# EDGAR Filing Document

**Accession Number:** 0000719269
**File Stem:** 0001145549-25-054788
**Filing Date:** 2025-8
**Character Count:** 1379866
**Document Hash:** 570ac71d8a1502c1d260ea609d8792ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-054788.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001145549-25-054788

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS VARIABLE INSURANCE TRUST II
- **CENTRAL INDEX KEY:** 0000719269

**ORGANIZATION NAME:**
- **EIN:** 046540044
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03732
- **FILM NUMBER:** 251264868

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 16179545839

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS SUN LIFE SERIES TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMPASS SERIES TRUST
- **DATE OF NAME CHANGE:** 19850325

## Series and Classes Contracts Data

### MFS Corporate Bond Portfolio (Series ID: S000002634)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007237 | Initial Class |  |
| C000007238 | Service Class |  |

### MFS Government Securities Portfolio (Series ID: S000002635)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007239 | Initial Class |  |
| C000007240 | Service Class |  |

### MFS High Yield Portfolio (Series ID: S000002636)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007241 | Initial Class |  |
| C000007242 | Service Class |  |

### MFS International Growth Portfolio (Series ID: S000002637)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007243 | Initial Class |  |
| C000007244 | Service Class |  |

### MFS International Intrinsic Value Portfolio (Series ID: S000002638)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007245 | Initial Class |  |
| C000007246 | Service Class |  |

### MFS Massachusetts Investors Growth Stock Portfolio (Series ID: S000002639)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007247 | Initial Class |  |
| C000007248 | Service Class |  |

### MFS Blended Research Core Equity Portfolio (Series ID: S000002640)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007249 | Initial Class |  |
| C000007250 | Service Class |  |

### MFS U.S. Government Money Market Portfolio (Series ID: S000002643)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007255 | Initial Class |  |
| C000007256 | Service Class |  |

### MFS Research International Portfolio (Series ID: S000002646)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007261 | Initial Class |  |
| C000007262 | Service Class |  |

### MFS Global Research Portfolio (Series ID: S000002647)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007263 | Initial Class |  |
| C000007264 | Service Class |  |

### MFS Income Portfolio (Series ID: S000002649)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007267 | Initial Class |  |
| C000007268 | Service Class |  |

### MFS Technology Portfolio (Series ID: S000002651)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007271 | Initial Class |  |
| C000007272 | Service Class |  |

### MFS Core Equity Portfolio (Series ID: S000002656)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007281 | Initial Class |  |
| C000007282 | Service Class |  |

### MFS Emerging Markets Equity Portfolio (Series ID: S000002658)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007285 | Initial Class |  |
| C000007286 | Service Class |  |

### MFS Global Governments Portfolio (Series ID: S000002659)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007287 | Initial Class |  |
| C000007288 | Service Class |  |

### MFS Global Growth Portfolio (Series ID: S000002660)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007289 | Initial Class |  |
| C000007290 | Service Class |  |

### MFS Global Tactical Allocation Portfolio (Series ID: S000002661)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007291 | Initial Class |  |
| C000007292 | Service Class |  |

?xml version='1.0' encoding='ASCII'? 8dde595bb2853c7

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-03732

#### MFS VARIABLE INSURANCE TRUST II
(Exact name of registrant as specified in charter)

------

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(617) 954-5000

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### June 30, 2025

#### ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Corporate Bond Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Corporate Bond Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $32 | 0.63% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 131893068 | Average Effective Maturity (yrs): | 9.7 |
| Total Number of Holdings: | 396 | Average Effective Duration (yrs): | 6.6 |
| Portfolio Turnover Rate (%): | 23 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.7% |
| Money Market Funds | 3.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 72.0% |
| Canada | 4.0% |
| United Kingdom | 3.6% |
| Australia | 3.4% |
| Ireland | 2.0% |
| Switzerland | 1.6% |
| Japan | 1.6% |
| Italy | 1.4% |
| Mexico | 1.0% |
| Other Countries | 9.4% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 3.6% |
| AA | 3.9% |
| A | 28.1% |
| BBB | 51.1% |
| BB | 5.5% |
| B | 2.6% |
| U.S. Government | 1.9% |
| Not Rated | 0.0% |
| Money Market Funds | 3.3% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

BDSIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Corporate Bond Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Corporate Bond Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $45 | 0.88% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 131893068 | Average Effective Maturity (yrs): | 9.7 |
| Total Number of Holdings: | 396 | Average Effective Duration (yrs): | 6.6 |
| Portfolio Turnover Rate (%): | 23 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.7% |
| Money Market Funds | 3.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 72.0% |
| Canada | 4.0% |
| United Kingdom | 3.6% |
| Australia | 3.4% |
| Ireland | 2.0% |
| Switzerland | 1.6% |
| Japan | 1.6% |
| Italy | 1.4% |
| Mexico | 1.0% |
| Other Countries | 9.4% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 3.6% |
| AA | 3.9% |
| A | 28.1% |
| BBB | 51.1% |
| BB | 5.5% |
| B | 2.6% |
| U.S. Government | 1.9% |
| Not Rated | 0.0% |
| Money Market Funds | 3.3% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

BDSSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Blended Research<sup>®</sup> Core Equity Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Blended Research Core Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $22 | 0.44% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 397576635 | Portfolio Turnover Rate (%): | 21 |
| Total Number of Holdings: | 109 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.3% |
| Money Market Funds | 0.7% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 31.8% |
| Financials | 14.4% |
| Communication Services | 10.6% |
| Health Care | 9.9% |
| Consumer Discretionary | 9.9% |
| Industrials | 8.0% |
| Consumer Staples | 5.1% |
| Energy | 3.1% |
| Utilities | 2.8% |
| Real Estate | 2.4% |
| Materials | 1.3% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.1% |
| Microsoft Corp. | 6.9% |
| Apple, Inc. | 5.5% |
| Amazon.com, Inc. | 4.7% |
| Meta Platforms, Inc., "A" | 4.1% |
| Visa, Inc., "A" | 2.2% |
| AbbVie, Inc. | 1.9% |
| Netflix, Inc. | 1.8% |
| Johnson & Johnson | 1.7% |
| Broadcom, Inc. | 1.7% |

---

MFS uses the Global Industry Classification Standard (GICS<sup>®</sup>) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

CGSIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Blended Research<sup>®</sup> Core Equity Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Blended Research Core Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $35 | 0.69% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 397576635 | Portfolio Turnover Rate (%): | 21 |
| Total Number of Holdings: | 109 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.3% |
| Money Market Funds | 0.7% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 31.8% |
| Financials | 14.4% |
| Communication Services | 10.6% |
| Health Care | 9.9% |
| Consumer Discretionary | 9.9% |
| Industrials | 8.0% |
| Consumer Staples | 5.1% |
| Energy | 3.1% |
| Utilities | 2.8% |
| Real Estate | 2.4% |
| Materials | 1.3% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.1% |
| Microsoft Corp. | 6.9% |
| Apple, Inc. | 5.5% |
| Amazon.com, Inc. | 4.7% |
| Meta Platforms, Inc., "A" | 4.1% |
| Visa, Inc., "A" | 2.2% |
| AbbVie, Inc. | 1.9% |
| Netflix, Inc. | 1.8% |
| Johnson & Johnson | 1.7% |
| Broadcom, Inc. | 1.7% |

---

MFS uses the Global Industry Classification Standard (GICS<sup>®</sup>) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

CGSSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Emerging Markets Equity Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Emerging Markets Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $66 | 1.23% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 37005607 | Portfolio Turnover Rate (%): | 17 |
| Total Number of Holdings: | 105 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.0% |
| Money Market Funds | 1.0% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1% |
| Tencent Holdings Ltd. | 6.1% |
| Samsung Electronics Co. Ltd. | 3.3% |
| Alibaba Group Holding Ltd. | 3.3% |
| China Construction Bank Corp. | 2.3% |
| HDFC Bank Ltd. | 2.3% |
| Infosys Ltd. | 2.0% |
| NetEase, Inc., ADR | 1.8% |
| Tata Consultancy Services Ltd. | 1.7% |
| Vale S.A., ADR | 1.6% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| China | 28.7% |
| Taiwan | 15.5% |
| India | 14.7% |
| South Korea | 11.4% |
| Brazil | 5.3% |
| Indonesia | 3.3% |
| Hong Kong | 3.2% |
| Mexico | 2.8% |
| United Arab Emirates | 2.3% |
| Other Countries | 12.8% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

FCEIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Emerging Markets Equity Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Emerging Markets Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $79 | 1.48% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 37005607 | Portfolio Turnover Rate (%): | 17 |
| Total Number of Holdings: | 105 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.0% |
| Money Market Funds | 1.0% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1% |
| Tencent Holdings Ltd. | 6.1% |
| Samsung Electronics Co. Ltd. | 3.3% |
| Alibaba Group Holding Ltd. | 3.3% |
| China Construction Bank Corp. | 2.3% |
| HDFC Bank Ltd. | 2.3% |
| Infosys Ltd. | 2.0% |
| NetEase, Inc., ADR | 1.8% |
| Tata Consultancy Services Ltd. | 1.7% |
| Vale S.A., ADR | 1.6% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| China | 28.7% |
| Taiwan | 15.5% |
| India | 14.7% |
| South Korea | 11.4% |
| Brazil | 5.3% |
| Indonesia | 3.3% |
| Hong Kong | 3.2% |
| Mexico | 2.8% |
| United Arab Emirates | 2.3% |
| Other Countries | 12.8% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

FCESC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> International Intrinsic Value Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS International Intrinsic Value Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $48 | 0.89% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 1468435858 | Portfolio Turnover Rate (%):<sub>8</sub> |
| Total Number of Holdings: | 88 |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.1% |
| Money Market Funds | 1.9% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Franco-Nevada Corp. | 3.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.4% |
| NatWest Group PLC | 3.1% |
| Legrand S.A. | 3.0% |
| Schneider Electric SE | 2.9% |
| CaixaBank S.A. | 2.7% |
| AIB Group PLC | 2.6% |
| Deutsche Boerse AG | 2.6% |
| TotalEnergies SE | 2.6% |
| Resona Holdings, Inc. | 2.4% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| France | 16.8% |
| United Kingdom | 16.2% |
| Japan | 12.7% |
| Switzerland | 8.0% |
| United States | 7.8% |
| Germany | 7.4% |
| Canada | 6.4% |
| Ireland | 5.5% |
| Spain | 4.2% |
| Other Countries | 15.0% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

FCGIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> International Intrinsic Value Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS International Intrinsic Value Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $62 | 1.14% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 1468435858 | Portfolio Turnover Rate (%):<sub>8</sub> |
| Total Number of Holdings: | 88 |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.1% |
| Money Market Funds | 1.9% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Franco-Nevada Corp. | 3.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.4% |
| NatWest Group PLC | 3.1% |
| Legrand S.A. | 3.0% |
| Schneider Electric SE | 2.9% |
| CaixaBank S.A. | 2.7% |
| AIB Group PLC | 2.6% |
| Deutsche Boerse AG | 2.6% |
| TotalEnergies SE | 2.6% |
| Resona Holdings, Inc. | 2.4% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| France | 16.8% |
| United Kingdom | 16.2% |
| Japan | 12.7% |
| Switzerland | 8.0% |
| United States | 7.8% |
| Germany | 7.4% |
| Canada | 6.4% |
| Ireland | 5.5% |
| Spain | 4.2% |
| Other Countries | 15.0% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

FCGSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> International Growth Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS International Growth Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $47 | 0.88% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 323188920 | Portfolio Turnover Rate (%):<sub>11</sub> |
| Total Number of Holdings: | 86 |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 97.5% |
| Money Market Funds | 2.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.2% |
| SAP SE | 3.9% |
| Hitachi Ltd. | 3.8% |
| Schneider Electric SE | 3.6% |
| Roche Holding AG | 3.2% |
| Nestle S.A. | 3.1% |
| AIA Group Ltd. | 2.4% |
| Linde PLC | 2.4% |
| Heineken N.V. | 2.3% |
| EssilorLuxottica | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| France | 13.5% |
| Japan | 10.5% |
| Germany | 10.1% |
| United Kingdom | 9.9% |
| Switzerland | 7.6% |
| United States | 6.8% |
| Canada | 6.5% |
| Taiwan | 6.3% |
| Netherlands | 3.8% |
| Other Countries | 25.0% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

FCIIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> International Growth Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS International Growth Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $60 | 1.13% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 323188920 | Portfolio Turnover Rate (%):<sub>11</sub> |
| Total Number of Holdings: | 86 |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 97.5% |
| Money Market Funds | 2.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.2% |
| SAP SE | 3.9% |
| Hitachi Ltd. | 3.8% |
| Schneider Electric SE | 3.6% |
| Roche Holding AG | 3.2% |
| Nestle S.A. | 3.1% |
| AIA Group Ltd. | 2.4% |
| Linde PLC | 2.4% |
| Heineken N.V. | 2.3% |
| EssilorLuxottica | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| France | 13.5% |
| Japan | 10.5% |
| Germany | 10.1% |
| United Kingdom | 9.9% |
| Switzerland | 7.6% |
| United States | 6.8% |
| Canada | 6.5% |
| Taiwan | 6.3% |
| Netherlands | 3.8% |
| Other Countries | 25.0% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

FCISC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Government Securities Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Government Securities Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $28 | 0.56% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 264918654 | Average Effective Maturity (yrs): | 6.9 |
| Total Number of Holdings: | 573 | Average Effective Duration (yrs): | 6.1 |
| Portfolio Turnover Rate (%): | 55 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 90.9% |
| Money Market Funds | 9.1% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 6.6% |
| AA | 1.2% |
| A | 0.3% |
| BBB | 0.1% |
| U.S. Government | 24.0% |
| Federal Agencies | 58.7% |
| Money Market Funds | 9.1% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

GSSIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Government Securities Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Government Securities Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $41 | 0.81% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 264918654 | Average Effective Maturity (yrs): | 6.9 |
| Total Number of Holdings: | 573 | Average Effective Duration (yrs): | 6.1 |
| Portfolio Turnover Rate (%): | 55 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 90.9% |
| Money Market Funds | 9.1% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 6.6% |
| AA | 1.2% |
| A | 0.3% |
| BBB | 0.1% |
| U.S. Government | 24.0% |
| Federal Agencies | 58.7% |
| Money Market Funds | 9.1% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

GSSSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> High Yield Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS High Yield Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $37 | 0.72% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 222552639 | Average Effective Maturity (yrs): | 3.7 |
| Total Number of Holdings: | 369 | Average Effective Duration (yrs): | 2.8 |
| Portfolio Turnover Rate (%): | 24 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.6% |
| Money Market Funds | 2.2% |
| Equities | 0.2% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BB | 42.2% |
| B | 42.3% |
| CCC | 12.5% |
| CC | 0.2% |
| D | 0.4% |
| Not Rated | 0.0% |
| Non-Fixed Income | 0.2% |
| Money Market Funds | 2.2% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

HYSIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> High Yield Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS High Yield Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $49 | 0.97% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 222552639 | Average Effective Maturity (yrs): | 3.7 |
| Total Number of Holdings: | 369 | Average Effective Duration (yrs): | 2.8 |
| Portfolio Turnover Rate (%): | 24 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.6% |
| Money Market Funds | 2.2% |
| Equities | 0.2% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BB | 42.2% |
| B | 42.3% |
| CCC | 12.5% |
| CC | 0.2% |
| D | 0.4% |
| Not Rated | 0.0% |
| Non-Fixed Income | 0.2% |
| Money Market Funds | 2.2% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

HYSSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Massachusetts Investors Growth Stock Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Massachusetts Investors Growth Stock Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $36 | 0.72% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 960634579 | Portfolio Turnover Rate (%):<sub>7</sub> |
| Total Number of Holdings: | 58 |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.8% |
| Money Market Funds | 1.2% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 38.5% |
| Financials | 14.3% |
| Health Care | 11.1% |
| Industrials | 10.2% |
| Consumer Discretionary | 7.3% |
| Consumer Staples | 7.1% |
| Communication Services | 5.2% |
| Real Estate | 2.0% |
| Utilities | 2.0% |
| Materials | 1.1% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Microsoft Corp. | 15.1% |
| NVIDIA Corp. | 6.3% |
| Apple, Inc. | 4.6% |
| Visa, Inc., "A" | 4.0% |
| Accenture PLC, "A" | 2.9% |
| Salesforce, Inc. | 2.3% |
| TransUnion | 2.3% |
| Eaton Corp. PLC | 2.3% |
| Amphenol Corp., "A" | 2.3% |
| Alphabet, Inc., "A" | 2.3% |

---

MFS uses the Global Industry Classification Standard (GICS<sup>®</sup>) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MISIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Massachusetts Investors Growth Stock Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Massachusetts Investors Growth Stock Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $49 | 0.97% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 960634579 | Portfolio Turnover Rate (%):<sub>7</sub> |
| Total Number of Holdings: | 58 |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.8% |
| Money Market Funds | 1.2% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 38.5% |
| Financials | 14.3% |
| Health Care | 11.1% |
| Industrials | 10.2% |
| Consumer Discretionary | 7.3% |
| Consumer Staples | 7.1% |
| Communication Services | 5.2% |
| Real Estate | 2.0% |
| Utilities | 2.0% |
| Materials | 1.1% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Microsoft Corp. | 15.1% |
| NVIDIA Corp. | 6.3% |
| Apple, Inc. | 4.6% |
| Visa, Inc., "A" | 4.0% |
| Accenture PLC, "A" | 2.9% |
| Salesforce, Inc. | 2.3% |
| TransUnion | 2.3% |
| Eaton Corp. PLC | 2.3% |
| Amphenol Corp., "A" | 2.3% |
| Alphabet, Inc., "A" | 2.3% |

---

MFS uses the Global Industry Classification Standard (GICS<sup>®</sup>) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MISSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> U.S. Government Money Market Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS U.S. Government Money Market Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $23 | 0.45% |

---

FUND STATISTICS AS OF 6/30/25

---

| | |
|:---|:---|
| Net Assets ($): | 269312151 |
| Total Number of Holdings: | 25 |

---

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | 70.6% |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities | 29.4% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| A-1+ | 42.1% |
| A-1 | 57.9% |

---

 **Maturity breakdown**

---

| | |
|:---|:---|
| 0 - 7 days | 40.2% |
| 8 - 29 days | 27.0% |
| 30 - 59 days | 16.0% |
| 60 - 89 days | 6.9% |
| 90 - 365 days | 9.9% |

---

Ratings are assigned to portfolio securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at insurancefunds.mfs.com. The fund's holdings as of each month end and the fund's Form N-MFP reports are available online at mfs.com/mm-reports. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MKSIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> U.S. Government Money Market Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS U.S. Government Money Market Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $23 | 0.45% |

