497K 1 summary.htm MFS ASIA PACIFIC EX-JAPAN FUND summary.htm

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 orderliterature@mfs.com.  The fund’s prospectus and statement of additional information, both dated November 28, 2011, as may be supplemented from time to time, are incorporated by reference into this Summary Prospectus.

 
CLASS
TICKER SYMBOL
Class A
MPXAX
Class B
MPXBX
Class C
MPXCX
Class I
MPXIX

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. Expenses have been adjusted to reflect current fee arrangements.
 
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-13 of the fund’s statement of additional information Part I.
 
Shareholder Fees (fees paid directly from your investment):
 
Share Class
A
B
C
I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
5.75%
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
 
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
Management Fee
1.05%
1.05%
1.05%
1.05%
Distribution and/or Service (12b-1) Fees
0.25%
1.00%
1.00%
None
Other Expenses
13.39%
13.39%
13.39%
13.39%
Total Annual Fund Operating Expenses
14.69%
15.44%
15.44%
14.44%
Fee Reductions and/or Expense Reimbursements 1
(12.99)%
(12.99)%
(12.99)%
(12.99)%
Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements
1.70%
2.45%
2.45%
1.45%
 
#
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
MFS 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 1.70% of the fund's average daily net assets annually for Class A shares, 2.45% of the fund's average daily net assets annually for each of Class B and Class C shares, and 1.45% of the fund's average daily net assets annually for Class I shares.  This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue until at least November 30, 2012.


 
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MFS Asia Pacific ex-Japan 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
$738
$3,328
$5,440
$9,170
Class B Shares assuming
       
 redemption at end of period
$648
$3,340
$5,507
$9,240
 no redemption at end of period
$248
$3,093
$5,375
$9,240
Class C Shares assuming
       
 redemption at end of period
$348
$3,093
$5,375
$9,294
 no redemption at end of period
$248
$3,093
$5,375
$9,294
Class I Shares
$148
$2,862
$5,089
$9,057
 
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 September 15, 2010, to the fund's fiscal year end of July 31, 2011, the fund’s portfolio turnover rate was approximately 76% of the average value of its portfolio.
 
Principal Investment Strategies
MFS (Massachusetts Financial Services Company, the fund's investment adviser) normally invests at least 80% of the fund’s net assets in securities of issuers in the Asia Pacific region, excluding Japan ("Asia Pacific ex-Japan"), and other investments that are tied economically to the Asia Pacific ex-Japan region. The Asia Pacific ex-Japan region includes Australia, Hong Kong, China, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Taiwan, and Thailand.  Many of the economies of countries in the Asia Pacific region are considered emerging market economies.
 
MFS normally invests the fund’s assets primarily in equity securities. Equity securities include common stocks, preferred stocks, securities convertible into stocks, and depositary receipts for those securities.
 
MFS may invest a large percentage of the fund’s assets in issuers in a single country or a small number of countries within the Asia Pacific ex-Japan region.
 
MFS may invest up to 35% of the fund’s assets in any industry that accounts for more than 20% of the Asia Pacific ex-Japan market.
 
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.
 
MFS may invest the fund’s assets in companies of any size.
 
While MFS may use derivatives for any investment purpose, to the extent MFS uses derivatives, MFS expects to use derivatives primarily to increase or decrease exposure to a particular market, segment of the market, or security. Derivatives include futures, forward contracts, options, structured securities, inverse floating rate instruments, and swaps.
 
A team of investment research analysts selects investments for the fund. MFS allocates the fund’s assets to analysts by broad market sectors.
 
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.
 
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, or 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 and 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 or 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, or 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.
 
Asia Pacific Risk:  Many of the economies of countries in the Asia Pacific region are considered emerging market economies.  Countries in the Asia Pacific region can be reliant on only a few industries or commodities.  Many Asia Pacific economies may be intertwined, so they may experience recessions at the same time or respond similarly to adverse events.  Furthermore, many of the Asia Pacific economies are characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets.  The economies of many Asia Pacific countries are heavily dependent on international trade and can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade.

 
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MFS Asia Pacific ex-Japan Fund

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.
 
Investment Selection Risk:  The MFS analysis of an investment can be incorrect and 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.
 
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 are not included because the fund has not had a full calendar year of investment operations.
 
Investment Adviser
MFS serves as the investment adviser for the fund.
 
Portfolio Manager(s)

Portfolio Manager
Since
Title
Sanjay Natarajan
2010
Investment Officer of MFS
Robert Lau
2010
Investment Officer of MFS

Effective September 1, 2012, the chart above will be restated as follows:
Portfolio Manager
Since
Title
Sanjay Natarajan
2010
Investment Officer of MFS
John J. Tsai
September 2012
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 by overnight mail (MFS Service Center, Inc. (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 (1-800-225-2606), 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
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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