%) (r)(s)(t)(x)		(6.61	)		5.65			12.36			12.94			(2.58	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.48			1.56			1.67			2.09			2.50
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.93			1.34			1.22			0.28			(0.06	)
Portfolio turnover		11			20			18			45			14
Net assets at end of period (000 omitted)		$517			$605			$470			$407			$270

See Notes to Financial Statements

111

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Year ended
Class C	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.75			$15.28			$13.86			$12.49			$13.04
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.14			$0.20			$0.18			$0.03			$(0.00	)(w)
Net realized and unrealized gain (loss)		(1.11	)		0.60			1.53			1.58			(0.34	)
Total from investment operations		$(0.97	)		$0.80			$1.71			$1.61			$(0.34	)
Less distributions declared to shareholders
From net investment income		$(0.16	)		$(0.20	)		$(0.21	)		$(0.04	)		$(0.05	)
From net realized gain		(0.33	)		(0.13	)		(0.08	)		(0.20	)		(0.16	)
Total distributions declared to shareholders		$(0.49	)		$(0.33	)		$(0.29	)		$(0.24	)		$(0.21	)
Net asset value, end of period (x)		$14.29			$15.75			$15.28			$13.86			$12.49
Total return (%) (r)(s)(t)(x)		(6.59	)		5.63			12.29			12.98			(2.59	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.48			1.56			1.67			2.08			2.50
Expenses after expense reductions (f)(h)		0.99			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.92			1.32			1.19			0.26			(0.00	)
Portfolio turnover		11			20			18			45			14
Net assets at end of period (000 omitted)		$2,126			$2,179			$1,789			$1,284			$1,100
	Year ended
Class I	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.94			$15.46			$14.00			$12.65			$13.20
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.32			$0.35			$0.30			$0.26			$0.12
Net realized and unrealized gain (loss)		(1.14	)		0.61			1.58			1.45			(0.34	)
Total from investment operations		$(0.82	)		$0.96			$1.88			$1.71			$(0.22	)
Less distributions declared to shareholders
From net investment income		$(0.30	)		$(0.35	)		$(0.34	)		$(0.16	)		$(0.17	)
From net realized gain		(0.33	)		(0.13	)		(0.08	)		(0.20	)		(0.16	)
Total distributions declared to shareholders		$(0.63	)		$(0.48	)		$(0.42	)		$(0.36	)		$(0.33	)
Net asset value, end of period (x)		$14.49			$15.94			$15.46			$14.00			$12.65
Total return (%) (r)(s)(t)(x)		(5.65	)		6.74			13.40			13.66			(1.61	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.48			0.56			0.67			1.09			1.50
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		1.99			2.29			1.98			2.01			0.94
Portfolio turnover		11			20			18			45			14
Net assets at end of period (000 omitted)		$98			$156			$114			$79			$608

See Notes to Financial Statements

112

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Year ended
Class R1	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.76			$15.32			$13.92			$12.63			$13.14
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.14			$0.20			$0.17			$0.15			$(0.04	)
Net realized and unrealized gain (loss)		(1.12	)		0.60			1.55			1.46			(0.31	)
Total from investment operations		$(0.98	)		$0.80			$1.72			$1.61			$(0.35	)
Less distributions declared to shareholders
From net investment income		$(0.15	)		$(0.23	)		$(0.24	)		$(0.12	)		$—
From net realized gain		(0.33	)		(0.13	)		(0.08	)		(0.20	)		(0.16	)
Total distributions declared to shareholders		$(0.48	)		$(0.36	)		$(0.32	)		$(0.32	)		$(0.16	)
Net asset value, end of period (x)		$14.30			$15.76			$15.32			$13.92			$12.63
Total return (%) (r)(s)(t)(x)		(6.60	)		5.65			12.31			12.93			(2.62	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.48			1.56			1.66			2.08			2.53
Expenses after expense reductions (f)(h)		1.00			1.00			1.00			1.00			1.00
Net investment income (loss) (l)		0.93			1.32			1.13			1.10			(0.31	)
Portfolio turnover		11			20			18			45			14
Net assets at end of period (000 omitted)		$1,597			$1,523			$854			$318			$62
	Year ended
Class R2	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.84			$15.36			$13.94			$12.57			$13.14
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.22			$0.26			$0.26			$0.11			$0.07
Net realized and unrealized gain (loss)		(1.12	)		0.62			1.53			1.58			(0.36	)
Total from investment operations		$(0.90	)		$0.88			$1.79			$1.69			$(0.29	)
Less distributions declared to shareholders
From net investment income		$(0.22	)		$(0.27	)		$(0.29	)		$(0.12	)		$(0.12	)
From net realized gain		(0.33	)		(0.13	)		(0.08	)		(0.20	)		(0.16	)
Total distributions declared to shareholders		$(0.55	)		$(0.40	)		$(0.37	)		$(0.32	)		$(0.28	)
Net asset value, end of period (x)		$14.39			$15.84			$15.36			$13.94			$12.57
Total return (%) (r)(s)(t)(x)		(6.12	)		6.19			12.82			13.59			(2.12	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.98			1.06			1.16			1.60			1.98
Expenses after expense reductions (f)(h)		0.50			0.50			0.50			0.50			0.50
Net investment income (loss) (l)		1.39			1.73			1.73			0.85			0.57
Portfolio turnover		11			20			18			45			14
Net assets at end of period (000 omitted)		$17,485			$18,695			$15,534			$6,657			$1,855

See Notes to Financial Statements

113

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MFS LIFETIME 2055 FUND – continued

	Year ended
Class R3	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$15.93			$15.45			$14.00			$12.61			$13.17
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.27			$0.32			$0.29			$0.14			$0.10
Net realized and unrealized gain (loss)		(1.13	)		0.60			1.55			1.58			(0.36	)
Total from investment operations		$(0.86	)		$0.92			$1.84			$1.72			$(0.26	)
Less distributions declared to shareholders
From net investment income		$(0.27	)		$(0.31	)		$(0.31	)		$(0.13	)		$(0.14	)
From net realized gain		(0.33	)		(0.13	)		(0.08	)		(0.20	)		(0.16	)
Total distributions declared to shareholders		$(0.60	)		$(0.44	)		$(0.39	)		$(0.33	)		$(0.30	)
Net asset value, end of period (x)		$14.47			$15.93			$15.45			$14.00			$12.61
Total return (%) (r)(s)(t)(x)		(5.88	)		6.46			13.14			13.83			(1.89	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.73			0.81			0.92			1.34			1.74
Expenses after expense reductions (f)(h)		0.25			0.25			0.25			0.25			0.25
Net investment income (loss) (l)		1.73			2.07			1.89			1.07			0.76
Portfolio turnover		11			20			18			45			14
Net assets at end of period (000 omitted)		$36,674			$27,658			$21,438			$10,285			$3,915
	Year ended
Class R4	4/30/20			4/30/19			4/30/18			4/30/17			4/30/16
Net asset value, beginning of period		$16.01			$15.53			$14.06			$12.65			$13.20
Income (loss) from investment operations
Net investment income (loss) (d)(l)		$0.32			$0.36			$0.37			$0.17			$0.13
Net realized and unrealized gain (loss)		(1.14	)		0.60			1.52			1.60			(0.35	)
Total from investment operations		$(0.82	)		$0.96			$1.89			$1.77			$(0.22	)
Less distributions declared to shareholders
From net investment income		$(0.31	)		$(0.35	)		$(0.34	)		$(0.16	)		$(0.17	)
From net realized gain		(0.33	)		(0.13	)		(0.08	)		(0.20	)		(0.16	)
Total distributions declared to shareholders		$(0.64	)		$(0.48	)		$(0.42	)		$(0.36	)		$(0.33	)
Net asset value, end of period (x)		$14.55			$16.01			$15.53			$14.06			$12.65
Total return (%) (r)(s)(t)(x)		(5.67	)		6.71			13.42			14.14			(1.61	)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.47			0.56			0.67			1.09			1.48
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00			0.00
Net investment income (loss) (l)		2.04			2.31			2.43			1.31			1.07
Portfolio turnover		11			20			18			45			14
Net assets at end of period (000 omitted)		$37,665			$30,137			$26,747			$21,882			$10,776

See Notes to Financial Statements

114

Financial Highlights – continued

MFS LIFETIME 2055 FUND – continued

	Year ended
Class R6	4/30/20			4/30/19			4/30/18			4/30/17 (i)
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)		$0.34			$0.37			$0.49			$0.04
Net realized and unrealized gain (loss)		(1.13	)		0.61			1.42			1.06
Total from investment operations		$(0.79	)		$0.98			$1.91			$1.10
Less distributions declared to shareholders
From net investment income		$(0.33	)		$(0.37	)		$(0.36	)		$(0.16	)
From net realized gain		(0.33	)		(0.13	)		(0.08	)		(0.20	)
Total distributions declared to shareholders		$(0.66	)		$(0.50	)		$(0.44	)		$(0.36	)
Net asset value, end of period (x)		$14.56			$16.01			$15.53			$14.06
Total return (%) (r)(s)(t)(x)		(5.50	)		6.88			13.56			8.44	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		0.33			0.42			0.52			0.95	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.16			2.40			3.15			0.44	(a)
Portfolio turnover		11			20			18			45
Net assets at end of period (000 omitted)		$21,065			$16,579			$7,695			$1,726

(a) Annualized.

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

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

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

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

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

(n) Not annualized.

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

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

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

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

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

See Notes to Financial Statements

115

Financial Highlights – continued

MFS LIFETIME 2060 FUND

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

	Year ended
Class A	4/30/20			4/30/19			4/30/18			4/30/17 (c)
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)		$0.22			$0.41			$0.25			$0.10
Net realized and unrealized gain (loss)		(0.89	)		0.30			1.16			0.74
Total from investment operations		$(0.67	)		$0.71			$1.41			$0.84
Less distributions declared to shareholders
From net investment income		$(0.21	)		$(0.25	)		$(0.23	)		$(0.11	)
From net realized gain		(0.13	)		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.34	)		$(0.30	)		$(0.29	)		$(0.11	)
Net asset value, end of period (x)		$11.25			$12.26			$11.85			$10.73
Total return (%) (r)(s)(t)(x)		(5.83	)		6.47			13.19			8.45	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.84			4.01			9.75			15.07	(a)
Expenses after expense reductions (f)(h)		0.22			0.20			0.16			0.12	(a)
Net investment income (loss) (l)		1.81			3.49			2.17			2.42	(a)
Portfolio turnover		9			34			37			2	(n)
Net assets at end of period (000 omitted)		$2,879			$1,362			$306			$59
	Year ended
Class B	4/30/20			4/30/19			4/30/18			4/30/17 (c)
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)		$0.12			$0.17			$0.14			$0.07
Net realized and unrealized gain (loss)		(0.89	)		0.48			1.19			0.73
Total from investment operations		$(0.77	)		$0.65			$1.33			$0.80
Less distributions declared to shareholders
From net investment income		$(0.11	)		$(0.17	)		$(0.15	)		$(0.10	)
From net realized gain		(0.13	)		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.24	)		$(0.22	)		$(0.21	)		$(0.10	)
Net asset value, end of period (x)		$11.24			$12.25			$11.82			$10.70
Total return (%) (r)(s)(t)(x)		(6.53	)		5.78			12.39			8.08	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		2.65			4.98			11.79			15.87	(a)
Expenses after expense reductions (f)(h)		0.97			0.95			0.90			0.87	(a)
Net investment income (loss) (l)		0.99			1.44			1.26			1.76	(a)
Portfolio turnover		9			34			37			2	(n)
Net assets at end of period (000 omitted)		$137			$149			$73			$55

See Notes to Financial Statements

116

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Year ended
Class C	4/30/20			4/30/19			4/30/18			4/30/17 (c)
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)		$0.13			$0.20			$0.14			$0.07
Net realized and unrealized gain (loss)		(0.89	)		0.44			1.19			0.73
Total from investment operations		$(0.76	)		$0.64			$1.33			$0.80
Less distributions declared to shareholders
From net investment income		$(0.14	)		$(0.19	)		$(0.16	)		$(0.10	)
From net realized gain		(0.13	)		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.27	)		$(0.24	)		$(0.22	)		$(0.10	)
Net asset value, end of period (x)		$11.18			$12.21			$11.81			$10.70
Total return (%) (r)(s)(t)(x)		(6.53	)		5.75			12.38			8.08	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		2.61			4.88			11.46			15.81	(a)
Expenses after expense reductions (f)(h)		0.96			0.95			0.90			0.87	(a)
Net investment income (loss) (l)		1.11			1.68			1.24			1.68	(a)
Portfolio turnover		9			34			37			2	(n)
Net assets at end of period (000 omitted)		$432			$283			$107			$60
	Year ended
Class I	4/30/20			4/30/19			4/30/18			4/30/17 (c)
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)		$0.23			$0.28			$0.26			$0.11
Net realized and unrealized gain (loss)		(0.87	)		0.47			1.19			0.74
Total from investment operations		$(0.64	)		$0.75			$1.45			$0.85
Less distributions declared to shareholders
From net investment income		$(0.23	)		$(0.26	)		$(0.25	)		$(0.11	)
From net realized gain		(0.13	)		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.36	)		$(0.31	)		$(0.31	)		$(0.11	)
Net asset value, end of period (x)		$11.32			$12.32			$11.88			$10.74
Total return (%) (r)(s)(t)(x)		(5.58	)		6.76			13.50			8.57	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.60			4.04			11.01			14.88	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00	(a)
Net investment income (loss) (l)		1.86			2.37			2.23			2.76	(a)
Portfolio turnover		9			34			37			2	(n)
Net assets at end of period (000 omitted)		$103			$66			$62			$54

See Notes to Financial Statements

117

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Year ended
Class R1	4/30/20			4/30/19			4/30/18			4/30/17 (c)
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)		$0.12			$0.16			$0.14			$0.07
Net realized and unrealized gain (loss)		(0.88	)		0.48			1.19			0.73
Total from investment operations		$(0.76	)		$0.64			$1.33			$0.80
Less distributions declared to shareholders
From net investment income		$(0.11	)		$(0.14	)		$(0.14	)		$(0.10	)
From net realized gain		(0.13	)		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.24	)		$(0.19	)		$(0.20	)		$(0.10	)
Net asset value, end of period (x)		$11.28			$12.28			$11.83			$10.70
Total return (%) (r)(s)(t)(x)		(6.46	)		5.69			12.41			8.08	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		2.65			5.04			12.02			15.88	(a)
Expenses after expense reductions (f)(h)		0.97			0.95			0.90			0.87	(a)
Net investment income (loss) (l)		0.99			1.36			1.23			1.76	(a)
Portfolio turnover		9			34			37			2	(n)
Net assets at end of period (000 omitted)		$60			$64			$61			$54
	Year ended
Class R2	4/30/20			4/30/19			4/30/18			4/30/17 (c)
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)		$0.17			$0.27			$0.18			$0.09
Net realized and unrealized gain (loss)		(0.87	)		0.42			1.21			0.73
Total from investment operations		$(0.70	)		$0.69			$1.39			$0.82
Less distributions declared to shareholders
From net investment income		$(0.17	)		$(0.23	)		$(0.21	)		$(0.10	)
From net realized gain		(0.13	)		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.30	)		$(0.28	)		$(0.27	)		$(0.10	)
Net asset value, end of period (x)		$11.25			$12.25			$11.84			$10.72
Total return (%) (r)(s)(t)(x)		(6.03	)		6.29			12.92			8.32	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		2.13			4.31			10.36			15.38	(a)
Expenses after expense reductions (f)(h)		0.47			0.45			0.41			0.37	(a)
Net investment income (loss) (l)		1.39			2.34			1.56			2.26	(a)
Portfolio turnover		9			34			37			2	(n)
Net assets at end of period (000 omitted)		$980			$797			$151			$54

