UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-2031

MFS SERIES TRUST V

(Exact name of registrant as specified in charter)

500 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Susan S. Newton

Massachusetts Financial Services Company

500 Boylston Street

Boston, Massachusetts 02116

(Name and address of agents for service)

Registrant’s telephone number, including area code: (617) 954-5000

Date of fiscal year end: September 30

Date of reporting period: December 31, 2009

ITEM 1. SCHEDULE OF INVESTMENTS.

MFS International New Discovery Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09

Issuer	Shares/Par	Value ($)
Common Stocks – 98.2%
Aerospace – 0.3%
Meggitt PLC	1,837,786	$	7,717,817
Airlines – 0.9%
Cathay Pacific Airways Ltd. (a)	5,949,000	$	11,023,824
Copa Holdings S.A., “A”	107,780		5,870,777
Grupo Aeroportuario del Sureste S.A. de C.V., ADR	81,820		4,239,094
		$	21,133,695
Alcoholic Beverages – 2.1%
Companhia de Bebidas das Americas, ADR	107,203	$	10,837,151
Davide Campari-Milano S.p.A.	483,917		5,041,649
Foster’s Group Ltd.	2,814,015		13,847,335
Heineken N.V.	115,700		5,482,272
Pernod Ricard S.A.	153,438		13,177,866
		$	48,386,273
Apparel Manufacturers – 1.9%
Billabong International Ltd.	848,437	$	8,248,511
Burberry Group PLC	921,690		8,836,853
Compagnie Financiere Richemont S.A.	172,627		5,776,288
GERRY WEBER International AG	8,595		279,234
Li & Fung Ltd.	2,013,000		8,284,460
Stella International Holdings Ltd.	6,393,000		11,590,331
		$	43,015,677
Automotive – 0.2%
PT Astra International Tbk.	1,445,000	$	5,308,066
Biotechnology – 0.4%
Actelion Ltd. (a)	127,884	$	6,824,106
Lonza Group AG	44,248		3,103,170
		$	9,927,276
Broadcasting – 0.8%
Grupo Televisa S.A., ADR	411,290	$	8,538,380
WPP Group PLC	954,872		9,324,194
		$	17,862,574
Brokerage & Asset Managers – 4.1%
Aberdeen Asset Management PLC	2,795,900	$	6,051,356
Bolsa Mexicana de Valores S.A. de C.V. (a)	3,702,000		4,377,766
Daiwa Securities Group, Inc.	2,052,000		10,287,133
Deutsche Boerse AG	243,900		20,279,285
GAM Holding Ltd.	126,423		1,538,659
Hong Kong Exchanges & Clearing Ltd.	555,800		9,894,575
ICAP PLC	640,164		4,436,397
IG Group Holdings PLC	2,497,655		15,203,147
Osaka Securities Exchange Co. Ltd.	2,629		12,465,693
Rathbone Brothers PLC	641,435		8,214,932
Van Lanschot N.V.	48,159		2,531,306
		$	95,280,249
Business Services – 6.8%
Amadeus Fire AG	263,777	$	6,139,451
Bunzl PLC	2,491,376		27,008,901
Cabcharge Australia Ltd.	1,659,900		8,915,231
Capgemini	93,879		4,252,294
Companhia Brasileira de Meios de Pagamento	462,740		4,033,063
CTS Eventim AG	168,850		8,243,409
Electrocomponents PLC	1,130,717		2,926,728
Homeserve PLC	202,417		5,492,623

1

MFS International New Discovery Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Business Services – continued
Infosys Technology Ltd.	299,160	$	16,648,827
Intertek Group PLC	1,007,639		20,288,818
JFE Shoji Holdings, Inc.	469,951		1,664,751
Kloeckner & Co. AG (a)(l)	260,892		6,675,931
Kroton Educacional S.A., IEU	564,716		5,838,534
Nomura Research Institute Ltd.	700,000		13,710,977
Redecard S.A.	268,200		4,419,345
Sodexo	216,434		12,368,872
TAKKT AG	357,368		3,662,980
USS Co. Ltd.	99,820		6,066,261
		$	158,356,996
Chemicals – 1.5%
Makhteshim-Agan Industries Ltd.	575,140	$	2,725,347
Nufarm Ltd.	1,055,398		10,323,843
Syngenta AG	57,898		16,224,013
Victrex PLC	372,623		4,820,252
		$	34,093,455
Computer Software – 1.1%
OBIC Co. Ltd.	104,070	$	16,995,809
Totvs S.A.	131,400		8,842,399
		$	25,838,208
Computer Software - Systems – 3.9%
Acer, Inc.	4,161,330	$	12,431,771
Fujitsu Ltd.	1,707,000		10,977,699
Hon Hai Precision Industry Co. Ltd.	1,641,050		7,719,838
Konica Minolta Holdings, Inc.	2,623,000		26,901,796
Ricoh Co. Ltd.	521,000		7,350,556
Venture Corp. Ltd.	3,304,000		20,718,962
Wincor Nixdorf AG	58,964		4,021,992
		$	90,122,614
Conglomerates – 2.0%
Ansell Ltd.	978,480	$	9,541,738
DCC PLC	163,856		4,580,468
First Pacific Co. Ltd.	8,136,000		4,930,419
Keppel Corp. NPV	3,492,000		20,318,914
Smiths Group PLC	262,605		4,300,978
Tomkins PLC	822,800		2,540,204
		$	46,212,721
Construction – 2.4%
Anhui Conch Cement Co. Ltd.	1,478,000	$	9,439,386
Bellway PLC	581,317		7,629,856
Corporacion Moctezuma S.A. de C.V.	1,415,100		3,245,146
CRH PLC	117,216		3,175,109
Duratex S.A.	1,622,775		14,970,812
Geberit AG	52,784		9,349,946
Urbi Desarrollos Urbanos S.A.B. de C.V. (a)	1,296,500		2,911,724
Wienerberger AG (a)	243,268		4,415,693
		$	55,137,672
Consumer Products – 5.3%
Beiersdorf AG	208,068	$	13,674,563
Christian Dior S.A.	390,842		40,206,522
Dabur India Ltd.	4,092,781		13,925,088
Hengan International Group Co. Ltd.	1,234,000		9,133,933
Henkel KGaA, IPS	421,506		21,944,717

2

MFS International New Discovery Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Consumer Products – continued
Kimberly-Clark de Mexico S.A. de C.V., “A”	1,595,960	$	7,144,123
Kose Corp.	179,500		3,624,166
Milbon Co. Ltd.	105,300		2,238,621
Natura Cosméticos S.A.	291,430		6,078,015
Shiseido Co. Ltd.	206,600		3,959,837
		$	121,929,585
Consumer Services – 0.6%
Anhanguera Educacional Participacoes S.A., IEU (a)	651,400	$	9,256,718
Thomas Cook Group PLC	1,188,852		4,418,458
		$	13,675,176
Containers – 0.7%
Mayr-Melnhof Karton AG	85,690	$	8,815,261
Viscofan S.A.	317,728		8,061,641
		$	16,876,902
Electrical Equipment – 0.9%
Legrand S.A.	289,820	$	8,091,307
OMRON Corp.	78,821		1,406,566
Prysmian S.p.A.	113,356		1,980,893
Spectris PLC	699,270		8,238,147
		$	19,716,913
Electronics – 2.2%
Advantech Co. Ltd.	5,919,352	$	13,229,906
ARM Holdings PLC	1,028,970		2,942,328
ASM Pacific Technology Ltd.	770,800		7,245,066
ASML Holding N.V.	162,984		5,543,572
Domino Printing Sciences PLC	249		1,324
Halma PLC	1,188,055		4,625,488
Hirose Electric Co. Ltd.	68,408		7,132,031
Hoya Corp.	339,300		8,995,102
Melexis N.V.	237,947		2,312,719
		$	52,027,536
Energy - Independent – 3.1%
Arch Coal, Inc.	246,050	$	5,474,613
Cairn Energy PLC	2,900,000		15,454,602
Galp Energia SGPS S.A. (a)	634,367		10,920,413
Motor Oil (Hellas) Corinth Refineries S.A.	118,394		1,798,519
Nexen, Inc.	501,065		12,082,860
OMV AG	151,731		6,644,538
PTT Exploration & Production Public Co. Ltd.	1,479,300		6,522,409
Santos Ltd.	409,222		5,152,891
Tullow Oil PLC	400,000		8,341,567
		$	72,392,412
Engineering - Construction – 2.3%
Aker Kvaerner A.S.A.	836,559	$	10,865,523
Downer EDI Ltd.	1,150,000		9,585,551
Fluor Corp.	121,600		5,476,864
JGC Corp.	750,000		13,806,840
North American Energy Partners, Inc. (a)	1,384,071		10,048,355
Toshiba Plant Kensetsu Co. Ltd.	329,000		4,123,347
		$	53,906,480
Food & Beverages – 1.9%
Associated British Foods PLC	883,707	$	11,732,928
Cranswick PLC	8,402		106,065

