N-Q

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 811-4253

MFS SERIES TRUST XV

(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: October 31

Date of reporting period: July 31, 2009

ITEM 1. SCHEDULE OF INVESTMENTS.

MFS Diversified Target Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/09

Issuer	Shares/Par	Value ($)
Common Stocks – 91.6%
Aerospace – 1.8%
Cobham PLC	40,150	$	120,120
Goodrich Corp.	11,280		579,341
Lockheed Martin Corp.	15,275		1,141,959
Northrop Grumman Corp.	20,625		919,462
Precision Castparts Corp.	3,370		268,960
Raytheon Co.	3,260		153,057
United Technologies Corp.	7,540		410,704
		$	3,593,603
Airlines – 0.3%
Arriva PLC	14,834	$	107,481
Copa Holdings S.A., “A” (a)	9,760		395,670
UAL Corp. (a)	7,550		31,106
		$	534,257
Alcoholic Beverages – 0.7%
Companhia de Bebidas das Americas, ADR	4,100	$	288,353
Diageo PLC	12,060		188,966
Foster’s Group Ltd.	32,595		146,936
Heineken N.V.	14,460		577,282
Molson Coors Brewing Co.	1,220		55,156
Pernod Ricard S.A.	2,573		199,941
		$	1,456,634
Apparel Manufacturers – 1.2%
Coach, Inc.	7,510	$	222,221
Compagnie Financiere Richemont S.A.	9,444		232,068
Li & Fung Ltd.	122,000		359,701
LVMH Moet Hennessy Louis Vuitton S.A.	8,120		732,483
NIKE, Inc., “B”	10,970		621,341
Sanyo Shokai Ltd.	14,000		46,457
Stella International Holdings Ltd.	22,500		37,219
Swatch Group Ltd.	613		112,028
		$	2,363,518
Automotive – 0.3%
Bridgestone Corp.	7,000	$	121,617
Ford Motor Co. (a)	5,100		40,800
Harley-Davidson, Inc.	1,610		36,386
Johnson Controls, Inc.	16,010		414,339
		$	613,142
Biotechnology – 1.0%
Actelion Ltd. (a)	4,041	$	222,914
Alexion Pharmaceuticals, Inc. (a)	3,250		143,162
Alkermes, Inc. (a)	2,180		22,498
Amgen, Inc. (a)	5,360		333,982
Biogen Idec, Inc. (a)	1,500		71,325
Celgene Corp. (a)	950		54,112
Genzyme Corp. (a)	9,030		468,567
Gilead Sciences, Inc. (a)	3,940		192,784
Human Genome Sciences, Inc. (a)	2,860		40,898
Illumina, Inc. (a)	1,460		52,764
Life Technologies Corp. (a)	1,020		46,441
Lonza Group AG	1,753		173,717
Luminex Corp. (a)	3,660		64,672
Millipore Corp. (a)	210		14,616
		$	1,902,452

1

MFS Diversified Target Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Broadcasting – 1.3%
Discovery Communications, Inc., “A” (a)	10,030	$	245,735
Fuji Television Network, Inc.	42		67,156
Grupo Televisa S.A., ADR	18,561		335,768
Nippon Television Network Corp.	480		62,343
Omnicom Group, Inc.	5,785		196,690
Time Warner, Inc.	9,243		246,418
Vivendi S.A.	6,416		164,834
Walt Disney Co.	19,920		500,390
WPP Group PLC	104,110		803,032
		$	2,622,366
Brokerage & Asset Managers – 1.7%
Affiliated Managers Group, Inc. (a)	7,150	$	472,043
BM&F BOVESPA S.A.	25,700		166,122
Bolsa Mexicana de Valores S.A. de C.V. (a)	45,500		45,503
Charles Schwab Corp.	9,600		171,552
CME Group, Inc.	560		156,145
Daiwa Securities Group, Inc.	38,000		224,888
Daiwa Securities Group, Inc., ADR	1,281		75,835
Deutsche Boerse AG	3,370		267,061
Franklin Resources, Inc.	1,510		133,907
Greenhill & Co., Inc.	990		74,567
ICAP PLC	12,110		91,840
IG Group Holdings PLC	54,523		274,145
Interactive Brokers Group, Inc. (a)	1,620		30,440
IntercontinentalExchange, Inc. (a)	530		49,852
Invesco Ltd.	4,940		97,565
Julius Baer Holding Ltd.	8,240		392,473
Lazard Ltd.	1,810		66,952
Octaviar Ltd. (a)	3,340		0
TD AMERITRADE Holding Corp. (a)	21,050		390,267
Thomas Weisel Partners Group (a)	3,210		13,643
TradeStation Group, Inc. (a)	4,830		36,177
Van Lanschot N.V.	770		40,821
		$	3,271,798
Business Services – 2.7%
Accenture Ltd., “A”	16,910	$	593,034
Amdocs Ltd. (a)	5,340		127,733
ATA, Inc., ADR (a)	2,310		19,750
Bunzl PLC	10,310		89,212
Capita Group PLC	4,763		53,109
Cognizant Technology Solutions Corp., “A” (a)	11,450		338,805
Companhia Brasileira De Meios De Pagamento (a)	2,890		27,727
Concur Technologies, Inc. (a)	3,840		132,442
Constant Contact, Inc. (a)	2,120		47,933
Copart, Inc. (a)	3,650		128,881
CoStar Group, Inc. (a)	4,570		167,856
Dun & Bradstreet Corp.	2,500		179,975
Electrocomponents PLC	38,618		95,797
Fidelity National Information Services, Inc.	2,810		65,810
Infosys Technologies Ltd., ADR	4,540		195,356
Intertek Group PLC	23,421		406,494
Kloeckner & Co. AG (a)	7,412		190,792
Kroton Educacional S.A., IEU	4,324		39,352
MasterCard, Inc., “A”	3,180		617,015
Medidata Solutions, Inc. (a)	2,050		37,822

2

MFS Diversified Target Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Business Services – continued
Mitsubishi Corp.	11,300	$	225,701
Nomura Research Institute Ltd.	11,200		277,559
Sodexo	3,043		160,216
Ultimate Software Group, Inc. (a)	3,380		86,528
USS Co. Ltd.	2,990		187,063
Visa, Inc., “A”	4,380		286,715
Western Union Co.	32,390		566,177
		$	5,344,854
Cable TV – 0.5%
Comcast Corp., “A”	13,150	$	195,409
DIRECTV Group, Inc. (a)	12,010		311,059
Time Warner Cable, Inc.	13,594		449,418
		$	955,886
Chemicals – 1.5%
3M Co.	8,340	$	588,137
Celanese Corp.	21,510		552,807
E.I. du Pont de Nemours & Co.	5,030		155,578
Eastman Chemical Co.	3,790		188,211
Ecolab, Inc.	9,510		394,760
Givaudan S.A.	204		136,395
Monsanto Co.	490		41,160
Nufarm Ltd.	11,000		99,726
Orica Ltd.	11,394		214,030
PPG Industries, Inc.	11,744		645,920
		$	3,016,724
Computer Software – 2.6%
Adobe Systems, Inc. (a)	21,540	$	698,327
Akamai Technologies, Inc. (a)	13,280		218,323
ANSYS, Inc. (a)	1,850		57,831
Autodesk, Inc. (a)	11,100		242,091
Blackboard, Inc. (a)	2,660		90,360
Citrix Systems, Inc. (a)	11,320		402,992
CommVault Systems, Inc. (a)	3,870		67,377
Intuit, Inc. (a)	4,480		133,056
McAfee, Inc. (a)	1,810		80,690
Microsoft Corp.	12,720		299,174
MicroStrategy, Inc., “A” (a)	10,410		635,530
MSC.Software Corp. (a)	3,586		26,214
NetSuite, Inc. (a)	910		11,066
OBIC Co. Ltd.	1,070		182,621
Oracle Corp.	43,870		970,843
Parametric Technology Corp. (a)	9,430		121,741
Salesforce.com, Inc. (a)	1,760		76,278
SAP AG	6,600		310,430
SolarWinds, Inc. (a)	1,890		37,800
Symantec Corp. (a)	4,270		63,751
VeriSign, Inc. (a)	20,600		421,064
		$	5,147,559
Computer Software - Systems – 3.5%
Acer, Inc.	142,430	$	300,419
Apple, Inc. (a)	11,280		1,843,039
Arrow Electronics, Inc. (a)	3,750		96,637
Avnet, Inc. (a)	2,770		67,588
Canon, Inc.	3,900		145,490