See Notes to Financial Statements

118

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Year ended
Class R3	4/30/20			4/30/19			4/30/18			4/30/17 (c)
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)		$0.24			$0.24			$0.25			$0.10
Net realized and unrealized gain (loss)		(0.90	)		0.48			1.17			0.74
Total from investment operations		$(0.66	)		$0.72			$1.42			$0.84
Less distributions declared to shareholders
From net investment income		$(0.22	)		$(0.24	)		$(0.24	)		$(0.11	)
From net realized gain		(0.13	)		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.35	)		$(0.29	)		$(0.30	)		$(0.11	)
Net asset value, end of period (x)		$11.27			$12.28			$11.85			$10.73
Total return (%) (r)(s)(t)(x)		(5.78	)		6.48			13.21			8.45	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.80			4.15			9.15			14.31	(a)
Expenses after expense reductions (f)(h)		0.22			0.20			0.16			0.12	(a)
Net investment income (loss) (l)		1.99			2.04			2.11			2.41	(a)
Portfolio turnover		9			34			37			2	(n)
Net assets at end of period (000 omitted)		$7,252			$2,505			$1,203			$88
	Year ended
Class R4	4/30/20			4/30/19			4/30/18			4/30/17 (c)
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)		$0.28			$0.31			$0.30			$0.11
Net realized and unrealized gain (loss)		(0.92	)		0.43			1.15			0.74
Total from investment operations		$(0.64	)		$0.74			$1.45			$0.85
Less distributions declared to shareholders
From net investment income		$(0.23	)		$(0.26	)		$(0.25	)		$(0.11	)
From net realized gain		(0.13	)		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.36	)		$(0.31	)		$(0.31	)		$(0.11	)
Net asset value, end of period (x)		$11.31			$12.31			$11.88			$10.74
Total return (%) (r)(s)(t)(x)		(5.55	)		6.72			13.51			8.57	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.55			3.79			8.82			14.88	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.29			2.63			2.54			2.75	(a)
Portfolio turnover		9			34			37			2	(n)
Net assets at end of period (000 omitted)		$4,568			$1,524			$356			$55

See Notes to Financial Statements

119

Financial Highlights – continued

MFS LIFETIME 2060 FUND – continued

	Year ended
Class R6	4/30/20			4/30/19			4/30/18			4/30/17 (c)
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)		$0.27			$0.29			$0.25			$0.11
Net realized and unrealized gain (loss)		(0.90	)		0.48			1.20			0.74
Total from investment operations		$(0.63	)		$0.77			$1.45			$0.85
Less distributions declared to shareholders
From net investment income		$(0.24	)		$(0.27	)		$(0.25	)		$(0.11	)
From net realized gain		(0.13	)		(0.05	)		(0.06	)		—
Total distributions declared to shareholders		$(0.37	)		$(0.32	)		$(0.31	)		$(0.11	)
Net asset value, end of period (x)		$11.33			$12.33			$11.88			$10.74
Total return (%) (r)(s)(t)(x)		(5.50	)		6.95			13.51			8.57	(n)
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)(h)		1.48			3.80			10.10			14.87	(a)
Expenses after expense reductions (f)(h)		0.00			0.00			0.00			0.00	(a)
Net investment income (loss) (l)		2.21			2.43			2.18			2.76	(a)
Portfolio turnover		9			34			37			2	(n)
Net assets at end of period (000 omitted)		$7,641			$3,309			$1,268			$543

(a) Annualized.

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

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

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

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

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

(n) Not annualized.

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

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

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

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

See Notes to Financial Statements

120

NOTES TO FINANCIAL STATEMENTS

(1) Business and Organization

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

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

(2) Significant Accounting Policies

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

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

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

In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other IBOR-based reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on each fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform.

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. Debt instruments sold short are generally valued at an evaluated or composite mean as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less

121

Notes to Financial Statements – continued

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. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using 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 April 30, 2020 in valuing each fund’s assets or liabilities:

	Level 1		Level 2		Level 3		Total
MFS Lifetime Income Fund
Financial Instruments
Mutual Funds		$593,816,520		$—		$—		$593,816,520
MFS Lifetime 2020 Fund
Financial Instruments
Mutual Funds		$323,232,550		$—		$—		$323,232,550

122

Notes to Financial Statements – continued

	Level 1		Level 2		Level 3		Total
MFS Lifetime 2025 Fund
Financial Instruments
Mutual Funds		$327,703,338		$—		$—		$327,703,338
MFS Lifetime 2030 Fund
Financial Instruments
Mutual Funds		$600,268,408		$—		$—		$600,268,408
MFS Lifetime 2035 Fund
Financial Instruments
Mutual Funds		$332,551,495		$—		$—		$332,551,495
MFS Lifetime 2040 Fund
Financial Instruments
Mutual Funds		$434,779,898		$—		$—		$434,779,898
MFS Lifetime 2045 Fund
Financial Instruments
Mutual Funds		$230,429,105		$—		$—		$230,429,105
MFS Lifetime 2050 Fund
Financial Instruments
Mutual Funds		$238,082,217		$—		$—		$238,082,217
MFS Lifetime 2055 Fund
Financial Instruments
Mutual Funds		$125,098,235		$—		$—		$125,098,235
MFS Lifetime 2060 Fund
Financial Instruments
Mutual Funds		$24,096,090		$—		$—		$24,096,090

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

123

Notes to Financial Statements – continued

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.

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

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

Year ended 4/30/20	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)		$15,159,683		$9,562,168		$7,461,279		$14,729,384		$6,728,265
Long-term capital gains		5,877,493		6,800,144		4,100,016		17,800,074		6,210,105
Total distributions		$21,037,176		$16,362,312		$11,561,295		$32,529,458		$12,938,370
Year ended 4/30/20	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)		$10,530,309		$4,289,230		$4,501,307		$2,125,062		$354,104
Long-term capital gains		15,037,104		4,912,070		5,745,059		2,432,029		179,506
Total distributions		$25,567,413		$9,201,300		$10,246,366		$4,557,091		$533,610
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 4/30/20	MFS Lifetime Income Fund			MFS Lifetime 2020 Fund			MFS Lifetime 2025 Fund			MFS Lifetime 2030 Fund			MFS Lifetime 2035 Fund
Cost of investments		$557,246,145			$300,020,733			$311,700,749			$533,728,988			$321,836,139
Gross appreciation		43,512,200			26,143,050			21,583,029			78,843,591			22,193,498
Gross depreciation		(6,941,825	)		(2,931,233	)		(5,580,440	)		(12,304,171	)		(11,478,142	)
Net unrealized appreciation (depreciation)		$36,570,375			$23,211,817			$16,002,589			$66,539,420			$10,715,356
Undistributed ordinary income		131,749			1,737,611			1,938,625			2,400,147			563,184
Undistributed long-term capital gain		2,485,723			4,234,028			2,179,262			6,913,607			3,424,401
Other temporary differences		(795,225	)		—			—			—			—
As of 4/30/20	MFS Lifetime 2040 Fund			MFS Lifetime 2045 Fund			MFS Lifetime 2050 Fund			MFS Lifetime 2055 Fund			MFS Lifetime 2060 Fund
Cost of investments		$376,039,576			$224,709,111			$223,604,522			$126,549,734			$25,604,698
Gross appreciation		69,863,089			15,767,901			22,279,737			5,266,431			493,227
Gross depreciation		(11,122,767	)		(10,047,907	)		(7,802,042	)		(6,717,930	)		(2,001,835	)
Net unrealized appreciation (depreciation)		$58,740,322			$5,719,994			$14,477,695			$(1,451,499	)		$(1,508,608	)
Undistributed ordinary income		303,687			83,270			89,836			44,701			10,863
Undistributed long-term capital gain		5,834,808			2,889,134			2,964,098			1,501,283			226,264

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

124

Notes to Financial Statements – continued

and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class 529B shares will convert to Class A and Class 529A shares, respectively, approximately eight years after purchase. 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
	Year Ended 4/30/20	Year Ended 4/30/19	Year Ended 4/30/20	Year Ended 4/30/19	Year Ended 4/30/20	Year Ended 4/30/19
Class A	$4,407,821	$4,119,462	$1,999,361	$2,164,813	$777,253	$742,739
Class B	218,127	319,662	117,080	160,772	47,836	43,756
Class C	3,022,560	3,583,308	459,121	542,638	107,535	120,220
Class I	1,339,749	1,584,261	100,576	98,413	56,795	45,720
Class R1	81,286	100,188	134,890	200,352	51,474	48,184
Class R2	542,189	938,570	1,765,644	3,201,431	891,461	1,105,831
Class R3	2,427,903	2,085,492	4,245,484	4,367,266	3,272,003	2,574,072
Class R4	1,747,049	2,075,650	4,064,720	4,531,157	4,107,186	3,866,720
Class R6	1,463,758	1,153,368	3,475,436	3,072,769	2,249,752	1,595,954
Class 529A	4,597,821	3,762,990	—	—	—	—
Class 529B	140,761	131,588	—	—	—	—
Class 529C	1,048,152	1,132,877	—	—	—	—
Total	$21,037,176	$20,987,416	$16,362,312	$18,339,611	$11,561,295	$10,143,196
	MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund		MFS Lifetime 2040 Fund
	Year Ended 4/30/20	Year Ended 4/30/19	Year Ended 4/30/20	Year Ended 4/30/19	Year Ended 4/30/20	Year Ended 4/30/19
Class A	$3,607,326	$2,840,320	$709,204	$558,773	$2,423,402	$1,761,796
Class B	344,130	358,338	45,965	46,179	209,405	199,896
Class C	659,315	640,713	96,504	73,228	510,136	465,888
Class I	127,203	107,770	36,169	28,057	71,232	89,105
Class R1	379,131	303,203	54,932	64,467	226,033	191,741
Class R2	3,593,363	5,100,796	987,675	947,816	2,844,840	3,999,614
Class R3	8,333,046	7,001,597	3,552,699	2,174,866	5,824,292	4,451,733
Class R4	9,167,036	7,653,993	5,061,792	4,064,305	8,910,957	7,718,795
Class R6	6,318,908	4,797,216	2,393,430	1,477,458	4,547,116	3,410,688
Total	$32,529,458	$28,803,946	$12,938,370	$9,435,149	$25,567,413	$22,289,256
	MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund
	Year Ended 4/30/20	Year Ended 4/30/19	Year Ended 4/30/20	Year Ended 4/30/19	Year Ended 4/30/20	Year Ended 4/30/19
Class A	$428,168	$251,098	$617,761	$380,452	$273,957	$138,623
Class B	24,535	23,070	59,161	38,038	17,232	11,467
Class C	71,451	58,229	116,858	74,846	68,852	42,379
Class I	15,774	7,829	15,361	18,352	4,553	3,956
Class R1	34,430	40,382	42,823	27,871	46,392	28,658
Class R2	654,420	590,192	1,074,074	1,509,468	635,025	426,919
Class R3	2,619,895	1,547,592	2,897,038	1,642,710	1,249,916	665,051
Class R4	3,908,511	2,865,312	3,480,585	2,570,013	1,459,561	956,612
Class R6	1,444,116	813,519	1,942,705	1,122,439	801,603	446,411
Total	$9,201,300	$6,197,223	$10,246,366	$7,384,189	$4,557,091	$2,720,076

125

Notes to Financial Statements – continued

	MFS Lifetime 2060 Fund
	Year Ended 4/30/20	Year Ended 4/30/19
Class A	$55,465	$28,791
Class B	2,927	2,126
Class C	9,126	4,093
Class I	2,134	1,606
Class R1	1,250	979
Class R2	22,290	15,091
Class R3	169,401	37,604
Class R4	104,930	23,309
Class R6	166,087	60,614
Total	$533,610	$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 year ended April 30, 2020, this reduction amounted to the following for each fund and is included in the reduction of total expenses in the Statements of Operations:

MFS Lifetime Income Fund	MFS Lifetime 2020 Fund	MFS Lifetime 2025 Fund	MFS Lifetime 2030 Fund	MFS Lifetime 2035 Fund	MFS Lifetime 2040 Fund	MFS Lifetime 2045 Fund	MFS Lifetime 2050 Fund	MFS Lifetime 2055 Fund	MFS Lifetime 2060 Fund
$1,244,198	$795,017	$756,181	$1,139,314	$771,251	$943,508	$665,015	$672,586	$524,524	$260,271

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 year ended April 30, 2020, 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		$11,024		$8,762
MFS Lifetime 2020 Fund		11,232		—
MFS Lifetime 2025 Fund		9,786		—
MFS Lifetime 2030 Fund		29,720		—
MFS Lifetime 2035 Fund		18,035		—
MFS Lifetime 2040 Fund		22,019		—
MFS Lifetime 2045 Fund		10,857		—
MFS Lifetime 2050 Fund		19,556		—
MFS Lifetime 2055 Fund		11,461		—
MFS Lifetime 2060 Fund		12,411		—

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

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

126

Notes to Financial Statements – continued

Distribution Plan Fee Table:

	Class A
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		—		0.25%		0.25%		0.25%		$301,744
MFS Lifetime 2020 Fund		—		0.25%		0.25%		0.24%		107,534
MFS Lifetime 2025 Fund		—		0.25%		0.25%		0.23%		55,046
MFS Lifetime 2030 Fund		—		0.25%		0.25%		0.25%		167,465
MFS Lifetime 2035 Fund		—		0.25%		0.25%		0.25%		45,013
MFS Lifetime 2040 Fund		—		0.25%		0.25%		0.24%		101,876
MFS Lifetime 2045 Fund		—		0.25%		0.25%		0.25%		25,796
MFS Lifetime 2050 Fund		—		0.25%		0.25%		0.25%		35,430
MFS Lifetime 2055 Fund		—		0.25%		0.25%		0.25%		17,198
MFS Lifetime 2060 Fund		—		0.25%		0.25%		0.25%		4,682
	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%		$79,561
MFS Lifetime 2020 Fund		0.75%		0.25%		1.00%		1.00%		30,001
MFS Lifetime 2025 Fund		0.75%		0.25%		1.00%		0.99%		16,776
MFS Lifetime 2030 Fund		0.75%		0.25%		1.00%		1.00%		79,767
MFS Lifetime 2035 Fund		0.75%		0.25%		1.00%		1.00%		15,796
MFS Lifetime 2040 Fund		0.75%		0.25%		1.00%		0.99%		42,404
MFS Lifetime 2045 Fund		0.75%		0.25%		1.00%		1.00%		8,375
MFS Lifetime 2050 Fund		0.75%		0.25%		1.00%		1.00%		16,416
MFS Lifetime 2055 Fund		0.75%		0.25%		1.00%		1.00%		5,848
MFS Lifetime 2060 Fund		0.75%		0.25%		1.00%		1.00%		1,485
	Class C
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		0.75%		0.25%		1.00%		1.00%		$1,076,277
MFS Lifetime 2020 Fund		0.75%		0.25%		1.00%		1.00%		114,518
MFS Lifetime 2025 Fund		0.75%		0.25%		1.00%		1.00%		40,754
MFS Lifetime 2030 Fund		0.75%		0.25%		1.00%		1.00%		150,296
MFS Lifetime 2035 Fund		0.75%		0.25%		1.00%		0.99%		28,195
MFS Lifetime 2040 Fund		0.75%		0.25%		1.00%		1.00%		102,703
MFS Lifetime 2045 Fund		0.75%		0.25%		1.00%		0.97%		21,787
MFS Lifetime 2050 Fund		0.75%		0.25%		1.00%		1.00%		32,955
MFS Lifetime 2055 Fund		0.75%		0.25%		1.00%		0.99%		21,756
MFS Lifetime 2060 Fund		0.75%		0.25%		1.00%		0.99%		3,816
	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%		$30,353
MFS Lifetime 2020 Fund		0.75%		0.25%		1.00%		1.00%		40,355
MFS Lifetime 2025 Fund		0.75%		0.25%		1.00%		1.00%		18,688
MFS Lifetime 2030 Fund		0.75%		0.25%		1.00%		1.00%		74,642
MFS Lifetime 2035 Fund		0.75%		0.25%		1.00%		1.00%		20,475
MFS Lifetime 2040 Fund		0.75%		0.25%		1.00%		1.00%		46,075
MFS Lifetime 2045 Fund		0.75%		0.25%		1.00%		1.00%		10,817
MFS Lifetime 2050 Fund		0.75%		0.25%		1.00%		1.00%		12,569
MFS Lifetime 2055 Fund		0.75%		0.25%		1.00%		1.00%		15,267
MFS Lifetime 2060 Fund		0.75%		0.25%		1.00%		1.00%		645