---

FUND STATISTICS AS OF 6/30/25

---

| | |
|:---|:---|
| Net Assets ($): | 269312151 |
| Total Number of Holdings: | 25 |

---

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | 70.6% |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities | 29.4% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| A-1+ | 42.1% |
| A-1 | 57.9% |

---

 **Maturity breakdown**

---

| | |
|:---|:---|
| 0 - 7 days | 40.2% |
| 8 - 29 days | 27.0% |
| 30 - 59 days | 16.0% |
| 60 - 89 days | 6.9% |
| 90 - 365 days | 9.9% |

---

Ratings are assigned to portfolio securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, and statement of additional information online at insurancefunds.mfs.com. The fund's holdings as of each month end and the fund's Form N-MFP reports are available online at mfs.com/mm-reports. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

MKSSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Global Research Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Global Research Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $44 | 0.85% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 75352946 | Portfolio Turnover Rate (%): | 18 |
| Total Number of Holdings: | 129 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.7% |
| Money Market Funds | 0.3% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Microsoft Corp. | 5.6% |
| Amazon.com, Inc. | 3.5% |
| Meta Platforms, Inc., "A" | 3.3% |
| NVIDIA Corp. | 2.7% |
| Mastercard, Inc., "A" | 2.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.1% |
| Broadcom, Inc. | 2.0% |
| Apple, Inc. | 1.6% |
| Hitachi Ltd. | 1.5% |
| Alphabet, Inc., "A" | 1.4% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 64.0% |
| United Kingdom | 5.8% |
| France | 5.6% |
| Japan | 4.4% |
| Switzerland | 3.4% |
| Taiwan | 2.1% |
| Canada | 2.1% |
| Netherlands | 2.1% |
| China | 1.8% |
| Other Countries | 8.7% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

RESIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Global Research Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Global Research Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $57 | 1.10% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 75352946 | Portfolio Turnover Rate (%): | 18 |
| Total Number of Holdings: | 129 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.7% |
| Money Market Funds | 0.3% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Microsoft Corp. | 5.6% |
| Amazon.com, Inc. | 3.5% |
| Meta Platforms, Inc., "A" | 3.3% |
| NVIDIA Corp. | 2.7% |
| Mastercard, Inc., "A" | 2.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.1% |
| Broadcom, Inc. | 2.0% |
| Apple, Inc. | 1.6% |
| Hitachi Ltd. | 1.5% |
| Alphabet, Inc., "A" | 1.4% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 64.0% |
| United Kingdom | 5.8% |
| France | 5.6% |
| Japan | 4.4% |
| Switzerland | 3.4% |
| Taiwan | 2.1% |
| Canada | 2.1% |
| Netherlands | 2.1% |
| China | 1.8% |
| Other Countries | 8.7% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

RESSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Core Equity Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Core Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $40 | 0.79% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 284304037 | Portfolio Turnover Rate (%): | 23 |
| Total Number of Holdings: | 179 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

 **Global equity sectors**

---

| | |
|:---|:---|
| Technology | 31.2% |
| Financial Services | 14.1% |
| Capital Goods | 13.9% |
| Consumer Cyclicals | 11.2% |
| Health Care | 10.3% |
| Communication Services | 9.5% |
| Energy | 5.7% |
| Consumer Staples | 3.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Microsoft Corp. | 7.2% |
| Amazon.com, Inc. | 4.7% |
| NVIDIA Corp. | 4.0% |
| Meta Platforms, Inc., "A" | 3.2% |
| Apple, Inc. | 3.1% |
| Alphabet, Inc., "A" | 2.9% |
| Broadcom, Inc. | 2.8% |
| JPMorgan Chase & Co. | 2.1% |
| Mastercard, Inc., "A" | 1.7% |
| TransUnion | 1.5% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

RGSIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Core Equity Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Core Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $53 | 1.04% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 284304037 | Portfolio Turnover Rate (%): | 23 |
| Total Number of Holdings: | 179 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.4% |
| Money Market Funds | 0.6% |

---

 **Global equity sectors**

---

| | |
|:---|:---|
| Technology | 31.2% |
| Financial Services | 14.1% |
| Capital Goods | 13.9% |
| Consumer Cyclicals | 11.2% |
| Health Care | 10.3% |
| Communication Services | 9.5% |
| Energy | 5.7% |
| Consumer Staples | 3.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Microsoft Corp. | 7.2% |
| Amazon.com, Inc. | 4.7% |
| NVIDIA Corp. | 4.0% |
| Meta Platforms, Inc., "A" | 3.2% |
| Apple, Inc. | 3.1% |
| Alphabet, Inc., "A" | 2.9% |
| Broadcom, Inc. | 2.8% |
| JPMorgan Chase & Co. | 2.1% |
| Mastercard, Inc., "A" | 1.7% |
| TransUnion | 1.5% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

RGSSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Research International Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Research International Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $48 | 0.89% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 528895889 | Portfolio Turnover Rate (%): | 15 |
| Total Number of Holdings: | 112 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.1% |
| Money Market Funds | 1.9% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Schneider Electric SE | 2.9% |
| Roche Holding AG | 2.6% |
| Hitachi Ltd. | 2.5% |
| Linde PLC | 2.2% |
| Nestle S.A. | 2.1% |
| Euronext N.V. | 2.0% |
| Barclays PLC | 2.0% |
| NatWest Group PLC | 1.9% |
| Novo Nordisk A.S., "B" | 1.7% |
| BNP Paribas S.A. | 1.6% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 18.8% |
| United Kingdom | 15.3% |
| France | 13.7% |
| United States | 8.3% |
| Switzerland | 8.0% |
| Netherlands | 5.9% |
| Germany | 5.6% |
| Australia | 2.7% |
| Canada | 2.5% |
| Other Countries | 19.2% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

RSSIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Research International Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Research International Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $61 | 1.14% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 528895889 | Portfolio Turnover Rate (%): | 15 |
| Total Number of Holdings: | 112 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.1% |
| Money Market Funds | 1.9% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Schneider Electric SE | 2.9% |
| Roche Holding AG | 2.6% |
| Hitachi Ltd. | 2.5% |
| Linde PLC | 2.2% |
| Nestle S.A. | 2.1% |
| Euronext N.V. | 2.0% |
| Barclays PLC | 2.0% |
| NatWest Group PLC | 1.9% |
| Novo Nordisk A.S., "B" | 1.7% |
| BNP Paribas S.A. | 1.6% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 18.8% |
| United Kingdom | 15.3% |
| France | 13.7% |
| United States | 8.3% |
| Switzerland | 8.0% |
| Netherlands | 5.9% |
| Germany | 5.6% |
| Australia | 2.7% |
| Canada | 2.5% |
| Other Countries | 19.2% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

RSSSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Income Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Income Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $34 | 0.67% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 35990506 | Average Effective Maturity (yrs): | 8.5 |
| Total Number of Holdings: | 220 | Average Effective Duration (yrs): | 6.0 |
| Portfolio Turnover Rate (%): | 15 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 99.2% |
| Money Market Funds | 0.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 9.2% |
| AA | 7.3% |
| A | 13.2% |
| BBB | 27.3% |
| BB | 5.6% |
| B | 5.5% |
| CCC | 0.7% |
| C | 0.0% |
| U.S. Government | 28.6% |
| Federal Agencies | 0.0% |
| Not Rated | 1.8% |
| Money Market Funds | 0.8% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

SISIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Income Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Income Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $47 | 0.92% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 35990506 | Average Effective Maturity (yrs): | 8.5 |
| Total Number of Holdings: | 220 | Average Effective Duration (yrs): | 6.0 |
| Portfolio Turnover Rate (%): | 15 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 99.2% |
| Money Market Funds | 0.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 9.2% |
| AA | 7.3% |
| A | 13.2% |
| BBB | 27.3% |
| BB | 5.6% |
| B | 5.5% |
| CCC | 0.7% |
| C | 0.0% |
| U.S. Government | 28.6% |
| Federal Agencies | 0.0% |
| Not Rated | 1.8% |
| Money Market Funds | 0.8% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

SISSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Technology Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Technology Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $42 | 0.82% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 197366715 | Portfolio Turnover Rate (%): | 24 |
| Total Number of Holdings: | 55 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.7% |
| Money Market Funds | 1.3% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Meta Platforms, Inc., "A" | 12.1% |
| Microsoft Corp. | 9.2% |
| Alphabet, Inc., "A" | 7.4% |
| NVIDIA Corp. | 7.3% |
| Apple, Inc. | 5.4% |
| Broadcom, Inc. | 5.2% |
| International Business Machines Corp. | 3.7% |
| Oracle Corp. | 2.6% |
| Shopify, Inc. | 2.6% |
| ServiceNow, Inc. | 2.3% |

---

 **Top five industries**

---

| | |
|:---|:---|
| Computer Software | 33.6% |
| Interactive Media Services | 19.7% |
| Computer Software - Systems | 19.0% |
| Electronics | 18.4% |
| Business Services | 5.1% |

---

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

TKSIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Technology Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Technology Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $54 | 1.07% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 197366715 | Portfolio Turnover Rate (%): | 24 |
| Total Number of Holdings: | 55 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.7% |
| Money Market Funds | 1.3% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Meta Platforms, Inc., "A" | 12.1% |
| Microsoft Corp. | 9.2% |
| Alphabet, Inc., "A" | 7.4% |
| NVIDIA Corp. | 7.3% |
| Apple, Inc. | 5.4% |
| Broadcom, Inc. | 5.2% |
| International Business Machines Corp. | 3.7% |
| Oracle Corp. | 2.6% |
| Shopify, Inc. | 2.6% |
| ServiceNow, Inc. | 2.3% |

---

 **Top five industries**

---

| | |
|:---|:---|
| Computer Software | 33.6% |
| Interactive Media Services | 19.7% |
| Computer Software - Systems | 19.0% |
| Electronics | 18.4% |
| Business Services | 5.1% |

---

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

TKSSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Global Growth Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Global Growth Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $45 | 0.88% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 51709253 | Portfolio Turnover Rate (%):<sub>7</sub> |
| Total Number of Holdings: | 75 |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.5% |
| Money Market Funds | 3.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Microsoft Corp. | 7.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.7% |
| Visa, Inc., "A" | 3.4% |
| NVIDIA Corp. | 2.8% |
| Tencent Holdings Ltd. | 2.6% |
| HDFC Bank Ltd. | 2.4% |
| Accenture PLC, "A" | 2.3% |
| Salesforce, Inc. | 2.2% |
| STERIS PLC | 2.2% |
| TransUnion | 2.1% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 70.6% |
| France | 5.6% |
| Canada | 4.8% |
| China | 4.2% |
| Taiwan | 3.7% |
| India | 2.4% |
| Japan | 2.4% |
| Switzerland | 1.8% |
| Peru | 1.2% |
| Other Countries | 3.3% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

WGOIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Global Growth Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Global Growth Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $57 | 1.13% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 51709253 | Portfolio Turnover Rate (%):<sub>7</sub> |
| Total Number of Holdings: | 75 |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 96.5% |
| Money Market Funds | 3.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Microsoft Corp. | 7.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.7% |
| Visa, Inc., "A" | 3.4% |
| NVIDIA Corp. | 2.8% |
| Tencent Holdings Ltd. | 2.6% |
| HDFC Bank Ltd. | 2.4% |
| Accenture PLC, "A" | 2.3% |
| Salesforce, Inc. | 2.2% |
| STERIS PLC | 2.2% |
| TransUnion | 2.1% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 70.6% |
| France | 5.6% |
| Canada | 4.8% |
| China | 4.2% |
| Taiwan | 3.7% |
| India | 2.4% |
| Japan | 2.4% |
| Switzerland | 1.8% |
| Peru | 1.2% |
| Other Countries | 3.3% |

---

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

WGOSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Global Governments Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Global Governments Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $36 | 0.70% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 79092218 | Average Effective Maturity (yrs): | 8.8 |
| Total Number of Holdings: | 66 | Average Effective Duration (yrs): | 7.2 |
| Portfolio Turnover Rate (%): | 60 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.9% |
| Money Market Funds | 3.1% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 44.5% |
| Japan | 15.4% |
| Italy | 10.3% |
| United Kingdom | 6.1% |
| Greece | 5.2% |
| France | 4.0% |
| Spain | 3.9% |
| Australia | 2.2% |
| Canada | 2.0% |
| Other Countries | 6.4% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 7.5% |
| AA | 10.9% |
| A | 14.2% |
| BBB | 17.5% |
| BB | 1.1% |
| U.S. Government | 40.1% |
| Federal Agencies | 0.7% |
| Not Rated | 4.9% |
| Money Market Funds | 3.1% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

WGSIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Global Governments Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Global Governments Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $49 | 0.95% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 79092218 | Average Effective Maturity (yrs): | 8.8 |
| Total Number of Holdings: | 66 | Average Effective Duration (yrs): | 7.2 |
| Portfolio Turnover Rate (%): | 60 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 6/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.9% |
| Money Market Funds | 3.1% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 44.5% |
| Japan | 15.4% |
| Italy | 10.3% |
| United Kingdom | 6.1% |
| Greece | 5.2% |
| France | 4.0% |
| Spain | 3.9% |
| Australia | 2.2% |
| Canada | 2.0% |
| Other Countries | 6.4% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 7.5% |
| AA | 10.9% |
| A | 14.2% |
| BBB | 17.5% |
| BB | 1.1% |
| U.S. Government | 40.1% |
| Federal Agencies | 0.7% |
| Not Rated | 4.9% |
| Money Market Funds | 3.1% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

WGSSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Global Tactical Allocation Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Initial Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Global Tactical Allocation Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $40 | 0.78% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 340406523 | Portfolio Turnover Rate (%): | 54 |
| Total Number of Holdings: | 1136 |  |  |

---

PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 6/30/25)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Structure** |  | **Tactical Overlay (b)** | **Tactical Overlay (b)** | **Tactical Overlay (b)** | **Tactical Overlay (b)** |
|  |  | **Active Security<br> Selection (a)** | **Long** | **Short** | **Net Market<br> Exposure (c)** |
| **Fixed Income** | U.S. | 36.0% | 45.2% | (19.9)% | 61.3% |
|  | Emerging Markets | 15.3% | 0.0% | 0.0% | 15.3% |
|  | United Kingdom | 4.4% | 2.5% | 0.0% | 6.9% |
|  | Asia/Pacific ex-Japan | 1.9% | 0.0% | (0.9)% | 1.0% |
|  | Europe ex-U.K. | 8.7% | 2.4% | 0.0% | 11.1% |
|  | Japan | 4.5% | 2.6% | 0.0% | 7.1% |
|  | North America ex-U.S. | 2.7% | 0.0% | (0.5)% | 2.2% |
|  | Supranational | 0.9% | 0.0% | 0.0% | 0.9% |
|  | **Total** | **74.4%** | **52.7%** | **(21.3)%** | **105.8%** |
| **Equity** | Europe ex-U.K. | 7.0% | 4.8% | (2.0)% | 9.8% |
|  | U.S. Large Cap | 10.6% | 0.0% | (1.8)% | 8.8% |
|  | U.S. Small/Mid Cap | 7.6% | 0.0% | (3.4)% | 4.2% |
|  | Emerging Markets | 2.2% | 6.7% | (5.0)% | 3.9% |
|  | North America ex-U.S. | 0.5% | 2.4% | 0.0% | 2.9% |
|  | United Kingdom | 3.3% | 0.2% | 0.0% | 3.5% |
|  | Japan | 2.6% | 0.0% | (3.3)% | (0.7)% |
|  | Asia/Pacific ex-Japan | 0.4% | 4.9% | (1.4)% | 3.9% |
|  | **Total** | **34.2%** | **19.0%** | **(16.9)%** | **36.3%** |
| **Real Estate-related** | U.S. | 0.5% | 0.0% | 0.0% | 0.5% |
|  | Non-U.S. | 0.3% | 0.0% | 0.0% | 0.3% |
|  | **Total** | **0.8%** | **0.0%** | **0.0%** | **0.8%** |
| **Cash** | Cash & Cash Equivalents (d) |  |  |  | **4.3%** |
|  | Other (e) |  |  |  | **(47.2)%** |
|  | **Total Net Exposure Summary** | **Total Net Exposure Summary** |  |  | **100.0%** |

---

(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.

(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.

(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.

(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.

(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.

Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

WTSIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Global Tactical Allocation Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1139.jpg)

Service Class

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Global Tactical Allocation Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at insurancefunds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $53 | 1.03% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 340406523 | Portfolio Turnover Rate (%): | 54 |
| Total Number of Holdings: | 1136 |  |  |

---

PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 6/30/25)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Structure** |  | **Tactical Overlay (b)** | **Tactical Overlay (b)** | **Tactical Overlay (b)** | **Tactical Overlay (b)** |
|  |  | **Active Security<br> Selection (a)** | **Long** | **Short** | **Net Market<br> Exposure (c)** |
| **Fixed Income** | U.S. | 36.0% | 45.2% | (19.9)% | 61.3% |
|  | Emerging Markets | 15.3% | 0.0% | 0.0% | 15.3% |
|  | United Kingdom | 4.4% | 2.5% | 0.0% | 6.9% |
|  | Asia/Pacific ex-Japan | 1.9% | 0.0% | (0.9)% | 1.0% |
|  | Europe ex-U.K. | 8.7% | 2.4% | 0.0% | 11.1% |
|  | Japan | 4.5% | 2.6% | 0.0% | 7.1% |
|  | North America ex-U.S. | 2.7% | 0.0% | (0.5)% | 2.2% |
|  | Supranational | 0.9% | 0.0% | 0.0% | 0.9% |
|  | **Total** | **74.4%** | **52.7%** | **(21.3)%** | **105.8%** |
| **Equity** | Europe ex-U.K. | 7.0% | 4.8% | (2.0)% | 9.8% |
|  | U.S. Large Cap | 10.6% | 0.0% | (1.8)% | 8.8% |
|  | U.S. Small/Mid Cap | 7.6% | 0.0% | (3.4)% | 4.2% |
|  | Emerging Markets | 2.2% | 6.7% | (5.0)% | 3.9% |
|  | North America ex-U.S. | 0.5% | 2.4% | 0.0% | 2.9% |
|  | United Kingdom | 3.3% | 0.2% | 0.0% | 3.5% |
|  | Japan | 2.6% | 0.0% | (3.3)% | (0.7)% |
|  | Asia/Pacific ex-Japan | 0.4% | 4.9% | (1.4)% | 3.9% |
|  | **Total** | **34.2%** | **19.0%** | **(16.9)%** | **36.3%** |
| **Real Estate-related** | U.S. | 0.5% | 0.0% | 0.0% | 0.5% |
|  | Non-U.S. | 0.3% | 0.0% | 0.0% | 0.3% |
|  | **Total** | **0.8%** | **0.0%** | **0.0%** | **0.8%** |
| **Cash** | Cash & Cash Equivalents (d) |  |  |  | **4.3%** |
|  | Other (e) |  |  |  | **(47.2)%** |
|  | **Total Net Exposure Summary** | **Total Net Exposure Summary** |  |  | **100.0%** |

---

(a) Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time.

