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

                The date of this Supplement is January 1, 1996.