Live Feed

Feed to the latest filings at the SEC

 

MFS SERIES TRUST XIII

Date Filed : Feb 28, 2022

497K1tm227450d4_497k.htm497K

 

SUMMARY PROSPECTUS
December 29, 2021 (As Amended March 1, 2022)

 

MFS® GlobalReal Estate 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 thefund, including the fund’s reports to shareholders and statement of additional information, online at funds.mfs.com. You can alsoget this information at no cost by calling 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com. The fund’sprospectus and statement of additional information, both dated December 29, 2021, as may be amended or supplemented from time to time,are incorporated by reference into this summary prospectus.

 

class  ticker
symbol
Class A  MGLAX
Class B  MGLDX
Class C  MGLCX
Class I  MGLIX
Class R1  MGLJX
Class R2  MGLKX
Class R3  MGLLX
Class R4  MGLMX
Class R6  MGLRX

 

Summary of Key Information

 

Investment Objective

 

The fund’s investment objective is to seek total return.

 

Fees and Expenses

 

This table describes the fees and expenses that you may pay when youbuy, hold, and sell shares of the fund. Investors may also pay commissions or other fees to their financial intermediaries when they buy,hold, and sell shares of the fund, which are not reflected below.

 

You may qualify for sales charge reductions if, with respect to ClassA shares, you and certain members of your family invest, or agree to invest in the future, at least $50,000 in MFS funds. More informationabout these and other waivers and reductions is available from your financial intermediary and in “Sales Charges and Waivers andReductions” on page 10 and “Appendix A – Waivers and Reductions of Sales Charges” on page A-1 of the fund’sprospectus.

 

ShareholderFees (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  

 

AnnualFund 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  0.82%  0.82%  0.82%  0.82%  0.82%  0.82%  0.82%  0.82%  0.82%
Distribution and/or Service (12b-1) Fees  0.25%  1.00%  1.00%  None   1.00%  0.50%  0.25%  None   None 
Other Expenses  0.13%  0.13%  0.13%  0.13%  0.13%  0.13%  0.13%  0.13%  0.05%
Total Annual Fund Operating Expenses  1.20%  1.95%  1.95%  0.95%  1.95%  1.45%  1.20%  0.95%  0.87%
Fee Reductions and/or Expense Reimbursements1  (0.01)%  (0.01)%  (0.01)%  (0.01)%  (0.01)%  (0.01)%  (0.01)%  (0.01)%  (0.01)%
Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements  1.19%  1.94%  1.94%  0.94%  1.94%  1.44%  1.19%  0.94%  0.86%

 

 

#This contingent deferred sales charge (CDSC) applies to shares purchased without an initial sales charge and redeemed within 18 monthsof purchase.
1Massachusetts Financial Services Company (MFS) has agreed in writing to waive at least 0.01% of the fund's management fee as partof an agreement pursuant to which MFS has agreed to reduce its management fee by a specified amount if certain MFS mutual fund assetsexceed thresholds agreed to by MFS and the fund's Board of Trustees. The agreement to waive at least 0.01% of the management fee willcontinue until modified by the fund's Board of Trustees, but such agreement will continue until at least December 31, 2023.

 

GRE-SUM-030122

Page 1 of 4

 

 

MFS Global Real Estate Fund

 

Example

 

This example is intended to help you compare the cost of investingin the fund with the cost of investing in other mutual funds.

 

The example assumes that: you invest $10,000 in the fund for the timeperiods indicated and you redeem your shares at the end of the time periods (unless otherwise indicated); your investment has a 5% returneach year; and the fund’s operating expenses remain the same.

 

Although your actual costs will likely be higher or lower, under theseassumptions your costs would be:

 

   1 YEAR   3 YEARS   5 YEARS   10 YEARS 
Class A Shares  $689   $932   $1,195   $1,944 
Class B Shares assuming1                    
redemption at end of period  $597   $910   $1,250   $2,079 
no redemption at end of period  $197   $610   $1,050   $2,079 
Class C Shares assuming1                    
redemption at end of period  $297   $610   $1,050   $2,079 
no redemption at end of period  $197   $610   $1,050   $2,079 
Class I Shares  $96   $301   $524   $1,165 
Class R1 Shares  $197   $610   $1,050   $2,273 
Class R2 Shares  $147   $457   $790   $1,733 
Class R3 Shares  $121   $379   $658   $1,453 
Class R4 Shares  $96   $301   $524   $1,165 
Class R6 Shares  $88   $276   $480   $1,071 

  

 

1Shares automatically convert to Class A shares approximately eight years after purchase; therefore, the expense examples reflect ClassA share expenses after eight years.

