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MFS(R) INSTITUTIONAL TRUST
MFS(R) Institutional Emerging Markets Debt Fund
SUPPLEMENT TO THE CURRENT PROSPECTUS
The first two paragraphs in the section entitled "Investment Objectives and
Policies" on page 12 of the prospectus are hereby restated as follows:
Emerging Markets Fund - The Emerging Markets Fund's investment
objective is to seek total return (high current income and long-term
growth of capital).
The Fund seeks to achieve its objective by investing, under normal
market conditions, at least 65% of its total assets in fixed income
securities of government, government-related, supranational and
corporate issuers located, or primarily conducting their business, in
emerging markets (see "Certain Securities and Investment Techniques -
Fixed Income Securities" and "Emerging Market Securities" and
"Additional Risk Factors - Emerging Markets" below).
Until such time as the net assets of the Fund reach $10 million, the
Fund has adopted the investment policy to invest, under normal market
conditions, at least 65% of its total assets in the fixed income
securities listed above, and in forward foreign currency exchange
contracts ("Forward Contracts") (see "Certain Securities and Investment
Techniques - Forward Contracts" below). The Fund intends to enter into
Forward Contracts as an alternative method of gaining exposure to
certain emerging markets, and expects to achieve a similar benefit from
entering into a Forward Contract denominated in a country's currency as
from the purchase of an emerging market debt security.
The date of this Supplement is January 28, 1999.
