Mutual Fund Summary Prospectus (497k)

 

SUMMARY PROSPECTUS December 29, 2012

 

MFS ®  Global New Discovery Fund

 

Before you invest , you may want to review the fund’s prospectus, which contains more information about the fund and its risks. You can find the fund’s prospectus and other information about the fund, including the fund’s statement of additional information, online at funds.mfs.com.  You can also get this information at no cost by calling 1-800-225-2606 or by sending an e-mail request to [e-mail].  The fund’s prospectus and statement of additional information, both dated December 29, 2012, as may be supplemented from time to time, are incorporated by reference into this Summary Prospectus.

 

CLASS		TICKER SYMBOL
Class A		GLNAX
Class B		GLNBX
Class C		GLNCX
Class I		GLNIX
Class R1		GLNJX
Class R2		GLNKX
Class R3		GLNLX
Class R4		GLNMX
Class R5		GLNNX

 

Summary of Key Information

 

Investment Objective

 

The fund’s investment objective is to seek capital appreciation.

 

Fees and Expenses

 

This table describes the fees and expenses that you may pay when you buy and hold shares of the fund. The annual fund operating expenses for Class R5 shares are based on estimated “Other Expenses” for the current fiscal year expressed as a percentage of the fund’s estimated average net assets during the period.

 

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 7 of the fund’s prospectus and “Waivers of Sales Charges” on page I-12 of the fund’s statement of additional information Part I.

 

Shareholder Fees (fees paid directly from your investment):

 

Share Class		A		B		C		I		ALL R
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		5.75	%	None		None		None		None
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less)		1.00	% #	4.00	%	1.00	%	None		None

 

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

 

Share Class		A		B		C		I		R1		R2		R3		R4		R5
Management Fee		0.98	%	0.98	%	0.98	%	0.98	%	0.98	%	0.98	%	0.98	%	0.98	%	0.98	%
Distribution and/or Service (12b-1) Fees		0.25	%	1.00	%	1.00	%	None		1.00	%	0.50	%	0.25	%	None		None
Other Expenses		3.40	%	3.40	%	3.40	%	3.40	%	3.40	%	3.40	%	3.40	%	3.40	%	3.40	%
Total Annual Fund Operating Expenses		4.63	%	5.38	%	5.38	%	4.38	%	5.38	%	4.88	%	4.63	%	4.38	%	4.38	%
Fee Reductions and/or Expense Reimbursements 1		(3.13	)%	(3.13	)%	(3.13	)%	(3.13	)%	(3.13	)%	(3.13	)%	(3.13	)%	(3.13	)%	(3.13	)%
Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements		1.50	%	2.25	%	2.25	%	1.25	%	2.25	%	1.75	%	1.50	%	1.25	%	1.25	%

 

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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.

1

Massachusetts Financial Services Company has agreed in writing to bear the fund’s expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses (such as interest and borrowing expenses incurred in connection with the fund’s investment activity), such that “Total Annual Fund Operating Expenses” do not exceed 1.50% of the fund’s average daily net assets annually for each of Class A and Class R3 shares, 2.25% of the fund’s average daily net assets annually for each of Class B, Class C, and Class R1 shares, 1.25% of the fund’s average daily net assets annually for each of Class I, Class R4, and Class R5 shares, and 1.75% of the fund’s average daily net assets annually for Class R2 shares. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue until at least December 31, 2013.

 

GND-SUM-122912

 

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MFS Global New Discovery Fund

 

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:

 

		1 YEAR			3 YEARS			5 YEARS			10 YEARS
Class A Shares		$	719		$	1,626		$	2,539		$	4,852
Class B Shares assuming
redemption at end of period		$	628		$	1,629		$	2,623		$	4,976
no redemption at end of period		$	228		$	1,329		$	2,423		$	4,976
Class C Shares assuming
redemption at end of period		$	328		$	1,329		$	2,423		$	5,119
no redemption at end of period		$	228		$	1,329		$	2,423		$	5,119
Class I Shares		$	127		$	1,042		$	1,968		$	4,333
Class R1 Shares		$	228		$	1,329		$	2,423		$	5,119
Class R2 Shares		$	178		$	1,187		$	2,198		$	4,737
Class R3 Shares		$	153		$	1,115		$	2,084		$	4,538
Class R4 Shares		$	127		$	1,042		$	1,968		$	4,333
Class R5 Shares		$	127		$	1,042		$	1,968		$	4,333

 

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.  For the period from the fund’s commencement of operations on December 16, 2011 to the fund’s fiscal year end of August 31, 2012, the fund’s portfolio turnover rate was 40% of the average value of its portfolio.

