MFS VARIABLE INSURANCE TRUST
497, 2000-09-21
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[MFS LOGO] MFS[RegTM]
INVESTMENT MANAGEMENT

We invented the mutual fund[RegTM]

----------------------------------------
MFS [RegTM] VARIABLE INSURANCE TRUST[SM]
----------------------------------------
                                                                     Prospectus
MAY 1, 2000

                                                                   Initial Class
MFS[RegTM] RESEARCH SERIES
--------------------------------------------------------------------------------


This Prospectus describes one series of the MFS Variable Insurance Trust
(referred to as the trust):

 1. MFS Research Series seeks to provide long-term growth of capital and future
income (referred to as the Research Series).

The Securities and Exchange Commission has not approved the series' shares or
determined whether this prospectus is accurate or complete. Anyone who tells
you otherwise is committing a crime.

<PAGE>


<TABLE>
                                                                     Page
-----------------
TABLE OF CONTENTS
-----------------
<S>   <C>                                                             <C>
I     Expense Summary ............................................    1
II    Risk Return Summary ........................................    2
       1. Research Series ........................................    2
III   Certain Investment Strategies and Risks ....................    5
IV    Management of the Series ...................................    5
V     Description of Shares ......................................    6
VI    Other Information ..........................................    6
VII   Financial Highlights .......................................    7
      Appendix A -- Investment Techniques and Practices ..........    A-1
</TABLE>


<PAGE>

   The trust offers shares of its 16 series to separate accounts established
   by insurance companies in order to serve as investment vehicles for
   variable annuity and variable life insurance contracts and to qualified
   pension and retirement plans. Each of these series is managed by
   Massachusetts Financial Services Company (referred to as MFS or the
   adviser). One is described below.

------------------
I  EXPENSE SUMMARY
------------------

>  Expense Table

   This table describes the expense that you may pay when you hold initial class
   shares of the series. These fees and expenses do not take into account the
   fees and expenses imposed by insurance companies through which your
   investment in a series may be made.

   Annual Series Operating Expenses (expenses that are deducted from a series'
   assets):


<TABLE>
<CAPTION>
                                                    Research
                                                     Series
                                                   ---------
<S>                                                   <C>
Management Fee .................................      0.75%
Other Expenses(1) ..............................      0.11%
                                                      ----
Total Annual Series Operating Expenses .........      0.86%
 Expense Reimbursement .........................      N/A
                                                    -------
 Net Expenses(1) ...............................      0.86%
</TABLE>


---------


(1) Each series has an expense offset arrangement which reduces the series'
    custodian fee based upon the amount of cash maintained by the series with
    its custodian and dividend disbursing agent. Each series may enter into
    other such arrangements and directed brokerage arrangements, which would
    also have the effect of reducing the series' expenses. "Other Expenses" do
    not take into account these expense reductions, and are therefore higher
    than the actual expenses of the series. Had these fee reductions been taken
    into account, "Net Expenses" would be lower for certain series and would
    equal 0.85% for the Research Series.

>  Example of Expenses--Initial Class

   This example is intended to help you compare the cost of investing in the
   series with the cost of investing in other mutual funds. This example does
   not take into account the fees and expenses imposed by insurance companies
   through which your investment in the series may be made.

   The example assumes that:

   o  You invest $10,000 in the series 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 series' operating expenses remain the same, except that the series'
      total operating expenses are assumed to be the series' "Net Expenses" for
      the first year, and the series' "Total Annual Series Operating Expenses"
      for subsequent years (see the expense table on the previous page).

   Although your actual costs may be higher or lower, under these assumptions
   your costs would be:


<TABLE>
<CAPTION>
                                     Period
                     --------------------------------------
Series                1 Year   3 Years   5 Years   10 Years
-------------------- -------- --------- --------- ---------
<S>                     <C>      <C>       <C>       <C>
Research Series         $88      $274      $477    $1,061
</TABLE>

                                       1
<PAGE>

-----------------------
II  RISK RETURN SUMMARY
-----------------------

1: Research Series
 ...............................................................................

