MFS SERIES TRUST V, 497, 1996-01-04

MFS SERIES TRUST V
497, 1996-01-04

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                                 MFS VALUE FUND
                            MFS EMERGING GROWTH FUND
                                MFS RESEARCH FUND

                      Supplement to the Current Prospectus



         During the  period  from  January 2, 1996  through  February  29,  1996
(unless extended by MFS Fund  Distributors,  Inc. ("MFD")) (the "Sales Period"),
MFD will pay Alex Brown & Sons, Inc. ("Alex Brown") 100% of the applicable sales
charge  on sales  of  Class A shares  of each of the  funds  listed  above  (the
"Funds") sold by Alex Brown during the Sales Period.  In addition,  MFD will pay
Alex Brown an additional commission equal to 0.50% of the net asset value of all
of the Class B shares of the Fund sold by Alex Brown during the Sales Period.

                The date of this Supplement is January 1, 1996.