3

MFS International New Discovery Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Food & Beverages – continued
Grupo Continental S.A.	2,791,290	$	7,058,238
Kerry Group PLC	807,963		23,832,262
Unicharm Petcare Corp.	60,700		1,854,206
		$	44,583,699
Food & Drug Stores – 0.8%
Dairy Farm International Holdings Ltd.	636,300	$	3,801,600
FamilyMart Co. Ltd.	111,500		3,286,278
Lawson, Inc.	260,700		11,476,566
		$	18,564,444
Forest & Paper Products – 0.5%
Suzano Papel e Celulose S.A., IPS (a)	999,400	$	11,638,285
Gaming & Lodging – 0.9%
Genting Berhad	1,577,800	$	3,362,378
Ladbrokes PLC	2,536,114		5,580,576
Paddy Power PLC	125,840		4,399,906
William Hill PLC	2,801,414		8,342,631
		$	21,685,491
General Merchandise – 0.7%
Dunelm Group PLC	400,000	$	2,433,472
Lotte Shopping Co. Ltd.	45,434		13,499,787
		$	15,933,259
Health Maintenance Organizations – 0.5%
Odontoprev S.A.	305,500	$	11,182,973
Insurance – 5.6%
ACE Ltd.	62,840	$	3,167,136
Admiral Group PLC	610,199		11,640,155
Aflac, Inc.	81,759		3,781,354
Amlin PLC	1,340,126		7,694,376
Aspen Insurance Holdings Ltd.	381,685		9,713,883
Catlin Group Ltd.	1,488,461		8,174,151
China Pacific Insurance (Group) Co. Ltd	632,600		2,521,131
CNP Assurances S.A.	144,392		13,979,809
Hiscox Ltd.	2,384,979		12,194,081
Jardine Lloyd Thompson Group PLC	594,060		4,640,266
QBE Insurance Group Ltd.	665,161		15,181,987
Samsung Fire & Marine Insurance Co. Ltd.	44,918		7,671,271
SNS REAAL Groep N.V. (a)	598,257		3,617,040
Storebrand A.S.A. (a)	3,700,000		25,103,513
		$	129,080,153
Internet – 0.5%
Iliad S.A.	82,442	$	9,821,593
Universo Online S.A., IPS	393,500		2,109,178
		$	11,930,771
Leisure & Toys – 0.6%
Sankyo Co. Ltd.	230,200	$	11,468,599
Shimano, Inc.	50,200		2,009,202
		$	13,477,801
Machinery & Tools – 2.7%
Beml Ltd.	303,020	$	7,256,380
Faiveley SA	33,600		2,673,284
GEA Group AG	630,500		14,037,376
Glory Ltd.	595,600		13,173,737

4

MFS International New Discovery Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Machinery & Tools – continued
Neopost S.A.	116,829	$	9,658,584
Rotork PLC	166,366		3,186,952
Sandvik AB	712,600		8,541,584
Union Tool Co.	152,600		3,994,018
		$	62,521,915
Major Banks – 1.2%
Banco Santander Chile, ADR	177,830	$	11,519,827
Julius Baer Group Ltd.	126,423		4,415,396
KBC Group N.V. (a)	210,322		9,108,201
Oversea-Chinese Banking Corp. Ltd.	272,000		1,750,899
		$	26,794,323
Medical & Health Technology & Services – 1.5%
Diagnosticos da America S.A. (a)	236,400	$	7,674,382
Fleury S.A.	524,100		5,536,013
Fresenius Medical Care AG & Co. KGaA	142,490		7,545,606
Kobayashi Pharmaceutical Co. Ltd.	145,500		5,811,564
SSL International PLC	704,448		8,889,503
		$	35,457,068
Medical Equipment – 5.2%
Cochlear Ltd.	272,910	$	16,851,948
Essilor International S.A.	183,209		10,907,107
Miraca Holdings, Inc.	502,800		13,739,475
QIAGEN N.V. (a)	233,493		5,215,818
Synthes, Inc.	234,787		30,749,668
Terumo Corp.	300,000		17,953,696
Waters Corp. (a)	62,687		3,884,087
Zimmer Holdings, Inc. (a)(s)	349,864		20,680,461
		$	119,982,260
Metals & Mining – 3.2%
Cameco Corp.	196,890	$	6,387,606
Grupo Mexico S.A.B. de C.V. (a)	1,685,544		3,866,624
Iluka Resources Ltd.	3,836,600		12,209,734
Inmet Mining Corp.	219,543		13,388,586
National Aluminum Co. Ltd.	564,910		5,047,387
Salzgitter AG	47,620		4,654,861
SSAB Svenskt Stal AB, “A”	174,000		2,941,728
Steel Authority of India Ltd.	2,491,158		12,834,987
Usinas Siderurgicas de Minas Gerais S.A., “A”, IPS	325,000		9,146,722
voestalpine AG	100,000		3,646,482
		$	74,124,717
Natural Gas - Distribution – 0.1%
Tokyo Gas Co. Ltd.	757,000	$	3,015,483
Natural Gas - Pipeline – 0.8%
Enagas S.A.	848,508	$	18,779,602
Network & Telecom – 0.4%
High Tech Computer Corp.	712,925	$	8,113,801
Oil Services – 1.8%
Acergy S.A.	405,658	$	6,396,769
Fugro N.V.	137,477		7,850,889
Petrofac Ltd.	207,119		3,448,888
Petroleum Geo-Services ASA (a)	253,477		2,878,429
Saipem S.p.A.	432,925		14,872,172

5

MFS International New Discovery Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Oil Services – continued
Schoeller-Bleckmann Nooter Apparatetechnik GMBH	117,550	$	5,627,311
		$	41,074,458
Other Banks & Diversified Financials – 5.4%
Aeon Credit Service Co. Ltd.	437,200	$	4,201,364
Banco Compartamos S.A.	1,346,900		6,953,801
Banco Panamericano S.A., IPS	1,242,200		7,527,404
Bank of Cyprus Public Co. Ltd.	196,800		1,371,786
Chiba Bank Ltd.	2,560,451		15,279,787
Credicorp Ltd.	42,900		3,304,158
CSU Cardsystem S.A. (a)	1,483,390		7,208,202
Housing Development Finance Corp. Ltd.	171,419		9,856,731
Jyske Bank	125,206		4,873,386
Komercni Banka A.S.	75,563		16,156,194
Macquarie Group Ltd.	268,743		11,505,810
Public Bank Berhad	2,760,000		9,076,402
Shizuoka Bank Ltd.	881,000		7,634,765
Siam Commercial Bank Public Co. Ltd.	747,400		1,944,720
Sydbank	236,929		6,104,829
Unione di Banche Italiane Scpa	918,904		13,162,660
		$	126,161,999
Pharmaceuticals – 2.9%
Genomma Lab Internacional S.A., “B” (a)	4,892,400	$	10,766,870
Hisamitsu Pharmaceutical Co., Inc.	83,500		2,689,644
Merck KGaA	95,209		8,893,484
Novo Nordisk A/S, “B”	418,520		26,767,994
Santen Pharmaceutical Co. Ltd.	490,400		15,691,115
Virbac SA	25,000		2,603,987
		$	67,413,094
Precious Metals & Minerals – 0.4%
Lihir Gold Ltd.	1,300,000	$	3,791,914
Paladin Resources Ltd. (a)	1,460,206		5,419,146
		$	9,211,060
Printing & Publishing – 0.4%
Reed Elsevier PLC	1,165,236	$	9,568,643
Real Estate – 2.2%
Ascendas Real Estate Investment Trust, REIT	5,839,466	$	9,144,857
Brasil Brokers Participacoes	1,221,400		4,494,624
China Overseas Land & Investment Ltd.	2,746,000		5,749,753
City Developments Ltd.	553,400		4,514,265
Deutsche Wohnen AG (a)	1,504,275		14,448,238
Hang Lung Properties Ltd.	967,000		3,778,034
Midland Holdings Ltd.	10,858,000		9,295,064
		$	51,424,835
Special Products & Services – 0.3%
Filtrona PLC	2,588,193	$	7,832,105
Specialty Chemicals – 3.0%
Akzo Nobel N.V.	217,731	$	14,351,234
Croda International PLC	1,481,183		19,031,634
Linde AG	180,040		21,670,517
Symrise AG	643,568		13,820,352
		$	68,873,737
Specialty Stores – 3.2%
Abc-Mart, Inc.	311,100	$	8,645,296

