497 1 nasdaqs.txt STICKER MASSACHUSETTS INVESTORS GROWTH STOCK FUND* MASSACHUSETTS INVESTORS TRUST* MFS(R) AGGRESSIVE GROWTH ALLOCATION FUND* MFS(R) BOND FUND* MFS(R) CAPITAL OPPORTUNITIES FUND* MFS(R) CASH RESERVE FUND MFS(R) CONSERVATIVE ALLOCATION FUND* MFS(R) CORE GROWTH FUND MFS(R) EMERGING GROWTH FUND* MFS(R) EMERGING MARKETS DEBT FUND MFS(R) EMERGING MARKETS EQUITY FUND MFS(R) EMERGING OPPORTUNITIES FUND MFS(R) EUROPEAN EQUITY FUND MFS(R) FUNDAMENTAL GROWTH FUND MFS(R) GEMINI U.K. FUND MFS(R) GLOBAL ASSET ALLOCATION FUND MFS(R) GLOBAL EQUITY FUND* MFS(R) GLOBAL GROWTH FUND* MFS(R) GLOBAL TELECOMMUNICATIONS FUND MFS(R) GLOBAL TOTAL RETURN FUND MFS(R) GLOBAL VALUE FUND MFS(R) GOVERNMENT LIMITED MATURITY FUND MFS(R) GOVERNMENT MONEY MARKET FUND MFS(R) GOVERNMENT MORTGAGE FUND MFS(R) GOVERNMENT SECURITIES FUND* MFS(R) GROWTH ALLOCATION FUND* MFS(R) GROWTH OPPORTUNITIES FUND MFS(R) HIGH INCOME FUND* MFS(R) HIGH YIELD OPPORTUNITIES FUND MFS(R) INTERMEDIATE INVESTMENT GRADE BOND FUND* MFS(R) INTERNATIONAL CORE EQUITY FUND MFS(R) INTERNATIONAL EQUITY FUND MFS(R) INTERNATIONAL GROWTH FUND MFS(R) INTERNATIONAL NEW DISCOVERY FUND* MFS(R) INTERNATIONAL STRATEGIC GROWTH FUND MFS(R) INTERNATIONAL STRATEGIC VALUE FUND MFS(R) INTERNATIONAL VALUE FUND MFS(R) JAPAN EQUITY FUND MFS(R) LARGE CAP GROWTH FUND MFS(R) LARGE CAP VALUE FUND MFS(R) LIMITED MATURITY FUND* MFS(R) MANAGED SECTORS FUND MFS(R) MID CAP GROWTH FUND* MFS(R) MID CAP VALUE FUND* MFS(R) MODERATE ALLOCATION FUND* MFS(R) MONEY MARKET FUND* MFS(R) MUNICIPAL BOND FUND MFS(R) MUNICIPAL HIGH INCOME FUND MFS(R) MUNICIPAL INCOME FUND MFS(R) MUNICIPAL LIMITED MATURITY FUND MFS(R) NEW DISCOVERY FUND* MFS(R) NEW ENDEAVOR FUND MFS(R) RESEARCH BOND FUND* MFS(R) RESEARCH FUND* MFS(R) RESEARCH GROWTH AND INCOME FUND MFS(R) RESEARCH INTERNATIONAL FUND* MFS(R) STRATEGIC GROWTH FUND* MFS(R) STRATEGIC INCOME FUND MFS(R) STRATEGIC VALUE FUND MFS(R) TAX MANAGED EQUITY FUND MFS(R) TECHNOLOGY FUND MFS(R) TOTAL RETURN FUND* MFS(R) UNION STANDARD EQUITY FUND MFS(R) UTILITIES FUND MFS(R) VALUE FUND* VERTEXSM INTERNATIONAL FUND MFS(R) MUNICIPAL STATE FUNDS: AL, AR, CA, FL, GA, MD, MA, MS, NY, NC, PA, SC, TN, VA, WV Supplement to the Current Statement of Additional Information ("SAI") Part II Effective immediately, "Other Funds" in Section VIII (Determination of Net Asset Value), is hereby restated as follows: VIII DETERMINATION OF NET ASSET VALUE Other Funds The following valuation techniques apply to each MFS Fund that is not a money market fund. Equity securities in the Fund's portfolio for which market quotations are available are valued at the last sale or official closing price on the primary market or exchange on which they are primarily traded or at the last quoted bid price for securities in which there were no sales during the day. If no sales are reported, as may be the case for securities traded over the counter, securities are valued on the basis of valuations furnished by a pricing service or on the basis of quotations obtained from brokers and dealers. Bonds and other fixed income securities (other than short-term obligations) of U.S. issuers in the Fund's portfolio are valued at an evaluated bid price on the basis of valuations furnished by a pricing service or on the basis of quotes from brokers and dealers. All other securities, futures contracts and options in the Fund's portfolio (other than short-term obligations) for which the principal market is one or more securities or commodities exchanges (whether domestic or foreign) will be valued at the last reported sale price or at the settlement price prior to the determination (or if there has been no current sale, at the closing bid price) on the primary exchange on which such securities, futures contracts or options are traded; but if a securities exchange is not the principal market for securities, such securities will, if market quotations are readily available, be valued at current bid prices on the basis of valuations furnished by a pricing source or on the basis of quotes from brokers and dealers. Prices obtained from pricing services may utilize both dealer-supplied valuations and electronic data processing techniques which take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data since such valuations are believed to reflect more accurately the fair value of such securities. Use of the pricing services has been approved by the Board of Trustees. Forward Contracts and Currency Options will be valued using a pricing model taking into consideration market data from an external pricing source. Short-term obligations in the Fund's portfolio are valued at amortized cost, which constitutes fair value as determined by the Board of Trustees. Short-term obligations with a remaining maturity in excess of 60 days will be valued upon dealer supplied valuations. Portfolio investments for which there are no such quotations or valuations are valued at fair value as determined in good faith by or at the direction of the Board of Trustees. The securities held by the Fund that trade in foreign markets are usually valued on the basis of last sale or official closing price in those markets. Most foreign markets close before the Fund's valuation time, generally at 4 p.m., Eastern time. For example, for securities primarily traded in the Far East, last sale or official closing price may be as much as 15 hours old at 4 p.m., Eastern time. Normally, developments that could affect the values of portfolio securities that occur between the close of the foreign market and the Fund's valuation time will not be reflected in the Fund's net asset value. However, if a determination is made that such developments are so significant that they will clearly and materially affect the value of the Fund's securities, the Fund may adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of the Fund's valuation time. A Fund may fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open. All investments and assets are expressed in U.S. dollars based upon current currency exchange rates. A share's net asset value is effective for orders received by the dealer prior to its calculation and received by MFD prior to the close of that business day. The date of this supplement is April 15, 2003 * El presente Suplemento tambien se encuentra disponible en espanol. Solicite un ejemplar a un representante de servicio de MFS llamando al 1-800-225-2606. En el caso de discrepancias entre las versiones en ingles y en espanol, se considerara valida la version en ingles.