3

MFS Diversified Target Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Computer Software - Systems – continued
Dell, Inc. (a)	23,620	$	316,036
EMC Corp. (a)	8,480		127,709
Fujitsu Ltd.	36,000		236,639
Hewlett-Packard Co.	31,694		1,372,350
International Business Machines Corp.	10,520		1,240,624
Konica Minolta Holdings, Inc.	49,500		541,427
LogMeIn, Inc. (a)	850		16,583
MICROS Systems, Inc. (a)	8,500		232,815
PROS Holdings, Inc. (a)	5,970		46,924
Ricoh Co. Ltd.	10,000		131,255
Venture Corp. Ltd.	18,000		119,446
Wincor Nixdorf AG	1,598		85,776
		$	6,920,757
Conglomerates – 0.7%
Hutchison Whampoa Ltd.	6,000	$	44,942
Keppel Corp. NPV	123,000		717,069
Siemens AG	5,130		409,460
Tomkins PLC	40,240		118,977
		$	1,290,448
Construction – 1.5%
Black & Decker Corp.	4,700	$	176,720
Corporacion Moctezuma S.A. de C.V.	7,500		15,836
CRH PLC	12,080		288,395
Duratex S.A., IPS	4,800		70,492
Geberit AG	3,914		546,088
Lennar Corp., “A”	2,890		34,218
Mohawk Industries, Inc. (a)	1,060		54,675
NVR, Inc. (a)	1,408		846,419
Pulte Homes, Inc.	49,950		567,932
Sherwin-Williams Co.	5,460		315,315
Toll Brothers, Inc. (a)	1,210		23,668
Urbi Desarrollos Urbanos S.A.B. de C.V. (a)	24,870		43,060
		$	2,982,818
Consumer Products – 2.3%
AmorePacific Corp.	101	$	55,344
Avon Products, Inc.	1,840		59,579
Beiersdorf AG	2,020		101,719
Christian Dior S.A.	3,704		321,510
Church & Dwight Co., Inc.	860		50,723
Clorox Co.	1,280		78,093
Colgate-Palmolive Co.	1,000		72,440
Dabur India Ltd.	10,290		29,539
Fortune Brands, Inc.	4,450		176,085
Hengan International Group Co. Ltd.	46,000		267,689
Henkel KGaA, IPS	5,050		185,702
Kao Corp.	15,000		340,026
Kimberly-Clark Corp.	2,930		171,258
Kimberly-Clark de Mexico S.A. de C.V., “A”	21,740		90,472
Kose Corp.	6,000		122,505
Natura Cosméticos S.A.	15,300		218,542
Procter & Gamble Co.	26,162		1,452,253
Reckitt Benckiser Group PLC	12,170		584,673
Uni-Charm Corp.	3,100		250,948
		$	4,629,100

4

MFS Diversified Target Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Consumer Services – 1.0%
Apollo Group, Inc., “A” (a)	6,000	$	414,240
Capella Education Co. (a)	5,920		381,011
DeVry, Inc.	3,640		181,054
H&R Block, Inc.	6,490		108,318
Monster Worldwide, Inc. (a)	17,870		232,846
priceline.com, Inc. (a)	2,420		313,680
Strayer Education, Inc.	1,250		265,475
		$	1,896,624
Containers – 0.6%
Ball Corp.	1,200	$	58,032
Brambles Ltd.	18,420		92,279
Crown Holdings, Inc. (a)	1,160		29,116
Owens-Illinois, Inc. (a)	29,040		985,618
Smurfit Kappa Group PLC	11,215		65,537
		$	1,230,582
Electrical Equipment – 2.6%
AMETEK, Inc.	8,790	$	284,444
Baldor Electric Co.	3,940		101,494
Danaher Corp.	13,930		853,073
General Electric Co.	47,180		632,212
Keyence Corp.	400		79,007
Legrand S.A.	7,040		172,236
Mettler-Toledo International, Inc. (a)	2,620		220,237
OMRON Corp.	6,300		102,132
Rockwell Automation, Inc.	18,920		783,477
Schneider Electric S.A.	5,681		516,111
Spectris PLC	15,620		145,335
Sunpower Corp., “A” (a)	1,830		58,926
Tyco Electronics Ltd.	26,880		577,114
W.W. Grainger, Inc.	3,360		302,098
WESCO International, Inc. (a)	12,610		311,341
Yingli Green Energy Holding Co. Ltd., ADR (a)	3,180		42,199
		$	5,181,436
Electronics – 3.7%
Agilent Technologies, Inc. (a)	3,570	$	82,895
Analog Devices, Inc.	870		23,812
ARM Holdings PLC	151,110		318,682
ASM Pacific Technology Ltd.	47,856		324,801
Broadcom Corp., “A” (a)	810		22,866
Corning, Inc.	1,400		23,800
Dolby Laboratories, Inc., “A” (a)	2,050		85,341
First Solar, Inc. (a)	1,020		157,478
Flextronics International Ltd. (a)	79,350		422,142
Hirose Electric Co. Ltd.	700		78,415
Hittite Microwave Corp. (a)	7,570		265,858
Hoya Corp.	4,600		111,081
Intel Corp.	87,540		1,685,145
Lam Research Corp. (a)	1,540		46,292
Linear Technology Corp.	8,450		227,051
Marvell Technology Group Ltd. (a)	19,610		261,597
MEMC Electronic Materials, Inc. (a)	22,420		395,040
National Semiconductor Corp.	29,970		451,348
NetLogic Microsystems, Inc. (a)	2,840		112,862
Samsung Electronics Co. Ltd.	989		582,996
Samsung Electronics Co. Ltd., GDR	1,082		320,272

5

MFS Diversified Target Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Electronics – continued
Silicon Laboratories, Inc. (a)	15,850	$	678,856
Stratasys, Inc. (a)	2,760		43,553
Taiwan Semiconductor Manufacturing Co. Ltd.	129,654		232,767
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	27,682		289,831
Tessera Technologies, Inc. (a)	4,950		139,046
		$	7,383,827
Energy - Independent – 2.3%
Anadarko Petroleum Corp.	5,780	$	278,596
Apache Corp.	8,980		753,871
Arch Coal, Inc.	4,804		83,638
Arena Resources, Inc. (a)	5,190		169,350
CNOOC Ltd.	45,000		60,503
CONSOL Energy, Inc.	3,590		127,553
Continental Resources, Inc. (a)	1,670		56,496
Denbury Resources, Inc. (a)	13,980		232,068
Devon Energy Corp.	2,490		144,644
EOG Resources, Inc.	1,630		120,669
EXCO Resources, Inc. (a)	3,080		42,319
INPEX Holdings, Inc.	69		527,937
Newfield Exploration Co. (a)	590		23,205
Nexen, Inc.	16,290		337,671
Noble Energy, Inc.	4,860		297,043
Occidental Petroleum Corp.	1,760		125,558
OMV AG	2,305		91,496
Plains Exploration & Production Co. (a)	9,810		281,056
Southwestern Energy Co. (a)	3,500		145,005
Tullow Oil PLC	7,334		121,102
Ultra Petroleum Corp. (a)	7,860		346,783
XTO Energy, Inc.	4,290		172,587
		$	4,539,150
Energy - Integrated – 4.5%
Chevron Corp.	23,800	$	1,653,386
Cimarex Energy Co.	1,540		55,101
ConocoPhillips	1,390		60,757
Eni S.p.A.	15,730		366,118
Exxon Mobil Corp. (s)	31,165		2,193,704
Hess Corp.	12,010		662,952
Marathon Oil Corp.	20,980		676,605
OAO Gazprom, ADR	6,860		141,659
Petroleo Brasileiro S.A., ADR	8,130		335,281
Royal Dutch Shell PLC, “A”	25,820		678,020
Suncor Energy, Inc.	3,540		114,489
TOTAL S.A.	27,470		1,523,443
TOTAL S.A., ADR	7,030		391,220
		$	8,852,735
Engineering - Construction – 0.6%
Fluor Corp.	7,640	$	403,392
JGC Corp.	16,000		277,305
MasTec, Inc. (a)	2,760		28,566
MYR Group, Inc. (a)	3,010		54,240
North American Energy Partners, Inc. (a)	13,340		71,236
Quanta Services, Inc. (a)	13,070		304,662
Team, Inc. (a)	7,940		115,606
		$	1,255,007

