<PAGE>
MFS(R) MID CAP VALUE FUND
Supplement to the Current Prospectus
The third paragraph under the caption "Principal Investment Policies" is revised
as follows:
Medium market capitalization companies are defined by the fund as
companies with market capitalizations equaling or exceeding $250 million but not
exceeding the top of the Russell Midcap TM 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 fall below $250 million or
exceed the top of the Russell Midcap TM Index range after purchase continue to
be considered medium-capitalization companies for purposes of the fund's 65%
investment policy. As of July 9, 1999 the top of the Russell Midcap TM Index
range was $12.7 billion. The fund's investments may include securities traded in
the over-the-counter markets.
The date of this Supplement is July 16, 1999.
<PAGE>
MFS(R) MID CAP VALUE FUND
MFS(R) LARGE CAP VALUE FUND
MFS(R) HIGH QUALITY BOND FUND
Supplement to the Current Prospectus
The MFS Mid Cap Value Fund is not currently being offered for sale. In addition,
while three classes of shares of the MFS Large Cap Value Fund and the MFS High
Quality Bond Fund are described in this Prospectus, these funds do not currently
offer class B and class C shares. Class A shares are available for purchase at
net asset value only by employees of MFS and its affiliates and certain of their
family members who are residents of The Commonwealth of Massachusetts, and
members of the governing boards of the various funds sponsored by MFS.
The date of this Supplement is May 3, 1999
<PAGE>
MFS(R) Managed Sectors Fund
MFS(R) Cash Reserve Fund
MFS(R) Global Asset Allocation Fund
MFS(R) Core Growth Fund
MFS(R) Convertible Securities Fund
MFS(R) Blue Chip Fund
MFS(R) Science and Technology Fund
MFS(R) New Discovery Fund
MFS(R) Research Growth and Income Fund
MFS(R) Equity Income Fund
MFS(R) Research International Fund
MFS(R) Strategic Growth Fund
MFS(R) Large Cap Growth Fund
MFS(R) Emerging Growth Fund
MFS(R) Intermediate Income Fund
MFS(R) Charter Income Fund
MFS(R) High Income Fund
MFS(R) High Yield Opportunities Fund
MFS(R) Government Money Market Fund
MFS(R) Money Market Fund
MFS(R) Mid Cap Growth Fund
MFS(R) Research Fund
MFS(R) Total Return Fund
MFS(R) International Opportunities Fund
MFS(R) International Strategic Growth Fund
MFS(R) International Value Fund
MFS(R) Utilities Fund
MFS(R) Global Total Return Fund
MFS(R) Global Equity Fund
MFS(R) Global Governments Fund
MFS(R) Capital Opportunities Fund
MFS(R) Strategic Income Fund
MFS(R) Global Growth Fund
MFS(R) Bond Fund
MFS(R) Limited Maturity Fund
MFS(R) Intermediate Investment Grade Bond Fund
MFS(R) Research Bond Fund
MFS(R) Mid Cap Value Fund
MFS(R) Large Cap Value Fund
MFS(R) High Quality Bond Fund
MFS(R) Government Mortgage Fund
MFS(R) International Growth Fund
MFS(R) International Growth and Income Fund
MFS(R)/F&C Emerging Markets Equity Fund
MFS(R) Strategic Value Fund
MFS(R) Small Cap Value Fund
MFS(R) Emerging Markets Debt Fund
MFS(R) Income Fund
MFS(R) European Equity Fund
MFS(R) High Yield Fund
MFS(R) Concentrated Growth Fund
MFS(R) Union Standard Equity Fund
Massachusetts Investors Trust
Massachusetts Investors Growth Stock Fund
MFS(R) Growth Opportunities Fund
MFS(R) Government Securities Fund
MFS(R) Government Limited Maturity Fund
Supplement to the Current Prospectus
In lieu of the sales commission and service fees normally paid by MFD to
broker-dealers of record as described in the Prospectus, MFD has agreed to pay
Bear, Stearns & Co. Inc. the following amounts with respect to Class A shares of
the Fund purchased through a special retirement plan program offered by a third
party administrator: (i) an amount equal to 0.05% per annum of the average daily
net assets invested in shares of the Fund pursuant to such program, and (ii) an
amount equal to 0.20% of the net asset value of all net purchases of shares of
the Fund made through such program, subject to a refund in the event that such
shares are redeemed within 36 months.
