MFS® Asset Allocation Funds

Built With Precision Designed to pursue your risk and return goals

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

This brochure provides year-end information and must be accompanied by a performance supplement insert. b Take a disciplined approach

Rather than pursue their goals with a strategic long-term Allocate Diversify Rebalance approach, many investors try to time the market and chase investment returns, and they Allocate assets across Diversify within each Rebalance periodically may end up with little to show the major asset class to take to ensure that your for it. There may be a better to help you pursue the advantage of different plan remains in sync way. Consider developing a optimal returns for the investment styles and with your risk tolerance balanced, goal-oriented risk level you are various market sectors and to maintain your investing strategy with a willing to undertake. so strong performance desired allocation. in one area minimizes three-step process: downturns in another.

ADR

ADR is easy to put into practice with the help of a financial professional, particularly if you invest in mutual funds, which can take all three ADR steps professionally, strategically and automatically for you. Asset allocation, including ADR, does not guarantee a profit or protect against a loss.

Keep in mind that no , including asset allocation, diversification, or rebalancing, can guarantee a profit or protect against a loss.

c First, allocate

For many investors, the main factor in determining long- term ­performance is asset allocation — how you spread out your money among , bonds and .

Consider a more balanced, goal-oriented plan n Asset allocation n Security selection or timing of investment selections 93.6% of the variability of performance was driven by an asset allocation policy.1 Only 6.4% of the variability of performance was driven by security selection or the timing of investment selections.

According to a well-known study, the variability of performance of a p­ ortfolio likely depends largely on maintaining an asset allocation policy and far less on the individual securities selected or the timing of investment selections.1

While this study focuses on corporate pension plans, whose investment assets are much greater than those of an average investor, we believe that the same asset allocation concept applies t­­­o individual investors. Of course, allocation results may vary.

1 Source: Study by Gary P. Brinson, L. Randolph Hood and Gilbert L. Beebower, “Determinants of Portfolio Performance,” Financial Analysts Journal, January/February 1995. The study analyzed data from 91 large ­corporate pension plans with assets of at least $100 ­million over a 10-year period beginning in 1974 and ­concluded that asset ­allocation policy explained, on average, 93.6% of the variation in total plan return. Past performance is no guarantee of future results.

1 Next, diversify

Diversification can help you to moderate the volatility of markets To create a well-diversified portfolio, consider spreading your equity holdings among growth and value stocks, small-, mid- and large-cap stocks, and international stocks; balancing your fixed-income holdings among different types of bonds; and adding specialty holdings such as REITs and commodities. The chart below shows the year-by-year returns of several broad- based asset classes since 2001.

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Small/ Large Cap REITs Commodities Mid Cap REITs Commodities REITs Commodities Bonds Growth REITs Bonds 15.50% 25.91% 45.51% 30.41% 21.36% 34.35% 16.23% 5.24% 37.21% 27.58% 7.84%

Global Large Cap Global Small/ Small/ Bonds Bonds International International International International Growth Bonds Mid Cap Mid Cap REITs 8.44% 16.53% 38.59% 20.25% 13.54% 26.34% 11.81% 4.79% 34.39% 26.71% 7.28%

Small/ Large Cap Global Cash Bonds REITs Mid Cap REITs Value International Cash International Commodities Bonds 4.09% 10.25% 38.47% 18.29% 8.29% 22.25% 11.17% 1.80% 31.78% 16.83% 5.64%

Global Large Cap Large Cap Small/ Small/ Global Diversified Large Cap Large Cap Bonds REITs Value Value Mid Cap Mid Cap Bonds Portfolio REITs Growth Growth 1.57% 5.22% 30.03% 16.49% 8.11% 16.17% 9.48% -27.54% 27.45% 16.71% 2.64%

Small/ Large Cap Diversified Diversified Diversified Diversified Diversified Large Cap Mid Cap Cash Growth Portfolio Portfolio Portfolio Bonds Commodities Portfolio Portfolio Value 1.22% 1.70% 29.75% 14.48% 7.92% 15.02% 6.97% –35.65% 23.72% 15.73% 0.39%

Diversified Diversified Diversified Global Large Cap Large Cap Small/ Large Cap Large Cap Portfolio Portfolio Portfolio Bonds Value Growth Cash Mid Cap Value Value Cash –4.75% –2.91% 27.75% 9.27% 7.05% 9.07% 4.74% –36.79% 19.69% 15.51% 0.08%