6

MFS International New Discovery Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Specialty Stores – continued
Bulgari S.p.A. (l)	518,751	$	4,279,737
Carpetright PLC	247,811		3,770,490
Dufry South America Ltd., BDR	553,680		11,384,068
Esprit Holdings Ltd.	1,886,068		12,413,148
Jumbo S.A.	502,515		6,389,774
NEXT PLC	469,622		15,657,117
Nitori Co. Ltd.	75,000		5,580,609
Point, Inc.	47,890		2,673,839
Shimamura Co. Ltd.	31,100		2,958,566
		$	73,752,644
Telecommunications - Wireless – 1.3%
Cellcom Israel Ltd.	319,140	$	10,231,628
Mobile TeleSystems OJSC, ADR	94,150		4,602,994
Philippine Long Distance Telephone Co.	85,550		4,848,388
Rogers Communications, Inc., “B”	125,000		3,907,109
Vivo Participacoes S.A., ADR	212,000		6,572,000
		$	30,162,119
Telephone Services – 2.0%
China Unicom Ltd.	7,353,252	$	9,664,752
Empresa Nacional de Telecomunicaciones S.A.	404,231		5,853,364
Royal KPN N.V.	1,551,777		26,338,671
Telekom Austria AG	275,829		3,934,376
		$	45,791,163
Tobacco – 1.3%
KT&G Corp.	142,632	$	7,881,416
Swedish Match AB	986,349		21,561,667
		$	29,443,083
Trucking – 2.1%
DSV (a)	355,044	$	6,369,636
TNT N.V.	856,272		26,209,495
Yamato Holdings Co. Ltd.	1,226,000		16,954,829
		$	49,533,960
Utilities - Electric Power – 1.3%
AES Tiete S.A., IPS	547,432	$	6,277,130
CPFL Energia S.A.	246,900		5,055,837
Eletropaulo Metropolitana S.A., IPS	445,000		8,756,913
Equatorial Energia S.A.	701,800		7,237,888
Tanjong PLC	788,700		3,879,004
		$	31,206,772
Total Common Stocks		$	2,277,234,014
Collateral for Securities Loaned – 0.1%
Morgan Stanley, Repurchase Agreement, 0.005%, dated 12/31/09, due 1/04/10, total to be received $1,698,186 (secured by various U.S. Treasury and Federal Agency obligations and Mortgage Backed securities valued at $1,735,141 in an individuallly traded account), at Cost	1,698,185	$	1,698,185
Money Market Funds (v) – 1.5%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value	35,527,256	$	35,527,256
Total Investments		$	2,314,459,455
Other Assets, Less Liabilities – 0.2%			5,573,586
Net Assets – 100.0%		$	2,320,033,041

(a) Non-income producing security.

(l) All or a portion of this security is on loan.

7

MFS International New Discovery Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

(s) Security or a portion of the security was pledged to cover collateral requirements for securities sold short. At December 31, 2009, the value of securities pledged amounted to $175,557. At December 31, 2009, the fund had no short sales outstanding.

(v) Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven- day yield of the fund at period end.

The following abbreviations are used in this report and are defined:

ADR	American Depository Receipt
BDR	Brazilian Depository Receipt
IEU	International Equity Unit
IPS	International Preference Stock
PLC	Public Limited Company
REIT	Real Estate Investment Trust

Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:

EUR    Euro

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

8

MFS International New Discovery Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations

Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are primarily traded. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Equity securities held short, for which there were no sales reported for that day, are generally valued at the last quoted daily ask quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basis after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material affect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund’s assets or liabilities carried at market value. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as futures, forwards, swap contracts, and written options. The following is a summary of the levels used as of December 31, 2009 in valuing the fund’s assets or liabilities carried at market value:

Investments at Value	Level 1		Level 2		Level 3		Total
Equity Securities:
United Kingdom	$	53,994,724	$	268,744,282	$	—	$	322,739,006
Japan		155,765,717		166,034,103		—		321,799,820
Germany		75,325,876		99,881,940		—		175,207,816
Brazil		49,597,319		115,096,271		—		164,693,590
Australia		10,323,843		120,251,797		—		130,575,640
France		86,176,435		41,564,790		—		127,741,225
Netherlands		26,338,671		65,585,810		—		91,924,481
Hong Kong		—		82,256,519		—		82,256,519
Switzerland		8,362,765		69,618,481		—		77,981,246
Other Countries		344,842,742		437,471,929		—		782,314,671
Short Term Securities		—		1,698,185		—		1,698,185
Mutual Funds		35,527,256		—		—		35,527,256
Total Investments	$	846,255,348	$	1,468,204,107	$	—	$	2,314,459,455

Country disclosure is based on the country of domicile. For further information regarding security characteristics, see the Portfolio of Investments.

9

MFS International New Discovery Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

Aggregate cost	$	2,122,053,094
Gross unrealized appreciation	$	345,517,813
Gross unrealized depreciation		(153,111,452	)
Net unrealized appreciation (depreciation)	$	192,406,361

The aggregate cost above includes prior fiscal year end tax adjustments.

(3) Transactions in Underlying Funds-Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be affiliated issuers:

Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		48,248,862		128,001,578		(140,723,184	)		35,527,256
Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	23,511		$	35,527,256
Other Affiliated Issuers	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
Amadeus Fire AG		263,777		—		—			263,777
Other Affiliated Issuers	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
Amadeus Fire AG	$	—	$	—	$	—		$	6,139,451

(4) Country Weightings

Country weighting percentages of portfolio holdings based on total net assets and the valuation currency of each security, as of December 31, 2009, are as follows:

United Kingdom	13.9	%
Japan	13.9	%
Brazil	7.6	%
Germany	7.6	%
Australia	5.6	%
France	5.5	%
Netherlands	4.0	%
United States	3.9	%
Hong Kong	3.5	%
Other Countries	34.5	%

10

MFS Research Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09

Issuer	Shares/Par	Value ($)
Common Stocks – 99.6%
Aerospace – 1.7%
Goodrich Corp.	289,780	$	18,618,358
Lockheed Martin Corp.	212,510		16,012,629
		$	34,630,987
Apparel Manufacturers – 0.8%
NIKE, Inc., “B”	252,470	$	16,680,693
Biotechnology – 1.6%
Amgen, Inc. (a)	258,810	$	14,640,882
Genzyme Corp. (a)	356,620		17,477,946
		$	32,118,828
Broadcasting – 0.7%
Walt Disney Co.	451,390	$	14,557,328
Brokerage & Asset Managers – 2.1%
Affiliated Managers Group, Inc. (a)	176,950	$	11,917,583
Charles Schwab Corp.	339,420		6,387,884
CME Group, Inc.	24,440		8,210,618
Franklin Resources, Inc.	143,770		15,146,170
		$	41,662,255
Business Services – 1.8%
Accenture Ltd., “A”	412,570	$	17,121,655
MasterCard, Inc., “A”	70,490		18,044,030
		$	35,165,685
Cable TV – 0.9%
Comcast Corp., “Special A”	237,870	$	3,808,299
DIRECTV Group, Inc., “A” (a)	190,200		6,343,170
Time Warner Cable, Inc.	181,850		7,526,772
		$	17,678,241
Chemicals – 2.3%
Celanese Corp.	460,010	$	14,766,321
Monsanto Co.	391,150		31,976,513
		$	46,742,834
Computer Software – 2.9%
Adobe Systems, Inc. (a)	443,720	$	16,320,022
MicroStrategy, Inc., “A” (a)	78,590		7,389,032
Oracle Corp.	1,400,810		34,375,877
		$	58,084,931
Computer Software - Systems – 6.2%
Apple, Inc. (a)(s)	255,100	$	53,790,386
Dell, Inc. (a)	1,069,330		15,355,579
EMC Corp. (a)	856,420		14,961,657
Hewlett-Packard Co.	753,060		38,790,121
		$	122,897,743
Construction – 1.4%
Lennar Corp., “A”	1,433,360	$	18,304,007
Sherwin-Williams Co.	142,410		8,779,577
		$	27,083,584
Consumer Products – 2.6%
Church & Dwight Co., Inc.	61,280	$	3,704,376
Kimberly-Clark Corp.	162,710		10,366,254
Procter & Gamble Co.	624,640		37,871,923
		$	51,942,553

1

MFS Research Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Consumer Services – 0.5%
Strayer Education, Inc.	44,010	$	9,351,685
Electrical Equipment – 3.8%
Danaher Corp.	654,180	$	49,194,336
Rockwell Automation, Inc.	214,820		10,092,244
Tyco Electronics Ltd.	672,560		16,511,348
		$	75,797,928
Electronics – 2.9%
First Solar, Inc. (a)	43,430	$	5,880,422
Intel Corp.	1,548,890		31,597,356
Samsung Electronics Co. Ltd., GDR	61,240		21,115,962
		$	58,593,740
Energy - Independent – 4.1%
Anadarko Petroleum Corp.	230,900	$	14,412,778
Apache Corp.	193,350		19,947,920
Cobalt International Energy, LP (a)	511,880		7,084,419
Devon Energy Corp.	71,800		5,277,300
Noble Energy, Inc.	158,270		11,271,989
Occidental Petroleum Corp.	201,510		16,392,839
Southwestern Energy Co. (a)	164,070		7,908,174
		$	82,295,419
Energy - Integrated – 5.4%
Chevron Corp. (s)	670,210	$	51,599,468
Exxon Mobil Corp.	675,910		46,090,303
Hess Corp.	105,690		6,394,245
Suncor Energy, Inc.	82,340		2,929,551
		$	107,013,567
Engineering - Construction – 1.1%
Fluor Corp.	475,480	$	21,415,619
Food & Beverages – 4.5%
Flowers Foods, Inc.	246,260	$	5,851,138
General Mills, Inc.	278,090		19,691,553
J.M. Smucker Co.	235,702		14,554,599
Kellogg Co.	182,520		9,710,064
Nestle S.A.	133,506		6,486,095
PepsiCo, Inc.	536,540		32,621,632
		$	88,915,081
Food & Drug Stores – 1.0%
Walgreen Co.	515,130	$	18,915,574
Gaming & Lodging – 0.5%
International Game Technology	239,310	$	4,491,849
Starwood Hotels & Resorts Worldwide, Inc.	148,570		5,433,205
		$	9,925,054
General Merchandise – 2.7%
Dollar General Corp. (a)	323,110	$	7,247,357
Target Corp.	506,910		24,519,237
Wal-Mart Stores, Inc.	415,820		22,225,579
		$	53,992,173
Health Maintenance Organizations – 0.6%
WellPoint, Inc. (a)	194,350	$	11,328,662
Insurance – 2.0%
ACE Ltd.	107,660	$	5,426,064
Aflac, Inc.	212,770		9,840,613

