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MFS AGGRESSIVE SMALL CAP EQUITY FUND
a series of
THE MFS SERIES TRUST
(formerly named "Navellier Small Cap Equity Portfolio"
a series of
"The Navellier Series Fund")
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Supplement dated March 19, 1997
to
Prospectus dated May 1, 1996
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On March 15, 1997, the Investment Advisory Agreement and Administrative
Services Agreement between The MFS Series Trust (formerly, "The Navellier Series
Fund") (the "Trust") and Navellier Management, Inc. (the "Prior Adviser") with
respect to the MFS Aggressive Small Cap Equity Fund (formerly the "Navellier
Aggressive Small Cap Equity Portfolio") (the "Fund"), and the Distribution
Agreement for the Fund between the Trust and Navellier Securities, Corp. (the
"Prior Distributor"), terminated due to the decision of the Trust's Board of
Trustees not to renew these Agreements. The Trust's arrangements with the Fund's
Transfer Agent and Custodian, Rushmore Trust & Savings, FSB ("Rushmore"), remain
unchanged.
Effective March 16, 1997, the Trust entered into a new Investment
Advisory Agreement and a new Administrative Services Agreement with
Massachusetts Financial Services Company ("MFS"), and a new Distribution
Agreement with MFS Fund Distributors, Inc. ("MFD"). John W. Ballen, a Senior
Vice President of the Adviser and the Adviser's Chief Equity Officer, is the
Fund's new portfolio manager. Mr. Ballen has been employed as a portfolio
manager by the Adviser since 1984.
MFS is America's oldest mutual fund organization and, together with its
predecessor organizations, has a history of money management dating from 1924
and the founding of the first mutual fund in the United States, Massachusetts
Investors Trust. MFS serves as the investment adviser to the MFS Family of Funds
and a number of closed-end funds, funds underlying insurance products and
offshore funds. As of January 31, 1997, net assets under management of the MFS
organization were approximately $54.0 billion on behalf of 2.3 million investor
accounts, and the MFS organization managed approximately $30.3 billion of assets
invested in equity securities.
The new agreements with MFS and MFD contain substantially the same
terms and conditions as the terminated agreements with the Prior Advisor and
Prior Distributor. As required by the terminated agreements, the Trust and the
Fund have changed their names to eliminate the use of the term "Navellier" and,
reflecting the new relationship with MFS, have adopted the names "The MFS Series
Trust" and "MFS Aggressive Small Cap Equity Fund," respectively.
Continuation of the new Investment Advisory Agreement beyond 120 days
from March 16 is subject to shareholder approval, as required under the federal
securities laws. A proxy statement more fully describing the New Agreements,
MFS, MFD and other related issues will be sent to all Fund shareholders within
the next several months.