Large Cap Large Cap Large Cap Global Diversified Large Cap Diversified Value Value Commodities Commodities Growth Bonds Portfolio Value Commodities International Portfolio –5.59% –15.52% 23.93% 9.15% 5.26% 6.64% 4.69% –36.85% 18.91% 7.75% -0.16%

Global Large Cap Small/ Global Small/ Commodities International Bonds Growth Cash Cash Mid Cap REITs Bonds Bonds Mid Cap –19.51% –15.94% 12.51% 6.30% 3.00% 4.76% 1.38% –37.34% 6.93% 6.54% –2.51%

Global Large Cap Small/ Bonds Bonds Bonds Bonds Large Cap Large Cap Bonds International Growth Mid Cap Value Growth 5.93% Bonds –12.14% –20.42% –17.80% 4.10% 4.34% 2.43% 4.33% –0.17% –38.44% 5.54%

Large Cap Global International Growth Cash Cash Bonds Commodities REITs International Cash Cash Commodities –21.44% –27.88% 1.07% 1.24% –4.49% 2.07% –17.83% –43.38% 0.16% 0.13% –13.32% Source: SPAR, FactSet Research Systems Inc.

Notice how the Diversified Portfolio (black box), composed of all asset classes listed (excluding cash) and rebalanced quarterly, was a more consistent p­ erformer than the individual asset classes. With a well-diversified portfolio, you may not have to worry as much about being in the right place at the right time

About the chart: The historical performance of each index cited is provided to illustrate market trends; it does not represent the performance of a particular investment product. Index performance does not reflect the deduction of any investment-related fees and expenses. It is not possible to invest directly in an index.The Diversified Portfolio: Equal allocations among the market segments are represented by the various market indices defined herein (excludes cash). Note that the portfolio’s assets were rebalanced at the end of every quarter to maintain equal allocations throughout the period. 2 Market segment and 0.45 Cash2 15.90 Commodities6 annualized standard 3.41 Bonds3 16.55 Large-cap growth stocks7 5.48 Global bonds4 16.94 International stocks8 deviations11 over 20 years 11.20 Diversified portfolio 18.75 Small-/Mid-cap stocks9 ended 12/31/20. 15.34 Large-cap value stocks5 20.06 REITs10

2012 2013 2014 2015 2016 2017 2018 2019 2020 AVERAGE

Small/ Large Cap Small/ Large Cap Large Cap Large Cap REITs Mid Cap REITs Growth Mid Cap Growth Cash Growth Growth REITs 20.14% 36.80% 27.15% 5.67% 17.59% 30.21% 1.86% 36.39% 38.49% 9.71% BEST Small/ Large Cap Large Cap Large Small/ Small/ Mid Cap Growth Value REITs Cap Value International Bonds REITs Mid Cap Mid Cap 17.88% 33.48% 13.45% 2.29% 17.34% 25.03% 0.01% 28.07% 19.99% 9.44%

Large Cap Large Cap Large Cap Small/ Global Small/ Diversified Large Cap Value Value Growth Bonds Commodities Mid Cap Bonds Mid Cap Portfolio Growth 17.51% 32.53% 13.05% 0.55% 11.77% 16.81% -1.20% 27.77% 10.58% 8.27%

Small/ Large Large Cap Large Cap Global Large Cap International International Mid Cap Cash REITs Cap Value Growth Value Bonds Value 17.32% 22.78% 7.07% 0.03% 9.28% 13.66% –1.51% 26.54% 9.20% 6.82%

Large Cap Diversified Diversified Diversified Diversified Growth Portfolio Bonds International Portfolio Portfolio REITs International International Portfolio 15.26% 13.41% 5.97% -0.81% 8.72% 13.21% –4.10% 22.01% 7.82% 6.65%

Diversified REITs Diversified Small/ Large Cap REITs Diversified Diversified Bonds Bonds Portfolio Portfolio Mid Cap Growth Portfolio Portfolio RETURN ANNUAL 12.02% 3.21% 5.32% –2.90% 7.08% 9.27% -5.98% 20.33% 7.51% 4.83%

Global Global Global Global Large Large Global Bonds Cash Bonds Bonds Bonds Bonds Cap Value Bonds Cap Value Bonds 4.32% 0.05% 0.59% –3.15% 2.65% 7.39% –8.27% 8.72% 2.80% 4.76%

