<PAGE>
(R) EQUITY INCOME FUND
MFS(R) CORE GROWTH FUND
MFS(R) AGGRESSIVE GROWTH FUND
MFS(R) SPECIAL OPPORTUNITIES FUND
MFS(R) CONVERTIBLE SECURITIES FUND
MFS(R) BLUE CHIP FUND
MFS(R) NEW DISCOVERY FUND
MFS(R) SCIENCE AND TECHNOLOGY FUND
MFS(R) RESEARCH INTERNATIONAL FUND
SUPPLEMENT TO THE JANUARY 1, 1997 PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING INFORMATION SHOULD BE READ IN CONJUNCTION WITH THE FUNDS'
PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION ("SAI"), DATED JANUARY 1,
1997, AND CONTAINS A DESCRIPTION OF CLASS I SHARES.
CLASS I SHARES ARE AVAILABLE FOR PURCHASE ONLY BY CERTAIN INVESTORS AS
DESCRIBED UNDER THE CAPTION "ELIGIBLE PURCHASERS" BELOW.
EXPENSE SUMMARY
CLASS I
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
EQUITY CORE AGGRESSIVE SPECIAL
INCOME GROWTH GROWTH OPPORTUNITIES
FUND FUND FUND FUND
SHAREHOLDER TRANSACTION EXPENSES:
Maximum Initial Sales Charge
Imposed on Purchases of Fund
Shares (as a percentage of
offering price).......................... None None None None
Maximum Contingent Deferred
Sales Charge (as a percentage
of original purchase price or redemption
proceeds, as applicable)................. None None None None
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
SCIENCE
CONVERTIBLE BLUE NEW AND RESEARCH
SECURITIES CHIP DISCOVERY TECHNOLOGY INTERNATIONAL
FUND FUND FUND FUND FUND
SHAREHOLDER TRANSACTION EXPENSES:
Maximum Initial Sales Charge
Imposed on Purchases of Fund
Shares (as a percentage of
offering price)....................... None None None None None
Maximum Contingent Deferred
Sales Charge (as a percentage
of original purchase price or redemption
proceeds, as applicable).............. None None None None None
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
EQUITY CORE AGGRESSIVE SPECIAL
INCOME GROWTH GROWTH OPPORTUNITIES
FUND FUND FUND FUND
ANNUAL OPERATING EXPENSES (AS A PERCENTAGE OF AVERAGE NET ASSETS):
Management Fees (after fee
reduction)(1)......................... 0.00% 0.00% 0.75% 0.00%
Rule 12b-1 Fees.......................... None None None None
Other Expenses (after fee
reduction)(2)(3)...................... 1.50% 1.50% 0.59% 1.50%
----- ----- ----- -----
Total Operating Expenses (after
fee reduction)(4)..................... 1.50% 1.50% 1.34% 1.50%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
SCIENCE
CONVERTIBLE BLUE NEW AND RESEARCH
SECURITIES CHIP DISCOVERY TECHNOLOGY INTERNATIONAL
FUND FUND FUND FUND FUND
ANNUAL OPERATING EXPENSES (AS A PERCENTAGE OF AVERAGE NET ASSETS):
Management Fees (after fee
reduction)(1)......................... 0.00% 0.00% 0.00% 0.00% 0.00%
Rule 12b-1 Fees.......................... None None None None None
Other Expenses (after fee
reduction)(2)(3)...................... 1.50% 1.50% 1.50% 1.50% 1.75%
----- ----- ----- ----- -----
Total Operating Expenses (after
fee reduction)(4)..................... 1.50% 1.50% 1.50% 1.50% 1.75%
</TABLE>
- -------------------------
(1) The Adviser is currently waiving its right to receive management fees from
each Fund except the Aggressive Growth Fund. Absent this waiver,
"Management Fees" would be as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
EQUITY CORE SPECIAL
INCOME GROWTH OPPORTUNITIES
FUND FUND FUND
0.75% 0.75% 0.75%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SCIENCE
CONVERTIBLE BLUE NEW AND RESEARCH
SECURITIES CHIP DISCOVERY TECHNOLOGY INTERNATIONAL
FUND FUND FUND FUND FUND
0.65% 0.65% 0.75% 0.75% 1.00%
</TABLE>
(2) "Other Expenses" for the Convertible Securities Fund, the Blue Chip Fund,
the New Discovery Fund, the Science and Technology Fund and the Research
International Fund are based on estimates of payments to be made during
each such Fund's current fiscal year. As discussed below in footnote 4, the
Adviser is bearing certain expenses of Class I shares of each Fund except
the Aggressive
<PAGE>
Growth Fund, subject to reimbursement by the Funds. Absent this
arrangement, "Other Expenses," expressed as a percentage of average
daily net assets, would be as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
EQUITY CORE SPECIAL
INCOME GROWTH OPPORTUNITIES
FUND FUND FUND
3.42% 3.03% 1.72%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SCIENCE
CONVERTIBLE BLUE NEW AND RESEARCH
SECURITIES CHIP DISCOVERY TECHNOLOGY INTERNATIONAL
FUND FUND FUND FUND FUND
3.36% 3.36% 3.36% 3.36% 3.36%
</TABLE>
(3) Each 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, and may enter into other such
arrangements and directed brokerage arrangements (which would also have the
effect of reducing the Fund's expenses). Any such fee reductions are not
reflected under "Other Expenses."