>  Investment Objective

   The series' investment objective is long-term growth of capital and future
   income. The series' objective may be changed without shareholder approval.

>  Principal Investment Policies

   The series invests, under normal market conditions, at least 80% of its total
   assets in common stocks and related securities, such as preferred stocks,
   convertible securities and depositary receipts. The series focuses on
   companies that MFS believes have favorable prospects for long-term growth,
   attractive valuations based on current and expected earnings or cash flow,
   dominant or growing market share, and superior management. The series may
   invest in companies of any size. The series' investments may include
   securities traded on securities exchanges or in the over-the-counter markets.

   A committee of investment research analysts selects portfolio securities
   for the series. This committee includes investment analysts employed not
   only by MFS, but also by MFS' investment advisory affiliates. The committee
   allocates the series' assets among various industries. Individual analysts
   then select what they view as the securities best suited to achieve the
   series' investment objective within their assigned industry responsibility.

   The series may invest in foreign securities (including emerging market
   securities), through which it may have exposure to foreign currencies.

>  Principal Risks of an Investment

   The principal risks of investing in the series and the circumstances
   reasonably likely to cause the value of your investment in the series to
   decline are described below. The share price of the series generally changes
   daily based on market conditions and other factors. Please note that there
   are many circumstances which could cause the value of your investment in the
   series to decline, and which could prevent the series from achieving its
   objective, that are not described here.

   The principal risks of investing in the series are:

   o  Market Risk: This is the risk that the price of a security held by the
      series will fall due to changing economic, political or market conditions
      or disappointing earnings results.

   o  Company Risk: Prices of securities react to the economic condition of the
      company that issued the security. The series' equity investments in an
      issuer may rise and fall based on the issuer's actual and anticipated
      earnings, changes in management and the potential for takeovers and
      acquisitions.

   o  Over-the-Counter Risk: Over-the-counter (OTC) transactions involve risks
      in addition to those incurred by transactions in securities traded on
      exchanges. OTC listed companies may have limited product lines, markets or
      financial resources. Many OTC stocks trade less frequently and in smaller
      volume than exchange-listed stocks. The values of these stocks may be more
      volatile than exchange-listed stocks, and the series may experience
      difficulty in purchasing or selling these securities at a fair price.

   o  Foreign Securities Risk: Investing in foreign securities involves risks
      relating to political, social and economic developments abroad, as well as
      risks resulting from the differences between the regulations to which U.S.
      and foreign issuers and markets are subject:

      >  These risks may include the seizure by the government of company
         assets, excessive taxation, withholding taxes on dividends and
         interest, limitations on the use or transfer of portfolio assets, and
         political or social instability.

      >  Enforcing legal rights may be difficult, costly and slow in foreign
         countries, and there may be special problems enforcing claims against
         foreign governments.

      >  Foreign companies may not be subject to accounting standards or
         governmental supervision comparable to U.S. companies, and there may be
         less public information about their operations.

      >  Foreign markets may be less liquid and more volatile than U.S. markets.

                                       2
<PAGE>

      >  Foreign securities often trade in currencies other than the U.S.
         dollar, and the series may directly hold foreign currencies and
         purchase and sell foreign currencies through forward exchange
         contracts. Changes in currency exchange rates will affect the series'
         net asset value, the value of dividends and interest earned, and gains
         and losses realized on the sale of securities. An increase in the
         strength of the U.S. dollar relative to these other currencies may
         cause the value of the series to decline. Certain foreign currencies
         may be particularly volatile, and foreign governments may intervene in
         the currency markets, causing a decline in value or liquidity in the
         series' foreign currency holdings. By entering into forward foreign
         currency exchange contracts, the series may be required to forego the
         benefits of advantageous changes in exchange rates and, in the case of
         forward contracts entered into for the purpose of increasing return,
         the series may sustain losses which will reduce its gross income.
         Forward foreign currency exchange contracts involve the risk that the
         party with which the series enters the contract may fail to perform its
         obligations to the series.

   o  As with any mutual fund, you could lose money on your investment in the
      series.

