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

                The date of this Supplement is January 1, 1996.