 

Portfolio Turnover

 

The fund pays transaction costs, such as commissions, when it buysand sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costsand may result in higher taxes when shares are held in a taxable account. These transaction costs, which are not reflected in “AnnualFund Operating Expenses” or in the “Example,” affect the fund’s performance. During the most recent fiscal year,the fund’s portfolio turnover rate was 22% of the average value of its portfolio.

 

Principal Investment Strategies

 

MFS (Massachusetts Financial Services Company, the fund's investmentadviser) normally invests at least 80% of the fund’s net assets in U.S. and foreign real estate-related investments.

 

MFS normally invests the fund’s assets primarily in equity securities.

 

MFS generally focuses the fund’s investments in equity real estateinvestment trusts (REITs) as well as similar entities formed under the laws of non-U.S. countries, but may also invest in mortgage REITs,hybrid REITs and other U.S. and foreign real estate-related investments, including emerging market real estate-related investments.

 

MFS may invest the fund’s assets in real estate-related investmentsof any size. However, issuers of real estate-related investments tend to have small-to-medium market capitalizations.

 

MFS normally allocates the fund’s investments across differentREIT managers and property types, but may from time to time focus the fund’s investments in any one or a few of these areas.

 

MFS normally invests the fund's assets across different countries andregions, but MFS may invest a significant percentage of the fund's assets in issuers in a single country or region.

 

MFS generally invests the fund's assets in at least three differentcountries and invests a percentage of the fund's net assets in securities of foreign issuers equal to at least the lesser of 40% or thepercentage of foreign issuers in the FTSE EPRA Nareit Developed Real Estate Index less 15%.

 

MFS may invest a significant percentage of the fund’s assetsin a single issuer or a small number of issuers.

 

MFS uses an active bottom-up investment approach to buying and sellinginvestments for the fund. Investments are selected primarily based on fundamental analysis of individual issuers.

 

For purposes of the fund's 80% policy, net assets include the amountof any borrowings for investment purposes.

 

Principal Risks

 

As with any mutual fund, the fund may not achieve its objective and/oryou could lose money on your investment in the fund. An investment in the fund is not a bank deposit and is not insured or guaranteedby the Federal Deposit Insurance Corporation or any other governmental agency.

 

The principal risks of investing in the fund are:

 

Real Estate-Related Investment Risk: Thefund’s performance will be closely tied to the performance of real estate-related investments and as a result, can be more volatilethan the performance of more broadly-diversified funds. The risks of investing in real estate-related investments include certain risksassociated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regionaland local economic conditions; difficulties in valuing and disposing of real estate; fluctuations in interest rates and propertytax rates; shifts in zoning laws, environmental regulations and other governmental action; cash flow dependency; increased operating expenses;lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changesin property values and rental rates; the management skill and creditworthiness of the REIT manager; and other factors.

 

Investment Selection Risk: MFS' investment analysis and itsselection of investments may not produce the intended results and/or can lead to an investment focus that results in the fund underperformingother funds with similar investment strategies and/or underperforming the markets in which the fund invests.

 

Equity Market Risk/Company Risk: Equity markets are volatileand 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 abroad market sector, industry or geographic region, or the equity markets in general. Certain events can have a dramatic adverse effecton equity markets and may lead to periods of high volatility in an equity market or a segment of an equity market.

 

Small to Medium Cap Risk: The securities of real estate-relatedissuers that have small to medium market capitalizations can be more volatile and less liquid than securities of larger issuers and suchissuers can have more limited financial resources.

 

Foreign Risk: Exposure to foreign markets through issuers orcurrencies can involve additional risks relating to market, economic, industry, political, regulatory, geopolitical, environmental, publichealth, and other conditions. These factors can make foreign investments, especially those tied economically to emerging

 

Page 2 of 4

 

 

MFS Global Real Estate Fund

 

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 emergingmarkets, especially frontier markets, can involve additional and greater risks than the risks associated with investments in developedmarkets. Emerging markets can have less developed markets,greater custody and operational risk, less developed legal, regulatory, and accounting systems, greater government involvement in theeconomy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political,social, geopolitical, and economic instability than developed markets.

 

Currency Risk: The value of foreign currencies relative tothe 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 changethe value in U.S. dollars of investments denominated in foreign currencies.

 

Focus Risk: Issuers in a single country or region can reactsimilarly to market, currency, political, economic, regulatory, geopolitical, environmental, public health, and other conditions, andthe fund's performance will be affected by the conditions in the countries and regions to which the fund is exposed.