The date of this Supplement is August 1, 1999.
<PAGE>
MFS(R) Managed Sectors Fund
MFS(R) Cash Reserve Fund
MFS(R) Global Asset Allocation Fund
MFS(R) Core Growth Fund
MFS(R) Convertible Securities Fund
MFS(R) Blue Chip Fund
MFS(R) Science and Technology Fund
MFS(R) New Discovery Fund
MFS(R) Research Growth and Income Fund
MFS(R) Equity Income Fund
MFS(R) Research International Fund
MFS(R) Strategic Growth Fund
MFS(R) Emerging Growth Fund
MFS(R) Large Cap Growth Fund
MFS(R) Intermediate Income Fund
MFS(R) Charter Income Fund
MFS(R) High Income Fund
MFS(R) Municipal High Income Fund
MFS(R) High Yield Opportunities Fund
MFS(R) Money Market Fund
MFS(R) Government Money Market Fund
MFS(R) Municipal Bond Fund
MFS(R) Mid Cap Growth Fund
MFS(R) Total Return Fund
MFS(R) Research Fund
MFS(R) International Opportunities Fund
MFS(R) International Strategic Growth Fund
MFS(R) International Value Fund
MFS(R) Global Total Return Fund
MFS(R) Utilities Fund
MFS(R) Global Equity Fund
MFS(R) Global Governments Fund
MFS(R) Capital Opportunities Fund
MFS(R) Strategic Income Fund
MFS(R) Global Growth Fund
MFS(R) Bond Fund
MFS(R) Limited Maturity Fund
MFS(R) Municipal Limited Maturity Fund
MFS(R) Intermediate Investment Grade Bond Fund
MFS(R) Research Bond Fund
MFS(R) Mid Cap Value Fund
MFS(R) Large Cap Value Fund
MFS(R) High Quality Bond Fund
MFS(R) Government Mortgage Fund
MFS(R) International Growth Fund
MFS(R) International Growth and Income Fund
MFS/Foreign & Colonial Emerging Markets Equity Fund
MFS(R) Strategic Value Fund
MFS(R) Small Cap Value Fund
MFS(R) Emerging Markets Debt Fund
MFS(R) Income Fund
MFS(R) European Equity Fund
MFS(R) High Yield Fund
MFS(R) Concentrated Growth Fund
MFS(R) Union Standard Equity Fund
MFS(R) Alabama Municipal Bond Fund
MFS(R) Arkansas Municipal Bond Fund
MFS(R) California Municipal Bond Fund
MFS(R) Florida Municipal Bond Fund
MFS(R) Georgia Municipal Bond Fund
MFS(R) Maryland Municipal Bond Fund
MFS(R) Massachusetts Municipal Bond Fund
MFS(R) Mississippi Municipal Bond Fund
MFS(R) New York Municipal Bond Fund
MFS(R) North Carolina Municipal Bond Fund
MFS(R) Pennsylvania Municipal Bond Fund
MFS(R) South Carolina Municipal Bond Fund
MFS(R) Tennessee Municipal Bond Fund
MFS(R) Virginia Municipal Bond Fund
MFS(R) West Virginia Municipal Bond Fund
MFS(R) Municipal Income Fund
MFS(R) New York High Income Tax Free Fund
MFS(R) Massachusetts High Income Tax Free Fund
MFS(R) Growth Opportunities Fund
MFS(R) Government Securities Fund
Massachusetts Investors Growth Stock Fund
MFS(R) Government Limited Maturity Fund
Massachusetts Investors Trust
Supplement to the Current Prospectus
Until terminated by MFS Fund Distributors, Inc. ("MFD"), the Funds' distributor,
MFD will incur, on behalf of Royal Alliance Associates, Inc., up to $15 toward
the ticket charge with respect to purchases of shares of any MFS Fund made
through the GOLD Select Program. MFD will not incur such charge with respect to
redemptions or repurchases of Fund shares, exchanges of Fund shares, or shares
purchased or redeemed through systematic investment or withdrawal plans.