2

MFS Research Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Insurance – continued
MetLife, Inc.	264,960	$	9,366,336
Prudential Financial, Inc.	164,010		8,161,138
Travelers Cos., Inc.	154,940		7,725,308
		$	40,519,459
Internet – 2.5%
Google, Inc., “A” (a)	80,990	$	50,212,180
Machinery & Tools – 0.4%
RTI International Metals, Inc. (a)	280,750	$	7,066,478
Major Banks – 8.8%
Bank of America Corp.	2,759,490	$	41,557,919
Bank of New York Mellon Corp.	598,816		16,748,884
Goldman Sachs Group, Inc.	188,900		31,893,876
JPMorgan Chase & Co. (s)	1,146,320		47,767,154
Regions Financial Corp.	1,520,360		8,042,704
State Street Corp.	454,080		19,770,643
SunTrust Banks, Inc.	449,540		9,121,167
		$	174,902,347
Medical & Health Technology & Services – 1.5%
DaVita, Inc. (a)	175,230	$	10,293,010
Laboratory Corp. of America Holdings (a)	139,380		10,431,199
VCA Antech, Inc. (a)	327,910		8,171,517
		$	28,895,726
Medical Equipment – 4.4%
Becton, Dickinson & Co.	163,200	$	12,869,952
Medtronic, Inc.	501,980		22,077,080
St. Jude Medical, Inc. (a)	388,070		14,273,215
Synthes, Inc.	89,200		11,682,378
Thermo Fisher Scientific, Inc. (a)	289,460		13,804,347
Waters Corp. (a)	221,890		13,748,304
		$	88,455,276
Metals & Mining – 0.5%
United States Steel Corp.	168,850	$	9,307,012
Natural Gas - Distribution – 1.3%
EQT Corp.	217,100	$	9,535,032
Questar Corp.	146,380		6,085,017
Sempra Energy	191,950		10,745,361
		$	26,365,410
Network & Telecom – 3.1%
Cisco Systems, Inc. (a)	1,701,570	$	40,735,586
Juniper Networks, Inc. (a)	536,880		14,318,590
Palm, Inc. (a)	592,490		5,948,600
		$	61,002,776
Oil Services – 1.6%
Halliburton Co.	748,700	$	22,528,383
Noble Corp.	213,530		8,690,671
		$	31,219,054
Other Banks & Diversified Financials – 0.8%
American Express Co.	386,650	$	15,667,058
Pharmaceuticals – 5.1%
Abbott Laboratories	630,000	$	34,013,700
Johnson & Johnson	606,340		39,054,359
Pfizer, Inc.	811,490		14,761,003

3

MFS Research Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Pharmaceuticals – continued
Teva Pharmaceutical Industries Ltd., ADR	254,650	$	14,306,237
		$	102,135,299
Precious Metals & Minerals – 0.7%
Teck Resources Ltd., “B” (a)	408,420	$	14,378,758
Printing & Publishing – 0.3%
Lamar Advertising Co., “A” (a)	173,830	$	5,404,375
Specialty Chemicals – 1.0%
Praxair, Inc.	172,870	$	13,883,190
Rockwood Holdings, Inc. (a)	272,610		6,422,692
		$	20,305,882
Specialty Stores – 4.3%
Abercrombie & Fitch Co., “A”	353,050	$	12,303,793
Advance Auto Parts, Inc.	197,720		8,003,706
Amazon.com, Inc. (a)	73,670		9,910,088
GameStop Corp., “A” (a)	299,650		6,574,321
Home Depot, Inc.	696,570		20,151,770
Limited Brands, Inc.	496,360		9,549,966
Staples, Inc.	762,480		18,749,383
		$	85,243,027
Telecommunications - Wireless – 0.1%
Sprint Nextel Corp. (a)	495,220	$	1,812,505
Telephone Services – 3.0%
American Tower Corp., “A” (a)	231,700	$	10,011,757
AT&T, Inc.	1,401,090		39,272,553
CenturyTel, Inc.	280,670		10,163,061
		$	59,447,371
Tobacco – 1.8%
Lorillard, Inc.	83,390	$	6,690,380
Philip Morris International, Inc.	602,600		29,039,294
		$	35,729,674
Trucking – 1.4%
Expeditors International of Washington, Inc.	825,590	$	28,672,741
Utilities - Electric Power – 2.9%
American Electric Power Co., Inc.	366,570	$	12,752,970
CMS Energy Corp.	636,890		9,973,697
NRG Energy, Inc. (a)	190,470		4,496,997
PG&E Corp.	251,540		11,231,261
PPL Corp.	300,630		9,713,355
Progress Energy, Inc.	53,720		2,203,057
Public Service Enterprise Group, Inc.	247,980		8,245,335
		$	58,616,672
Total Common Stocks		$	1,982,149,244
Issuer/Expiration Date/Strike Price	Number of Contracts	Value ($)
Call Options Purchased – 0.1%
Devon Energy Corp. - April 2010 @ $75	1,801	$	810,450

4

MFS Research Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par		Value ($)
Money Market Funds (v) – 0.1%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value	2,761,519		$	2,761,519
Total Investments			$	1,985,721,213
Securities Sold Short – (0.3)%
Network & Telecom – (0.3)%
Motorola, Inc. (a)	(679,900	)	$	(5,276,024	)
Other Assets, Less Liabilities – 0.5%				9,332,290
Net Assets – 100.0%			$	1,989,777,479

(a) Non-income producing security.

(s) Security or a portion of the security was pledged to cover collateral requirements for securities sold short. At December 31, 2009, the value of securities pledged amounted to $3,617,022.

(v) Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven- day yield of the fund at period end.

The following abbreviations are used in this report and are defined:

ADR	American Depository Receipt
GDR	Global Depository Receipt

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

5

MFS Research Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations

Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are primarily traded. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Equity securities held short, for which there were no sales reported for that day, are generally valued at the last quoted daily ask quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Exchange-traded options are generally valued at the last sale or official closing price as provided by a third-party pricing service on the exchange on which such options are primarily traded. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation as provided by a third-party pricing service on the exchange on which such options are primarily traded. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued using an external pricing model that uses market data from a third-party source. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basis after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund’s assets or liabilities carried at market value. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as futures, forwards, swap contracts, and written options. The following is a summary of the levels used as of December 31, 2009 in valuing the fund’s assets or liabilities carried at market value:

Investments at Value	Level 1			Level 2		Level 3		Total
Equity Securities
United States	$	1,912,060,712		$	—	$	—	$	1,912,060,712
South Korea		—			21,115,962		—		21,115,962
Switzerland		—			18,168,473		—		18,168,473
Canada		17,308,310			—		—		17,308,310
Israel		14,306,237			—		—		14,306,237
Mutual Funds		2,761,519			—		—		2,761,519
Total Investments	$	1,946,436,778		$	39,284,435	$	—	$	1,985,721,213
Short Sales - United States	$	(5,276,024	)	$	—	$	—	$	(5,276,024	)

For further information regarding security characteristics, see the Portfolio of Investments.

6

MFS Research Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

Aggregate Cost	$	1,869,498,399
Gross unrealized appreciation	$	230,602,011
Gross unrealized depreciation		(114,379,197	)
Net unrealized appreciation (depreciation)	$	116,222,814

The aggregate cost above includes prior fiscal year end tax adjustments.