6

MFS Diversified Target Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Entertainment – 0.2%
DreamWorks Animation, Inc., “A” (a)	11,240	$	354,172
TiVo, Inc. (a)	12,730		130,483
		$	484,655
Food & Beverages – 3.4%
Binggrae Co. Ltd.	690	$	24,607
Coca-Cola Co.	11,640		580,138
Coca-Cola Enterprises, Inc.	11,070		208,005
Coca-Cola Hellenic Bottling Co.	2,772		63,215
Flowers Foods, Inc.	7,800		184,314
General Mills, Inc.	7,850		462,443
Groupe Danone	11,632		624,120
Hain Celestial Group, Inc. (a)	2,530		42,023
J.M. Smucker Co.	13,764		688,613
Kellogg Co.	2,380		113,050
Kerry Group PLC	9,563		226,533
McCormick & Co., Inc.	2,390		77,006
Mead Johnson Nutrition Co., “A”	10,730		390,679
Nestle S.A.	43,150		1,775,827
Nong Shim Co. Ltd.	342		68,361
Pepsi Bottling Group, Inc.	1,995		67,730
PepsiCo, Inc. (s)	17,980		1,020,365
		$	6,617,029
Food & Drug Stores – 1.1%
CVS Caremark Corp.	19,160	$	641,477
Dairy Farm International Holdings Ltd.	18,900		127,575
Kroger Co.	28,640		612,323
Lawson, Inc.	8,700		361,332
Safeway, Inc.	3,220		60,955
SUPERVALU, Inc.	5,280		78,302
Tesco PLC	23,800		146,106
Walgreen Co.	7,470		231,943
		$	2,260,013
Forest & Paper Products – 0.0%
UPM-Kymmene Corp.	3,910	$	40,961
Gaming & Lodging – 0.7%
Carnival Corp.	830	$	23,232
Genting Berhad	12,900		23,804
InterContinental Hotels Group PLC	4,649		52,731
International Game Technology	26,660		526,535
Melco PBL Entertainment (Macau) Ltd., ADR (a)	1,680		9,341
Orient-Express Hotels Ltd., “A”	9,220		81,597
Penn National Gaming, Inc. (a)	450		14,270
Royal Caribbean Cruises Ltd.	13,730		199,360
Starwood Hotels & Resorts Worldwide, Inc.	15,110		356,747
		$	1,287,617
General Merchandise – 1.0%
Daiei, Inc. (a)	8,000	$	31,704
J.C. Penney Corp., Inc.	7,290		219,793
Kohl’s Corp. (a)	1,253		60,833
Macy’s, Inc.	27,822		387,004
Target Corp.	12,570		548,303
Wal-Mart Stores, Inc.	15,930		794,588
		$	2,042,225

7

MFS Diversified Target Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Health Maintenance Organizations – 0.6%
Humana, Inc. (a)	8,540	$	280,539
Odontoprev S.A.	1,100		17,835
UnitedHealth Group, Inc.	10,490		294,349
WellPoint, Inc. (a)	9,790		515,346
		$	1,108,069
Insurance – 3.9%
ACE Ltd.	2,400	$	117,744
Admiral Group PLC	10,664		170,388
AEGON N.V.	9,070		66,680
Aflac, Inc.	10,320		390,715
Allianz SE	2,080		205,152
Allied World Assurance Co. Holdings Ltd.	9,190		399,397
Allstate Corp.	12,895		347,004
Amlin PLC	30,066		166,994
Aon Corp.	5,030		198,433
Aspen Insurance Holdings Ltd.	19,954		496,256
Aviva PLC	17,150		100,484
Catlin Group Ltd.	20,105		104,112
China Life Insurance Co. Ltd.	58,000		257,069
Chubb Corp.	3,910		180,564
Employers Holdings, Inc.	8,850		123,192
Endurance Specialty Holdings Ltd.	6,138		204,825
Euler Hermes	718		42,470
Hiscox Ltd.	29,602		149,582
ING Groep N.V.	21,980		281,890
Jardine Lloyd Thompson Group PLC	16,500		119,345
Lincoln National Corp.	2,920		61,875
MetLife, Inc.	24,680		837,886
Muenchener Ruckversicherungs-Gesellschaft AG	840		127,016
PICO Holdings, Inc. (a)	2,080		63,086
Prudential Financial, Inc.	15,640		692,383
QBE Insurance Group Ltd.	11,370		185,431
Samsung Fire & Marine Insurance Co. Ltd.	843		141,392
Storebrand A.S.A. (a)	34,090		184,926
Swiss Reinsurance Co.	3,440		131,980
Travelers Cos., Inc.	17,865		769,446
Zurich Financial Services AG	1,670		328,171
		$	7,645,888
Internet – 1.0%
Dealertrack Holdings, Inc. (a)	5,100	$	101,133
Google, Inc., “A” (a)	3,325		1,473,141
Omniture, Inc. (a)	13,050		178,524
Rackspace Hosting, Inc. (a)	5,270		73,991
TechTarget, Inc. (a)	13,170		73,752
Vocus, Inc. (a)	4,950		83,259
		$	1,983,800
Leisure & Toys – 0.5%
Electronic Arts, Inc. (a)	12,710	$	272,884
Hasbro, Inc.	13,410		355,365
NAMCO BANDAI Holdings, Inc.	4,900		55,097
Sankyo Co. Ltd.	2,300		137,089
THQ, Inc. (a)	17,460		117,157
		$	937,592

8

MFS Diversified Target Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Machinery & Tools – 1.4%
AGCO Corp. (a)	940	$	29,572
Albany International Corp.	490		6,733
Assa Abloy AB, “B”	30,080		496,053
Beml Ltd.	3,030		67,377
Bucyrus International, Inc.	4,830		142,388
Colfax Corp. (a)	9,510		90,060
Cummins, Inc.	3,140		135,051
Dover Corp.	3,770		128,218
Duoyuan Global Water, Inc., ADR (a)	1,590		47,620
Eaton Corp.	11,564		600,403
GEA Group AG	10,477		171,579
Glory Ltd.	19,000		391,546
Illinois Tool Works, Inc.	880		35,684
Kennametal, Inc.	12,180		259,678
Polypore International, Inc. (a)	6,120		75,582
Ritchie Bros. Auctioneers, Inc.	1,760		42,240
Roper Industries, Inc.	2,400		114,768
		$	2,834,552
Major Banks – 5.2%
Bank of America Corp.	84,470	$	1,249,311
Bank of China Ltd.	486,000		242,058
Bank of New York Mellon Corp.	29,920		818,013
BNP Paribas	5,532		403,299
Credit Agricole S.A.	7,710		110,055
Goldman Sachs Group, Inc.	12,030		1,964,499
HSBC Holdings PLC	110,820		1,121,360
JPMorgan Chase & Co. (s)	42,720		1,651,128
KBC Group N.V. (a)	1,266		26,994
PNC Financial Services Group, Inc.	10,780		395,195
Regions Financial Corp.	22,960		101,483
Standard Chartered PLC	4,629		109,879
State Street Corp.	17,065		858,370
Sumitomo Mitsui Financial Group, Inc.	10,500		449,406
UniCredito Italiano S.p.A. (a)	28,432		83,277
Wells Fargo & Co.	28,190		689,527
		$	10,273,854
Medical & Health Technology & Services – 1.8%
athenahealth, Inc. (a)	3,870	$	142,958
DaVita, Inc. (a)	2,370		117,789
Diagnosticos da America S.A. (a)	4,500		96,476
Express Scripts, Inc. (a)	10,060		704,602
Healthcare Services Group, Inc.	3,240		60,491
Henry Schein, Inc. (a)	7,040		361,715
IDEXX Laboratories, Inc. (a)	8,280		412,510
IPC The Hospitalist Co., Inc. (a)	3,300		91,905
Laboratory Corp. of America Holdings (a)	730		49,049
LCA-Vision, Inc. (a)	9,280		53,267
LifePoint Hospitals, Inc. (a)	1,580		43,703
Medassets, Inc. (a)	8,090		151,121
Medco Health Solutions, Inc. (a)	7,790		411,779
MEDNAX, Inc. (a)	3,460		160,371
MWI Veterinary Supply, Inc. (a)	2,620		100,556
Omnicare, Inc.	7,950		189,766
Patterson Cos., Inc. (a)	7,590		192,482
SSL International PLC	11,903		112,440

