497K 1 mwtprospectus.htm MFS GLOBAL TOTAL RETURN FUND mwtprospectus.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 March 1, 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 total return.
 
 
CLASS
TICKER SYMBOL
Class A
MFWTX
Class B
MFWBX
Class C
MFWCX
Class I
MFEIX
Class R1
MFWGX
Class R2
MGBRX
Class R3
MFWHX
Class R4
MFWJX
 
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. They have been adjusted to reflect certain 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 9 of the fund’s prospectus and “Waivers of Sales Charges” on page 16 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%
N/A
N/A
N/A
N/A
Maximum Deferred Sales Charge (Load)  (as a percentage of original purchase price or redemption proceeds, whichever is less)
1.00% #
4.00%
1.00%
N/A
N/A
 
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
Management Fee
0.84%
0.84%
0.84%
0.84%
0.84%
0.84%
0.84%
0.84%
Distribution and/or Service         (12b-1) Fees
0.25%
1.00%
1.00%
N/A
1.00%
0.50%
0.25%
N/A
Other Expenses
0.27%
0.27%
0.27%
0.27%
0.27%
0.27%
0.27%
0.27%
Total Annual Fund
Operating Expenses
1.36%
2.11%
2.11%
1.11%
2.11%
1.61%
1.36%
1.11%
Fee Reductions 1
(0.11)%
(0.11)%
(0.11)%
(0.11)%
(0.11)%
(0.11)%
(0.11)%
(0.11)%
Net Annual Fund
Operating Expenses
1.25%
2.00%
2.00%
1.00%
2.00%
1.50%
1.25%
1.00%

#
On shares purchased on or after September 1, 2008, without an initial sales charge and redeemed within 24 months of purchase.
1
MFS has agreed in writing to reduce its management fee to 0.75% annually of the fund's average daily net assets in excess of $500 million. This agreement will continue until modified by a vote of the fund's Board of Trustees, but such agreement will continue until at least February 28, 2011. In addition, MFS agreed in writing to bear the fund’s expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs and investment-related expenses, such that “Total Annual Fund Operating Expenses” do not exceed 1.25% annually for each of Class A and Class R3 shares, 2.00% annually for each of Class B, Class C and Class R1 shares, 1.00% annually for each of Class I and Class R4 shares, and 1.50% 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 February 28, 2011.
 
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MFS Global Total Return 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 dividends and other distributions are reinvested; 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
$ 695 $ 971 $ 1,267 $ 2,107  
Class B Shares assuming
                 
    redemption at end of period
$ 603 $ 950 $ 1,324 $ 2,241  
    no redemption
$ 203 $ 650 $ 1,124 $ 2,241  
Class C Shares assuming
                 
    redemption at end of period
$ 303 $ 650 $ 1,124 $ 2,433  
    no redemption
$ 203 $ 650 $ 1,124 $ 2,433  
Class I Shares
$ 102 $ 342 $ 601 $ 1,342  
Class R1 Shares
$ 203 $ 650 $ 1,124 $ 2,433  
Class R2 Shares
$ 153 $ 497 $ 866 $ 1,902  
Class R3 Shares
$ 127 $ 420 $ 734 $ 1,626  
Class R4 Shares
$ 102 $ 342 $ 601 $ 1,342  
 
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 75% of the average value of its portfolio.
 
Principal Investment Strategies
MFS (Massachusetts Financial Services Company, the fund's investment adviser) invests the fund’s assets in equity securities and debt instruments. MFS seeks to invest between 40% and 75% of the fund’s assets in equity securities and at least 25% of the fund’s assets in fixed-income senior securities.
 
MFS focuses on investing the fund's assets in the stocks of companies it believes are undervalued compared to their perceived worth (value 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 U.S. and foreign securities, including emerging market securities.
 
MFS may invest a relatively large percentage of the fund’s assets in securities of issuers in a single country, a small number of countries, or a particular geographic region.
 
MFS generally invests substantially all of the fund’s investments in debt instruments in investment grade debt instruments.
 
MFS may use derivatives for any investment purpose.
 
MFS uses a bottom-up approach to buying and selling investments for the fund. Investments are selected primarily based on fundamental analysis of issuers and instruments.  Quantitative models that systematically evaluate issuers and instruments 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, political, regulatory, geopolitical, and other 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.
 
