ML3-Q1
 
Quarterly Report
July 31, 2026
MFS®  Lifetime®  2030 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 – 61.9%
MFS Emerging Markets Debt Fund - Class R6
 
 
936,590
$11,763,569
MFS Emerging Markets Debt Local Currency Fund - Class R6
 
 
1,982,575
11,855,798
MFS Global Opportunistic Bond Fund - Class R6
 
 
5,593,493
44,803,880
MFS Government Securities Fund - Class R6
 
 
7,572,386
63,835,215
MFS High Income Fund - Class R6
 
 
7,703,692
23,573,298
MFS Inflation-Adjusted Bond Fund - Class R6
 
 
7,189,909
63,846,389
MFS Limited Maturity Fund - Class R6
 
 
12,817,099
74,595,516
MFS Total Return Bond Fund - Class R6
 
 
10,768,425
101,115,514
 
 
 
$395,389,179
International Equity Funds – 8.2%
MFS Blended Research International Equity Fund - Class R6
 
 
1,284,159
$26,017,055
MFS International Growth Fund - Class R6
 
 
128,924
6,331,447
MFS International Intrinsic Equity Fund - Class R6
 
 
133,295
6,334,200
MFS Research International Fund - Class R6
 
 
458,652
13,346,776
 
 
 
$52,029,478
Non-Traditional Funds – 4.3%
MFS Commodity Strategy Fund - Class R6
 
 
3,137,157
$13,552,519
MFS Global Real Estate Fund - Class R6
 
 
762,136
13,893,740
 
 
 
$27,446,259
U.S. Equity Funds – 25.3%
MFS Blended Research Core Equity Fund - Class R6
 
 
361,156
$15,894,466
MFS Blended Research Growth Equity Fund - Class R6
 
 
544,824
15,810,786
MFS Blended Research Mid Cap Equity Fund - Class R6
 
 
1,395,017
24,580,194
MFS Blended Research Small Cap Equity Fund - Class R6
 
 
375,832
6,389,145
MFS Blended Research Value Equity Fund - Class R6
 
 
953,945
18,239,420
MFS Growth Fund - Class R6
 
 
78,803
15,904,761
MFS Mid Cap Growth Fund - Class R6
 
 
419,749
12,210,511
MFS Mid Cap Value Fund - Class R6
 
 
341,104
12,255,882
MFS New Discovery Fund - Class R6 (a)
 
 
81,564
3,203,834
MFS New Discovery Value Fund - Class R6
 
 
171,462
3,196,057
MFS Research Fund - Class R6
 
 
266,091
15,896,259
MFS Value Fund - Class R6
 
 
332,580
18,255,328
 
 
 
$161,836,643
Money Market Funds – 0.3%
MFS Institutional Money Market Portfolio, 3.73% (v)
 