9

MFS Diversified Target Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Medical & Health Technology & Services – continued
VCA Antech, Inc. (a)	7,560	$	193,385
		$	3,646,365
Medical Equipment – 3.1%
AtriCure, Inc. (a)	1,970	$	6,875
Baxter International, Inc.	2,370		133,597
Becton, Dickinson & Co.	920		59,938
C.R. Bard, Inc.	2,480		182,454
Cochlear Ltd.	4,867		226,483
Conceptus, Inc. (a)	4,440		74,548
Covidien PLC	1,710		64,655
DENTSPLY International, Inc.	9,870		329,165
Dexcom, Inc. (a)	12,100		78,166
Edwards Lifesciences Corp. (a)	2,240		146,518
Essilor International S.A.	5,609		310,986
Fresenius Medical Care AG & Co. KGaA, IPS	3,125		177,183
Intuitive Surgical, Inc. (a)	770		175,036
Medtronic, Inc.	20,500		726,110
Mindray Medical International Ltd., ADR	4,450		132,254
Miraca Holdings, Inc.	8,700		217,443
NuVasive, Inc. (a)	1,670		69,121
NxStage Medical, Inc. (a)	15,080		83,543
ResMed, Inc. (a)	2,010		82,410
Smith & Nephew PLC	47,517		377,427
Sonova Holding AG	1,209		106,628
St. Jude Medical, Inc. (a)	12,780		481,934
Synthes, Inc.	2,950		331,535
Terumo Corp.	2,700		137,247
Thermo Fisher Scientific, Inc. (a)	9,920		449,178
Thoratec Corp. (a)	1,490		37,459
Waters Corp. (a)	10,770		541,192
Zimmer Holdings, Inc. (a)	7,943		370,144
		$	6,109,229
Metals & Mining – 1.0%
BHP Billiton Ltd., ADR	380	$	23,925
BHP Billiton PLC	28,930		755,337
Cameco Corp.	6,208		170,580
Cameco Corp.	2,160		59,724
Century Aluminum Co. (a)	3,250		27,235
Cliffs Natural Resources, Inc.	16,240		444,814
Freeport-McMoRan Copper & Gold, Inc.	1,010		60,903
Inmet Mining Corp.	5,267		220,801
Nucor Corp.	1,340		59,590
Steel Dynamics, Inc.	3,750		61,350
		$	1,884,259
Natural Gas - Distribution – 0.8%
AGL Resources, Inc.	1,640	$	55,137
EQT Corp.	8,190		314,332
GDF Suez	11,591		442,849
ONEOK, Inc.	2,190		72,489
Questar Corp.	8,622		285,130
Sempra Energy	5,570		292,035
Spectra Energy Corp.	3,040		55,814
Tokyo Gas Co. Ltd.	27,000		99,012
		$	1,616,798

10

MFS Diversified Target Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Natural Gas - Pipeline – 0.2%
El Paso Corp.	9,060	$	91,144
Enagas S.A.	9,430		186,488
Williams Cos., Inc.	10,025		167,317
		$	444,949
Network & Telecom – 1.3%
Ciena Corp. (a)	24,670	$	275,317
Cisco Systems, Inc. (a)	57,970		1,275,920
F5 Networks, Inc. (a)	1,920		71,270
NICE Systems Ltd., ADR (a)	2,750		75,295
Nokia Oyj	50,980		678,661
Polycom, Inc. (a)	2,530		60,088
QLogic Corp. (a)	4,440		57,942
QUALCOMM, Inc.	1,760		81,330
Research in Motion Ltd. (a)	560		42,560
		$	2,618,383
Oil Services – 1.4%
Cal Dive International, Inc. (a)	3,280	$	29,290
Cameron International Corp. (a)	4,670		145,844
Diamond Offshore Drilling, Inc.	1,080		97,060
Dresser-Rand Group, Inc. (a)	2,050		59,675
Exterran Holdings, Inc. (a)	3,220		55,996
Fugro N.V.	2,085		93,566
Halliburton Co.	12,260		270,823
Nabors Industries Ltd. (a)	4,620		78,632
National Oilwell Varco, Inc. (a)	2,850		102,429
Noble Corp.	14,960		506,546
Petrofac Ltd.	8,500		106,562
Saipem S.p.A.	15,947		431,856
Schlumberger Ltd.	2,410		128,935
Smith International, Inc.	12,840		322,669
Transocean, Inc. (a)	3,340		266,165
Weatherford International Ltd. (a)	2,250		42,210
		$	2,738,258
Other Banks & Diversified Financials – 2.4%
Aeon Credit Service Co. Ltd.	25,700	$	292,783
American Express Co.	1,060		30,030
Anglo Irish Bank Corp. PLC (a)	10,470		0
Bancolombia S.A., ADR	1,880		60,367
Bangkok Bank Public Co. Ltd.	18,300		60,498
Bank of Cyprus Public Co. Ltd.	49,808		328,690
Chiba Bank Ltd.	63,000		408,793
China Construction Bank	566,000		456,449
City National Corp.	3,520		138,829
Credicorp Ltd.	950		63,365
Dah Sing Financial Group	11,600		52,985
Discover Financial Services	4,570		54,292
DNB Holding A.S.A. (a)	10,600		92,244
Grupo Financiero Banorte S.A. de C.V.	41,800		103,068
Hachijuni Bank Ltd.	9,000		52,692
HDFC Bank Ltd., ADR	1,610		157,410
Itau Unibanco Multiplo S.A., ADR	19,824		354,651
Joyo Bank Ltd.	9,000		45,844
New York Community Bancorp, Inc.	7,060		77,236
NewAlliance Bancshares, Inc.	3,900		47,775
Northern Trust Corp.	2,380		142,348

11

MFS Diversified Target Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Other Banks & Diversified Financials – continued
People’s United Financial, Inc.	14,100	$	229,125
PT Bank Rakyat Indonesia (Persero) Tbk	165,000		121,360
Redecard S.A.	1,400		20,823
Sapporo Hokuyo Holdings, Inc.	10,900		36,746
Shizuoka Bank Ltd.	24,000		236,386
Siam City Bank Public Co. Ltd.	146,400		77,438
Signature Bank (a)	1,980		58,370
SNS REAAL Groep N.V.	21,650		124,357
SVB Financial Group (a)	11,860		418,065
TCF Financial Corp.	3,490		49,349
Unione di Banche Italiane Scpa	26,920		376,592
		$	4,768,960
Personal Computers & Peripherals – 0.2%
NetApp, Inc. (a)	5,260	$	118,140
Nuance Communications, Inc. (a)	24,100		318,120
		$	436,260
Pharmaceuticals – 5.1%
Abbott Laboratories	21,830	$	982,132
Allergan, Inc.	7,758		414,510
Bayer AG	7,110		436,365
Bristol-Myers Squibb Co.	430		9,348
Cadence Pharmaceuticals, Inc. (a)	1,920		23,232
Daiichi Sankyo Co. Ltd.	17,500		318,098
Eli Lilly & Co.	2,800		97,692
Eurand N.V. (a)	1,670		22,679
Genomma Lab Internacional S.A., “B” (a)	19,700		19,358
GlaxoSmithKline PLC	20,510		393,658
Hisamitsu Pharmaceutical Co., Inc.	3,100		107,128
Inspire Pharmaceuticals, Inc. (a)	3,970		19,294
Johnson & Johnson	23,280		1,417,519
Merck & Co., Inc.	35,560		1,067,156
Merck KGaA	6,080		565,878
Novo Nordisk A/S, “B”	5,900		347,245
Pfizer, Inc.	60,100		957,393
Roche Holding AG	8,580		1,352,856
Sanofi-Aventis S.A.	5,250		343,911
Santen Pharmaceutical Co. Ltd.	5,600		174,880
Schering-Plough Corp.	6,940		183,979
Teva Pharmaceutical Industries Ltd., ADR	7,590		404,851
Wyeth	7,760		361,228
		$	10,020,390
Pollution Control – 0.0%
Republic Services, Inc.	3,347	$	89,030
Precious Metals & Minerals – 0.4%
Agnico-Eagle Mines Ltd.	1,480	$	86,654
Goldcorp, Inc.	840		31,660
Lihir Gold Ltd. (a)	37,318		86,454
Paladin Resources Ltd. (a)	33,783		128,840
Teck Cominco Ltd., “B” (a)	10,650		280,276
Teck Resources Ltd., “B” (a)	8,320		218,733
		$	832,617
Printing & Publishing – 0.6%
Moody’s Corp.	3,460	$	82,140
MSCI, Inc., “A” (a)	11,010		307,729

