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 Sutro & Co., Inc.  ("Sutro") 100% of the applicable sales charge on
sales of Class A shares of each of the funds listed above (the  "Funds") sold by
Sutro during the Sales  Period.  In addition,  MFD will pay Sutro an  additional
commission equal to 0.50% of the net asset value of all of the Class B shares of
the Fund sold by Sutro during the Sales Period.

                The date of this Supplement is January 1, 1996.