EIF Prospectus - Bright Directions

MFS Value Fund
Description of Share Classes
The fund offers Class A, Class B, Class C, Class I, Class 529A,
Class 529B, Class 529C, Class R1, Class R2, Class R3, Class R4,
and Class R5 shares through this prospectus. All classes of the fund
have the same investment objective and investments, but each class
has its own sales charge and expense structure. Your financial
intermediary may also charge you additional fees, commissions, or
other charges. You should consult with your financial intermediary
to help you determine which class is most appropriate for you.
Class I shares generally are available only to the following eligible
investors:
certain retirement plans established for the benefit of
employees and former employees of MFS or its
affiliates;
defined benefit retirement plans, endowments or
foundations;
bank trust departments or law firms acting as trustee or
manager for trust accounts;
investors who purchase shares through asset-based fee
programs available through financial intermediaries;
employees and former employees of MFS and its
subsidiaries who were employed by MFS or its
subsidiaries on or after January 1, 2013, trusts,
pension, profit-sharing or other retirement plans for the
sole benefit of such persons, and joint accounts with
such persons' spouses or legal equivalents under
applicable state law; and
trustees and former trustees of any investment
company for which MFD serves as a distributor and
who served as trustee on or after January 1, 2013,
trusts, pension, profit-sharing or other retirement plans
for the sole benefit of such persons, and joint accounts
with such persons' spouses or legal equivalents under
applicable state law.
In addition, MFD may accept, in its sole discretion, investments in
Class I shares from purchasers not listed above.
Class 529A, Class 529B and Class 529C shares generally are
available only to qualified tuition programs established in
accordance with Section 529 of the Code (tuition programs).
Class R1, Class R2, Class R3, Class R4, and Class R5 shares
generally are available only to eligible retirement plans (401(k)
plans, 457 plans, employer-sponsored 403(b) plans, profit sharing
and money purchase pension plans, defined benefit plans and nonqualified
deferred compensation plans any of whose accounts are
maintained by the fund at an omnibus level (“Employer Retirement
Plans”)). Additionally, Class R5 shares are available to funds
distributed by MFD. Class R1, Class R2, Class R3, Class R4, and
Class R5 shares are not generally available to retail non-retirement
accounts, traditional and Roth IRAs, Coverdell Educational Savings
Accounts, SEPs, SAR-SEPs, SIMPLE IRAs, salary reduction only
403(b) plans, and 529 tuition plans (except that Class R5 shares are
available to funds distributed by MFD).
Shareholders may be able to convert between Class A shares and
Class I shares of the fund if they satisfy eligibility requirements for
the other class, if any. Class I shareholders may be able to convert
their Class I shares to Class R5 shares of the fund if they satisfy
eligibility requirements of Class R5 shares.
Class C shareholders may be able to convert their Class C shares not
subject to a CDSC to Class I shares of the fund if they satisfy
eligibility requirements of Class I shares.
If a shareholder converts from one share class to another share class
of the fund, the transaction will be based on the respective net asset
value of each class as of the trade date for the conversion.
Consequently, the converting shareholder may receive fewer shares
or more shares than originally owned, depending on that day‟s net
asset values. The total value of the initially held shares, however,
will equal the total value of the converted shares. A conversion
between share classes in the same fund is a nontaxable event.
Sales Charges and Waivers or Reductions
You may be subject to an initial sales charge when you purchase
Class A or Class 529A shares, or a CDSC when you redeem Class
A, Class B, Class C, Class 529B or Class 529C shares. These sales
charges are paid to MFD.
In the circumstances described below, you may qualify for a sales
charge waiver or reduction for purchases or redemptions of Class A,
Class B, Class C, Class 529A, Class 529B, and Class 529C shares.
In addition, other sales charge waivers or reductions apply to certain
transactions by retirement plans, section 529 tuition programs, and
certain other groups (e.g., affiliated persons of MFS) and with
respect to certain types of investment programs (e.g., asset-based fee
programs available through certain financial intermediaries). Details
regarding the types of investment programs and categories of
investors eligible for these waivers or reductions are provided in the
SAI, which is available to you free of charge and on the fund‟s Web
site at mfs.com. Some of these programs and waivers or reductions
are not available to you if your shares are held through certain types
of accounts, such as retirement accounts and 529 plans, or certain
accounts that you have with your financial intermediary. Waivers or
reductions may be eliminated, modified, and added at any time
without providing advance notice to shareholders.
Class A and Class 529A Shares. You may purchase Class A and
Class 529A shares at the offering price (which includes the
applicable initial sales charge).
The amount of the initial sales charge you pay when you buy Class
A or Class 529A shares differs depending upon the amount you
invest, as follows:
Amount of Purchase
INITIAL SALES CHARGE AS PERCENTAGE OF:
GROSS PURCHASE
AMOUNT (OFFERING NET AMOUNT
PRICE*)
INVESTED
Less than $50,000 5.75% 6.10%
$50,000 but less than $100,000 4.75% 4.99%
$100,000 but less than
$250,000 3.75% 3.90%
$250,000 but less than
$500,000 2.75% 2.83%
$500,000 but less than
$1,000,000 2.00% 2.04%
$1,000,000 or more None None
* Offering price is calculated by dividing the net asset value of a share by the
difference between 1 and the initial sales charge percentage. Because the offering
price is rounded to two decimal places, actual sales charges you pay may be more
or less than those calculated using these percentages.
You may purchase Class A and Class 529A shares without an initial
sales charge when you invest $1 million or more in Class A and
Class 529A shares. However, for Class A shares purchased without
an initial sales charge, for purchasers other than Employer
Retirement Plans, a CDSC of 1% will generally be deducted from
your redemption proceeds if you redeem within 18 months of
purchase for shares purchased on or after August 1, 2012, and
within 24 months of purchase for shares purchased prior to August
1, 2012.
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