(b) Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions.

(c) For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts.

(d) Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities.

(e) Other includes currency derivatives and/or the offsetting of the leverage produced by derivative positions.

Portfolio Composition presents the value of securities, including equivalent exposure of derivative positions. Equivalent exposure is a reasonable approximation of the amount of the underlying asset the portfolio would have to hold to have the same price sensitivity of the derivative contract. Bonds include any accrued interest amounts.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at insurancefunds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

WTSSC-SEM

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1(b):
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 2. CODE OF ETHICS.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the "Code") that relates to an element of the Code's definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.

------

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 6. INVESTMENTS
A schedule of investments for each series covered by this Form N-CSR is included in the financial statements of such series under Item 7 of this Form N-CSR.

------

MFS Technology Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Technology Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 98.6% | Common Stocks – 98.6% | Common Stocks – 98.6% |
| Business Services – 5.0% | Business Services – 5.0% |  |
| Accenture PLC, "A" | 14364 | &nbsp;&nbsp; $4293256 |
| Factset Research Systems, Inc. | 5752 | &nbsp;&nbsp; 2572755 |
| Verisk Analytics, Inc., "A" | 5698 | &nbsp;&nbsp; 1774927 |
| Zscaler, Inc. (a) | 3977 | &nbsp;&nbsp; 1248539 |
|  |  | &nbsp;&nbsp; $9889477 |
| Computer Software – 33.1% | Computer Software – 33.1% |  |
| Atlassian Corp. (a) | 10339 | &nbsp;&nbsp; $2099748 |
| Cadence Design Systems, Inc. (a) | 5357 | &nbsp;&nbsp; 1650760 |
| Constellation Software, Inc. | 559 | &nbsp;&nbsp; 2049715 |
| CrowdStrike Holdings, Inc. (a) | 2095 | &nbsp;&nbsp; 1067004 |
| Datadog, Inc., "A" (a) | 22091 | &nbsp;&nbsp; 2967484 |
| DocuSign, Inc. (a) | 43419 | &nbsp;&nbsp; 3381906 |
| Guidewire Software, Inc. (a) | 11309 | &nbsp;&nbsp; 2662704 |
| HubSpot, Inc. (a) | 4556 | &nbsp;&nbsp; 2536006 |
| Intuit, Inc. | 3986 | &nbsp;&nbsp; 3139493 |
| Microsoft Corp. (s) | 36348 | &nbsp;&nbsp; 18079859 |
| Okta, Inc. (a) | 23429 | &nbsp;&nbsp; 2342197 |
| Oracle Corp. | 23917 | &nbsp;&nbsp; 5228974 |
| Palantir Technologies, Inc. (a) | 17127 | &nbsp;&nbsp; 2334753 |
| Palo Alto Networks, Inc. (a) | 5133 | &nbsp;&nbsp; 1050417 |
| Salesforce, Inc. | 10594 | &nbsp;&nbsp; 2888878 |
| SentinelOne, Inc., "A" (a) | 26604 | &nbsp;&nbsp; 486321 |
| ServiceNow, Inc. (a) | 4343 | &nbsp;&nbsp; 4464951 |
| ServiceTitan, Inc., "A" (a) | 12289 | &nbsp;&nbsp; 1317135 |
| Snowflake, Inc., "A" (a) | 15363 | &nbsp;&nbsp; 3437778 |
| Tyler Technologies, Inc. (a) | 3579 | &nbsp;&nbsp; 2121774 |
|  |  | &nbsp;&nbsp; $65307857 |
| Computer Software - Systems – 18.7% | Computer Software - Systems – 18.7% |  |
| Apple, Inc. | 51696 | &nbsp;&nbsp; $10606468 |
| Arista Networks, Inc. (a) | 9110 | &nbsp;&nbsp; 932044 |
| CDW Corp. | 5222 | &nbsp;&nbsp; 932597 |
| Cisco Systems, Inc. | 55537 | &nbsp;&nbsp; 3853157 |
| Descartes Systems Group, Inc. (a) | 27125 | &nbsp;&nbsp; 2755426 |
| EPAM Systems, Inc. (a) | 11899 | &nbsp;&nbsp; 2103981 |
| Hitachi Ltd. | 115700 | &nbsp;&nbsp; 3378483 |
| International Business Machines Corp. | 24551 | &nbsp;&nbsp; 7237144 |
| Shopify, Inc. (a) | 44473 | &nbsp;&nbsp; 5129961 |
|  |  | &nbsp;&nbsp; $36929261 |
| Consumer Services – 0.5% | Consumer Services – 0.5% |  |
| Booking Holdings, Inc. | 160 | &nbsp;&nbsp; $926278 |
| Electrical Equipment – 0.9% | Electrical Equipment – 0.9% |  |
| Amphenol Corp., "A" | 17205 | &nbsp;&nbsp; $1698994 |
| Electronics – 18.2% | Electronics – 18.2% |  |
| Analog Devices, Inc. | 7114 | &nbsp;&nbsp; $1693274 |
| Applied Materials, Inc. | 7550 | &nbsp;&nbsp; 1382179 |
| Broadcom, Inc. | 36998 | &nbsp;&nbsp; 10198499 |

---

TKSFS-SEM

------

MFS Technology Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electronics – continued | Electronics – continued |  |
| KLA Corp. | 1390 | &nbsp;&nbsp; $1245079 |
| Lam Research Corp. | 13890 | &nbsp;&nbsp; 1352053 |
| MACOM Technology Solutions Holdings, Inc. (a) | 5015 | &nbsp;&nbsp; 718599 |
| Marvell Technology, Inc. | 11028 | &nbsp;&nbsp; 853567 |
| NVIDIA Corp. (s) | 91752 | &nbsp;&nbsp; 14495898 |
| Onto Innovation, Inc. (a) | 5619 | &nbsp;&nbsp; 567126 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 71000 | &nbsp;&nbsp; 2576338 |
| Teradyne, Inc. | 8855 | &nbsp;&nbsp; 796242 |
|  |  | &nbsp;&nbsp; $35878854 |
| Insurance – 0.5% | Insurance – 0.5% |  |
| Aon PLC | 2848 | &nbsp;&nbsp; $1016053 |
| Interactive Media Services – 19.5% | Interactive Media Services – 19.5% |  |
| Alphabet, Inc., "A" (s) | 82364 | &nbsp;&nbsp; $14515008 |
| Meta Platforms, Inc., "A" (s) | 32386 | &nbsp;&nbsp; 23903783 |
|  |  | &nbsp;&nbsp; $38418791 |
| Internet – 0.1% | Internet – 0.1% |  |
| Gartner, Inc. (a) | 583 | &nbsp;&nbsp; $235660 |
| Leisure & Toys – 0.3% | Leisure & Toys – 0.3% |  |
| Take-Two Interactive Software, Inc. (a) | 2370 | &nbsp;&nbsp; $575555 |
| Other Banks & Diversified Financials – 0.9% | Other Banks & Diversified Financials – 0.9% |  |
| S&P Global, Inc. | 3498 | &nbsp;&nbsp; $1844460 |
| Specialty Stores – 0.9% | Specialty Stores – 0.9% |  |
| Amazon.com, Inc. (a)(s) | 8601 | &nbsp;&nbsp; $1886973 |
| **Total Common Stocks (Identified Cost, $110,589,599)** |  | &nbsp;&nbsp; **$194608213** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strike** <br>**Price**<br>| &nbsp;&nbsp; **First** <br>**Exercise**<br>|  |  |
| Warrants – 0.0% |  |  |  |  |
| Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% |
| Constellation Software, Inc. (CAD 100 principal amount of Series 2 Debentures for 1 warrant, Expiration 3/31/40) (a) <br> (Identified Cost, $0)<br>| CAD 11.5 | N/A | 849 | &nbsp;&nbsp; $0 |

---

---

| | | |
|:---|:---|:---|
| Mutual Funds (h) – 1.3% | Mutual Funds (h) – 1.3% | Mutual Funds (h) – 1.3% |
| Money Market Funds – 1.3% | Money Market Funds – 1.3% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $2,562,681) | 2562676 | &nbsp;&nbsp; $2562932 |
| Other Assets, Less Liabilities – 0.1% |  | &nbsp;&nbsp; 195570 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$197366715** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $2,562,932 and $194,608,213, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Security or a portion of the security was pledged to cover collateral requirements.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

------

MFS Technology Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | |
|:---|:---|
| 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 <br> abbreviations is shown below: | 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 <br> abbreviations is shown below: |
| CAD | Canadian Dollar |

---

At June 30, 2025, the fund had cash collateral of $5,171 and other liquid securities collateral with an aggregate value of $630,067. Restricted cash and/or deposits with brokers in the Statement of Assets and Liabilities are comprised of cash collateral.

**See Notes to Financial Statements**

------

MFS Technology Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $110,589,599) | &nbsp;&nbsp; $194608213 |
| Investments in affiliated issuers, at value (identified cost, $2,562,681) | &nbsp;&nbsp; 2562932 |
| Foreign currency, at value (identified cost, $6) | &nbsp;&nbsp; 6 |
| Deposits with brokers | &nbsp;&nbsp; 5171 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 303962 |
| Interest and dividends | &nbsp;&nbsp; 21279 |
| Other assets | &nbsp;&nbsp; 453 |
| Total assets | &nbsp;&nbsp; $197502016 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $58528 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 15726 |
| Administrative services fee | &nbsp;&nbsp; 393 |
| Shareholder servicing costs | &nbsp;&nbsp; 116 |
| Distribution and/or service fees | &nbsp;&nbsp; 4502 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 1047 |
| Payable for audit and tax fees | &nbsp;&nbsp; 36418 |
| Payable for shareholder communications | &nbsp;&nbsp; 13705 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 4866 |
| Total liabilities | &nbsp;&nbsp; $135301 |
| Net assets | &nbsp;&nbsp; $197366715 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $83742341 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 113624374 |
| Net assets | &nbsp;&nbsp; $197366715 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 4897509 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $30954806 | &nbsp;&nbsp;&nbsp; 713043 | &nbsp;&nbsp;&nbsp; $43.41 |
| Service Class | &nbsp;&nbsp;&nbsp; 166411909 | &nbsp;&nbsp;&nbsp; 4184466 | &nbsp;&nbsp;&nbsp;&nbsp;39.77 |

---

**See Notes to Financial Statements**

------

MFS Technology Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $514353 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 87351 |
| Income on securities loaned | &nbsp;&nbsp; 3684 |
| Other | &nbsp;&nbsp; 1872 |
| Foreign taxes withheld | &nbsp;&nbsp; (5662)<br>|
| Total investment income | &nbsp;&nbsp; $601598 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $655763 |
| Distribution and/or service fees | &nbsp;&nbsp; 183222 |
| Shareholder servicing costs | &nbsp;&nbsp; 3464 |
| Administrative services fee | &nbsp;&nbsp; 16922 |
| Independent Trustees' compensation | &nbsp;&nbsp; 2871 |
| Custodian fee | &nbsp;&nbsp; 6442 |
| Audit and tax fees | &nbsp;&nbsp; 37805 |
| Legal fees | &nbsp;&nbsp; 467 |
| Miscellaneous | &nbsp;&nbsp; 9228 |
| Total expenses | &nbsp;&nbsp; $916184 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (12162)<br>|
| Net expenses | &nbsp;&nbsp; $904022 |
| Net investment income (loss) | &nbsp;&nbsp; $(302424)<br>|
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $4122672 |
| Affiliated issuers | &nbsp;&nbsp; (455)<br>|
| Foreign currency | &nbsp;&nbsp; 844 |
| Net realized gain (loss)  | &nbsp;&nbsp; $4123061 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $6465516 |
| Affiliated issuers | &nbsp;&nbsp; (244)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 172 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $6465444 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $10588505 |
| Change in net assets from operations | &nbsp;&nbsp; $10286081 |

---

**See Notes to Financial Statements**

------

MFS Technology Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $(302424)<br>| &nbsp;&nbsp; $(640499)<br>|
| Net realized gain (loss) | 4123061 | &nbsp;&nbsp; 26972696 |
| Net unrealized gain (loss) | 6465444 | &nbsp;&nbsp; 22750628 |
| Change in net assets from operations | $10286081 | &nbsp;&nbsp; $49082825 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(1721497)<br>|
| Change in net assets from fund share transactions | $6285583 | &nbsp;&nbsp; $(4117716)<br>|
| Total change in net assets | $16571664 | &nbsp;&nbsp; $43243612 |
| **Net assets** |  |  |
| At beginning of period | 180795051 | &nbsp;&nbsp; 137551439 |
| At end of period | $197366715 | &nbsp;&nbsp; $180795051 |

---

**See Notes to Financial Statements**

------

MFS Technology Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $41.22 | &nbsp;&nbsp; $30.43 | &nbsp;&nbsp; $19.73 | &nbsp;&nbsp; $33.58 | &nbsp;&nbsp; $31.10 | &nbsp;&nbsp; $21.18 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.03)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.14)<br>|
| Net realized and unrealized gain (loss) | 2.22 | &nbsp;&nbsp;&nbsp;&nbsp;11.23 | &nbsp;&nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp; (11.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;10.06 |
| Total from investment operations | $2.19 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $10.70 | &nbsp;&nbsp; $(11.63)<br>| &nbsp;&nbsp; $4.26 | &nbsp;&nbsp; $9.92 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $— | &nbsp;&nbsp; $(0.37)<br>| $— | &nbsp;&nbsp; $(2.22)<br>| &nbsp;&nbsp; $(1.78)<br>| $— |
| Net asset value, end of period (x) | $43.41 | &nbsp;&nbsp; $41.22 | &nbsp;&nbsp; $30.43 | &nbsp;&nbsp; $19.73 | &nbsp;&nbsp; $33.58 | &nbsp;&nbsp; $31.10 |
| Total return (%) (k)(r)(s)(x) | 5.31<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;36.80 | &nbsp;&nbsp;&nbsp;&nbsp;54.23 | &nbsp;&nbsp; (35.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.68 | &nbsp;&nbsp;&nbsp;&nbsp;46.84 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.84<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Expenses after expense reductions | 0.82<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Net investment income (loss) | (0.14)(a)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.55)<br>|
| Portfolio turnover rate | 24<br> (n)<br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 57 |
| Net assets at end of period (000 omitted) | $30955 | &nbsp;&nbsp; $30905 | &nbsp;&nbsp; $24700 | &nbsp;&nbsp; $17106 | &nbsp;&nbsp; $28740 | &nbsp;&nbsp; $28768 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |

---

**See Notes to Financial Statements**

------

MFS Technology Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $37.81 | &nbsp;&nbsp; $28.01 | &nbsp;&nbsp; $18.21 | &nbsp;&nbsp; $31.29 | &nbsp;&nbsp; $29.15 | &nbsp;&nbsp; $19.91 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.07)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.19)<br>|
| Net realized and unrealized gain (loss) | 2.03 | &nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp; (10.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;9.43 |
| Total from investment operations | $1.96 | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $9.80 | &nbsp;&nbsp; $(10.86)<br>| &nbsp;&nbsp; $3.92 | &nbsp;&nbsp; $9.24 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net realized gain | $— | &nbsp;&nbsp; $(0.37)<br>| $— | &nbsp;&nbsp; $(2.22)<br>| &nbsp;&nbsp; $(1.78)<br>| $— |
| Net asset value, end of period (x) | $39.77 | &nbsp;&nbsp; $37.81 | &nbsp;&nbsp; $28.01 | &nbsp;&nbsp; $18.21 | &nbsp;&nbsp; $31.29 | &nbsp;&nbsp; $29.15 |
| Total return (%) (k)(r)(s)(x) | 5.18<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;36.45 | &nbsp;&nbsp;&nbsp;&nbsp;53.82 | &nbsp;&nbsp; (35.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.43 | &nbsp;&nbsp;&nbsp;&nbsp;46.41 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.09<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Expenses after expense reductions | 1.07<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Net investment income (loss) | (0.39)(a)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.81)<br>|
| Portfolio turnover rate | 24<br> (n)<br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 57 |
| Net assets at end of period (000 omitted) | $166412 | &nbsp;&nbsp; $149890 | &nbsp;&nbsp; $112852 | &nbsp;&nbsp; $80955 | &nbsp;&nbsp; $105624 | &nbsp;&nbsp; $75544 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Technology Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Technology Portfolio (the fund) is a non-diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests primarily in securities of issuers in the technology industry. Issuers in a single industry can react similarly to market, currency, political, economic, regulatory, geopolitical, environmental, public health, and other conditions. The value of stocks in the technology sector can be very volatile due to the rapid pace of product change, technological developments, the negative impact of regulation, and other factors.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and

------

MFS Technology Portfolio

*Notes to Financial Statements (unaudited) - continued* 

market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the 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 halt 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 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. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $178718290 | $— | $— | $178718290 |
| Canada | 9935102 | 0 |  | 9935102 |
| Japan | 3378483 |  |  | 3378483 |
| Taiwan | 2576338 |  |  | 2576338 |
| Investment Companies | 2562932 |  |  | 2562932 |
| Total | $197171145 | $0 | $— | $197171145 |

---

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

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the

------

MFS Technology Portfolio

*Notes to Financial Statements (unaudited) - continued* 

Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At June 30, 2025, there were no securities on loan or collateral outstanding.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to wash sale loss deferrals and straddle loss deferrals.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Long-term capital gains | &nbsp;&nbsp; $1721497 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $113601089 |
| Gross appreciation | &nbsp;&nbsp; 85407516 |
| Gross depreciation | &nbsp;&nbsp; (1837460)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $83570056 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 4667679 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 21565879 |
| Other temporary differences | &nbsp;&nbsp; (49)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 77104784 |

---

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

------

MFS Technology Portfolio

*Notes to Financial Statements (unaudited) - continued* 

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $281328 |
| Service Class |  | &nbsp;&nbsp; 1440169 |
| Total | $— | &nbsp;&nbsp; $1721497 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $1 billion | 0.75% |
| In excess of $1 billion | 0.70% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $12,162, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.74% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses (such as short sale dividend and interest expenses incurred in connection with the fund's investment activity), such that total annual operating expenses do not exceed 1.00% of average daily net assets for the Initial Class shares and 1.25% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, the fund's actual operating expenses did not exceed the limit and therefore, the investment adviser did not pay any portion of the fund's expenses related to this agreement.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $3,127, which equated to 0.0036% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $337.

