UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES 

Investment Company Act file number 811-4009

GOVERNMENT SECURITIES VARIABLE ACCOUNT

(Exact name of registrant as specified in charter)

500 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Susan S. Newton

Massachusetts Financial Services Company

500 Boylston Street

Boston, Massachusetts 02116 

(Name and address of agents for service)

Registrant’s telephone number, including area code: (617) 954-5000 

Date of fiscal year end: December 31

Date of reporting period: March 31, 2006

ITEM 1. SCHEDULE OF INVESTMENTS.

PORTFOLIO OF INVESTMENTS March 31, 2006 (Unaudited)

Government Securities Variable Account

Issuer	Shares/Par		Value ($)
BONDS - 98.8%
Agency - Other - 6.4%
Financing Corp., 10.35%, 2018	$	1,150,000	$	1,660,591
Financing Corp., 9.4%, 2018		780,000		1,053,392
Financing Corp., STRIPS, 0%, 2017		1,220,000		662,562
Resolution Funding Corp., 8.875%, 2020		1,700,000		2,277,981
			$	5,654,526
Mortgage Backed - 51.3%
Fannie Mae, 4.79%, 2012	$	934,169	$	901,000
Fannie Mae, 4.73%, 2012		95,402		91,729
Fannie Mae, 5%, 2013 - 2027		3,153,317		3,088,529
Fannie Mae, 4.8%, 2013		90,305		87,116
Fannie Mae, 4.845%, 2013		263,531		254,362
Fannie Mae, 5.06%, 2013		106,163		103,791
Fannie Mae, 4.65%, 2013		250,730		242,511
Fannie Mae, 4.45%, 2014		323,399		304,217
Fannie Mae, 4.771%, 2014		646,400		621,589
Fannie Mae, 4.6%, 2014		126,470		119,986
Fannie Mae, 4.666%, 2014		847,337		807,869
Fannie Mae, 4.518%, 2014		162,478		153,489
Fannie Mae, 4.77%, 2014		107,059		102,382
Fannie Mae, 4.847%, 2014		907,374		873,816
Fannie Mae, 5.1%, 2014		138,466		135,001
Fannie Mae, 4.62%, 2015		181,579		171,720
Fannie Mae, 4.82%, 2015		343,042		328,313
Fannie Mae, 4.69%, 2015		89,645		85,131
Fannie Mae, 4.85%, 2015		89,684		86,052
Fannie Mae, 4.56%, 2015		162,956		153,359
Fannie Mae, 4.665%, 2015		109,921		104,172
Fannie Mae, 4.7%, 2015		126,291		119,955
Fannie Mae, 4.89%, 2015		88,844		85,453
Fannie Mae, 4.74%, 2015		100,000		95,153
Fannie Mae, 4.925%, 2015		350,326		338,172
Fannie Mae, 4.815%, 2015		117,000		111,796
Fannie Mae, 6%, 2016 - 2034		3,416,119		3,435,557
Fannie Mae, 6.5%, 2016 - 2032		1,816,341		1,858,573
Fannie Mae, 4.996%, 2017		332,828		323,269
Fannie Mae, 5.5%, 2017 - 2035		13,725,321		13,453,867
Fannie Mae, 4.5%, 2019 - 2020		4,144,903		3,966,839
Fannie Mae, 4.88%, 2020		95,510		93,457
Fannie Mae, 7.5%, 2022 - 2031		257,318		269,097
Freddie Mac, 4.5%, 2013 - 2015		599,727		592,238
Freddie Mac, 4.375%, 2015		680,821		662,363
Freddie Mac, 5%, 2021 - 2025		1,758,497		1,744,349
Freddie Mac, 5.5%, 2025 - 2035		4,327,692		4,232,486
Freddie Mac, 6.5%, 2032		849,788		868,096
Freddie Mac, 6%, 2034 - 2035		2,308,843		2,311,125
Freddie Mac, 3.108%, 2035		20,689		20,595
Ginnie Mae, 5.5%, 2033		1,848,526		1,831,665
			$	45,230,239
U.S. Government Agencies - 31.3%
Aid-Egypt, 4.45%, 2015		473,000	$	447,375
Aid to Israel, 6.6%, 2008		524,434		531,610
Aid to Israel, 0%, 2021 - 2024		2,041,000		804,373
Aid to Israel, 5.5%, 2023		1,097,000		1,121,624
Aid to Peru, 9.98%, 2008		454,983		480,212
Empresa Energetica Cornito Ltd., 6.07%, 2010		1,957,000		1,986,179
Fannie Mae, 4.25%, 2009		1,073,000		1,046,747
Federal Home Loan Bank, 4.625%, 2008		2,315,000		2,296,445
Freddie Mac, 4.2%, 2007	$	1,105,000	$	1,089,195
Freddie Mac, 4.875%, 2009		896,000		891,175
Freddie Mac, 5.625%, 2011		3,664,000		3,737,621
Freddie Mac, 5.05%, 2015		956,000		936,867
Overseas Private Investment Corp., 0%, 2007		168,577		171,949
Small Business Administration, 8.4%, 2007		2,164		2,190
Small Business Administration, 10.05%, 2009		14,685		15,262
Small Business Administration, 8.7%, 2009		55,749		57,684
Small Business Administration, 6.34%, 2021		651,355		673,548
Small Business Administration, 6.44%, 2021		628,517		651,582
Small Business Administration, 6.625%, 2021		670,965		701,439
Small Business Administration, 6.07%, 2022		482,561		494,726
Small Business Administration, 4.98%, 2023		261,285		253,784
Small Business Administration, 4.89%, 2023		670,561		647,377
Small Business Administration, 4.72%, 2024		668,353		637,555
Small Business Administration, 4.34%, 2024		360,854		335,255
Small Business Administration, 4.77%, 2024		642,861		615,415
Small Business Administration, 5.52%, 2024		352,112		352,340
Small Business Administration, 4.99%, 2024		419,842		406,452
Small Business Administration, 4.86%, 2024		331,773		318,731
Small Business Administration, 4.88%, 2024		308,101		296,192
Small Business Administration, 4.87%, 2024		398,853		382,959
Small Business Administration, 5.11%, 2025		349,706		340,705
Small Business Administration, 4.76%, 2025		554,144		525,922
Tennessee Valley Authority STRIPS, 0%, 2042		2,250,000		1,670,040
U.S. Department of Housing & Urban Development, 6.36%, 2016		500,000		519,658
U.S. Department of Housing & Urban Development, 6.59%, 2016		2,045,000		2,082,976
			$	27,523,164
U.S. Treasury Obligations - 9.8%
U.S. Treasury Bonds, 12%, 2013	$	19,000	$	22,018
U.S. Treasury Bonds, 5.25%, 2028		346,000		355,272
U.S. Treasury Bonds, 9.25%, 2016		409,000		546,271
U.S. Treasury Bonds, 6%, 2026		717,000		800,015
U.S. Treasury Bonds, 4.5%, 2036		1,273,000		1,194,432
U.S. Treasury Notes, 6.5%, 2010		4,767,000		5,043,152