12

MFS Diversified Target Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Printing & Publishing – continued
Reed Elsevier PLC	76,141	$	538,331
VistaPrint Ltd. (a)	2,900		119,625
Wolters Kluwer N.V.	4,550		89,495
		$	1,137,320
Railroad & Shipping – 0.3%
Burlington Northern Santa Fe Corp.	440	$	34,580
Canadian National Railway Co.	100		4,878
Diana Shipping, Inc.	1,930		27,483
East Japan Railway Co.	4,300		246,753
Norfolk Southern Corp.	820		35,465
Union Pacific Corp.	5,050		290,476
		$	639,635
Real Estate – 0.8%
Annaly Mortgage Management, Inc., REIT	6,420	$	108,177
Deutsche Wohnen AG, REIT (a)	2,760		41,895
Entertainment Property Trust, REIT	1,870		51,070
Equity Residential, REIT	3,690		88,560
Hang Lung Properties Ltd.	30,000		109,935
Host Hotels & Resorts, Inc., REIT	11,978		108,760
Jones Lang LaSalle, Inc.	5,310		201,568
Kilroy Realty Corp., REIT	4,690		110,684
Mack-Cali Realty Corp., REIT	4,963		138,517
Midland Holdings Ltd.	160,000		128,206
Shimao Property Holdings Ltd.	68,000		136,701
Sun Hung Kai Properties Ltd., REIT	14,000		212,979
Unitech Ltd.	92,211		173,268
		$	1,610,320
Restaurants – 0.5%
Brinker International, Inc.	2,930	$	48,755
Darden Restaurants, Inc.	16,189		524,362
McCormick & Schmick’s Seafood Restaurant, Inc. (a)	6,120		47,369
McDonald’s Corp.	1,040		57,262
P.F. Chang’s China Bistro, Inc. (a)	2,470		83,758
Peet’s Coffee & Tea, Inc. (a)	1,510		41,480
Wendy’s/Arby’s Group, Inc., “A”	22,720		104,058
YUM! Brands, Inc.	4,220		149,641
		$	1,056,685
Special Products & Services – 0.0%
Asian Paints Ltd.	1,329	$	39,119
Globe Specialty Metals, Inc. (a)	3,540		25,488
		$	64,607
Specialty Chemicals – 1.7%
Air Products & Chemicals, Inc.	6,070	$	452,822
Airgas, Inc.	5,340		238,057
Akzo Nobel N.V.	15,204		834,197
FMC Corp.	870		42,317
L’Air Liquide S.A.	1,332		139,084
Linde AG	6,120		577,626
Praxair, Inc.	5,560		434,681
Rockwood Holdings, Inc. (a)	7,630		136,730
RPM International, Inc.	2,080		33,197
Shin-Etsu Chemical Co. Ltd.	3,600		194,029
Symrise AG	19,119		307,656
		$	3,390,396

13

MFS Diversified Target Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Specialty Stores – 2.6%
Abercrombie & Fitch Co., “A”	21,030	$	601,248
Advance Auto Parts, Inc.	3,430		158,569
Amazon.com, Inc. (a)	890		76,326
Bed Bath & Beyond, Inc. (a)	930		32,317
Best Buy Co., Inc.	1,390		51,944
Ctrip.com International Ltd., ADR (a)	2,860		146,575
Dick’s Sporting Goods, Inc. (a)	5,340		105,999
Dufry South America Ltd., BDR	2,430		35,817
Esprit Holdings Ltd.	54,600		394,526
hhgregg, Inc. (a)	2,470		45,324
Home Depot, Inc.	15,530		402,848
Industria de Diseno Textile S.A.	8,850		476,049
Lowe’s Cos., Inc.	2,360		53,006
Lumber Liquidators, Inc. (a)	2,740		44,991
Nordstrom, Inc.	14,990		396,336
Overstock.com, Inc. (a)	3,180		41,881
PetSmart, Inc.	17,200		384,764
Praktiker Bau-und Heimwerkermaerkte Holding AG	3,000		30,060
Ross Stores, Inc.	2,970		130,947
Staples, Inc.	32,310		679,156
Tiffany & Co.	16,040		478,473
Titan Machinery, Inc. (a)	5,270		65,506
TJX Cos., Inc.	3,660		132,602
Zumiez, Inc. (a)	10,170		97,123
		$	5,062,387
Telecommunications - Wireless – 1.3%
America Movil S.A.B. de C.V., “L”, ADR	11,820	$	508,378
Cellcom Israel Ltd.	3,880		108,485
KDDI Corp.	86		456,243
MetroPCS Communications, Inc. (a)	10,550		125,017
NTELOS Holdings Corp.	2,550		39,499
Philippine Long Distance Telephone Co.	2,410		127,568
Rogers Communications, Inc., “B”	3,190		88,630
Rogers Communications, Inc., “B”	2,080		57,907
SmarTone Telecommunications Holdings Ltd.	39,500		27,013
Vivo Participacoes S.A., ADR	2,379		54,170
Vodafone Group PLC	518,800		1,063,354
		$	2,656,264
Telephone Services – 2.4%
American Tower Corp., “A” (a)	10,880	$	370,899
AT&T, Inc.	50,060		1,313,074
CenturyTel, Inc.	9,371		294,156
China Unicom Ltd.	284,000		409,690
Frontier Communications Corp.	8,410		58,870
Qwest Communications International, Inc.	20,680		79,825
Royal KPN N.V.	56,352		846,959
Telefonica S.A.	18,120		450,800
Telekom Austria AG	8,608		131,401
Verizon Communications, Inc.	20,990		673,149
Virgin Media, Inc.	11,360		118,712
Windstream Corp.	8,220		72,089
		$	4,819,624
Tobacco – 1.7%
Altria Group, Inc.	30,895	$	541,589
British American Tobacco PLC	9,690		300,748

14

MFS Diversified Target Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/09 - continued

Issuer	Shares/Par	Value ($)
Common Stocks – continued
Tobacco – continued
Japan Tobacco, Inc.	122	$	353,268
Lorillard, Inc.	5,099		375,898
Philip Morris International, Inc.	31,845		1,483,977
Swedish Match AB	16,759		319,921
		$	3,375,401
Trucking – 1.5%
Con-way, Inc.	1,350	$	61,492
Expeditors International of Washington, Inc.	17,570		596,150
FedEx Corp.	5,670		384,653
J.B. Hunt Transport Services, Inc.	4,700		131,365
Landstar System, Inc.	11,380		417,418
Old Dominion Freight Lines, Inc. (a)	3,470		123,636
TNT N.V.	25,173		597,925
United Parcel Service, Inc., “B”	3,000		161,190
Yamato Holdings Co. Ltd.	33,000		490,684
		$	2,964,513
Utilities - Electric Power – 2.2%
AES Corp. (a)	27,790	$	355,434
Allegheny Energy, Inc.	6,870		173,193
American Electric Power Co., Inc.	8,870		274,615
CEZ AS	3,930		211,681
CMS Energy Corp.	17,760		229,814
Dominion Resources, Inc.	5,290		178,802
DPL, Inc.	1,870		44,786
DTE Energy Co.	2,800		96,488
E.ON AG	15,628		591,613
Entergy Corp.	1,210		97,199
FirstEnergy Corp.	2,105		86,726
FPL Group, Inc.	4,040		228,947
ITC Holdings Corp.	1,660		79,182
Northeast Utilities	6,800		156,468
NRG Energy, Inc. (a)	13,181		358,655
PG&E Corp.	14,370		580,117
PPL Corp.	7,390		249,708
Progress Energy, Inc.	2,530		99,783
Public Service Enterprise Group, Inc.	10,260		332,937
		$	4,426,148
Total Common Stocks		$	180,910,330
Warrants – 0.2%
Other Banks & Diversified Financials – 0.1%
Merrill Lynch International & Co. (Housing Development - Zero Strike Warrant (1 share for 1 warrant)) (a)(n)	4,835	$	255,259
Utilities - Electric Power – 0.1%
Merrill Lynch International & Co. (NTPC Ltd. - Zero Strike Warrant (1 share for 1 warrant) (a)(n)	31,450	$	141,440
Total Warrants		$	396,699
Money Market Funds (v) – 2.4%
MFS Institutional Money Market Portfolio, 0.21%, at Net Asset Value	4,653,021	$	4,653,021
Issuer/Expiration Date/Strike Price	Par Amount
Call Options Purchased – 0.0%
Human Genome Sciences - August 22, 2009 @ $5 (a)	40	$	37,200
Total Investments		$	185,997,250

15

MFS Diversified Target Return Fund

PORTFOLIO OF INVESTMENTS (Unaudited) 7/31/09 - continued

Issuer	Shares/Par		Value ($)
Securities Sold Short – 0.0%
General Merchandise – 0.0%
BJ’s Wholesale Club, Inc. (a)	(1,220	)	$	(40,687	)
Other Assets, Less Liabilities – 5.8%				11,513,585
Net Assets – 100.0%			$	197,470,148

(a) Non-income producing 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 $396,699, representing 0.2% of net assets.

(s) Security or a portion of the security was pledged to cover collateral requirements for securities sold short. At July 31, 2009, the value of securities pledged amounted to $212,898.

(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
GDR	Global 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:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
SEK	Swedish Krona
SGD	Singapore Dollar
TWD	Taiwan Dollar

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

16

MFS Diversified Target Return Fund

Supplemental Information (Unaudited) 7/31/09

(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. For securities for which there were no sales reported that day, equity securities 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. For securities held short for which there were no sales reported for that day, the position is 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. 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. Futures contracts are generally valued at last posted settlement price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by a third-party pricing service on the market on which such futures contracts are primarily traded. Forward foreign currency contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swaps are generally valued at valuations provided by a third-party pricing service. 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.

