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MFS(R)NEW ENDEAVOR FUND
Supplement dated October 25, 2000 to the Current Prospectus
This Supplement supplements certain information in the fund's Prospectus. The
caption headings used in this Supplement correspond with the caption headings
used in the Prospectus.
1. Expense Summary
Expense Table. This table describes the fees and expenses that you may pay
when you buy, redeem and hold shares of the fund.
Shareholder Fees (fees paid directly from your investment):
<TABLE>
<CAPTION>
Class A Class B Class C
<S> <C> <C> <C>
Maximum Sales Charge (Load) Imposed on Purchases (as a
percentage of offering price)........................ 5.75% 0.00% 0.00%
Maximum Deferred Sales Charge (Load) (as a percentage
of original purchase price or redemption proceeds,
whichever is less)................................... See Below(1) 4.00% 1.00%
Annual Fund Operating Expenses (expenses that are deducted from fund assets):
Management Fees...................................... 0.90% 0.90% 0.90%
Distribution and Service (12b-1) Fees(2)............. 0.35% 1.00% 1.00%
Other Expenses....................................... 3.88% 3.88% 3.88%
----- ----- -----
Total Annual Fund Operating Expenses................. 5.13% 5.78% 5.78%
Expense Reimbursement(3)............................. (3.93)% (3.58)% (3.58)%
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Net Expenses(4)...................................... 1.20% 2.20% 2.20%
</TABLE>
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(1) An initial sales charge will not be deducted from your purchase if you buy
$1 million or more of class A shares, or if you are investing through a
retirement plan and your class A purchase meets certain requirements.
However, in this case, a contingent deferred sales charge referred to as a
CDSD of 1% may be deducted from your redemption proceeds if you redeem your
investment within 12 months.
(2) The fund adopted a distribution plan under Rule 12b-1 that permits it to
pay marketing and other fees to support the sale and distribution of class
A, B and C shares and the services provided to you by your financial
adviser (referred to as distribution and service fees).
(3) "Other Expenses" for the fund are based on estimates for the fund's current
fiscal year. MFS has contractually agreed to bear the fund's expenses
subject to reimbursement, such that "Other Expenses" after taking into
account the expense offset arrangement described below, do not exceed
0.30%. In addition, the fund's distributor, MFS Fund Distributors, Inc. has
contractually agreed to waive the fund's class A distribution and service
fees. These contractual fee arrangements will continue until at least
October 1, 2001, absent an earlier modification approved by the board of
trustees which oversees the fund.
(4) The fund has an expense offset arrangement which reduces the fund's
custodian fee based upon the amount of cash maintained by the fund with its
custodian and dividend disbursing agent. The fund may enter into other
similar arrangements and directed brokerage arrangements which would also
have the effect of reducing the fund's expenses. "Other Expenses" do not
take into account these expense reductions, and therefore are higher than
the actual expenses of the fund. Had these fee reductions been taken into
account, "Net Expenses" would be lower.
Example of Expenses. These examples are intended to help you compare the cost of
investing in the fund with the cost of investing in other mutual funds.
The example assume that:
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o You invest $10,000 in the fund for the time periods indicated and you
redeem your shares at the end of the time periods;
o Your investment has a 5% return each year and dividends and other
distributions are reinvested; and
o The fund's operating expenses remain the same except that the fund's
total operating expenses are assumed to be the fund's "Net Expenses"
for the first year, and the fund's "Total Annual Fund Operating
Expenses" for subsequent years (see Expense Table).
Although your actual costs may be higher or lower, under these assumptions your
costs would be:
Share Class Year 1 Year 3
Class A shares $685 $1,688
Class B Shares
Assuming redemption at end of period 583 1,667
Assuming no redemption 183 1,367
Class C Shares
Assuming redemption at end of period 283 1,367
Assuming no redemption 183 1,367
2. DESCRIPTION OF SHARE CLASSES
Distribution and Service Fees
The fund has adopted a plan under Rule 12b-1 that permits it to pay
marketing and other fees to support the sale and distribution of class A, B
and C shares and the services provided to you by your financial adviser.
These annual distribution and service fees may equal up to 0.35% for class
A shares (0.10% distribution fee and 0.25% service fee) and 1.00% for each
of class B and class C shares (a 0.75% distribution fee and a 0.25% service
fee), and are paid out of the assets of these classes. Over time, these
fees will increase the cost of your shares and may cost you more than
paying other types of sales charges. MFD has waived its right to receive
the class A service fee and the class A distribution fee as described under
"Expense Summary".
The date of this Supplement is October 25, 2000.
