497K 1 summary.htm MFS CORE GROWTH 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 December 29, 2010, as may be supplemented from time to time, are incorporated by reference into this Summary Prospectus.
 
Investment Objective
The fund’s investment objective is to seek capital appreciation.
 
 
CLASS
 
TICKER SYMBOL
Class A
MFCAX
Class B
MFCBX
Class C
MFCCX
Class I
MFCIX
Class W
MFCWX
Class R1
MFCGX
Class R2
MCRRX
Class R3
MFCHX
Class R4
MFCJX
 
Summary of Key Information
 
Fees and Expenses
This table describes the fees and expenses that you may pay when you buy, redeem, 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 7 of the fund’s prospectus and “Waivers of Sales Charges” on page 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 AND W
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
W
R1
R2
R3
R4
Management Fee
0.71%
0.71%
0.71%
0.71%
0.71%
0.71%
0.71%
0.71%
0.71%
Distribution and/or  Service (12b-1) Fees
0.25%
1.00%
1.00%
None
0.10%
1.00%
0.50%
0.25%
None
Other Expenses
0.26%
0.26%
0.26%
0.26%
0.26%
0.26%
0.26%
0.26%
0.26%
Total Annual Fund
Operating Expenses
1.22%
1.97%
1.97%
0.97%
1.07%
1.97%
1.47%
1.22%
0.97%
 
#
On shares purchased without an initial sales charge and redeemed within 24 months of purchase.


 
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MFS Core Growth 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
$692
$940
$1,207
$1,967
Class B Shares assuming
       
    redemption at end of period
$600
$918
$1,262
$2,102
    no redemption
$200
$618
$1,062
$2,102
Class C Shares assuming
       
    redemption at end of period
$300
$618
$1,062
$2,296
    no redemption
$200
$618
$1,062
$2,296
Class I Shares
$99
$309
$536
$1,190
Class W Shares
$109
$340
$590
$1,306
Class R1 Shares
$200
$618
$1,062
$2,296
Class R2 Shares
$150
$465
$803
$1,757
Class R3 Shares
$124
$387
$670
$1,477
Class R4 Shares
$99
$309
$536
$1,190
 
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 249% 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 equity securities. Equity securities include common stocks, preferred stocks, securities convertible into stocks, and depositary receipts for those securities.
 
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 generally focuses on companies with large capitalizations.
 
MFS may invest the fund’s assets in foreign securities.
 
MFS may use derivatives for any investment purpose. Derivatives include futures, forward contracts, options, structured securities, inverse floating rate instruments, swaps, caps, floors, and collars.
 
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 and their potential in light of their current financial condition, and market, economic, political, and regulatory conditions. Factors considered may include analysis of an issuer’s earnings, cash flows, competitive position, and management ability. Quantitative models that systematically evaluate an issuer’s valuation, price and earnings momentum, earnings quality, and other factors 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.
 
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, 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.
 
Derivatives Risk:  Derivatives can be used to take both long and short positions (i.e., the value of a derivative can be positively or negatively related to the value of the underlying indicator(s) on which the derivative is based). Derivatives can be highly volatile and involve risks in addition to the risks of the underlying indicator(s). Gains or losses from derivatives can be substantially greater than the derivatives’ original cost and 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 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.
 
The fund’s past performance (before and after taxes) does not indicate how the fund will perform in the future. Updated performance is available online at mfs.com or by calling 1-800-225-2606.

 
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MFS Core Growth Fund

Class A Bar Chart.  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.
 
The total return for the nine-month period ended September 30, 2010 was 2.44%. During the period(s) shown in the bar chart, the highest quarterly return was 14.49% (for the calendar quarter ended June 30, 2003) and the lowest quarterly return was (23.19)% (for the calendar quarter ended December 31, 2008).
 
Performance Table.
 
Average Annual Total Returns
 
(for the Periods Ended December 31, 2009)
 
Share Class
1 YEAR
5 YEARS
10 YEARS
Returns Before Taxes
     
B Shares
19.16%
0.01%
(3.30)%
C Shares
22.16%
0.37%
(3.43)%
I Shares
24.42%
1.37%
(2.47)%
W Shares
24.36%
1.29%
(2.52)%
R1 Shares
23.15%
0.28%
(3.58)%
R2 Shares
23.75%
0.76%
(3.16)%
R3 Shares
24.14%
1.02%
(2.84)%
R4 Shares
24.40%
1.30%
(2.56)%
A Shares
16.96%
(0.15)%
(3.38)%
Returns After Taxes on Distributions
A Shares
16.96%
(0.63)%
(3.71)%
Returns After Taxes on Distributions and  Sale of Fund Shares
A Shares
11.03%
(0.23)%
(2.88)%
Index Comparison (Reflects no deduction for fees, expenses or taxes)
     
Russell 1000 Growth Index
37.21%
1.63%
(3.99)%
 
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 will likely 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.
 
Investment Adviser
MFS serves as the investment adviser for the fund.
 
Portfolio Manager(s)

Portfolio Manager
Since
Title
Eric B. Fischman
January 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 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, Class W, Class  R1, Class R2, Class R3, Class R4
None
None
 
On August 11, 2011, shareholders approved the reorganization of the fund into MFS Growth Fund. Accordingly, effective after the close of business on August 24, 2011, shares of the fund are no longer available for sale and exchanges into the fund are no longer permitted. The reorganization is scheduled to occur on or about August 26, 2011.
 
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 Financial Intermediaries
If you purchase shares of the fund through a financial intermediary, 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 financial intermediary 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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