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MFS(R) CONCENTRATED GROWTH FUND
Supplement to the Current Prospectus
The descriptions of the "Principal Investment Policies and "Principal Risks of
an Investment" under MFS Concentrated Growth Fund are hereby restated as
follows:
Principal Investment Policies
The fund invests, under normal market conditions, at least 65% of its total
assets in common stocks and related securities, such as preferred stock,
convertible securities and depositary receipts, of companies of any size which
MFS believes have above-average growth potential. The fund normally concentrates
its investments in a core group of 20 to 30 common stocks. While the fund may
invest in securities of any size, the fund generally focuses on companies with
large market capitalizations.
The fund is a non-diversified mutual fund. This means that the fund may invest a
relatively high percentage of its assets in a small number of issuers. The
fund's investments may include securities traded in the over-the-counter
markets.
In selecting investments for the fund, MFS generally looks for companies which
demonstrate:
o a strong franchise, strong cash flows and a recurring revenue stream
o a solid industry position, where there is
potential for high profit margins
substantial barriers to new entry in the industry
o a strong management team with a clearly defined strategy
o a catalyst that may accelerate growth
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 flows, and competitive position and management's abilities) performed by
the fund's portfolio manger and MFS' large group of equity research analysts.
Consistent with its investment policies, the fund may invest in foreign
securities through which it may have exposure to foreign currencies.
Principal Risks of an Investment
The principal risks of investing in the fund and the circumstances reasonably
likely to cause the value of your investment in the fund to decline are
described below. The share price of the fund generally changes daily based on
market conditions and other factors. Please note that there are many
circumstances which could cause the value of your investment in the fund to
decline, and which could prevent the fund from achieving its objective, that are
not described here.
The principal risks of investing the fund are:
o Non-Diversified Status: Because the fund invests a high percentage of
its assets in a small number of issuers, the fund is more susceptible
to any single economic, political or regulatory event affecting those
issuers than a diversified fund.
o Large Cap Companies Risk: Large cap companies tend to go in and out of
favor based on market and economic conditions. Large cap companies
tend to be less volatile than companies with smaller market
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capitalizations. In exchange for this potentially lower risk, the
fund's value may not rise as much as the value of funds that emphasize
smaller cap companies.
o Growth Company Risk: Prices of growth company securities held by the
fund may decline due to changing economic, political or market
conditions, or due to the financial condition of the company which
issued the security, and may decline to a greater extent that the
overall equity markets (e.g., as represented by the Standard an Poor's
Composite 500 Index).
o Foreign Securities Risk: Investments in foreign securities, involve
risks relating to political, social and economic developments abroad,
as well as risks resulting from the differences between the
regulations to which U.S. and foreign issuers and markets are subject:
These risks may include the seizure by the government of company
assets, excessive taxation, withholding taxes on dividends and
interest, limitations on the use or transfer of portfolio assets,
and political or social instability.
Enforcing legal rights may be difficult, costly and slow in
foreign countries, and there may be special problems enforcing
claims against foreign governments.
Foreign companies may not be subject to accounting standards or
governmental supervision comparable to U.S. companies, and there
may be less public information about their operations.
Foreign markets may be less liquid and more volatile than U.S.
markets.
Foreign securities often trade in currencies other than the U.S.
dollar, and the fund may directly hold foreign currencies and
purchase and sell foreign currencies through forward exchange
contracts. Changes in currency exchange rates will affect the
fund's net asset value, the value of dividends and interest
earned, and gains and losses realized on the sale of securities.
An increase in the strength of the U.S. dollar relative to these
other currencies may cause the value of the fund to decline.
Certain foreign currencies may be particularly volatile, and
foreign governments may intervene in the currency markets,
causing a decline in value or liquidity in the fund's foreign
currency holdings. By entering into forward foreign currency
exchange contracts, the fund may be required to forego the
benefits of advantageous changes in exchange rates and, in the
case of forward contracts entered into for the purpose of
increasing return, the fun may sustain losses which will reduce
its gross income. Forward foreign currency exchange contracts
involve the risk that the party with which the fund enters the
contract may fail to perform its obligations to the fund.
o Over-the-Counter Risk: Over-the-counter (OTC) transactions involve
risks in addition to those associated with transactions in securities
traded on exchanges. OTC-listed companies may have limited product
lines, markets or financial resources. Many OTC stocks trade less
frequently and in smaller volume than exchange-listed stocks. The
values of these stocks may be more volatile than exchange-listed
stocks, and the fund may experience difficulty in establishing or
closing out positions in these tocks at prevailing market prices.
o As with any mutual fund, you could lose money on your investment in
the fund.
An Investment in the fund is not a bank deposit and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.
The descriptions of portfolio manager under the "Management of the
Funds' sections for MFS Concentrated Growth Fun is hereby restated as
follows:
Paul M. McMahon, a Senior Vice President of MFS, has been employed as
a portfolio manager of the fund since April of 2000 and has been
employed in the investment area by MFS since 1981.
The date of this Supplement is April 28, 2000
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MFS(R) CONCENTRATED GROWTH FUND
Supplement to the Current Statement of Additional Information
Investment Limitation and Percentage Limitation (based on net assets) under the
"Investment Techniques, Practices and Risks" section is hereby restated as
follows for MFS Concentrated Growth Fund:
Investment Percentage Limitation
Limitation (based on net assets)
Foreign Securities (including Emerging Markets):......... Up to 50%
Lower Rated Bonds:....................................... 5%
Securities Lending:...................................... 30%
The date of this Supplement is April 28, 2000
