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MFS(R)Managed Sectors Fund MFS(R)Limited Maturity Fund
MFS(R)Cash Reserve Fund MFS(R)Municipal Limited Maturity Fund
MFS(R)Global Asset Allocation Fund MFS(R)Government Mortgage Fund
MFS(R)New Discovery Fund MFS(R)International Growth Fund
MFS(R)Research Growth and Income Fund MFS(R)International Growth and
Income Fund
MFS(R)Equity Income Fund MFS(R)/Foreign & Colonial Emerging
Markets Equity Fund
MFS(R)Research International Fund MFS(R)Alabama Municipal Bond Fund
MFS(R)Strategic Growth Fund MFS(R)Arkansas Municipal Bond Fund
MFS(R)Emerging Growth Fund MFS(R)California Municipal Bond Fund
MFS(R)Large Cap Growth Fund MFS(R)Florida Municipal Bond Fund
MFS(R)Intermediate Income Fund MFS(R)Georgia Municipal Bond Fund
MFS(R)High Income Fund MFS(R)Maryland Municipal Bond Fund
MFS(R)Municipal High Income Fund MFS(R)Massachusetts Municipal Bond Fund
MFS(R)High Yield Opportunities Fund MFS(R)Mississippi Municipal Bond Fund
MFS(R)Money Market Fund MFS(R)New York Municipal Bond Fund
MFS(R)Government Money Market Fund MFS(R)North Carolina Municipal Bond
Fund
MFS(R)Municipal Bond Fund MFS(R)Pennsylvania Municipal Bond Fund
MFS(R)Mid Cap Growth Fund MFS(R)South Carolina Municipal Bond
Fund
MFS(R)Total Return Fund MFS(R)Tennessee Municipal Bond Fund
MFS(R)Research Fund MFS(R)Virginia Municipal Bond Fund
MFS(R)Global Total Return Fund MFS(R)West Virginia Municipal Bond Fund
MFS(R)Utilities Fund MFS(R)Municipal Income Fund
MFS(R)Global Equity Fund MFS(R)Growth Opportunities Fund
MFS(R)Global Governments Fund MFS(R)Government Securities Fund
MFS(R)Capital Opportunities Fund Massachusetts Investors Growth Stock
Fund
MFS(R)Strategic Income Fund MFS(R)Government Limited Maturity Fund
MFS(R)Global Growth Fund Massachusetts Investors Trust
MFS(R)Bond Fund MFS(R)Union Standard(R)Equity Fund
Supplement to Current Prospectus
The following changes to the Fund's Prospectus take effect on November 15, 1998:
1. The third paragraph under the heading "Information Concerning Shares of the
Fund -Purchases - Class A Shares - Purchases Subject to a CDSC" is revised
in its entirety as follows:
on investments in Class A shares by certain retirement plans subject
to ERISA, if
the retirement plan and/or sponsoring organization participates
in the MFS Fundamental 401(k) Program or any similar
recordkeeping system made available by MFSC (referred to as the
MFS Participant Recordkeeping System);
the plan establishes an account with MFSC on or after July 1,
1996;
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the total purchases by the retirement plan of class A shares of
the MFS Funds will be in the amount of at least $500,000 within a
reasonable period of time, as determined by MFD in its sole
discretion; and
the plan has not redeemed its class B shares in the MFS funds in
order to purchase class A shares under this category.
2. The fourth paragraph under the heading "Information Concerning Shares
of the Fund -Purchases - Class B Shares" is revised in its entirety and
a fifth and sixth paragraph is added, as follows:
Class B shares purchased by a retirement plan whose sponsoring
organization subscribes to the MFS Participant Recordkeeping System and
which established its account with the Shareholder Servicing Agent
between July 1, 1996 and December 31, 1998 will be subject to the CDSC
described above, only under limited circumstances, as explained below
under "Waivers of CDSC." With respect to such purchases, MFD pays an
amount to dealers equal to 3.00% of the amount purchased through such
dealers (rather than the 4.00% payment described above), which is
comprised of a commission of 2.75% plus the advancement of the first
year service fee equal to 0.25% of the purchase price payable under the
Fund's Distribution Plan.
