ML5-Q1
 
Quarterly Report
July 31, 2026
MFS®  Lifetime®  2050 Fund  
 
Portfolio of Investments
7/31/26 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
 
Issuer
 
 
Shares/Par
Value ($)
Mutual Funds (h) – 99.9%
Bond Funds – 6.2%
MFS Emerging Markets Debt Fund - Class R6
 
 
115,122
$1,445,932
MFS Emerging Markets Debt Local Currency Fund - Class R6
 
 
162,560
972,109
MFS Global Opportunistic Bond Fund - Class R6
 
 
180,910
1,449,086
MFS High Income Fund - Class R6
 
 
631,435
1,932,191
MFS Inflation-Adjusted Bond Fund - Class R6
 
 
1,842,278
16,359,433
MFS Total Return Bond Fund - Class R6
 
 
1,638,551
15,385,993
 
 
 
$37,544,744
International Equity Funds – 28.2%
MFS Blended Research Emerging Markets Equity Fund - Class R6
 
 
270,171
$6,057,224
MFS Blended Research International Equity Fund - Class R6
 
 
3,361,791
68,109,893
MFS Emerging Markets Equity Fund - Class R6
 
 
116,398
6,108,593
MFS International Growth Fund - Class R6
 
 
436,933
21,457,797
MFS International Intrinsic Equity Fund - Class R6
 
 
451,358
21,448,522
MFS International New Discovery Fund - Class R6
 
 
659,863
23,959,626
MFS Research International Fund - Class R6
 
 
858,634
24,986,241
 
 
 
$172,127,896
Non-Traditional Funds – 10.3%
MFS Commodity Strategy Fund - Class R6
 
 
7,163,019
$30,944,242
MFS Global Real Estate Fund - Class R6
 
 
1,744,379
31,800,039
 
 
 
$62,744,281
U.S. Equity Funds – 55.0%
MFS Blended Research Core Equity Fund - Class R6
 
 
645,950
$28,428,268
MFS Blended Research Growth Equity Fund - Class R6
 
 
1,068,713
31,014,056
MFS Blended Research Mid Cap Equity Fund - Class R6
 
 
3,422,667
60,307,384
MFS Blended Research Small Cap Equity Fund - Class R6
 
 
878,269
14,930,569
MFS Blended Research Value Equity Fund - Class R6
 
 
1,740,045
33,269,653
MFS Growth Fund - Class R6
 
 
154,686
31,220,315
MFS Mid Cap Growth Fund - Class R6
 
 
1,034,571
30,095,685
MFS Mid Cap Value Fund - Class R6
 
 
834,784
29,993,778
MFS New Discovery Fund - Class R6 (a)
 
 
191,704
7,530,143
MFS New Discovery Value Fund - Class R6
 
 
399,756
7,451,450
MFS Research Fund - Class R6
 
 
476,269
28,452,323
MFS Value Fund - Class R6
 
 
606,585
33,295,451
 
 
 
$335,989,075
Money Market Funds – 0.2%
MFS Institutional Money Market Portfolio, 3.73% (v)
 
