497K 1 brwsummary.htm MFS BLENDED RESEARCH GROWTH EQUITY FUND - SUMMARY PROSPECTUS
 
SUMMARY PROSPECTUS
September 14, 2015 (As Amended June 28, 2016)
MFS® Blended Research® Growth Equity 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 orderliterature@mfs.com.  The fund's prospectus and statement of additional information, both dated September 14, 2015, as may be supplemented from time to time, are incorporated by reference into this Summary Prospectus.

CLASS
TICKER SYMBOL
Class A
BRWAX
Class B
BRWBX
Class C
BRWCX
Class I
BRWJX
Class R1
BRWRX
Class R2
BRWSX
Class R3
BRWTX
Class R4
BRWUX
Class R5
BRWVX
 

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 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 H-1 of the fund's Statement of Additional Information ("SAI").
Shareholder Fees (fees paid directly from your investment):
 
Share Class
 
A
 
B
 
C
 
I
 
R1
 
R2
 
R3
 
R4
 
R5
 
 
Maximum Sales Charge (Load)
Imposed on Purchases (as a percentage of offering price)
 
5.75%
 
None
 
None
 
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%#
 
4.00%
 
1.00%
 
None
 
None
 
None
 
None
 
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
 
0.40%
 
0.40%
 
0.40%
 
0.40%
 
0.40%
 
0.40%
 
0.40%
 
0.40%
 
0.40%
 
Distribution and/or Service (12b-1) Fees
 
0.25%
 
1.00%
 
1.00%
 
None
 
1.00%
 
0.50%
 
0.25%
 
None
 
None
 
Other Expenses
 
1.83%
 
1.83%
 
1.83%
 
1.83%
 
1.83%
 
1.83%
 
1.83%
 
1.83%
 
1.79%
 
Total Annual Fund Operating Expenses
 
2.48%
 
3.23%
 
3.23%
 
2.23%
 
3.23%
 
2.73%
 
2.48%
 
2.23%
 
2.19%
 
Fee Reductions and/or Expense Reimbursements1
 
(1.74)%
 
(1.74)%
 
(1.74)%
 
(1.74)%
 
(1.74)%
 
(1.74)%
 
(1.74)%
 
(1.74)%
 
(1.74)%
 
Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements
 
0.74%
 
1.49%
 
1.49%
 
0.49%
 
1.49%
 
0.99%
 
0.74%
 
0.49%
 
0.45%

# This contingent deferred sales charge (CDSC) applies to shares purchased without an initial sales charge and redeemed within 18 months of purchase.
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 0.74% of the fund's average daily net assets annually for each of Class A and Class R3 shares, 1.49% of the fund's average daily net assets annually for each of Class B, Class C, and Class R1 shares, 0.49% of the fund's average daily net assets annually for each of Class I and Class R4 shares, 0.99% of the fund's average daily net assets annually for Class R2 shares, and 0.45% of the fund's average daily net assets annually for Class R5 shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue until at least September 30, 2016.
 
BRW-SUM-062816                                                                                                                          Page 1 of 3

MFS Blended Research Growth Equity 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
 
 
Class A Shares
 
$646
 
$1,146
 
 
Class B Shares assuming
 
 
 
 
 
 
redemption at end of period
 
$552
 
$1,132
 
 
no redemption at end of period
 
$152
 
$832
 
 
Class C Shares assuming
 
 
 
 
 
 
redemption at end of period
 
$252
 
$832
 
 
no redemption at end of period
 
$152
 
$832
 
 
Class I Shares
 
$50
 
$529
 
 
Class R1 Shares
 
$152
 
$832
 
 
Class R2 Shares
 
$101
 
$682
 
 
Class R3 Shares
 
$76
 
$606
 
 
Class R4 Shares
 
$50
 
$529
 
 
Class R5 Shares
 
$46
 
$517
 

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. The portfolio turnover rate for the fund as of May 31, the fiscal year end of the fund, is not available because the fund had not commenced operations as of May 31.
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 equity securities.
Equity securities include common stocks and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer.
MFS focuses on investing the fund's assets in the stocks of companies it believes to have above average earnings growth potential compared to other companies (growth companies).
While MFS may invest the fund's assets in companies of any size, MFS primarily invests in companies with large capitalizations.
MFS may invest the fund's assets in foreign securities.
MFS uses a bottom-up approach to buying and selling investments for the fund. Investments are selected primarily based on blending fundamental and quantitative research. MFS uses fundamental analysis of individual issuers to determine a fundamental rating for an issuer.  MFS uses quantitative analysis to determine a quantitative rating for an issuer. MFS then constructs the portfolio considering the blended rating from combining the fundamental rating and the quantitative rating, as well as issuer, industry, and sector weightings, market capitalization, volatility, and other factors with a goal of constructing a portfolio with a target predicted tracking error of approximately 2% compared to the Russell 1000® Growth Index (the "Index").  There is no assurance that the fund will meet this target predicted tracking error over the long term or for any year or period of years, or that the fund's predicted tracking error and actual tracking error will be similar.  Tracking error generally measures how the differences between the fund's monthly returns and the Index's monthly returns have varied over a specified time period.
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.
Investment Strategy Risk: The fund's strategy to target a predicted tracking error of approximately 2% compared to the Index and to blend fundamental and quantitative research may not produce the intended results. In addition, MFS fundamental research is not available for all issuers.
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.
Foreign Risk: Exposure to foreign 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.
Liquidity Risk:  It may be difficult to value, and it may not be possible to sell, certain investments, types of investments, and/or investments in certain segments of the market, and the fund may have to sell certain of these investments at a price or time that is not advantageous in order to meet redemptions or other cash needs.
Investment Selection Risk: MFS' investment analysis, its development and use of quantitative models, 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. Investments selected using quantitative models may not produce the intended results due to the factors used in the models, the weight placed on each factor in the models, changing sources of market return, and technical issues in the design, development, implementation, and maintenance of the models (e.g., incomplete or inaccurate data, programming or other software issues, and technology failures).
Performance Information
The bar chart and performance table are not included because the fund has not had a full calendar year of operations.
 
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MFS Blended Research Growth Equity Fund


Investment Adviser
MFS serves as the investment adviser for the fund.
Portfolio Manager(s)

Portfolio Manager
Since
Title
Matthew W. Krummell
Inception
Investment Officer of MFS
James C. Fallon
Inception
Investment Officer of MFS
Jonathan W. Sage
Inception
Investment Officer of MFS
John E. Stocks
Inception
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 (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, 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 will be taxed to you as ordinary income and/or capital gains.  If your shares are held in a tax-deferred account, you will generally be taxed only upon withdrawals from the account.
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/or 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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