The date of this Supplement is August 1, 1999.
<PAGE>
MFS(R)SCIENCE AND TECHNOLOGY FUND
MFS(R)MID CAP VALUE FUND
MFS(R)INTERNATIONAL OPPORTUNITIES FUND
MFS(R)LARGE CAP VALUE FUND
MFS(R)INTERNATIONAL STRATEGIC GROWTH FUND
MFS(R)HIGH QUALITY BOND FUND
MFS(R)INTERNATIONAL VALUE FUND
MFS(R)STRATEGIC VALUE FUND
MFS(R)INTERMEDIATE INVESTMENT GRADE BOND FUND
MFS(R)EMERGING MARKETS DEBT FUND
MFS(R)RESEARCH BOND FUND
MFS(R)INCOME FUND
MFS(R)NEW YORK HIGH INCOME TAX FREE FUND
MFS(R)EUROPEAN EQUITY FUND
MFS(R)MASSACHUSETTS HIGH INCOME TAX FREE FUND
MFS(R)HIGH YIELD FUND
VERTEX CONTRARIAN FUND
MFS(R)CONCENTRATED GROWTH FUND
VERTEX ALL CAP FUND
Supplement to the Current Prospectus and Statement
of Additional Information (the "SAI")
The second, third and fourth categories in the section of the Prospectus
entitled "Purchases Subject to a CDSC (but not an initial sales charge)" or, for
certain funds, in Appendix B of the Prospectus entitled "Sales Charge Categories
Available to Certain Retirement Plans," are hereby restated as follows:
o 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; and
The total purchases by the retirement plan (or by multiple plans
maintained by the same plan sponsor) 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.
o Investments in class A shares by certain retirement plans subject to
ERISA, if
The plan establishes an account with MFSC on or after July 1,
1996; and
The plan has, at the time of purchase, either alone or in
aggregate with other plans maintained by the same plan sponsor, a
market value of $500,000 or more invested in shares of any class
or classes of the MFS Funds.
The retirement plans will qualify under this category only if the
plans or their sponsoring organization informs MFSC prior to the
purchases that the plans have a market value of $500,000 or more
invested in shares of any class or classes of the MFS Funds; MFSC
has no obligation independently to determine whether such plans
qualify under this category.
o Investment in class A shares by certain retirement plans subject to
ERISA, if
The plan established an account with MFSC between July 1, 1997
and December 31, 1999;
The plan records are maintained on a pooled basis by MFSC; and
The sponsoring organization demonstrates to the satisfaction of
MFD that, at the time of purchase, the employer has at least 200
eligible employees and the plan has aggregate assets of at least
$2,000,000.
Appendix A to Part II of the SAI is amended to add the following waiver category
under the heading "Waivers of Class A Sales Charges - Retirement Plans":
o Reinvestment of Redemption Proceeds from Class B Shares
Shares acquired by a retirement plan whose sponsoring
organization subscribes to the MFS Participant Recordkeeping
System where the purchase represents the immediate reinvestment
of proceeds from the plan's redemption of its Class B
<PAGE>
shares of the MFS Funds and is equal to or exceeds $500,000,
either alone or in aggregate with the current market value of the
plan's existing Class A shares.
