MFS® Growth Allocation Fund

Largest Sector Weights of Equity Assets

As of 7/31/15

% of Equity Assets  
Financial Services
21.04
Health Care
14.01
Technology
9.84
Consumer Staples
9.74
Industrial Goods & Services
7.75
Retailing
7.46
Special Products & Services
7.32
Leisure
5.55

Map represents sectors greater than 5%.

Holdings Characteristics

Holdings Based Portfolio - Equity Level Data

As of 7/31/15

Weighted Average Price/Earnings (12 months forward ex-negative earnings)
18.50x
Weighted Average Price/Cash Flow
14.50x
Weighted Average Price/Sales
1.98x
Weighted Average Price/Book
2.75x
Weighted Average IBES Long Term EPS Growth
11.96%
Weighted Average Market Cap
$65.1b
Weighted Median Market Cap
$25.9b
# of Stock Holdings
1073
% in Stocks
99.97%
% in Cash & Other1
0.03%
% in Top Ten
8.52%

Weighted Average IBES Long Term EPS Growth sourced from: Thomson Reuters.

Equity Portfolio Characteristics displayed prior to 1/31/10 reflects its market value, and is not based on equivalent exposure, which may differ.

Holdings Based Portfolio - Fixed Income Level Data

As of 7/31/15

# of Bond Holdings
1964
Average Coupon
3.97
Average Effective Duration
4.36 yrs
Average Effective Maturity
7.24 yrs
Yield to Worst
3.99%

Represents the fixed income exposure generated by the underlying bond funds and MFS Commodity Strategy Fund.

Performance Statistics

Performance Based

Updated monthly as of 7/31/15

BENCHMARK:
Standard & Poor's 500 Stock Index

 
3 Yr
5 Yr
10 Yr
Alpha
-1.36
-2.52
-0.21
Beta
0.75
0.85
0.87
R-squared
84.16
92.46
93.75
Standard Deviation %
6.99
10.35
13.21
Sharpe Ratio
1.63
1.04
0.40
Tracking Error
3.52
3.35
3.82
Information Ratio
-1.75
-1.61
-0.31
Upside Capture %
65.00
64.52
67.53
Downside Capture %
86.55
91.42
93.29
Treynor Ratio
15.22
12.73
6.09

Performance-based characteristics are only calculated for Class A shares at NAV.

Top 10 Holdings

As of 7/31/15

Nestle SA
Allergan plc
JPMorgan Chase & Co
Apple Inc
Danaher Corp
Visa Inc
Danone SA
Wells Fargo & Co
Accenture PLC
Novartis AG

6.20% of total net assets

Total number of holdings: 3190

Top 10 Equity Holdings

As of 7/31/15

Nestle SA
Allergan plc
JPMorgan Chase & Co
MFS Commodity Strategy Portfolio
Apple Inc
Danaher Corp
Visa Inc
Danone SA
Wells Fargo & Co
Accenture PLC

8.52% of equity assets

Top 10 Fixed Income Holdings

As of 7/31/15

US Treasury Inflation Indexed Bonds 0.125% APR 15 18
US Treasury Inflation Indexed Bonds 0.625% JAN 15 24
US Treasury Inflation Indexed Bonds 0.125% APR 15 17
US Treasury Inflation Indexed Bonds 0.125% JUL 15 22
US Treasury Inflation Indexed Bonds 0.125% JUL 15 24
US Treasury Inflation Indexed Bonds 0.375% JUL 15 23
US Treasury Inflation Indexed Bonds 1.25% JUL 15 20
US Treasury Inflation Indexed Bonds 2.375% JAN 15 25
US Treasury Inflation Indexed Bonds 0.125% JAN 15 22
UST Bond 2Yr Future SEP 30 15*

9.10% long and 0.99% short (*) positions of fixed income assets

Target Allocations %

As of 7/31/15

Credit Quality %

As of 7/31/15

 
% of Fixed Income Assets

Represents the fixed income exposure generated by the underlying bond funds and MFS Commodity Strategy Fund.

Sector Weights %

As of 7/31/15

% of Equity Assets  
Financial Services
21.04
Health Care
14.01
Technology
9.84
Consumer Staples
9.74
Industrial Goods & Services
7.75
Retailing
7.46
Special Products & Services
7.32
Leisure
5.55
Utilities & Communications
4.14
Basic Materials
4.11
Energy
3.25
Autos & Housing
3.13
Transportation
1.75
Mutual Funds
0.91

Region %

As of 7/31/15

Region
% Equity Assets 
North America 3 countries
71.81
Europe ex-U.K. 14 countries
12.18
United Kingdom 1 country
5.61
Japan 1 country
4.77
Emerging Markets 20 countries
3.08
2.33

Important Characteristics Information

Portfolio characteristic data are based on unaudited net assets.

Current holdings may be different.