For purchases of Class B shares by a retirement plan whose sponsoring
organization subscribes to the MFS Recordkeeper Plus product and which
establishes its account with MFSC on or after January 1, 1999 (provided
that the plan establishment paperwork is received by MFSC in good order
on or after November 15, 1998), MFD pays no up front commissions to
dealers, but instead pays an amount to dealers equal to 1% per annum of
the average daily net assets of the Fund attributable to plan assets,
payable at the rate of 0.25% at the end of each calendar quarter, in
arrears. This commission structure is not available with respect to a
plan with a pre-existing account(s) with any MFS Fund which seeks to
switch to the MFS Recordkeeper Plus Product.
Certain retirement plans are eligible to purchase Class A shares of the
Fund at net asset value without an initial sales charge but subject to
a 1% CDSC if the plan has, at the time of purchase, a market value of
$500,000 or more invested in shares of any class or classes of the MFS
Funds. In this event, the plan or its sponsoring organization should
inform the Shareholder Servicing Agent that the plan is eligible to
purchase Class A shares under this category; the Shareholder Servicing
Agent has no obligation independently to determine whether such a plan
qualifies under this category for the purchase of Class A shares.
3. The paragraph under the heading "Information Concerning Shares of the Fund -
Purchases - Class B Shares - Waivers of CDSC" is revised in its entirety and a
new paragraph is added, as follows:
In certain circumstances, the CDSC imposed upon redemption of Class B
shares is waived. These circumstances are described in Appendix A to
this Prospectus. In addition
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to these circumstances, the CDSC imposed upon the redemption of Class B shares
is waived with respect to shares held by a retirement plan whose sponsoring
organization subscribes to the MFS Participant Recordkeeping System and which
established an account with the Shareholder Servicing Agent between July 1, 1996
and December 31, 1998; provided, however, that the CDSC will not be waived
(i.e., it will be imposed) in the event that there is a change in law or
regulations which results in a material adverse change to the tax advantaged
nature of the plan, or in the event that the plan and/or sponsoring
organization: (i) becomes insolvent or bankrupt; (ii) is terminated under ERISA
or is liquidated or dissolved; or (iii) is acquired by, merged into, or
consolidated with, any other entity.
In addition to these circumstances, the CDSC imposed upon the
redemption of Class B shares is waived with respect to shares held by a
retirement plan whose sponsoring organization subscribes to the MFS
Recordkeeper Plus product and which establishes its account with MFSC
on or after January 1, 1999 (provided that the plan establishment
paperwork is received by MFSC in good order on or after November 15,
1998). A plan with a pre-existing account(s) with any MFS Fund which
switches to the MFS Recordkeeper Plus product will not become eligible
for this waiver category.
4. Appendix A to the Prospectus is revised to add a new waiver category
under the heading "Waivers of All Applicable Sales Charges - 5.
Retirement Plans (CDSC waiver only) - Section 401(a) Plans ("401(a)
Plans") and Section 403(b) Employer Sponsored Plans ("ESP Plans")" as
follows:
Shares purchased by certain retirement plans or trust
accounts if: (i) the plan is currently a party to a
retirement plan recordkeeping or administrative services
agreement with MFD or one if its affiliates and (ii) the
shares purchased or redeemed represent transfers from or
transfers to plan investments other than the MFS Funds of
which retirement plan recordkeeping services are provided
under the terms of such agreement.
5. A new paragraph is added under the caption "Management of the Fund-Investment
Adviser" as follows:
YEAR 2000 ISSUES
The Fund could be adversely affected if the computer systems used by
MFS, the Fund's other service providers or the companies in which the
Fund invests do not properly process date-related information from and
after January 1, 2000 (the "Year 2000 Issue"). MFS recognizes the
importance of the Year 2000 Issue and, to address Year 2000 compliance,
created a Year 2000 Program Management Office in 1996, which is
separately funded, has a specialized staff and reports directly to MFS
Senior Management. The Office, with the help of external consultants,
is responsible for ascertaining that all internal systems, data feeds
and third party applications are Year 2000 compliant. While MFS is
confident that all MFS systems will be Year 2000 compliant before the
turn of the century, there are
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significant systems interdependencies in the domestic and foreign
markets for securities, the business environments in which companies
held by the Fund operate and in MFS' own business environment. MFS has
been actively working with the Fund's other service providers to
identify and respond to potential problems in an effort to ensure Year
2000 compliance or develop contingency plans. Year 2000 compliance is
also one the factors considered by MFS in its ongoing assessment of
companies in which the Fund invests. There can be no assurance,
however, that these steps will be sufficient to avoid any adverse
impact on the Fund.
The date of this Supplement is November 15, 1998.
