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MFS(R) MID CAP VALUE FUND
Supplement to the Current Prospectus and Statement of Additional Information
Subject to Board approval, effective September 1, 2000, the following changes
will be made:
o The fund's name will change to MFS(R) Emerging Opportunities Fund.
o The fund's "Principal Investment Policies" will be restated as follows:
The fund invests, under normal market conditions, at least 65% of its
total assets in common stocks and related securities, such as
preferred stocks, convertible securities and depositary receipts for
those securities. The fund is flexibly managed, with the ability to
invest in issuers of small to medium market capitalizations and any
industry focus. The fund may pursue a "growth strategy," by investing
in companies which the fund's investment adviser, MFS Investment
Management (referred to as MFS or the adviser) believes offer
superior prospects for growth, or a "value strategy," by investing in
companies which the adviser believes are undervalued.
Small to medium market capitalization companies are defined by the
fund as companies with market capitalizations up to the top of the
Russell MidcapTM Growth Index range at the time of the fund's
investment. This Index is a widely recognized, unmanaged index of
mid-cap common stock prices. Companies whose market capitalizations
exceed the top of the Russell Midcap TM Growth Index range after
purchase continue to be considered medium-capitalization companies.
As of February 29, 2000, the top of the Russell Midcap TM Growth
Index range was $59.6 billion. The fund's investments may include
securities listed on a securities exchange or traded in the
over-the-counter markets.
MFS uses a bottom-up, as opposed to a top-down, investment style in
managing the equity-oriented funds (such as the fund) it advises.
This means that securities are selected based upon fundamental
analysis (such as an analysis of earnings, cash flow, competitive
position and management's abilities) performed by the fund's
portfolio manager and MFS' large group of equity research analysts.
The fund may establish "short" positions in specific securities or
stock indices through short sales. In a short sale, the fund borrows
a security it does not own and then sells it in anticipation of a
fall in the security's price. The fund must replace the security it
borrowed by purchasing the security at its market value at the time
of replacement. The fund may also engage in short sales "against the
box" where the fund owns or has the right to obtain, at no additional
cost, the securities that are sold short. Up to 40% of the fund's net
assets may be devoted to short positions.
Consistent with its principal investment strategies described above,
the fund may invest up to 40% of its net assets in foreign securities
(including emerging markets securities), through which it may have
exposure to foreign currencies.
o The following disclosure will be added to "Principal Risks":
Short Sales Risk: The fund will suffer a loss if it sells a security
short and the value of the security rises rather than falls. Because
the fund must purchase the security it borrowed in a short sale at
prevailing market rates, the potential loss may be greater for a
short sale than for a short sale "against the box".
The date of this supplement is June 1, 2000.