(3) Transactions in Underlying Funds-Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be affiliated issuers:

Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		4,652,341		84,370,651		(86,261,473	)		2,761,519
Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	5,095		$	2,761,519

7

MFS Total Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09

Issuer	Shares/Par	Value ($)
Common Stocks – 59.0%
Aerospace – 4.2%
Goodrich Corp.	108,206	$	6,952,478
Lockheed Martin Corp.	1,696,380		127,822,233
Northrop Grumman Corp.	1,213,170		67,755,545
United Technologies Corp.	1,167,260		81,019,517
		$	283,549,773
Alcoholic Beverages – 0.8%
Diageo PLC	2,457,192	$	42,851,863
Heineken N.V.	236,660		11,213,782
		$	54,065,645
Apparel Manufacturers – 0.8%
NIKE, Inc., “B”	823,180	$	54,387,503
Automotive – 0.2%
Johnson Controls, Inc.	562,810	$	15,330,944
Biotechnology – 0.1%
Genzyme Corp. (a)	200,750	$	9,838,758
Broadcasting – 1.3%
Omnicom Group, Inc.	1,026,970	$	40,205,876
Walt Disney Co.	1,518,370		48,967,433
		$	89,173,309
Brokerage & Asset Managers – 0.6%
Charles Schwab Corp.	970,530	$	18,265,375
Deutsche Boerse AG	111,610		9,279,914
Franklin Resources, Inc.	111,690		11,766,542
		$	39,311,831
Business Services – 1.2%
Accenture Ltd., “A”	1,025,770	$	42,569,455
Dun & Bradstreet Corp.	84,750		7,150,358
Visa, Inc., “A”	124,700		10,906,262
Western Union Co.	897,780		16,923,153
		$	77,549,228
Cable TV – 0.2%
Comcast Corp., “Special A”	683,490	$	10,942,675
Chemicals – 1.6%
3M Co.	590,420	$	48,810,021
Monsanto Co.	119,360		9,757,680
PPG Industries, Inc.	801,370		46,912,200
		$	105,479,901
Computer Software – 0.7%
Oracle Corp.	1,950,600	$	47,867,724
Computer Software - Systems – 1.4%
Dell, Inc. (a)	577,820	$	8,297,495
Hewlett-Packard Co.	814,840		41,972,408
International Business Machines Corp.	331,980		43,456,182
		$	93,726,085
Construction – 0.5%
Black & Decker Corp.	113,140	$	7,334,866
Pulte Homes, Inc. (a)	714,270		7,142,700
Sherwin-Williams Co.	302,880		18,672,552
		$	33,150,118
Consumer Products – 1.2%
Clorox Co.	202,760	$	12,368,360

1

MFS Total Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Consumer Products – continued
Kimberly-Clark Corp.	100,670	$	6,413,686
Procter & Gamble Co.	1,017,268		61,676,959
		$	80,459,005
Consumer Services – 0.2%
Apollo Group, Inc., “A” (a)	177,790	$	10,770,518
Electrical Equipment – 0.9%
Danaher Corp.	436,980	$	32,860,896
Tyco Electronics Ltd.	562,810		13,816,986
W.W. Grainger, Inc.	159,260		15,421,146
		$	62,099,028
Electronics – 0.8%
Agilent Technologies, Inc. (a)	227,400	$	7,065,318
Intel Corp.	2,054,230		41,906,292
National Semiconductor Corp.	361,630		5,554,637
		$	54,526,247
Energy - Independent – 2.9%
Anadarko Petroleum Corp.	326,210	$	20,362,028
Apache Corp.	794,260		81,943,804
Devon Energy Corp.	319,315		23,469,653
EOG Resources, Inc.	307,930		29,961,589
Noble Energy, Inc.	316,350		22,530,447
Occidental Petroleum Corp.	177,040		14,402,204
		$	192,669,725
Energy - Integrated – 4.7%
Chevron Corp.	867,615	$	66,797,679
ConocoPhillips	179,500		9,167,065
Exxon Mobil Corp.	1,596,238		108,847,469
Hess Corp.	569,840		34,475,320
Marathon Oil Corp.	577,280		18,022,682
TOTAL S.A., ADR	1,174,480		75,213,699
		$	312,523,914
Engineering - Construction – 0.2%
Fluor Corp.	234,600	$	10,566,384
Food & Beverages – 3.2%
Campbell Soup Co.	404,510	$	13,672,438
General Mills, Inc.	404,970		28,675,926
Groupe Danone	164,388		10,011,111
J.M. Smucker Co.	293,973		18,152,833
Kellogg Co.	314,760		16,745,232
Nestle S.A.	1,600,212		77,742,776
PepsiCo, Inc.	875,420		53,225,536
		$	218,225,852
Food & Drug Stores – 1.3%
CVS Caremark Corp.	1,461,799	$	47,084,546
Kroger Co.	1,176,730		24,158,267
Walgreen Co.	498,420		18,301,982
		$	89,544,795
Gaming & Lodging – 0.1%
Royal Caribbean Cruises Ltd. (a)	34,400	$	869,632
Starwood Hotels & Resorts Worldwide, Inc.	105,160		3,845,701
		$	4,715,333

2

MFS Total Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
General Merchandise – 0.8%
Macy’s, Inc.	478,830	$	8,025,191
Target Corp.	450,540		21,792,620
Wal-Mart Stores, Inc.	434,520		23,225,094
		$	53,042,905
Health Maintenance Organizations – 0.1%
WellPoint, Inc. (a)	161,030	$	9,386,439
Insurance – 3.6%
Aflac, Inc.	176,920	$	8,182,550
Allstate Corp.	1,690,910		50,794,936
Aon Corp.	407,170		15,610,898
Chubb Corp.	256,750		12,626,965
MetLife, Inc.	2,423,880		85,684,158
Prudential Financial, Inc.	442,120		21,999,891
Travelers Cos., Inc.	919,180		45,830,315
		$	240,729,713
Internet – 0.2%
Google, Inc., “A” (a)	16,990	$	10,533,460
Leisure & Toys – 0.2%
Hasbro, Inc.	474,800	$	15,222,088
Machinery & Tools – 0.3%
Eaton Corp.	362,380	$	23,054,616
Major Banks – 7.8%
Bank of America Corp.	1,463,100	$	22,034,286
Bank of America Corp., EU	1,945,020		29,019,698
Bank of New York Mellon Corp.	3,349,388		93,682,382
Goldman Sachs Group, Inc.	548,120		92,544,581
JPMorgan Chase & Co.	3,168,191		132,018,519
PNC Financial Services Group, Inc.	533,699		28,173,970
Regions Financial Corp.	2,311,050		12,225,455
State Street Corp.	1,190,250		51,823,485
Wells Fargo & Co.	2,225,160		60,057,068
		$	521,579,444
Medical Equipment – 1.9%
Becton, Dickinson & Co.	414,920	$	32,720,591
Medtronic, Inc.	1,129,760		49,686,845
St. Jude Medical, Inc. (a)	414,290		15,237,586
Thermo Fisher Scientific, Inc. (a)	145,630		6,945,095
Waters Corp. (a)	330,460		20,475,302
		$	125,065,419
Metals & Mining – 0.1%
Nucor Corp.	16,200	$	755,730
United States Steel Corp.	127,910		7,050,399
		$	7,806,129
Natural Gas - Distribution – 0.2%
Sempra Energy	247,390	$	13,848,892
Natural Gas - Pipeline – 0.2%
Williams Cos., Inc.	543,110	$	11,448,759
Network & Telecom – 0.2%
Cisco Systems, Inc. (a)	284,650	$	6,814,521
Nokia Corp., ADR	777,380		9,989,333
		$	16,803,854

3

MFS Total Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Oil Services – 0.5%
Halliburton Co.	278,800	$	8,389,092
National Oilwell Varco, Inc.	332,170		14,645,375
Noble Corp.	195,800		7,969,060
		$	31,003,527
Other Banks & Diversified Financials – 0.1%
Northern Trust Corp.	145,560	$	7,627,344
Pharmaceuticals – 4.1%
Abbott Laboratories	1,129,830	$	60,999,522
GlaxoSmithKline PLC	456,950		9,679,642
Johnson & Johnson	1,232,140		79,362,137
Merck & Co., Inc.	1,367,180		49,956,757
Pfizer, Inc.	3,717,854		67,627,764
Roche Holding AG	44,830		7,626,308
		$	275,252,130
Railroad & Shipping – 0.1%
Canadian National Railway Co.	110,110	$	5,985,580
Specialty Chemicals – 0.5%
Air Products & Chemicals, Inc.	440,990	$	35,746,649
Specialty Stores – 0.8%
Advance Auto Parts, Inc.	500,110	$	20,244,453
Home Depot, Inc.	298,850		8,645,731
Staples, Inc.	914,050		22,476,490
		$	51,366,674
Telecommunications - Wireless – 0.8%
Vodafone Group PLC	23,007,283	$	53,277,949
Vodafone Group PLC, ADR	108,900		2,514,501
		$	55,792,450
Telephone Services – 2.2%
AT&T, Inc.	4,487,108	$	125,773,637
CenturyTel, Inc.	416,977		15,098,737
Royal KPN N.V.	520,420		8,833,209
		$	149,705,583
Tobacco – 1.7%
Altria Group, Inc.	211,500	$	4,151,745
Lorillard, Inc.	162,090		13,004,481
Philip Morris International, Inc.	1,970,150		94,941,529
		$	112,097,755
Trucking – 0.2%
United Parcel Service, Inc., “B”	230,700	$	13,235,259
Utilities - Electric Power – 3.3%
Allegheny Energy, Inc.	264,460	$	6,209,521
American Electric Power Co., Inc.	384,650		13,381,974
CMS Energy Corp.	346,710		5,429,479
Dominion Resources, Inc.	1,149,588		44,741,965
Entergy Corp.	151,860		12,428,222
FPL Group, Inc.	558,750		29,513,175
Northeast Utilities	136,730		3,526,267
NRG Energy, Inc. (a)	470,260		11,102,839
PG&E Corp.	566,570		25,297,351
PPL Corp.	770,860		24,906,487
Progress Energy, Inc.	255,590		10,481,746

