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MFS Government Securities Fund
Supplement to the July 1, 1995 Prospectus
The following information replaces the "Expense Summary" section found on pages
2 and 3 of the Fund's Prospectus dated July 1, 1995:
Expense Summary
Shareholder Transaction Expenses: Class A Class B
Maximum Initial Sales Charge Imposed on
Purchases of Fund Shares (as a percentage
of offering price) 4.75% 0.00%
Maximum Contingent Deferred Sales Charge
(as a percentage of original purchase price
or redemption proceeds, as applicable) See Below(1) 4.00%
Annual Operating Expenses (as a percentage of average net assets):
Management Fees (after applicable fee
reduction)(2) 0.25% 0.25%
Rule 12b-1 Fees 0.35(3) 1.00(4)
Other Expenses 0.30 0.37
Total Operating Expenses (after applicable
fee reduction)(5) 0.90% 1.62%
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(1) Purchases of $1 million or more are not subject to an initial sales
charge; however, a CDSC of 1% will be imposed on such purchases in the
event of certain redemption transactions within 12 months following such
purchases (see "Purchases" below).
(2) The Adviser has voluntarily reduced its management fee to 0.25% per annum
of the Fund's average daily net assets for an indefinite period of time.
Absent such reduction, "Management Fees" would have been 0.40%.
(3) The Fund has adopted a Distribution Plan for its Class A shares in
accordance with Rule 12b-1 under the Investment Company Act of 1940, as
amended (the "1940 Act"), which provides that it will pay
distribution/service fees aggregating up to (but not necessarily all of)
0.35% per annum of the net assets of the Fund attributable to Class A
shares (see "Distribution Plans" in the Prospectus). Distribution expenses
paid under this Plan, together with the initial sales charge, may cause
long-term shareholders to pay more than the maximum sales charge that
would be permissible if imposed entirely as an initial sales charge.
(4) The Fund has adopted a Distribution Plan for its Class B shares in
accordance with Rule 12b-1 under the 1940 Act, which provides that it will
pay distribution/service fees aggregating up to 1.00% per annum of the
average net daily assets attributable to its Class B shares. Distribution
expenses paid under this Plan, together with any CDSC, may cause long-term
shareholders to pay more than the maximum sales charge that would have
been permissible if imposed entirely as an initial sales charge.
(5) Absent the reduction in the Fund's management fees, "Total Operating
Expenses" for Class A and Class B shares of the Fund would have been 1.05%
and 1.77%, respectively.
Example of Expenses
An investor would pay the following dollar amounts of expenses on a hypothetical
$1,000 investment in the Fund, assuming (a) 5% annual return and (b) redemption
at the end of each of the time periods indicated (unless otherwise noted):
Period Class A Class B
(1)
1 year $ 56 $ 56 $ 16
3 years 75 81 51
5 years 95 108 88
10 years 153 173(2) 173(2)
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(1) Assumes no redemption.
(2) Class B shares convert to Class A shares approximately eight years after
purchase; therefore years nine and ten reflect Class A expenses.
The purpose of the expense table above is to assist investors in understanding
the various costs and expenses that a shareholder of the Fund will bear directly
or indirectly. More complete descriptions of the following expenses of the Fund
are set forth in the following sections of this Prospectus: (i) varying sales
charges on share purchases - "Purchases"; (ii) varying CDSCs "Purchases"; (iii)
management fees - "Investment Adviser"; and (iv) Rule 12b-1 (I.E., distribution
plan) fees - "Distribution Plans."
The "Example" set forth above reflects the imposition of the maximum sales
charge and should not be considered a representation of past or future expenses
of a Fund; actual expenses may be greater or less than those shown.
In addition, the first sentence at the top of page 9 of the Prospectus is
deleted in its entirety and replaced by the following sentence: "Effective March
1, 1996, the Adviser has voluntarily agreed to reduce the Fund's management fee
to 0.25% of the Fund's average daily net assets for an indefinite period of
time."
The date of this Supplement is March 1, 1996.