The fund adopted FASB Statement No. 157, Fair Value Measurements (the “Statement”). This Statement provides a single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value measurements.

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.

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The following is a summary of the levels used as of July 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	$	119,022,603		$	—		$	—	$	119,022,603
United Kingdom		10,213,555			—			—		10,213,555
Japan		9,709,606			—			—		9,709,606
France		6,598,765			—			—		6,598,765
Switzerland		5,842,680			—			—		5,842,680
Germany		4,782,963			—			—		4,782,963
Netherlands		3,575,848			—			—		3,575,848
China		2,218,557			—			—		2,218,557
Hong Kong		1,829,223			—			—		1,829,223
Canada		1,828,038			—			—		1,828,038
Other Countries		15,644,953			77,438			—		15,722,391
Mutual Funds		4,653,021			—			—		4,653,021
Total Investments	$	185,919,812		$	77,438		$	—	$	185,997,250
Short Sales	$	(40,687	)	$	—		$	—	$	(40,687	)
Other Financial Instruments
Futures	$	(3,339,074	)	$	—		$	—	$	(3,339,074	)
Swaps					1,585,487					1,585,487
Forward Currency Contracts					(2,397,677	)				(2,397,677	)

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

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. The table presents the activity of Level 3 securities held at the beginning and the end of the period.

	Equity Securities
Balance as of 10/31/08	$	—
Accrued discounts/premiums		—
Realized gain (loss)		(931	)
Change in unrealized appreciation		(38,466	)
Net purchases (sales)		—
Transfers in and/or out of Level 3		39,397
Balance as of 7/31/09	$	—

(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	$	170,769,236
Gross unrealized appreciation	$	31,659,028
Gross unrealized depreciation		(16,431,014	)
Net unrealized appreciation (depreciation)	$	15,228,014

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

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(3) Derivative Contracts at 7/31/09

Forward Foreign Currency Exchange Contracts at 7/31/09

Type	Currency	Counterparty	Contracts to Deliver/Receive	Settlement Date Range	In Exchange For		Contracts at Value		Net Unrealized Appreciation (Depreciation)
Asset Derivatives
BUY	AUD	JPMorgan Chase Bank	3,135,000	9/18/09	$	2,528,910	$	2,612,865	$	83,955
BUY	EUR	JPMorgan Chase Bank	6,485,000	8/26/09 - 10/21/09		9,068,519		9,243,141		174,622
SELL	HKD	JPMorgan Chase Bank	3,665,000	10/21/09		473,284		473,269		15
BUY	KRW	JPMorgan Chase Bank	1,425,000,000	9/18/09		1,143,568		1,159,904		16,336
BUY	MXN	JPMorgan Chase Bank	23,140,000	8/26/09		1,725,835		1,746,634		20,799
BUY	NOK	JPMorgan Chase Bank	24,366,502	10/21/09		3,856,299		3,967,007		110,708
BUY	SEK	Goldman Sachs International	122,680,000	9/18/09		16,010,440		17,004,761		994,321
									$	1,400,756
Liability Derivatives
SELL	AUD	JPMorgan Chase Bank	11,480,000	8/26/09	$	8,738,904	$	9,584,461	$	(845,557	)
SELL	BRL	JPMorgan Chase Bank	1,560,000	9/18/09		785,736		828,714		(42,978	)
SELL	CAD	JPMorgan Chase Bank	1,890,000	9/18/09		1,716,419		1,754,712		(38,293	)
SELL	CHF	Goldman Sachs International	7,100,000	8/26/09		6,424,758		6,645,265		(220,507	)
SELL	CHF	JPMorgan Chase Bank	835,000	10/21/09		771,394		781,930		(10,536	)
SELL	EUR	Goldman Sachs International	29,145,000	8/26/09		39,617,527		41,542,506		(1,924,979	)
SELL	GBP	Goldman Sachs International	6,135,000	10/21/09		10,022,934		10,246,616		(223,682	)
SELL	GBP	JPMorgan Chase Bank	2,355,000	10/21/09		3,856,299		3,933,297		(76,998	)
BUY	JPY	JPMorgan Chase Bank	87,700,000	8/26/09		945,374		927,008		(18,366	)
SELL	JPY	Goldman Sachs International	1,123,400,000	8/26/09		11,812,083		11,874,584		(62,501	)
BUY	MYR	JPMorgan Chase Bank	12,906,000	9/18/09		3,666,477		3,657,128		(9,349	)
SELL	SEK	JPMorgan Chase Bank	23,940,000	10/21/09		3,054,981		3,318,842		(263,861	)
SELL	SGD	JPMorgan Chase Bank	1,325,000	10/21/09		908,349		920,388		(12,039	)
BUY	TWD	JPMorgan Chase Bank	154,400,000	9/18/09		4,772,060		4,723,273		(48,787	)
										$(3,798,433)

Futures Contracts Outstanding at 7/31/09

Description	Currency	Contracts	Value		Expiration Date	Unrealized Appreciation (Depreciation)
Asset Derivatives
Equity Futures
FTSE 100 Index (Long)	GBP	59	$	4,509,948	Sep-09	$	230,648
IBEX 35 (Long)	EUR	12		1,852,063	Aug-09		191,572
MSCI Taiwan Index (Long)	USD	169		4,326,400	Aug-09		56,446
Nikkei 225 Index (Long)	JPY	97		10,630,277	Sep-09		463,310
S&P/MIB Index (Long)	EUR	11		1,615,257	Sep-09		119,741
							1,061,717
Interest Rate Futures
U.S. Treasury Bond 10 yr (Long)	USD	66	$	7,740,563	Sep-09	$	28,038
						$	1,089,755

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Futures Contracts Outstanding at 7/31/09 - continued

Description	Currency	Contracts	Value		Expiration Date	Unrealized Appreciation (Depreciation)
Liability Derivatives
Equity Futures
AEX 25 Index (Short)	EUR	11	$	885,510	Aug-09	$	(86,122	)
Australian SPI 200 (Short)	AUD	99		8,708,348	Sep-09		(380,718	)
Canadian S&P/TSX 60 Index Fund (Short)	CAD	18		2,181,221	Sep-09		(35,891	)
DAX Index (Short)	EUR	2		380,698	Sep-09		(35,522	)
DJ Euro Stoxx 50 (Short)	EUR	131		4,921,789	Sep-09		(388,512	)
E-mini S&P MidCap 400 (Short)	USD	354		22,188,720	Sep-09		(1,144,482	)
Hang Seng Index (Short)	HKD	15		1,970,600	Aug-09		(18,058	)
MSCI Singapore Free Index (Short)	SGD	48		2,114,582	Aug-09		(61,610	)
OMX Index (Short)	SEK	301		3,678,031	Aug-09		(344,779	)
Russell 2000 Index (Short)	USD	149		8,282,910	Sep-09		(517,477	)
S&P 500 Future (Short)	USD	93		22,887,300	Sep-09		(1,077,963	)
Topix Index (Short)	JPY	123		12,420,238	Sep-09		(337,695	)
						$	(4,428,829	)

As of July 31, 2009 the fund segregated $8,846,574 as cash collateral for open futures contracts.

Swap Agreements at 7/31/09

Expiration		Notional Amount		Counterparty	Cash Flows to Receive	Cash Flows to Pay	Fair Value
Asset Derivatives
Interest Rate Swaps
9/30/18	EUR	13,000,000		JPMorgan Chase Bank	4.808% (fixed rate)	6-Month LIBOR	$	2,613,489
3/25/19	JPY	500,000,000		Citibank	6-Month LIBOR	1.23% (fixed rate)		100,952
5/19/19	USD	4,200,000		JPMorgan Chase Bank	3-Month LIBOR	3.1775% (fixed rate)		160,793
6/19/19	JPY	1,450,000,000		Citibank	6-Month LIBOR	1.41% (fixed rate)		91,255
							$	2,966,489
Credit Default Swaps
6/20/14	EUR	12,600,000	(a)	Merrill Lynch International	1.85% (fixed rate)	(1)	$	830,342
12/20/13	USD	3,000,000	(b)	Morgan Stanley Capital Services, Inc.	1.5% (fixed rate)	(2)		9,060
							$	839,402
							$	3,805,891
Liability Derivatives
Interest Rate Swaps
9/01/18	CHF	3,500,000	(c)	JPMorgan Chase Bank	6-Month LIBOR	3.25% (fixed rate)	$	(315,615	)
10/01/18	JPY	900,000,000		JPMorgan Chase Bank	6-Month LIBOR	1.7225% (fixed rate)		(288,961	)
10/25/37	JPY	245,000,000	(d)	Morgan Stanley Capital Services, Inc.	6-Month LIBOR	2.46% (fixed rate)		(178,390	)
10/25/37	GBP	3,500,000	(e)	Citibank	3.50% (fixed rate)	UK Retail Price Index		(251,011	)
10/25/37	GBP	1,000,000	(f)	JPMorgan Chase Bank	3.50% (fixed rate)	UK Retail Price Index		(40,984	)
							$	(1,074,961	)