4

MFS Total Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par		Value ($)
Common Stocks – continued
Utilities - Electric Power – continued
Public Service Enterprise Group, Inc.		1,087,990	$	36,175,668
			$	223,194,694
Total Common Stocks			$	3,960,003,658
Bonds – 39.8%
Agency - Other – 0.1%
Financing Corp., 9.65%, 2018	$	2,850,000	$	3,886,881
Asset Backed & Securitized – 2.4%
Banc of America Commercial Mortgage, Inc., “A4”, 5.634%, 2046	$	1,921,000	$	1,799,617
Banc of America Commercial Mortgage, Inc., FRN, 5.744%, 2051		13,600,000		11,995,265
Bayview Financial Revolving Mortgage Loan Trust, FRN, 1.031%, 2040 (z)		8,365,929		3,557,193
BlackRock Capital Finance LP, 7.75%, 2024 (n)		1,043,961		151,374
Capital Trust Realty Ltd., CDO, 5.16%, 2035 (z)		2,400,000		2,040,000
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.322%, 2049		6,820,000		5,918,269
Countrywide Asset-Backed Certificates, FRN, 4.823%, 2031		394,222		389,487
Countrywide Asset-Backed Certificates, FRN, 5.689%, 2034		6,450,000		3,799,096
Countrywide Asset-Backed Certificates, FRN, 4.575%, 2035		2,674		2,659
Credit Suisse Commercial Mortgage Trust, 5.509%, 2039		8,321,579		6,404,830
Credit Suisse Mortgage Capital Certificate, 5.695%, 2040		9,759,829		7,786,696
CWCapital LLC, 5.223%, 2048		14,588,000		12,721,544
GE Commercial Mortgage Corp., FRN, 5.336%, 2044		7,580,000		5,965,365
GMAC Mortgage Corp. Loan Trust, FRN, 5.805%, 2036		7,362,083		3,515,637
JPMorgan Chase Commercial Mortgage Securities Corp., 4.78%, 2042		828,000		659,119
JPMorgan Chase Commercial Mortgage Securities Corp., 5.42%, 2049		4,090,347		3,450,437
JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 4.948%, 2037		1,200,000		910,528
JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.236%, 2041		2,279,327		2,268,271
JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.475%, 2043		7,065,861		6,798,891
JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.875%, 2045		7,340,374		7,073,475
JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.818%, 2049		16,230,000		14,133,913
Merrill Lynch Mortgage Trust, FRN, 5.828%, 2050		5,520,000		1,310,309
Merrill Lynch/Countrywide Commercial Mortgage Trust, FRN, 5.468%, 2039		6,500,000		5,159,650
Merrill Lynch/Countrywide Commercial Mortgage Trust, FRN, 5.749%, 2050		9,759,829		8,181,296
Morgan Stanley Capital I, Inc., FRN, 0.905%, 2030 (i)(n)		45,850,776		1,704,237
Residential Asset Mortgage Products, Inc., FRN, 4.971%, 2034		5,243,000		4,015,124
Residential Funding Mortgage Securities, Inc., 5.32%, 2024		8,242,000		2,651,586
Spirit Master Funding LLC, 5.05%, 2023 (z)		8,446,510		7,005,958
Structured Asset Securities Corp., FRN, 4.67%, 2035		4,797,534		4,206,166
Wachovia Bank Commercial Mortgage Trust, 4.75%, 2044		7,432,000		6,246,846
Wachovia Bank Commercial Mortgage Trust, FRN, 5.795%, 2045		4,405,058		3,303,943
Wachovia Bank Commercial Mortgage Trust, FRN, 5.902%, 2051		18,785,000		15,426,943
			$	160,553,724
Broadcasting – 0.1%
Hearst-Argyle Television, Inc., 7.5%, 2027	$	3,800,000	$	2,885,671
News America, Inc., 8.5%, 2025		5,903,000		6,953,315
			$	9,838,986
Brokerage & Asset Managers – 0.0%
BlackRock, Inc., 5%, 2019	$	2,390,000	$	2,348,608
Building – 0.1%
CRH America, Inc., 6.95%, 2012	$	6,291,000	$	6,814,474
Cable TV – 0.3%
Cox Communications, Inc., 4.625%, 2013	$	6,711,000	$	6,978,688
DIRECTV Holdings LLC, 5.875%, 2019 (n)		1,700,000		1,729,063
Time Warner Entertainment Co. LP, 8.375%, 2033		7,170,000		8,571,312
			$	17,279,063

5

MFS Total Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par		Value ($)
Bonds – continued
Conglomerates – 0.1%
Kennametal, Inc., 7.2%, 2012	$	8,542,000	$	8,949,154
Consumer Products – 0.2%
Fortune Brands, Inc., 5.125%, 2011	$	9,636,000	$	9,938,493
Consumer Services – 0.2%
Western Union Co., 5.4%, 2011	$	10,085,000	$	10,767,583
Defense Electronics – 0.1%
BAE Systems Holdings, Inc., 5.2%, 2015 (n)	$	8,973,000	$	9,243,886
Electronics – 0.1%
Tyco Electronics Group S.A., 6.55%, 2017	$	7,980,000	$	8,251,009
Emerging Market Quasi-Sovereign – 0.2%
Petróleos Mexicanos, 8%, 2019	$	4,145,000	$	4,797,838
Qtel International Finance Ltd., 6.5%, 2014 (n)		1,395,000		1,508,552
Qtel International Finance Ltd., 7.875%, 2019 (n)		1,890,000		2,118,639
Ras Laffan Liquefied Natural Gas Co. Ltd., 5.832%, 2016 (n)		6,340,000		6,639,311
			$	15,064,340
Emerging Market Sovereign – 0.0%
Republic of Peru, 7.35%, 2025	$	551,000	$	630,895
Energy - Independent – 0.3%
Anadarko Petroleum Corp., 6.45%, 2036	$	7,610,000	$	7,947,648
Ocean Energy, Inc., 7.25%, 2011		8,780,000		9,578,945
			$	17,526,593
Energy - Integrated – 0.3%
Hess Corp., 8.125%, 2019	$	1,740,000	$	2,098,365
Husky Energy, Inc., 5.9%, 2014		4,370,000		4,763,519
Husky Energy, Inc., 7.25%, 2019		4,453,000		5,145,882
Petro-Canada, 6.05%, 2018		9,475,000		10,185,369
			$	22,193,135
Financial Institutions – 0.2%
General Electric Capital Corp., 5.45%, 2013	$	2,383,000	$	2,533,332
HSBC Finance Corp., 5.25%, 2011		8,925,000		9,240,017
			$	11,773,349
Food & Beverages – 0.4%
Anheuser-Busch Cos., Inc., 8%, 2039 (n)	$	7,380,000	$	9,187,480
Diageo Finance B.V., 5.5%, 2013		6,334,000		6,822,649
Dr. Pepper Snapple Group, Inc., 6.12%, 2013		2,540,000		2,779,824
Dr. Pepper Snapple Group, Inc., 6.82%, 2018		3,082,000		3,457,443
Miller Brewing Co., 5.5%, 2013 (n)		7,006,000		7,459,561
			$	29,706,957
Food & Drug Stores – 0.1%
CVS Caremark Corp., 6.125%, 2016	$	6,630,000	$	7,139,396
Gaming & Lodging – 0.1%
Wyndham Worldwide Corp., 6%, 2016	$	6,562,000	$	6,113,120
Insurance – 0.2%
ING Groep N.V., 5.775% to 2015, FRN to 2049	$	8,503,000	$	6,281,090
Metropolitan Life Global Funding, 5.125%, 2013 (n)		3,340,000		3,538,363
Metropolitan Life Global Funding, 5.125%, 2014 (n)		1,320,000		1,396,952
			$	11,216,405
Insurance - Property & Casualty – 0.3%
Allstate Corp., 5.55%, 2035	$	7,742,000	$	7,455,608
Chubb Corp., 6.375% to 2017, FRN to 2067		6,830,000		6,351,900
ZFS Finance USA Trust IV, 5.875% to 2012, FRN to 2032 (n)		770,000		623,246

