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MFS(R) NEW YORK MUNICIPAL BOND FUND
SUPPLEMENT DATED DECEMBER 12, 2000 TO THE CURRENT PROSPECTUS
This Supplement describes the fund's class C shares, and it supplements
certain information in the fund's current Prospectus. The caption headings
used in this Supplement correspond with the caption headings used in the
Prospectus.
1. RISK RETURN SUMMARY
PERFORMANCE TABLE. The Performance Table is not included because the fund's
class C shares has not had a full calendar year of investment operations.
2. EXPENSE SUMMARY
EXPENSE TABLE
The "Expense Table" describes the fees and expenses that you may pay when you
buy, redeem and hold shares of the fund. The table is supplemented as follows:
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SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT) CLASS C
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<S> <C>
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) ...... None
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or
redemption proceeds, whichever is less) ................................................... 1.00%
ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
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Management Fees ........................................................................... 0.55%
Distribution and Service (12b-1) Fees(1) .................................................. 1.00%
Other Expenses(2) ......................................................................... 0.23%
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Total Annual Fund Operating Expenses ...................................................... 1.78%
Fee Waiver(3) ............................................................................. (0.20)%
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Net Expenses .............................................................................. 1.58%
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(1) The fund adopted a distribution plan under Rule 12b-1 that permits it to pay marketing and other fees to
support the sale and distribution of class C shares and the services provided to you by your financial
adviser (referred to as distribution and service fees).
(2) The fund has an expense offset arrangement which reduces the fund's custodian fee based upon the amount
of cash maintained by the fund with its custodian and dividend disbursing agent. The fund may enter into
other similar arrangements and directed brokerage arrangements, which would also have the effect of
reducing the fund's expenses. "Other Expenses" do not take into account these expense reductions. Had
these expense reductions been taken into account, "Total Annual Fund Operating Expenses" would be 1.56%.
(3) MFS has contractually agreed to waive its right to receive the management fee to a maximum of 0.35%
annually of the fund's average daily net assets.
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EXAMPLE OF EXPENSES
The "Example of Expenses" table is intended to help you compare the cost of
investing in the fund with the cost of investing in other mutual funds. The
examples assume that:
o You invest $10,000 in the fund 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 fund's operating expenses remain the same;
The table is supplemented as follows, except that the fund's total operating
expenses are assumed to be the fund's "Net Expenses" for the first year, and
the fund's "Total Annual Operating Expenses" for subsequent years.
SHARE CLASS YEAR 1 YEAR 3
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Class C shares
Assuming redemption at end of period 161 541
Assuming no redemption 264 541
3. DESCRIPTION OF SHARE CLASSES
The "Description of Share Classes" is supplemented as follows:
The fund offers three classes of shares, each bearing different sales charges
and distribution fee arrangements. Class A and class B are described in the
Prospectus and Statement of Additional Information, and class C shares are
described below.
CLASS C SHARES
You may purchase class C shares at net asset value without an initial sales
charge, but if you redeem your shares within the first year you may be subject
to a CDSC of 1.00%. Class C shares have annual distribution and service fees
up to a maximum of 1.00% of net assets annually. Class C shares do not convert
to any other class of shares of the fund.
CALCULATION OF CDSC
As discussed above, certain investments in class C shares will be subject to a
CDSC.
Purchases of class C shares made on any day during a calendar month will
age one year at the close of business on the last day of that month in the
following calendar year, and each subsequent year.
No CDSC is assessed on the value of your account represented by
appreciation or additional shares acquired through the automatic reinvestment
of dividends or capital gain distributions. Therefore, when you redeem your
shares, only the value of the shares in excess of these amounts (i.e., your
direct investment) is subject to a CDSC.
The CDSC will be applied in a manner that results in the CDSC being
imposed at the lowest possible rate, which means that the CDSC will be applied
against the lesser of your direct investment or the total cost of your shares.
The applicability of a CDSC will not be affected by exchanges or transfers of
registration, except as described in the SAI.
DISTRIBUTION AND SERVICE FEES
The fund has adopted a plan under Rule 12b-1 that permits it to pay marketing
and other fees to support the sale and distribution of class C shares and the
services provided to you by your financial adviser. These annual distribution
and service fees may equal up to 1.00% for class C shares (a 0.75%
distribution fee and a 0.25% service fee) and are paid out of the assets of
this class. Over time, these fees will increase the cost of your shares and
may cost you more than paying other types of sales charges.
4. HOW TO PURCHASE, EXCHANGE AND REDEEM SHARES
The discussion of "How to Purchase, Exchange and Redeem Shares" is
supplemented as follows:
You may purchase, exchange and redeem class C shares of the fund in the
manner described in the prospectus. In addition, you may be eligible to
participate in certain investor services and programs to purchase, exchange
and redeem these classes of shares, which are described below and in the
prospectus under the caption "Investor Services and Programs."
The maximum investment in class C shares is $1,000,000 per transaction.
Class C shares are not available for purchase by any retirement plan qualified
under Section 401(a) or 403(b) of the Internal Revenue Code if the plan or its
sponsor subscribes to certain recordkeeping services made available by MFSC,
such as the MFS Corporate Plan Services 401(k) Plan.
5. INVESTOR SERVICES AND PROGRAMS
The discussion of Purchase and Redemption Programs is supplemented as follows:
As a shareholder of class C shares, you have available to you a number of
services and investment programs as described in the Prospectus under this
caption. Some of these services and programs may not be available to you if
your shares are held in the name of your financial adviser or if your
investment in the fund is made through a retirement plan.
The discussion about shareholder services and investment programs under
"Purchase and Redemption Programs" applies to class C shares, except that the
letter of intent and right of accumulation programs are only available to
class A shareholders. In addition, the information under "Systematic
Withdrawal Plan" is supplemented as follows:
FOR THE SYSTEMATIC WITHDRAWAL PLAN
For class C shares, you can receive up to 10% (15% for certain IRA
distributions) of the value of your account through these payments in any one
year (measured at the time you establish this plan). You will incur no CDSC on
class C shares redeemed under this plan.
THE DATE OF THIS SUPPLEMENT IS DECEMBER 12, 2000