127

Notes to Financial Statements – continued

	Class R2
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		0.25%		0.25%		0.50%		0.50%		$85,004
MFS Lifetime 2020 Fund		0.25%		0.25%		0.50%		0.50%		213,012
MFS Lifetime 2025 Fund		0.25%		0.25%		0.50%		0.50%		162,008
MFS Lifetime 2030 Fund		0.25%		0.25%		0.50%		0.50%		369,256
MFS Lifetime 2035 Fund		0.25%		0.25%		0.50%		0.50%		149,816
MFS Lifetime 2040 Fund		0.25%		0.25%		0.50%		0.50%		274,746
MFS Lifetime 2045 Fund		0.25%		0.25%		0.50%		0.50%		101,488
MFS Lifetime 2050 Fund		0.25%		0.25%		0.50%		0.50%		141,682
MFS Lifetime 2055 Fund		0.25%		0.25%		0.50%		0.50%		93,715
MFS Lifetime 2060 Fund		0.25%		0.25%		0.50%		0.50%		4,762
	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%		$165,509
MFS Lifetime 2020 Fund		—		0.25%		0.25%		0.25%		217,953
MFS Lifetime 2025 Fund		—		0.25%		0.25%		0.25%		223,577
MFS Lifetime 2030 Fund		—		0.25%		0.25%		0.25%		391,782
MFS Lifetime 2035 Fund		—		0.25%		0.25%		0.25%		215,848
MFS Lifetime 2040 Fund		—		0.25%		0.25%		0.25%		248,661
MFS Lifetime 2045 Fund		—		0.25%		0.25%		0.25%		160,326
MFS Lifetime 2050 Fund		—		0.25%		0.25%		0.25%		161,837
MFS Lifetime 2055 Fund		—		0.25%		0.25%		0.25%		81,184
MFS Lifetime 2060 Fund		—		0.25%		0.25%		0.25%		12,894
	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%		$298,765
	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%		$46,250
	Class 529C
	Distribution Fee Rate (d)		Service Fee Rate (d)		Total Distribution Plan (d)		Annual Effective Rate (e)		Distribution and Service Fee
MFS Lifetime Income Fund		0.75%		0.25%		1.00%		1.00%		$341,276

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Total Distribution and Service Fees		$2,424,739		$723,373		$516,849		$1,233,208		$475,143
	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		$816,465		$328,589		$400,889		$234,968		$28,284

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

128

Notes to Financial Statements – continued

(e) The annual effective rates represent actual fees incurred under the distribution plan for the year ended April 30, 2020 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 there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates’ seed money. For the year ended April 30, 2020, 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		$4,448		$2,380		$4,799		$2,185		$863
Class B		40		82		137		370		4
Class C		353		38		6		318		210
Class R2		158		263		—		529		60
Class R3		6		13		1		8		58
Class 529A		19,437		N/A		N/A		N/A		N/A
Class 529B		737		N/A		N/A		N/A		N/A
Class 529C		1,515		N/A		N/A		N/A		N/A
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Class A		$2,643		$251		$419		$97		$9
Class B		221		7		30		—		—
Class C		207		753		35		128		20
Class R2		68		21		354		—		—
Class R3		219		1		267		9		—

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B and Class 529B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C and Class 529C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the year ended April 30, 2020, were as follows:

CDSC Imposed	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Class A		$2,952		$69		$110		$667		$376
Class B		2,686		1,130		492		3,877		1,814
Class C		8,023		343		671		651		1,046
Class 529B		834		N/A		N/A		N/A		N/A
Class 529C		339		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		$606		$259		$485		$345		$45
Class B		6,473		1,947		1,092		1,009		—
Class C		576		265		631		345		95

The MFS Lifetime Income Fund has entered into and may from time to time enter into contracts with program managers and other parties which administer the tuition programs through which an investment in the fund’s 529 share classes is made. The MFS Lifetime Income Fund has entered into an agreement with MFD pursuant to which MFD receives an annual fee of up to 0.05% of the average daily net assets attributable to each 529 share class. The services provided by MFD, or a third party with which MFD contracts, include recordkeeping and tax reporting and account services, as well as services designed to maintain the program’s compliance with the Internal Revenue Code and other regulatory requirements. Program manager fees for the MFS Lifetime Income Fund for the year ended April 30, 2020, were as follows:

	Fee
Class 529A		$59,753
Class 529B		2,312
Class 529C		17,064
Total Program Manager Fees		$79,129

129

Notes to Financial Statements – continued

Shareholder Servicing Agent – MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from each fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of each fund as determined periodically under the supervision of the funds’ Board of Trustees. For the year ended April 30, 2020, 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		$189,110		$24,756		$22,121		$42,231		$27,636
Percentage of average daily net assets		0.0316%		0.0073%		0.0069%		0.0070%		0.0087%
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Expenses paid		$41,089		$27,700		$33,632		$34,163		$7,967
Percentage of average daily net assets		0.0093%		0.0124%		0.0146%		0.0294%		0.0476%

MFSC also receives payment from each fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the year ended April 30, 2020, 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
$638,421	$502,857	$470,049	$782,749	$479,291	$619,392	$382,185	$380,377	$245,836	$29,426

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 year ended April 30, 2020 was equivalent to the following annual effective rates of each fund’s average daily net assets:

	MFS Lifetime Income Fund		MFS Lifetime 2020 Fund		MFS Lifetime 2025 Fund		MFS Lifetime 2030 Fund		MFS Lifetime 2035 Fund
Percentage of average daily net assets		0.0029%		0.0051%		0.0055%		0.0029%		0.0055%
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Percentage of average daily net assets		0.0040%		0.0078%		0.0076%		0.0150%		0.1045%

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 year ended April 30, 2020, 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	$131	$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 but does incur investment and operating costs.

130

Notes to Financial Statements – continued

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

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

At April 30, 2020, MFS held approximately 56% of the outstanding shares of Class I of the MFS Lifetime 2055 Fund. At April 30, 2020, MFS held approximately 60% of the outstanding shares of Class I and 100% of the outstanding shares of Class R1 of the MFS Lifetime 2060 Fund.

(4) Portfolio Securities

For the year ended April 30, 2020, 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		$94,727,700		$54,107,992		$89,818,426		$125,792,856		$101,807,345
Sales		$92,074,559		$82,270,744		$57,850,977		$106,216,687		$42,094,733
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Purchases		$88,473,039		$63,499,382		$59,608,638		$42,455,318		$16,737,194
Sales		$57,475,182		$17,689,051		$18,369,179		$13,085,321		$1,445,823

(5) Shares of Beneficial Interest

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

	MFS Lifetime Income Fund								MFS Lifetime 2020 Fund
	Year ended 4/30/20				Year ended 4/30/19				Year ended 4/30/20				Year ended 4/30/19
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
Shares sold
Class A		3,266,456		$41,112,670		1,847,214		$22,585,377		551,418		$7,202,734		564,103		$7,238,411
Class B		13,621		171,648		72,255		871,139		8,002		106,008		28,088		360,967
Class C		695,255		8,686,803		744,303		9,078,830		68,106		879,761		113,595		1,421,637
Class I		566,902		7,083,823		1,822,886		22,106,905		55,186		700,017		186,312		2,438,993
Class R1		55,361		689,078		200,891		2,432,039		97,071		1,270,011		86,084		1,103,481
Class R2		424,928		5,356,077		664,264		8,109,192		796,150		10,422,891		1,540,597		19,699,792
Class R3		2,631,438		33,012,419		1,101,831		13,410,501		2,524,929		33,310,873		2,670,176		34,461,787
Class R4		601,664		7,607,361		708,696		8,669,602		1,230,841		16,285,674		1,848,609		24,102,640
Class R6		1,493,085		18,879,867		1,212,170		14,591,892		1,777,228		23,536,474		2,196,708		28,396,542
Class 529A		7,163,201		73,349,435		6,574,351		65,564,555		—		—		—		—
Class 529B		294,372		3,015,190		299,079		2,980,144		—		—		—		—
Class 529C		1,806,166		18,556,752		1,979,803		19,725,207		—		—		—		—
		19,012,449		$217,521,123		17,227,743		$190,125,383		7,108,931		$93,714,443		9,234,272		$119,224,250

131

Notes to Financial Statements – continued

	MFS Lifetime Income Fund – continued												MFS Lifetime 2020 Fund – continued
	Year ended 4/30/20						Year ended 4/30/19						Year ended 4/30/20						Year ended 4/30/19
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares issued to shareholders in reinvestment of distributions
Class A		340,931			$4,318,717			341,016			$4,062,769			145,572			$1,909,905			165,902			$1,987,511
Class B		16,816			213,554			26,118			309,489			8,724			114,198			13,142			157,051
Class C		233,822			2,968,147			295,866			3,505,070			31,284			402,623			40,235			473,163
Class I		87,698			1,110,727			106,067			1,264,014			7,044			93,047			7,525			90,755
Class R1		6,379			81,061			8,342			99,287			10,289			134,890			16,766			200,352
Class R2		39,037			495,011			72,937			867,906			127,355			1,661,981			245,658			2,923,334
Class R3		191,514			2,426,503			174,810			2,082,264			323,589			4,245,484			364,546			4,367,264
Class R4		137,906			1,745,726			173,791			2,073,601			307,700			4,064,720			376,030			4,531,157
Class R6		102,113			1,295,716			84,145			1,007,101			240,738			3,175,331			230,076			2,770,111
Class 529A		440,968			4,570,456			384,144			3,740,994			—			—			—			—
Class 529B		13,493			140,127			13,521			131,004			—			—			—			—
Class 529C		100,370			1,042,074			116,314			1,126,589			—			—			—			—
		1,711,047			$20,407,819			1,797,071			$20,270,088			1,202,295			$15,802,179			1,459,880			$17,500,698
Shares reacquired
Class A		(2,509,713	)		$(31,302,968	)		(2,040,158	)		$(24,838,227	)		(942,079	)		$(12,227,555	)		(898,874	)		$(11,630,896	)
Class B		(295,615	)		(3,696,440	)		(327,953	)		(3,994,084	)		(63,311	)		(802,794	)		(139,556	)		(1,771,432	)
Class C		(2,029,587	)		(25,308,469	)		(2,454,438	)		(29,919,300	)		(196,734	)		(2,531,929	)		(253,368	)		(3,179,163	)
Class I		(641,812	)		(7,985,546	)		(1,785,685	)		(21,503,321	)		(70,651	)		(921,928	)		(163,579	)		(2,156,647	)
Class R1		(179,552	)		(2,250,516	)		(243,007	)		(2,935,981	)		(191,982	)		(2,449,708	)		(107,998	)		(1,379,784	)
Class R2		(873,315	)		(10,977,195	)		(1,380,033	)		(16,883,006	)		(1,664,019	)		(21,676,574	)		(3,711,863	)		(47,418,906	)
Class R3		(1,751,389	)		(22,029,179	)		(1,296,899	)		(15,776,205	)		(1,973,700	)		(25,716,896	)		(3,383,935	)		(43,644,096	)
Class R4		(1,202,527	)		(14,989,584	)		(1,326,467	)		(16,095,604	)		(2,039,228	)		(26,793,723	)		(2,339,803	)		(30,513,779	)
Class R6		(884,537	)		(11,053,808	)		(769,099	)		(9,366,737	)		(2,100,510	)		(27,583,050	)		(998,215	)		(12,912,773	)
Class 529A		(5,602,235	)		(57,394,727	)		(4,600,709	)		(45,965,876	)		—			—			—			—
Class 529B		(291,128	)		(2,973,342	)		(265,130	)		(2,646,621	)		—			—			—			—
Class 529C		(2,164,819	)		(21,976,096	)		(2,114,359	)		(21,058,166	)		—			—			—			—
		(18,426,229	)		$(211,937,870	)		(18,603,937	)		$(210,983,128	)		(9,242,214	)		$(120,704,157	)		(11,997,191	)		$(154,607,476	)
Net change
Class A		1,097,674			$14,128,419			148,072			$1,809,919			(245,089	)		$(3,114,916	)		(168,869	)		$(2,404,974	)
Class B		(265,178	)		(3,311,238	)		(229,580	)		(2,813,456	)		(46,585	)		(582,588	)		(98,326	)		(1,253,414	)
Class C		(1,100,510	)		(13,653,519	)		(1,414,269	)		(17,335,400	)		(97,344	)		(1,249,545	)		(99,538	)		(1,284,363	)
Class I		12,788			209,004			143,268			1,867,598			(8,421	)		(128,864	)		30,258			373,101
Class R1		(117,812	)		(1,480,377	)		(33,774	)		(404,655	)		(84,622	)		(1,044,807	)		(5,148	)		(75,951	)
Class R2		(409,350	)		(5,126,107	)		(642,832	)		(7,905,908	)		(740,514	)		(9,591,702	)		(1,925,608	)		(24,795,780	)
Class R3		1,071,563			13,409,743			(20,258	)		(283,440	)		874,818			11,839,461			(349,213	)		(4,815,045	)
Class R4		(462,957	)		(5,636,497	)		(443,980	)		(5,352,401	)		(500,687	)		(6,443,329	)		(115,164	)		(1,879,982	)
Class R6		710,661			9,121,775			527,216			6,232,256			(82,544	)		(871,245	)		1,428,569			18,253,880
Class 529A		2,001,934			20,525,164			2,357,786			23,339,673			—			—			—			—
Class 529B		16,737			181,975			47,470			464,527			—			—			—			—
Class 529C		(258,283	)		(2,377,270	)		(18,242	)		(206,370	)		—			—			—			—
		2,297,267			$25,991,072			420,877			$(587,657	)		(930,988	)		$(11,187,535	)		(1,303,039	)		$(17,882,528	)

