MFS SERIES TRUST V
497, 1999-03-23
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                            MFS(R) ASIA PACIFIC FUND

                  Supplement to the February 1, 1999 Prospectus


         The Board of Trustees  which  oversees  the MFS Asia  Pacific Fund (the
"Fund")  decided,  at their regular  meeting on March 10, 1999, to terminate the
Fund  effective  March 31,  1999,  or as soon  thereafter  as  practicable  (the
"Termination  Date").  In connection with the termination of the Fund, the Board
of Trustees has suspended the sale of the Fund's shares  effective  immediately.
Consequently,  purchase  orders for Fund  shares  that are  received on or after
March 22, 1999 will be rejected by the Fund.

         Enclosed is a formal Notice of Termination  which is designed to answer
any questions concerning the Fund's termination. As described more fully in this
Notice, until the Termination Date, shareholders may choose to redeem their Fund
shares or exchange  their shares for shares of the same class of any fund in the
MFS Family of Funds(R)  which permits  exchanges at such fund's then current net
asset  value.  If a  shareholder  takes  no  action,  his  or  her  shares  will
automatically  be  exchanged  on the  Termination  Date for shares of the MFS(R)
Money Market Fund ("MMM").

         MMM,  a member of the MFS  Family of Funds,  seeks to provide as high a
level of current income as is consistent  with the  preservation  of capital and
liquidity. MMM's prospectus is enclosed with the Notice of Termination.


                 THE DATE OF THIS SUPPLEMENT IS MARCH 22, 1999.



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