   An investment in the series is not a bank deposit and is not insured or
   guaranteed by the Federal Deposit Insurance Corporation or any other
   government agency.

>  Bar Chart and Performance Table

   The bar chart and performance table below are intended to indicate some of
   the risks of investing in the series by showing changes in the series'
   performance over time. The performance table also shows how the series'
   performance over time compares with that of a broad measure of market
   performance. The chart and table provide past performance information based
   on calendar year periods. The series' past performance does not necessarily
   indicate how the series will perform in the future. The returns shown do not
   reflect fees and charges imposed under the variable annuity and life
   insurance contracts through which an investment may be made. If these fees
   and charges were included, they would reduce these returns.

   Bar Chart

   The bar chart shows changes in the annual total returns of the series'
   initial class, assuming the reinvestment of distributions.

[Begin Bar Chart]

1996         22.33%
1997         20.26%
1998         23.39%
1999         24.05%

[End Bar Chart]

     During the period shown in the bar chart, the highest quarterly return was
   21.88% (for the calendar quarter ended December 31, 1999) and the lowest
   quarterly return was (14.66)% (for the calendar quarter ended September 30,
   1998).

   Performance Table

   This table shows how the average annual total returns of the series' shares
   compares to a broad measure of market performance and assumes the
   reinvestment of distributions.

    Average Annual Total Returns as of December 31, 1999
    ...........................................................................

<TABLE>
<CAPTION>
                                                      1 Year              Life*
<S>                                                   <C>                <C>
Research Series--Initial Class                        24.05%             22.86%
Standard & Poor's 500 Composite Index**+              21.04%             26.53%
</TABLE>

---------

*  Series performance figures are for the period from the commencement of the
   series' investment operations, July 26, 1995, through December 31, 1999.
   Index returns are from August 1, 1995.

** Source: Standard & Poor's Micropal, Inc.

+  The Standard & Poor's 500 Composite Index is a broad-based, unmanaged, but
   commonly used measure of common stock total return performance. It is
   comprised of 500 widely held common stocks listed on the New York Stock
   Exchange and over-the-counter market.

                                       3
<PAGE>

>  Portfolio Manager

   The series is currently managed by a committee comprised of various equity
   research analysts employed by the Adviser. This committee includes
   investment analysts employed not only by MFS, but also by MFS' investment
   advisory affiliates. The committee has managed the series since its
   inception.

                                       4
<PAGE>

--------------------------------------------
III  CERTAIN INVESTMENT STRATEGIES AND RISKS
---------------------------------------------

o  Further Information on Investment Strategies and Risks


   The series may invest in various types of securities and engage in various
   investment techniques and practices which are not the principal focus of
   the series and therefore are not described in this prospectus. The types of
   securities and investment techniques and practices in which the series may
   engage, including the principal investment techniques and practices described
   above, is identified in Appendix A to this Prospectus, and are discussed,
   together with their risks, in the trust's Statement of Additional Information
   (referred to as the SAI), which you may obtain by contacting MFS Service
   Center, Inc. (see back cover for address and phone number).


>  Temporary Defensive Policies


   The series may depart from its principal investment strategies by temporarily
   investing for defensive purposes when adverse market, economic or political
   conditions exist. While a series invests defensively, it may not be able to
   pursue its investment objective. The series defensive investment position may
   not be effective in protecting its value.


>  Active or Frequent Trading


   The series may engage in active and frequent trading to achieve its principal
   investment strategies. This may result in the realization and distribution
   to shareholders of higher capital gains as compared to a series with less
   active trading policies. Frequent trading also increases transaction costs,
   which could detract from the series' performance.


---------------------------
IV MANAGEMENT OF THE SERIES
----------------------------

>  Investment Adviser

   Massachusetts Financial Services Company (referred to as MFS or the adviser)
   is the investment adviser to each series. MFS is America's oldest mutual
   fund organization. MFS and its predecessor organizations have a history of
   money management dating from 1924 and the founding of the first mutual fund,
   Massachusetts Investors Trust. Net assets under the management of the MFS
   organization were approximately $136.7 billion as of December 31, 1999. MFS
   is located at 500 Boylston Street, Boston, Massachusetts 02116.