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Swap Agreements at 7/31/09 – continued

Expiration		Notional Amount			Counterparty	Cash Flows to Receive	Cash Flows to Pay		Fair Value
Credit Default Swaps
6/20/13	EUR	2,940,000	(g	)	JPMorgan Chase Bank	6.50% (fixed rate)	(3	)	$	(104,839	)
6/20/13	USD	16,104,000	(h	)	JPMorgan Chase Bank	1.55% (fixed rate)	(4	)		(22,117	)
12/20/13	EUR	1,960,000	(i	)	JPMorgan Chase Bank	5.60% (fixed rate)	(5	)		(92,881	)
12/20/13	EUR	2,450,000	(j	)	Morgan Stanley Capital Services, Inc.	5.60% (fixed rate)	(5	)		(116,068	)
12/20/13	USD	3,045,000	(k	)	JPMorgan Chase Bank	5.00% (fixed rate)	(6	)		(241,495	)
12/20/13	USD	6,525,000	(l	)	Merrill Lynch International	5.00% (fixed rate)	(6	)		(517,490	)
6/20/14	USD	4,200,000	(m	)	Merrill Lynch International	1.00% (fixed rate)	(7	)		(15,275	)
6/20/14	USD	9,700,000	(n	)	Deutsche Bank	1.00% (fixed rate)	(7	)		(35,278	)
									$	(1,145,443	)
									$	(2,220,404	)

As of July 31, 2009 the fund segregated $1,480,000 as cash collateral for open swap contracts.

(1) Fund, as protection seller, to pay notional amount upon a defined credit event by a reference obligation specified in the ITRX EUROPE11 Index, a BBB+ rated credit default index. The fund entered into the contract to manage market/sector exposure.

(2) Fund, as protection seller, to pay notional amount upon a defined credit event by a reference obligation specified in the CDX.NA.IG.11 Index, BBB rated credit default index. The fund entered into the contract to manage market/sector exposure.

(3) Fund, as protection seller, to pay notional amount upon a defined credit event by a reference obligation specified in the ITRAXX EUR XOVER9 Index, a B rated credit default index. The fund entered into the contract to manage market/sector exposure.

(4) Fund, as protection seller, to pay notional amount upon a defined credit event by a reference obligation specified in the CDX.NA.IG.10 Index, a BBB rated credit default index. The fund entered into the contract to manage market/sector exposure.

(5) Fund, as protection seller, to pay notional amount upon a defined credit event by a reference obligation specified in the ITRAXX EUR XOVER10 Index, a B- rated credit default index. The fund entered into the contract to manage market/sector exposure.

(6) Fund, as protection seller, to pay notional amount upon a defined credit event by a reference obligation specified in the CDX.NA.HY.11 Index, a CCC+ rated credit default index. The fund entered into the contract to manage market/sector exposure.

(7) Fund, as protection seller, to pay notional amount upon a defined credit event by a reference obligation specified in the CDX.NA.IG.12 Index, BBB+ rated credit default index. The fund entered into the contract to manage market/sector exposure.

(a) Net unamortized premiums paid by the fund amounted to $441,022.

(b) Net unamortized premiums received by the fund amounted to $95,272.

(c) Net unamortized premiums paid by the fund amounted to $3,614.

(d) Net unamortized premiums paid by the fund amounted to $1,913.

(e) Net unamortized premiums received by the fund amounted to $128,400.

(f) Net unamortized premiums received by the fund amounted to $103,289.

(g) Net unamortized premiums paid by the fund amounted to $121,838.

(h) Net unamortized premiums paid by the fund amounted to $102,892.

(i) Net unamortized premiums received by the fund amounted to $38,456.

(j) Net unamortized premiums received by the fund amounted to $538,249.

(k) Net unamortized premiums received by the fund amounted to $441,551.

(l) Net unamortized premiums received by the fund amounted to $1,884,404.

(m) Net unamortized premiums received by the fund amounted to $141,581.

(n) Net unamortized premiums received by the fund amounted to $130,359.

The credit ratings presented here are an indicator of the current payment/performance risk of the related swap, the reference obligation for which may be either a single security or, in the case of a credit default index, a basket of securities issued by corporate or sovereign issuers. Each reference security, including each individual security within a reference basket of securities, is assigned a rating from Moody’s Investor Service. If not rated by Moody’s, the rating will be that assigned by Standard & Poor’s. Likewise, if not assigned by Standard & Poor’s, it will be based on the rating assigned by Fitch, Inc. The ratings for a credit default index are calculated by MFS as a weighted average of the external credit ratings of the individual securities that compose the index’s reference basket of securities.

At July 31, 2009, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

Derivatives – The fund uses derivatives in an attempt to reduce volatility compared to the overall financial markets and to generate positive returns by adjusting the fund’s exposure to markets and currencies resulting from the fund’s investments. Derivatives may be used to increase the fund’s exposure to markets or currencies for which the risk/return potential is attractive but to which the

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fund’s investments have no or little exposure. Alternatively, the fund may use derivatives to decrease its exposure to unattractive markets or currencies to which the fund’s investments have exposure. Derivatives may be used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.

In this reporting period the fund adopted FASB Statement No. 161, Disclosure about Derivative Instruments and Hedging Activities (“FAS 161”), and FASB Staff Position FAS No. 133-1 and FIN 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FAS 161 (“FSP FAS 133-1”).

FAS 161 amends FASB Statement No. 133, Accounting for Derivatives and Hedging Activities (“FAS 133”). FAS 161 provides enhanced disclosures about the fund’s use of and accounting for derivative instruments and the effect of derivative instruments on the fund’s results of operations and financial position. Under FAS 161, tabular disclosure regarding derivative fair value and gain/loss by contract type (e.g., interest rate contracts, foreign exchange contracts, credit contracts, etc.) is required and derivatives accounted for as hedging instruments under FAS 133 must be disclosed separately from derivatives that do not qualify for hedge accounting under FAS 133. Because investment companies account for their derivatives at fair value and record any changes in fair value in current period earnings, the fund’s derivatives are not accounted for as hedging instruments under FAS 133. As such, even though the fund may use derivatives in an attempt to achieve an economic hedge, the fund’s derivatives are not considered to be hedging instruments under FAS 133.

FSP FAS 133-1 amends FAS 133 to require sellers of credit derivatives to make disclosures that will enable financial statement users to assess the potential effects of those credit derivatives on an entity’s financial position, financial performance and cash flows. As defined by FSP FAS 133-1, a credit derivative is a derivative instrument (a) in which one or more of the derivative’s underlyings are related to the credit risk of a specified entity (or group of entities) or an index based on the credit risk of a group of entities and (b) that exposes the seller to potential loss from credit-risk-related events specified in the derivative contract. The seller (or writer) is the party that provides the credit protection and assumes the credit risk on a credit derivatives contract, such as a credit default swap. Accordingly, appropriate disclosures have been included herein.

As defined under FAS 133, derivative instruments include written options, purchased options, futures contracts, forward foreign currency exchange contracts, and swap agreements.

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at July 31, 2009.

		Asset Derivatives				Liability Derivatives
		Location on Portfolio of Investments	Fair Value			Location on Portfolio of Investments	Fair Value
Interest Rate Contracts	Interest Rate Futures	Other Assets, Less Liabilities	$	28,038	(a)	Other Assets, Less Liabilities	$	—
	Interest Rate Swaps	Other Assets, Less Liabilities		2,966,489		Other Assets, Less Liabilities		(1,074,961	)
Foreign Exchange Contracts	Forward Foreign Currency Exchange Contracts	Other Assets, Less Liabilities		1,400,756		Other Assets, Less Liabilities		(3,798,433	)
Equity Contracts	Equity Futures	Other Assets, Less Liabilities		1,061,717	(a)	Other Assets, Less Liabilities		(4,428,829	) (a)
	Equity Options Purchased	Call Options Purchased, at value		37,200		Call Options Purchased, at value		—
Credit Contracts	Credit Default Swaps	Other Assets, Less Liabilities		839,402		Other Assets, Less Liabilities		(1,145,443	)
Total Derivatives Not Accounted For as Hedging Instruments Under FAS 133			$	6,333,602			$	(10,447,666	)

(a) Includes cumulative appreciation/depreciation of futures contracts.