Appendix A to Part II of the SAI is amended to add the following two waiver
categories under the heading "Waivers of Class A Sales Charges - Shares redeemed
on account of distributions made under the following circumstances":
o Retirement Plan Recordkeeping Service Agreements
where the retirement plan is, at that time, a party to a
retirement plan recordkeeping or administrative services
agreement with MFD or one of its affiliates pursuant to which
certain of those services are provided by Benefit Services
Corporation or any successor service provider designated by MFD.
where the retirement plan has established an account with MFSC on
or after January 1, 2000 and is, at that time, a party to a
retirement plan recordkeeping or administrative services
agreement with MFD or one of its affiliates pursuant to which
such services are provided with respect to at least $10 million
in plan assets.
Appendix B to Part II of the SAI is amended to restate the second paragraph and
to add a third paragraph under the heading "Dealer Commissions and Concessions -
Class A Shares - Purchases Subject to a CDSC (but not on Initial Sales Charge)":
Except for those employer sponsored retirement plans described below,
for purposes of determining the level of commissions to be paid to
dealers with respect to a shareholder's new investment in class A
shares purchases for each shareholder account (and certain other
accounts for which the shareholder is a record or beneficial holder)
will be aggregated over a 12-month period (commencing from the date of
the first such purchase).
In the case of employer sponsored retirement plans whose account
application or other account establishment paperwork is received in
good order after December 31, 1999, purchases will be aggregated as
described above but the cumulative purchase amount will not be re-set
after the date of the first such purchase.
The date of this Supplement is January 1, 2000.
<PAGE>
MFS(R) MANAGED SECTORS FUND
MFS(R) CASH RESERVE FUND
MFS(R) CORE GROWTH FUND
MFS(R) GLOBAL ASSET ALLOCATION FUND
MFS(R) NEW DISCOVERY FUND
MFS(R) RESEARCH GROWTH AND INCOME FUND
MFS(R) EQUITY INCOME FUND
MFS(R) RESEARCH INTERNATIONAL FUND
MFS(R) STRATEGIC GROWTH FUND
MFS(R) EMERGING GROWTH FUND
MFS(R) LARGE CAP GROWTH FUND
MFS(R) INTERMEDIATE INCOME FUND
MFS(R) CHARTER INCOME FUND
MFS(R) HIGH INCOME FUND
MFS(R) MUNICIPAL HIGH INCOME FUND
MFS(R) HIGH YIELD OPPORTUNITIES FUND
MFS(R) MONEY MARKET FUND
MFS(R) GOVERNMENT MONEY MARKET FUND
MFS(R) MUNICIPAL BOND FUND
MFS(R) MID CAP GROWTH FUND
MFS(R) TOTAL RETURN FUND
MFS(R) RESEARCH FUND
MFS(R) GLOBAL TOTAL RETURN FUND
MFS(R) UTILITIES FUND
MFS(R) GLOBAL EQUITY FUND
MFS(R) GLOBAL GOVERNMENTS FUND
MFS(R) CAPITAL OPPORTUNITIES FUND
MFS(R) STRATEGIC INCOME FUND
MFS(R) GLOBAL GROWTH FUND
MFS(R) BOND FUND
MFS(R) INTERNATIONAL OPPORTUNITIES FUND
MFS(R) INTERNATIONAL STRATEGIC GROWTH FUND
MFS(R) INTERNATIONAL VALUE FUND
MFS(R) INTERMEDIATE INVESTMENT GRADE BOND FUND
MFS(R) RESEARCH BOND FUND
MFS(R) NEW YORK HIGH INCOME TAX FREE FUND
MFS(R) MASSACHUSETTS HIGH INCOME TAX FREE FUND
VERTEX CONTRARIAN FUND
VERTEX ALL CAP FUND
MFS(R) GOVERNMENT MORTGAGE FUND
MFS(R) INTERNATIONAL GROWTH FUND
MFS(R) INTERNATIONAL GROWTH AND INCOME FUND
MFS(R) EMERGING MARKETS EQUITY FUND
MFS(R) UNION STANDARD(R) EQUITY FUND
MFS(R) GROWTH OPPORTUNITIES FUND
MFS(R) GOVERNMENT SECURITIES FUND