(4) The Adviser has agreed to bear expenses of each Fund, subject to
reimbursement by the Funds as described under "Other Information" below.
Under these arrangements, "Total Operating Expenses" will not exceed, on an
annualized basis, 1.50% of each of the Equity Income Fund's, Core Growth
Fund's and Special Opportunities Fund's average daily net assets with
respect to Class I shares, during the current fiscal year and each fiscal
year through August 31, 2006, "Total Operating Expenses" will not exceed,
on an annualized basis, 1.50% of each of the Convertible Securities Fund's,
Blue Chip Fund's, New Discovery Fund's and Science and Technology Fund's
average daily net assets with respect to Class I shares, during the current
fiscal year and each fiscal year through August 31, 2007, and "Total
Operating Expenses" will not exceed, on an annualized basis, 1.75% of the
Research International Fund's average daily net assets with respect to
Class I shares, during the current fiscal year and each fiscal year through
August 31, 2007. These arrangements may be changed or terminated by the
Adviser at any time. Absent any fee waivers and expense reductions, "Total
Operating Expenses," expressed as a percentage of average daily net assets,
would be as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
EQUITY CORE SPECIAL CONVERTIBLE
INCOME GROWTH OPPORTUNITIES SECURITIES
FUND FUND FUND FUND
4.17% 3.78% 2.47% 4.01%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SCIENCE
BLUE NEW AND RESEARCH
CHIP DISCOVERY TECHNOLOGY INTERNATIONAL
FUND FUND FUND FUND
4.01% 4.11% 4.11% 4.36%
</TABLE>
EXAMPLE OF EXPENSES
An investor would pay the following dollar amounts of expenses on a $1,000
investment in Class I shares of each Fund, assuming (a)
<PAGE>
a 5% annual return and (b) redemption at the end of each of the time
periods indicated:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
EQUITY CORE AGGRESSIVE SPECIAL
INCOME GROWTH GROWTH OPPORTUNITIES
PERIOD FUND FUND FUND FUND
1 year................ $15 $15 $14 $15
3 years............... 47 47 42 47
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
SCIENCE
CONVERTIBLE BLUE NEW AD RESEARCH
SECURITIES CHIP DISCOVERY TECHNOLOGY INTERNATIONAL
PERIOD FUND FUND FUND FUND FUND
1 year.......... $ 15 $ 15 $ 15 $ 15 $ 18
3 years......... 47 47 47 47 55
</TABLE>
The purpose of the expense table above is to assist investors in
understanding the various costs and expenses that a shareholder of the Funds
will bear directly or indirectly. A more complete description of each Fund's
management fee is set forth under the caption "Management of the Funds" in the
Prospectus.
THE "EXAMPLE" SET FORTH ABOVE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST
OR FUTURE EXPENSES OF THE FUNDS; ACTUAL EXPENSES MAY BE GREATER OR LESS THAN
THOSE SHOWN.
ELIGIBLE PURCHASERS
Class I shares are available for purchase only by the following purchasers
("Eligible Purchasers"):
(i) certain retirement plans established for the benefit of employees of
Massachusetts Financial Services Company ("MFS"), the Fund's investment
adviser, and employees of MFS' affiliates; and
(ii) any fund distributed by MFS Fund Distributors, Inc. ("MFD"), the Fund's
distributor, if the fund seeks to achieve its investment objective by
investing primarily in shares of the Fund and other funds distributed by
MFD.
