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, 2000 (on which we have issued our
reports dated November 2, 2000), 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 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
accounting principles generally accepted in the United States of America.
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 is 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, 2000.
This report is intended solely for the information and use of management,
the Trustees and Shareholders 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.
DELOITTE & TOUCHE LLP
Boston, Massachusetts November 2, 2000