Diversified Global Small/ Bonds Bonds Cash Portfolio Bonds Bonds Mid Cap Commodities Cash International 4.21% –2.02% 0.03% -3.33% 2.09% 3.54% –10.00% 7.69% 0.58% 4.50%

Global Large Global Cash Bonds International Cap Value International Commodities Commodities Bonds Commodities Cash 0.07% –2.60% –4.90% –3.83% 1.00% 1.70% –11.25% 6.84% –3.12% 1.43% WORST Commodities Commodities Commodities Commodities Cash Cash International Cash REITs Commodities –1.06% –9.52% –17.01% –24.66% 0.27% 0.84% –13.79% 2.25% –5.86% –0.52%

2 The FTSE 3-Month Treasury Bill Index is derived from secondary market US 7 The Russell 1000® Growth Index measures US large-cap growth stocks. Treasury bill rates published by the US Federal Reserve Bank. 8 The MSCI EAFE Index (net div) measures the non-US market. 3 The Bloomberg Barclays U.S. Aggregate Index measures the US bond 9 The Russell 2500TM Index measures US small- and mid-cap stocks. market. 10 The FTSE NAREIT All REITs Total Return Index tracks the performance of 4 The Bloomberg Barclays Global Aggregate Index (Unhedged) provides a commercial real estate across the US economy. broad-based measure of the global investment-grade fixed income markets. 11 Standard deviation is an indicator of the portfolio’s total return volatility, 5 The Russell 1000® Value Index measures US large-cap value stocks. which is based on a minimum of 36 monthly returns. The larger the portfolio’s 6 The Bloomberg Commodity Index is composed of futures contracts on standard deviation, the greater the portfolio’s volatility. physical commodities. Past performance does not guarantee future results. 3 Next, rebalance when necessary

As markets rise and fall, your asset allocation can shift, making your portfolio riskier or more conservative than you intend it to be. To keep your strategy working and you on track, it is important to periodically review your portfolio and rebalance when necessary.

Rebalance to maintain your portfolio’s desired allocation Stocks Bonds

Stocks were strong12 1/1/03–10/9/07 market activity % Too risky: Without rebalancing, this hypothetical 38% 29 portfolio would have experienced greater Original Unbalanced allocation on 10/9/07, volatility when the stock market declined in 2008. % % % % 50 balanced on 50 a stock 50 50 1/1/03 market high 62% 71%

Bonds were strong12 10/10/07–3/9/09 market activity

% Too conservative: This hypothetical portfolio38% 29 would have missed out on strong stock Original Unbalanced % performance% in 2009. % allocation % on 3/9/09, 50 50 50 balanced on 50 a stock 10/10/07 market low 62% 71%

12 Time periods above, reflecting a strong stock market and a strong bond market, respectively, are based on the performance of the following indices: Stocks are represented by the S&P 500 Index, which measures the broad US stock market. Bonds are represented by the Bloomberg Barclays U.S. Aggregate Bond Index. Index performance does not reflect the deduction of any investment-related fees and expenses. It is not possible to invest directly in an index.

4 Now put it all together

When you allocate, diversify and rebalance, you can follow a smart, long-term You can’t predict the investment strategy based on your specific goals, your time horizon, and your winners and losers. tolerance for risk. Diversification can potentially, however, Each hypothetical investor below followed a different strategy for investing $1,000 each year over a 20-year period ($20,000 total from 1/1/01 through 12/31/20). keep your portfolio from coming in last.

A tale of three investors13

Each year invested in the previous CHASED PERFORMANCE year’s best performing market INVESTOR #1 $42,935 segment

Each year invested in the previous year’s WENT FOR THE REBOUND worst performing market segment, INVESTOR #2 $38,841 hoping for a rebound

Each year invested in the same eight asset PRACTICED ADR classes and rebalanced quarterly so assets INVESTOR #3 $44,524 remained equally distributed