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Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain over-the-counter derivatives, the fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives (ISDA) Master Agreement on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund’s credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported balance sheet assets and liabilities across transactions between the fund and the applicable counterparty.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives (i.e., futures and exchange-traded options) while collateral terms are contract specific for over-the-counter traded derivatives (i.e., forwards, swaps and over-the-counter options). For derivatives traded under an ISDA Master Agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. Cash collateral that has been pledged to cover obligations of the fund under derivative contracts will be reported separately on the Statement of Assets and Liabilities as restricted cash. Securities collateral pledged for the same purpose is noted in the Portfolio of Investments.

Purchased Options – The fund may purchase call or put options for a premium. Purchased options entitle the holder to buy or sell a specified number of shares or units of a particular security, currency or index at a specified price at a specified date or within a specified period of time. Purchasing call options may be used to hedge against an anticipated increase in the dollar cost of securities or currency to be acquired or to increase the fund’s exposure to an underlying instrument. Purchasing put options may hedge against a decline in the value of portfolio securities or currency.

The premium paid is initially recorded as an investment in the Statement of Assets and Liabilities. That investment is subsequently marked-to-market daily with the difference between the premium paid and the market value of the purchased option being recorded as unrealized appreciation or depreciation. Premiums paid for purchased options which have expired are treated as realized losses on investments in the Statement of Operations. Upon the exercise or closing of a purchased option, the premium paid is either added to the cost of the security or financial instrument in the case of a call option, or offset against the proceeds on the sale of the underlying security or financial instrument in the case of a put option, in order to determine the realized gain or loss on investments.

The risk in purchasing an option is that the fund pays a premium whether or not the option is exercised. The fund’s maximum risk of loss due to counterparty credit risk is limited to the market value of the option. For over-the-counter options, this risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and for posting of collateral by the counterparty to the fund to cover the fund’s exposure to the counterparty under such ISDA Master Agreement.

Futures Contracts – The fund may use futures contracts to gain or to hedge against broad market, interest rate or currency exposure. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a certain percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures is realized.

The fund bears the risk of interest rates, exchange rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures may present less counterparty risk to the fund since the contracts are exchange traded and the exchange’s clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund’s maximum risk of loss due to counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.

Forward Foreign Currency Exchange Contracts – The fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date to hedge the fund’s currency risk or for non-hedging purposes. For hedging purposes, the fund may enter into contracts to deliver or receive foreign currency that the fund will receive from or use in its normal investment activities. The fund may also use contracts to hedge against declines in the value of foreign currency denominated securities due to unfavorable exchange rate movements. For non-hedging purposes, the fund may enter into contracts with the intent of changing the relative exposure of the fund’s portfolio of securities to different currencies to take advantage of anticipated exchange rate changes.

Forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any unrealized gains or losses are recorded as a receivable or payable for forward foreign currency exchange contracts until the contract settlement date. On contract settlement date, any gain or loss on the contract is recorded as realized gains or losses on foreign currency transactions.

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MFS Diversified Target Return Fund

Supplemental Information (Unaudited) 7/31/09 - continued

Risks may arise upon entering into these contracts from unanticipated movements in the value of the contract and from the potential inability of counterparties to meet the terms of their contracts. The fund’s maximum risk due to counterparty credit risk is the notional amount of the contract. This risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and for posting of collateral by the counterparty to the fund to cover the fund’s exposure to the counterparty under such ISDA Master Agreement.

Swap Agreements – The fund may enter into swap agreements. A swap is generally an exchange of cash payments, at specified intervals or upon the occurrence of specified events, between the fund and a counterparty. The net cash payments exchanged are recorded as a realized gain or loss on swap transactions in the Statement of Operations. The value of the swap, which is adjusted daily and includes any related interest accruals to be paid or received by the fund, is recorded on the Statement of Assets and Liabilities. The daily change in value, including any related interest accruals to be paid or received, is recorded as unrealized appreciation or depreciation on swap transactions in the Statement of Operations. Amounts paid or received at the inception of the swap are reflected as premiums paid or received on the Statement of Assets and Liabilities and are amortized using the effective interest method over the term of the agreement. A liquidation payment received or made upon early termination is recorded as a realized gain or loss on swap transactions.

Risks related to swap agreements include the possible lack of a liquid market, unfavorable market and interest rate movements of the underlying instrument and the failure of the counterparty to perform under the terms of the agreements. To address counterparty risk, swap transactions are limited to only highly-rated counterparties. The risk is further mitigated by having an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and by the posting of collateral by the counterparty to the fund to cover the fund’s exposure to the counterparty under such ISDA Master Agreement.

The fund may enter into an interest rate swap in order to manage its exposure to interest or foreign exchange rate fluctuations. Interest rate swap agreements involve the periodic exchange of cash flows, between the fund and a counterparty, based on the difference between two interest rates applied to a notional principal amount. The two interest rates exchanged may either be a fixed rate and a floating rate or two floating rates based on different indices.

The fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that that amount is positive. This risk is mitigated by having an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and by the posting of collateral by the counterparty to the fund to cover the fund’s exposure to the counterparty under such ISDA Master Agreement.

The fund may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its credit risk exposure to defaults of corporate and sovereign issuers or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. In a credit default swap, the protection buyer can make an upfront payment and will make a stream of payments based on a fixed percentage applied to the contract notional amount to the protection seller in exchange for the right to receive a specified return upon the occurrence of a defined credit event on the reference obligation (which may be either a single security or a basket of securities issued by corporate or sovereign issuers) and, with respect to the rare cases where physical settlement applies, the delivery by the buyer to the seller of a defined deliverable obligation. Although contract-specific, credit events generally consist of a combination of the following: bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium, each as defined in the 2003 ISDA Credit Derivatives Definitions as amended by the relevant contract. Restructuring is generally not applicable when the reference obligation is issued by a North American corporation and obligation acceleration, obligation default, or repudiation/moratorium are generally only applicable when the reference obligation is issued by a sovereign entity or an entity in an emerging country. Upon determination of the final price for the deliverable obligation (or upon delivery of the deliverable obligation in the case of physical settlement), the difference between the value of the deliverable obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions.

Credit default swaps are considered to have credit-risk-related contingent features since they trigger payment by the protection seller to the protection buyer upon the occurrence of a defined credit event. The aggregate fair value of credit default swaps in a net liability position as of July 31, 2009 is disclosed in note 3 herein. As discussed earlier in this note, collateral requirements for these swaps are based generally on the market value of the swap netted against collateral requirements for other types of over-the-counter derivatives traded under each counterparty’s ISDA Master Agreement. The maximum amount of future, undiscounted payments that the fund, as protection seller, could be required to make is equal to the swap’s notional amount. The protection seller’s payment obligation would be offset to the extent of the value of the contract’s deliverable obligation. If a defined credit event had occurred as of July 31, 2009, the swaps’ credit-risk-related contingent features would have been triggered and, for those swaps in a net liability position for which the fund is the protection seller, the fund in order to settle these swaps would have been required to either (1) pay the swap’s notional value of $62,524,000 less the value of the contracts’ related deliverable obligations as decided through an ISDA auction or (2) pay the notional value of the swaps in return for physical receipt of the deliverable obligations.

The fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk is mitigated by having an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and by the posting of collateral by the counterparty to the fund to cover the fund’s exposure to the counterparty under such ISDA Master Agreement.

24

MFS Diversified Target Return Fund

Supplemental Information (Unaudited) 7/31/09 - continued

(4) 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		6,782,337		191,945,514		(194,074,830	)		4,653,021
Underlying Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	26,578		$	4,653,021

(5) Country Weightings

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

United States	60.2	%
United Kingdom	5.0	%
Japan	4.8	%
Germany	3.7	%
France	3.3	%
Switzerland	2.8	%
Netherlands	1.8	%
China	1.1	%
Hong Kong	0.9	%
Other Countries	16.4	%

25

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 XV

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

Date: September 16, 2009

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: September 16, 2009

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

Date: September 16, 2009

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

EX-99.CERT

EX-99.CERT

MFS SERIES TRUST XV

CERTIFICATION

I, John M. Corcoran, certify that:

1. I have reviewed this report on Form N-Q of MFS Series Trust XV;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 16, 2009	JOHN M. CORCORAN
	John M. Corcoran
	Treasurer (Principal Financial Officer and Accounting Officer)

EX-99.CERT

MFS SERIES TRUST XV

CERTIFICATION

I, Maria F. Dwyer, certify that:

1. I have reviewed this report on Form N-Q of MFS Series Trust XV;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 16, 2009	MARIA F. DWYER
	Maria F. Dwyer
	President (Principal Executive Officer)