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MFS Global Total Return Fund
 
Value Company Risk:  The stocks of value companies can continue to be undervalued for long periods of time and not realize their expected value.
 
Interest Rate Risk:  The price of a debt instrument falls when interest rates rise and rises when interest rates fall. Instruments with longer maturities, or that do not pay current interest, are more sensitive to interest rate changes.
 
Credit Risk: The price of a debt instrument depends, in part, on the credit quality of the issuer, borrower, counterparty, or underlying collateral and can decline in response to changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral, or changes in specific or general market, economic, industry, political, regulatory, geopolitical, or other conditions.
 
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 market structure, depth, and regulatory oversight 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.
 
Prepayment/Extension Risk:  Instruments subject to prepayment and/or extension can reduce the potential for gain for the instrument’s holders if the instrument is prepaid and increase the potential for loss if the maturity of the instrument is extended.
 
Inflation-Adjusting Risk:  Interest payments on inflation-adjusted debt instruments can be unpredictable and vary based on the level of inflation.
 
Municipal Risk:  The price of a municipal instrument can be volatile and significantly affected by adverse tax or court rulings, legislative or political changes, changes in specific or general market and economic conditions, and the financial condition of municipal issuers and insurers. Because many municipal instruments are issued to finance similar projects, conditions in these industries can significantly affect the fund and the overall municipal market.
 
Derivatives Risk:  Derivatives can be used to take both long and short positions. 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 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 and one or more other performance measures.
 
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 Global Total Return Fund
 
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 three-month period ended March 31, 2010 was 1.66%. During the period(s) shown in the bar chart, the highest quarterly return was 12.25% (for the calendar quarter ended June 30, 2009) and the lowest quarterly return was (9.94)% (for the calendar quarter ended March 31, 2009).
 
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
9.50%
3.75%
4.89%
C Shares
12.42%
4.05%
4.74%
I Shares
14.62%
5.11%
5.81%
R1 Shares
13.41%
3.97%
4.65%
R2 Shares
14.08%
4.47%
5.08%
R3 Shares
14.36%
4.75%
5.45%
R4 Shares
14.60%
5.03%
5.75%
A Shares
7.72%
3.51%
4.82%
Returns After Taxes on Distributions
     
A Shares
2.09%
3.39%
Returns After Taxes on Distributions and Sale of Fund Shares
     
A Shares
5.36%
2.61%
3.59%
Index Comparisons (Reflect no deduction for fees, expenses or taxes)
     
MSCI World Index (gross div)
2.57%
0.23%
Barclays Capital Global Aggregate Index
6.93%
4.56%
6.49%
JPMorgan Global Government Bond Index (Unhedged)
1.90%
4.60%
6.70%
Global Total Return Blended Index
3.70%
3.03%
 
The MSCI World Index is a market capitalization-weighted index that is designed to measure equity market performance in the global developed markets, compared to the Barclays Capital Global Aggregate Index, which provides a broad-based measure of the global investment-grade fixed income markets (the three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices; the index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities), the JPMorgan Global Government Bond Index, which measures developed government bond markets around the world, and the Global Total Return Blended Index, which is composed of 60% MSCI World Index and 40% Barclays Capital Global Aggregate Index.
 
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MFS Global Total Return Fund
 
Effective February 8, 2010, the Barclays Capital Global Aggregate Index replaced the JPMorgan Global Government Bond Index because the adviser believes the Barclays Capital Global Aggregate Index better reflects the fund’s investment policies and strategies.
 
 
Investment Adviser
MFS serves as the investment adviser for the fund.
 
Portfolio Manager(s)
Information regarding the portfolio manager(s) of the fund is set forth below.

Portfolio Manager
Since
Title
Nevin P. Chitkara
2006
Investment Officer of MFS
Steven R. Gorham
2000
Investment Officer of MFS
Richard O. Hawkins
February 2010
Investment Officer of MFS
Benjamin Stone
2009
Investment Officer of MFS
Erik S. Weisman
2005
Investment Officer of MFS
Barnaby Wiener
2003
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. Minimums may be waived or reduced for certain types of investors and investments and your financial intermediary may have different minimums.
 
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
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 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.