13 Hypothetical examples are for illustrative purposes only and are not intended to represent the past or future performance of any MFS product. Hypothetical examples do not reflect tax consequences of buying and/or selling securities. For purposes of this comparison, we have divided the overall market into the following eight indices: the Bloomberg Barclays U.S. Aggregate Bond Index measures the US bond market. The MSCI EAFE Index (net div) measures the non-US stock market. The Russell 1000® Growth Index measures US large-cap growth stocks. The Russell 1000® Value Index measures US large-cap value stocks. The Russell 2500™ Index measures US small- and mid-cap stocks. The FTSE NAREIT All REITs Total Return Index tracks the performance of commercial real estate across the US economy. The JPMorgan Global Government Bond Index (Unhedged) measures government bond markets around the world. The Bloomberg Commodity Index is composed of futures contracts on physical commodities. Index performance does not reflect the deduction of any investment-related fees and expenses. It is not possible to invest directly in an index. The use of a systematic investing program does not guarantee a profit or protect against a loss in declining markets. You should consider your financial ability to continue to invest through periods of low prices. Past performance is no guarantee of future results. 5 Asset allocation questionnaire: Determining an asset allocation strategy

This questionnaire will help you and your financial professionalp ­ inpoint an asset allocation strategy that may be right for you. Answer all seven questions and add up the p­ oints. Next, match your point total to the asset allocation model portfolios on the following page.

Time horizon Short-term risk attitudes Your current income situation and future income needs Your attitude toward short-term volatility What is your current age? Which of these statements would best describe your attitudes Less than 45 ...... 5 about the next three years’ performance of this investment? 45 to 55 ...... 4 I don’t mind if I lose money ...... 5 56 to 65 ...... 3 I can tolerate a loss ...... 4 66 to 75 ...... 2 I can tolerate a small loss ...... 3 Older than 75 ...... 1 I’d have a hard time tolerating any losses ...... 2 I need to see at least a little return ...... 1 When do you expect to start drawing income? Not for at least 20 years ...... 5 Which of these statements would best describe your attitudes In 10 to 20 years ...... 4 about the next three months’ performance of this investment? In 5 to 10 years ...... 3 Who cares? One calendar quarter means nothing . . . . . 5 Not now, but within 5 years ...... 2 I wouldn’t worry about losses in that time frame ...... 4 Immediately ...... 1 If I suffered a loss of greater than 10%, I’d get concerned . . 3 I can tolerate only small short-term losses ...... 2 Long-term goals and expectations I’d have a hard time stomaching any losses ...... 1 Your views on how an investment should perform over the long term What is your goal for this investment? POINT TOTAL To grow aggressively ...... 5 To grow significantly ...... 4 To grow moderately ...... 3 See page 7 to find an MFS Asset Allocation Fund To grow with caution ...... 2 that may be right for you. To avoid losing money ...... 1

Assuming normal market conditions, what would you expect from this investment over time? To generally keep pace with the stock market ...... 5 To slightly trail the stock market but make a good profit . . .4 To trail the stock market but make a moderate profit . . . .3 To have some stability but make modest profits ...... 2 To have a high degree of stability but make small profits . . 1

Suppose the stock market performs unusually poorly over the next decade. What would you expect from this investment? To lose money ...... 5 To make very little or nothing ...... 4 To eke out a little gain ...... 3 To make a modest gain ...... 2 ©2021 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar; (2) may not be copied; and (3) is not warranted to be To be little affected by what happens in the stock market . .1 accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

6 Choose an MFS Asset Allocation Fund

MFS Asset Allocation Funds are structured to target different risk and return needs. Appropriate allocations for each fund were selected from up to 23 underlying MFS mutual funds and are systematically rebalanced. Your financial professional can help you select the fund with the right risk/return profile for you.

LOWER RISK HIGHER RISK

32 to 35 points n 60% US EQUITY STOCKS MFS® Aggressive Growth n 30% GLOBAL/INTERNATIONAL EQUITY STOCKS 10% SPECIALTY/ALTERNATIVE Allocation Fund14, 15, 17, 18 n HIGHER POTENTIAL RETURN

27 to 31 points 52% US EQUITY STOCKS n ORGINAL n 20% GLOBAL/INTERNATIONAL EQUITY STOCKS MFS® Growth n 20% FIXED INCOME Allocation Fund14, 15, 16, 17, 18 n 8% SPECIALTY/ALTERNATIVE

17 to 26 points n 41% US EQUITY STOCKS n 13% GLOBAL/INTERNATIONAL EQUITY STOCKS ® MFS Moderate n 40% FIXED INCOME 14, 15, 16, 17, 18 Allocation Fund n 6% SPECIALTY/ALTERNATIVE

7 to 16 points n 28% US EQUITY STOCKS n 8% GLOBAL/INTERNATIONAL EQUITY STOCKS ® ORGINAL MFS Conservative n 60% FIXED INCOME Allocation Fund14, 15, 16, 17, 18 n 4% SPECIALTY/ALTERNATIVE LOWER POTENTIAL RETURN This risk spectrum does not represent actual or implied performance. The portfolio is actively managed, and current allocations may be different. Please see a prospectus for more information.