132

Notes to Financial Statements – continued

	MFS Lifetime 2025 Fund												MFS Lifetime 2030 Fund
	Year ended 4/30/20						Year ended 4/30/19						Year ended 4/30/20						Year ended 4/30/19
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		729,452			$9,492,890			567,330			$7,189,298			986,081			$15,470,303			871,533			$13,343,800
Class B		23,351			306,765			14,316			183,102			10,127			152,796			79,920			1,204,490
Class C		59,063			779,383			74,764			942,228			130,665			2,005,222			156,614			2,332,793
Class I		31,666			416,897			55,035			695,114			38,225			597,580			50,313			770,645
Class R1		95,299			1,244,387			84,642			1,072,437			180,571			2,815,251			145,709			2,215,727
Class R2		726,458			9,581,179			1,130,263			14,397,361			1,196,753			18,461,871			2,150,624			32,736,983
Class R3		3,411,078			45,118,953			2,509,467			32,054,842			3,648,083			56,872,959			3,436,146			52,676,545
Class R4		1,941,059			25,706,963			2,766,476			35,583,331			2,584,993			40,828,337			2,834,408			43,601,309
Class R6		2,460,279			32,479,994			1,513,889			19,289,218			2,741,727			42,757,924			2,615,019			40,297,219
		9,477,705			$125,127,411			8,716,182			$111,406,931			11,517,225			$179,962,243			12,340,286			$189,179,511
Shares issued to shareholders in reinvestment of distributions
Class A		53,186			$715,889			59,399			$700,316			212,292			$3,388,181			193,530			$2,655,232
Class B		3,575			47,836			3,730			43,756			21,188			334,351			25,680			348,203
Class C		7,659			102,011			9,928			115,863			37,414			586,649			41,322			557,018
Class I		4,008			54,103			3,868			45,720			7,338			117,629			7,082			97,527
Class R1		3,843			51,474			4,104			48,184			23,980			379,131			22,277			303,202
Class R2		65,063			872,509			83,510			980,403			216,849			3,430,557			348,214			4,732,212
Class R3		243,453			3,272,003			218,512			2,574,072			523,432			8,333,046			511,813			7,001,597
Class R4		303,787			4,107,186			326,581			3,866,720			570,955			9,163,831			554,849			7,651,363
Class R6		144,130			1,947,198			109,152			1,291,267			328,144			5,266,709			281,709			3,881,976
		828,704			$11,170,209			818,784			$9,666,301			1,941,592			$31,000,084			1,986,476			$27,228,330
Shares reacquired
Class A		(227,378	)		$(2,955,071	)		(418,765	)		$(5,272,674	)		(709,987	)		$(10,984,153	)		(957,301	)		$(14,772,195	)
Class B		(13,869	)		(179,418	)		(17,685	)		(224,395	)		(148,403	)		(2,257,269	)		(116,768	)		(1,762,903	)
Class C		(85,900	)		(1,107,846	)		(41,360	)		(523,597	)		(260,356	)		(4,011,249	)		(211,637	)		(3,170,193	)
Class I		(16,598	)		(208,720	)		(6,764	)		(88,665	)		(28,223	)		(443,971	)		(51,257	)		(781,569	)
Class R1		(70,668	)		(894,736	)		(63,589	)		(807,690	)		(190,380	)		(2,804,203	)		(132,217	)		(1,985,985	)
Class R2		(1,481,523	)		(19,592,729	)		(1,236,726	)		(15,707,675	)		(1,895,433	)		(29,252,656	)		(4,757,324	)		(71,938,609	)
Class R3		(2,037,563	)		(26,521,302	)		(1,833,067	)		(23,448,568	)		(2,753,800	)		(42,397,218	)		(3,368,822	)		(51,830,605	)
Class R4		(2,058,601	)		(26,749,852	)		(1,429,789	)		(18,341,244	)		(2,173,337	)		(33,754,982	)		(2,805,747	)		(43,696,853	)
Class R6		(1,083,003	)		(14,165,093	)		(545,617	)		(6,978,691	)		(2,079,274	)		(31,910,986	)		(722,887	)		(10,975,407	)
		(7,075,103	)		$(92,374,767	)		(5,593,362	)		$(71,393,199	)		(10,239,193	)		$(157,816,687	)		(13,123,960	)		$(200,914,319	)
Net change
Class A		555,260			$7,253,708			207,964			$2,616,940			488,386			$7,874,331			107,762			$1,226,837
Class B		13,057			175,183			361			2,463			(117,088	)		(1,770,122	)		(11,168	)		(210,210	)
Class C		(19,178	)		(226,452	)		43,332			534,494			(92,277	)		(1,419,378	)		(13,701	)		(280,382	)
Class I		19,076			262,280			52,139			652,169			17,340			271,238			6,138			86,603
Class R1		28,474			401,125			25,157			312,931			14,171			390,179			35,769			532,944
Class R2		(690,002	)		(9,139,041	)		(22,953	)		(329,911	)		(481,831	)		(7,360,228	)		(2,258,486	)		(34,469,414	)
Class R3		1,616,968			21,869,654			894,912			11,180,346			1,417,715			22,808,787			579,137			7,847,537
Class R4		186,245			3,064,297			1,663,268			21,108,807			982,611			16,237,186			583,510			7,555,819
Class R6		1,521,406			20,262,099			1,077,424			13,601,794			990,597			16,113,647			2,173,841			33,203,788
		3,231,306			$43,922,853			3,941,604			$49,680,033			3,219,624			$53,145,640			1,202,802			$15,493,522

133

Notes to Financial Statements – continued

	MFS Lifetime 2035 Fund												MFS Lifetime 2040 Fund
	Year ended 4/30/20						Year ended 4/30/19						Year ended 4/30/20						Year ended 4/30/19
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		575,789			$8,324,870			317,699			$4,554,781			758,651			$12,168,952			476,877			$7,636,531
Class B		2,707			40,863			12,665			182,929			11,905			195,211			23,510			375,858
Class C		68,741			1,012,699			57,595			820,223			85,686			1,356,141			109,199			1,720,732
Class I		10,621			153,597			22,602			325,765			22,790			358,662			36,372			600,270
Class R1		62,635			924,785			84,674			1,216,315			94,132			1,515,916			115,349			1,849,793
Class R2		749,806			11,143,765			1,033,700			14,968,075			1,015,038			16,470,147			1,728,999			27,600,406
Class R3		3,565,321			53,768,520			1,924,656			28,015,898			2,760,201			44,991,464			1,901,160			30,517,741
Class R4		1,990,015			29,925,113			2,611,266			38,102,038			1,845,398			30,374,833			2,368,577			38,701,506
Class R6		2,066,400			30,909,296			1,380,361			19,775,494			1,811,518			29,720,610			1,873,600			30,218,453
		9,092,035			$136,203,508			7,445,218			$107,961,518			8,405,319			$137,151,936			8,633,643			$139,221,290
Shares issued to shareholders in reinvestment of distributions
Class A		40,006			$625,299			39,574			$510,104			127,872			$2,166,154			113,626			$1,603,256
Class B		2,909			45,298			3,597			46,179			12,310			207,426			14,088			197,794
Class C		5,997			92,830			5,571			72,752			27,560			458,038			29,290			405,962
Class I		2,147			33,602			1,991			25,699			3,552			60,556			4,494			63,765
Class R1		3,526			54,932			5,025			64,467			13,479			226,032			13,715			191,741
Class R2		62,038			967,788			64,591			830,637			163,758			2,757,697			262,197			3,673,383
Class R3		227,155			3,552,699			168,464			2,174,866			343,819			5,824,292			315,502			4,451,727
Class R4		322,202			5,061,792			313,846			4,064,305			521,415			8,910,957			542,812			7,718,793
Class R6		122,179			1,919,425			80,291			1,039,767			200,167			3,418,857			179,906			2,558,269
		788,159			$12,353,665			682,950			$8,828,776			1,413,932			$24,030,009			1,475,630			$20,864,690
Shares reacquired
Class A		(245,978	)		$(3,478,531	)		(300,417	)		$(4,344,723	)		(285,844	)		$(4,615,026	)		(578,011	)		$(9,421,937	)
Class B		(15,526	)		(236,115	)		(24,450	)		(348,840	)		(61,363	)		(983,185	)		(62,787	)		(998,114	)
Class C		(66,238	)		(980,162	)		(52,115	)		(748,013	)		(159,431	)		(2,499,292	)		(189,258	)		(3,031,158	)
Class I		(17,387	)		(244,654	)		(11,702	)		(169,059	)		(32,172	)		(534,938	)		(52,911	)		(836,947	)
Class R1		(103,247	)		(1,530,349	)		(54,848	)		(784,704	)		(128,168	)		(2,042,716	)		(109,275	)		(1,753,085	)
Class R2		(1,068,073	)		(15,897,812	)		(1,122,676	)		(16,213,841	)		(1,544,188	)		(25,166,336	)		(3,651,175	)		(58,240,251	)
Class R3		(1,563,123	)		(23,235,833	)		(1,330,185	)		(19,148,602	)		(1,495,831	)		(24,235,075	)		(2,171,183	)		(35,224,499	)
Class R4		(1,348,391	)		(19,730,521	)		(1,165,343	)		(17,092,326	)		(1,369,698	)		(22,174,301	)		(3,072,543	)		(50,447,233	)
Class R6		(685,781	)		(10,214,612	)		(296,367	)		(4,351,619	)		(1,341,542	)		(21,682,859	)		(487,056	)		(7,876,502	)
		(5,113,744	)		$(75,548,589	)		(4,358,103	)		$(63,201,727	)		(6,418,237	)		$(103,933,728	)		(10,374,199	)		$(167,829,726	)
Net change
Class A		369,817			$5,471,638			56,856			$720,162			600,679			$9,720,080			12,492			$(182,150	)
Class B		(9,910	)		(149,954	)		(8,188	)		(119,732	)		(37,148	)		(580,548	)		(25,189	)		(424,462	)
Class C		8,500			125,367			11,051			144,962			(46,185	)		(685,113	)		(50,769	)		(904,464	)
Class I		(4,619	)		(57,455	)		12,891			182,405			(5,830	)		(115,720	)		(12,045	)		(172,912	)
Class R1		(37,086	)		(550,632	)		34,851			496,078			(20,557	)		(300,768	)		19,789			288,449
Class R2		(256,229	)		(3,786,259	)		(24,385	)		(415,129	)		(365,392	)		(5,938,492	)		(1,659,979	)		(26,966,462	)
Class R3		2,229,353			34,085,386			762,935			11,042,162			1,608,189			26,580,681			45,479			(255,031	)
Class R4		963,826			15,256,384			1,759,769			25,074,017			997,115			17,111,489			(161,154	)		(4,026,934	)
Class R6		1,502,798			22,614,109			1,164,285			16,463,642			670,143			11,456,608			1,566,450			24,900,220
		4,766,450			$73,008,584			3,770,065			$53,588,567			3,401,014			$57,248,217			(264,926	)		$(7,743,746	)

134

Notes to Financial Statements – continued

	MFS Lifetime 2045 Fund												MFS Lifetime 2050 Fund
	Year ended 4/30/20						Year ended 4/30/19						Year ended 4/30/20						Year ended 4/30/19
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		310,028			$4,776,747			205,891			$3,073,934			268,596			$4,966,014			212,106			$3,874,731
Class B		184			2,793			3,765			56,892			4,676			83,717			21,129			381,150
Class C		33,496			481,515			32,933			489,680			31,480			576,145			40,380			719,263
Class I		10,584			166,000			9,647			142,402			12,630			237,605			5,701			103,885
Class R1		41,336			625,050			62,118			944,961			37,238			677,052			48,506			865,633
Class R2		483,723			7,427,045			720,610			10,753,797			619,064			11,324,889			1,325,864			23,688,118
Class R3		2,226,739			34,384,000			1,378,306			20,744,811			1,812,124			33,532,786			1,121,091			20,203,947
Class R4		1,678,897			26,064,119			1,667,525			25,084,521			1,307,695			24,325,814			1,379,193			25,037,200
Class R6		1,283,852			19,771,943			836,684			12,396,334			976,734			18,125,477			1,008,037			17,954,337
		6,068,839			$93,699,212			4,917,479			$73,687,332			5,070,237			$93,849,499			5,162,007			$92,828,264
Shares issued to shareholders in reinvestment of distributions
Class A		22,227			$362,073			17,511			$232,026			30,170			$593,134			23,172			$371,686
Class B		1,512			24,535			1,748			23,070			3,046			59,161			2,397			38,038
Class C		3,642			58,739			3,408			44,746			5,814			112,273			4,260			67,224
Class I		964			15,774			589			7,829			783			15,361			1,146			18,352
Class R1		2,124			34,430			3,064			40,382			2,215			42,823			1,765			27,871
Class R2		39,627			641,963			40,282			530,514			53,322			1,036,054			90,222			1,429,114
Class R3		161,026			2,619,895			116,888			1,547,592			148,567			2,897,038			103,121			1,642,710
Class R4		239,199			3,908,511			215,761			2,865,312			177,490			3,480,585			160,618			2,569,892
Class R6		71,496			1,167,526			48,661			646,219			82,287			1,612,812			58,498			935,388
		541,817			$8,833,446			447,912			$5,937,690			503,694			$9,849,241			445,199			$7,100,275
Shares reacquired
Class A		(85,346	)		$(1,328,976	)		(174,295	)		$(2,610,623	)		(136,726	)		$(2,479,910	)		(229,935	)		$(4,219,239	)
Class B		(9,537	)		(144,314	)		(9,067	)		(137,439	)		(14,400	)		(229,224	)		(5,945	)		(104,142	)
Class C		(46,126	)		(699,946	)		(17,737	)		(265,356	)		(36,692	)		(648,180	)		(17,910	)		(320,913	)
Class I		(2,602	)		(39,626	)		(1,894	)		(26,294	)		(3,931	)		(70,814	)		(26,443	)		(457,483	)
Class R1		(43,170	)		(657,841	)		(52,124	)		(778,340	)		(40,015	)		(726,702	)		(37,257	)		(652,110	)
Class R2		(706,954	)		(10,988,838	)		(699,937	)		(10,458,430	)		(631,119	)		(11,599,636	)		(2,448,179	)		(44,022,350	)
Class R3		(938,062	)		(14,419,607	)		(852,525	)		(12,823,226	)		(696,448	)		(12,912,862	)		(951,483	)		(17,269,437	)
Class R4		(899,237	)		(13,588,281	)		(1,149,915	)		(17,507,428	)		(726,373	)		(13,595,054	)		(1,700,206	)		(31,322,071	)
Class R6		(360,787	)		(5,415,309	)		(249,014	)		(3,725,309	)		(526,581	)		(9,626,365	)		(257,215	)		(4,616,913	)
		(3,091,821	)		$(47,282,738	)		(3,206,508	)		$(48,332,445	)		(2,812,285	)		$(51,888,747	)		(5,674,573	)		$(102,984,658	)
Net change
Class A		246,909			$3,809,844			49,107			$695,337			162,040			$3,079,238			5,343			$27,178
Class B		(7,841	)		(116,986	)		(3,554	)		(57,477	)		(6,678	)		(86,346	)		17,581			315,046
Class C		(8,988	)		(159,692	)		18,604			269,070			602			40,238			26,730			465,574
Class I		8,946			142,148			8,342			123,937			9,482			182,152			(19,596	)		(335,246	)
Class R1		290			1,639			13,058			207,003			(562	)		(6,827	)		13,014			241,394
Class R2		(183,604	)		(2,919,830	)		60,955			825,881			41,267			761,307			(1,032,093	)		(18,905,118	)
Class R3		1,449,703			22,584,288			642,669			9,469,177			1,264,243			23,516,962			272,729			4,577,220
Class R4		1,018,859			16,384,349			733,371			10,442,405			758,812			14,211,345			(160,395	)		(3,714,979	)
Class R6		994,561			15,524,160			636,331			9,317,244			532,440			10,111,924			809,320			14,272,812
		3,518,835			$55,249,920			2,158,883			$31,292,577			2,761,646			$51,809,993			(67,367	)		$(3,056,119	)

135

Notes to Financial Statements – continued

	MFS Lifetime 2055 Fund												MFS Lifetime 2060 Fund
	Year ended 4/30/20						Year ended 4/30/19						Year ended 4/30/20						Year ended 4/30/19
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold
Class A		207,125			$3,256,651			129,673			$1,995,896			161,398			$1,924,091			132,642			$1,540,130
Class B		217			3,375			7,695			119,724			187			2,236			5,784			67,883
Class C		34,884			552,200			33,623			507,577			16,379			198,582			15,414			180,074
Class I		1,495			24,039			2,851			43,856			3,589			47,308			—			—
Class R1		65,141			1,011,489			59,257			894,529			—			—			—			—
Class R2		535,895			8,457,047			704,148			10,748,621			61,682			756,107			69,621			821,311
Class R3		1,377,456			21,613,001			976,652			15,060,511			510,606			6,212,336			183,340			2,148,135
Class R4		1,028,373			16,315,521			1,184,157			18,272,183			336,051			4,096,780			119,553			1,415,534
Class R6		662,989			10,536,421			694,479			10,488,257			547,986			6,468,554			242,210			2,840,940
		3,913,575			$61,769,744			3,792,535			$58,131,154			1,637,878			$19,705,994			768,564			$9,014,007
Shares issued to shareholders in reinvestment of distributions
Class A		14,645			$245,010			9,624			$130,882			4,263			$55,465			2,753			$28,791
Class B		1,031			17,232			845			11,467			225			2,927			203			2,126
Class C		3,492			57,860			2,372			31,952			704			9,126			392			4,093
Class I		272			4,553			291			3,956			163			2,134			153			1,606
Class R1		2,798			46,392			2,126			28,658			96			1,250			93			979
Class R2		37,499			624,738			27,555			372,822			1,713			22,290			1,443			15,091
Class R3		74,711			1,249,916			48,937			665,051			13,001			169,401			3,588			37,604
Class R4		86,827			1,459,561			70,082			956,612			8,034			104,930			2,222			23,309
Class R6		38,150			641,296			25,400			346,708			9,109			119,152			4,209			44,196
		259,425			$4,346,558			187,232			$2,548,108			37,308			$486,675			15,056			$157,795
Shares reacquired
Class A		(55,693	)		$(891,591	)		(83,896	)		$(1,306,200	)		(20,887	)		$(251,781	)		(50,134	)		$(569,011	)
Class B		(3,502	)		(56,952	)		(966	)		(14,757	)		(357	)		(4,278	)		(35	)		(405	)
Class C		(27,937	)		(444,223	)		(14,762	)		(223,196	)		(1,616	)		(19,573	)		(1,687	)		(19,772	)
Class I		(4,755	)		(75,342	)		(744	)		(11,977	)		(6	)		(72	)		—			—
Class R1		(52,915	)		(824,757	)		(20,468	)		(311,203	)		—			—			—			—
Class R2		(538,292	)		(8,490,365	)		(562,874	)		(8,528,243	)		(41,268	)		(513,697	)		(18,794	)		(215,839	)
Class R3		(653,326	)		(10,299,314	)		(676,831	)		(10,359,570	)		(84,123	)		(1,014,347	)		(84,467	)		(1,003,900	)
Class R4		(408,649	)		(6,387,064	)		(1,094,209	)		(17,126,342	)		(63,846	)		(773,018	)		(27,944	)		(328,316	)
Class R6		(289,469	)		(4,535,856	)		(180,037	)		(2,712,095	)		(151,134	)		(1,790,299	)		(84,675	)		(965,887	)
		(2,034,538	)		$(32,005,464	)		(2,634,787	)		$(40,593,583	)		(363,237	)		$(4,367,065	)		(267,736	)		$(3,103,130	)
Net change
Class A		166,077			$2,610,070			55,401			$820,578			144,774			$1,727,775			85,261			$999,910
Class B		(2,254	)		(36,345	)		7,574			116,434			55			885			5,952			69,604
Class C		10,439			165,837			21,233			316,333			15,467			188,135			14,119			164,395
Class I		(2,988	)		(46,750	)		2,398			35,835			3,746			49,370			153			1,606
Class R1		15,024			233,124			40,915			611,984			96			1,250			93			979
Class R2		35,102			591,420			168,829			2,593,200			22,127			264,700			52,270			620,563
Class R3		798,841			12,563,603			348,758			5,365,992			439,484			5,367,390			102,461			1,181,839
Class R4		706,551			11,388,018			160,030			2,102,453			280,239			3,428,692			93,831			1,110,527
Class R6		411,670			6,641,861			539,842			8,122,870			405,961			4,797,407			161,744			1,919,249
		2,138,462			$34,110,838			1,344,980			$20,085,679			1,311,949			$15,825,604			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.