   MFS provides investment management and related administrative services and
   facilities to each series, including portfolio management and trade
   execution. For these services, each series pays MFS an annual management fee
   as set forth in the Expense Summary.


   MFS or its affiliates generally pay an administrative service fee to
   insurance companies which use the series as underlying investment vehicles
   for their variable annuity and variable life insurance contracts based upon
   the aggregate net assets of the series attributable to these contracts. These
   fees are not paid by the series, their shareholders, or by the contract
   holders.


>  Administrator


   MFS provides the series with certain financial, legal, compliance,
   shareholder communications and other administrative services. MFS is -
   reimbursed by the series for a portion of the costs it incurs in providing
   these services.


>  Distributor

   MFS Fund Distributors, Inc. (referred to as MFD), a wholly owned subsidiary
   of MFS, is the distributor of shares of the series.

>  Shareholder Servicing Agent


   MFS Service Center, Inc. (referred to as MFSC), a wholly owned subsidiary of
   MFS, performs transfer agency and certain other services for the series,
   for which it receives compensation from the series.


                                       5
<PAGE>

------------------------
V  DESCRIPTION OF SHARES
------------------------

   The trust offers two classes of shares--initial class shares and service
   class shares. Initial class shares are offered through this prospectus.
   Service class shares, which bear a Rule 12b-1 distribution fee, are
   available through a separate prospectus supplement. These shares are
   offered to separate accounts established by insurance companies in order to
   serve as investment vehicles for variable annuity and variable life
   insurance contracts. The trust also offers shares of each of its series to
   qualified pension and retirement plans. All purchases, redemptions and
   exchanges of shares are made through these insurance company separate
   accounts and plans, which are the record owner of the shares. Contract
   holders and plan beneficiaries seeking to purchase, redeem or exchange
   interests in the trust's shares should consult with the insurance company
   which issued their contracts or their plan sponsor.

---------------------
VI  OTHER INFORMATION
---------------------

>  Pricing of Series' Shares


   The price of the series' shares is based on its net asset value. The net
   asset value of the series' shares is determined at the close of regular -
   trading each day that the New York Stock Exchange is open for trading
   (generally, 4:00 p.m., Eastern time) (referred to as the valuation time). The
   New York Stock Exchange is closed on most national holidays and Good Friday.
   To determine net asset value, the series values its assets at current market
   values, or at fair value as determined by the Adviser under the direction of
   the Board of Trustees that oversees the series if current market values are
   unavailable. Fair value pricing may be used by a series when current market
   values are unavailable or when an event occurs after the close of the
   exchange on which the series' portfolio securities are principally traded
   that is likely to have changed the value of the securities. The use of fair
   value pricing by a series may cause the net asset value of its shares to
   differ significantly from the net asset value that would be calculated using
   current market values.


   Insurance companies and plan sponsors are the designees of the trust for
   receipt of purchase, exchange and redemption orders from contractholders
   and plan beneficiaries. An order submitted to the trust's designee by the
   valuation time will receive the net asset value next calculated; provided
   that the trust receives notice of the order generally by 9:30 a.m. eastern
   time on the next day on which the New York Stock Exchange is open for
   trading.


   Certain series invest in securities which are primarily listed on foreign
   exchanges that trade on weekends and other days when the series does not
   price its shares. Therefore, the value of the series' shares may change on
   days when you will not be able to purchase or redeem the shares.


>  Distributions


   The series intends to pay substantially all of its net income (including any
   realized net capital and net foreign currency gains) to shareholders as
   dividends at least annually.