Talk with your financial professional about the right asset allocation strategy for you.

Important risk considerations: 14 The fund may not achieve its objective and/or you could lose money on your investment in the fund. 15 Stock: Stock markets and investments in individual stocks are volatile and can decline significantly in response to or investor perception of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. 16 Bond: Investments in debt instruments may decline in value as the result of, or perception of, declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall), therefore the Fund’s share price may decline during rising rates. Funds that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investmentORGINAL or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity. 17 International: Investments in foreign markets can involve greater risk and volatility than US investments because of adverse market, , economic, industry, political, regulatory, geopolitical, or other conditions. 18 Underlying Funds: MFS’ strategy of investing in underlying funds exposes the fund to the risks of the underlying funds. Each underlying fund pursues its own objective and strategies and may not achieve its objective. In addition, shareholders of the fund will indirectly bear the fees and expenses of the underlying funds. Please see the prospectus for further information on these and other risk considerations. Specialty/Alternative consists of funds with less traditional investment strategies, including REITs and commodities, that aim to provide diversification benefits when added into a portfolio consisting of stock and bond funds.

Past ­performance is no guarantee of future results.

7

ORGINAL MFS Asset Allocation Funds’ built-in strategy

Once you and your financial professional LOWER Potential return / Relative risk HIGHER choose an allocation style that’s right for you, you’ll need to assemble the appropriate investment portfolio. MFS Asset Allocation Funds make allocation easy by ­providing ready‑made diversification from up to 23 underlying MFS mutual funds. MFS® Conservative MFS® Moderate MFS® Growth MFS® Aggressive Target allocations, systematically rebalanced, Allocation Fund Allocation Fund Allocation Fund Growth Allocation Fund are shown below.* Class I - MACIX Class I - MMAIX Class I - MGWIX Class I - MIAGX Class A - MACFX Class A - MAMAX Class A - MAGWX Class A - MAAGX

US EQUITY STOCKS 28% 41% 52% 60% MFS® Growth Fund 6% 8% 10% 12% MFS® Mid Cap Growth Fund 4% 7% 9% 10% MFS® Mid Cap Value Fund 4% 7% 9% 10% MFS® New Discovery Fund 1% 1.5% 2% 2.5% MFS® New Discovery Value Fund 1% 1.5% 2% 2.5% MFS® Research Fund 6% 8% 10% 11% MFS® Value Fund 6% 8% 10% 12%

GLOBAL/INTERNATIONAL EQUITY STOCKS 8% 13% 20% 30% MFS® Emerging Markets Equity Fund — 1% 2% 3% MFS® International Growth Fund 1.5% 2% 3% 5% MFS® International Intrinsic Value Fund** 1.5% 2% 3% 5% MFS® International Large Cap Value Fund 1.5% 2% 3% 5% MFS® International New Discovery Fund — 1% 2% 4% MFS® Research International Fund 3.5% 5% 7% 8%

FIXED INCOME 60% 40% 20% 0% MFS® Emerging Markets Debt Fund 2% 3% 3% — MFS® Emerging Markets Debt Local Currency Fund 2% 2% 2% — MFS® Global Bond Fund 7% 5% 3% — MFS® Government Securities Fund 10% 10% — — MFS® High Income Fund 4% 4% 4% — MFS® Inflation-Adjusted Bond Fund 10% 7% 5% — MFS® Limited Maturity Fund 10% — — — MFS® Total Return Bond Fund 15% 9% 3% —

SPECIALTY/ALTERNATIVE 4% 6% 8% 10% MFS® Commodity Strategy Fund 2% 3% 4% 5% MFS® Global Real Estate Fund 2% 3% 4% 5%

This brochure must be accompanied by the most recent quarter-end fund performance insert ("Historically True to Form").