136

Notes to Financial Statements – continued

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

(6) Line of Credit

Each fund and certain other funds managed by MFS participate in a $1.25 billion unsecured committed line of credit, subject to a $1 billion sublimit, provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of one month LIBOR, the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus an agreed upon spread. A commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds. In addition, each fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended April 30, 2020, 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		$3,300		$1,902		$1,648		$3,140		$1,634
Interest Expense		—		—		—		—		—
	MFS Lifetime 2040 Fund		MFS Lifetime 2045 Fund		MFS Lifetime 2050 Fund		MFS Lifetime 2055 Fund		MFS Lifetime 2060 Fund
Commitment Fee		$2,258		$1,151		$1,193		$580		$78
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		$4,134,571		$2,641,670		$50,835		$(363,643)		$12,628,522
MFS Blended Research Growth Equity Fund		11,440,815		3,247,615		2,687,639		131,966		660,489		12,793,246
MFS Blended Research International Equity Fund		14,329,986		5,289,398		2,520,999		(24,813)		(1,917,022)		15,156,550
MFS Blended Research Mid Cap Equity Fund		17,237,209		7,439,672		3,332,741		(101,246)		(2,077,032)		19,165,862
MFS Blended Research Small Cap Equity Fund		5,711,851		3,115,380		1,254,994		(47,950)		(1,067,386)		6,456,901
MFS Blended Research Value Equity Fund		11,471,311		4,627,494		2,181,849		(56,614)		(1,318,884)		12,541,458
MFS Commodity Strategy Fund		11,430,155		4,644,826		1,409,376		(142,441)		(3,328,585)		11,194,579
MFS Emerging Markets Debt Fund		11,485,934		1,927,942		823,659		(12,117)		(761,922)		11,816,178
MFS Emerging Markets Debt Local Currency Fund (a)		5,750,151		1,423,138		737,410		(38,880)		(455,719)		5,941,280
MFS Global Bond Fund		28,690,105		3,492,367		3,457,790		(217,883)		799,038		29,305,837
MFS Global Real Estate Fund		11,486,614		4,448,700		2,203,097		(34,323)		(1,308,866)		12,389,028
MFS Government Securities Fund		57,342,926		7,448,754		12,658,096		(1,693)		4,481,725		56,613,616
MFS Growth Fund		11,455,389		2,381,542		2,591,540		654,911		695,214		12,595,516
MFS High Income Fund		17,250,148		2,975,983		1,077,020		(68,109)		(1,130,712)		17,950,290
MFS Inflation-Adjusted Bond Fund		57,319,971		7,993,024		12,208,573		29,314		3,711,016		56,844,752
MFS Institutional Money Market Portfolio		597,869		47,659,802		47,081,065		10		4		1,176,620
MFS International Growth Fund		2,869,019		804,590		473,245		(4,112)		(131,518)		3,064,734
MFS International Intrinsic Value Fund		2,873,250		781,683		514,835		(15,753)		(81,996)		3,042,349
MFS Limited Maturity Fund		114,759,694		14,856,306		13,639,721		(249,829)		(245,629)		115,480,821
MFS Mid Cap Growth Fund		8,613,320		2,201,538		1,782,579		349,355		93,064		9,474,698
MFS Mid Cap Value Fund		8,608,502		3,958,185		1,738,180		(47,225)		(1,228,259)		9,553,023
MFS New Discovery Fund		2,859,618		1,224,520		757,920		20,076		(67,838)		3,278,456
MFS New Discovery Value Fund		2,861,559		1,532,457		633,896		(18,682)		(490,628)		3,250,810
MFS Research Fund		11,467,931		3,576,497		2,424,924		87,194		(118,485)		12,588,213
MFS Research International Fund		8,607,451		2,356,366		1,364,420		22,895		(528,406)		9,093,886
MFS Total Return Bond Fund		114,726,834		12,968,026		14,771,656		(46,613)		5,079,372		117,955,963
MFS Value Fund		11,504,330		4,099,217		2,248,754		9,915		(901,376)		12,463,332
		$574,200,371		$160,609,593		$139,217,648		$228,188		$(2,003,984)		$593,816,520

137

Notes to Financial Statements – continued

	MFS Lifetime Income Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$204,473		$434,353
MFS Blended Research Growth Equity Fund		109,534		450,001
MFS Blended Research International Equity Fund		468,196		—
MFS Blended Research Mid Cap Equity Fund		292,030		596,868
MFS Blended Research Small Cap Equity Fund		85,627		32,308
MFS Blended Research Value Equity Fund		278,685		—
MFS Commodity Strategy Fund		234,730		—
MFS Emerging Markets Debt Fund		561,283		—
MFS Emerging Markets Debt Local Currency Fund (a)		179,938		—
MFS Global Bond Fund		709,943		—
MFS Global Real Estate Fund		690,579		—
MFS Government Securities Fund		1,471,676		—
MFS Growth Fund		—		197,201
MFS High Income Fund		898,213		—
MFS Inflation-Adjusted Bond Fund		1,377,816		—
MFS Institutional Money Market Portfolio		22,859		—
MFS International Growth Fund		35,288		11,998
MFS International Intrinsic Value Fund		37,624		90,672
MFS Limited Maturity Fund		3,277,778		—
MFS Mid Cap Growth Fund		—		75,191
MFS Mid Cap Value Fund		139,857		77,376
MFS New Discovery Fund		70,022		137,568
MFS New Discovery Value Fund		73,795		76,706
MFS Research Fund		159,572		326,379
MFS Research International Fund		186,696		—
MFS Total Return Bond Fund		3,675,521		—
MFS Value Fund		280,750		153,819
		$15,522,485		$2,660,440

138

Notes to Financial Statements – continued

	MFS Lifetime 2020 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$7,791,771		$2,214,381		$2,532,718		$173,158		$(394,390)		$7,252,202
MFS Blended Research Growth Equity Fund		7,782,021		1,784,636		2,654,849		419,633		29,199		7,360,640
MFS Blended Research International Equity Fund		10,008,274		2,688,855		2,805,893		73,874		(1,273,320)		8,691,790
MFS Blended Research Mid Cap Equity Fund		11,276,687		3,853,363		3,006,582		138,856		(1,454,386)		10,807,938
MFS Blended Research Small Cap Equity Fund		3,397,237		1,568,944		757,895		(18,465)		(661,434)		3,528,387
MFS Blended Research Value Equity Fund		7,820,715		2,444,372		2,161,882		125,564		(1,042,662)		7,186,107
MFS Commodity Strategy Fund		6,807,512		2,336,480		1,055,016		(127,712)		(1,805,326)		6,155,938
MFS Emerging Markets Debt Fund		7,838,347		824,688		1,532,344		(3,227)		(417,129)		6,710,335
MFS Emerging Markets Debt Local Currency Fund (a)		4,416,218		574,710		1,189,565		12,519		(268,785)		3,545,097
MFS Global Bond Fund		17,130,530		2,073,914		3,684,407		(84,652)		463,028		15,898,413
MFS Global Real Estate Fund		6,862,743		2,398,915		1,759,439		40,665		(823,828)		6,719,056
MFS Government Securities Fund		34,226,209		4,534,471		10,283,820		89,747		2,453,312		31,019,919
MFS Growth Fund		7,800,147		1,211,366		2,588,484		1,312,389		(500,156)		7,235,262
MFS High Income Fund		12,268,387		1,262,386		2,490,544		(84,611)		(631,111)		10,324,507
MFS Inflation-Adjusted Bond Fund		34,184,768		4,716,743		9,931,326		58,409		2,049,983		31,078,577
MFS Institutional Money Market Portfolio		51,135		6,793,581		6,733,643		90		(3)		111,160
MFS International Growth Fund		2,200,598		358,327		643,907		221,328		(306,171)		1,830,175
MFS International Intrinsic Value Fund		2,205,476		346,762		665,274		214,496		(279,809)		1,821,651
MFS Limited Maturity Fund		58,766,441		10,791,119		9,371,380		(85,387)		(151,959)		59,948,834
MFS Mid Cap Growth Fund		5,632,894		1,108,735		1,663,761		817,856		(536,472)		5,359,252
MFS Mid Cap Value Fund		5,628,593		1,989,552		1,492,375		294,733		(1,041,991)		5,378,512
MFS New Discovery Fund		1,702,573		615,862		490,908		34,334		(62,231)		1,799,630
MFS New Discovery Value Fund		1,704,964		751,418		391,033		8,941		(301,259)		1,773,031
MFS Research Fund		7,816,027		1,801,890		2,391,913		704,457		(708,132)		7,222,329
MFS Research International Fund		5,626,939		1,257,675		1,474,951		158,379		(471,169)		5,096,873
MFS Total Return Bond Fund		63,610,600		8,950,162		13,082,209		77,951		2,690,644		62,247,148
MFS Value Fund		7,856,502		2,063,320		2,223,074		555,737		(1,122,698)		7,129,787
		$342,414,308		$71,316,627		$89,059,192		$5,129,062		$(6,568,255)		$323,232,550

139

Notes to Financial Statements – continued

	MFS Lifetime 2020 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$125,229		$266,015
MFS Blended Research Growth Equity Fund		67,060		275,505
MFS Blended Research International Equity Fund		290,943		—
MFS Blended Research Mid Cap Equity Fund		174,581		356,819
MFS Blended Research Small Cap Equity Fund		48,377		18,253
MFS Blended Research Value Equity Fund		170,759		—
MFS Commodity Strategy Fund		133,295		—
MFS Emerging Markets Debt Fund		349,810		—
MFS Emerging Markets Debt Local Currency Fund (a)		112,248		—
MFS Global Bond Fund		404,168		—
MFS Global Real Estate Fund		391,794		—
MFS Government Securities Fund		837,201		—
MFS Growth Fund		—		122,918
MFS High Income Fund		575,333		—
MFS Inflation-Adjusted Bond Fund		784,302		—
MFS Institutional Money Market Portfolio		2,029		—
MFS International Growth Fund		23,221		7,895
MFS International Intrinsic Value Fund		24,773		59,702
MFS Limited Maturity Fund		1,691,376		—
MFS Mid Cap Growth Fund		—		44,972
MFS Mid Cap Value Fund		83,484		46,188
MFS New Discovery Fund		39,530		77,662
MFS New Discovery Value Fund		41,830		43,990
MFS Research Fund		97,737		199,906
MFS Research International Fund		111,773		—
MFS Total Return Bond Fund		1,992,425		—
MFS Value Fund		174,886		94,289
		$8,748,164		$1,614,114

140

Notes to Financial Statements – continued

	MFS Lifetime 2025 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)			Change in Unrealized Appreciation or Depreciation			Ending Value
MFS Blended Research Core Equity Fund		$9,554,219		$3,180,153		$1,812,489		$(35,266	)		$(373,296	)		$10,513,321
MFS Blended Research Growth Equity Fund		9,541,525		2,459,406		1,959,626		29,892			519,818			10,591,015
MFS Blended Research International Equity Fund		13,325,449		4,487,888		2,062,555		(103,763	)		(1,862,301	)		13,784,718
MFS Blended Research Mid Cap Equity Fund		14,185,666		5,062,747		2,474,408		(73,967	)		(1,869,032	)		14,831,006
MFS Blended Research Small Cap Equity Fund		3,317,030		1,690,098		581,037		(36,485	)		(703,799	)		3,685,807
MFS Blended Research Value Equity Fund		9,588,601		3,786,446		1,474,399		(90,834	)		(1,311,849	)		10,497,965
MFS Commodity Strategy Fund		6,649,640		2,736,998		733,629		(117,181	)		(1,933,015	)		6,602,813
MFS Emerging Markets Debt Fund		8,766,979		2,392,893		805,348		(28,930	)		(633,221	)		9,692,373
MFS Emerging Markets Debt Local Currency Fund (a)		5,849,515		1,811,536		550,592		(4,136	)		(584,154	)		6,522,169
MFS Global Bond Fund		14,603,367		4,178,071		3,048,087		(39,706	)		333,497			16,027,142
MFS Global Real Estate Fund		6,677,188		2,603,590		1,350,575		(10,635	)		(864,929	)		7,054,639
MFS Government Securities Fund		29,194,356		9,228,549		9,289,137		137,987			2,268,818			31,540,573
MFS Growth Fund		9,564,368		1,750,437		1,909,389		125,148			914,130			10,444,694
MFS High Income Fund		14,623,656		4,382,796		1,701,644		(103,564	)		(1,032,685	)		16,168,559
MFS Inflation-Adjusted Bond Fund		26,684,218		9,898,587		7,772,932		19,901			1,842,005			30,671,779
MFS Institutional Money Market Portfolio		772,854		9,404,557		9,392,962		(25	)		8			784,432
MFS International Growth Fund		3,335,595		842,826		525,919		(22,581	)		(162,589	)		3,467,332
MFS International Intrinsic Value Fund		3,338,919		836,190		596,739		(37,849	)		(102,563	)		3,437,958
MFS International New Discovery Fund		830,561		20,424		477,541		107,298			(162,764	)		317,978
MFS Limited Maturity Fund		20,902,459		11,850,719		3,690,978		(33,012	)		(118,343	)		28,910,845
MFS Mid Cap Growth Fund		7,089,647		1,385,088		1,524,338		209,103			104,659			7,264,159
MFS Mid Cap Value Fund		7,087,574		2,699,372		1,282,372		(56,426	)		(1,039,727	)		7,408,421
MFS New Discovery Fund		1,668,128		607,475		381,366		(815	)		(47,641	)		1,845,781
MFS New Discovery Value Fund		1,664,968		809,807		291,944		(7,310	)		(311,254	)		1,864,267
MFS Research Fund		9,584,086		2,631,295		1,642,122		(22,045	)		(94,631	)		10,456,583
MFS Research International Fund		6,671,462		1,808,012		1,113,179		(65,038	)		(404,886	)		6,896,371
MFS Total Return Bond Fund		37,992,765		13,721,018		7,442,423		(32,274	)		1,783,959			46,023,045
MFS Value Fund		9,606,923		3,070,869		1,365,814		(71,477	)		(842,908	)		10,397,593
		$292,671,718		$109,337,847		$67,253,544		$(363,990	)		$(6,688,693	)		$327,703,338