------

MFS Technology Portfolio

*Notes to Financial Statements (unaudited) - continued* 

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0193% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended June 30, 2025, this reimbursement amounted to $1,734, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, aggregated $49,962,828 and $42,229,492, respectively.

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 43632 | &nbsp;&nbsp; $1723480 | &nbsp;&nbsp; 88994 | &nbsp;&nbsp; $3265893 |
| Service Class | 622452 | &nbsp;&nbsp; 22133124 | &nbsp;&nbsp; 748171 | &nbsp;&nbsp; 25258318 |
|  | 666084 | &nbsp;&nbsp; $23856604 | &nbsp;&nbsp; 837165 | &nbsp;&nbsp; $28524211 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 7544 | &nbsp;&nbsp; $281328 |
| Service Class |  |  | &nbsp;&nbsp; 42073 | &nbsp;&nbsp; 1440169 |
|  |  | $— | &nbsp;&nbsp; 49617 | &nbsp;&nbsp; $1721497 |
| Shares reacquired |  |  |  |  |
| Initial Class | (80307)<br>| &nbsp;&nbsp; $(3243801)<br>| &nbsp;&nbsp; (158389)<br>| &nbsp;&nbsp; $(5728987)<br>|
| Service Class | (402309)<br>| &nbsp;&nbsp; (14327220)<br>| &nbsp;&nbsp; (855011)<br>| &nbsp;&nbsp; (28634437)<br>|
|  | (482616)<br>| &nbsp;&nbsp; $(17571021)<br>| &nbsp;&nbsp; (1013400)<br>| &nbsp;&nbsp; $(34363424)<br>|
| Net change |  |  |  |  |
| Initial Class | (36675)<br>| &nbsp;&nbsp; $(1520321)<br>| &nbsp;&nbsp; (61851)<br>| &nbsp;&nbsp; $(2181766)<br>|
| Service Class | 220143 | &nbsp;&nbsp; 7805904 | &nbsp;&nbsp; (64767)<br>| &nbsp;&nbsp; (1935950)<br>|
|  | 183468 | &nbsp;&nbsp; $6285583 | &nbsp;&nbsp; (126618)<br>| &nbsp;&nbsp; $(4117716)<br>|

---

------

MFS Technology Portfolio

*Notes to Financial Statements (unaudited) - continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $405 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in 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 following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $4592991 | &nbsp;&nbsp; $17206874 | &nbsp;&nbsp; $19236234 | &nbsp;&nbsp; $(455)<br>| &nbsp;&nbsp; $(244)<br>| &nbsp;&nbsp; $2562932 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $87351 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Technology Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Technology Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Technology Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Income Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Income Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 98.1% | Bonds – 98.1% | Bonds – 98.1% |
| Aerospace & Defense – 1.4% | Aerospace & Defense – 1.4% | Aerospace & Defense – 1.4% |
| Boeing Co., 6.528%, 5/01/2034  | $17000 | &nbsp;&nbsp; $18471 |
| Boeing Co., 5.705%, 5/01/2040  | 34000 | &nbsp;&nbsp; 33590 |
| Boeing Co., 5.805%, 5/01/2050  | 159000 | &nbsp;&nbsp; 152481 |
| Boeing Co., 6.858%, 5/01/2054  | 32000 | &nbsp;&nbsp; 35031 |
| Bombardier, Inc., 7.5%, 2/01/2029 (n) | 100000 | &nbsp;&nbsp; 104996 |
| TransDigm, Inc., 4.625%, 1/15/2029  | 175000 | &nbsp;&nbsp; 171709 |
|  |  | &nbsp;&nbsp; $516278 |
| Asset-Backed & Securitized – 24.8% | Asset-Backed & Securitized – 24.8% | Asset-Backed & Securitized – 24.8% |
| ACREC 2025-FL3 LLC, "C", FLR, 6.605% (SOFR - 1mo. + 2.291%), 8/18/2042 (n) | $40373 | &nbsp;&nbsp; $40224 |
| Affirm Asset Securitization Trust, 2024-X2, "A", 5.22%, 12/17/2029 (n) | 46179 | &nbsp;&nbsp; 46202 |
| Affirm, Inc., 5.08%, 4/15/2030 (n) | 92336 | &nbsp;&nbsp; 92423 |
| AGL CLO 1 Ltd., 2019-1A, "BRR", FLR, 5.919% (SOFR - 3mo. + 1.65%), 10/20/2034 (n) | 250000 | &nbsp;&nbsp; 250005 |
| American Credit Acceptance Receivables Trust, 2024-2, "B", 6.1%, 12/13/2027 (n) | 27000 | &nbsp;&nbsp; 27132 |
| American Credit Acceptance Receivables Trust, 2024-2, "C", 6.24%, 4/12/2030 (n) | 64000 | &nbsp;&nbsp; 64757 |
| Angel Oak Mortgage Trust, 2024-10, "A1", 5.348%, 10/25/2069 (n) | 106957 | &nbsp;&nbsp; 106720 |
| Angel Oak Mortgage Trust, 2024-12, "A1", 5.653%, 10/25/2069 (n) | 97440 | &nbsp;&nbsp; 97671 |
| Angel Oak Mortgage Trust, 2024-9, "A1", 5.138%, 9/25/2069 (n) | 59427 | &nbsp;&nbsp; 59111 |
| Arbor Realty Trust, Inc., CLO, 2021-FL3, "D", FLR, 6.626% ((SOFR - 1mo. + 0.11448%) + 2.2%), 8/15/2034 (n) | 100000 | &nbsp;&nbsp; 99329 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "A", FLR, 5.776% ((SOFR - 1mo. + 0.11448%) + 1.35%), 11/15/2036 (n) | 161708 | &nbsp;&nbsp; 161624 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "D", FLR, 7.326% ((SOFR - 1mo. + 0.11448%) + 2.9%), 11/15/2036 (n) | 256500 | &nbsp;&nbsp; 256305 |
| AREIT 2025-CRE10 Ltd., "B", FLR, 6.155% (SOFR - 1mo. + 1.8419%), 1/17/2030 (n) | 100000 | &nbsp;&nbsp; 99501 |
| ARI Fleet Lease Trust, 2023-B, "A2", 6.05%, 7/15/2032 (n) | 53235 | &nbsp;&nbsp; 53661 |
| Bain Capital Credit CLO Ltd., 2020-3A, "CRR", FLR, 6.179% (SOFR - 3mo. + 1.9%), 10/23/2034 (n) | 200000 | &nbsp;&nbsp; 200243 |
| Bain Capital Credit CLO Ltd., 2021-4A, "CR", FLR, 6.219% (SOFR - 3mo. + 1.95%), 10/20/2034 (n) | 197222 | &nbsp;&nbsp; 197333 |
| Bayview Financial Revolving Mortgage Loan Trust, FLR, 6.041% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n) | 26383 | &nbsp;&nbsp; 53930 |
| BDS 2024-FL13 Ltd., "A", FLR, 5.893% (SOFR - 1mo. + 1.5762%), 9/19/2039 (n) | 100000 | &nbsp;&nbsp; 100246 |
| Black Diamond CLO Ltd., 2019-2A, "BR", FLR, 7.029% (SOFR - 3mo. + 2.75%), 7/23/2032 (n) | 250000 | &nbsp;&nbsp; 250087 |
| BMP Commercial Mortgage Trust, 2024-MF23, "C", FLR, 6.153% (SOFR - 1mo. + 1.8413%), 6/15/2041 (n) | 100000 | &nbsp;&nbsp; 100125 |
| BMP Commercial Mortgage Trust, 2024-MF23, "D", FLR, 6.702% (SOFR - 1mo. + 2.3905%), 6/15/2041 (n) | 100000 | &nbsp;&nbsp; 100125 |
| BSPRT 2024-FL1 Issuer Ltd., "AS", FLR, 6.406% (SOFR - 1mo. + 2.095%), 7/15/2039 (n) | 100000 | &nbsp;&nbsp; 100500 |
| Business Jet Securities LLC, 2024-2A, "A", 5.364%, 9/15/2039 (n) | 88525 | &nbsp;&nbsp; 88730 |
| Colt Funding LLC, 2025-1, "A1", 5.699%, 1/25/2070 (n) | 94879 | &nbsp;&nbsp; 95483 |
| Colt Funding LLC, 2024-1, "A1", 5.835%, 2/25/2069 (n) | 95278 | &nbsp;&nbsp; 95653 |
| Colt Funding LLC, 2024-2, "A1", 6.125%, 4/25/2069 (n) | 70154 | &nbsp;&nbsp; 70694 |
| Colt Funding LLC, 2024-5, "A1", 5.123%, 8/25/2069 (n) | 96067 | &nbsp;&nbsp; 95697 |
| Commercial Mortgage Pass-Through Certificates, 2023-BNK46, "B", 6.999%, 8/15/2056  | 93513 | &nbsp;&nbsp; 99800 |
| Commercial Mortgage Pass-Through Certificates, 2024-CBM, "B", 6.511%, 12/10/2041 (n) | 187500 | &nbsp;&nbsp; 190314 |
| Consumers 2023 Securitization Funding LLC, 5.55%, 3/01/2028  | 57254 | &nbsp;&nbsp; 57655 |
| Crest Ltd., CDO, 7% (0.001% Cash or 7% PIK), 1/28/2040 (a)(p) | 933316 | &nbsp;&nbsp; 9 |
| DLLST LLC, 2024-1A, "A2", 5.33%, 1/20/2026 (n) | 6837 | &nbsp;&nbsp; 6841 |
| Dryden Senior Loan Fund, 2022-104A, "BR", FLR, 6.071% (SOFR - 3mo. + 1.75%), 8/20/2034 (n) | 250000 | &nbsp;&nbsp; 250085 |
| Dryden Senior Loan Fund, 2022-113A, "BR2", CLO, FLR, 5.906% (SOFR - 3mo. + 1.65%), 10/15/2037 (n) | 250000 | &nbsp;&nbsp; 250501 |
| Dwight 2025-FL1 Issuer LLC, FLR, 6.591% (SOFR - 1mo. + 2.286%), 9/18/2042 (n) | 111500 | &nbsp;&nbsp; 111535 |
| ELM Trust, 2024-ELM, "D10", 6.626%, 6/10/2039 (n) | 100000 | &nbsp;&nbsp; 100339 |
| EQT Trust, 2024-EXTR, "B", 5.654%, 7/05/2041 (n) | 100000 | &nbsp;&nbsp; 101665 |
| EQT Trust, 2024-EXTR, "C", 6.046%, 7/05/2041 (n) | 100000 | &nbsp;&nbsp; 101830 |
| Exeter Automobile Receivables Trust, 2025-1A, "A", 4.7%, 9/15/2027  | 46777 | &nbsp;&nbsp; 46778 |
| KREF 2021-FL2 Ltd., "D", FLR, 6.628% ((SOFR - 1mo. + 0.11448%) + 2.2%), 2/15/2039 (n) | 163000 | &nbsp;&nbsp; 159115 |
| LoanCore 2025-CRE8 Ltd., "B", FLR, 6.154% (SOFR - 1mo. + 1.8412%), 8/17/2042 (n) | 117500 | &nbsp;&nbsp; 116472 |
| MF1 2020-FL4 Ltd., "B", FLR, 7.178% ((SOFR - 1mo. + 0.11448%) + 2.75%), 12/15/2035 (n) | 250000 | &nbsp;&nbsp; 250156 |

---

SISFS-SEM

------

MFS Income Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| MF1 2024-FL14 LLC, "C", FLR, 7.606% (SOFR - 1mo. + 3.289%), 3/19/2039 (n) | $100000 | &nbsp;&nbsp; $100400 |
| MF1 2024-FL15 LLC, "B", FLR, 6.805% (SOFR - 1mo. + 2.491%), 8/18/2041 (n) | 100000 | &nbsp;&nbsp; 100100 |
| MF1 2024-FL15 LLC, "C", FLR, 7.254% (SOFR - 1mo. + 2.94%), 8/18/2041 (n) | 100000 | &nbsp;&nbsp; 100152 |
| MF1 2024-FL16 LLC, "B", FLR, 6.456% (SOFR - 1mo. + 2.142%), 11/18/2039 (n) | 100000 | &nbsp;&nbsp; 99625 |
| MF1 2024-FL16 LLC, "C", FLR, 6.856% (SOFR - 1mo. + 2.542%), 11/18/2039 (n) | 120000 | &nbsp;&nbsp; 119325 |
| MF1 2025-FL17 LLC, "B", FLR, 6.106% (SOFR - 1mo. + 1.792%), 2/18/2040 (n) | 100000 | &nbsp;&nbsp; 99157 |
| MF1 2025-FL17 LLC, "C", FLR, 6.406% (SOFR - 1mo. + 2.092%), 2/18/2040 (n) | 100000 | &nbsp;&nbsp; 99162 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, "A-1", 6.152%, 12/25/2068 (n) | 88118 | &nbsp;&nbsp; 88761 |
| MSWF Commercial Mortgage Trust, 2023-2, "A5", 6.014%, 12/15/2056  | 73785 | &nbsp;&nbsp; 79019 |
| MSWF Commercial Mortgage Trust, 2023-2, "AS", 6.491%, 12/15/2056  | 50728 | &nbsp;&nbsp; 54645 |
| Neuberger Berman CLO Ltd., 2013-15A, "CR2", FLR, 6.367% ((SOFR - 3mo. + 0.26161%) + 1.85%), 10/15/2029 (n) | 250000 | &nbsp;&nbsp; 250212 |
| New Residential Mortgage Loan Trust, 2024-NQMI, "A-1", 6.129%, 3/25/2064 (n) | 164939 | &nbsp;&nbsp; 165826 |
| Northwoods Capital Ltd., 2018-14BA, "BR", FLR, 6.158% (SOFR - 3mo. + 1.85%), 11/13/2031 (n) | 250000 | &nbsp;&nbsp; 250171 |
| OBX Trust, 2024-NQM14, "A1", 4.944%, 9/25/2064 (n) | 84619 | &nbsp;&nbsp; 84132 |
| OBX Trust, 2024-NQM3, "A1", 6.129%, 12/25/2063 (n) | 67557 | &nbsp;&nbsp; 68086 |
| OBX Trust, 2025-NQM1, "A1", 5.547%, 12/25/2064 (n) | 91897 | &nbsp;&nbsp; 92220 |
| Palmer Square Loan Funding 2024-3A Ltd., "A-2", FLR, 5.957% (SOFR - 3mo. + 1.65%), 8/08/2032 (n) | 250000 | &nbsp;&nbsp; 250132 |
| PFP III 2024-11 Ltd., "AS", FLR, 6.5% (SOFR - 1mo. + 2.18957%), 9/17/2039 (n) | 271725 | &nbsp;&nbsp; 272660 |
| ReadyCap Commercial Mortgage Trust, 2021-FL7, "D", FLR, 7.383% ((SOFR - 1mo. + 0.11448%) + 2.95%), 11/25/2036 (n) | 120000 | &nbsp;&nbsp; 119876 |
| Santander Drive Auto Receivables Trust, 2025-1, 4.74%, 1/16/2029  | 55000 | &nbsp;&nbsp; 55212 |
| Shackleton 2015-7RA CLO Ltd., "B", FLR, 5.906% (SOFR - 3mo. + 1.65%), 7/15/2031 (n) | 250000 | &nbsp;&nbsp; 250044 |
| SHR Trust, 2024-LXRY, "B", 6.761%, 10/15/2041 (n) | 159636 | &nbsp;&nbsp; 159536 |
| Stellantis Finance US, Inc., 4.63%, 7/20/2027 (n) | 72708 | &nbsp;&nbsp; 72883 |
| STORE Master Funding LLC, 2024-1A, "A3", 5.93%, 5/20/2054 (n) | 99417 | &nbsp;&nbsp; 100423 |
| STORE Master Funding LLC, 2024-1A, "A4", 5.94%, 5/20/2054 (n) | 99417 | &nbsp;&nbsp; 101705 |
| UBS Commercial Mortgage Trust, 2017-C7, "A4", 3.679%, 12/15/2050  | 155000 | &nbsp;&nbsp; 151931 |
| Venture CLO 43 Ltd., 2021-43A, "CR", FLR, 6.506% (SOFR - 3mo. + 2.25%), 4/15/2034 (n) | 194468 | &nbsp;&nbsp; 194521 |
| Verus Securitization Trust, 2024-2, "A1", 6.095%, 2/25/2069 (n) | 67128 | &nbsp;&nbsp; 67590 |
| Verus Securitization Trust, 2014-1, "A1", 5.712%, 1/25/2069 (n) | 64087 | &nbsp;&nbsp; 64210 |
| Verus Securitization Trust, 2024-8, "A1", 5.364%, 10/25/2069 (n) | 88849 | &nbsp;&nbsp; 88796 |
| Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027  | 35438 | &nbsp;&nbsp; 35630 |
| Voya CLO 2012-4A Ltd., "C1R3", FLR, 7.817% ((SOFR - 3mo. + 0.26161%) + 3.3%), 10/15/2030 (n) | 250000 | &nbsp;&nbsp; 250346 |
|  |  | &nbsp;&nbsp; $8933094 |
| Automotive – 0.7% | Automotive – 0.7% | Automotive – 0.7% |
| Hyundai Capital America, 5.35%, 3/19/2029 (n) | $37000 | &nbsp;&nbsp; $37671 |
| LKQ Corp., 6.25%, 6/15/2033  | 123000 | &nbsp;&nbsp; 129605 |
| Wabash National Corp., 4.5%, 10/15/2028 (n) | 82000 | &nbsp;&nbsp; 74181 |
|  |  | &nbsp;&nbsp; $241457 |
| Brokerage & Asset Managers – 1.3% | Brokerage & Asset Managers – 1.3% | Brokerage & Asset Managers – 1.3% |
| Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034  | $155000 | &nbsp;&nbsp; $167707 |
| Charles Schwab Corp., 5% to 6/01/2027, FLR (CMT - 5yr. + 3.256%) to 6/01/2170  | 86000 | &nbsp;&nbsp; 85697 |
| LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 141000 | &nbsp;&nbsp; 134906 |
| LPL Holdings, Inc., 5.75%, 6/15/2035  | 89000 | &nbsp;&nbsp; 90040 |
|  |  | &nbsp;&nbsp; $478350 |
| Building – 0.9% | Building – 0.9% | Building – 0.9% |
| Ferguson Enterprises, Inc., 5%, 10/03/2034  | $34000 | &nbsp;&nbsp; $33743 |
| Patrick Industries, Inc., 4.75%, 5/01/2029 (n) | 175000 | &nbsp;&nbsp; 169961 |
| Standard Industries, Inc., 3.375%, 1/15/2031 (n) | 150000 | &nbsp;&nbsp; 134520 |
|  |  | &nbsp;&nbsp; $338224 |
| Business Services – 0.3% | Business Services – 0.3% | Business Services – 0.3% |
| Global Payments, Inc., 2.9%, 5/15/2030  | $120000 | &nbsp;&nbsp; $110327 |