*For more information on the reallocation of underlying funds, up-to-date performance information, and risks, please see the prospectus at mfs.com. **Effective June 1, 2019, the name of MFS International Value Fund changed to MFS® International Intrinsic Value Fund. There was no change to the Fund’s investment strategy or objective.

8 MFS® Asset Allocation Funds build on our commitment to disciplined diversification®.

Experienced Disciplined Diversified Historical MFS® investment The team that Appropriate performance teams have extensive manages the funds allocations for each See the enclosed experience investing employs a fund were selected performance insert across all asset quantitative process from a group of 23 or go to mfs.com for classes. The teams based on sound different MFS funds. the most recent fund use a disciplined, market principles to performance. bottom-up security promote efficient selection process. diversification.

9 In 1924, MFS launched the first US open-end mutual fund, opening the door to the markets for millions of everyday investors. Today, as a full-service global investment manager serving financial professionals, intermediaries and institutional clients, MFS still serves a single purpose: to create long-term value for clients by allocating capital responsibly. That takes our powerful investment approach combining collective expertise, thoughtful risk management and long-term discipline. Supported by our culture of shared values and collaboration, our teams of diverse thinkers actively debate ideas and assess material risks to uncover what we believe are the best investment opportunities in the market.

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The investments you choose should correspond to your financial needs, goals, and risk tolerance. For assistance in determining your financial situation, please consult an investment professional. Before investing, consider the fund’s investment objectives, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your investment professional or view online at mfs.com. Please read it carefully. Please note: All of the funds listed may not be available for sale at a specific broker/dealer firm. Please check with your financial professional.

MFS Fund Distributors, Inc., Boston, MA MFSP-AA-BRO-5/21 11670.31 a STRATEGY SNAPSHOT ® MFS Asset Allocation Funds

Q2 I 2021 1 These results represent the percent change in net asset value (NAV) per Historically True to Form share with capital gain distributions and income dividends reinvested. As of 6/30/21 Each model has posted a competitive risk/return profile relative to their respective benchmarks Returns would have been lower had sales charges been reflected. 2 The S&P 500 Stock Index is a broad measure of the US stock market. for the period shown below. Historically, risk has decreased as models move from aggressive to 3 The Bloomberg Barclays U.S. Aggregate Bond Index measures the conservative. Investors can choose the model that best matches their risk tolerance and goals. US bond market. Index ­performance does not include any investment- related fees and expenses. It is not possible to invest directly in an index. 4 The FTSE Three-Month US Treasury Bill Index is an unmanaged index Risk/return profiles representing monthly return equivalents of yield averages of the last 3-month Treasury bill issue. Class I, 7/1/02–6/30/21 (start date is start of first full month after inception.)1 5 The MSCI World Index measures stock markets in the developed world. 6 10 The Bloomberg Barclays Global Aggregate Bond Index provides MFS® Conservative 12% a broad-based measure of the global investment-grade fixed income Allocation Fund markets. S&P 500 Stock Index2 Standard deviation is an indicator of the portfolio’­­­s total return volatility, Class A – MACFX Risk 14.62/Return 10.23% Class I – MACIX which is based on a minimum of 36 monthly returns. The larger the portfolio’s standard deviation, the greater the portfolio’s volatility. 8 ® MFS Moderate MFS Growth MFS Aggressive Growth “Standard & Poor’s®” and “S&P®” are registered trademarks of Standard Allocation Fund Allocation Fund Allocation Fund & Poor’s Financial Services LLC (“S&P”) and Dow Jones is a registered Class A – MAMAX Risk 12.34/Return 8.82% Risk 14.80/Return 9.32% trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) Class I – MMAIX 8% MFS Moderate and have been licensed for use by S&P Dow Jones Indices LLC and Allocation Fund 6 sublicensed for certain purposes by Massachusetts Financial Services MFS® Growth Risk 9.43/Return 7.84% Company (“MFS”). The S&P 500® is a product of S&P Dow Jones Indices

