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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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SIGNATURE JAMES O. YOST
TITLE ASSISTANT TREASURER
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<CIK> 0000200489
<NAME> MFS SERIES TRUST V
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<NAME> MFS INTERNATIONAL STRATEGIC GROWTH FUND CLASS A
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<NAME> MFS SERIES TRUST V
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<NAME> MFS INTERNATIONAL STRATEGIC GROWTH FUND CLASS I
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<NAME> MFS SERIES TRUST V
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<NAME> MFS INTERNATIONAL VALUE FUND CLASS A
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<NAME> MFS SERIES TRUST V
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<NAME> MFS INTERNATIONAL VALUE FUND CLASS I
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</TABLE>
INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders of MFS Series Trust V:
In planning and performing our audits of the financial statements of MFS Total
Return Fund and MFS Research Fund (series of MFS Series Trust V) (the "Funds")
for the year ended September 30, 1999 (on which we have issued our reports dated
November 4, 1999), we considered their internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinions on the financial
statements and to comply with the requirements of Form N-SAR, and not to provide
assurance on the Funds' internal control.
The management of the Funds are responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control, misstatements due to
error or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
the internal control may become inadequate because of changes in conditions or
that the degree of compliance with policies or procedures deteriorates.
Our consideration of the Funds' internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving the
Funds' internal control and its operation, including controls for safeguarding
securities that we consider to be material weaknesses as defined above as of
September 30, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
November 4, 1999
Report of Independent Auditors
To the Trustees
MFS Series Trust V
In planning and performing our audits of the financial statements MFS
International Opportunities Fund, MFS International Strategic Growth Fund, and
MFS International Value Fund ("the funds") three of the funds comprising the MFS
Series Trust V, for the year ended September 30, 1999, we considered its
internal control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
September 30, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees of MFS Series Trust V, and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.
ERNST & YOUNG LLP
November 9, 1999