Form 497K MFS SERIES TRUST X
SUMMARY PROSPECTUS
September 28, 2020 (As Amended June 24, 2021)
MFS® Emerging Markets 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 reports to shareholders and 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 fund’s prospectus and statement of additional information, both dated September
28, 2020, as may be amended or supplemented from time to time, are incorporated by reference into this summary prospectus.
CLASS | TICKER SYMBOL |
Class A
|
MEMAX
|
Class B
|
MEMBX
|
Class C
|
MEMCX
|
Class I
|
MEMIX
|
Class R1
|
MEMRX
|
Class R2
|
MEMFX
|
Class R3
|
MEMGX
|
Class R4
|
MEMHX
|
Class R6
|
MEMJX
|
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of
the fund's annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the complete reports will be made available on the fund's website (funds.mfs.com), and
you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you are already signed up to receive shareholder reports by email, you will not be affected by this change and you need not
take any action. You may sign up to receive shareholder reports and other communications from the fund by email by contacting your financial intermediary (such as a broker-dealer or bank) or, if you hold your shares directly with the fund,
by calling 1-800-225-2606 or by logging on to MFS Access at mfs.com.
Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. Contact your financial
intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the fund, you can call 1-800-225-2606 or send an email request to [email protected] to let the fund know that
you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the MFS
fund complex if you invest directly.
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. Investors may also pay
commissions or other fees to their financial intermediaries when they buy and hold shares of the fund, which are not reflected below.
You may qualify for sales charge reductions if, with respect to Class A shares, 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 and Reductions” on page 10 and
“Appendix A – Waivers and Reductions of Sales Charges” on page A-1 of the fund’s prospectus.
Shareholder Fees (fees paid directly from your investment):
|
||||||||||||||||||||
|
Share Class
|
|
A
|
|
B
|
|
C
|
|
I
|
|
R1
|
|
R2
|
|
R3
|
|
R4
|
|
R6
|
|
|
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
|
|
FEM-SUM-062421 Page 1 of 4
MFS Emerging Markets Equity Fund
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
|
|
R6
|
|
|
Management Fee
|
|
0.93%
|
|
|
0.93%
|
|
0.93%
|
|
0.93%
|
|
0.93%
|
|
0.93%
|
|
0.93%
|
|
0.93%
|
|
0.93%
|
|
|
Distribution and/or Service (12b-1) Fees
|
|
0.25%
|
|
|
1.00%
|
|
1.00%
|
|
None
|
|
1.00%
|
|
0.50%
|
|
0.25%
|
|
None
|
|
None
|
|
|
Other Expenses
|
|
0.21%
|
|
|
0.21%
|
|
0.21%
|
|
0.21%
|
|
0.21%
|
|
0.21%
|
|
0.21%
|
|
0.21%
|
|
0.10%
|
|
|
Total Annual Fund Operating Expenses
|
|
1.39%
|
|
|
2.14%
|
|
2.14%
|
|
1.14%
|
|
2.14%
|
|
1.64%
|
|
1.39%
|
|
1.14%
|
|
1.03%
|
|
|
Fee Reductions and/or Expense Reimbursements1
|
|
(0.08)%
|
|
|
(0.08)%
|
|
(0.08)%
|
|
(0.08)%
|
|
(0.08)%
|
|
(0.08)%
|
|
(0.08)%
|
|
(0.08)%
|
|
(0.08)%
|
|
|
Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements
|
|
1.31%
|
|
|
2.06%
|
|
2.06%
|
|
1.06%
|
|
2.06%
|
|
1.56%
|
|
1.31%
|
|
1.06%
|
|
0.95%
|
|
# |
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 1.31% of
the class' average daily net assets annually for each of Class A and Class R3 shares, 2.06% of the class' average daily net assets annually for each of Class B, Class C, and Class R1 shares, 1.06% of the class' average daily net
assets annually for each of Class I and Class R4 shares, 1.56% of the class' average daily net assets annually for Class R2 shares, and 0.95% of the class' average daily net assets annually for Class R6 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, 2021.
|
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
|
|
$701
|
|
$982
|
|
$1,285
|
|
$2,141
|
|
|
Class B Shares assuming
|
|
|
|
|
|
|
|
|
|
|
redemption at end of period
|
|
$609
|
|
$962
|
|
$1,342
|
|
$2,275
|
|
|
no redemption at end of period
|
|
$209
|
|
$662
|
|
$1,142
|
|
$2,275
|
|
|
Class C Shares assuming
|
|
|
|
|
|
|
|
|
|
|
redemption at end of period
|
|
$309
|
|
$662
|
|
$1,142
|
|
$2,466
|
|
|
no redemption at end of period
|
|
$209
|
|
$662
|
|
$1,142
|
|
$2,466
|
|
|
Class I Shares
|
|
$108
|
|
$354
|
|
$620
|
|
$1,379
|
|
|
Class R1 Shares
|
|
$209
|
|
$662
|
|
$1,142
|
|
$2,466
|
|
|
Class R2 Shares
|
|
$159
|
|
$509
|
|
$884
|
|
$1,937
|
|
|
Class R3 Shares
|
|
$133
|
|
$432
|
|
$753
|
|
$1,662
|
|
|
Class R4 Shares
|
|
$108
|
|
$354
|
|
$620
|
|
$1,379
|
|
|
Class R6 Shares
|
|
$97
|
|
$320
|
|
$561
|
|
$1,252
|
|
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 32% 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 equity securities of issuers that are tied economically to emerging market countries. Emerging market countries are countries whose financial and capital markets are in the development phase and include countries located in Latin
America, Asia, Africa, the Middle East, and developing countries of Europe, primarily Eastern Europe. MFS may also invest in equity securities of issuers that are not tied economically to emerging market countries.