 

Principal Investment Strategies

 

MFS (Massachusetts Financial Services Company, the fund’s investment adviser) normally invests the fund’s assets primarily in U.S. and foreign equity securities, including emerging market equity securities. Equity securities include common stocks, preferred stocks, securities convertible into stocks, and depositary receipts for such securities.

 

MFS may invest a large percentage of the fund’s assets in issuers in a single country, a small number of countries, or a particular geographic region.

 

In selecting investments for the fund, MFS is not constrained to any particular investment style. MFS may invest the fund’s assets in the stocks of companies it believes to have above average earnings growth potential compared to other companies (growth companies), in the stocks of companies it believes are undervalued compared to their perceived worth (value companies), or in a combination of growth and value companies.

 

While MFS may invest the fund’s assets in companies of any size, MFS generally focuses on companies with small to medium capitalizations.

 

MFS uses a bottom-up investment approach to buying and selling investments for the fund. Investments are selected primarily based on fundamental analysis of individual issuers. Quantitative models that systematically evaluate issuers may also be considered.

 

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:

 

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.

 

Small to Medium Cap Risk:   The stocks of small to medium cap companies can be more volatile than stocks of larger companies.

 

Foreign and Emerging Markets Risk:  Exposure to foreign markets, especially emerging markets, through issuers or currencies can involve additional risks relating to market, economic, 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, 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.

 

Geographic Concentration Risk: The fund’s performance could be closely tied to the market, currency, economic, political, regulatory, geopolitical, and other conditions in the countries or regions in which the fund invests and could be more volatile than the performance of more geographically-diversified funds.

 

Investment Selection Risk:  MFS’ investment analysis and its selection of investments 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.

 

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 are not included because the fund has not had a full calendar year of operations.

 

Investment Adviser

 

MFS serves as the investment adviser for the fund.

 

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MFS Global New Discovery Fund

 

Portfolio Manager(s)

 

Portfolio Manager		Since		Title
Peter F. Fruzzetti		December 2011		Investment Officer of MFS
Thomas H. Wetherald		December 2011		Investment Officer of MFS

 

Purchase and Sale of Fund Shares

 

You may purchase and redeem shares of the fund each day the New York Stock Exchange is open for trading. You may purchase or redeem shares either by having your financial intermediary process your purchase or redemption, or through MFS Service Center, Inc. (MFSC) by overnight mail (MFSC, c/o Boston Financial Data Services, 30 Dan Road, Canton, MA 02021-2809), by mail ([Fund Name], P.O. Box 55824, Boston, MA 02205-5824), by telephone [phone]), or via the Internet at mfs.com (MFS Access).

 

The fund’s initial and subsequent investment minimums generally are as follows:

 

Class		Initial Minimum		Subsequent Minimum
Class A, Class B, Class C		None – automatic investment plans and certain asset-based fee programs $25 – employer-sponsored retirement plans $250 – Traditional and Roth IRAs $1,000 – other accounts		$50 – by check and non-systematic written exchange request, and via MFSC telephone representatives None – other purchases
Class I, Class R1, Class R2, Class R3, Class R4, Class R5		None		None

 

Taxes

 

If your shares are held in a taxable account, the fund’s distributions are taxable to you, and will be taxed as ordinary income and/or capital gains.

 

Payments to Broker/Dealers and Other Financial Intermediaries

 

If you purchase shares of the fund through a broker/dealer or other financial intermediary (such as a bank), the fund, MFS, and MFS’ affiliates may pay the financial intermediary for the sale of shares of a fund and/or the servicing of shareholder accounts. These payments may create a conflict of interest by influencing your broker/dealer or other financial intermediary and your salesperson to recommend the fund over another investment. Ask your financial intermediary or visit your financial intermediary’s Web site for more information.

 

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