6

MFS Total Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par		Value ($)
Bonds – continued
Insurance - Property & Casualty – continued
ZFS Finance USA Trust V, 6.5% to 2017, FRN to 2037 (n)	$	2,925,000	$	2,471,625
			$	16,902,379
International Market Quasi-Sovereign – 0.6%
Achmea Hypotheekbank N.V., 3.2%, 2014 (n)	$	4,890,000	$	4,880,533
ING Bank N.V., 3.9%, 2014 (n)		6,920,000		7,122,555
KFW International Finance, Inc., 4.875%, 2019		7,250,000		7,661,249
Royal Bank of Scotland Group PLC, 2.625%, 2012 (n)		13,020,000		13,206,407
Societe Financement de l’ Economie Francaise, 3.375%, 2014 (n)		4,053,000		4,131,871
			$	37,002,615
Local Authorities – 0.2%
Metropolitan Transportation Authority, NY (Build America Bonds), 7.336%, 2039	$	5,865,000	$	6,535,076
New Jersey Turnpike Authority Rev. (Build America Bonds), “F”, 7.414%, 2040		5,815,000		6,511,404
			$	13,046,480
Machinery & Tools – 0.1%
Atlas Copco AB, 5.6%, 2017 (n)	$	5,970,000	$	6,018,703
Major Banks – 1.8%
Bank of America Corp., 7.375%, 2014	$	2,825,000	$	3,205,567
Bank of America Corp., 5.49%, 2019		4,135,000		3,906,789
Bank of America Corp., 7.625%, 2019		3,980,000		4,604,251
Barclays Bank PLC, 5%, 2016		2,650,000		2,707,802
BNP Paribas, 7.195% to 2037, FRN to 2049 (n)		3,200,000		2,944,000
Commonwealth Bank of Australia, 5%, 2019 (n)		3,930,000		3,901,826
Credit Suisse New York, 5.5%, 2014		8,200,000		8,898,648
DBS Group Holdings Ltd., 7.657% to 2011, FRN to 2049 (n)		4,943,000		4,980,073
Goldman Sachs Group, Inc., 6%, 2014		4,650,000		5,086,021
Goldman Sachs Group, Inc., 5.625%, 2017		6,364,000		6,499,935
JPMorgan Chase & Co., 6.3%, 2019		6,750,000		7,425,520
JPMorgan Chase Capital XXVII, 7%, 2039		3,980,000		4,013,882
Merrill Lynch & Co., Inc., 6.15%, 2013		6,790,000		7,266,366
Merrill Lynch & Co., Inc., 6.11%, 2037		5,900,000		5,439,340
Morgan Stanley, 5.75%, 2016		6,120,000		6,349,879
Morgan Stanley, 6.625%, 2018		6,920,000		7,481,683
Morgan Stanley, 7.3%, 2019		1,980,000		2,223,401
MUFG Capital Finance 1 Ltd., 6.346% to 2016, FRN to 2049		3,495,000		3,180,960
PNC Funding Corp., 5.625%, 2017		6,510,000		6,450,915
UniCredito Italiano Capital Trust II, 9.2% to 2010, FRN to 2049 (n)		11,444,000		10,642,920
UniCredito Luxembourg Finance S.A., 6%, 2017 (n)		8,740,000		8,662,415
Wachovia Corp., 5.25%, 2014		4,613,000		4,775,659
			$	120,647,852
Medical & Health Technology & Services – 0.3%
Cardinal Health, Inc., 5.8%, 2016	$	4,803,000	$	4,831,074
CareFusion Corp., 6.375%, 2019 (n)		6,240,000		6,680,051
Hospira, Inc., 5.55%, 2012		3,080,000		3,282,867
Hospira, Inc., 6.05%, 2017		5,813,000		6,083,973
			$	20,877,965
Metals & Mining – 0.2%
ArcelorMittal, 6.125%, 2018	$	9,913,000	$	10,228,590
Vale Overseas Ltd., 6.875%, 2039		3,005,000		3,025,206
			$	13,253,796
Mortgage Backed – 14.9%
Fannie Mae, 6.33%, 2011	$	1,382,122	$	1,444,295
Fannie Mae, 4.01%, 2013		981,948		1,014,511
Fannie Mae, 4.021%, 2013		3,090,890		3,198,708

7

MFS Total Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par		Value ($)
Bonds – continued
Mortgage Backed – continued
Fannie Mae, 4.667%, 2013		549,174	$	577,158
Fannie Mae, 4.6%, 2014		5,183,177		5,428,526
Fannie Mae, 4.63%, 2014		2,448,069		2,564,392
Fannie Mae, 4.76%, 2014		190,931		200,624
Fannie Mae, 4.839%, 2014		4,371,330		4,604,999
Fannie Mae, 4.88%, 2014 - 2020		1,584,060		1,664,468
Fannie Mae, 4.564%, 2015		346,328		361,294
Fannie Mae, 4.7%, 2015		654,952		682,615
Fannie Mae, 4.78%, 2015		2,348,265		2,455,776
Fannie Mae, 4.925%, 2015		4,685,514		4,937,960
Fannie Mae, 5.19%, 2015		1,362,591		1,451,351
Fannie Mae, 5.09%, 2016		2,000,000		2,108,008
Fannie Mae, 5.661%, 2016		1,270,734		1,381,794
Fannie Mae, 5.05%, 2017		2,501,000		2,630,371
Fannie Mae, 5.5%, 2017 - 2035		189,915,426		199,860,365
Fannie Mae, 6%, 2017 - 2037		105,786,268		112,902,765
Fannie Mae, 4.5%, 2018 - 2035		34,999,922		35,968,492
Fannie Mae, 5%, 2018 - 2039		111,030,944		114,582,538
Fannie Mae, 7.5%, 2030 - 2032		1,131,361		1,276,591
Fannie Mae, 6.5%, 2031 - 2037		38,963,700		42,067,419
Freddie Mac, 6%, 2016 - 2037		64,937,245		69,347,819
Freddie Mac, 5%, 2017 - 2039		133,822,914		137,978,302
Freddie Mac, 4.5%, 2019 - 2039		59,615,197		60,546,338
Freddie Mac, 5.085%, 2019		6,789,000		7,024,136
Freddie Mac, 5.5%, 2019 - 2035		56,886,252		59,996,585
Freddie Mac, 6.5%, 2034 - 2037		18,331,072		19,697,523
Ginnie Mae, 5.5%, 2032 - 2035		24,266,970		25,607,582
Ginnie Mae, 6%, 2032 - 2038		20,535,244		21,834,667
Ginnie Mae, 4.5%, 2033 - 2034		6,279,888		6,323,507
Ginnie Mae, 5%, 2033 - 2039		46,743,973		48,190,308
			$	999,911,787
Municipals – 0.3%
California Educational Facilities Authority Rev. (Stanford University), “T-1”, 5%, 2039	$	3,195,000	$	3,622,523
Massachusetts Health & Educational Facilities Authority Rev. (Boston College), 5.5%, 2030		4,210,000		4,810,725
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “K”, 5.5%, 2032		12,025,000		14,683,487
			$	23,116,735
Natural Gas - Pipeline – 0.5%
CenterPoint Energy, Inc., 7.875%, 2013	$	6,965,000	$	7,845,195
Enterprise Products Operating LLC, 6.5%, 2019		5,184,000		5,592,188
Kinder Morgan Energy Partners LP, 6.75%, 2011		8,013,000		8,474,036
Kinder Morgan Energy Partners LP, 7.75%, 2032		2,520,000		2,842,031
Spectra Energy Capital LLC, 8%, 2019		5,327,000		6,234,305
			$	30,987,755
Network & Telecom – 0.4%
AT&T, Inc., 6.55%, 2039	$	7,210,000	$	7,596,903
Telecom Italia Capital, 5.25%, 2013		4,186,000		4,402,797
Telefonica Europe B.V., 7.75%, 2010		3,298,000		3,450,064
Verizon New York, Inc., 6.875%, 2012		11,404,000		12,407,723
			$	27,857,487
Oils – 0.2%
Valero Energy Corp., 6.875%, 2012	$	12,750,000	$	13,921,483

8

MFS Total Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par		Value ($)
Bonds – continued
Other Banks & Diversified Financials – 1.1%
American Express Co., 5.5%, 2016	$	11,996,000	$	12,255,905
Banco Bradesco S.A., 6.75%, 2019 (n)		3,383,000		3,526,778
Capital One Financial Corp., 6.15%, 2016		8,680,000		8,719,190
Groupe BPCE S.A., 12.5% to 2019, FRN to 2049 (n)		7,712,000		8,496,465
Nordea Bank AB, 5.424% to 2015, FRN to 2049 (n)		3,333,000		2,653,305
Svenska Handelsbanken AB, 4.875%, 2014 (n)		5,000,000		5,239,240
UBS Preferred Funding Trust V, 6.243% to 2016, FRN to 2049		12,360,000		9,671,700
UFJ Finance Aruba AEC, 6.75%, 2013		9,069,000		10,097,035
Woori Bank, 6.125% to 2011, FRN to 2016 (n)		15,472,000		15,406,043
			$	76,065,661
Pharmaceuticals – 0.4%
Allergan, Inc., 5.75%, 2016	$	9,860,000	$	10,632,541
Pfizer, Inc., 7.2%, 2039		3,040,000		3,714,688
Roche Holdings, Inc., 6%, 2019 (n)		8,380,000		9,208,371
			$	23,555,600
Railroad & Shipping – 0.0%
CSX Corp., 6.75%, 2011	$	618,000	$	656,363
Real Estate – 0.3%
Boston Properties, Inc., REIT, 5%, 2015	$	2,006,000	$	2,003,127
HRPT Properties Trust, REIT, 6.25%, 2016		11,278,000		10,673,093
Kimco Realty Corp., REIT, 6%, 2012		1,750,000		1,845,783
ProLogis, REIT, 5.75%, 2016		1,114,000		1,046,312
Vornado Realty Trust, REIT, 4.75%, 2010		5,141,000		5,258,348
WEA Finance LLC, REIT, 6.75%, 2019 (n)		2,086,000		2,239,828
			$	23,066,491
Retailers – 0.3%
Home Depot, Inc., 5.875%, 2036	$	2,896,000	$	2,795,384
Limited Brands, Inc., 5.25%, 2014		6,288,000		6,067,920
Wal-Mart Stores, Inc., 5.25%, 2035		12,347,000		12,141,040
			$	21,004,344
Supranational – 0.1%
Asian Development Bank, 2.75%, 2014	$	5,390,000	$	5,380,422
Telecommunications - Wireless – 0.2%
Cingular Wireless LLC, 6.5%, 2011	$	3,924,000	$	4,266,671
Rogers Communications, Inc., 6.8%, 2018		8,529,000		9,551,823
			$	13,818,494
Tobacco – 0.1%
Philip Morris International, Inc., 4.875%, 2013	$	4,662,000	$	4,921,468
Transportation - Services – 0.1%
Erac USA Finance Co., 7%, 2037 (n)	$	6,381,000	$	6,245,774
U.S. Government Agencies and Equivalents – 0.5%
Aid-Egypt, 4.45%, 2015	$	9,559,000	$	10,028,538
Small Business Administration, 8.8%, 2011		5,748		5,921
Small Business Administration, 4.35%, 2023		1,489,293		1,537,512
Small Business Administration, 4.77%, 2024		3,678,173		3,825,433
Small Business Administration, 5.18%, 2024		5,848,670		6,131,028
Small Business Administration, 5.52%, 2024		3,733,675		3,936,189
Small Business Administration, 4.99%, 2024		5,405,072		5,638,088
Small Business Administration, 4.95%, 2025		4,379,444		4,585,372
			$	35,688,081
U.S. Treasury Obligations – 10.3%
U.S. Treasury Bonds, 2.375%, 2010	$	4,813,000	$	4,876,734