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 may invest the fund’s assets in securities of companies of any size.
MFS normally invests the fund's assets across different industries, sectors, countries, and regions, but MFS may invest a
significant percentage of the fund’s assets in issuers in a single industry, sector, country, or region.
Page 2 of 4
MFS Emerging Markets Equity Fund
MFS uses an active bottom-up investment approach to buying and selling investments for the fund. Investments are selected
primarily based on fundamental analysis of individual issuers. Quantitative screening tools that systematically evaluate issuers may also be considered.
For purposes of the fund's 80% policy, net assets include the amount of any borrowings for investment purposes.
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:
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.
Equity Market Risk/Company
Risk: Equity markets are volatile and can decline significantly in response to, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other
conditions. These conditions can affect a single issuer or type of security, issuers within a broad market sector, industry or geographic region, or the equity markets in general. Certain events can have a dramatic adverse effect on
equity markets and may lead to periods of high volatility in an equity market or a segment of an equity market.
Foreign Risk:
Exposure to foreign markets through issuers or currencies can involve additional risks relating to market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. These factors can
make foreign investments, especially those tied economically to 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 Risk:
Investments tied economically to emerging markets, especially frontier markets, can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed
markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, and greater political, social, geopolitical,
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, industry, political, regulatory, geopolitical, environmental, public health, and other conditions, and changes in currency exchange
rates impact the financial condition of companies or other issuers and may change the value in U.S. dollars of investments denominated in foreign currencies.
Focus Risk: Issuers
in a single industry, sector, country, or region can react similarly to market, currency, political, economic, regulatory, geopolitical, environmental, public health, and other conditions, and the fund's performance will be affected by
the conditions in the industries, sectors, countries and regions to which the fund is exposed.
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 prices or times that are not advantageous in order to meet redemptions or other cash needs.
Large Shareholder Risk: From
time to time, shareholders of the fund (which may include institutional investors, financial intermediaries, or other MFS funds) may make relatively large redemptions or purchases of fund shares. These transactions may cause the fund
to sell securities or invest additional cash, as the case may be, at disadvantageous prices. Redemptions of a large number of shares also may increase transaction costs or have adverse tax consequences for shareholders of the fund by
requiring a sale of portfolio securities.
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 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 fund’s shares. If these sales charges were included, they would reduce the returns shown.
The total return for the six-month period ended June 30, 2020, was (14.27)%. During the period(s) shown in the bar chart, the highest quarterly
return was 17.80% (for the calendar quarter ended September 30, 2010) and the lowest quarterly return was (22.34)% (for the calendar quarter ended September 30, 2011).
Page
3 of 4
MFS Emerging Markets Equity Fund
Performance Table.
Average Annual Total Returns
|
||||||
(For the Periods Ended December 31, 2019)
|
|
Share Class
|
|
1 YEAR
|
|
5 YEARS
|
|
10 YEARS
|
|
|
Returns Before Taxes
|
|||||||
|
B Shares
|
|
14.91%
|
|
4.87%
|
|
2.79%
|
|
|
C Shares
|
|
17.87%
|
|
5.20%
|
|
2.63%
|
|
|
I Shares
|
|
20.09%
|
|
6.26%
|
|
3.66%
|
|
|
R1 Shares
|
|
18.88%
|
|
5.20%
|
|
2.63%
|
|
|
R2 Shares
|
|
19.48%
|
|
5.72%
|
|
3.14%
|
|
|
R3 Shares
|
|
19.76%
|
|
5.99%
|
|
3.40%
|
|
|
R4 Shares
|
|
20.06%
|
|
6.25%
|
|
3.66%
|
|
|
R6 Shares
|
|
20.20%
|
|
6.37%
|
|
3.74%
|
|
|
A Shares
|
|
12.89%
|
|
4.75%
|
|
2.80%
|
|
|
Returns After Taxes on Distributions
|
|
|
|
|
|
|
|
|
A Shares
|
|
12.39%
|
|
4.67%
|
|
2.72%
|
|
|
Returns After Taxes on Distributions and Sale of Fund Shares
|
|
|
|
|
|
|
|
|
A Shares
|
|
7.88%
|
|
3.74%
|
|
2.27%
|
|
|
Index Comparison (Reflects no deduction for fees, expenses, or taxes)
|
|
|
|
|
|
|
|
|
MSCI Emerging Markets Index (net div)
|
|
18.42%
|
|
5.61%
|
|
3.68%
|
|
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-advantaged 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
|
Jose Luis Garcia
|
2008
|
Investment Officer of MFS
|
Robert Lau
|
2009
|
Investment Officer of MFS
|
Harry Purcell
|
2017
|
Investment Officer of MFS
|
Effective August 1, 2021, the following is added to the above table:
Portfolio Manager
|
Since
|
Title
|
Rajesh Nair
|
August 2021
|
Investment Officer of MFS
|
Effective August 1, 2021, Robert Lau will no longer be a portfolio manager of the fund.
Effective immediately, the following is added to the above paragraph:
Effective April 15, 2023, Jose Luis Garcia will no longer be a portfolio manager of the fund.
Purchase and Sale of Fund Shares
You may purchase and redeem shares of the fund each day the New York Stock Exchange (the NYSE) 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, Suite 219341, 430 W 7th Street, Kansas City, MO
64105-1407), by mail ([Fund Name], P.O. Box 219341, Kansas City, MO 64121-9341), 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 R6
|
None
|
None
|
Purchases of Class B shares are closed to new and existing investors except through reinvestment of dividends and capital
gain distributions. Existing investors may continue to exchange their Class B shares for the same share class of another MFS fund.
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-advantaged 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 website for more information.
Page 4 of 4
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