>  Tax Considerations


   The following discussion is very general. You are urged to consult your tax
   adviser regarding the effect that an investment in a series may have on
   your tax situation. The series of the Trust is treated as a separate
   corporation for federal tax purposes. As long as the series qualifies for
   treatment as a regulated investment company (which the series has done in the
   past and which the series intends to do in the future), it pays no federal
   income tax on the earnings it distributes to shareholders. In addition, the
   series also intends to continue to diversify its assets to satisfy the
   federal diversification tax rules applicable to separate accounts that fund
   variable insurance and annuity contracts.


   Shares of the series are offered to insurance company separate accounts and
   to qualified retirement and pension plans. You should consult with the
   insurance company that issued your contract to understand the federal tax
   treatment of your investment.

>  Right to Reject or Restrict Purchase and Exchange Orders


   Purchases and exchanges should be made for investment purposes only. The
   series reserves the right to reject or restrict any specific purchase or
   exchange request. Because an exchange request involves both a request to
   redeem shares of one series and to purchase shares of another series, the
   series consider the underlying redemption and purchase requests conditioned
   upon the acceptance of each of these underlying requests. Therefore, in the
   event that the series reject an exchange request, neither the redemption nor
   the purchase side of the exchange will be processed. When a series determines
   that the level of exchanges on any day may be harmful to its remaining
   shareholders, the


                                       6
<PAGE>

   series may delay the payment of exchange proceeds for up to seven days to
   permit cash to be raised through the orderly liquidation of its portfolio
   securities to pay the redemption proceeds. In this case, the purchase side
   of the exchange will be delayed until the exchange proceeds are paid by the
   redeeming series.

>  Excessive Trading Practices


   The series does not permit market-timing or other excessive trading
   practices. Excessive, short-term (market-timing) trading practices may -
   disrupt portfolio management strategies and harm series' performance. As
   noted above, the series reserves the right to reject or restrict any purchase
   order (including exchanges) from any investor. To minimize harm to the series
   and their shareholders, the series will exercise these rights if an investor
   has a history of excessive trading or if an investor's trading, in the
   judgment of the series, has been or may be disruptive to a series. In making
   this judgment, the series may consider trading done in multiple accounts
   under common ownership or control.


>  In-kind distributions


   The series has reserved the right to pay redemption proceeds by a
   distribution in-kind of portfolio securities (rather than cash). In the event
   that the series makes an in-kind distribution, you could incur the
   brokerage and transaction charges when converting the securities to cash. The
   series do not expect to make in-kind distributions.


>  Unique Nature of Series

   MFS may serve as the investment adviser to other funds which have investment
   goals and principal investment policies and risks similar to those of the
   series, and which may be managed by the series' portfolio manager(s). While a
   series may have many similarities to these other funds, its investment
   performance will differ from their investment performance. This is due to a
   number of differences between a series and these similar products, including
   differences in sales charges, expense ratios and cash flows.

>  Potential Conflicts

   Shares of the series are offered to the separate accounts of insurance
   companies that may be affiliated or unaffiliated with MFS and each other
   ("shared funding") and may serve as the underlying investments for both
   variable annuity and variable life insurance contracts ("mixed funding"). Due
   to differences in tax treatment or other considerations, the interests of
   various contract owners might at some time be in conflict. The trust
   currently does not foresee any such conflict. Nevertheless, the board of
   trustees which oversees the series intends to monitor events in order to
   identify any material irreconcilable conflicts which may possibly arise and
   to determine what action, if any, should be taken in response. If such a
   conflict were to occur, one or more separate accounts of the insurance
   companies might be required to withdraw its investments in one or more
   series. This might force a series to sell securities at disadvantageous
   prices.

-------------------------
VII  FINANCIAL HIGHLIGHTS
-------------------------

   The financial highlights table is intended to help you understand the
   series' financial performance for the past five years, or, if a series has
   not been in operation that long, since the time it commenced investment
   operations. Certain information reflects financial results for a single
   series' share. The total returns in the table represent the rate by which
   an investor would have earned (or lost) on an investment in a series
   (assuming reinvestment of all distributions). This information has been
   audited by the trust's independent auditors, whose report, together with
   the trust's financial statements, are included in the trust's Annual Report
   to shareholders. The series' Annual Report is available upon request by
   contacting MFSC (see back cover for address and telephone number). These
   financial statements are incorporated by reference into the SAI. The
   trust's independent auditors are Deloitte & Touche LLP.

