Built With Precision Designed to pursue your risk and return goals - MFS Asset Allocation Funds
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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 classes 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
willing to undertake. so strong performance desired allocation.
investing strategy with a
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 investment strategy, 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 stocks, bonds and cash.
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 mutual fund investor, we believe that the
same asset allocation concept applies to individual
investors. Of course, portfolio 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 REITs Commodities REITs Commodities Bonds REITs Bonds
Mid Cap Growth
15.50% 25.91% 30.41% 21.36% 34.35% 16.23% 5.24% 27.58% 7.84%
45.51% 37.21%
Global Large Cap Global Small/ Small/
Bonds International International International International REITs
Bonds Growth Bonds Mid Cap Mid Cap
8.44% 38.59% 20.25% 13.54% 26.34% 7.28%
16.53% 11.81% 4.79% 34.39% 26.71%
Small/ Large Cap Global
Cash Bonds REITs REITs International Cash International Commodities
Mid Cap Value Bonds
4.09% 10.25% 38.47% 8.29% 11.17% 1.80% 31.78% 16.83%
18.29% 22.25% 5.64%
Global Large Cap Large Cap Small/ Small/ Global Diversified Large Cap Large Cap
REITs REITs
Bonds Value Value Mid Cap Mid Cap Bonds Portfolio Growth Growth
5.22% 27.45%
1.57% 30.03% 16.49% 8.11% 16.17% 9.48% -27.54% 16.71% 2.64%
Small/ Large Cap Diversified Diversified Diversified Diversified Diversified Large Cap
Cash Bonds Commodities
Mid Cap Growth Portfolio Portfolio Portfolio Portfolio Portfolio Value
1.70% 6.97% –35.65%
1.22% 29.75% 14.48% 7.92% 15.02% 23.72% 15.73% 0.39%
Diversified Diversified Diversified Global Large Cap Large Cap Small/ Large Cap Large Cap
Cash Cash
Portfolio Portfolio Portfolio Bonds Value Growth Mid Cap Value Value
4.74% 0.08%
–4.75% –2.91% 27.75% 9.27% 7.05% 9.07% –36.79% 19.69% 15.51%
Large Cap Large Cap Large Cap Global Diversified Large Cap Diversified
Commodities Commodities Commodities International
Value Value Growth Bonds Portfolio Value Portfolio
23.93% 9.15% 18.91% 7.75%
–5.59% –15.52% 5.26% 6.64% 4.69% –36.85% -0.16%
Source: SPAR, FactSet Research Systems Inc.
Global Large Cap Small/ Global Small/
Commodities International Cash Cash REITs Bonds
Bonds Growth Mid Cap Bonds Mid Cap
–19.51% –15.94% 3.00% 4.76% –37.34% 6.54%
12.51% 6.30% 1.38% 6.93% –2.51%
Large Cap Small/ Large Cap Large Cap Global
Bonds Bonds Bonds Bonds Bonds International
Growth Mid Cap Value Growth Bonds
4.10% 4.34% 2.43% 4.33% 5.93% –12.14%
–20.42% –17.80% –0.17% –38.44% 5.54%
Large Cap Global
International Cash Cash Commodities REITs International Cash Cash Commodities
Growth Bonds
–21.44% 1.07% 1.24% 2.07% –17.83% –43.38% 0.16% 0.13% –13.32%
–27.88% –4.49%
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 REITs Cash REITs
Mid Cap Growth Mid Cap Growth Growth Growth
20.14% 27.15% 1.86% 9.71%
36.80% 5.67% 17.59% 30.21% 36.39% 38.49%
BEST
Small/ Large Cap Large Cap Large Small/ Small/
REITs International Bonds REITs
Mid Cap Growth Value Cap Value Mid Cap Mid Cap
2.29% 25.03% 0.01% 28.07%
17.88% 33.48% 13.45% 17.34% 19.99% 9.44%
Large Cap Large Cap Large Cap Small/ Global Small/ Diversified Large Cap
Bonds Commodities
Value Value Growth Mid Cap Bonds Mid Cap Portfolio Growth
0.55% 11.77%
17.51% 32.53% 13.05% 16.81% -1.20% 27.77% 10.58% 8.27%
Small/ Large Large Cap Large Cap Global Large Cap
International International Cash REITs
Mid Cap Cap Value Growth Value Bonds Value
17.32% 22.78% 0.03% 9.28%
7.07% 13.66% –1.51% 26.54% 9.20% 6.82%
Large Cap Diversified Diversified Diversified Diversified
Bonds International REITs International International
Growth Portfolio Portfolio Portfolio Portfolio
5.97% -0.81% –4.10% 22.01% 7.82%
ANNUAL RETURN
15.26% 13.41% 8.72% 13.21% 6.65%
Diversified Diversified Small/ Large Cap Diversified Diversified
REITs REITs Bonds Bonds
Portfolio Portfolio Mid Cap Growth Portfolio Portfolio
3.21% 9.27% 7.51% 4.83%
12.02% 5.32% –2.90% 7.08% -5.98% 20.33%
Global Global Global Global Large Large Global
Cash Bonds Bonds
Bonds Bonds Bonds Bonds Cap Value Cap Value Bonds
0.05% 2.65% 8.72%
4.32% 0.59% –3.15% 7.39% –8.27% 2.80% 4.76%
Diversified Global Small/
Bonds Bonds Cash Bonds Commodities Cash International
Portfolio Bonds Mid Cap
4.21% –2.02% 0.03% 3.54% 7.69% 0.58% 4.50%
-3.33% 2.09% –10.00%
Global Large Global
Cash International International Commodities Commodities Commodities Cash
Bonds Cap Value Bonds
0.07% –4.90% 1.00% 1.70% –11.25% –3.12% 1.43%
–2.60% –3.83% 6.84%
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 stock market.