9

MFS Total Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

Issuer	Shares/Par		Value ($)
Bonds – continued
U.S. Treasury Obligations – continued
U.S. Treasury Bonds, 2%, 2013	$	11,523,000	$	11,461,790
U.S. Treasury Bonds, 4.75%, 2017		2,870,000		3,114,174
U.S. Treasury Bonds, 8.5%, 2020		2,148,000		2,976,658
U.S. Treasury Bonds, 6%, 2026		6,445,000		7,539,645
U.S. Treasury Bonds, 6.75%, 2026		11,593,000		14,627,108
U.S. Treasury Bonds, 5.25%, 2029		12,125,000		13,136,686
U.S. Treasury Bonds, 5.375%, 2031		4,690,000		5,182,450
U.S. Treasury Bonds, 4.5%, 2036		5,928,000		5,839,080
U.S. Treasury Bonds, 5%, 2037		39,586,000		42,041,559
U.S. Treasury Notes, 6.5%, 2010		4,316,000		4,347,360
U.S. Treasury Notes, 1.5%, 2010		65,192,000		65,767,515
U.S. Treasury Notes, 0.875%, 2011		44,324,000		44,431,353
U.S. Treasury Notes, 5.125%, 2011		64,804,000		68,861,832
U.S. Treasury Notes, 4.125%, 2012		40,921,000		43,747,086
U.S. Treasury Notes, 3.875%, 2013		9,952,000		10,598,880
U.S. Treasury Notes, 3.5%, 2013		25,000,000		26,345,700
U.S. Treasury Notes, 3.125%, 2013		65,703,000		68,284,931
U.S. Treasury Notes, 2.75%, 2013		54,555,000		55,872,012
U.S. Treasury Notes, 1.5%, 2013		16,019,000		15,597,252
U.S. Treasury Notes, 1.875%, 2014		64,046,000		62,730,047
U.S. Treasury Notes, 4.75%, 2014		2,962,000		3,259,124
U.S. Treasury Notes, 4.25%, 2015		856,000		916,187
U.S. Treasury Notes, 2.625%, 2016		4,568,000		4,443,805
U.S. Treasury Notes, 3.75%, 2018		80,791,000		80,784,698
U.S. Treasury Notes, TIPS, 1.84%, 2015		25,439,186		26,456,753
			$	693,240,419
Utilities - Electric Power – 1.1%
Bruce Mansfield Unit, 6.85%, 2034	$	13,755,771	$	12,944,398
Enel Finance International S.A., 6.25%, 2017 (n)		8,525,000		9,373,016
Exelon Generation Co. LLC, 6.2%, 2017		720,000		771,797
Exelon Generation Co. LLC, 5.2%, 2019		1,520,000		1,520,679
Exelon Generation Co. LLC, 6.25%, 2039		3,020,000		3,076,870
MidAmerican Energy Holdings Co., 5.875%, 2012		2,667,000		2,904,608
MidAmerican Funding LLC, 6.927%, 2029		12,485,000		13,542,205
Oncor Electric Delivery Co., 7%, 2022		8,725,000		9,700,883
PSEG Power LLC, 6.95%, 2012		6,285,000		6,866,080
PSEG Power LLC, 5.32%, 2016 (n)		5,099,000		5,246,203
System Energy Resources, Inc., 5.129%, 2014 (z)		3,241,870		3,217,847
Waterford 3 Funding Corp., 8.09%, 2017		6,194,467		6,154,111
			$	75,318,697
Total Bonds			$	2,671,742,902
Money Market Funds (v) – 0.6%
MFS Institutional Money Market Portfolio, 0.12%, at Net Asset Value		41,251,373	$	41,251,373
Total Investments			$	6,672,997,933
Other Assets, Less Liabilities – 0.6%				43,100,742
Net Assets – 100.0%			$	6,716,098,675

(a) Non-income producing security.

(i) Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.

(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $188,578,666, representing 2.81% of net assets.

(v) Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.

10

MFS Total Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 12/31/09 - continued

(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:

Restricted Securities	Acquisition Date	Cost		Current Market Value
Bayview Financial Revolving Mortgage Loan Trust, FRN,
1.031%, 2040	3/01/06	$	8,365,929	$	3,557,193
Capital Trust Realty Ltd., CDO, 5.16%, 2035	4/07/06		2,316,427		2,040,000
Spirit Master Funding LLC, 5.05%, 2023	10/04/05		8,355,544		7,005,958
System Energy Resources, Inc., 5.129%, 2014	4/16/04		3,241,870		3,217,847
Total Restricted Securities				$	15,820,998
% of Net Assets					0.2	%

The following abbreviations are used in this report and are defined:

ADR	American Depository Receipt
CDO	Collateralized Debt Obligation
EU	Equity Unit
FRN	Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
PLC	Public Limited Company
REIT	Real Estate Investment Trust
TIPS	Treasury Inflation Protected Security

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

11

MFS Total Return Fund

Supplemental Information (Unaudited) 12/31/09

(1) Investment Valuations

Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are primarily traded. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Equity securities held short, for which there were no sales reported for that day, are generally valued at the last quoted daily ask quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Debt instruments and floating rate loans (other than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basis after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material affect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

12

MFS Total Return Fund

Supplemental Information (Unaudited) 12/31/09 - continued

Various inputs are used in determining the value of the fund’s assets or liabilities carried at market value. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as futures, forwards, swap contracts, and written options. The following is a summary of the levels used as of December 31, 2009 in valuing the fund’s assets or liabilities carried at market value:

Investments at Value	Level 1		Level 2		Level 3		Total
Equity Securities:
United States	$	3,635,783,997	$	—	$	—	$	3,635,783,997
United Kingdom		2,514,501		105,809,454		—		108,323,955
Switzerland		—		85,369,084		—		85,369,084
France		75,213,699		10,011,111		—		85,224,810
Netherlands		8,833,209		11,213,782		—		20,046,991
Finland		9,989,333		—		—		9,989,333
Germany		9,279,914		—		—		9,279,914
Canada		5,985,580		—		—		5,985,580
U.S. Treasury Bonds & U.S. Government Agency & Equivalents		—		732,815,381		—		732,815,381
Non-U.S. Sovereign Debt		—		58,078,272		—		58,078,272
Municipal Bonds		—		23,116,735		—		23,116,735
Corporate Bonds		—		519,519,490		—		519,519,490
Residential Mortgage-Backed Securities		—		1,018,642,912		—		1,018,642,912
Commercial Mortgage-Backed Securities		—		136,225,401		—		136,225,401
Asset-Backed Securities (including CDOs)		—		5,597,193		—		5,597,193
Foreign Bonds		—		177,747,512		—		177,747,512
Mutual Funds		41,251,373		—		—		41,251,373
Total Investments	$	3,788,851,606	$	2,884,146,327	$	—	$	6,672,997,933

For further information regarding security characteristics, see the Portfolio of Investments.

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

Aggregate cost	$	6,370,660,276
Gross unrealized appreciation	$	446,532,227
Gross unrealized depreciation		(144,194,570	)
Net unrealized appreciation (depreciation)	$	302,337,657

The aggregate cost above includes prior fiscal year end tax adjustments.

13

MFS Total Return Fund

Supplemental Information (Unaudited) 12/31/09 - continued

(3) Transactions in Underlying Funds-Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be affiliated issuers:

Underlying Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		61,008,142		218,414,309		(238,171,078	)		41,251,373
Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	22,984		$	41,251,373

14

ITEM 2. CONTROLS AND PROCEDURES.

(a) Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-Q, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.

Notice

A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: MFS SERIES TRUST V

By (Signature and Title)*	MARIA F. DWYER
	Maria F. Dwyer, President

Date: February 16, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	MARIA F. DWYER
	Maria F. Dwyer, President (Principal Executive Officer)

Date: February 16, 2010

By (Signature and Title)*	JOHN M. CORCORAN
	John M. Corcoran, Treasurer (Principal Financial Officer and Accounting Officer)

Date: February 16, 2010

* Print name and title of each signing officer under his or her signature.