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MFS GOVERNMENT SECURITIES FUND
Supplement to the Current Prospectus
The section of the Prospectus entitled, "Expense Summary" is hereby
revised as follows:
1. EXPENSE SUMMARY
Shareholder Transaction Expenses: Class A Class B Class C
Maximum Initial Sales Charge Imposed on
Purchases of Fund Shares (as a
percentage of offering price)............ 4.75% 0.00% 0.00%
Maximum Contingent Deferred Sales Charge
(as a percentage of original purchase
price or redemption proceeds, as
applicable)..............................See Below1 4.00% 1.00%
Annual Operating Expenses of the Fund (as a percentage of average daily net
assets):
Management Fees (after expense
limitation) 2............................ 0.30% 0.30% 0.30%
Rule 12b-1 Fees........................... 0.35%3 1.00%4 1.00%4
Other Expenses5........................... 0.30% 0.30% 0.30%
----- ----- -----
Total Operating Expenses (after expense
limitation)6............................. 0.95% 1.60% 1.60%
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1. Purchases of $1 million or more are not subject to an initial sales charge;
however, a contingent deferred sales charge ("CDSC") of 1% will be imposed
on such purchases in the event of certain redemption transactions within 12
months following such purchases (see "Purchases").
2. As of April 1, 1997, the Adviser voluntarily reduced the management fee to
0.30% per annum of the Fund's average daily net assets for an indefinite
period of time. Prior to that date, the Adviser voluntarily reduced the
management fee to 0.25% of the Fund's average daily net assets. Absent this
reduction, the management fee would have been 0.40%.
3. The Fund has adopted a distribution plan for its shares in accordance with
Rule 12b-1 under the Investment Company Act of 1940, as amended (the "1940
Act") (the "Distribution Plan"), which provides that it will pay
distribution/service fees aggregating up to (but not necessarily all of)
0.35% per annum of the average daily net assets attributable to Class A
shares. Distribution expenses under the Distribution Plan, together with the
initial sales charge, 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. (See "Distribution Plan" in the Prospectus.)
4. The Fund's Distribution Plan provides that it will pay distribution/service
fees aggregating up to (but not necessarily all of) 1.00% per annum of the
average daily net assets attributable to Class B and Class C shares,
respectively. Distribution expenses paid under the Distribution Plan,
together with any CDSC payable upon redemption of Class B and Class C
shares, 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. (See "Distribution Plan" in the Prospectus.)
5. 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, and may enter into other such
arrangements and directed brokerage arrangements (which would also have the
effect of reducing the Fund's expenses). Any such fee reductions are not
reflected under "Other Expenses."
6. Absent the expense limitation described under footnote number 2 above,
"Total Operating Expenses" would be 1.05%, 1.70% and 1.70%, for Class A,
Class B and Class C shares, respectively.
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Example of Expenses
An investor would pay the following dollar amounts of expenses on a
$1,000 investment in the Fund, assuming (a) 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 Class C(3)
------ ------- ------- -----------
(1) (1)
1 year.............. $57 $56 $16 $26 $16
3 years............. 76 80 50 50 50
5 years............. 97 107 87 87 87
10 years............. 158 172(2) 172(2) 189 189
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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.
3. Purchases subsequent to April 1, 1996 which are redeemed within 12 months
of purchase are subject to a 1% CDSC.
The "Example" set forth above should not be considered a representation
of past or future expenses of the Fund; actual expenses may be greater or less
than those shown.
* * *
Page 9 of the Prospectus is revised to disclose that, effective April 1,
1997, the Adviser has voluntarily agreed to reduce the Fund's management
fee to 0.30% of the Fund's average daily net assets for an indefinite
period of time. This arrangement may be revised or terminated at any time
without notice to shareholders.
The date of this Supplement is April 1, 1997.