141

Notes to Financial Statements – continued

	MFS Lifetime 2025 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$173,178		$367,874
MFS Blended Research Growth Equity Fund		92,837		381,405
MFS Blended Research International Equity Fund		433,211		—
MFS Blended Research Mid Cap Equity Fund		234,735		479,766
MFS Blended Research Small Cap Equity Fund		49,447		18,657
MFS Blended Research Value Equity Fund		235,880		—
MFS Commodity Strategy Fund		136,243		—
MFS Emerging Markets Debt Fund		448,486		—
MFS Emerging Markets Debt Local Currency Fund (a)		196,930		—
MFS Global Bond Fund		378,690		—
MFS Global Real Estate Fund		406,087		—
MFS Government Securities Fund		783,938		—
MFS Growth Fund		—		167,144
MFS High Income Fund		797,562		—
MFS Inflation-Adjusted Bond Fund		694,045		—
MFS Institutional Money Market Portfolio		14,481		—
MFS International Growth Fund		40,842		13,886
MFS International Intrinsic Value Fund		43,587		105,041
MFS International New Discovery Fund		7,185		7,903
MFS Limited Maturity Fund		709,110		—
MFS Mid Cap Growth Fund		—		60,522
MFS Mid Cap Value Fund		112,093		62,016
MFS New Discovery Fund		40,321		79,216
MFS New Discovery Value Fund		42,832		45,142
MFS Research Fund		135,287		276,707
MFS Research International Fund		143,828		—
MFS Total Return Bond Fund		1,335,840		—
MFS Value Fund		237,135		130,651
		$7,923,810		$2,195,930

142

Notes to Financial Statements – continued

	MFS Lifetime 2030 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$23,505,404		$5,017,292		$2,555,607		$26,679		$(1,133,463)		$24,860,305
MFS Blended Research Emerging Markets Equity Fund		839,242		33,802		497,739		43,224		(121,321)		297,208
MFS Blended Research Growth Equity Fund		26,024,795		2,995,118		4,146,531		324,811		938,560		26,136,753
MFS Blended Research International Equity Fund		39,552,966		9,086,972		5,841,437		(86,981)		(5,540,780)		37,170,740
MFS Blended Research Mid Cap Equity Fund		44,745,605		11,709,957		4,804,298		85,446		(6,283,453)		45,453,257
MFS Blended Research Small Cap Equity Fund		9,667,611		3,621,398		1,316,661		(15,859)		(2,067,582)		9,888,907
MFS Blended Research Value Equity Fund		26,090,094		5,866,232		2,663,025		41,507		(3,682,417)		25,652,391
MFS Commodity Strategy Fund		19,179,380		5,905,597		2,115,792		(441,798)		(5,236,881)		17,290,506
MFS Emerging Markets Debt Fund		17,685,702		3,705,024		2,782,947		(113,658)		(1,111,599)		17,382,522
MFS Emerging Markets Debt Local Currency Fund (a)		11,807,746		2,487,196		1,549,665		(78,762)		(995,887)		11,670,628
MFS Emerging Markets Equity Fund		837,518		31,679		490,090		199,260		(280,366)		298,001
MFS Global Bond Fund		24,396,655		8,518,342		6,227,841		(126,267)		565,303		27,126,192
MFS Global Real Estate Fund		19,349,673		5,242,411		3,246,584		160,364		(2,588,216)		18,917,648
MFS Government Securities Fund		41,922,835		20,685,642		15,510,675		232,358		3,509,334		50,839,494
MFS Growth Fund		26,079,975		1,825,129		4,752,688		1,808,440		756,405		25,717,261
MFS High Income Fund		29,482,982		6,566,065		4,497,251		(298,776)		(1,863,123)		29,389,897
MFS Inflation-Adjusted Bond Fund		37,699,428		11,631,903		13,265,263		(120)		2,409,314		38,475,262
MFS Institutional Money Market Portfolio		894,351		14,631,866		14,687,008		(91)		(31)		839,087
MFS International Growth Fund		10,535,493		1,366,240		1,709,919		136,744		(706,190)		9,622,368
MFS International Intrinsic Value Fund		10,541,475		1,271,154		1,814,281		182,454		(643,448)		9,537,354
MFS International New Discovery Fund		7,565,259		1,260,342		1,135,374		99,123		(1,035,959)		6,753,391
MFS Mid Cap Growth Fund		22,375,454		2,427,780		3,277,585		840,733		22,543		22,388,925
MFS Mid Cap Value Fund		22,338,090		6,352,700		2,544,099		55,676		(3,537,462)		22,664,905
MFS New Discovery Fund		4,850,361		1,232,615		899,580		35,493		(192,282)		5,026,607
MFS New Discovery Value Fund		4,846,225		1,724,599		680,736		18,239		(923,150)		4,985,177
MFS Research Fund		23,587,089		3,930,034		2,336,899		61,133		(455,000)		24,786,357
MFS Research International Fund		18,543,558		3,640,802		2,670,318		(175,047)		(1,191,191)		18,147,804
MFS Total Return Bond Fund		38,610,762		12,965,195		9,816,007		(43,827)		1,748,946		43,465,069
MFS Value Fund		26,225,117		4,691,361		3,070,312		314,559		(2,676,333)		25,484,392
		$589,780,845		$160,424,447		$120,906,212		$3,285,057		$(32,315,729)		$600,268,408

143

Notes to Financial Statements – continued

	MFS Lifetime 2030 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$419,155		$890,390
MFS Blended Research Emerging Markets Equity Fund		10,277		—
MFS Blended Research Growth Equity Fund		238,305		979,031
MFS Blended Research International Equity Fund		1,228,325		—
MFS Blended Research Mid Cap Equity Fund		732,370		1,496,863
MFS Blended Research Small Cap Equity Fund		138,801		52,371
MFS Blended Research Value Equity Fund		606,061		—
MFS Commodity Strategy Fund		380,939		—
MFS Emerging Markets Debt Fund		852,250		—
MFS Emerging Markets Debt Local Currency Fund (a)		362,815		—
MFS Emerging Markets Equity Fund		10,258		—
MFS Global Bond Fund		640,674		—
MFS Global Real Estate Fund		1,123,318		—
MFS Government Securities Fund		1,210,346		—
MFS Growth Fund		—		431,002
MFS High Income Fund		1,516,224		—
MFS Inflation-Adjusted Bond Fund		926,436		—
MFS Institutional Money Market Portfolio		15,100		—
MFS International Growth Fund		119,940		40,779
MFS International Intrinsic Value Fund		127,999		308,470
MFS International New Discovery Fund		97,608		107,371
MFS Mid Cap Growth Fund		—		188,677
MFS Mid Cap Value Fund		349,295		193,250
MFS New Discovery Fund		113,685		223,349
MFS New Discovery Value Fund		119,531		125,673
MFS Research Fund		326,788		668,390
MFS Research International Fund		391,642		—
MFS Total Return Bond Fund		1,309,685		—
MFS Value Fund		601,522		337,343
		$13,969,349		$6,042,959

144

Notes to Financial Statements – continued

	MFS Lifetime 2035 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$11,502,752		$3,688,877		$1,002,940		$(36,788)		$(653,759)		$13,498,142
MFS Blended Research Emerging Markets Equity Fund		1,643,181		666,280		276,529		(8,024)		(299,621)		1,725,287
MFS Blended Research Growth Equity Fund		16,018,364		4,405,271		2,347,452		(110,564)		860,684		18,826,303
MFS Blended Research International Equity Fund		25,506,217		9,597,224		2,482,043		(149,316)		(4,260,403)		28,211,679
MFS Blended Research Mid Cap Equity Fund		26,439,830		10,663,283		1,945,972		(111,182)		(4,173,684)		30,872,275
MFS Blended Research Small Cap Equity Fund		5,963,798		3,091,562		603,995		(36,615)		(1,404,609)		7,010,141
MFS Blended Research Value Equity Fund		16,050,495		6,323,150		1,208,293		(62,163)		(2,630,092)		18,473,097
MFS Commodity Strategy Fund		11,892,292		6,996,552		2,005,885		(447,709)		(3,578,087)		12,857,163
MFS Emerging Markets Debt Fund		7,418,121		3,849,497		1,270,171		(100,698)		(632,778)		9,263,971
MFS Emerging Markets Debt Local Currency Fund (a)		4,953,455		2,610,421		690,395		(25,642)		(628,785)		6,219,054
MFS Emerging Markets Equity Fund		1,640,722		690,856		271,270		(1,786)		(334,430)		1,724,092
MFS Global Bond Fund		4,941,811		2,953,644		1,778,314		(77,377)		113,526		6,153,290
MFS Global Real Estate Fund		11,940,538		5,266,642		1,921,773		(34,718)		(1,828,445)		13,422,244
MFS Growth Fund		16,040,708		4,019,201		3,042,189		(63,995)		1,714,534		18,668,259
MFS High Income Fund		12,371,866		6,523,995		2,226,488		(199,537)		(1,082,287)		15,387,549
MFS Inflation-Adjusted Bond Fund		13,358,392		7,603,049		6,296,709		35,833		911,506		15,612,071
MFS Institutional Money Market Portfolio		406,980		7,340,434		7,353,982		(155)		(21)		393,256
MFS International Growth Fund		7,623,388		2,189,331		862,788		(75,816)		(491,866)		8,382,249
MFS International Intrinsic Value Fund		7,631,959		2,227,334		1,082,428		(140,552)		(320,136)		8,316,177
MFS International New Discovery Fund		6,576,061		2,008,589		614,786		(30,303)		(985,875)		6,953,686
MFS Mid Cap Growth Fund		13,226,000		3,439,382		1,886,848		35,666		418,188		15,232,388
MFS Mid Cap Value Fund		13,184,915		5,663,230		1,099,111		(68,458)		(2,301,715)		15,378,861
MFS New Discovery Fund		2,996,722		1,113,564		456,911		(6,628)		(116,528)		3,530,219
MFS New Discovery Value Fund		2,990,582		1,526,526		332,734		(16,136)		(621,313)		3,546,925
MFS Research Fund		11,528,907		3,259,905		1,048,302		(16,778)		(303,019)		13,420,713
MFS Research International Fund		10,299,695		3,167,912		950,543		(78,652)		(882,857)		11,555,555
MFS Total Return Bond Fund		8,432,768		3,918,277		3,058,921		(93,007)		381,748		9,580,865
MFS Value Fund		16,169,409		5,362,075		1,357,926		(42,071)		(1,795,503)		18,335,984
		$288,749,928		$120,166,063		$49,475,698		$(1,963,171)		$(24,925,627)		$332,551,495

145

Notes to Financial Statements – continued

	MFS Lifetime 2035 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$224,141		$476,133
MFS Blended Research Emerging Markets Equity Fund		35,698		—
MFS Blended Research Growth Equity Fund		166,136		682,540
MFS Blended Research International Equity Fund		890,667		—
MFS Blended Research Mid Cap Equity Fund		488,254		997,922
MFS Blended Research Small Cap Equity Fund		95,716		36,115
MFS Blended Research Value Equity Fund		424,039		—
MFS Commodity Strategy Fund		262,383		—
MFS Emerging Markets Debt Fund		407,909		—
MFS Emerging Markets Debt Local Currency Fund (a)		186,693		—
MFS Emerging Markets Equity Fund		35,524		—
MFS Global Bond Fund		139,098		—
MFS Global Real Estate Fund		792,722		—
MFS Growth Fund		—		294,256
MFS High Income Fund		725,476		—
MFS Inflation-Adjusted Bond Fund		354,338		—
MFS Institutional Money Market Portfolio		7,312		—
MFS International Growth Fund		99,407		33,798
MFS International Intrinsic Value Fund		105,914		255,246
MFS International New Discovery Fund		96,082		105,690
MFS Mid Cap Growth Fund		—		125,162
MFS Mid Cap Value Fund		230,893		127,742
MFS New Discovery Fund		77,330		151,925
MFS New Discovery Value Fund		81,728		84,299
MFS Research Fund		174,367		356,640
MFS Research International Fund		239,220		—
MFS Total Return Bond Fund		289,755		—
MFS Value Fund		404,601		235,742
		$7,035,403		$3,963,210

146

Notes to Financial Statements – continued

	MFS Lifetime 2040 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$17,036,487		$2,875,492		$1,446,775		$11,175		$(919,567)		$17,556,812
MFS Blended Research Emerging Markets Equity Fund		3,498,010		1,046,586		613,314		(13,460)		(598,379)		3,319,443
MFS Blended Research Growth Equity Fund		24,776,210		3,365,921		3,510,675		(48,426)		1,079,611		25,662,641
MFS Blended Research International Equity Fund		43,132,166		10,524,756		4,806,065		(840)		(6,661,468)		42,188,549
MFS Blended Research Mid Cap Equity Fund		41,338,013		10,285,826		2,989,942		79,440		(6,094,751)		42,618,586
MFS Blended Research Small Cap Equity Fund		9,870,109		3,649,586		1,049,215		439		(2,177,070)		10,293,849
MFS Blended Research Value Equity Fund		24,859,271		5,870,173		1,828,851		(24,516)		(3,708,189)		25,167,888
MFS Commodity Strategy Fund		19,662,278		8,357,927		2,974,346		(820,573)		(5,274,856)		18,950,430
MFS Emerging Markets Debt Fund		4,576,572		2,463,784		796,641		(65,437)		(390,766)		5,787,512
MFS Emerging Markets Debt Local Currency Fund (a)		3,056,769		1,621,828		393,078		(21,095)		(383,952)		3,880,472
MFS Emerging Markets Equity Fund		3,491,785		1,051,555		558,611		1,796		(668,423)		3,318,102
MFS Global Bond Fund		3,047,829		1,816,548		1,038,534		(49,433)		68,704		3,845,114
MFS Global Real Estate Fund		19,887,823		5,984,051		3,482,321		108,165		(2,809,191)		19,688,527
MFS Growth Fund		24,823,694		2,623,359		4,438,809		1,191,649		1,129,300		25,329,193
MFS High Income Fund		7,629,526		4,070,836		1,271,008		(124,344)		(675,584)		9,629,426
MFS Inflation-Adjusted Bond Fund		14,429,974		6,248,943		6,425,409		63,073		898,799		15,215,380
MFS Institutional Money Market Portfolio		176		6,622,558		6,509,428		6		(4)		113,308
MFS International Growth Fund		13,440,489		2,187,480		1,646,689		(90,181)		(803,275)		13,087,824
MFS International Intrinsic Value Fund		13,465,844		2,272,228		1,997,041		(103,658)		(638,607)		12,998,766
MFS International New Discovery Fund		14,009,311		2,644,043		1,255,503		23,596		(2,001,660)		13,419,787
MFS Mid Cap Growth Fund		20,656,625		2,308,782		2,680,090		500,010		141,157		20,926,484
MFS Mid Cap Value Fund		20,624,332		5,554,415		1,604,765		24,797		(3,351,409)		21,247,370
MFS New Discovery Fund		4,948,434		1,108,075		649,619		46,530		(243,327)		5,210,093
MFS New Discovery Value Fund		4,949,787		1,752,674		552,048		7,254		(956,356)		5,201,311
MFS Research Fund		17,084,663		2,256,170		1,470,311		61,371		(468,363)		17,463,530
MFS Research International Fund		16,342,701		2,956,971		1,812,115		(110,912)		(1,223,222)		16,153,423
MFS Total Return Bond Fund		11,412,249		3,765,792		4,044,251		(99,830)		472,502		11,506,462
MFS Value Fund		25,012,652		4,655,486		2,140,055		187,672		(2,716,139)		24,999,616
		$427,063,779		$109,941,845		$63,985,509		$734,268		$(38,974,485)		$434,779,898