---

------

MFS Income Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Cable TV – 1.4% | Cable TV – 1.4% | Cable TV – 1.4% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | $150000 | &nbsp;&nbsp; $143007 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.9%, 6/01/2052  | 176000 | &nbsp;&nbsp; 120791 |
| Time Warner Cable, Inc., 4.5%, 9/15/2042  | 77000 | &nbsp;&nbsp; 61329 |
| Virgin Media Finance PLC, 5%, 7/15/2030 (n) | 200000 | &nbsp;&nbsp; 182770 |
|  |  | &nbsp;&nbsp; $507897 |
| Chemicals – 0.3% | Chemicals – 0.3% | Chemicals – 0.3% |
| Chemours Co., 5.75%, 11/15/2028 (n) | $60000 | &nbsp;&nbsp; $56238 |
| Chemours Co., 8%, 1/15/2033 (n) | 60000 | &nbsp;&nbsp; 56185 |
|  |  | &nbsp;&nbsp; $112423 |
| Computer Software – 0.4% | Computer Software – 0.4% | Computer Software – 0.4% |
| Dell International LLC/EMC Corp., 5.3%, 10/01/2029  | $130000 | &nbsp;&nbsp; $133791 |
| Conglomerates – 1.6% | Conglomerates – 1.6% | Conglomerates – 1.6% |
| Emerald Debt Merger, 6.625%, 12/15/2030 (n) | $35000 | &nbsp;&nbsp; $35776 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.75%, 7/15/2031 (n) | 54000 | &nbsp;&nbsp; 55890 |
| Regal Rexnord Corp., 6.4%, 4/15/2033  | 166000 | &nbsp;&nbsp; 175264 |
| Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028  | 304000 | &nbsp;&nbsp; 305743 |
|  |  | &nbsp;&nbsp; $572673 |
| Consumer Services – 0.6% | Consumer Services – 0.6% | Consumer Services – 0.6% |
| CBRE Group, Inc., 5.95%, 8/15/2034  | $105000 | &nbsp;&nbsp; $110546 |
| Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n) | 100000 | &nbsp;&nbsp; 87444 |
|  |  | &nbsp;&nbsp; $197990 |
| Electrical Equipment – 0.3% | Electrical Equipment – 0.3% | Electrical Equipment – 0.3% |
| Arrow Electronics, Inc., 5.875%, 4/10/2034  | $116000 | &nbsp;&nbsp; $119791 |
| Electronics – 0.3% | Electronics – 0.3% | Electronics – 0.3% |
| Broadcom, Inc., 4.3%, 11/15/2032  | $96000 | &nbsp;&nbsp; $93120 |
| Emerging Market Sovereign – 1.2% | Emerging Market Sovereign – 1.2% | Emerging Market Sovereign – 1.2% |
| Dominican Republic, 4.875%, 9/23/2032 (n) | $150000 | &nbsp;&nbsp; $138353 |
| Federal Republic of Nigeria, 7.375%, 9/28/2033  | 200000 | &nbsp;&nbsp; 178530 |
| Republic of Turkey, 6.875%, 3/17/2036  | 107000 | &nbsp;&nbsp; 103550 |
|  |  | &nbsp;&nbsp; $420433 |
| Energy - Independent – 0.8% | Energy - Independent – 0.8% | Energy - Independent – 0.8% |
| EQT Corp., 5%, 1/15/2029  | $190000 | &nbsp;&nbsp; $191610 |
| Santos Finance Ltd., 6.875%, 9/19/2033 (n) | 102000 | &nbsp;&nbsp; 111372 |
|  |  | &nbsp;&nbsp; $302982 |
| Energy - Integrated – 0.6% | Energy - Integrated – 0.6% | Energy - Integrated – 0.6% |
| Eni S.p.A., 5.5%, 5/15/2034 (n) | $200000 | &nbsp;&nbsp; $201470 |
| Entertainment – 0.3% | Entertainment – 0.3% | Entertainment – 0.3% |
| NCL Corp. Ltd., 6.75%, 2/01/2032 (n) | $110000 | &nbsp;&nbsp; $112379 |
| Financial Institutions – 1.5% | Financial Institutions – 1.5% | Financial Institutions – 1.5% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.65%, 7/21/2027  | $195000 | &nbsp;&nbsp; $192041 |
| Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n) | 48000 | &nbsp;&nbsp; 46789 |
| Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 194000 | &nbsp;&nbsp; 184103 |

---

------

MFS Income Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Financial Institutions – continued | Financial Institutions – continued | Financial Institutions – continued |
| Macquarie AirFinance Holdings Ltd., 6.5%, 3/26/2031 (n) | $125000 | &nbsp;&nbsp; $132289 |
|  |  | &nbsp;&nbsp; $555222 |
| Food & Beverages – 1.9% | Food & Beverages – 1.9% | Food & Beverages – 1.9% |
| Bacardi Ltd., 5.15%, 5/15/2038 (n) | $115000 | &nbsp;&nbsp; $105961 |
| Central American Bottling Corp., 5.25%, 4/27/2029 (n) | 199000 | &nbsp;&nbsp; 193496 |
| Constellation Brands, Inc., 4.8%, 5/01/2030  | 31000 | &nbsp;&nbsp; 31256 |
| JBS USA Holding Lux S.à r.l., 5.95%, 4/20/2035 (n) | 58000 | &nbsp;&nbsp; 60087 |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | 116000 | &nbsp;&nbsp; 118660 |
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 100000 | &nbsp;&nbsp; 96123 |
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | 78000 | &nbsp;&nbsp; 78443 |
|  |  | &nbsp;&nbsp; $684026 |
| Gaming & Lodging – 0.3% | Gaming & Lodging – 0.3% | Gaming & Lodging – 0.3% |
| Las Vegas Sands Corp., 5.625%, 6/15/2028  | $58000 | &nbsp;&nbsp; $59162 |
| Marriott International, Inc., 2.85%, 4/15/2031  | 61000 | &nbsp;&nbsp; 55389 |
|  |  | &nbsp;&nbsp; $114551 |
| Insurance – 1.2% | Insurance – 1.2% | Insurance – 1.2% |
| Corebridge Financial, Inc., 4.35%, 4/05/2042  | $20000 | &nbsp;&nbsp; $16787 |
| Corebridge Financial, Inc., 4.4%, 4/05/2052  | 60000 | &nbsp;&nbsp; 47937 |
| Corebridge Financial, Inc., 6.875% to 12/15/2027, FLR (CMT - 5yr. + 3.846%) to 12/15/2052  | 150000 | &nbsp;&nbsp; 154739 |
| Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) | 210000 | &nbsp;&nbsp; 224843 |
|  |  | &nbsp;&nbsp; $444306 |
| Insurance - Health – 0.6% | Insurance - Health – 0.6% | Insurance - Health – 0.6% |
| Humana, Inc., 5.875%, 3/01/2033  | $196000 | &nbsp;&nbsp; $202553 |
| Insurance - Property & Casualty – 2.6% | Insurance - Property & Casualty – 2.6% | Insurance - Property & Casualty – 2.6% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | $150000 | &nbsp;&nbsp; $147864 |
| AmWINS Group Benefits, Inc., 6.375%, 2/15/2029 (n) | 100000 | &nbsp;&nbsp; 101924 |
| Aon Corp., 4.5%, 12/15/2028  | 115000 | &nbsp;&nbsp; 115557 |
| Fairfax Financial Holdings Ltd., 4.85%, 4/17/2028  | 283000 | &nbsp;&nbsp; 285462 |
| Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031  | 15000 | &nbsp;&nbsp; 13922 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 150000 | &nbsp;&nbsp; 156755 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 100000 | &nbsp;&nbsp; 103875 |
|  |  | &nbsp;&nbsp; $925359 |
| Machinery & Tools – 1.1% | Machinery & Tools – 1.1% | Machinery & Tools – 1.1% |
| Ashtead Capital, Inc., 5.5%, 8/11/2032 (n) | $200000 | &nbsp;&nbsp; $202546 |
| Ashtead Capital, Inc., 5.55%, 5/30/2033 (n) | 200000 | &nbsp;&nbsp; 201986 |
|  |  | &nbsp;&nbsp; $404532 |
| Major Banks – 6.3% | Major Banks – 6.3% | Major Banks – 6.3% |
| Bank of America Corp., 4.271% to 7/23/2028, FLR ((SOFR - 3mo. + 0.26161%) + 1.31%) to 7/23/2029  | $61000 | &nbsp;&nbsp; $60799 |
| Bank of America Corp., 2.572% to 10/20/2031, FLR (SOFR - 1 day + 1.21%) to 10/20/2032  | 415000 | &nbsp;&nbsp; 365765 |
| Bank of America Corp., 3.846% to 3/08/2032, FLR (CMT - 1yr. + 2%) to 3/08/2037  | 215000 | &nbsp;&nbsp; 196745 |
| Barclays PLC, 7.437% to 11/02/2032, FLR (CMT - 1yr. + 3.5%) to 11/02/2033  | 200000 | &nbsp;&nbsp; 226990 |
| Discover Financial Services, 6.7%, 11/29/2032  | 161000 | &nbsp;&nbsp; 175799 |
| Goldman Sachs Group, Inc., 3.102% to 2/24/2032, FLR (SOFR - 1 day + 1.41%) to 2/24/2033  | 148000 | &nbsp;&nbsp; 133207 |
| HSBC Holdings PLC, 4.7% to 9/09/2031, FLR (CMT - 1yr. + 3.25%) to 9/09/2169  | 200000 | &nbsp;&nbsp; 181290 |
| JPMorgan Chase & Co., 2.956% to 5/13/2030, FLR (SOFR - 1 day + 2.515%) to 5/13/2031  | 81000 | &nbsp;&nbsp; 74901 |
| Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029  | 25000 | &nbsp;&nbsp; 25711 |
| Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034  | 59000 | &nbsp;&nbsp; 60440 |
| UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n) | 200000 | &nbsp;&nbsp; 176765 |

---

------

MFS Income Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Major Banks – continued | Major Banks – continued | Major Banks – continued |
| Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033  | $429000 | &nbsp;&nbsp; $391784 |
| Wells Fargo & Co., 3.9% to 3/15/2026, FLR (CMT - 1yr. + 3.453%) to 3/15/2071  | 215000 | &nbsp;&nbsp; 212796 |
|  |  | &nbsp;&nbsp; $2282992 |
| Medical & Health Technology & Services – 1.5% | Medical & Health Technology & Services – 1.5% | Medical & Health Technology & Services – 1.5% |
| Alcon Finance Corp., 5.75%, 12/06/2052 (n) | $200000 | &nbsp;&nbsp; $198498 |
| ProMedica Toledo Hospital, "B", 5.325%, 11/15/2028  | 239000 | &nbsp;&nbsp; 238253 |
| ProMedica Toledo Hospital, "B", AGM, 5.75%, 11/15/2038  | 89000 | &nbsp;&nbsp; 88895 |
|  |  | &nbsp;&nbsp; $525646 |
| Metals & Mining – 1.0% | Metals & Mining – 1.0% | Metals & Mining – 1.0% |
| FMG Resources Ltd., 4.375%, 4/01/2031 (n) | $145000 | &nbsp;&nbsp; $135488 |
| Glencore Funding LLC, 2.85%, 4/27/2031 (n) | 88000 | &nbsp;&nbsp; 79340 |
| Novelis, Inc., 3.875%, 8/15/2031 (n) | 140000 | &nbsp;&nbsp; 125799 |
|  |  | &nbsp;&nbsp; $340627 |
| Midstream – 2.9% | Midstream – 2.9% | Midstream – 2.9% |
| Cheniere Energy Partners LP, 5.75%, 8/15/2034  | $143000 | &nbsp;&nbsp; $146857 |
| Enbridge, Inc., 3.125%, 11/15/2029  | 150000 | &nbsp;&nbsp; 141700 |
| Enbridge, Inc., 2.5%, 8/01/2033  | 170000 | &nbsp;&nbsp; 141256 |
| Enbridge, Inc., 5.625%, 4/05/2034  | 109000 | &nbsp;&nbsp; 111988 |
| Plains All American Pipeline LP, 3.8%, 9/15/2030  | 135000 | &nbsp;&nbsp; 129023 |
| Targa Resources Corp., 4.95%, 4/15/2052  | 82000 | &nbsp;&nbsp; 68406 |
| Targa Resources Partners LP/Targa Resources Finance Corp., 4.875%, 2/01/2031  | 65000 | &nbsp;&nbsp; 64479 |
| Targa Resources Partners LP/Targa Resources Finance Corp., 4%, 1/15/2032  | 67000 | &nbsp;&nbsp; 62443 |
| Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n) | 100000 | &nbsp;&nbsp; 103137 |
| Venture Global LNG, Inc., 7%, 1/15/2030 (n) | 90000 | &nbsp;&nbsp; 90982 |
|  |  | &nbsp;&nbsp; $1060271 |
| Mortgage-Backed – 0.0% | Mortgage-Backed – 0.0% |  |
| Fannie Mae, 6.5%, 4/01/2032  | $5036 | &nbsp;&nbsp; $5233 |
| Fannie Mae, 3%, 2/25/2033 (i) | 19859 | &nbsp;&nbsp; 1430 |
| Fannie Mae, 5.5%, 9/01/2034  | 2041 | &nbsp;&nbsp; 2093 |
| Freddie Mac, 1.207%, 6/25/2030 (i) | 109920 | &nbsp;&nbsp; 5058 |
|  |  | &nbsp;&nbsp; $13814 |
| Municipals – 3.5% | Municipals – 3.5% | Municipals – 3.5% |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), "A-4", 7%, 6/30/2039  | $189000 | &nbsp;&nbsp; $165808 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), Convertible Capital Appreciation, Taxable, "B-2", 0% to <br> 11/15/2029, 8% to 6/30/2044 <br>| 99000 | &nbsp;&nbsp; 56250 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 195000 | &nbsp;&nbsp; 178544 |
| Escambia County, FL, Health Facilities Authority Rev., Taxable (Baptist Health Care Corp.), "B", AGM, 3.607%, 8/15/2040  | 270000 | &nbsp;&nbsp; 215361 |
| National Finance Authority, NH, Utility Refunding Rev., Taxable (Wheeling Power Co. Project), "A", 6.89%, 4/01/2034  | 245000 | &nbsp;&nbsp; 252724 |
| Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), "C", 5.45%, 8/15/2028  | 34000 | &nbsp;&nbsp; 33081 |
| Port Beaumont, TX, Industrial Development Authority, Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), "B", <br> 4.1%, 1/01/2028 (n)<br>| 245000 | &nbsp;&nbsp; 216790 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Taxable, "A-2", 4.55%, 7/01/2040  | 174000 | &nbsp;&nbsp; 139012 |
|  |  | &nbsp;&nbsp; $1257570 |
| Other Banks & Diversified Financials – 0.7% | Other Banks & Diversified Financials – 0.7% | Other Banks & Diversified Financials – 0.7% |
| Macquarie Group Ltd., 4.442% to 6/21/2032, FLR (SOFR - 1 day + 2.405%) to 6/21/2033 (n) | $104000 | &nbsp;&nbsp; $99454 |
| Truist Financial Corp., 5.711% to 1/24/2034, FLR (SOFR - 1 day + 1.922%) to 1/24/2035  | 160000 | &nbsp;&nbsp; 165848 |
|  |  | &nbsp;&nbsp; $265302 |

---

------

MFS Income Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Pharmaceuticals – 0.5% | Pharmaceuticals – 0.5% | Pharmaceuticals – 0.5% |
| Organon Finance 1 LLC, 4.125%, 4/30/2028 (n) | $200000 | &nbsp;&nbsp; $192354 |
| Precious Metals & Minerals – 0.5% | Precious Metals & Minerals – 0.5% | Precious Metals & Minerals – 0.5% |
| Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n) | $163000 | &nbsp;&nbsp; $169714 |
| Real Estate - Apartment – 0.2% | Real Estate - Apartment – 0.2% | Real Estate - Apartment – 0.2% |
| Mid-America Apartments LP, 2.75%, 3/15/2030  | $82000 | &nbsp;&nbsp; $76539 |
| Real Estate - Office – 0.8% | Real Estate - Office – 0.8% | Real Estate - Office – 0.8% |
| Boston Properties LP, REIT, 2.55%, 4/01/2032  | $209000 | &nbsp;&nbsp; $176316 |
| Boston Properties LP, REIT, 5.75%, 1/15/2035  | 122000 | &nbsp;&nbsp; 122782 |
|  |  | &nbsp;&nbsp; $299098 |
| Retailers – 0.2% | Retailers – 0.2% | Retailers – 0.2% |
| Alimentation Couche-Tard, Inc., 2.95%, 1/25/2030 (n) | $65000 | &nbsp;&nbsp; $60740 |
| Specialty Chemicals – 0.2% | Specialty Chemicals – 0.2% | Specialty Chemicals – 0.2% |
| International Flavors & Fragrances, Inc., 5%, 9/26/2048  | $69000 | &nbsp;&nbsp; $59391 |
| Specialty Stores – 0.7% | Specialty Stores – 0.7% | Specialty Stores – 0.7% |
| DICK'S Sporting Goods, 3.15%, 1/15/2032  | $274000 | &nbsp;&nbsp; $245615 |
| Telecommunications - Wireless – 0.8% | Telecommunications - Wireless – 0.8% | Telecommunications - Wireless – 0.8% |
| Cellnex Finance Co. S.A., 3.875%, 7/07/2041 (n) | $200000 | &nbsp;&nbsp; $157565 |
| Rogers Communications, Inc., 4.35%, 5/01/2049  | 107000 | &nbsp;&nbsp; 86087 |
| Rogers Communications, Inc., 4.55%, 3/15/2052  | 58000 | &nbsp;&nbsp; 47229 |
|  |  | &nbsp;&nbsp; $290881 |
| Tobacco – 1.6% | Tobacco – 1.6% | Tobacco – 1.6% |
| B.A.T. Capital Corp., 3.215%, 9/06/2026  | $231000 | &nbsp;&nbsp; $227792 |
| B.A.T. Capital Corp., 6.343%, 8/02/2030  | 18000 | &nbsp;&nbsp; 19396 |
| Japan Tobacco, Inc., 5.85%, 6/15/2035 (n) | 150000 | &nbsp;&nbsp; 156853 |
| Philip Morris International, Inc., 5.75%, 11/17/2032  | 146000 | &nbsp;&nbsp; 154351 |
|  |  | &nbsp;&nbsp; $558392 |
| Transportation - Services – 0.5% | Transportation - Services – 0.5% | Transportation - Services – 0.5% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026 (n) | $46000 | &nbsp;&nbsp; $44198 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2029 (n) | 132000 | &nbsp;&nbsp; 100066 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2031 (n) | 46000 | &nbsp;&nbsp; 31129 |
|  |  | &nbsp;&nbsp; $175393 |
| U.S. Government Agencies and Equivalents – 0.0% | U.S. Government Agencies and Equivalents – 0.0% | U.S. Government Agencies and Equivalents – 0.0% |
| Small Business Administration, 5.11%, 8/01/2025  | $509 | &nbsp;&nbsp; $509 |
| U.S. Treasury Obligations – 28.3% | U.S. Treasury Obligations – 28.3% | U.S. Treasury Obligations – 28.3% |
| U.S. Treasury Bonds, 2.375%, 2/15/2042  | $1550000 | &nbsp;&nbsp; $1127625 |
| U.S. Treasury Bonds, 4.375%, 8/15/2043  | 817000 | &nbsp;&nbsp; 778735 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043  | 950000 | &nbsp;&nbsp; 948998 |
| U.S. Treasury Bonds, 4.5%, 2/15/2044  | 1335000 | &nbsp;&nbsp; 1289944 |
| U.S. Treasury Bonds, 2.25%, 2/15/2052  | 60000 | &nbsp;&nbsp; 36649 |
| U.S. Treasury Bonds, 4.125%, 8/15/2053  | 60000 | &nbsp;&nbsp; 53595 |
| U.S. Treasury Bonds, 4.75%, 11/15/2053  | 500000 | &nbsp;&nbsp; 495469 |
| U.S. Treasury Bonds, 4.25%, 2/15/2054  | 1250000 | &nbsp;&nbsp; 1140234 |
| U.S. Treasury Notes, 3.875%, 12/31/2027  | 681000 | &nbsp;&nbsp; 683873 |
| U.S. Treasury Notes, 4.125%, 7/31/2028 (f) | 2080000 | &nbsp;&nbsp; 2105106 |

