Form 497K MASSACHUSETTS INVESTORS
SUMMARY PROSPECTUS April 29, 2016 |
Massachusetts Investors Trust
Before you invest, you may want to review the funds prospectus, which contains more information about the fund and its risks. You can find the funds prospectus and other information about the fund, including the funds 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 [email protected]. The funds prospectus and statement of additional information, both dated April 29, 2016, as may be supplemented from time to time, are incorporated by reference into this Summary Prospectus.
CLASS |
|
TICKER |
Class A |
|
MITTX |
Class B |
|
MITBX |
Class C |
|
MITCX |
Class I |
|
MITIX |
Class 529A |
|
EAMTX |
Class 529B |
|
EBMTX |
Class 529C |
|
ECITX |
Class R1 |
|
MITGX |
Class R2 |
|
MIRTX |
Class R3 |
|
MITHX |
Class R4 |
|
MITDX |
Class R5 |
|
MITJX |
Summary of Key Information
Investment Objective
The funds 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.
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 funds Prospectus and Waivers of Sales Charges on page H-1 of the funds Statement of Additional Information (SAI).
Shareholder Fees (fees paid directly from your investment):
Share Class |
|
A |
|
529A |
|
B AND |
|
C AND |
|
I |
|
R1 |
|
R2 |
|
R3 |
|
R4 |
|
R5 |
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
5.75 |
% |
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 |
%# |
None |
|
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 |
|
529A |
|
529B |
|
529C |
|
R1 |
|
R2 |
|
R3 |
|
R4 |
|
R5 |
|
Management Fee |
|
0.33 |
% |
0.33 |
% |
0.33 |
% |
0.33 |
% |
0.33 |
% |
0.33 |
% |
0.33 |
% |
0.33 |
% |
0.33 |
% |
0.33 |
% |
0.33 |
% |
0.33 |
% |
Distribution and/or Service (12b-1) Fees |
|
0.25 |
% |
1.00 |
% |
1.00 |
% |
None |
|
0.25 |
% |
1.00 |
% |
1.00 |
% |
1.00 |
% |
0.50 |
% |
0.25 |
% |
None |
|
None |
|
Other Expenses |
|
0.14 |
% |
0.14 |
% |
0.14 |
% |
0.14 |
% |
0.24 |
% |
0.24 |
% |
0.24 |
% |
0.14 |
% |
0.14 |
% |
0.14 |
% |
0.14 |
% |
0.05 |
% |
Total Annual Fund Operating Expenses |
|
0.72 |
% |
1.47 |
% |
1.47 |
% |
0.47 |
% |
0.82 |
% |
1.57 |
% |
1.57 |
% |
1.47 |
% |
0.97 |
% |
0.72 |
% |
0.47 |
% |
0.38 |
% |
Fee Reductions and/or Expense Reimbursements1 |
|
0.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
(0.05 |
)% |
(0.05 |
)% |
(0.05 |
)% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |
|
0.72 |
% |
1.47 |
% |
1.47 |
% |
0.47 |
% |
0.77 |
% |
1.52 |
% |
1.52 |
% |
1.47 |
% |
0.97 |
% |
0.72 |
% |
0.47 |
% |
0.38 |
% |
# This contingent deferred sales charge (CDSC) applies to shares purchased without an initial sales charge and redeemed within 18 months of purchase.
1 MFS Fund Distributors, Inc., has agreed in writing to waive the program management fee for each of the funds Class 529A, Class 529B, and Class 529C shares to 0.05% of the funds average daily net assets attributable to each share class annually. This written agreement will expire on April 30, 2017, unless MFS Fund Distributors, Inc., elects to extend the waiver.
