Pittsburgh Law Office of Alfred G. Yates Jr, P.C. Announces Class Action Lawsuit Against MFS Mutual Funds on Behalf of Investors.

Business Editors/Legal Writers

PITTSBURGH--(BUSINESS WIRE)--Dec. 18, 2003

A class action lawsuit has been filed by the Law Office of Alfred G. Yates Jr, P.C. in the United States District Court for the District of Massachusetts on behalf of purchasers of the securities of the MFS family of funds (the "Funds") operated by Massachusetts Financial Services Company (d/b/a "MFS Investment Management") ("MFS Company"), a subsidiary of Sun Life Financial Inc. ("Sun Life"), between December 15, 1998 and December 7, 2003, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934, the Securities Act of 1933 and the Investment Advisers Act of 1940.

The Funds, and the symbols for the respective Funds named below, are as follows:

MFS Capital Opportunities Fund (Sym: MCOFX, MCOBX, MCOCX, MFCRX, MCOTX, EACOX, EBCOX, ECCOX, MCOIX)

MFS Core Growth Fund (Sym: MFCAX, MFCBX, MFCCX, MCFRX, MCRRX, MFCIX)

MFS Emerging Growth Fund (Sym: MEGRX, MEGBX, MFECX, MFERX, MEGRX, EAGRX, EBEGX, ECEGX, MFEGX, MFEIX)

MFS Growth Opportunities Fund (Sym: MGOFX, MGOBX)

MFS Large Cap Growth Fund (Sym: MCGAX, MCGBX)

MFS Managed Sectors Fund (Sym: MMNSX, MSEBX, MMNCX)

MFS Mid Cap Growth Fund (Sym: OTCAX, OTCBX, OTCCX, MMCRX, MCPRX, EAMCX, EBCGX, ECGRX, OTCIX)

MFS New Discovery Fund (Sym: MNDAX, MNDBX, MNDCX, MFNRX, MNDRX, EANDX, EBNDX, ECNDX, MNDIX)

MFS New Endeavor Fund (Sym: MECAX, MECBX, MECCX, MNERX, MENRX, MECIX)

MFS Research Fund (Sym: MFRFX, MFRBX, MFRCX, MFRRX, MSRRX, EARFX, EBRFX, ECRFX)

MFS Strategic Growth Fund (Sym: MFSGX, MSBGX, MFGCX, MSGRX, MSTRX, EASGX, EBSGX, ECSGX, MSGIX)

MFS Technology Fund (Sym: MTCAX, MTCBX, MTCCX, MTQRX, MTERX, MTCIX)

Massachusetts Investors Growth Stock (Sym: MIGFX, MIGBX, MIGDX, MIGRX, MIRGX, EISTX, EMIVX, EMICX, MGTIX)

MFS Mid Cap Value Fund (Sym: MVCAX, MCBVX, MVCCX, MMVRX, MCVRX, EACVX, EBCVX, ECCVX, MCVIX)

MFS Research Growth and Income Fund (Sym: MRGAX, MRGBX, MRGCX, MGIRX, RERX, MRGRX)

MFS Strategic Value Fund (Sym: MSVTX, MSVCX, MQSVX, MSVRX, MVSRX, EASVX, EBSVX, ECSVX, MSVLX, MISVX)

MFS Total Return Fund (Sym: MSFRX, MTRBX, MTRCX, MFTRX, MTRRX, EATRX, EBTRX, ECTRX, MTRIX)

MFS Union Standard Equity Fund (Sym: MUEAX, MUSBX, MUECX, MUSEX)

MFS Utilities Fund (Sym: MMUFX, MMUBX, MMUCX, MMURX, MURRX, MMUIX)

MFS Value Fund (Sym: MEIAX, MFEBX, MEICX, MFVRX, MVRRX, EAVLX, EBVLX, ECVLX, MEIIX)

Massachusetts Investors Trust (Sym: MITTX, MITBX, MITCX, MITRX, MIRTX, EAMTX, EBMTX, ECITX, MITIX)

MFS Aggressive Growth Allocation Fund (Sym: MAAGX, MBAGX, MCAGX, MAARX, MAWAX, EAGTX, EBAAX, ECAAX, MIAGX)

MFS Conservative Allocation Fund (Sym: MACFX, MACBX, MACVX, MACRX, MCARX, ECLAX, EBCAX, ECACX, MACIX)

MFS Growth Allocation Fund (Sym: MAGWX, MBGWX, MCGWX, MGARX, MGALX, EAGWX, EBGWX, ECGWX, MGWIX)

MFS Moderate Allocation Fund (Sym: MAMAX, MMABX, MMACX, MAMRX, MARRX, MAMDX, EBMDX, ECMAX, MMAIX)

MFS Bond Fund (Sym: MFBFX, MFBBX, MFBCX, MFBRX, MBRRX, EABDX, EBBDX, ECBDX, MBDIX)

MFS Emerging Markets Debt Fund (Sym: MEDAX, MEDBX, MEDCX, MEDIX)

MFS Government Limited Maturity Fund (Sym: MGLFX, MGLBX, MGLCX)