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PORTFOLIO OF INVESTMENTS March 31, 2006 (Unaudited) - continued

Government Securities Variable Account

Issuer	Shares/Par		Value ($)
BONDS - continued
U.S. Treasury Obligations - continued
U.S. Treasury Notes, TIPS, 3.875%, 2009	$	663,659	$	694,819
			$	8,655,979
Total Bonds			$	87,063,908
Issue/Expiration/Strike Price	Number of Contracts
CALL OPTIONS PURCHASED - 0%
U.S. Treasury Notes 10yr Futures - May 2006 @ 109		18	$	1,125
PUT OPTIONS PURCHASED - 0.1%
U.S. Treasury Notes 10yr Futures - May 2006 @ 109		18	$	48,094
Issuer	Shares/Par
REPURCHASE AGREEMENT - 0.2%
Morgan Stanley, 4.81%, dated 3/31/06, due 4/03/06, total to be
received $228,091 (secured by various U.S. Treasury and
Federal Agency obligations in a jointly traded account)	$	228,000	$	228,000
Total Investments				87,341,127
OTHER ASSETS, LESS LIABILITIES - 0.9%				801,682
NET ASSETS - 100.0%			$	88,142,809

The following abbreviations are used in the Portfolio of Investments and are defined:

STRIPS	Separate Trading of Registered Interest and Principal of Securities
TIPS	Treasury Inflation Protected Security

See attached schedule. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

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MFS Government Securities Variable Account
Supplemental Schedules (Unaudited) 03/31/2006

(1) Financial Instruments

Futures Contracts

	Contracts		Value	Expiration Date	Unrealized Appreciation (Depreciation)
U.S. Treasury Bond (Short)	14	$	1,528,188	Jun-06	$	51,576
U.S. Treasury Note 5 yr (Long)	26		2,715,375	Jun-06		(15,122)
U.S. Treasury Note 10 yr (Short)	32		3,404,500	Jun-06		62,232
					$	98,686

At March 31, 2006, the variable account had sufficient cash and/or securities to cover any margin requirements under these derivative contracts.

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ITEM 2. CONTROLS AND PROCEDURES.

(a) Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-Q, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.

Notice

A copy of the Amended and Restated Declaration of Trust of the Registrant is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: GOVERNMENT SECURITIES VARIABLE ACCOUNT

By (Signature and Title)*	MARIA F. DWYER
	Maria F. Dwyer, President

Date: May 23, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	MARIA F. DWYER
	Maria F. Dwyer, President (Principal Executive Officer)

Date: May 23, 2006

By (Signature and Title)*	TRACY ATKINSON
	Tracy Atkinson, Treasurer (Principal Financial Officer and Accounting Officer)

Date: May 23, 2006

* Print name and title of each signing officer under his or her signature.