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MFS® Aggressive Growth Allocation Fund
MFS® Aggressive Growth Allocation Fund - Summary of Key Information
Investment Objective

The investment objective of the fund is to seek a high level of total return consistent with an aggressive level of risk relative to the other MFS Asset Allocation Funds.  (The MFS Asset Allocation Funds currently include the MFS Conservative Allocation Fund, MFS Moderate Allocation Fund, MFS Growth Allocation Fund, and MFS Aggressive Growth Allocation Fund.)

Fees and Expenses

This table describes the fees and expenses that you may pay when you buy and hold shares of the fund.


You may qualify for sales charge reductions if you and certain members of your family invest, or agree to invest in the future, at least $50,000 in MFS Funds. More information about these and other waivers and reductions is available from your financial intermediary and in “Sales Charges and Waivers or Reductions” on page 9 of the fund’s prospectus and “Waivers of Sales Charges” on page H-1 of the fund’s Statement of Additional Information (“SAI”).

Shareholder Fees (fees paid directly from your investment):
Shareholder Fees MFS® Aggressive Growth Allocation Fund
A
B
C
I
529A
529B
529C
R1
R2
R3
R4
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.75% none none none 5.75% none none none none none none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less) 1.00% [1] 4.00% 1.00% none none 4.00% 1.00% none none none none
[1] On shares purchased without an initial sales charge and redeemed within 18 months of purchase for shares purchased on or after August 1, 2012, and within 24 months of purchase for shares purchased prior to August 1, 2012.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Annual Fund Operating Expenses MFS® Aggressive Growth Allocation Fund
A
B
C
I
529A
529B
529C
R1
R2
R3
R4
Management Fee none none none none none none none none none none none
Distribution and/or Service (12b-1) Fees 0.25% 1.00% 1.00% none 0.25% 1.00% 1.00% 1.00% 0.50% 0.25% none
Other Expenses 0.13% 0.13% 0.13% 0.13% 0.23% 0.23% 0.23% 0.13% 0.13% 0.13% 0.13%
Acquired (Underlying) Fund Fees and Expenses 0.82% 0.82% 0.82% 0.82% 0.82% 0.82% 0.82% 0.82% 0.82% 0.82% 0.82%
Total Annual Fund Operating Expenses 1.20% 1.95% 1.95% 0.95% 1.30% 2.05% 2.05% 1.95% 1.45% 1.20% 0.95%
Fee Reductions and/or Expense Reimbursements [1] none none none none (0.05%) (0.05%) (0.05%) none none none none
Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements 1.20% 1.95% 1.95% 0.95% 1.25% 2.00% 2.00% 1.95% 1.45% 1.20% 0.95%
[1] MFS Fund Distributors, Inc., has agreed in writing to waive the program management fee for each of the fund's Class 529A, Class 529B, and Class 529C shares to 0.05% of the fund's average daily net assets attributable to each share class annually. This written agreement will expire on September 30, 2014, unless MFS Fund Distributors, Inc., elects to extend the waiver.
Example

This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.


The example assumes that: you invest $10,000 in the fund for the time periods indicated and you redeem your shares at the end of the time periods (unless otherwise indicated); your investment has a 5% return each year; and the fund’s operating expenses remain the same.

Although your actual costs will likely be higher or lower, under these assumptions your costs would be:
Expense Example MFS® Aggressive Growth Allocation Fund (USD $)
1 YEAR
3 YEARS
5 YEARS
10 YEARS
A
690 934 1,197 1,946
B
598 912 1,252 2,080
C
298 612 1,052 2,275
I
97 303 526 1,166
529A
695 959 1,242 2,048
529B
603 938 1,299 2,183
529C
303 638 1,099 2,375
R1
198 612 1,052 2,275
R2
148 459 792 1,735
R3
122 381 660 1,455
R4
97 303 526 1,166
Expense Example No Redemption MFS® Aggressive Growth Allocation Fund (USD $)
1 YEAR
3 YEARS
5 YEARS
10 YEARS
B
198 612 1,052 2,080
C
198 612 1,052 2,275
529B
203 638 1,099 2,183
529C
203 638 1,099 2,375
Portfolio Turnover

The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These transaction costs, which are not reflected in “Annual Fund Operating Expenses” or in the “Example,” affect the fund’s performance.  During the most recent fiscal year, the fund’s portfolio turnover rate was 9% of the average value of its portfolio.