147

Notes to Financial Statements – continued

	MFS Lifetime 2040 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$306,415		$650,902
MFS Blended Research Emerging Markets Equity Fund		71,123		—
MFS Blended Research Growth Equity Fund		237,761		976,797
MFS Blended Research International Equity Fund		1,394,819		—
MFS Blended Research Mid Cap Equity Fund		423,748		1,649,132
MFS Blended Research Small Cap Equity Fund		146,811		55,394
MFS Blended Research Value Equity Fund		604,941		—
MFS Commodity Strategy Fund		404,061		—
MFS Emerging Markets Debt Fund		252,214		—
MFS Emerging Markets Debt Local Currency Fund (a)		180,423		—
MFS Emerging Markets Equity Fund		71,147		—
MFS Global Bond Fund		86,081		—
MFS Global Real Estate Fund		1,203,596		—
MFS Growth Fund		—		425,906
MFS High Income Fund		448,888		—
MFS Inflation-Adjusted Bond Fund		360,548		—
MFS Institutional Money Market Portfolio		1,897		—
MFS International Growth Fund		162,768		55,341
MFS International Intrinsic Value Fund		173,434		417,963
MFS International New Discovery Fund		405,955		—
MFS Mid Cap Growth Fund		—		180,470
MFS Mid Cap Value Fund		333,764		184,656
MFS New Discovery Fund		119,564		234,900
MFS New Discovery Value Fund		126,170		131,808
MFS Research Fund		238,972		488,777
MFS Research International Fund		352,135		—
MFS Total Return Bond Fund		366,783		—
MFS Value Fund		584,724		336,457
		$9,058,742		$5,788,503

148

Notes to Financial Statements – continued

	MFS Lifetime 2045 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$7,935,167		$2,357,266		$540,673		$(11,113)		$(496,312)		$9,244,335
MFS Blended Research Emerging Markets Equity Fund		1,980,026		971,278		273,700		(12,537)		(389,870)		2,275,197
MFS Blended Research Growth Equity Fund		11,907,662		3,206,092		1,323,703		(8,511)		635,062		14,416,602
MFS Blended Research International Equity Fund		21,836,130		8,567,002		1,628,529		(134,840)		(3,823,710)		24,816,053
MFS Blended Research Mid Cap Equity Fund		19,930,464		7,697,393		1,100,679		(4,446)		(3,604,066)		22,918,666
MFS Blended Research Small Cap Equity Fund		4,960,674		2,503,093		358,692		(943)		(1,331,508)		5,772,624
MFS Blended Research Value Equity Fund		11,930,703		4,442,029		605,439		(1,661)		(2,166,176)		13,599,456
MFS Commodity Strategy Fund		9,853,480		5,909,124		1,219,897		(216,004)		(3,257,591)		11,069,112
MFS Emerging Markets Equity Fund		1,975,514		989,243		253,631		(3,333)		(442,661)		2,265,132
MFS Global Real Estate Fund		9,969,190		4,278,922		1,283,057		(16,144)		(1,710,685)		11,238,226
MFS Growth Fund		11,947,887		2,576,808		1,553,519		19,205		1,289,471		14,279,852
MFS Inflation-Adjusted Bond Fund		4,964,730		2,075,348		1,373,418		9,149		360,797		6,036,606
MFS Institutional Money Market Portfolio		361,342		4,212,334		4,208,239		49		(10)		365,476
MFS International Growth Fund		6,972,459		2,098,925		505,792		(21,877)		(501,215)		8,042,500
MFS International Intrinsic Value Fund		6,976,036		2,173,288		560,885		(39,971)		(346,126)		8,202,342
MFS International New Discovery Fund		7,947,702		3,294,033		731,876		(17,523)		(1,355,515)		9,136,821
MFS Mid Cap Growth Fund		9,969,711		2,307,631		1,009,799		7,220		326,661		11,601,424
MFS Mid Cap Value Fund		9,950,033		3,890,371		463,683		(1,050)		(2,016,013)		11,359,658
MFS New Discovery Fund		2,491,740		1,112,304		496,064		4,469		(135,208)		2,977,241
MFS New Discovery Value Fund		2,486,326		1,217,283		186,555		596		(601,213)		2,916,437
MFS Research Fund		7,972,543		2,104,459		594,213		(4,333)		(235,491)		9,242,965
MFS Research International Fund		7,960,778		2,387,644		509,491		(26,083)		(723,334)		9,089,514
MFS Total Return Bond Fund		4,968,214		2,027,741		1,259,742		(3,897)		227,978		5,960,294
MFS Value Fund		11,978,090		3,731,989		636,470		(348)		(1,470,689)		13,602,572
		$199,226,601		$76,131,600		$22,677,746		$(483,926)		$(21,767,424)		$230,429,105

	MFS Lifetime 2045 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$159,743		$339,333
MFS Blended Research Emerging Markets Equity Fund		47,071		—
MFS Blended Research Growth Equity Fund		128,265		526,953
MFS Blended Research International Equity Fund		803,872		—
MFS Blended Research Mid Cap Equity Fund		509,993		649,785
MFS Blended Research Small Cap Equity Fund		83,530		31,517
MFS Blended Research Value Equity Fund		327,226		—
MFS Commodity Strategy Fund		229,143		—
MFS Emerging Markets Equity Fund		46,799		—
MFS Global Real Estate Fund		690,477		—
MFS Growth Fund		—		225,647
MFS Inflation-Adjusted Bond Fund		132,520		—
MFS Institutional Money Market Portfolio		6,717		—
MFS International Growth Fund		96,207		32,710
MFS International Intrinsic Value Fund		102,421		246,829
MFS International New Discovery Fund		—		266,700
MFS Mid Cap Growth Fund		—		97,977
MFS Mid Cap Value Fund		181,262		100,284
MFS New Discovery Fund		67,602		132,814
MFS New Discovery Value Fund		71,297		78,798
MFS Research Fund		124,260		254,153
MFS Research International Fund		193,386		—
MFS Total Return Bond Fund		174,695		—
MFS Value Fund		304,421		181,738
		$4,480,907		$3,165,238

149

Notes to Financial Statements – continued

	MFS Lifetime 2050 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$8,428,129		$2,097,493		$497,723		$(1,861)		$(519,760)		$9,506,278
MFS Blended Research Emerging Markets Equity Fund		2,105,194		922,207		272,129		(5,997)		(410,132)		2,339,143
MFS Blended Research Growth Equity Fund		12,635,554		2,781,251		1,103,113		(5,174)		645,695		14,954,213
MFS Blended Research International Equity Fund		23,202,105		8,453,245		2,003,391		(39,506)		(4,034,308)		25,578,145
MFS Blended Research Mid Cap Equity Fund		21,205,452		7,367,252		1,175,629		7,367		(3,655,784)		23,748,658
MFS Blended Research Small Cap Equity Fund		5,258,300		2,488,175		390,051		(2,277)		(1,347,807)		6,006,340
MFS Blended Research Value Equity Fund		12,669,646		4,221,560		626,773		(4,391)		(2,205,894)		14,054,148
MFS Commodity Strategy Fund		10,472,324		5,522,232		1,062,086		(185,575)		(3,376,213)		11,370,682
MFS Emerging Markets Equity Fund		2,100,648		935,876		245,718		(2,459)		(458,703)		2,329,644
MFS Global Real Estate Fund		10,601,864		4,323,336		1,591,157		25,383		(1,738,275)		11,621,151
MFS Growth Fund		12,670,625		2,132,486		1,322,669		34,382		1,311,544		14,826,368
MFS Inflation-Adjusted Bond Fund		5,268,916		1,965,287		1,335,046		12,528		376,312		6,287,997
MFS Institutional Money Market Portfolio		224,333		4,521,664		4,398,532		52		(34)		347,483
MFS International Growth Fund		7,408,131		1,956,067		562,694		(19,773)		(518,109)		8,263,622
MFS International Intrinsic Value Fund		7,422,120		1,988,883		545,003		(26,433)		(368,466)		8,471,101
MFS International New Discovery Fund		8,439,715		2,854,131		465,735		(6,115)		(1,403,470)		9,418,526
MFS Mid Cap Growth Fund		10,599,522		2,045,961		1,047,463		56,348		286,253		11,940,621
MFS Mid Cap Value Fund		10,575,728		3,867,239		608,468		699		(2,033,399)		11,801,799
MFS New Discovery Fund		2,638,052		846,960		268,831		10,482		(140,320)		3,086,343
MFS New Discovery Value Fund		2,636,486		1,232,507		226,041		938		(605,301)		3,038,589
MFS Research Fund		8,463,023		1,812,529		521,120		2,284		(247,917)		9,508,799
MFS Research International Fund		8,461,840		2,226,589		551,097		(15,142)		(755,657)		9,366,533
MFS Total Return Bond Fund		5,272,758		1,896,488		1,231,503		4,970		235,421		6,178,134
MFS Value Fund		12,754,438		3,502,996		716,100		6,595		(1,510,029)		14,037,900
		$211,514,903		$71,962,414		$22,768,072		$(152,675)		$(22,474,353)		$238,082,217

	MFS Lifetime 2050 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$163,656		$347,647
MFS Blended Research Emerging Markets Equity Fund		48,300		—
MFS Blended Research Growth Equity Fund		131,437		539,986
MFS Blended Research International Equity Fund		823,693		—
MFS Blended Research Mid Cap Equity Fund		392,230		801,664
MFS Blended Research Small Cap Equity Fund		85,596		32,296
MFS Blended Research Value Equity Fund		335,130		—
MFS Commodity Strategy Fund		234,894		—
MFS Emerging Markets Equity Fund		47,983		—
MFS Global Real Estate Fund		706,522		—
MFS Growth Fund		—		232,192
MFS Inflation-Adjusted Bond Fund		136,160		—
MFS Institutional Money Market Portfolio		6,220		—
MFS International Growth Fund		98,584		33,518
MFS International Intrinsic Value Fund		105,012		253,072
MFS International New Discovery Fund		130,192		143,213
MFS Mid Cap Growth Fund		—		100,285
MFS Mid Cap Value Fund		185,644		102,708
MFS New Discovery Fund		69,441		136,427
MFS New Discovery Value Fund		73,198		75,015
MFS Research Fund		127,324		260,419
MFS Research International Fund		198,152		—
MFS Total Return Bond Fund		179,811		—
MFS Value Fund		313,914		186,436
		$4,593,093		$3,244,878

150

Notes to Financial Statements – continued

	MFS Lifetime 2055 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$4,124,388		$1,533,749		$410,450		$(13,134)		$(255,979)		$4,978,574
MFS Blended Research Emerging Markets Equity Fund		1,031,519		588,078		170,874		(13,627)		(198,748)		1,236,348
MFS Blended Research Growth Equity Fund		6,185,424		1,953,618		794,124		(10,076)		329,531		7,664,373
MFS Blended Research International Equity Fund		11,352,084		5,685,178		1,388,908		(141,327)		(1,960,442)		13,546,585
MFS Blended Research Mid Cap Equity Fund		10,346,483		5,048,217		977,913		(11,237)		(1,856,067)		12,549,483
MFS Blended Research Small Cap Equity Fund		2,578,585		1,577,543		280,944		(5,696)		(681,374)		3,188,114
MFS Blended Research Value Equity Fund		6,193,006		2,945,062		584,961		(7,048)		(1,130,968)		7,415,091
MFS Commodity Strategy Fund		5,149,791		3,628,662		828,117		(123,355)		(1,718,617)		6,108,364
MFS Emerging Markets Equity Fund		1,030,751		603,198		163,876		(3,752)		(232,014)		1,234,307
MFS Global Real Estate Fund		5,159,348		2,757,351		831,434		(2,440)		(900,576)		6,182,249
MFS Growth Fund		6,193,259		1,620,264		882,663		3,250		670,374		7,604,484
MFS Inflation-Adjusted Bond Fund		2,577,148		1,370,015		891,991		5,454		189,561		3,250,187
MFS Institutional Money Market Portfolio		235,351		2,974,145		2,971,648		(13)		2		237,837
MFS International Growth Fund		3,615,250		1,437,435		433,384		(10,737)		(270,892)		4,337,672
MFS International Intrinsic Value Fund		3,620,372		1,391,574		443,525		(19,002)		(188,453)		4,360,966
MFS International New Discovery Fund		4,126,603		2,158,720		594,201		(24,022)		(702,748)		4,964,352
MFS Mid Cap Growth Fund		5,176,138		1,545,394		665,932		8,266		159,965		6,223,831
MFS Mid Cap Value Fund		5,163,223		2,643,619		499,772		(8,784)		(1,039,864)		6,258,422
MFS New Discovery Fund		1,293,788		664,019		282,018		1,571		(65,411)		1,611,949
MFS New Discovery Value Fund		1,290,855		797,442		159,526		(3,164)		(307,250)		1,618,357
MFS Research Fund		4,130,266		1,400,189		426,019		(1,459)		(129,930)		4,973,047
MFS Research International Fund		4,132,056		1,766,421		553,048		(21,906)		(381,932)		4,941,591
MFS Total Return Bond Fund		2,578,408		1,321,065		807,670		152		115,431		3,207,386
MFS Value Fund		6,232,286		2,538,292		585,337		(1,514)		(779,061)		7,404,666
		$103,516,382		$49,949,250		$16,628,335		$(403,600)		$(11,335,462)		$125,098,235

	MFS Lifetime 2055 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$82,555		$175,368
MFS Blended Research Emerging Markets Equity Fund		24,246		—
MFS Blended Research Growth Equity Fund		66,284		272,315
MFS Blended Research International Equity Fund		414,166		—
MFS Blended Research Mid Cap Equity Fund		181,542		421,480
MFS Blended Research Small Cap Equity Fund		43,179		16,292
MFS Blended Research Value Equity Fund		169,201		—
MFS Commodity Strategy Fund		118,352		—
MFS Emerging Markets Equity Fund		24,134		—
MFS Global Real Estate Fund		358,164		—
MFS Growth Fund		—		116,595
MFS Inflation-Adjusted Bond Fund		68,902		—
MFS Institutional Money Market Portfolio		4,400		—
MFS International Growth Fund		49,575		16,856
MFS International Intrinsic Value Fund		52,788		127,215
MFS International New Discovery Fund		65,467		72,038
MFS Mid Cap Growth Fund		—		50,560
MFS Mid Cap Value Fund		93,457		51,705
MFS New Discovery Fund		34,847		68,462
MFS New Discovery Value Fund		53,344		21,041
MFS Research Fund		64,093		131,091
MFS Research International Fund		99,624		—
MFS Total Return Bond Fund		90,920		—
MFS Value Fund		158,288		94,272
		$2,317,528		$1,635,290

151

Notes to Financial Statements – continued

	MFS Lifetime 2060 Fund
Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation		Ending Value
MFS Blended Research Core Equity Fund		$402,749		$637,421		$40,303		$(3,006)		$(36,776)		$960,085
MFS Blended Research Emerging Markets Equity Fund		100,687		186,823		15,982		(1,431)		(29,857)		240,240
MFS Blended Research Growth Equity Fund		604,124		861,010		77,587		(5,557)		64,173		1,446,163
MFS Blended Research International Equity Fund		1,107,560		1,995,219		119,168		(12,571)		(336,480)		2,634,560
MFS Blended Research Mid Cap Equity Fund		1,006,873		1,823,599		107,979		(12,454)		(282,843)		2,427,196
MFS Blended Research Small Cap Equity Fund		251,718		507,556		32,289		(4,072)		(100,224)		622,689
MFS Blended Research Value Equity Fund		604,124		1,063,902		55,157		(1,464)		(176,078)		1,435,327
MFS Commodity Strategy Fund		503,437		1,098,152		103,311		(13,888)		(278,434)		1,205,956
MFS Emerging Markets Equity Fund		100,687		193,165		17,617		(1,042)		(34,914)		240,279
MFS Global Real Estate Fund		503,436		945,932		95,835		(5,465)		(145,793)		1,202,275
MFS Growth Fund		604,124		819,854		84,881		(5,757)		111,619		1,444,959
MFS Inflation-Adjusted Bond Fund		251,719		470,539		151,063		65		26,105		597,365
MFS Institutional Money Market Portfolio		12,869		761,587		758,587		(8)		—		15,861
MFS International Growth Fund		352,406		571,480		37,730		(3,486)		(43,386)		839,284
MFS International Intrinsic Value Fund		352,406		580,561		61,972		(7,746)		(26,900)		836,349
MFS International New Discovery Fund		402,749		721,625		48,881		(3,620)		(111,549)		960,324
MFS Mid Cap Growth Fund		503,437		735,998		64,693		(4,817)		28,565		1,198,490
MFS Mid Cap Value Fund		503,437		929,817		51,659		(3,642)		(163,264)		1,214,689
MFS New Discovery Fund		125,859		212,007		24,506		(2,911)		(6,419)		304,030
MFS New Discovery Value Fund		125,859		257,006		16,414		(1,096)		(47,685)		317,670
MFS Research Fund		402,749		615,027		35,859		(2,041)		(20,004)		959,872
MFS Research International Fund		402,749		675,861		48,560		(6,058)		(65,492)		958,500
MFS Total Return Bond Fund		251,718		447,051		111,642		(3,539)		15,975		599,563
MFS Value Fund		604,124		998,494		42,737		(613)		(124,904)		1,434,364
		$10,081,600		$18,109,686		$2,204,412		$(106,219)		$(1,784,565)		$24,096,090

