<PAGE>
MFS(R) GLOBAL EQUITY FUND
Supplement dated March 1, 2000 to the Current Prospectus
This Supplement describes the fund's Class J Shares, and it supplements certain
information in the fund's Prospectus dated March 1, 2000. The caption headings
used in this Supplement correspond with the caption headings used in the
Prospectus.
Class J shares are available for purchase only by Japanese investors. Class J
shares may only be offered or sold outside the United States and this supplement
does not constitute an offer of class J shares to any person who resides within
the United States.
1. RISK RETURN SUMMARY
Performance Table. The "Performance Table" is intended to indicate some of
the risks of investing in the fund by showing changes in the fund's
performance over time. The table is supplemented as follows:
Average Annual Total Returns as of December 31, 1999:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Year 5 Years 10 Years
------ ------- --------
Class J shares 16.66% 17.07% 11.00%
Morgan Stanley Capital International World Index***+ 25.22% 20.22% 11.96%
Average global fund++ 35.97% 19.24% 12.40%
</TABLE>
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+ Source: Standard & Poor's Micropal, Inc.
++ Source: Lipper Analytical Services, Inc.
*** The Morgan Stanley Capital International (MSCI) World Index is a
broad-based, unmanaged, market-capitalization-weighted total return index
which measures the performance of 23 developed-country global stock
markets, including the United States, Canada, Europe, Australia, New
Zealand and the Far East.
The fund commenced investment operations on December 29, 1986, with the offering
of class B shares and subsequently offered class J shares on July 7, 1999. Class
J share performance includes the performance of the fund's class B shares for
periods prior to the offering of class J shares. This blended class J
performance has been adjusted to take into account the initial sales charge
applicable to class J shares rather than the CDSC applicable to class B shares.
This blended performance has not been adjusted to take into account differences
in class specific operating expenses. Because operating expenses of class J
shares are lower than those of class B shares, this blended class J share
performance is lower than the performance of class J shares would have been had
class J shares been offered for the entire period.
2. EXPENSE SUMMARY
Expense Table. The "Expense Table" describes the fees and expenses that you
may pay when you buy, redeem and hold shares of the fund. The table is
supplemented as follows:
Shareholder Fees (fees paid directly from your investment)
Class J
Maximum Sales Charge (Load) Imposed on Purchase
(as a percentage of offering price)........................ 3.00%(1)
Maximum Deferred Sales Charge (Load) (as a percentage
of original purchase price or redemption proceeds,
whichever is less)......................................... None
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Annual Fund Operating Expenses (expenses that are deducted from fund assets)
Management Fees................................................. 1.00%
Distribution and Service (12b-1) Fees........................... 0.95%
Other Expenses(2) (3)........................................... 0.42%
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Total Annual Fund Operating Expenses............................ 2.37%
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(1) Class J shares are sold in Japan through financial institutions. The
sales charge (load) paid by an investor differs depending upon the
financial institutions through which the investment is made, but will not
exceed 3%. These sales charges (loads) are fully disclosed in the fund's
Japanese prospectus, which is provided to investors upon sale of the
fund's Class J shares.
(2) 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 and the fund may enter into
other similar arrangements and directed brokerage arrangements (which
would also have the effect of reducing the fund's expenses). Any such fee
reductions are not reflected in the table. Had these reductions been
taken into account, "Total Annual Fund Operating Expenses" would be
2.35%.
(3) "Other Expenses" are estimated for the current fiscal year.
Example of Expenses. The "Example of Expenses" table is intended to
help you compare the cost of investing in the fund with the cost of investing in
other mutual funds. The examples assume that:
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.
o The fund's operating expenses remain the same.
The table is supplemented as follows:
Share Class Year 1 Year 3 Year 5 Year 10
----------- ------ ------ ------ -------
Class J shares $533 $1,017 $1,527 $2,925
3. DESCRIPTIONS OF SHARE CLASSES
Five classes of shares of the fund currently are offered for sale, class A
shares, class B shares, class C shares, class I shares and class J shares. Class
A shares, class B shares, class C shares and class I shares are described in the
fund's prospectus and are available for purchase by the general public or by
certain institutional investors, and class J shares are described below.
Class J Shares. Class J shares are offered exclusively to Japanese
investors through financial institutions in Japan. Class J shares are offered at
net asset value plus a maximum initial sales charge as follows:
Sales Charge as Percentage of:
Amount of Purchase Offering Price Net Amount Invested
All amounts 3.00% 3.09%
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 J shares and the services provided to you by your financial
adviser. The class J annual distribution and service fees are equal to 0.95%
shares (0.25% service fee and 0.70% distribution fee), and are paid out of the
assets of class J. These fees are paid to MFD by the fund, and MFD in turn pays
a portion of these fees to dealers.
4. HOW TO PURCHASE, EXCHANGE AND REDEEM SHARES
The discussion of "How to Purchase, Exchange and Redeem Shares" is supplemented
as follows:
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How to Purchase Shares. You can establish an account by having your
financial institution process your purchase. The minimum initial investment and
the minimum subsequent investment amounts differ depending upon the financial
institution through which the investment is made. These minimums are fully
disclosed in the fund's Japanese prospectus, which is provided to investors upon
sale of the fund's class J shares.
How to Exchange Shares. Exchanges of class J shares of the fund for
class J shares of other MFS funds is permitted only if the funds are sold in
Japan through the same distributor and the distributor permits exchanges.
Exchange privileges are fully disclosed in the fund's Japanese prospectus, which
is provided to investors upon sale of the fund's class J shares.
How to Redeem Shares. You may withdraw all or any portion of the value
of your account on any date the fund is open for business by selling your shares
to the fund through a financial institution, who may charge you a fee. If the
financial institution receives your order prior to the close of regular trading
on the New York Stock Exchange and communicates it to MFS before the close of
the business on the same day, you will receive the net asset value calculated on
that day, reduced by an amount of any income tax required to be withheld.
5. INVESTOR SERVICES AND PROGRAMS
The shareholder services, as described in the Prospectus, do not apply
to class J shares, except that shareholders will receive confirmation statements
and tax information.
6. FINANCIAL HIGHLIGHTS
The "Financial Highlights" table is intended to help you understand the fund's
financial performance. It is supplemented as follows:
Financial Statements - Class J Shares
Period Ended
October 31, 1999*
Per share data (for a share outstanding throughout the period):
Net asset value - beginning of period
Income from investment operations# $22.58
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Net investment loss $(0.10)
Net realized and unrealized loss on investments and foreign
currency (0.27)
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Total from investment operations $(0.37)
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Net asset value - end of period $22.21
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Total return (1.55)%++
Ratios (to average net assets)/Supplemental data:
Expenses## 2.37%+
Net investment loss (1.34)%+
Portfolio turnover 92%
Net assets at end of period (000 Omitted) $724
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* For the period from the inception of class J, July 7, 1999, through October
31, 1999.
+ Annualized.
++ Not annualized.
# Per share data are based on average shares outstanding.
## Ratios do not reflect expense reductions from certain expense offset
arrangements.
The date of this Supplement is March 1, 2000.