MIT-SUM-042916
Massachusetts Investors Trust
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 funds 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 |
|
$ |
644 |
|
$ |
792 |
|
$ |
953 |
|
$ |
1,418 |
|
Class B Shares assuming |
|
|
|
|
|
|
|
|
| ||||
redemption at end of period |
|
$ |
550 |
|
$ |
765 |
|
$ |
1,003 |
|
$ |
1,554 |
|
no redemption at end of period |
|
$ |
150 |
|
$ |
465 |
|
$ |
803 |
|
$ |
1,554 |
|
Class C Shares assuming |
|
|
|
|
|
|
|
|
| ||||
redemption at end of period |
|
$ |
250 |
|
$ |
465 |
|
$ |
803 |
|
$ |
1,757 |
|
no redemption at end of period |
|
$ |
150 |
|
$ |
465 |
|
$ |
803 |
|
$ |
1,757 |
|
Class I Shares |
|
$ |
48 |
|
$ |
151 |
|
$ |
263 |
|
$ |
591 |
|
Class 529A Shares |
|
$ |
649 |
|
$ |
817 |
|
$ |
999 |
|
$ |
1,526 |
|
Class 529B Shares assuming |
|
|
|
|
|
|
|
|
| ||||
redemption at end of period |
|
$ |
555 |
|
$ |
791 |
|
$ |
1,050 |
|
$ |
1,661 |
|
no redemption at end of period |
|
$ |
155 |
|
$ |
491 |
|
$ |
850 |
|
$ |
1,661 |
|
Class 529C Shares assuming |
|
|
|
|
|
|
|
|
| ||||
redemption at end of period |
|
$ |
255 |
|
$ |
491 |
|
$ |
850 |
|
$ |
1,863 |
|
no redemption at end of period |
|
$ |
155 |
|
$ |
491 |
|
$ |
850 |
|
$ |
1,863 |
|
Class R1 Shares |
|
$ |
150 |
|
$ |
465 |
|
$ |
803 |
|
$ |
1,757 |
|
Class R2 Shares |
|
$ |
99 |
|
$ |
309 |
|
$ |
536 |
|
$ |
1,190 |
|
Class R3 Shares |
|
$ |
74 |
|
$ |
230 |
|
$ |
401 |
|
$ |
894 |
|
Class R4 Shares |
|
$ |
48 |
|
$ |
151 |
|
$ |
263 |
|
$ |
591 |
|
Class R5 Shares |
|
$ |
39 |
|
$ |
122 |
|
$ |
213 |
|
$ |
480 |
|
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 funds performance. During the most recent fiscal year, the funds portfolio turnover rate was 18% of the average value of its portfolio.
Principal Investment Strategies
MFS (Massachusetts Financial Services Company, the funds investment adviser) normally invests the funds assets primarily 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.
In selecting investments for the fund, MFS is not constrained to any particular investment style. MFS may invest the funds 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 funds assets in companies of any size, MFS primarily invests in companies with large capitalizations.
MFS may invest the funds assets in foreign securities.
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 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 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.
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 funds performance over time and how the funds performance over time compares with that of a broad measure of market performance.
The funds past performance (before and after taxes) does not necessarily indicate how the fund will perform in the future. Updated performance is available online at mfs.com or by calling 1-800-225-2606.
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 funds shares. If these sales charges were included, they would reduce the returns shown.
Massachusetts Investors Trust
The total return for the three-month period ended March 31, 2016, was (0.88)%. During the period(s) shown in the bar chart, the highest quarterly return was 15.37% (for the calendar quarter ended June 30, 2009) and the lowest quarterly return was (20.36)% (for the calendar quarter ended December 31, 2008).
Performance Table.
Average Annual Total Returns
(For the Periods Ended December 31, 2015)
Share Class |
|
1 YEAR |
|
5 YEARS |
|
10 YEARS |
|
Returns Before Taxes |
|
|
|
|
|
|
|
B Shares |
|
(4.26 |
)% |
10.31 |
% |
6.88 |
% |
C Shares |
|
(1.48 |
)% |
10.58 |
% |
6.71 |
% |
I Shares |
|
0.46 |
% |
11.69 |
% |
7.79 |
% |
529A Shares |
|
(5.57 |
)% |
10.06 |
% |
6.71 |
% |
529B Shares |
|
(4.29 |
)% |
10.25 |
% |
6.76 |
% |
529C Shares |
|
(1.52 |
)% |
10.52 |
% |
6.60 |
% |
R1 Shares |
|
(0.51 |
)% |
10.57 |
% |
6.69 |
% |
R2 Shares |
|
(0.03 |
)% |
11.12 |
% |
7.22 |
% |
R3 Shares |
|
0.26 |
% |
11.41 |
% |
7.50 |
% |
R4 Shares |
|
0.48 |
% |
11.68 |
% |
7.77 |
% |
R5 Shares |
|
0.58 |
% |
11.76 |
% |
7.82 |
% |
A Shares |
|
(5.49 |
)% |
10.11 |
% |
6.84 |
% |
Returns After Taxes on Distributions |
|
|
|
|
|
|
|
A Shares |
|
(6.77 |
)% |
9.19 |
% |
6.17 |
% |
Returns After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
|
|
A Shares |
|
(2.05 |
)% |
8.01 |
% |
5.52 |
% |
Index Comparison (Reflects no deduction for fees, expenses, or taxes) |
|
|
|
|
|
|
|
Standard & Poors 500 Stock Index |
|
1.38 |
% |
12.57 |
% |
7.31 |
% |
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 may 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 funds classes of shares, and after-tax returns for the funds 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 |
T. Kevin Beatty |
|
2004 |
|
Chief Investment Officer-Global Equity of MFS |
Ted Maloney |
|
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 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 funds 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 |
Class 529A, Class 529B, Class 529C |
|
None automatic investment plans $250 other accounts |
|
None |
Taxes
If your shares are held in a taxable account, the funds 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 intermediarys Web site for more information.
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