L45-Q1
 
Quarterly Report
July 31, 2026
MFS®  Lifetime®  2045 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) – 100.0%
Bond Funds – 13.6%
MFS Emerging Markets Debt Fund - Class R6
 
 
762,413
$9,575,910
MFS Emerging Markets Debt Local Currency Fund - Class R6
 
 
1,076,324
6,436,419
MFS Global Opportunistic Bond Fund - Class R6
 
 
1,194,714
9,569,659
MFS High Income Fund - Class R6
 
 
4,180,443
12,792,155
MFS Inflation-Adjusted Bond Fund - Class R6
 
 
2,433,843
21,612,520
MFS Total Return Bond Fund - Class R6
 
 
1,626,066
15,268,759
 
 
 
$75,255,422
International Equity Funds – 24.2%
MFS Blended Research Emerging Markets Equity Fund - Class R6
 
 
181,463
$4,068,391
MFS Blended Research International Equity Fund - Class R6
 
 
2,697,453
54,650,408
MFS Emerging Markets Equity Fund - Class R6
 
 
78,134
4,100,450
MFS International Growth Fund - Class R6
 
 
337,285
16,564,093
MFS International Intrinsic Equity Fund - Class R6
 
 
348,262
16,549,421
MFS International New Discovery Fund - Class R6
 
 
441,013
16,013,172
MFS Research International Fund - Class R6
 
 
729,813
21,237,555
 
 
 
$133,183,490
Non-Traditional Funds – 9.3%
MFS Commodity Strategy Fund - Class R6
 
 
5,858,241
$25,307,602
MFS Global Real Estate Fund - Class R6
 
 
1,423,648
25,953,097
 
 
 
$51,260,699
U.S. Equity Funds – 52.6%
MFS Blended Research Core Equity Fund - Class R6
 
 
584,541
$25,725,669
MFS Blended Research Growth Equity Fund - Class R6
 
 
917,547
26,627,205
MFS Blended Research Mid Cap Equity Fund - Class R6
 
 
2,937,291
51,755,071
MFS Blended Research Small Cap Equity Fund - Class R6
 
 
712,877
12,118,911
MFS Blended Research Value Equity Fund - Class R6
 
 
1,499,788
28,675,943
MFS Growth Fund - Class R6
 
 
132,917
26,826,598
MFS Mid Cap Growth Fund - Class R6
 
 
889,288
25,869,398
MFS Mid Cap Value Fund - Class R6
 
 
715,045
25,691,559
MFS New Discovery Fund - Class R6 (a)
 
 
156,211
6,135,957
MFS New Discovery Value Fund - Class R6
 
 
324,630
6,051,107
MFS Research Fund - Class R6
 
 
431,208
25,760,381
MFS Value Fund - Class R6
 
 
523,015
28,708,281
 
 
 
$289,946,080
Money Market Funds – 0.3%
MFS Institutional Money Market Portfolio, 3.73% (v)
 
 
1,721,411
$1,721,756
Total Mutual Funds
$551,367,447
 
Other Assets, Less Liabilities – 0.0%
14,558
Net Assets – 100.0%
$551,382,005
 
(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 $551,367,447.
(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
$551,367,447
$—
$—
$551,367,447
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
$26,442,235
$77,876
$2,153,626
$522,759
$836,425
$25,725,669
MFS Blended Research Emerging Markets Equity Fund
4,287,180
78,768
553,923
263,416
(7,050
)
4,068,391
MFS Blended Research Growth Equity Fund
27,969,725
304,495
2,412,405
315,947
449,443
26,627,205
MFS Blended Research International Equity Fund
55,161,006
361,495
4,426,368
1,919,934
1,634,341
54,650,408
MFS Blended Research Mid Cap Equity Fund
53,612,077
25,232
6,509,851
1,982,190
2,645,423
51,755,071
MFS Blended Research Small Cap Equity Fund
12,914,301
46,000
1,013,205
218,878
(47,063
)
12,118,911
MFS Blended Research Value Equity Fund
29,579,385
7,639
3,656,589
755,242
1,990,266
28,675,943
MFS Commodity Strategy Fund
24,998,676
2,464,037
1,032,645
56,068
(1,178,534
)
25,307,602
MFS Emerging Markets Debt Fund
9,050,070
765,731
138,578
(2,042
)
(99,271
)
9,575,910
MFS Emerging Markets Debt Local Currency Fund
5,983,905
517,182
94,345
(1,583
)
31,260
6,436,419
MFS Emerging Markets Equity Fund
4,224,248
89,136
403,404
168,632
21,838
4,100,450
MFS Global Opportunistic Bond Fund
8,930,889
913,298
166,603
(5,277
)
(102,648
)
9,569,659
MFS Global Real Estate Fund
25,249,230
491,318
1,170,333
97,263
1,285,619
25,953,097
MFS Growth Fund
28,261,744
561,761
2,061,639
89,416
(24,684
)
26,826,598
MFS High Income Fund
11,990,498
1,194,429
187,714
(5,153
)
(199,905
)
12,792,155
MFS Inflation-Adjusted Bond Fund
21,005,277
1,808,016
529,748
(42,197
)
(628,828
)
21,612,520
MFS Institutional Money Market Portfolio
5,424,971
5,383,461
9,086,330
182
(528
)
1,721,756
MFS International Growth Fund
16,611,585
276,341
657,213
56,374
277,006
16,564,093
MFS International Intrinsic Equity Fund
16,690,231
222,820
879,451
110,631
405,190
16,549,421
MFS International New Discovery Fund
16,567,475
56,658
1,039,293
132,513
295,819
16,013,172
MFS Mid Cap Growth Fund
26,796,618
119,605
1,238,899
36,630
155,444
25,869,398
MFS Mid Cap Value Fund
26,365,229
188,222
2,803,013
361,110
1,580,011
25,691,559
MFS New Discovery Fund
6,362,744
18,631
475,620
131,934
98,268
6,135,957
MFS New Discovery Value Fund
6,282,845
224,829
528,333
58,360
13,406
6,051,107
MFS Research Fund
26,307,969
101,977
1,482,039
74,545
757,929
25,760,381
MFS Research International Fund
21,139,165
122,111
1,237,593
269,447
944,425
21,237,555
MFS Total Return Bond Fund
14,934,309
983,541
387,931
(13,009
)
(248,151
)
15,268,759
MFS Value Fund
29,058,865
576,769
2,265,084
160,232
1,177,499
28,708,281
 
$562,202,452
$17,981,378
$48,591,775
$7,712,442
$12,062,950
$551,367,447
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
136,310
—
MFS Emerging Markets Debt Local Currency Fund
74,786
—
MFS Emerging Markets Equity Fund
—
—
MFS Global Opportunistic Bond Fund
89,116
—
MFS Global Real Estate Fund
—
—
MFS Growth Fund
—
139,172
MFS High Income Fund
192,396
—
MFS Inflation-Adjusted Bond Fund
390,530
—
MFS Institutional Money Market Portfolio
47,530
—
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
14,011
186,683
MFS Research Fund
161,820
—
MFS Research International Fund
—
—
MFS Total Return Bond Fund
—
—
MFS Value Fund
121,958
—
 
$1,228,457
$325,855
4