---

------

MFS Income Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| U.S. Treasury Obligations – continued | U.S. Treasury Obligations – continued | U.S. Treasury Obligations – continued |
| U.S. Treasury Notes, 4.25%, 6/30/2029  | $250000 | &nbsp;&nbsp; $254649 |
| U.S. Treasury Notes, 3.875%, 4/30/2030  | 350000 | &nbsp;&nbsp; 351367 |
| U.S. Treasury Notes, 4.25%, 11/15/2034  | 900000 | &nbsp;&nbsp; 902953 |
|  |  | &nbsp;&nbsp; $10169197 |
| Utilities - Electric Power – 1.5% | Utilities - Electric Power – 1.5% | Utilities - Electric Power – 1.5% |
| Enel Finance International N.V., 7.5%, 10/14/2032 (n) | $200000 | &nbsp;&nbsp; $228005 |
| Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 34000 | &nbsp;&nbsp; 29806 |
| Pacific Gas & Electric Co., 3.5%, 8/01/2050  | 250000 | &nbsp;&nbsp; 160296 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 100000 | &nbsp;&nbsp; 102513 |
|  |  | &nbsp;&nbsp; $520620 |
| **Total Bonds (Identified Cost, $36,170,247)** |  | &nbsp;&nbsp; **$35287893** |
| Mutual Funds (h) – 0.8% | Mutual Funds (h) – 0.8% | Mutual Funds (h) – 0.8% |
| Money Market Funds – 0.8% | Money Market Funds – 0.8% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $290,443) | 290442 | &nbsp;&nbsp; $290471 |
| Other Assets, Less Liabilities – 1.1% |  | &nbsp;&nbsp; 412142 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$35990506** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security has been segregated as collateral for open futures
 contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $290,471 and $35,287,893, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $14,844,474, representing 41.2% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Payment-in-kind (PIK) security for which interest income may be received in additional
 securities and/or cash.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| CDO | Collateralized Debt Obligation |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| NPFG | National Public Finance Guarantee Corp. |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| 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 <br> abbreviations is shown below: | 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 <br> abbreviations is shown below: |
| EUR | Euro |

---

------

MFS Income Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** |
| **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** |
| **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold** | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| EUR | &nbsp;&nbsp; 90033 | USD | 102314 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $3853 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| USD | &nbsp;&nbsp; 21845 | EUR | 19252 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(857)<br>|
| USD | &nbsp;&nbsp; 29429 | EUR | 25939 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1159)<br>|
| USD | &nbsp;&nbsp; 40780 | EUR | 35910 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1564)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(3580)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp; **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value/Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; $2496281 | September – 2025 | &nbsp;&nbsp;&nbsp; $10645 |
| U.S. Treasury Note 5 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 1199000 | September – 2025 | &nbsp;&nbsp;&nbsp; 11209 |
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 595625 | September – 2025 | &nbsp;&nbsp;&nbsp; 24811 |
| U.S. Treasury Ultra Note 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 114266 | September – 2025 | &nbsp;&nbsp;&nbsp; 2174 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $48839 |

---

At June 30, 2025, the fund had liquid securities with an aggregate value of $60,724 to cover any collateral or margin obligations for certain derivative contracts.

**See Notes to Financial Statements**

------

MFS Income Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $36,170,247) | &nbsp;&nbsp; $35287893 |
| Investments in affiliated issuers, at value (identified cost, $290,443) | &nbsp;&nbsp; 290471 |
| Receivables for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 3853 |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; 9370 |
| Fund shares sold | &nbsp;&nbsp; 106326 |
| Interest | &nbsp;&nbsp; 395498 |
| Receivable from investment adviser | &nbsp;&nbsp; 9152 |
| Other assets | &nbsp;&nbsp; 196 |
| Total assets | &nbsp;&nbsp; $36102759 |
| **Liabilities** |  |
| Payables for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $3580 |
| Fund shares reacquired | &nbsp;&nbsp; 41044 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 192 |
| Shareholder servicing costs | &nbsp;&nbsp; 93 |
| Distribution and/or service fees | &nbsp;&nbsp; 273 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 560 |
| Payable for audit and tax fees | &nbsp;&nbsp; 46121 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 20390 |
| Total liabilities | &nbsp;&nbsp; $112253 |
| Net assets | &nbsp;&nbsp; $35990506 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $39836145 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (3845639)<br>|
| Net assets | &nbsp;&nbsp; $35990506 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 4171424 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $25915493 | &nbsp;&nbsp;&nbsp; 2995652 | &nbsp;&nbsp;&nbsp; $8.65 |
| Service Class | &nbsp;&nbsp;&nbsp; 10075013 | &nbsp;&nbsp;&nbsp; 1175772 | &nbsp;&nbsp;&nbsp;&nbsp;8.57 |

---

**See Notes to Financial Statements**

------

MFS Income Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $940140 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 7534 |
| Other | &nbsp;&nbsp; 204 |
| Total investment income | &nbsp;&nbsp; $947878 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $87683 |
| Distribution and/or service fees | &nbsp;&nbsp; 11803 |
| Shareholder servicing costs | &nbsp;&nbsp; 3284 |
| Administrative services fee | &nbsp;&nbsp; 8679 |
| Independent Trustees' compensation | &nbsp;&nbsp; 1477 |
| Custodian fee | &nbsp;&nbsp; 7712 |
| Shareholder communications | &nbsp;&nbsp; 1849 |
| Audit and tax fees | &nbsp;&nbsp; 47648 |
| Legal fees | &nbsp;&nbsp; 729 |
| Miscellaneous | &nbsp;&nbsp; 16284 |
| Total expenses | &nbsp;&nbsp; $187148 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (57605)<br>|
| Net expenses | &nbsp;&nbsp; $129543 |
| Net investment income (loss) | &nbsp;&nbsp; $818335 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(47949)<br>|
| Affiliated issuers | &nbsp;&nbsp; (25)<br>|
| Futures contracts | &nbsp;&nbsp; (30976)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (2068)<br>|
| Foreign currency | &nbsp;&nbsp; 4417 |
| Net realized gain (loss)  | &nbsp;&nbsp; $(76601)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $565908 |
| Affiliated issuers | &nbsp;&nbsp; (8)<br>|
| Futures contracts | &nbsp;&nbsp; 90709 |
| Forward foreign currency exchange contracts  | &nbsp;&nbsp; (4808)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 204 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $652005 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $575404 |
| Change in net assets from operations | &nbsp;&nbsp; $1393739 |

---

**See Notes to Financial Statements**

------

MFS Income Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $818335 | &nbsp;&nbsp; $1532474 |
| Net realized gain (loss) | (76601)<br>| &nbsp;&nbsp; (480463)<br>|
| Net unrealized gain (loss) | 652005 | &nbsp;&nbsp; 29411 |
| Change in net assets from operations | $1393739 | &nbsp;&nbsp; $1081422 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(1340494)<br>|
| Change in net assets from fund share transactions | $(513055)<br>| &nbsp;&nbsp; $2808107 |
| Total change in net assets | $880684 | &nbsp;&nbsp; $2549035 |
| **Net assets** |  |  |
| At beginning of period | 35109822 | &nbsp;&nbsp; 32560787 |
| At end of period | $35990506 | &nbsp;&nbsp; $35109822 |

---

**See Notes to Financial Statements**

------

MFS Income Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $8.31 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $8.08 | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp; $10.51 | &nbsp;&nbsp; $9.98 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.20 | &nbsp;&nbsp; $0.38 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.29 |
| Net realized and unrealized gain (loss) | 0.14 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Total from investment operations | $0.34 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.60 | &nbsp;&nbsp; $(1.33)<br>| &nbsp;&nbsp; $0.06 | &nbsp;&nbsp; $0.92 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.39)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.43)<br>|  |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $(0.76)<br>| &nbsp;&nbsp; $(0.39)<br>|
| Net asset value, end of period (x) | $8.65 | &nbsp;&nbsp; $8.31 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $8.08 | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp; $10.51 |
| Total return (%) (k)(r)(s)(x) | 4.09<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;7.59 | &nbsp;&nbsp; (13.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;9.35 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (h) | 1.00<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Expenses after expense reductions (h) | 0.67<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net investment income (loss) | 4.73<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 |
| Portfolio turnover rate | 15<br> (n)<br>| &nbsp;&nbsp; 85 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 112 |
| Net assets at end of period (000 omitted) | $25915 | &nbsp;&nbsp; $25939 | &nbsp;&nbsp; $27815 | &nbsp;&nbsp; $28129 | &nbsp;&nbsp; $36163 | &nbsp;&nbsp; $41438 |

---

**See Notes to Financial Statements**

------

MFS Income Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $8.24 | &nbsp;&nbsp; $8.32 | &nbsp;&nbsp; $8.03 | &nbsp;&nbsp; $9.72 | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $9.90 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.19 | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.26 |
| Net realized and unrealized gain (loss) | 0.14 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Total from investment operations | $0.33 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.58 | &nbsp;&nbsp; $(1.33)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.89 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.36)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.43)<br>|  |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(0.73)<br>| &nbsp;&nbsp; $(0.36)<br>|
| Net asset value, end of period (x) | $8.57 | &nbsp;&nbsp; $8.24 | &nbsp;&nbsp; $8.32 | &nbsp;&nbsp; $8.03 | &nbsp;&nbsp; $9.72 | &nbsp;&nbsp; $10.43 |
| Total return (%) (k)(r)(s)(x) | 4.00<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;7.36 | &nbsp;&nbsp; (13.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;9.11 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (h) | 1.25<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Expenses after expense reductions (h) | 0.92<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Net investment income (loss) | 4.48<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 |
| Portfolio turnover rate | 15<br> (n)<br>| &nbsp;&nbsp; 85 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 112 |
| Net assets at end of period (000 omitted) | $10075 | &nbsp;&nbsp; $9171 | &nbsp;&nbsp; $4746 | &nbsp;&nbsp; $2705 | &nbsp;&nbsp; $5547 | &nbsp;&nbsp; $5825 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(h) For financial highlights through December 31, 2024, in addition to the fees and expenses
 which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the
 fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated
 funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount
 of fees and expenses incurred indirectly by the fund will vary.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Income Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Income Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, 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 may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange 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. Open-end investment companies are generally valued at net asset value per share. 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.

------

MFS Income Portfolio

*Notes to Financial Statements (unaudited) - continued* 

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the 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 halt 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. 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. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts and forward foreign currency exchange contracts. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government <br> Agencies & Equivalents<br>| $— | $10169706 | $— | $10169706 |
| Non - U.S. Sovereign Debt |  | 420433 |  | 420433 |
| Municipal Bonds |  | 1257570 |  | 1257570 |
| U.S. Corporate Bonds |  | 9886421 |  | 9886421 |
| Residential Mortgage-Backed Securities |  | 1408394 |  | 1408394 |
| Commercial Mortgage-Backed Securities |  | 1732111 |  | 1732111 |
| Asset-Backed Securities (including CDOs) |  | 5806403 |  | 5806403 |
| Foreign Bonds |  | 4606855 |  | 4606855 |
| Investment Companies | 290471 |  |  | 290471 |
| Total | $290471 | $35287893 | $— | $35578364 |

---

---

| | | |
|:---|:---|:---|
| **Other Financial Instruments** |  |  |
| Futures Contracts – Assets | $— | $48839 |
| Forward Foreign Currency Exchange <br> Contracts – Assets<br>| 3853 | 3853 |
| Forward Foreign Currency Exchange <br> Contracts – Liabilities<br>| (3580)<br>| (3580)<br>|

---

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

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign

------

MFS Income Portfolio

*Notes to Financial Statements (unaudited) - continued* 

exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Derivatives** — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are 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.

The derivative instruments used by the fund during the period were futures contracts and forward foreign currency exchange contracts. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

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 June 30, 2025 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value (a)** | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Interest Rate | Futures Contracts | $48839 | $— |
| Foreign Exchange | Forward Foreign Currency Exchange Contracts | 3853 | (3580) |
| Total |  | $52692 | $(3580) |

---

(a) Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is reported separately within the Statement of Assets and Liabilities.

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended June 30, 2025 as reported in the Statement of Operations:

---

| | | |
|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Interest Rate | $(30976)<br>| &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; (2068)<br>|
| Total | $(30976)<br>| &nbsp;&nbsp; $(2068)<br>|

---

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the six months ended June 30, 2025 as reported in the Statement of Operations:

---

| | | |
|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Interest Rate | $90709 | &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; (4808)<br>|
| Total | $90709 | &nbsp;&nbsp; $(4808)<br>|

---

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement 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.

------

MFS Income Portfolio

*Notes to Financial Statements (unaudited) - continued* 

Collateral and margin requirements differ by type of derivative. For exchange-traded and cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the exchange or clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the exchange or clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). Collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for exchange-traded or cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in "Miscellaneous" expense in the Statement of Operations.

**Futures Contracts** — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, currency exposure, or to manage duration. 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 specified 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 contracts 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 contracts 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 entered into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. These contracts may be used 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 forward foreign currency exchange contracts.

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. Generally, the fund's maximum risk due to counterparty credit risk is the unrealized gain on the contract due to the use of Continuous Linked Settlement, a multicurrency cash settlement system for the centralized settlement of foreign transactions. 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, where applicable, 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.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.

------

MFS Income Portfolio

*Notes to Financial Statements (unaudited) - continued* 

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

To mitigate the counterparty credit risk on To Be Announced ("TBA") transactions, mortgage dollar rolls, and other types of forward settling mortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master Securities Forward Transaction Agreement ("MSFTA") on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the MSFTA, the non-defaulting party has the right 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 MSFTA 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.

For mortgage-backed and asset-backed securities traded under a MSFTA, the collateral and margining requirements are contract specific. Collateral amounts across all transactions traded under such agreement are netted and an amount is posted from one party to the other to collateralize such obligations. Cash that has been pledged to cover the fund's collateral or margin obligations under a MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as restricted cash. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments.

Legal fees and other related expenses incurred to preserve and protect the value of a security owned are added to the cost of the security; other legal fees are expensed. Capital infusions made directly to the security issuer, which are generally non-recurring, incurred to protect or enhance the value of high-yield debt securities, are reported as additions to the cost basis of the security. Costs that are incurred to negotiate the terms or conditions of capital infusions or that are expected to result in a plan of reorganization are reported as realized losses. Ongoing costs incurred to protect or enhance an investment, or costs incurred to pursue other claims or legal actions, are expensed.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to defaulted bonds, amortization of premium and accretion of discount of debt securities, and derivative transactions.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $1340494 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

------

MFS Income Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $37071097 |
| Gross appreciation | &nbsp;&nbsp; 491796 |
| Gross depreciation | &nbsp;&nbsp; (1984529)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(1492733)<br>|
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 1558022 |
| Capital loss carryforwards | &nbsp;&nbsp; (4741315)<br>|
| Other temporary differences | &nbsp;&nbsp; (204)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (2055881)<br>|

---

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

As of December 31, 2024, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(1187378)<br>|
| Long-Term | (3553937)<br>|
| Total | $(4741315)<br>|

---

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $1056752 |
| Service Class |  | &nbsp;&nbsp; 283742 |
| Total | $— | &nbsp;&nbsp; $1340494 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $1 billion | 0.50% |
| In excess of $1 billion | 0.45% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $2,439, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.49% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.67% of average daily net assets for the Initial Class shares and 0.92% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this reduction amounted to $55,166, which is included in the reduction of total expenses in the Statement of Operations.