MFS Government Mortgage Fund (Sym: MGMTX, MGTBX, MGMIX)

MFS Government Securities Fund (Sym: MFGSX, MFGBX, MFGDX, MGSRX, MGVSX, EAGSX, EBGSX, ECGSX)

MFS High Income Fund (Sym: MHITX, MHIBX, MHICX, EAHIX, EMHBX, EMHCX, MHIIX, MHIRX)

MFS High Yield Opportunities Fund (Sym: MHOAX, MHOBX, MHOCX, MHOIX)

MFS Intermediate Investment Grade Bond Fund (Sym: MGBFX, MGBVX, MGBCX, MGBEX, MIBRX)

MFS Limited Maturity Fund (Sym: MQLFX, MQLBX, MQLCX, EALMX, EBLMX, ELDCX, MLDRX)

MFS Research Bond Fund (Sym: MRBFX, MRBBX, MRBCX, EARBX, EBRBX, ECRBX, MRBIX, MRBRX)

MFS Strategic Income Fund (Sym: MFIOX, MIOBX, MIOCX, MFIIX)

MFS Alabama Municipal Bond Fund (Sym: MFALX, MBABX)

MFS Arkansas Municipal Bond Fund (Sym: MFARX, MBARX)

MFS California Municipal Bond Fund (Sym: MCFTX, MBCAX, MCCAX)

MFS Florida Municipal Bond Fund (Sym: MFFLX, MBFLX)

MFS Georgia Municipal Bond Fund (Sym: MMGAX, MBGAX)

MFS Maryland Municipal Bond Fund (Sym: MFSMX, MBMDX)

MFS Massachusetts Municipal Bond Fund (Sym: MFSSX, MBMAX)

MFS Mississippi Municipal Bond Fund (Sym: MISSX, MBMSX)

MFS Municipal Bond Fund (Sym: MMBFX, MMBBX)

MFS Municipal Limited Maturity Fund (Sym: MTLFX, MTLBX, MTLCX)

MFS New York Municipal Bond Fund (Sym: MSNYX, MBNYX, MCNYX)

MFS North Carolina Municipal Bond Fund (Sym: MSNCX, MBNCX, MCNCX)

MFS Pennsylvania Municipal Bond Fund (Sym: MFPAX, MBPAX)

MFS South Carolina Municipal Bond Fund (Sym: MFSCX, MBSCX)

MFS Tennessee Municipal Bond Fund (Sym: MSTNX, MBTNX)

MFS Virginia Municipal Bond Fund (Sym: MSVAX, MBVAX, MVACX)

MFS West Virginia Municipal Bond Fund (Sym: MFWVX, MBWVX)

MFS Emerging Markets Equity Fund (Sym: MEMAX, MEMCX, MEMIX, MEMBX)

MFS Global Equity Fund (Sym: MWEFX, MWEBX, MWECX, MWEIX, MGERX)

MFS Global Growth Fund (Sym: MWOFX, MWOBX, MWOCX, MWOIX, MGLRX)

MFS Global Total Return Fund (Sym: MFWTX, MFWBX, MFWCX, MFWIX, MGRRX)

MFS International Growth Fund (Sym: MGRAX, MGRBX, MGRCX, MQGIX)

MFS International New Discovery Fund (Sym: MIDAX, MIDBX, MIDCX, EAIDX, EBIDX, ECIDX, MWNIX, MINRX)

MFS International Value Fund (Sym: MGIAX, MGIBX, MGICX, MINIX)

MFS Research International Fund (Sym: MRSAX, MRIBX, MRICX, EARSX, EBRIX, ECRIX, MRSIX, MRIRX)

The action, numbered 03 CV 12514, is pending in the United States District Court for the District of Massachusetts before the Honorable William G. Young, against defendants Sun Life, MFS Company, each of the MFS mutual funds and their registrants, and John Does 1-100. The Complaint alleges that defendants violated Sections 11 and 15 of the Securities Act of 1933; Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder; and Section 206 of the Investment Advisers Act of 1940.

The Complaint charges that, throughout the Class Period, certain of the defendants failed to disclose that they improperly allowed certain favored investors to engage in "timing" of the Funds' securities. Timing is excessive, arbitrage trading undertaken to turn a quick profit and which ordinary investors are told that the funds police. Timing injure ordinary mutual fund investors -- who are not allowed to engage in such practices -- and are acknowledged as improper practices by the Funds. In return for receiving extra fees from privileged investors, Sun Life and MFS Company, and its affiliates, allowed and facilitated timing in the Funds, to the detriment of class members, who paid, dollar for dollar, for improper profits made by these investors. These practices were undisclosed in the prospectuses of the Funds, which falsely represented that the Funds actively police against timing.

If you bought the securities of any of the Funds between December 15, 1998 and December 7, 2003 and sustained damages, you may, no later than February 9, 2004, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff."

If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs, you are encouraged to call the firm at either 1-800-391-5164 or 412-391-5164 or contact us by e-mail at [e-mail]. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain counsel of your choice to serve as your counsel in this action.