3
The Bloomberg Barclays U.S. Aggregate Bond 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. 3Next, 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%
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
1/1/03 market high
62%
Bonds were strong12
10/10/07–3/9/09 market activity
Too conservative: This hypothetical portfolio
38% 29%
would have missed out on strong stock Original Unbalanced
allocation on 3/9/09,
50performance
% in 2009. 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.
4Now 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
INVESTOR #1 $42,935 year’s best performing market
segment
WENT FOR THE REBOUND
Each year invested in the previous year’s
INVESTOR #2 $38,841 worst performing market segment,
hoping for a rebound
Each year invested in the same eight asset
PRACTICED ADR
INVESTOR #3 $44,524 classes and rebalanced quarterly so assets
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.
5Asset allocation questionnaire:
Determining an asset allocation strategy
This questionnaire will help you and your financial professional p
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
I’d have a hard time stomaching any losses . . . . . . . . . . . . . . . . 1
Long-term goals and expectations
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.
6Choose 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
HIGHER POTENTIAL RETURN
32 to 35 points
n 60% US EQUITY STOCKS
MFS® Aggressive Growth n 30% GLOBAL/INTERNATIONAL EQUITY STOCKS
Allocation Fund 14, 15, 17, 18 n 10% SPECIALTY/ALTERNATIVE
27 to 31 points n 52% US EQUITY STOCKS
ORGINAL
n 20% GLOBAL/INTERNATIONAL EQUITY STOCKS
MFS Growth
®
n 20% FIXED INCOME
Allocation Fund 14, 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
Allocation Fund 14, 15, 16, 17, 18
n 6% SPECIALTY/ALTERNATIVE
LOWER POTENTIAL RETURN
7 to 16 points n 28% US EQUITY STOCKS
n 8% GLOBAL/INTERNATIONAL EQUITY STOCKS
MFS® Conservative ORGINAL
n 60% FIXED INCOME
Allocation Fund 14, 15, 16, 17, 18
n 4% SPECIALTY/ALTERNATIVE
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
ORGINAL
difficult to value these investments and it may not be possible to sell a particular investment 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,
currency, 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.
7MFS Asset Allocation Funds’
built-in strategy
LOWER Potential return / Relative risk HIGHER
Once you and your financial professional
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.
8MFS® 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.
9In 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.
linkedin.com/company/mfs-investment-management
facebook.com/followMFS
twitter.com/followMFS
youtube.com/followMFS
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
aSTRATEGY SNAPSHOT
MFS Asset Allocation Funds
®
1
These results represent the percent change in net asset value (NAV) per
Q2 I 2021 Historically True to Form share with capital gain distributions and income dividends reinvested.
As of 6/30/21 Returns would have been lower had sales charges been reflected.
Each model has posted a competitive risk/return profile relative to their respective benchmarks 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.
10
6
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
8
portfolio’s standard deviation, the greater the portfolio’s volatility.
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”)
MFS Moderate
AVERAGE ANNUAL TOTAL RETURNS,
Class I – MMAIX 8% and have been licensed for use by S&P Dow Jones Indices LLC and
NOT INCLUDING SALES CHARGE
Allocation Fund sublicensed for certain purposes by Massachusetts Financial Services
Risk 9.43/Return 7.84% 6
MFS® Growth 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
Class A – MAGWX 60% MSCI World Index (net div)5/ sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC,
Allocation Fund
40% Bloomberg Barclays Global Dow Jones, S&P, or their respective affiliates, and neither S&P Dow
Class I – MGWIX Risk 6.58/Return 6.59%
Source: SPAR, Factset Resource Systems, Inc.
Aggregate Bond Index6
Risk 10.09/Return 7.15%
Jones Indices LLC, Dow Jones, S&P, their respective affiliates make any
MFS® Aggressive 4
representation regarding the advisability of investing in such product(s).
Growth Allocation Source: Bloomberg Barclays Indices, POINT ©2021 Barclays Capital Inc.
Fund 4% Bloomberg Barclays Used with permission. Barclays and POINT are registered trademarks of
Class A – MAAGX U.S.Aggregate Bond Index3
Risk 3.38/Return 4.35%
Barclays Capital Inc. or its affiliates.
Class I – MIAGX
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%
LOWER RISK STANDARD DEVIATION HIGHER RISK
may rely on any FTSE indices, ratings and / or data underlying data
Please consult an investment 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 Source: MSCI. MSCI makes no express or implied warranties
service or product, including any
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),
therefore the Fund’s share price may decline during rising
CLASS I
MFS Moderate Allocation Fund 1, 2, 3, 4, 5 6/28/02 8.54 10.83 12.10 23.68 0.69 0.69 —
rates. Funds that consist of debt instruments with longer
MFS Growth Allocation Fund 1, 2, 3, 4, 5 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
without sales
portion of segments of the market may not have an active
CLASS A
charges
MFS Moderate Allocation Fund 6/28/02 8.27 10.55 11.82 23.35 0.94 0.94 —
MFS Growth Allocation Fund 6/28/02 9.75 12.80 13.51 30.71 0.99 0.98 9/30/21
trading market. As a result, it may be difficult to value these
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
with sales
CLASS A
charges
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
MFS Growth Allocation Fund (5.75%) 6/28/02 9.11 11.47 11.29 23.20 0.99 0.98 9/30/21 like other debt instruments; however, an instrument
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 NEXT STEPS TO CONSIDER
for complete details. All results are historical and assume the reinvestment of dividends and capital gains.
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 12047.60You can also read