                                       7
<PAGE>


1. Research Series--Initial Class

 ................................................................................

<TABLE>
<CAPTION>
                                                                           Year Ended December 31,              Period Ended
                                                              ------------------------------------------------  December 31,
                                                                  1999        1998        1997         1996        1995*
<S>                                                            <C>         <C>          <C>          <C>         <C>
-------------------------------------------------------------------------------------------------------------------------
Per share data (for a share outstanding throughout
 each period):
Net asset value -- beginning of period ...................  $ 19.05     $ 15.80      $ 13.13      $ 10.89     $  10.00
                                                            -------     -------      -------      -------     --------
Income from investment operations# --
 Net investment income[sec] ..............................  $  0.02     $  0.06      $  0.05      $  0.06     $   0.05
 Net realized and unrealized gain on investments and
  foreign currency .......................................     4.52        3.59         2.62        2.37          1.01
                                                            -------     -------      -------      -------     --------
   Total from investment operations ......................  $  4.54     $  3.65      $  2.67      $  2.43     $   1.06
                                                            -------     -------      -------      -------     --------
Less distributions declared to shareholders --
 From net investment income ..............................  $  (0.04)   $  (0.03)    $     --    $  (0.02)    $  (0.03)
 From net realized gain on investments and foreign
  currency transactions ..................................    ( 0.21)     ( 0.37)          --      ( 0.16)      ( 0.14)
 In excess of net realized gain on investments and
  foreign currency transactions ..........................        --          --           --      ( 0.01)          --
                                                            --------    --------     --------    --------     --------
   Total distributions declared to shareholders ..........  $  (0.25)   $  (0.40)    $     --    $  (0.19)    $  (0.17)
                                                            --------    --------     --------    --------     --------
Net asset value -- end of period .........................  $ 23.34     $ 19.05      $ 15.80     $ 13.13      $  10.89
                                                            --------    --------     --------    --------     --------
Total return .............................................     24.05%      23.39%       20.26%      22.33%       10.62%++
Ratios (to average net assets)/Supplemental data[sec]:
 Expenses## ..............................................      0.86%       0.86%        0.92%       1.01%        1.02%+
 Net investment income ...................................      0.08%       0.33%        0.34%       0.47%        1.15%+
Portfolio turnover .......................................        91%         83%          99%         56%          28%
Net assets at end of period (000 omitted) ................  $883,578    $567,778     $285,845    $ 35,710     $  2,530

[sec] Prior to January 1, 1998, subject to reimbursement by the Series, the investment adviser agreed to maintain the
      expenses of the Series, exclusive of management fees, at not more than 0.25% of average daily net assets. To the
      extent actual expenses were over or under this limitation, the net investment income (loss) per share and the
      ratios would have been:

     Net investment income (loss) ...........................                         $  0.06     $     --     $  (0.08)
     Ratios (to average net assets):
      Expenses## ............................................                             0.88%       1.48%        3.90%+
      Net investment income (loss) ..........................                             0.38%         --        (1.73)%+
</TABLE>

---------
*  For the period from the commencement of the Series' investment
   operations, July 26, 1995, through December 31, 1995.
+  Annualized.
++ Not annualized.
#  Per share data are based on average shares outstanding.
## Ratios do not reflect expense reductions from certain expense offset
   arrangements.

                                       8
<PAGE>

----------                                                      ---------------
Appendix A                                                      Research Series
----------                                                      ---------------

>  Investment Techniques and Practices

   In pursuing its investment objective and investment policies, the Research
   Series may engage in the following principal and non-principal investment
   techniques and practices. Investment techniques and practices which are the
   principal focus of the series are also described, together with their risks,
   in the Risk Return Summary of the Prospectus. Both principal and
   non-principal investment techniques and practices are described, together
   with their risks, in the SAI.