Principal Investment Strategies

The fund is designed to provide diversification among different asset classes by investing its assets in other mutual funds advised by MFS (Massachusetts Financial Services Company, the fund’s investment adviser), referred to as underlying funds. The underlying funds are selected following a two stage asset allocation process. The first stage is a strategic asset allocation to determine the percentage of the fund’s assets to be invested in the general asset classes of Bond Funds, International Stock Funds, and U.S. Stock Funds, as well as an allocation to underlying funds that have less traditional investment strategies that MFS believes provide diversification benefits when added to a portfolio consisting of stock and bond funds (referred to as Specialty Funds) based on the risk/return potential of the different asset classes and the risk profile of the fund. The second stage involves the actual selection of underlying funds to represent the asset classes based on underlying fund classifications, historical risk, performance, and other factors. Within the stock fund allocations, MFS seeks to diversify globally (by including domestic and international underlying funds), in terms of market capitalization (by including large, mid, and small capitalization underlying funds), and by style (by including both growth and value underlying funds).


As of September 1, 2013, the fund’s target allocation among asset classes and the underlying funds was:


Bond Funds:

 

0

%

International Stock Funds:

 

30

%

MFS Emerging Markets Equity Fund

 

2

%

MFS International Growth Fund

 

8

%

MFS International New Discovery Fund

 

4

%

MFS International Value Fund

 

8

%

MFS Research International Fund

 

8

%

U.S. Stock Funds:

 

60

%

MFS Growth Fund

 

13

%

MFS Mid Cap Growth Fund

 

10

%

MFS Mid Cap Value Fund

 

10

%

MFS New Discovery Fund

 

3

%

MFS New Discovery Value Fund

 

3

%

MFS Research Fund

 

9

%

MFS Value Fund

 

13

%

Specialty Funds:

 

10

%

MFS Commodity Strategy Fund

 

5

%

MFS Global Real Estate Fund

 

5

%


Due to rounding, the target asset class and underlying fund allocations presented in the table may not total 100%.

Principal Risks

As with any mutual fund, the fund may not achieve its objective and/or you could lose money on your investment in the fund. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.


The principal risks of investing in the fund are:


Investment Selection and Allocation Risk:  MFS’ investment analysis, its selection of investments, and its assessment of the risk/return potential of asset classes and underlying funds may not produce the intended results and/or can lead to an investment focus that results in the fund underperforming other funds with similar investment strategies and/or underperforming the markets in which the fund invests.


Underlying Funds Risk:  MFS’ strategy of investing in underlying funds exposes the fund to the risks of the underlying funds. Each underlying fund pursues its own investment objective and strategies and may not achieve its objective.


Stock Market/Company Risk:  Stock markets are volatile and can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, and other conditions, as well as to investor perceptions of these conditions. The price of an equity security can decrease significantly in response to these conditions, and these conditions can affect a single issuer or type of security, issuers within a broad market sector, industry or geographic region, or the market in general.


Foreign and Emerging Markets Risk:  Exposure to foreign markets, especially emerging markets, through issuers or currencies can involve additional risks relating to market, economic, industry, political, regulatory, geopolitical, and other conditions. These factors can make foreign investments, especially those in emerging markets, more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, and greater political, social, and economic instability than developed markets.


Currency Risk:  The value of foreign currencies relative to the U.S. dollar fluctuates in response to market, economic, industry, political, regulatory, geopolitical, and other conditions, and a decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.


Growth Company Risk:  The stocks of growth companies can be more sensitive to the company’s earnings and more volatile than the market in general.


Value Company Risk:  The stocks of value companies can continue to be undervalued for long periods of time and not realize their expected value and can be more volatile than the market in general.


Real Estate-Related Investment Risk: The risks of investing in real estate-related securities include certain risks associated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions; fluctuations in interest rates and property tax rates; shifts in zoning laws, environmental regulations and other governmental action; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; and other factors.  The securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources.