In no event will the Fund, MFS, MFD or any of their affiliates pay any sales
commissions or compensation to any third party in connection with the sale of
Class I shares; the payment of any such sales commission or compensation would,
under the Fund's policies, disqualify the purchaser as an eligible investor of
Class I shares.
SHARE CLASSES OFFERED BY THE FUND
While each Fund has four classes of shares (Class A, Class B, Class C and
Class I shares), Class A and Class I shares are the only classes presently
available for sale. Class I shares are available for purchase only by Eligible
Purchasers, as defined above, and are described in this Supplement. Class A
shares, Class B shares and Class C shares are described in the Funds'
Prospectus. Class A shares are available for purchase by certain retirement
plans established for the benefit of employees of MFS and by such employees 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.
Class A shares are offered at net asset value plus an initial sales charge
up to a maximum of 4.75% of the offering price (or a contingent deferred sales
charge (a "CDSC") upon redemption of 1.00% during the first year in the case of
purchases of $1 million or more and certain purchases by retirement plans), and
are subject to an annual distribution fee and service fee up to a maximum of
0.50% per annum. Class B shares are offered at net asset value without an
initial sales charge but are subject to a CDSC upon redemption (declining from
4.00% during the first year to 0% after six years) and an annual distribution
fee and service fee up to a maximum of 1.00% per annum; Class B shares convert
to Class A shares approximately eight years after purchase. Class C shares are
offered at net asset value without an initial sales charge but are subject to a
CDSC upon redemption of 1.00% during the first year and an annual distribution
fee and service fee up to a maximum of 1.00% per annum. Class I shares are
offered at net asset value without an initial sales charge or CDSC and are not
subject to a distribution or service fee. Class C and Class I shares do not
convert to any other class of shares of the Funds.
<PAGE>
OTHER INFORMATION
Eligible Purchasers may purchase Class I shares only directly through MFD.
Eligible Purchasers may exchange Class I shares of a Fund for Class I shares of
any other MFS Fund available for purchase by such Eligible Purchasers at their
net asset value (if available for sale),and may exchange Class I shares of a
Fund for shares of the MFS Money Market Fund (if available for sale), and may
redeem Class I shares of a Fund at net asset value. Distributions paid by a Fund
with respect to Class I shares generally will be greater than those paid with
respect to Class A shares, Class B shares and Class C shares because expenses
attributable to Class A shares, Class B shares and Class C shares generally will
be higher.
Subject to termination or revision at the discretion of MFS, MFS has agreed
to pay until August 31, 2006 the expenses of the Equity Fund, the Core Growth
Fund, the Aggressive Growth Fund and the Special Opportunities Fund such that
each Fund's aggregate operating expenses do not exceed, on an annualized basis,
1.50% of the average daily net assets with respect to Class I shares. Such
payments by MFS are subject to reimbursement by the relevant Fund which will be
accomplished by the payment by the Fund of an expense reimbursement fee to MFS
computed and paid monthly as a percentage of its average daily net assets for
its then-current fiscal year, with a limitation that immediately after such
payment the aggregate operating expenses of the Fund would not exceed, on an
annualized basis, 1.50% of the average daily net assets with respect to Class I
shares. The expense reimbursement agreement terminates for each Fund on the
earlier of the date on which payments made thereunder by the Fund equal the
prior payment of such reimbursable expenses by MFS or August 31, 2006.
Subject to termination or revision at the discretion of MFS, MFS has agreed
to pay until August 31, 2007 the foregoing expenses of the Convertible
Securities Fund, the Blue Chip Fund, the New Discovery Fund, the Science and
Technology Fund and the Research International Fund such that each Fund's
aggregate operating expenses do not exceed, on an annualized basis, 1.50% (1.75%
for the Research International Fund) of the average daily net assets with
respect to Class I shares. Such payments by MFS are subject to reimbursement by
each Fund which will be accomplished by the payment by the Fund of an expense
reimbursement fee to MFS computed and paid monthly as a percentage of its
average daily net assets for its then-current fiscal year, with a limitation
that immediately after such payment the aggregate operating expenses of a Fund
would not exceed the above-referenced percentage limitations. The expense
reimbursement agreement terminates for each Fund on the earlier of the date on
which payments made thereunder by the Fund equal the prior payment of such
reimbursable expenses by MFS or August 31, 2007.
THE DATE OF THIS SUPPLEMENT IS JANUARY 1, 1997