For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency MBS, and CMOs of U.S. Agency MBS. Other Not Rated includes fixed income securities which have not been rated by any rating agency. The portfolio itself has not been rated.

Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.

1 The assets included in "Other" carry risks including market, credit, counterparty, currency and liquidity risks. The inclusion of these assets may understate or overstate the portfolio's actual cash position.

*Short positions, unlike long positions, lose value if the underlying asset gains value.

Definitions

Alpha: Alpha is a measure of the portfolio's risk-adjusted performance. When compared to the portfolio's beta, a positive alpha indicates better-than-expected portfolio performance and a negative alpha worse-than-expected portfolio performance.

Average Coupon: Average Coupon is the equivalent exposure weighted coupon of all interest bearing instruments as a percent of the total equivalent exposure of all fixed income holdings, including short term and interest rate derivatives which have coupons. Coupons are netted for securities with a payable and receivable leg. Non-accruing securities are treated as having a coupon equal to zero.

Average Effective Duration: Average Effective Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.

Average Effective Maturity: Average effective maturity is a weighted average of maturity of the bonds held in a portfolio, taking into account any prepayments, puts, and adjustable coupons which may shorten the maturity. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds.

Beta: Beta is a measure of the volatility of a portfolio relative to the overall market. A beta less than 1.0 indicates lower risk than the market; a beta greater than 1.0 indicates higher risk than the market. It is most reliable as a risk measure when the return fluctuations of the portfolio are highly correlated with the return fluctuations of the index chosen to represent the market.

Credit Quality: For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency MBS, and CMOs of U.S. Agency MBS. Other Not Rated includes fixed income securities which have not been rated by any rating agency. The fund itself has not been rated.

Information Ratio: Information ratio is a measure of consistency in excess return. The annualized excess return over a benchmark divided by the annualized standard deviation of excess return.

R-squared: R2 represents the percentage of the portfolio's movements that can be explained by the general movements of the market. Index portfolios will tend to have values very close to 100

Sharpe Ratio: The Sharpe Ratio is a risk-adjusted measure calculated to determine reward per unit of risk. It uses a standard deviation and excess return. The higher the Sharpe Ratio, the better the portfolio's historical risk-adjusted performance.

Standard Deviation: Standard deviation is an indicator of the portfolio's total return volatility, which is based on a minimum of 36 monthly returns. The larger the portfolio's standard deviation, the greater the portfolio's volatility.

Tracking Error: Tracking error is the active risk of the portfolio that measures the dispersion of the portfolio's return minus the benchmark's annualized return.

Treynor Ratio: Treynor Ratio is a risk adjusted measure of performance. It is the ratio of the annualized excess return of the portfolio over the risk free rate for a given period divided by the Beta of the portfolio versus its benchmark for the same period. It measures the amount of excess return over the risk free rate earned per unit of systematic risk (beta) assumed.

Upside / Downside Capture %: The upside and downside capture is a measure of how well a manager was able to replicate or improve on phases of positive benchmark returns, and how badly the manager was affected by phases of negative benchmark returns. To calculate the up capture, we first form new series from the manager and benchmark series by dropping all time periods where the benchmark return is zero or negative. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The down capture is calculated analogously.

Weighted Average IBES Long Term EPS Growth: Weighted Average IBES Long Term EPS Growth sourced from: Thomson Reuters.

Weighted Average Market Cap: Market capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock. It is calculated by multiplying the number of outstanding shares by the current market price of a share.

Weighted Average Price/Book: Price/book ratio (P/B) is the ratio of a stock's price to its book value per share.

Weighted Average Price/Cash Flow: Price-to-cash-flow is the ratio of a stock's price to its per-share cash earnings.

Weighted Average Price/Earnings (12 months forward ex-negative earnings): Price/earnings ratio (P/E) is the price of a stock divided by its earnings per share.

Weighted Average Price/Sales: Price/Sales Ratio (P/S) is the ratio of a stock's price to its per-share sales.

Weighted Median Market Cap: Weighted Median Market Cap is the Market Capitalization of the firm defined by the median dollar within the distribution of the market capitalization of all companies in the index or portfolio. It is calculated from a running total of market capitalizations from smallest company to largest. The Market Capitalization of the firm that sorts the total dollar value of all market capitalizations into two equal portions defines the value.

Yield to Worst: The weighted average yield-to-worst of all portfolio holdings. The yield-to-worst is computed by using the lower of either yield-to-maturity or the yield-to-call on every possible call date. Essentially the yield-to-worst is a bond's yield-to-maturity under the least desirable bond repayment pattern under the assumption that bond market yields are unchanged.

This publication is authorized for distribution only when preceded or accompanied by a prospectus, or summary prospectus, for the portfolio being offered. Consider the fund's investment objectives, risks, charges and expenses. Contact MFS or view online. Read it carefully.