 
2,067,233
$2,067,646
Total Mutual Funds
$638,769,205
 
Other Assets, Less Liabilities – 0.0%
184,611
Net Assets – 100.0%
$638,953,816
 
(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 $638,769,205.
(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
$638,769,205
$—
$—
$638,769,205
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
$17,803,020
$27,310
$2,816,647
$1,265,876
$(385,093
)
$15,894,466
MFS Blended Research Growth Equity Fund
17,841,965
128,491
2,665,847
1,623,184
(1,117,007
)
15,810,786
MFS Blended Research International Equity Fund
28,608,187
153,396
4,542,443
2,190,444
(392,529
)
26,017,055
MFS Blended Research Mid Cap Equity Fund
27,517,948
20
5,192,242
2,130,622
123,846
24,580,194
MFS Blended Research Small Cap Equity Fund
7,180,674
15,438
904,142
315,100
(217,925
)
6,389,145
MFS Blended Research Value Equity Fund
20,434,327
1
3,978,698
1,593,542
190,248
18,239,420
MFS Commodity Strategy Fund
14,006,546
890,391
736,966
139,589
(747,041
)
13,552,519
MFS Emerging Markets Debt Fund
13,044,606
185,892
1,345,343
(109,530
)
(12,056
)
11,763,569
MFS Emerging Markets Debt Local Currency Fund
12,945,231
148,901
1,300,874
(38,761
)
101,301
11,855,798
MFS Global Opportunistic Bond Fund
47,560,975
622,889
2,873,090
(230,828
)
(276,066
)
44,803,880
MFS Global Real Estate Fund
14,074,988
496,137
1,408,572
237,503
493,684
13,893,740
MFS Government Securities Fund
67,730,675
993,624
3,579,660
(491,010
)
(818,414
)
63,835,215
MFS Growth Fund
17,976,634
200,460
2,340,092
1,164,838
(1,097,079
)
15,904,761
MFS High Income Fund
25,964,268
407,098
2,395,654
(155,404
)
(247,010
)
23,573,298
MFS Inflation-Adjusted Bond Fund
68,162,507
1,386,568
3,646,186
(530,286
)
(1,526,214
)
63,846,389
MFS Institutional Money Market Portfolio
6,349,914
6,953,988
11,236,299
350
(307
)
2,067,646
MFS International Growth Fund
6,945,720
18,712
765,998
515,882
(382,869
)
6,331,447
MFS International Intrinsic Equity Fund
6,969,660
20,916
857,493
525,167
(324,050
)
6,334,200
MFS Limited Maturity Fund
74,674,751
1,957,220
1,521,335
(57,908
)
(457,212
)
74,595,516
MFS Mid Cap Growth Fund
13,773,319
61,527
1,735,271
392,471
(281,535
)
12,210,511
MFS Mid Cap Value Fund
13,586,830
2,994
2,268,997
1,481,568
(546,513
)
12,255,882
MFS New Discovery Fund
3,550,797
27,165
503,187
270,268
(141,209
)
3,203,834
MFS New Discovery Value Fund
3,516,749
118,358
479,413
225,985
(185,622
)
3,196,057
MFS Research Fund
17,726,005
43,213
2,416,344
1,037,213
(493,828
)
15,896,259
MFS Research International Fund
14,451,332
17,129
1,907,252
935,741
(150,174
)
13,346,776
MFS Total Return Bond Fund
105,060,739
1,819,407
4,025,313
(517,034
)
(1,222,285
)
101,115,514
MFS Value Fund
20,161,555
90,245
2,844,421
1,519,589
(671,640
)
18,255,328
 
$687,619,922
$16,787,490
$70,287,779
$15,434,171
$(10,784,599
)
$638,769,205
3
Supplemental Information (unaudited) – continued
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Blended Research Core Equity Fund
$—
$—
MFS Blended Research Growth Equity Fund
—
—
MFS Blended Research International Equity Fund
—
—
MFS Blended Research Mid Cap Equity Fund
—
—
MFS Blended Research Small Cap Equity Fund
—
—
MFS Blended Research Value Equity Fund
—
—
MFS Commodity Strategy Fund
—
—
MFS Emerging Markets Debt Fund
180,032
—
MFS Emerging Markets Debt Local Currency Fund
148,864
—
MFS Global Opportunistic Bond Fund
444,564
—
MFS Global Real Estate Fund
—
—
MFS Government Securities Fund
664,362
—
MFS Growth Fund
—
82,538
MFS High Income Fund
383,259
—
MFS Inflation-Adjusted Bond Fund
1,200,850
—
MFS Institutional Money Market Portfolio
57,640
—
MFS International Growth Fund
829,618
—
MFS International Intrinsic Equity Fund
—
—
MFS Limited Maturity Fund
—
—
MFS Mid Cap Growth Fund
—
—
MFS Mid Cap Value Fund
—
—
MFS New Discovery Fund
—
—
MFS New Discovery Value Fund
7,405
98,668
MFS Research Fund
—
—
MFS Research International Fund
—
—
MFS Total Return Bond Fund
1,097,487
—
MFS Value Fund
78,464
—
 
$5,092,545
$181,206
4