------

MFS Income Portfolio

*Notes to Financial Statements (unaudited) - continued* 

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $2,913, which equated to 0.0166% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $371.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0495% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $3715204 | &nbsp;&nbsp; $3481253 |
| Non-U.S. Government securities | 1749451 | &nbsp;&nbsp; 1694033 |

---

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 151295 | &nbsp;&nbsp; $1280327 | &nbsp;&nbsp; 295488 | &nbsp;&nbsp; $2469606 |
| Service Class | 147532 | &nbsp;&nbsp; 1240453 | &nbsp;&nbsp; 634023 | &nbsp;&nbsp; 5281587 |
|  | 298827 | &nbsp;&nbsp; $2520780 | &nbsp;&nbsp; 929511 | &nbsp;&nbsp; $7751193 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 125804 | &nbsp;&nbsp; $1056752 |
| Service Class |  |  | &nbsp;&nbsp; 34063 | &nbsp;&nbsp; 283742 |
|  |  | $— | &nbsp;&nbsp; 159867 | &nbsp;&nbsp; $1340494 |

---

------

MFS Income Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **6/30/25** | **Six months ended**<br> **6/30/25** | **Year ended**<br> **12/31/24** | **Year ended**<br> **12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares reacquired |  |  |  |  |
| Initial Class | (275966)<br>| &nbsp;&nbsp; $(2332078)<br>| &nbsp;&nbsp; (623758)<br>| &nbsp;&nbsp; $(5231120)<br>|
| Service Class | (84271)<br>| &nbsp;&nbsp; (701757)<br>| &nbsp;&nbsp; (126201)<br>| &nbsp;&nbsp; (1052460)<br>|
|  | (360237)<br>| &nbsp;&nbsp; $(3033835)<br>| &nbsp;&nbsp; (749959)<br>| &nbsp;&nbsp; $(6283580)<br>|
| Net change |  |  |  |  |
| Initial Class | (124671)<br>| &nbsp;&nbsp; $(1051751)<br>| &nbsp;&nbsp; (202466)<br>| &nbsp;&nbsp; $(1704762)<br>|
| Service Class | 63261 | &nbsp;&nbsp; 538696 | &nbsp;&nbsp; 541885 | &nbsp;&nbsp; 4512869 |
|  | (61410)<br>| &nbsp;&nbsp; $(513055)<br>| &nbsp;&nbsp; 339419 | &nbsp;&nbsp; $2808107 |

---

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $79 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in 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 following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $411057 | &nbsp;&nbsp; $4883400 | &nbsp;&nbsp; $5003953 | &nbsp;&nbsp; $(25)<br>| &nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp; $290471 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $7534 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Income Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Income Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Income Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Research International Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Research International Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 97.9% | Common Stocks – 97.9% | Common Stocks – 97.9% |
| Aerospace & Defense – 2.5% | Aerospace & Defense – 2.5% |  |
| MTU Aero Engines Holding AG | 16733 | &nbsp;&nbsp; $7434856 |
| Thales S.A. | 19272 | &nbsp;&nbsp; 5666286 |
|  |  | &nbsp;&nbsp; $13101142 |
| Airlines – 0.6% | Airlines – 0.6% |  |
| Ryanair Holdings PLC, ADR | 59122 | &nbsp;&nbsp; $3409566 |
| Alcoholic Beverages – 2.2% | Alcoholic Beverages – 2.2% |  |
| Diageo PLC | 196160 | &nbsp;&nbsp; $4922054 |
| Heineken N.V. | 45644 | &nbsp;&nbsp; 3979787 |
| Kirin Holdings Co. Ltd. | 181500 | &nbsp;&nbsp; 2545323 |
|  |  | &nbsp;&nbsp; $11447164 |
| Apparel Manufacturers – 2.8% | Apparel Manufacturers – 2.8% |  |
| Burberry Group PLC (a) | 79026 | &nbsp;&nbsp; $1282175 |
| Compagnie Financiere Richemont S.A. | 34398 | &nbsp;&nbsp; 6479023 |
| LVMH Moet Hennessy Louis Vuitton SE | 13696 | &nbsp;&nbsp; 7172826 |
|  |  | &nbsp;&nbsp; $14934024 |
| Automotive – 1.5% | Automotive – 1.5% |  |
| Compagnie Generale des Etablissements Michelin | 81418 | &nbsp;&nbsp; $3024887 |
| DENSO Corp. | 96600 | &nbsp;&nbsp; 1308415 |
| Suzuki Motor Corp. | 307200 | &nbsp;&nbsp; 3718271 |
|  |  | &nbsp;&nbsp; $8051573 |
| Biotechnology – 0.9% | Biotechnology – 0.9% |  |
| CSL Ltd. | 30434 | &nbsp;&nbsp; $4796819 |
| Broadcasting – 1.0% | Broadcasting – 1.0% |  |
| Spotify Technology S.A. (a) | 6780 | &nbsp;&nbsp; $5202565 |
| Brokerage & Asset Managers – 5.8% | Brokerage & Asset Managers – 5.8% |  |
| B3 S.A. - Brasil Bolsa Balcao | 1442000 | &nbsp;&nbsp; $3869680 |
| Barclays PLC | 2245664 | &nbsp;&nbsp; 10397306 |
| Euronext N.V. | 61023 | &nbsp;&nbsp; 10430090 |
| London Stock Exchange Group PLC | 40325 | &nbsp;&nbsp; 5886696 |
|  |  | &nbsp;&nbsp; $30583772 |
| Business Services – 0.6% | Business Services – 0.6% |  |
| CAR Group Ltd. | 66860 | &nbsp;&nbsp; $1646627 |
| Nomura Research Institute Ltd. | 32600 | &nbsp;&nbsp; 1309161 |
|  |  | &nbsp;&nbsp; $2955788 |
| Computer Software – 2.3% | Computer Software – 2.3% |  |
| Cadence Design Systems, Inc. (a) | 15540 | &nbsp;&nbsp; $4788651 |
| Constellation Software, Inc. | 1998 | &nbsp;&nbsp; 7326171 |
|  |  | &nbsp;&nbsp; $12114822 |

---

RSSFS-SEM

------

MFS Research International Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software - Systems – 5.1% | Computer Software - Systems – 5.1% |  |
| Amadeus IT Group S.A. | 61217 | &nbsp;&nbsp; $5154466 |
| Cap Gemini S.A. | 10023 | &nbsp;&nbsp; 1712547 |
| Fujitsu Ltd. | 164400 | &nbsp;&nbsp; 4012819 |
| Hitachi Ltd. | 460700 | &nbsp;&nbsp; 13452613 |
| Samsung Electronics Co. Ltd. | 63768 | &nbsp;&nbsp; 2825524 |
|  |  | &nbsp;&nbsp; $27157969 |
| Construction – 1.4% | Construction – 1.4% |  |
| James Hardie Industries PLC, GDR (a) | 148637 | &nbsp;&nbsp; $4079322 |
| Techtronic Industries Co. Ltd. | 323000 | &nbsp;&nbsp; 3550966 |
|  |  | &nbsp;&nbsp; $7630288 |
| Consumer Products – 0.7% | Consumer Products – 0.7% |  |
| Kao Corp. | 83100 | &nbsp;&nbsp; $3726098 |
| Electrical Equipment – 5.5% | Electrical Equipment – 5.5% |  |
| Legrand S.A. | 52374 | &nbsp;&nbsp; $7002268 |
| Mitsubishi Electric Corp. | 304800 | &nbsp;&nbsp; 6584721 |
| Schneider Electric SE | 57704 | &nbsp;&nbsp; 15348182 |
|  |  | &nbsp;&nbsp; $28935171 |
| Electronics – 3.6% | Electronics – 3.6% |  |
| ASML Holding N.V. | 10589 | &nbsp;&nbsp; $8451921 |
| DISCO Corp. | 4000 | &nbsp;&nbsp; 1184126 |
| NXP Semiconductors N.V. | 6807 | &nbsp;&nbsp; 1487261 |
| Renesas Electronics Corp. | 56500 | &nbsp;&nbsp; 701910 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 197804 | &nbsp;&nbsp; 7177606 |
|  |  | &nbsp;&nbsp; $19002824 |
| Energy - Independent – 0.6% | Energy - Independent – 0.6% |  |
| Reliance Industries Ltd. | 174860 | &nbsp;&nbsp; $3059642 |
| Energy - Integrated – 3.4% | Energy - Integrated – 3.4% |  |
| Eni S.p.A. | 297311 | &nbsp;&nbsp; $4818995 |
| Galp Energia SGPS S.A., "B" | 274113 | &nbsp;&nbsp; 5027422 |
| TotalEnergies SE | 129801 | &nbsp;&nbsp; 7966047 |
|  |  | &nbsp;&nbsp; $17812464 |
| Engineering - Construction – 0.5% | Engineering - Construction – 0.5% |  |
| Taisei Corp. | 47000 | &nbsp;&nbsp; $2741572 |
| Food & Beverages – 2.7% | Food & Beverages – 2.7% |  |
| Nestle S.A. | 111776 | &nbsp;&nbsp; $11105050 |
| Novozymes A/S | 43863 | &nbsp;&nbsp; 3144770 |
|  |  | &nbsp;&nbsp; $14249820 |
| Food & Drug Stores – 0.8% | Food & Drug Stores – 0.8% |  |
| Alimentation Couche-Tard, Inc. | 40352 | &nbsp;&nbsp; $2005821 |
| Jeronimo Martins SGPS S.A. | 93867 | &nbsp;&nbsp; 2375059 |
|  |  | &nbsp;&nbsp; $4380880 |

---

------

MFS Research International Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Gaming & Lodging – 1.0% | Gaming & Lodging – 1.0% |  |
| Aristocrat Leisure Ltd. | 48319 | &nbsp;&nbsp; $2072482 |
| Sands China Ltd. | 513200 | &nbsp;&nbsp; 1068247 |
| Whitbread PLC | 55117 | &nbsp;&nbsp; 2135778 |
|  |  | &nbsp;&nbsp; $5276507 |
| Insurance – 5.8% | Insurance – 5.8% |  |
| AIA Group Ltd. | 474800 | &nbsp;&nbsp; $4258106 |
| Aon PLC | 16213 | &nbsp;&nbsp; 5784150 |
| Beazley PLC | 562602 | &nbsp;&nbsp; 7220588 |
| Hiscox Ltd. | 246530 | &nbsp;&nbsp; 4246912 |
| Samsung Fire & Marine Insurance Co. Ltd. | 6599 | &nbsp;&nbsp; 2122085 |
| Sompo Holdings, Inc. | 109900 | &nbsp;&nbsp; 3315965 |
| Willis Towers Watson PLC | 12279 | &nbsp;&nbsp; 3763513 |
|  |  | &nbsp;&nbsp; $30711319 |
| Leisure & Toys – 1.6% | Leisure & Toys – 1.6% |  |
| Capcom Co. Ltd. | 45600 | &nbsp;&nbsp; $1562062 |
| Sony Group Corp. | 230800 | &nbsp;&nbsp; 5978154 |
| Yamaha Corp. | 129200 | &nbsp;&nbsp; 935322 |
|  |  | &nbsp;&nbsp; $8475538 |
| Machinery & Tools – 5.5% | Machinery & Tools – 5.5% |  |
| Atlas Copco AB, "A" | 287611 | &nbsp;&nbsp; $4646634 |
| Daikin Industries Ltd. | 33500 | &nbsp;&nbsp; 3960539 |
| GEA Group AG | 65305 | &nbsp;&nbsp; 4569408 |
| RB Global, Inc. | 37481 | &nbsp;&nbsp; 3981918 |
| SMC Corp. | 3800 | &nbsp;&nbsp; 1373230 |
| Spirax Group PLC | 33304 | &nbsp;&nbsp; 2722312 |
| Toyota Industries Corp. | 37000 | &nbsp;&nbsp; 4188049 |
| Weir Group PLC | 102274 | &nbsp;&nbsp; 3495621 |
|  |  | &nbsp;&nbsp; $28937711 |
| Major Banks – 9.3% | Major Banks – 9.3% |  |
| ABN AMRO Group N.V., GDR | 302291 | &nbsp;&nbsp; $8275389 |
| Banco Bradesco S.A., ADR | 1239649 | &nbsp;&nbsp; 3830515 |
| Bank of Ireland Group PLC | 549298 | &nbsp;&nbsp; 7819550 |
| BNP Paribas S.A. | 94928 | &nbsp;&nbsp; 8534141 |
| Erste Group Bank AG | 34026 | &nbsp;&nbsp; 2897853 |
| Mitsubishi UFJ Financial Group, Inc. | 578600 | &nbsp;&nbsp; 7967528 |
| NatWest Group PLC | 1416913 | &nbsp;&nbsp; 9946347 |
|  |  | &nbsp;&nbsp; $49271323 |
| Medical Equipment – 2.3% | Medical Equipment – 2.3% |  |
| ConvaTec Group PLC | 1125796 | &nbsp;&nbsp; $4456713 |
| Olympus Corp. | 43900 | &nbsp;&nbsp; 522819 |
| Qiagen N.V. (a) | 95409 | &nbsp;&nbsp; 4594946 |
| Terumo Corp. | 151600 | &nbsp;&nbsp; 2789764 |
|  |  | &nbsp;&nbsp; $12364242 |
| Metals & Mining – 1.5% | Metals & Mining – 1.5% |  |
| Glencore PLC | 969778 | &nbsp;&nbsp; $3775185 |
| Mitsui & Co. Ltd. | 202100 | &nbsp;&nbsp; 4135889 |
|  |  | &nbsp;&nbsp; $7911074 |

---

------

MFS Research International Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Natural Gas - Distribution – 0.2% | Natural Gas - Distribution – 0.2% |  |
| China Resources Gas Group Ltd. | 490200 | &nbsp;&nbsp; $1252048 |
| Natural Gas - Pipeline – 0.3% | Natural Gas - Pipeline – 0.3% |  |
| APA Group | 270675 | &nbsp;&nbsp; $1455443 |
| Other Banks & Diversified Financials – 3.6% | Other Banks & Diversified Financials – 3.6% |  |
| HDFC Bank Ltd. | 256019 | &nbsp;&nbsp; $5975070 |
| Julius Baer Group Ltd. | 100574 | &nbsp;&nbsp; 6799155 |
| Mastercard, Inc., "A" | 11489 | &nbsp;&nbsp; 6456129 |
|  |  | &nbsp;&nbsp; $19230354 |
| Pharmaceuticals – 7.2% | Pharmaceuticals – 7.2% |  |
| Daiichi Sankyo Co. Ltd. | 261100 | &nbsp;&nbsp; $6101188 |
| Merck KGaA | 29922 | &nbsp;&nbsp; 3877130 |
| Novo Nordisk A.S., "B" | 128476 | &nbsp;&nbsp; 8917000 |
| Roche Holding AG | 41527 | &nbsp;&nbsp; 13523948 |
| Sanofi | 56300 | &nbsp;&nbsp; 5452054 |
|  |  | &nbsp;&nbsp; $37871320 |
| Printing & Publishing – 0.9% | Printing & Publishing – 0.9% |  |
| Wolters Kluwer N.V. | 29429 | &nbsp;&nbsp; $4920826 |
| Real Estate – 0.4% | Real Estate – 0.4% |  |
| LEG Immobilien SE | 23124 | &nbsp;&nbsp; $2052454 |
| Specialty Chemicals – 5.5% | Specialty Chemicals – 5.5% |  |
| Akzo Nobel N.V. | 28892 | &nbsp;&nbsp; $2021581 |
| Croda International PLC | 73689 | &nbsp;&nbsp; 2957602 |
| Linde PLC | 24392 | &nbsp;&nbsp; 11444239 |
| Shin-Etsu Chemical Co. Ltd. | 143900 | &nbsp;&nbsp; 4768521 |
| Sika AG | 15045 | &nbsp;&nbsp; 4084306 |
| Symrise AG | 35042 | &nbsp;&nbsp; 3679498 |
|  |  | &nbsp;&nbsp; $28955747 |
| Specialty Stores – 1.6% | Specialty Stores – 1.6% |  |
| NEXT PLC | 19246 | &nbsp;&nbsp; $3286401 |
| Pan Pacific International Holdings Corp. | 152300 | &nbsp;&nbsp; 5244649 |
|  |  | &nbsp;&nbsp; $8531050 |
| Telecom - Infrastructure – 0.8% | Telecom - Infrastructure – 0.8% |  |
| Cellnex Telecom S.A. | 103017 | &nbsp;&nbsp; $3998448 |
| Telecom Services – 2.3% | Telecom Services – 2.3% |  |
| Advanced Info Service Public Co. Ltd. | 306900 | &nbsp;&nbsp; $2615028 |
| Hellenic Telecommunications Organization S.A. | 44941 | &nbsp;&nbsp; 854424 |
| KDDI Corp. | 306700 | &nbsp;&nbsp; 5281872 |
| Koninklijke KPN N.V. | 708970 | &nbsp;&nbsp; 3454105 |
|  |  | &nbsp;&nbsp; $12205429 |
| Tobacco – 1.4% | Tobacco – 1.4% |  |
| British American Tobacco PLC | 159451 | &nbsp;&nbsp; $7579481 |

---

------

MFS Research International Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Utilities - Electric Power – 2.2% | Utilities - Electric Power – 2.2% |  |
| CLP Holdings Ltd. | 196500 | &nbsp;&nbsp; $1654616 |
| E.ON SE | 194704 | &nbsp;&nbsp; 3583620 |
| National Grid PLC | 449593 | &nbsp;&nbsp; 6550874 |
|  |  | &nbsp;&nbsp; $11789110 |
| **Total Common Stocks (Identified Cost, $371,966,439)** |  | &nbsp;&nbsp; **$518083387** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strike** <br>**Price**<br>| &nbsp;&nbsp; **First** <br>**Exercise**<br>|  |  |
| Warrants – 0.0% |  |  |  |  |
| Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% |
| Constellation Software, Inc. (CAD 100 principal amount of Series 2 Debentures for 1 warrant, Expiration 3/31/40) (a) <br> (Identified Cost, $0)<br>| CAD 11.5 | N/A | 2868 | &nbsp;&nbsp; $0 |

---

---

| | | |
|:---|:---|:---|
| Mutual Funds (h) – 1.9% | Mutual Funds (h) – 1.9% | Mutual Funds (h) – 1.9% |
| Money Market Funds – 1.9% | Money Market Funds – 1.9% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $9,913,691) | 9913688 | &nbsp;&nbsp; $9914679 |
| Other Assets, Less Liabilities – 0.2% |  | &nbsp;&nbsp; 897823 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$528895889** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $9,914,679 and $518,083,387, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| 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 <br> abbreviations is shown below: | 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 <br> abbreviations is shown below: |
| CAD | Canadian Dollar |