 
1,498,283
$1,498,582
Total Mutual Funds
$609,904,578
 
Other Assets, Less Liabilities – 0.1%
537,771
Net Assets – 100.0%
$610,442,349
 
(a)
Non-income producing security.
(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 value of the fund’s investments in affiliated issuers was $609,904,578.
(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 attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
1
Supplemental Information
7/31/26 (unaudited)
The 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.
(1) 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.
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, 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 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 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. Funds traded on a recognized securities exchange (such as Exchange Traded Funds or Closed End Funds) are generally valued at the official closing price on their primary market or exchange as provided by a third-party pricing service. If no sales are reported that day for these funds, generally
they will be valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. 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.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets 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, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the 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
2
Supplemental Information (unaudited) – continued
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 the 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. The 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 significant 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 July 31, 2026 in valuing the fund's assets and liabilities: 
Financial Instruments
Level 1
Level 2
Level 3
Total
Investment Companies
$609,904,578
$—
$—
$609,904,578
For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds’ financial
statements for further information regarding the levels used in valuing the underlying funds’ assets and liabilities.
(2) 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. The following were affiliated issuers for the period ended July 31, 2026:
 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Blended Research Core Equity Fund
$29,038,244
$18,841
$2,128,473
$501,953
$997,703
$28,428,268
MFS Blended Research Emerging Markets Equity Fund
6,335,678
82,891
741,176
342,272
37,559
6,057,224
MFS Blended Research Growth Equity Fund
32,290,507
150,002
2,303,781
179,173
698,155
31,014,056
MFS Blended Research International Equity Fund
68,359,407
227,907
4,899,033
2,079,584
2,342,028
68,109,893
MFS Blended Research Mid Cap Equity Fund
62,016,442
17,465
7,102,593
1,790,469
3,585,601
60,307,384
MFS Blended Research Small Cap Equity Fund
15,749,755
39,978
1,067,767
192,191
16,412
14,930,569
MFS Blended Research Value Equity Fund
34,080,298
7,776
3,995,409
669,814
2,507,174
33,269,653
MFS Commodity Strategy Fund
30,702,511
2,729,589
1,114,702
38,144
(1,411,300
)
30,944,242
MFS Emerging Markets Debt Fund
923,219
538,672
—
—
(15,959
)
1,445,932
MFS Emerging Markets Debt Local Currency Fund
609,290
359,920
—
—
2,899
972,109
MFS Emerging Markets Equity Fund
6,245,508
100,039
518,460
208,828
72,678
6,108,593
MFS Global Opportunistic Bond Fund
912,674
551,510
—
—
(15,098
)
1,449,086
MFS Global Real Estate Fund
30,865,156
469,242
1,230,217
91,221
1,604,637
31,800,039
MFS Growth Fund
32,607,666
425,493
1,879,646
86,794
(19,992
)
31,220,315
MFS High Income Fund
1,224,421
734,482
—
—
(26,712
)
1,932,191
MFS Inflation-Adjusted Bond Fund
15,695,801
1,489,985
328,224
(24,364
)
(473,765
)
16,359,433
MFS Institutional Money Market Portfolio
5,992,209
3,780,518
8,273,725
160
(580
)
1,498,582
MFS International Growth Fund
21,326,854
279,119
574,967
13,339
413,452
21,457,797
MFS International Intrinsic Equity Fund
21,484,469
219,210
919,572
105,679
558,736
21,448,522
MFS International New Discovery Fund
24,449,013
66,019
1,191,953
142,267
494,280
23,959,626
MFS Mid Cap Growth Fund
30,972,866
127,852
1,222,628
34,168
183,427
30,095,685
MFS Mid Cap Value Fund
30,534,925
160,570
2,950,801
335,964
1,913,120
29,993,778
MFS New Discovery Fund
7,763,775
23,617
538,339
146,878
134,212
7,530,143
MFS New Discovery Value Fund
7,680,943
279,852
596,202
59,579
27,278
7,451,450
MFS Research Fund
28,895,669
47,525
1,409,324
273,372
645,081
28,452,323
MFS Research International Fund
24,687,856
105,027
1,227,955
259,752
1,161,561
24,986,241
MFS Total Return Bond Fund
14,980,277
1,002,887
335,657
(11,399
)
(250,115
)
15,385,993
MFS Value Fund
33,477,866
503,856
2,226,320
150,065
1,389,984
33,295,451
 
$619,903,299
$14,539,844
$48,776,924
$7,665,903
$16,572,456
$609,904,578
3
Supplemental Information (unaudited) – continued
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Blended Research Core Equity Fund
$—
$—
MFS Blended Research Emerging Markets Equity Fund
—
—
MFS Blended Research Growth Equity Fund
—
—
MFS Blended Research International Equity Fund
—
—
MFS Blended Research Mid Cap Equity Fund
—
—
MFS Blended Research Small Cap Equity Fund
—
—
MFS Blended Research Value Equity Fund
—
—
MFS Commodity Strategy Fund
—
—
MFS Emerging Markets Debt Fund
16,177
—
MFS Emerging Markets Debt Local Currency Fund
8,829
—
MFS Emerging Markets Equity Fund
—
—
MFS Global Opportunistic Bond Fund
10,504
—
MFS Global Real Estate Fund
—
—
MFS Growth Fund
—
161,966
MFS High Income Fund
22,736
—
MFS Inflation-Adjusted Bond Fund
288,468
—
MFS Institutional Money Market Portfolio
52,725
—
MFS International Growth Fund
—
—
MFS International Intrinsic Equity Fund
—
—
MFS International New Discovery Fund
—
—
MFS Mid Cap Growth Fund
—
—
MFS Mid Cap Value Fund
—
—
MFS New Discovery Fund
—
—
MFS New Discovery Value Fund
17,258
229,953
MFS Research Fund
—
—
MFS Research International Fund
—
—
MFS Total Return Bond Fund
161,150
—
MFS Value Fund
140,164
—
 
$718,011
$391,919
4