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MFS Replaces Capital Opportunities Fund Manager

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Oct. 29, 2002 — MFS Investment Management replaced Maura Shaughnessy as manager of the MFS Capital Opportunities Fund/A (MCOFX).

S. Irfan Ali, who oversees MFS Strategic Growth Fund/A (MFSGX), and Kenneth Enright, who runs MFS Strategic Value Fund/A (MSVTX), succeeded Shaughnessy, who continues to run the MFS Utilities Fund/A (MMUFX).

MFS replaced Shaughnessy in order to “bring more resources” to the $2.7-billion Capital Opportunities fund, company spokesman John Reilly said. He declined to comment on whether the change was related to the fund’s performance. Shaughnessy has declined to comment, Reilly said.

The Capital Opportunities fund lost 35% this year through the end of September, while the Standard & Poor’s 500-stock index fell 28.2%, and the average large-cap blend fund slipped 27.7%. The fund lost 15.9% on average for the three years ended last month, versus 12.3% for its peers, and 12.9% for the index.

Shaughnessy took over the Capital Opportunities fund in 1999, replacing John Brennan, who left to run a hedge fund, Reilly said.

The change in portfolio managers, which Reilly said took effect on October 7, was reported today by Bloomberg News.