Allocation Fund MFS Conservative LLC, and has been licensed for use by MFS. MFS’ product(s) is not 60% MSCI World Index (net div)5/ Class A – MAGWX Allocation Fund sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, 40% Bloomberg Barclays Global Class I – MGWIX Risk 6.58/Return 6.59% 6 Dow Jones, S&P, or their respective affiliates, and neither S&P Dow Aggregate Bond Index Jones Indices LLC, Dow Jones, S&P, their respective affiliates make any MFS® Aggressive Risk 10.09/Return 7.15% 4 representation regarding the advisability of investing in such product(s). Growth Allocation Source: Bloomberg Barclays Indices, POINT ©2021 Barclays Capital Inc. Fund CHARGE SALES INCLUDING NOT Bloomberg Barclays 4% RETURNS, ANNUAL TOTAL AVERAGE 3 Used with permission. Barclays and POINT are registered trademarks of Class A – MAAGX U.S.Aggregate Bond Index Barclays Capital Inc. or its affiliates. Class I – MIAGX Risk 3.38/Return 4.35% 2 Source: FTSE International Limited (“FTSE”) © FTSE 2021. “FTSE®” is This material is provided for a trade mark of the London Stock Exchange Group companies and is general and educational used by FTSE International Limited under licence. All rights in the FTSE purposes only and is not FTSE (3M) US Treasury Bill Index4 indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither investment advice. The Risk 0.43/Return 1.24% investments you choose should FTSE nor its licensors accept any liability for any errors or omissions in correspond to your financial 0 the FTSE indices and / or FTSE ratings or underlying data and no party needs, goals, and risk tolerance. 0% Systems, Inc. Resource Factset SPAR, Source: may rely on any FTSE indices, ratings and / or data underlying data Please consult an investment LOWER RISK STANDARD DEVIATION HIGHER RISK contained in this communication. No further distribution of FTSE Data professional before making any 0 5 10 15 20 investment or financial decisions is permitted without FTSE’s express written consent. FTSE does not or purchasing any financial, promote, sponsor or endorse the content of this communication. securities or investment related service or product, including any Source: MSCI. MSCI makes no express or implied warranties investment product or service or representations and shall have no liability whatsoever with described in these materials. respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or Our four ready-made funds could help conservative to aggressive investors balance risk and any securities or financial products. This report is not approved, reviewed or producedby MSCI. return in various market environments over time. Past performance is no guarantee of future results.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE See next page for important disclosures. MFS® ASSET ALLOCATION FUNDS

MFS® Asset Allocation Funds built-in strategy LOWER RISK Potential return / Relative risk HIGHER RISK Gross Expense Ratio is the fund’s total operating expense ratio from the fund’s most recent prospectus. Net Expense Ratio Once you and your financial professional choose reflects the reduction of expenses from contractual fee waivers an allocation style that’s right for you, you’ll need and reimbursements. Elimination of these reductions will result to assemble the appropriate investment portfolio. in higher expenses and lower performance. These contractual MFS Asset Allocation Funds make allocation easy reductions will continue until at least date noted under the “Waiver and automatic by providing ready-made End Date” column. Diversification does not guarantee a profit or protect against a loss. diversification from up to 23 underlying MFS® mutual funds in each portfolio. Target allocations Important risk considerations are systematically rebalanced, as shown below.* 1 The fund may not achieve its objective and/or you could MFS® Conservative MFS® Moderate MFS® Growth MFS® Aggressive lose money on your investment in the fund. 2 Stock: Stock Allocation Fund Allocation Fund Allocation Fund Growth Allocation Fund markets and investments in individual stocks are volatile and can decline significantly in response to or investor US EQUITY STOCKS 28% 41% 52% 60% perception of, issuer, market, economic, industry, political, GLOBAL/INTERNATIONAL EQUITY STOCKS 8% 13% 20% 30% regulatory, geopolitical, environmental, public health, and other conditions. 3 Bond: Investments in debt instruments FIXED INCOME 60% 40% 20% 0% may decline in value as the result of, or perception of, SPECIALTY/ALTERNATIVE 4% 6% 8% 10% declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, * For more information on the reallocation of underlying funds, up-to-date performance information, and risks, please see the prospectus and the latest returns at mfs.com. underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt FUND AND OTHER INFORMATION AS OF 6/30/21 AVERAGE ANNUAL RETURNS (%) EXPENSE RATIO WAIVER instruments can be more sensitive to these factors and INCEPTION 10 YEAR 5 YEAR 3 YEAR 1 YEAR GROSS NET END DATE therefore more volatile. In addition, debt instruments entail MFS Conservative Allocation Fund 1, 2, 3, 4, 5 6/28/02 6.83 8.40 9.93 16.48 0.64 0.64 — interest rate risk (as interest rates rise, prices usually fall), 1, 2, 3, 4, 5 therefore the Fund’s share price may decline during rising MFS Moderate Allocation Fund 6/28/02 8.54 10.83 12.10 23.68 0.69 0.69 — rates. Funds that consist of debt instruments with longer 1, 2, 3, 4, 5 CLASS I MFS Growth Allocation Fund 6/28/02 10.02 13.08 13.78 31.06 0.74 0.73 9/30/21 durations are generally more sensitive to a rise in interest MFS Aggressive Growth Allocation Fund 1, 2, 4, 5 6/28/02 11.25 14.90 15.12 36.93 0.81 0.78 9/30/21 rates than those with shorter durations. At times, and MFS Conservative Allocation Fund 6/28/02 6.56 8.14 9.65 16.25 0.89 0.89 — particularly during periods of market turmoil, all or a large MFS Moderate Allocation Fund 6/28/02 8.27 10.55 11.82 23.35 0.94 0.94 — portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these