	MFS Lifetime 2060 Fund – continued
Affiliated Issuers	Dividend Income		Capital Gain Distributions
MFS Blended Research Core Equity Fund		$12,953		$27,517
MFS Blended Research Emerging Markets Equity Fund		3,769		—
MFS Blended Research Growth Equity Fund		10,400		42,726
MFS Blended Research International Equity Fund		64,598		—
MFS Blended Research Mid Cap Equity Fund		31,102		63,567
MFS Blended Research Small Cap Equity Fund		6,775		2,556
MFS Blended Research Value Equity Fund		26,559		—
MFS Commodity Strategy Fund		18,343		—
MFS Emerging Markets Equity Fund		3,750		—
MFS Global Real Estate Fund		56,333		—
MFS Growth Fund		—		17,119
MFS Inflation-Adjusted Bond Fund		9,888		—
MFS Institutional Money Market Portfolio		248		—
MFS International Growth Fund		7,697		2,617
MFS International Intrinsic Value Fund		8,190		19,738
MFS International New Discovery Fund		10,152		11,165
MFS Mid Cap Growth Fund		—		7,869
MFS Mid Cap Value Fund		14,507		8,026
MFS New Discovery Fund		5,395		10,599
MFS New Discovery Value Fund		5,579		5,203
MFS Research Fund		9,951		20,356
MFS Research International Fund		15,436		—
MFS Total Return Bond Fund		12,828		—
MFS Value Fund		22,841		14,800
		$357,294		$253,858

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

152

Notes to Financial Statements – continued

(8) Impacts of COVID-19

The pandemic related to the global spread of novel coronavirus disease (COVID-19), which was first detected in December 2019, has resulted in significant disruptions to global business activity and the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the securities and commodities markets in general. This pandemic, the full effects of which are still unknown, has resulted in substantial market volatility and may have adversely impacted the prices and liquidity of each fund’s investments and each fund’s performance.

153

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

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

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

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020, by correspondence with the transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

June 16, 2020

154

TRUSTEES AND OFFICERS — IDENTIFICATION AND BACKGROUND

The Trustees and Officers of the Trust, as of June 1, 2020, are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.) The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.

Name, Age	Position(s) Held with Fund	Trustee/Officer Since (h)	Number of MFS Funds overseen by the Trustee	Principal Occupations During the Past Five Years	Other Directorships During the Past Five Years (j)
INTERESTED TRUSTEES
Robert J. Manning (k) (age 56)	Trustee	February 2004	133	Massachusetts Financial Services Company, Executive Chairman (since January 2017); Director; Chairman of the Board; Chief Executive Officer (until 2015); Co-Chief Executive Officer (2015-2016)	N/A
Robin A. Stelmach (k) (age 58)	Trustee	January 2014	133	Massachusetts Financial Services Company, Vice Chair (since January 2017); Chief Operating Officer and Executive Vice President (until January 2017)	N/A
INDEPENDENT TRUSTEES
John P. Kavanaugh (age 65)	Trustee and Chair of Trustees	January 2009	133	Private investor	N/A
Steven E. Buller (age 68)	Trustee	February 2014	133	Financial Accounting Standards Advisory Council, Chairman (2014-2015); Public Company Accounting Oversight Board, Standing Advisory Group, Member (until 2014); BlackRock, Inc. (investment management), Managing Director (until 2014), BlackRock Finco UK (investment management), Director (until 2014)	N/A
John A. Caroselli (age 65)	Trustee	March 2017	133	JC Global Advisors, LLC (management consulting), President (since 2015); First Capital Corporation (commercial finance), Executive Vice President (until 2015)	N/A
Maureen R. Goldfarb (age 65)	Trustee	January 2009	133	Private investor	N/A
Peter D. Jones (age 64)	Trustee	January 2019	133	Franklin Templeton Distributors, Inc. (investment management), President (until 2015); Franklin Templeton Institutional, LLC (investment management), Chairman (until 2015)	N/A
James W. Kilman, Jr. (age 59)	Trustee	January 2019	133	Burford Capital Limited (finance and investment management), Chief Financial Officer (since 2019); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016); Morgan Stanley & Co. (financial services), Vice Chairman of Investment Banking, Co-Head of Diversified Financials Coverage – Financial Institutions Investment Banking Group (until 2016)	Alpha-En Corporation, Director (2016-2019)
Clarence Otis, Jr. (age 64)	Trustee	March 2017	133	Darden Restaurants, Inc., Chief Executive Officer (until 2014)	VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director; Federal Reserve Bank of Atlanta, Director (until 2015)

155

Trustees and Officers – continued

Name, Age	Position(s) Held with Fund	Trustee/Officer Since (h)	Number of MFS Funds overseen by the Trustee	Principal Occupations During the Past Five Years	Other Directorships During the Past Five Years (j)
Maryanne L. Roepke (age 64)	Trustee	May 2014	133	American Century Investments (investment management), Senior Vice President and Chief Compliance Officer (until 2014)	N/A
Laurie J. Thomsen (age 62)	Trustee	March 2005	133	Private investor	The Travelers Companies, Director; Dycom Industries, Inc., Director (since 2015)

Name, Age	Position(s) Held with Fund	Trustee/Officer Since (h)	Number of MFS Funds for which the Person is an Officer	Principal Occupations During the Past Five Years
OFFICERS
Christopher R. Bohane (k) (age 46)	Assistant Secretary and Assistant Clerk	July 2005	133	Massachusetts Financial Services Company, Senior Vice President and Associate General Counsel
Kino Clark (k) (age 51)	Assistant Treasurer	January 2012	133	Massachusetts Financial Services Company, Vice President
John W. Clark, Jr. (k) (age 53)	Assistant Treasurer	April 2017	133	Massachusetts Financial Services Company, Vice President (since March 2017); Deutsche Bank (financial services), Department Head -Treasurer’s Office (until February 2017)
Thomas H. Connors (k) (age 60)	Assistant Secretary and Assistant Clerk	September 2012	133	Massachusetts Financial Services Company, Vice President and Senior Counsel
David L. DiLorenzo (k) (age 51)	President	July 2005	133	Massachusetts Financial Services Company, Senior Vice President
Heidi W. Hardin (k) (age 52)	Secretary and Clerk	April 2017	133	Massachusetts Financial Services Company, Executive Vice President and General Counsel (since March 2017); Harris Associates (investment management), General Counsel (from September 2015 to January 2017); Janus Capital Management LLC (investment management), Senior Vice President and General Counsel (until September 2015)
Brian E. Langenfeld (k) (age 47)	Assistant Secretary and Assistant Clerk	June 2006	133	Massachusetts Financial Services Company, Vice President and Senior Counsel
Amanda S. Mooradian (k) (age 41)	Assistant Secretary and Assistant Clerk	September 2018	133	Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel
Susan A. Pereira (k) (age 49)	Assistant Secretary and Assistant Clerk	July 2005	133	Massachusetts Financial Services Company, Vice President and Assistant General Counsel
Kasey L. Phillips (k) (age 49)	Assistant Treasurer	September 2012	133	Massachusetts Financial Services Company, Vice President
Matthew A. Stowe (k) (age 45)	Assistant Secretary and Assistant Clerk	October 2014	133	Massachusetts Financial Services Company, Vice President and Assistant General Counsel
Martin J. Wolin (k) (age 52)	Chief Compliance Officer	July 2015	133	Massachusetts Financial Services Company, Senior Vice President and Chief Compliance Officer (since July 2015); Mercer (financial service provider), Chief Risk and Compliance Officer, North America and Latin America (until June 2015)
James O. Yost (k) (age 59)	Treasurer	September 1990	133	Massachusetts Financial Services Company, Senior Vice President

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

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

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

156

Trustees and Officers – continued

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

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

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

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

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

157

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

Each fund has adopted and implemented a liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. Each fund’s Board of Trustees (the “Board”) has designated MFS as the administrator of the Program. The Program is reasonably designed to assess and manage the liquidity risk of each fund. Liquidity risk is the risk that each fund could not meet requests to redeem shares issued by each fund without significant dilution of remaining investors’ interests.

MFS provided a written report to the Board for consideration at its April 2020 meeting that addressed the operation of the Program and provided an assessment of the adequacy and effectiveness of the Program during the period from the adoption of the Program on December 1, 2018 to December 31, 2019 (the “Covered Period”). The report concluded that during the Covered Period the Program had operated effectively and had adequately and effectively been implemented to assess and manage each fund’s liquidity risk. MFS also reported that there were no liquidity events that impacted each fund or its ability to timely meet redemptions without dilution to existing shareholders during the Covered Period.

There can be no assurance that the Program will achieve its objectives in the future. Further information on liquidity risk, and other principal risks to which an investment in each fund may be subject, can be found in each fund’s prospectus.

158

PROXY VOTING POLICIES AND INFORMATION

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

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

QUARTERLY PORTFOLIO DISCLOSURE

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Each fund’s 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.

FEDERAL TAX INFORMATION (unaudited)

The funds will notify shareholders of amounts for use in preparing 2020 income tax forms in January 2021. The following information is provided pursuant to provisions of the Internal Revenue Code.

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

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

	Capital Gains
MFS Lifetime Income Fund		$6,599,000
MFS Lifetime 2020 Fund		8,162,000
MFS Lifetime 2025 Fund		4,980,000
MFS Lifetime 2030 Fund		20,354,000
MFS Lifetime 2035 Fund		7,055,000
MFS Lifetime 2040 Fund		16,825,000
MFS Lifetime 2045 Fund		5,610,000
MFS Lifetime 2050 Fund		6,525,000
MFS Lifetime 2055 Fund		2,771,000
MFS Lifetime 2060 Fund		221,000

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

	Dividends Received Deductions
MFS Lifetime Income Fund		8.06%
MFS Lifetime 2020 Fund		8.49%
MFS Lifetime 2025 Fund		12.19%
MFS Lifetime 2030 Fund		18.29%
MFS Lifetime 2035 Fund		23.61%
MFS Lifetime 2040 Fund		26.01%
MFS Lifetime 2045 Fund		28.21%
MFS Lifetime 2050 Fund		28.15%
MFS Lifetime 2055 Fund		28.70%
MFS Lifetime 2060 Fund		27.15%

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FACTS   WHAT DOES MFS DO WITH YOUR
PERSONAL INFORMATION?  

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

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

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

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

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

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

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

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

Other important information

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

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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.

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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.

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

For the fiscal years ended April 30, 2020 and 2019, audit fees billed to each Fund by E&Y were as follows:

	Audit Fees
	2020		2019
Fees billed by E&Y:
MFS Lifetime Income Fund		32,559		32,028
MFS Lifetime 2020 Fund		30,916		30,412
MFS Lifetime 2025 Fund		30,230		29,738
MFS Lifetime 2030 Fund		30,916		30,412
MFS Lifetime 2035 Fund		30,230		29,738
MFS Lifetime 2040 Fund		30,916		30,412
MFS Lifetime 2045 Fund		30,230		29,738
MFS Lifetime 2050 Fund		30,339		29,845
MFS Lifetime 2055 Fund		30,230		29,738
MFS Lifetime 2060 Fund		29,569		29,088
Total		306,135		301,149

For the fiscal years ended April 30, 2020 and 2019, fees billed by E&Y for audit-related, tax and other services provided to each Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:

	Audit-Related  Fees1				Tax Fees2				All Other Fees3
	2020		2019		2020		2019		2020		2019
Fees billed by E&Y:
To MFS Lifetime Income Fund		0		0		5,498		5,407		1,151		1,156
To MFS Lifetime 2020 Fund		0		0		5,498		5,407		1,091		1,100
To MFS Lifetime 2025 Fund		0		0		5,387		5,297		1,076		1,067
To MFS Lifetime 2030 Fund		0		0		5,498		5,407		1,154		1,156
To MFS Lifetime 2035 Fund		0		0		5,387		5,297		1,073		1,064
To MFS Lifetime 2040 Fund		0		0		5,498		5,407		1,113		1,118
To MFS Lifetime 2045 Fund		0		0		5,387		5,297		1,051		1,045
To MFS Lifetime 2050 Fund		0		0		5,474		5,383		1,058		1,056
To MFS Lifetime 2055 Fund		0		0		5,387		5,297		1,027		1,022
To MFS Lifetime 2060 Fund		0		0		5,423		5,333		1,003		1,001
Total fees billed by E&Y To above Funds:		0		0		54,437		53,532		10,797		10,785
	Audit-Related Fees1				Tax Fees2				All Other Fees3
	2020		2019		2020		2019		2020		2019
Fees billed by E&Y:
To MFS and MFS Related Entities of MFS Lifetime Income Fund*		1,661,127		1,783,943		0		0		104,750		104,750
To MFS and MFS Related Entities of MFS Lifetime 2020 Fund*		1,661,127		1,783,943		0		0		104,750		104,750
To MFS and MFS Related Entities of MFS Lifetime 2025 Fund*		1,661,127		1,783,943		0		0		104,750		104,750
To MFS and MFS Related Entities of MFS Lifetime 2030 Fund*		1,661,127		1,783,943		0		0		104,750		104,750
To MFS and MFS Related Entities of MFS Lifetime 2035 Fund*		1,661,127		1,783,943		0		0		104,750		104,750
To MFS and MFS Related Entities of MFS Lifetime 2040 Fund*		1,661,127		1,783,943		0		0		104,750		104,750
To MFS and MFS Related Entities of MFS Lifetime 2045 Fund*		1,661,127		1,783,943		0		0		104,750		104,750
To MFS and MFS Related Entities of MFS Lifetime 2050 Fund*		1,661,127		1,783,943		0		0		104,750		104,750
To MFS and MFS Related Entities of MFS Lifetime 2055 Fund*		1,661,127		1,783,943		0		0		104,750		104,750
To MFS and MFS Related Entities of MFS Lifetime 2060 Fund*		1,661,127		1,783,943		0		0		104,750		104,750

	Aggregate Fees for Non-audit Services
	2020		2019
Fees billed by E&Y:
To MFS Lifetime Income Fund, MFS and MFS Related Entities#		1,956,526		2,108,156
To MFS Lifetime 2020 Fund, MFS and MFS Related Entities#		1,956,466		2,108,100
To MFS Lifetime 2025 Fund, MFS and MFS Related Entities#		1,956,340		2,107,957
To MFS Lifetime 2030 Fund, MFS and MFS Related Entities#		1,956,529		2,108,156
To MFS Lifetime 2035 Fund, MFS and MFS Related Entities#		1,956,337		2,107,954
To MFS Lifetime 2040 Fund, MFS and MFS Related Entities#		1,956,488		2,108,118
To MFS Lifetime 2045 Fund, MFS and MFS Related Entities#		1,956,315		2,107,935
To MFS Lifetime 2050 Fund, MFS and MFS Related Entities#		1,956,409		2,108,032
To MFS Lifetime 2055 Fund, MFS and MFS Related Entities#		1,956,291		2,107,912
To MFS Lifetime 2060 Fund, MFS and MFS Related Entities#		1,956,303		2,107,927

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

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

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

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

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

Item 4(e)(1):

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

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

Item 4(e)(2):

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

Item 4(f):

Not applicable.

Item 4(h):

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the Registrant.

ITEM 6. INVESTMENTS

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

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable to the Registrant.

ITEM 13. EXHIBITS.

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

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

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

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

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

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

Notice

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

SIGNATURES

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

(Registrant) MFS SERIES TRUST XII

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

Date: June 16, 2020

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

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

Date: June 16, 2020

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

Date: June 16, 2020

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