MFS SERIES TRUST V
497, 1998-06-24
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                               MFS Core Growth Fund
                         MFS Special Opportunities Fund
                         MFS Convertible Securities Fund
                               MFS Blue Chip Fund
                         MFS Science and Technology Fund
                         MFS Real Estate Investment Fund
                      MFS International Opportunities Fund
                     MFS International Strategic Growth Fund
                          MFS International Value Fund
                              MFS Asia Pacific Fund
                            MFS Strategic Value Fund
                            MFS Small Cap Value Fund
                         MFS Emerging Markets Debt Fund


                      SUPPLEMENT TO THE CURRENT PROSPECTUS


This Supplement describes certain changes to each Fund's Prospectus.

Effective  September  15, 1998,  each Fund will adopt the  following  new market
timing  policy  which will  replace the current  policy as  disclosed  under the
heading "Information Concerning Shares of the Fund - Purchases - General - Right
to Reject Purchase Orders/Market Timing" in the Prospectus:

Right to Reject Purchase Orders/Market Timing. Purchases and exchanges should be
made for  investment  purposes  only. The Fund and MFD each reserve the right to
reject or restrict any specific purchase or exchange request.  In the event that
the Fund or MFD rejects an exchange  request,  neither  the  redemption  nor the
purchase side of the exchange will be processed.

The  MFS  Family  of  Funds  is not  designed  for  professional  market  timing
organizations or other entities using programmed or frequent exchanges.  The MFS
Family of Funds defines a "market timer" as an individual or organization acting
on behalf of one or more  individuals,  if (i) the  individual  or  organization
makes six or more  exchange  requests  among the MFS Family of Funds or three or
more  exchange  requests  out of any of the MFS  high  yield  bond  funds or MFS
municipal  bond  funds  per  calendar  year and  (ii)  any one of such  exchange
requests  represents shares equal in value to $1 million.  Accounts under common
ownership or control,  including accounts administered by market timers, will be
aggregated for purposes of this definition.

As noted above,  the Fund and MFD each  reserves the right to reject or restrict
any specific purchase and exchange request and, in addition, may impose specific
limitations  with  respect to market  timers,  including  (i) delaying for up to
seven days the  purchase  side of an  exchange  request by market  timers,  (ii)
rejecting  or  otherwise  restricting  purchase or  exchange  requests by market
timers;  and (iii)  permitting  exchanges by market timers only into certain MFS
Funds.

Provision of Annual and Semiannual Reports

To  avoid  sending  duplicate  copies  of  materials  to  households,  effective
September 15, 1998, only one copy of each Fund annual and semiannual  report may
be mailed to  shareholders  having  the same  residential  address on the Fund's
records.  However,  any shareholder may call the Shareholder  Servicing Agent at
1-800-225-2606 to request that copies of such reports be sent personally to that
shareholder.


                  The date of this Supplement is July 1, 1998.


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