Strategy. Effective June 10, 2026, the following paragraph is added as the first paragraph of this sub-section: MFS (Massachusetts Financial Services Company, the fund's investment adviser) normally invests at least 80% of the funds net assets in value companies. Value companies are companies that MFS believes are undervalued compared to their perceived worth in the marketplace. MFS considers a number of factors when determining whether a company is undervalued, including whether (i) the issuer is included in an index which is representative of value companies; (ii) the issuer is classified as a value company by an independent third party and/or (iii) the issuer exhibits the characteristics of a value company, considering metrics such as such as price-to-book ratio, price-to-earnings ratio, and … Show more… Effective June 10, 2026, the following paragraph is added as the first paragraph of this sub-section: MFS (Massachusetts Financial Services Company, the fund's investment adviser) normally invests at least 80% of the funds net assets in value companies. Value companies are companies that MFS believes are undervalued compared to their perceived worth in the marketplace. MFS considers a number of factors when determining whether a company is undervalued, including whether (i) the issuer is included in an index which is representative of value companies; (ii) the issuer is classified as a value company by an independent third party and/or (iii) the issuer exhibits the characteristics of a value company, considering metrics such as such as price-to-book ratio, price-to-earnings ratio, and dividend yield relative to the applicable equity market. Value companies tend to have stock prices that are low relative to their earnings, dividends, assets, or other financial measures. MFS normally invests the funds assets primarily in equity securities. Equity securities include common stocks, depositary receipts, and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer. Effective June 10, 2026, the sentence directly below is deleted in its entirety. MFS focuses on investing the fund's assets in the stocks of companies it believes are undervalued compared to their perceived worth (value companies). While MFS may invest the funds assets in securities of companies of any size, MFS primarily invests in securities of companies with large capitalizations. MFS may invest the funds assets in foreign securities. MFS normally invests the fund's assets across different industries and sectors, but MFS may invest a significant percentage of the fund's assets in issuers in a single industry or sector. MFS uses an active bottom-up investment approach to buying and selling investments for the fund. Investments are selected primarily based on fundamental analysis of individual issuers. Quantitative screening tools that systematically evaluate issuers may also be considered. Effective June 10, 2026, the following paragraph is added as the seventh paragraph of this sub-section: For purposes of the fund's 80% policy, net assets include the amount of any borrowings for investment purposes. Show less