MASSACHUSETTS INVESTORS GROWTH STOCK FUND
MFS(R) GOVERNMENT LIMITED MATURITY FUND
MASSACHUSETTS INVESTORS TRUST
MFS(R) ALABAMA MUNICIPAL BOND FUND
MFS(R) ARKANSAS MUNICIPAL BOND FUND
MFS(R) CALIFORNIA MUNICIPAL BOND FUND
MFS(R) FLORIDA MUNICIPAL BOND FUND
MFS(R) GEORGIA MUNICIPAL BOND FUND
MFS(R) MARYLAND MUNICIPAL BOND FUND
MFS(R) MASSACHUSETTS MUNICIPAL BOND FUND
MFS(R) MISSISSIPPI MUNICIPAL BOND FUND
MFS(R) NEW YORK MUNICIPAL BOND FUND
MFS(R) NORTH CAROLINA MUNICIPAL BOND FUND
MFS(R) PENNSYLVANIA MUNICIPAL BOND FUND
MFS(R) SOUTH CAROLINA MUNICIPAL BOND FUND
MFS(R) TENNESSEE MUNICIPAL BOND FUND
MFS(R) VIRGINIA MUNICIPAL BOND FUND
MFS(R) WEST VIRGINIA MUNICIPAL BOND FUND
MFS(R) MUNICIPAL INCOME FUND
MFS(R) LIMITED MATURITY FUND
MFS(R) MUNICIPAL LIMITED MATURITY FUND
MFS(R) TECHNOLOGY FUND
MFS(R) MID CAP VALUE FUND
MFS(R) LARGE CAP VALUE FUND
MFS(R) HIGH QUALITY BOND FUND
MFS(R) STRATEGIC VALUE FUND
MFS(R) EMERGING MARKETS DEBT FUND
MFS(R) INCOME FUND
MFS(R) EUROPEAN EQUITY FUND
MFS(R) HIGH YIELD FUND
MFS(R) CONCENTRATED GROWTH FUND
Supplement to the Statement of Additional Information (the "SAI") Part II
Effective April 1, 2000, the SAI Part II, Section III "Distribution Plan", under
the heading "Class A Shares", is hereby restated to insert the following
disclosure between the second and third paragraphs:
In the case of a retirement plan (or multiple plans maintained by the same
plan sponsor) which has established accounts with MFSC, on or after April 1,
2000 and is, at that time, a party to a retirement plan recordkeeping or
administrative services agreement with MFD or one of its affiliates pursuant to
which such services are provided with respect to at least $10 million in plan
assets, MFD may retain the service fee paid by the fund with respect to shares
purchased by such plan for the first year after purchase. Dealers will become
eligible to receive the ongoing applicable service fee with respect to such
shares commencing in the 13th month following purchase.
The date of this Supplement is April 10, 2000
<PAGE>
MFS(R)MID CAP VALUE FUND
Supplement to the Current Prospectus
Effective May 1, 2000, the Principal Investment Policies of the Fund
are hereby 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, of
companies with medium market capitalizations which MFS believes are
undervalued in the market relative to their long term potential.
Medium market capitalization companies are defined by the fund as
companies with market capitalizations equaling or exceeding $250 million but
not exceeding 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 fall
below $250 million or exceed the top of the Russell Midcap TM Growth Index
range after purchase continue to be considered medium-capitalization companies
for purposes of the fund's 65% investment policy. As of March 31, 1999, the
top of the Russell Midcap TM Growth Index range was $31 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 performed by the
fund's portfolio manager and MFS' large group of equity research analysts.
Consistent with its principal investment strategies described above,
the fund may invest in foreign securities (including emerging markets
securities), through which it may have exposure to foreign currencies.
The date of this supplement is May 1, 2000.
<PAGE>
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.