charges MFS Growth Allocation Fund 6/28/02 9.75 12.80 13.51 30.71 0.99 0.98 9/30/21 CLASS A

without sales investments and it may not be possible to sell a particular MFS Aggressive Growth Allocation Fund 6/28/02 10.98 14.62 14.83 36.61 1.06 1.03 9/30/21 investment or type of investment at any particular time or MFS Conservative Allocation Fund (5.75%) 6/28/02 5.94 6.86 7.51 9.56 0.89 0.89 — at an acceptable price. The price of an instrument trading MFS Moderate Allocation Fund (5.75%) 6/28/02 7.64 9.25 9.63 16.25 0.94 0.94 — at a negative interest rate responds to interest rate changes

charges like other debt instruments; however, an instrument

CLASS A MFS Growth Allocation Fund (5.75%) 6/28/02 9.11 11.47 11.29 23.20 0.99 0.98 9/30/21 with sales MFS Aggressive Growth Allocation Fund (5.75%) 6/28/02 10.32 13.27 12.59 28.76 1.06 1.03 9/30/21 purchased at a negative interest rate is expected to produce a negative return if held to maturity. 4 International: Standard & Poor’s 500 Stock Index 14.84 17.65 18.67 40.79 — — — Investments in foreign markets can involve greater risk Bloomberg Barclays U.S. Aggregate Bond Index 3.39 3.03 5.34 -0.33 — — — and volatility than US investments because of adverse FTSE Three-Month US Treasury Bill Index 0.60 1.14 1.31 0.08 — — — market, currency, economic, industry, political, regulatory, MSCI World Index 10.65 14.83 14.99 39.04 — — — geopolitical, or other conditions. 5 Underlying Funds: Bloomberg Barclays Global Aggregate Bond Index 2.05 2.34 4.23 2.63 — — — MFS’ strategy of investing in underlying funds exposes the fund to the risks of the underlying funds. Each underlying Performance data shown represent past performance and are no guarantee of future results. Investment return and principal value fund pursues its own objective and strategies and may not fluctuate, so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher achieve its objective. In addition, shareholders of the fund than quoted. For most recent month-end performance, please visit mfs.com. will indirectly bear the fees and expenses of the underlying Class I shares are available without a sales charge to eligible investors. funds. Please see the prospectus for further information Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense subsidies and waivers in effect during on these and other risk considerations. the periods shown. Without such subsidies and waivers the fund’s performance results would have been less favorable. Please see the prospectus and financial statements for complete details. All results are historical and assume the reinvestment of dividends and capital gains. NEXT STEPS TO CONSIDER INVESTORS – WORK WITH YOUR INVESTMENT The investments you choose should correspond to your financial needs, goals, and risk tolerance. For assistance in determining your PROFESSIONAL TO START BUILDING YOUR financial situation, please consult an investment professional. LONG-TERM PORTFOLIO. Before investing, consider the fund’s investment objectives, risks, charges, and expenses. For a prospectus or summary prospectus INVESTMENT PROFESSIONALS – CALL YOUR containing this and other information, contact your investment professional or view online at mfs.com. Please read it carefully. DEDICATED MFS TEAM AT 1-800-343-2829 FOR MORE DETAILED ANALYSIS OR VISIT MFS.COM. MFS FUND DISTRIBUTORS, INC., BOSTON, MA MFSP-AASP-SFL-7/21 12047.60