MFS AGGRESSIVE GROWTH ALLOCATION FUND

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1 Q3 16 Investment Update MFS AGGRESSIVE GROWTH ALLOCATION FUND A diversified portfolio consisting primarily of MFS stock funds Provides convenient access to a broadly diversified, professionally managed portfolio of underlying MFS funds in a single investment and is rebalanced. Benchmark: S&P 500 Index Fund objective Seeks a high level of total return consistent with an aggressive level of risk relative to the other MFS Asset Allocation Funds Summary of Results For the three months ended September 30 th, 2016, Class I shares of the MFS Aggressive Growth Allocation Fund ( fund ) provided a total return of 4.10%. This compares with a return of 3.85% for the fund s benchmark, the Standard & Poor s 500 Stock Index. The fund s other benchmark, the MFS Aggressive Growth Allocation Fund Blended Index ("Blended Index ), generated a return of 4.15%. The Blended Index reflects the blended returns of broad market indices, with percentage allocations to each index designed to reflect the asset class allocations of the fund. The MFS Aggressive Growth Allocation Fund Blended Index (6/28/02-4/30/09) is comprised of the following indices: the S&P 500 (80%) and MSCI EAFE (20%); for the period 5/1/09-5/31/10, the index is comprised of the following indices: S&P 500 (65%), MSCI EAFE (30%), and FTSE EPRA/NAREIT Developed Real Estate Index (5%); for the period 6/1/10 - present, the index is comprised of the following indices: the S&P 500 (60%), MSCI EAFE (30%), the Bloomberg Commodity Index (5%), and FTSE EPRA/NAREIT Developed Real Estate Index (5%). Standard & Poor's 500 Stock Index measures the broad U.S. stock market. MSCI EAFE (Europe, Australasia, Far East) Index measures the non-us stock market. The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index tracks trades on futures contracts for physical commodities, such as energy (petroleum, gas), precious metals (gold, silver), industrial metals (zinc, copper), grains (corn, wheat), livestock (live cattle/ lean hogs), among others, and are traded in a variety of currencies. FTSE EPRA/NAREIT Developed Real Estate Index measures the performance of eligible real estate equities worldwide that generate a majority of their revenue and income through the ownership, disposure and development of incomeproducing real estate. Index returns do not take into account investment related fees and expenses. It is not possible to invest directly in an index. MFS Quarterly Portfolio Commentary Relative to the fund's blended index, US equities was a contributor to overall results. Greater probability that Federal Reserve (Fed) would increase interest rates before the end of the calendar year, and the steady economic expansion supported by consumer spending and a robust labor market helped boost absolute returns during the period. Within this segment, the fund's allocation to the MFS New Discovery Fund (3% allocation), MFS New Discovery Value Fund (3% allocation) and MFS Mid Cap Growth Fund (10% allocation) more than offset relative performance in the MFS Value Fund (13% allocation). The international equity component of the Fund was positive on an absolute basis, however it detracted on a relative basis. European equities were supported by a strong second quarter reporting season driven by economically-sensitive sectors such as information technology, consumer discretionary and materials, while in the UK the sentiment remained strong despite continuous headwinds following the EU referendum Page 1 of 5 NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

2 vote. Within this segment, relative performance in the MFS International Value Fund (8% allocation) and the MFS Research International Fund (8% allocation) detracted from relative performance. Within the fund's specialty asset class exposure, the commodity segment decreased in value during the quarter led by weak energy and agriculture price levels. However, the fund's allocation to the MFS Global Real Estate Fund (5% allocation) offset headwinds of exposure to MFS Commodity Strategy Fund (5% allocation). The fund's allocation to a broad array of underlying funds helped to provide diversification by asset class, investment style, and geographic diversification seeking to dampen volatility and generate enhanced riskadjusted returns for investors during the quarter. Page 2 of 5

3 Performance review as of 09/30/2016 Portfolio % Q Year 3 Years 5 Years 10 Years Class A without sales charge Class A with 5.75% maximum sales charge Class I Class R Blended Benchmark Blend constituents: *S&P MSCI EAFE Index Bloomberg Commodity Index FTSE EPRA/NAREIT Dev. R.E. Index Lipper Mixed-Asset Target Alloc Agg Gro Cat Avg *Primary Benchmark Fund Expenses Class A Class I Class R4 Gross Expense Ratio Net Expense Ratio Gross expense ratio is the fund's total operating expense ratio from the fund's most recent prospectus. Net expense ratio reflects the reduction of expenses from fee waivers, and reimbursements. Elimination of these reductions will result in higher expenses and lower performance. These reductions will continue until at least September 30, Performance data shown represents past performance and are no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. For most recent month-end performance, please visit mfs.com. Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. All results assume the reinvestment of dividends and capital gains. The performance is as of the date shown; it may not include the fund's entire investment portfolio and is subject to change. Sales Charges Class I shares ("I") have no sales charge or Rule 12b-1 fees and are available only to eligible investors. Class R4 shares ("R4") have no initial sales charge or CDSC. Shares are available only to certain retirement plans. Page 3 of 5

4 Important risk considerations The fund may not achieve its objective and/or you could lose money on your investment in the fund. Stock markets and investments in individual stocks are volatile and can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, and other conditions. Investments in foreign markets can involve greater risk and volatility than U.S. investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, or other conditions. Investments in small-cap companies can be more volatile than investments in larger companies. 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. Please see the prospectus for further information on these and other risk considerations. This portfolio is actively managed, and current holdings may be different. This is a list of the underlying funds and the percentage (based on the equivalent exposure of unaudited net assets) they represent in the portfolio as of 09/30/16: MFS Aggressive Growth Allocation Fund As of 09/30/16 MFS Growth Fund 12.98% MFS Value Fund 12.97% MFS Mid Cap Growth Fund 9.99% MFS Mid Cap Value Fund 9.99% MFS Research Fund 8.99% MFS International Value Fund 7.99% MFS International Growth Fund 7.98% MFS Research International Fund 7.97% MFS Commodity Strategy Fund 4.99% MFS Global Real Estate Fund 4.97% MFS International New Discovery Fund 3.99% MFS New Discovery Fund 2.50% MFS New Discovery Value Fund 2.50% MFS Emerging Markets Equity Fund 1.99% Cash & Cash Equivalents 0.22% Equivalent exposure measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ. The views expressed are those of MFS and are subject to change at any time. These views should not be relied upon as investment advice, as securities recommendations, or as an indication of trading intent on behalf of any other MFS investment product. No forecasts can be guaranteed. 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. Page 4 of 5

5 MFS investment products are offered through MFS Fund Distributors, Inc., 111 Huntington Avenue, Boston, MA Page 5 of 5