<TABLE>
<S>                               <C>
  Symbols                    [dag] permitted                  -- not permitted
-------------------------------------------------------------------------------
</TABLE>

<TABLE>
<S>                                                             <C>
  Debt Securities
   Asset-Backed Securities
    Collateralized Mortgage Obligations and Multiclass
      Pass-Through Securities                                   --
    Corporate Asset-Backed Securities                           --
    Mortgage Pass-Through Securities                            --
    Stripped Mortgage-Backed Securities                         --
   Corporate Securities                                       [dag]
   Loans and Other Direct Indebtedness                          --
   Lower Rated Bonds                                          [dag]
   Municipal Bonds                                              --
   Speculative Bonds                                          [dag]
   U.S. Government Securities                                 [dag]
   Variable and Floating Rate Obligations                     [dag]
   Zero Coupon Bonds, Deferred Interest Bonds and PIK
                                                                --
    Bonds
  Equity Securities                                           [dag]
  Foreign Securities Exposure
   Brady Bonds                                                  --
   Depositary Receipts                                        [dag]
   Dollar-Denominated Foreign Debt Securities                 [dag]
   Emerging Markets                                           [dag]
   Foreign Securities                                         [dag]
  Forward Contracts                                           [dag]
  Futures Contracts                                             --
  Indexed Securities/Structured Products                      [dag]
  Inverse Floating Rate Obligations                             --

  Investment in Other Investment Companies
   Open-End Funds                                             [dag]
   Closed-End Funds                                           [dag]
  Lending of Portfolio Securities                             [dag]
  Leveraging Transactions
   Bank Borrowings                                              --*
   Mortgage "Dollar-Roll" Transactions                          --*
   Reverse Repurchase Agreements                                --*
  Options
   Options on Foreign Currencies                                --
   Options on Futures Contracts                                 --
   Options on Securities                                        --
   Options on Stock Indices                                     --
   Reset Options                                                --
   "Yield Curve" Options                                        --
  Repurchase Agreements                                       [dag]
  Restricted Securities                                       [dag]
  Short Sales                                                   --
  Short Sales Against the Box                                 [dag]
  Short Term Instruments                                      [dag]
  Swaps and Related Derivative Instruments                      --
  Temporary Borrowings                                        [dag]
  Temporary Defensive Positions                               [dag]
  Warrants                                                    [dag]
  "When-Issued" Securities                                      --
</TABLE>

*May be changed only with shareholder approval.

                                      A-1
<PAGE>

 MFS[RegTM] VARIABLE INSURANCE TRUST SM

If you want more information about the trust and its series, the following
documents are available free upon request:

Annual/Semiannual Reports. These reports contain information about the series'
actual investments. Annual reports discuss the effect of recent market
conditions and the series' investment strategy on the series' performance during
its last fiscal year.

Statement of Additional Information (SAI). The SAI, dated May 1, 2000, provides
more detailed information about the trust and its series and is incorporated
into this prospectus by reference.

You can get free copies of the annual/semiannual reports, the SAI and other
information about the trust and its series, and make inquiries about the trust
and its series, by contacting:

   MFS Service Center, Inc.
   2 Avenue de Lafayette
   Boston, MA 02111-1738
   Telephone: 1-800-343-2829, ext. 3500
   Internet: http://www.mfs.com

Information about the trust and its series (including its prospectus, SAI and
shareholder reports) can be reviewed and copied at the:

     Public Reference Room
     Securities and Exchange Commission
     Washington, D.C., 20549-0102

   Information on the operation of the Public Reference Room may be obtained
   by calling the Commission at 202-942-8090. Reports and other information
   about the trust and its series are available on the EDGAR Databases on the
   Commission's Internet website at http://www.sec.gov, and copies of this
   information may be obtained, upon payment of a duplicating fee, by
   electronic request at the following E-mail address: [email protected], or
   by writing the Public Reference Section at the above address.

   The trust's Investment Company Act file number is 811-8326

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