 

If MFS invests a significant percentage of the fund's assets in a singleissuer or small number of issuers, the fund’s performance could be more volatile than the performance of more diversified funds.

 

Liquidity Risk: It may be difficult to value, and it may notbe possible to sell, certain investments, types of investments, and/or investments in certain segments of the market, and the fund mayhave 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: Fromtime to time, shareholders of the fund (which may include institutional investors, financial intermediaries, or other MFS funds) may makerelatively large redemptions or purchases of fund shares. These transactions may cause the fund to sell securities or invest additionalcash, as the case may be, at disadvantageous prices. Redemptions of a large number of shares also may increase transaction and other costsor have adverse tax consequences for shareholders of the fund by requiring a sale of portfolio securities. Purchases of a large numberof shares may adversely affect the fund's performance to the extent that it takes time to invest new cash and the fund maintains a largercash position than it ordinarily would.

 

Performance Information

 

The bar chart and performance table below are intended to provide someindication of the risks of investing in the fund by showing changes in the fund’s performance over time and how the fund’sperformance over time compares with that of a broad measure of market performance.

 

The fund’s past performance (before and after taxes) does notnecessarily indicate how the fund will perform in the future. Updated performance is available online at mfs.com or by calling1-800-225-2606.

 

Class A Bar Chart. The bar chart does not take into accountany sales charges (loads) that you may be required to pay upon purchase or redemption of the fund’s shares. If these sales chargeswere included, they would reduce the returns shown.

 

 

 

The total return for the nine-month period ended September 30, 2021,was 15.83%. During the period(s) shown in the bar chart, the highest quarterly return was 14.42% (for the calendar quarter ended March31, 2019) and the lowest quarterly return was (22.48)% (for the calendar quarter ended March 31, 2020).

 

Performance Table.

 

AverageAnnual Total Returns 

(Forthe Periods Ended December 31, 2020)

 

Share Class  1 YEAR   5 YEARS   10 YEARS 
Returns Before Taxes               
B Shares   (2.85)%   7.19%   7.39%
C Shares   0.16%   7.49%   7.38%
I Shares   2.17%   8.58%   8.29%
R1 Shares   1.15%   7.48%   7.23%
R2 Shares   1.64%   8.03%   7.77%
R3 Shares   1.95%   8.31%   8.04%
R4 Shares   2.17%   8.58%   8.30%
R6 Shares   2.22%   8.65%   8.34%
A Shares   (3.98)%   7.03%   7.39%
Returns After Taxes on Distributions               
A Shares   (4.19)%   5.41%   5.64%
Returns After Taxes on Distributions and Sale of Fund Shares               
A Shares   (2.27)%   4.85%   5.23%
Index Comparison (Reflects no deduction for fees, expenses, or taxes)               
FTSE EPRA Nareit Developed Real Estate Index (net div)   (9.04)%   3.74%   5.44%

 

After-tax returns are calculated using the historical highest individualfederal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend onyour own tax situation, and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their sharesthrough tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns are shown for onlyone of the fund’s classes of shares, and after-tax returns for the fund’s other classes of shares will vary from the returnsshown.

 

Page 3 of 4

 

 

MFS Global Real Estate Fund

 

Investment Adviser

 

MFS serves as the investment adviser for the fund.

 

Portfolio Manager(s)

 

Portfolio Manager   Since   Title
Rick Gable   2009   Investment Officer of MFS

 

Effective March 31, 2022, the following is added to the above table:

 

Portfolio Manager   Since   Title
Mark Syn   March 2022   Investment Officer of MFS

 

Purchase and Sale of Fund Shares

 

You may purchase and redeem shares of the fund each day the New YorkStock Exchange (the NYSE) is open for trading. You may purchase or redeem shares either by having your financial intermediary processyour 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 viathe Internet at mfs.com (MFS Access).

 

The fund’s initial and subsequent investment minimums generallyare 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 investorsexcept through reinvestment of dividends and capital gain distributions. Existing investors may continue to exchange their Class B sharesfor the same share class of another MFS fund.

 

Taxes

 

If your shares are held in a taxable account, the fund’s distributionswill be taxed to you as ordinary income and/or capital gains. If your shares are held in a tax-advantaged account, you will generallybe 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 otherfinancial intermediary (such as a bank), the fund, MFS, and/or MFS’ affiliates may pay the financial intermediary for the sale ofshares of the fund and/or the servicing of shareholder accounts. These payments may create a conflict of interest by influencing yourbroker/dealer or other financial intermediary and your salesperson to recommend the fund over another investment. Ask your financial intermediaryor visit your financial intermediary’s website for more information.

 

Page 4 of 4

 

Stock View