Commodity Risk:  The value of commodities may be more volatile than the value of equity securities or debt instruments and their value may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. The price of a commodity may be affected by demand/supply imbalances in the market for the commodity.


Derivatives Risk:  Derivatives can be highly volatile and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based. Gains or losses from derivatives can be substantially greater than the derivatives’ original cost.  Derivatives can involve leverage.


Leveraging Risk:  Leverage involves investment exposure in an amount exceeding the initial investment. Leverage can cause increased volatility by magnifying gains or losses.


Counterparty and Third Party Risk:  Transactions involving a counterparty or third party other than the issuer of the instrument are subject to the credit risk of the counterparty or third party, and to the counterparty’s or third party’s ability to perform in accordance with the terms of the transaction.


Liquidity Risk:  It may not be possible to sell certain investments, types of investments, and/or segments of the market at any particular time or at an acceptable price.

Performance Information

The bar chart and performance table below are intended to provide some indication of the risks of investing in the fund by showing changes in the fund’s performance over time and how the fund’s performance over time compares with that of a broad measure of market performance and one or more other measures of performance for markets in which the fund may invest.


The fund’s past performance (before and after taxes) does not necessarily indicate how the fund will perform in the future. Updated performance is available online at mfs.com or by calling 1-800-225-2606.

The bar chart does not take into account any sales charges (loads) that you may be required to pay upon purchase or redemption of the fund's shares. If these sales charges were included, they would reduce the returns shown.


Class A Bar Chart.
Bar Chart

The total return for the six-month period ended June 30, 2013 was 9.37%. During the period(s) shown in the bar chart, the highest quarterly return was 19.81% (for the calendar quarter ended June 30, 2009) and the lowest quarterly return was (24.63)% (for the calendar quarter ended December 31, 2008).

Performance Table.
Average Annual Total Returns (for the Periods Ended December 31, 2012)
Average Annual Returns MFS® Aggressive Growth Allocation Fund
Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
B
B Shares Returns Before Taxes 12.40% 0.19% 7.37%
C
C Shares Returns Before Taxes 15.36% 0.58% 7.20%
I
I Shares Returns Before Taxes 17.63% 1.61% 8.29%
529A
529A Shares Returns Before Taxes 10.50% 0.02% 7.13%
529B
529B Shares Returns Before Taxes 12.36% 0.10% 7.18%
529C
529C Shares Returns Before Taxes 15.37% 0.49% 7.03%
R1
R1 Shares Returns Before Taxes 16.39% 0.57% 7.12%
R2
R2 Shares Returns Before Taxes 17.00% 1.08% 7.63%
R3
R3 Shares Returns Before Taxes 17.23% 1.33% 7.93%
R4
R4 Shares Returns Before Taxes 17.69% 1.60% 8.24%
A
A Shares Returns Before Taxes 10.52% 0.12% 7.31%
After Taxes on Distributions A
A Shares Returns After Taxes on Distributions 10.26% (0.22%) 6.90%
After Taxes on Distributions and Sale of Fund Shares A
A Shares Returns After Taxes on Distributions and Sale of Fund Shares 7.03% (0.02%) 6.33%
Standard & Poor’s 500 Stock Index
Index Comparisons (Reflects no deduction for fees, expenses or taxes) Standard & Poor's 500 Stock Index 16.00% 1.66% 7.10%
MFS Aggressive Growth Allocation Fund Blended Index
Index Comparisons (Reflects no deduction for fees, expenses or taxes) MFS Aggressive Growth Allocation Fund Blended Index 16.37% [1] 0.47% [1] 7.33% [1]
[1] As of December 31, 2012, the MFS Aggressive Growth Allocation Fund Blended Index (the "Blended Index") consisted of the following indices and weightings: 60% Standard & Poor's 500 Stock Index; 30% MSCI EAFE (Europe, Australasia, Far East) Index; 5% The Dow Jones-UBS Commodity Index; and 5% FTSE EPRA/NAREIT Developed Real Estate Index. The components and weightings of the Blended Index may have differed during the period, and may differ in the future.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your own tax situation, and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns are shown for only one of the fund’s classes of shares, and after-tax returns for the fund’s other classes of shares will vary from the returns shown.