---

**See Notes to Financial Statements**

------

MFS Research International Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $371,966,439) | &nbsp;&nbsp; $518083387 |
| Investments in affiliated issuers, at value (identified cost, $9,913,691) | &nbsp;&nbsp; 9914679 |
| Foreign currency, at value (identified cost, $257,307) | &nbsp;&nbsp; 258656 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 910223 |
| Fund shares sold | &nbsp;&nbsp; 761617 |
| Interest and dividends | &nbsp;&nbsp; 2544530 |
| Other assets | &nbsp;&nbsp; 1005 |
| Total assets | &nbsp;&nbsp; $532474097 |
| **Liabilities** |  |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; $2605468 |
| Fund shares reacquired | &nbsp;&nbsp; 359810 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 23409 |
| Administrative services fee | &nbsp;&nbsp; 848 |
| Shareholder servicing costs | &nbsp;&nbsp; 240 |
| Distribution and/or service fees | &nbsp;&nbsp; 4313 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 1562 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 463811 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 118747 |
| Total liabilities | &nbsp;&nbsp; $3578208 |
| Net assets | &nbsp;&nbsp; $528895889 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $371816485 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 157079404 |
| Net assets | &nbsp;&nbsp; $528895889 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 26779472 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $369677666 | &nbsp;&nbsp;&nbsp; 18621372 | &nbsp;&nbsp;&nbsp; $19.85 |
| Service Class | &nbsp;&nbsp;&nbsp; 159218223 | &nbsp;&nbsp;&nbsp; 8158100 | &nbsp;&nbsp;&nbsp;&nbsp;19.52 |

---

**See Notes to Financial Statements**

------

MFS Research International Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $8978991 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 196919 |
| Income on securities loaned | &nbsp;&nbsp; 1545 |
| Other | &nbsp;&nbsp; 126 |
| Foreign taxes withheld | &nbsp;&nbsp; (907497)<br>|
| Total investment income | &nbsp;&nbsp; $8270084 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $2199115 |
| Distribution and/or service fees | &nbsp;&nbsp; 176435 |
| Shareholder servicing costs | &nbsp;&nbsp; 8067 |
| Administrative services fee | &nbsp;&nbsp; 37433 |
| Independent Trustees' compensation | &nbsp;&nbsp; 5799 |
| Custodian fee | &nbsp;&nbsp; 51411 |
| Shareholder communications | &nbsp;&nbsp; 5888 |
| Audit and tax fees | &nbsp;&nbsp; 39903 |
| Legal fees | &nbsp;&nbsp; 1078 |
| Miscellaneous | &nbsp;&nbsp; 15441 |
| Total expenses | &nbsp;&nbsp; $2540570 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (187062)<br>|
| Net expenses | &nbsp;&nbsp; $2353508 |
| Net investment income (loss) | &nbsp;&nbsp; $5916576 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers (includes $43,283 foreign capital gains tax) | &nbsp;&nbsp; $11689300 |
| Affiliated issuers | &nbsp;&nbsp; 241 |
| Foreign currency | &nbsp;&nbsp; 69916 |
| Net realized gain (loss)  | &nbsp;&nbsp; $11759457 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $51,025 increase in deferred foreign capital gains tax) | &nbsp;&nbsp; $55486170 |
| Affiliated issuers | &nbsp;&nbsp; (400)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 185525 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $55671295 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $67430752 |
| Change in net assets from operations | &nbsp;&nbsp; $73347328 |

---

**See Notes to Financial Statements**

------

MFS Research International Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $5916576 | &nbsp;&nbsp; $6841161 |
| Net realized gain (loss) | 11759457 | &nbsp;&nbsp; 6687901 |
| Net unrealized gain (loss) | 55671295 | &nbsp;&nbsp; 480550 |
| Change in net assets from operations | $73347328 | &nbsp;&nbsp; $14009612 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(7366093)<br>|
| Change in net assets from fund share transactions | $(7226589)<br>| &nbsp;&nbsp; $(7258604)<br>|
| Total change in net assets | $66120739 | &nbsp;&nbsp; $(615085)<br>|
| **Net assets** |  |  |
| At beginning of period | 462775150 | &nbsp;&nbsp; 463390235 |
| At end of period | $528895889 | &nbsp;&nbsp; $462775150 |

---

**See Notes to Financial Statements**

------

MFS Research International Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $17.13 | &nbsp;&nbsp; $16.88 | &nbsp;&nbsp; $15.10 | &nbsp;&nbsp; $19.13 | &nbsp;&nbsp; $18.14 | &nbsp;&nbsp; $16.96 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.22 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.17 |
| Net realized and unrealized gain (loss) | 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| Total from investment operations | $2.72 | &nbsp;&nbsp; $0.54 | &nbsp;&nbsp; $1.95 | &nbsp;&nbsp; $(3.37)<br>| &nbsp;&nbsp; $2.09 | &nbsp;&nbsp; $2.09 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.34)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.57)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.66)<br>| &nbsp;&nbsp; $(1.10)<br>| &nbsp;&nbsp; $(0.91)<br>|
| Net asset value, end of period (x) | $19.85 | &nbsp;&nbsp; $17.13 | &nbsp;&nbsp; $16.88 | &nbsp;&nbsp; $15.10 | &nbsp;&nbsp; $19.13 | &nbsp;&nbsp; $18.14 |
| Total return (%) (k)(r)(s)(x) | 15.88<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;13.01 | &nbsp;&nbsp; (17.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.57 | &nbsp;&nbsp;&nbsp;&nbsp;12.95 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.97<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Expenses after expense reductions | 0.89<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Net investment income (loss) | 2.48<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Portfolio turnover rate | 15<br> (n)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 28 |
| Net assets at end of period (000 omitted) | $369678 | &nbsp;&nbsp; $335657 | &nbsp;&nbsp; $346485 | &nbsp;&nbsp; $314093 | &nbsp;&nbsp; $387370 | &nbsp;&nbsp; $369243 |

---

**See Notes to Financial Statements**

------

MFS Research International Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $16.86 | &nbsp;&nbsp; $16.63 | &nbsp;&nbsp; $14.86 | &nbsp;&nbsp; $18.84 | &nbsp;&nbsp; $17.90 | &nbsp;&nbsp; $16.74 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.20 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.14 |
| Net realized and unrealized gain (loss) | 2.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 |
| Total from investment operations | $2.66 | &nbsp;&nbsp; $0.48 | &nbsp;&nbsp; $1.90 | &nbsp;&nbsp; $(3.36)<br>| &nbsp;&nbsp; $2.01 | &nbsp;&nbsp; $2.03 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.30)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.57)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.62)<br>| &nbsp;&nbsp; $(1.07)<br>| &nbsp;&nbsp; $(0.87)<br>|
| Net asset value, end of period (x) | $19.52 | &nbsp;&nbsp; $16.86 | &nbsp;&nbsp; $16.63 | &nbsp;&nbsp; $14.86 | &nbsp;&nbsp; $18.84 | &nbsp;&nbsp; $17.90 |
| Total return (%) (k)(r)(s)(x) | 15.78<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;12.83 | &nbsp;&nbsp; (17.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.27 | &nbsp;&nbsp;&nbsp;&nbsp;12.71 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.22<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Expenses after expense reductions | 1.14<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Net investment income (loss) | 2.29<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Portfolio turnover rate | 15<br> (n)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 28 |
| Net assets at end of period (000 omitted) | $159218 | &nbsp;&nbsp; $127118 | &nbsp;&nbsp; $116905 | &nbsp;&nbsp; $128267 | &nbsp;&nbsp; $141471 | &nbsp;&nbsp; $120742 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Research International Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Research International Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and

------

MFS Research International Portfolio

*Notes to Financial Statements (unaudited) - continued* 

market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the 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 halt 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 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. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| Japan | $99410580 | $— | $— | $99410580 |
| United Kingdom | 80862045 |  |  | 80862045 |
| France | 72309328 |  |  | 72309328 |
| Switzerland | 41991482 |  |  | 41991482 |
| United States | 33723943 |  |  | 33723943 |
| Netherlands | 31103609 |  |  | 31103609 |
| Germany | 29791912 |  |  | 29791912 |
| Australia | 14050693 |  |  | 14050693 |
| Canada | 13313910 | 0 |  | 13313911 |
| Other Countries | 101525885 |  |  | 101525885 |
| Investment Companies | 9914679 |  |  | 9914679 |
| Total | $527998066 | $0 | $— | $527998066 |

---

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

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In

------

MFS Research International Portfolio

*Notes to Financial Statements (unaudited) - continued* 

return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At June 30, 2025, there were no securities on loan or collateral outstanding.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to passive foreign investment companies and wash sale loss deferrals.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $7366093 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

------

MFS Research International Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $386305202 |
| Gross appreciation | &nbsp;&nbsp; 156246593 |
| Gross depreciation | &nbsp;&nbsp; (14553729)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $141692864 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 7225574 |
| Capital loss carryforwards | &nbsp;&nbsp; (9152127)<br>|
| Other temporary differences | &nbsp;&nbsp; (497440)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 86156069 |

---

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

As of December 31, 2024, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(554669)<br>|
| Long-Term | (8597458)<br>|
| Total | $(9152127)<br>|

---

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $5579441 |
| Service Class |  | &nbsp;&nbsp; 1786652 |
| Total | $— | &nbsp;&nbsp; $7366093 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $1 billion | 0.90% |
| In excess of $1 billion and up to $2 billion | 0.80% |
| In excess of $2 billion | 0.70% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $33,981, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.89% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.89% of

------

MFS Research International Portfolio

*Notes to Financial Statements (unaudited) - continued* 

average daily net assets for the Initial Class shares and 1.14% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this reduction amounted to $153,081, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $7,098, which equated to 0.0029% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $969.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0153% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

On August 19, 2024, MFS redeemed 3 shares of Service Class for an aggregate amount of $54.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, aggregated $76,559,039 and $73,771,381, respectively.

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 648276 | &nbsp;&nbsp; $11585146 | &nbsp;&nbsp; 912185 | &nbsp;&nbsp; $16066342 |
| Service Class | 1425506 | &nbsp;&nbsp; 25556063 | &nbsp;&nbsp; 1556742 | &nbsp;&nbsp; 27208780 |
|  | 2073782 | &nbsp;&nbsp; $37141209 | &nbsp;&nbsp; 2468927 | &nbsp;&nbsp; $43275122 |

---

------

MFS Research International Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **6/30/25** | **Six months ended**<br> **6/30/25** | **Year ended**<br> **12/31/24** | **Year ended**<br> **12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 304721 | &nbsp;&nbsp; $5579441 |
| Service Class |  |  | &nbsp;&nbsp; 99093 | &nbsp;&nbsp; 1786652 |
|  |  | $— | &nbsp;&nbsp; 403814 | &nbsp;&nbsp; $7366093 |
| Shares reacquired |  |  |  |  |
| Initial Class | (1627200)<br>| &nbsp;&nbsp; $(29858851)<br>| &nbsp;&nbsp; (2140127)<br>| &nbsp;&nbsp; $(37979483)<br>|
| Service Class | (808639)<br>| &nbsp;&nbsp; (14508947)<br>| &nbsp;&nbsp; (1146261)<br>| &nbsp;&nbsp; (19920336)<br>|
|  | (2435839)<br>| &nbsp;&nbsp; $(44367798)<br>| &nbsp;&nbsp; (3286388)<br>| &nbsp;&nbsp; $(57899819)<br>|
| Net change |  |  |  |  |
| Initial Class | (978924)<br>| &nbsp;&nbsp; $(18273705)<br>| &nbsp;&nbsp; (923221)<br>| &nbsp;&nbsp; $(16333700)<br>|
| Service Class | 616867 | &nbsp;&nbsp; 11047116 | &nbsp;&nbsp; 509574 | &nbsp;&nbsp; 9075096 |
|  | (362057)<br>| &nbsp;&nbsp; $(7226589)<br>| &nbsp;&nbsp; (413647)<br>| &nbsp;&nbsp; $(7258604)<br>|

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Moderate Allocation Portfolio, the MFS Growth Allocation Portfolio, and the MFS Conservative Allocation Portfolio were the owners of record of approximately 14%, 6%, and 2%, respectively, of the value of outstanding voting shares of the fund.

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $1,075 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in 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 following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $13631290 | &nbsp;&nbsp; $40716571 | &nbsp;&nbsp; $44433023 | &nbsp;&nbsp; $241 | &nbsp;&nbsp; $(400)<br>| &nbsp;&nbsp; $9914679 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $196919 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Research International Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Research International Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Research International Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS U.S. Government Money Market Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS U.S. Government Money Market Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| U.S. Government Agencies and Equivalents (y) – 70.5% | U.S. Government Agencies and Equivalents (y) – 70.5% | U.S. Government Agencies and Equivalents (y) – 70.5% |
| Federal Farm Credit Bank, 4.26%, due 7/16/2025 | $8250000 | &nbsp;&nbsp; $8235459 |
| Federal Farm Credit Bank, 4.25%, due 8/01/2025 | 5550000 | &nbsp;&nbsp; 5529928 |
| Federal Farm Credit Bank, 4.26%, due 8/07/2025 | 7250000 | &nbsp;&nbsp; 7218481 |
| Federal Farm Credit Bank, 4.26%, due 8/15/2025 | 15250000 | &nbsp;&nbsp; 15169365 |
| Federal Farm Credit Bank, 4.25%, due 9/03/2025 | 7450000 | &nbsp;&nbsp; 7394108 |
| Federal Home Loan Bank, 4.25%, due 7/02/2025 | 5500000 | &nbsp;&nbsp; 5499358 |
| Federal Home Loan Bank, 4.2%, due 7/07/2025 | 7100000 | &nbsp;&nbsp; 7095083 |
| Federal Home Loan Bank, 4.26%, due 7/10/2025 | 5000000 | &nbsp;&nbsp; 4994731 |
| Federal Home Loan Bank, 4.23%, due 7/11/2025 | 10500000 | &nbsp;&nbsp; 10487692 |
| Federal Home Loan Bank, 4.24%, due 7/23/2025 | 6800000 | &nbsp;&nbsp; 6782613 |
| Federal Home Loan Bank, 4.26%, due 8/08/2025 | 8000000 | &nbsp;&nbsp; 7964398 |
| Federal Home Loan Bank, 4.24%, due 8/27/2025 | 7000000 | &nbsp;&nbsp; 6953672 |
| Federal Home Loan Bank, 4.17%, due 9/09/2025 | 6950000 | &nbsp;&nbsp; 6894593 |
| Federal Home Loan Bank, 4.16%, due 9/24/2025 | 4450000 | &nbsp;&nbsp; 4407132 |
| Federal Home Loan Bank, 4.22%, due 11/12/2025 | 8900000 | &nbsp;&nbsp; 8763182 |
| Freddie Mac, 4.22%, due 7/15/2025 | 11200000 | &nbsp;&nbsp; 11181707 |
| Freddie Mac, 4.24%, due 7/22/2025 | 7700000 | &nbsp;&nbsp; 7681113 |
| Freddie Mac, 4.24%, due 7/28/2025 | 9650000 | &nbsp;&nbsp; 9619530 |
| Freddie Mac, 4.25%, due 10/20/2025 | 11000000 | &nbsp;&nbsp; 10858228 |
| Freddie Mac, 4.21%, due 11/03/2025 | 7150000 | &nbsp;&nbsp; 7046970 |
| U.S. Treasury Bill, 4.23%, due 7/01/2025 | 16400000 | &nbsp;&nbsp; 16400000 |
| U.S. Treasury Bill, 4.24%, due 7/17/2025 | 13800000 | &nbsp;&nbsp; 13774133 |
| **Total U.S. Government Agencies and Equivalents, at Amortized Cost and Value** |  | &nbsp;&nbsp; **$189951476** |
| Repurchase Agreements – 29.4% | Repurchase Agreements – 29.4% |  |
| BofA Securities, Inc. Repurchase Agreement, 4.36%, dated 6/30/2025, due 7/01/2025, total to be received $39,583,793 (secured by <br> U.S. Treasury and/or U.S. Government Agency Securities valued at $40,475,938) | $39579000 | &nbsp;&nbsp; $39579000 |
| Fixed Income Clearing Corp. – State Street Bank & Trust Co. Repurchase Agreement, 4.38%, dated 6/30/2025, due 7/01/2025, total to <br> be received $39,584,482 (secured by U.S. Treasury and/or U.S. Government Agency Securities valued at $40,371,369) | 39579666 | &nbsp;&nbsp; 39579666 |
| **Total Repurchase Agreements, at Cost and Value** |  | &nbsp;&nbsp; **$79158666** |
| Other Assets, Less Liabilities – 0.1% |  | &nbsp;&nbsp; 202009 |
| **Net Assets – 100.0%** |  | &nbsp;&nbsp; **$269312151** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(y) The rate shown represents an annualized yield at time of purchase.

**See Notes to Financial Statements**

MKSFS-SEM

------

MFS U.S. Government Money Market Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at cost and value | &nbsp;&nbsp; $189951476 |
| Investments in unaffiliated repurchase agreements, at cost and value | &nbsp;&nbsp; 79158666 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 528758 |
| Interest | &nbsp;&nbsp; 9609 |
| Other assets | &nbsp;&nbsp; 724 |
| Total assets | &nbsp;&nbsp; $269649233 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $280380 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 11346 |
| Administrative services fee | &nbsp;&nbsp; 494 |
| Shareholder servicing costs | &nbsp;&nbsp; 86 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 1145 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 43631 |
| Total liabilities | &nbsp;&nbsp; $337082 |
| Net assets | &nbsp;&nbsp; $269312151 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $269312037 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 114 |
| Net assets | &nbsp;&nbsp; $269312151 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 269502156 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $177116484 | &nbsp;&nbsp;&nbsp; 177241132 | &nbsp;&nbsp;&nbsp; $1.00 |
| Service Class | &nbsp;&nbsp;&nbsp; 92195667 | &nbsp;&nbsp;&nbsp; 92261024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |

---

**See Notes to Financial Statements**

------

MFS U.S. Government Money Market Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $5819520 |
| Other | &nbsp;&nbsp; 48 |
| Total investment income | &nbsp;&nbsp; $5819568 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $536680 |
| Distribution and/or service fees | &nbsp;&nbsp; 116474 |
| Shareholder servicing costs | &nbsp;&nbsp; 2887 |
| Administrative services fee | &nbsp;&nbsp; 23026 |
| Independent Trustees' compensation | &nbsp;&nbsp; 3770 |
| Custodian fee | &nbsp;&nbsp; 4887 |
| Shareholder communications | &nbsp;&nbsp; 1878 |
| Audit and tax fees | &nbsp;&nbsp; 24100 |
| Legal fees | &nbsp;&nbsp; 663 |
| Miscellaneous | &nbsp;&nbsp; 19178 |
| Total expenses | &nbsp;&nbsp; $733543 |
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (135133)<br>|
| Net expenses | &nbsp;&nbsp; $598410 |
| Net investment income (loss) | &nbsp;&nbsp; $5221158 |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $114 |
| Change in net assets from operations | &nbsp;&nbsp; $5221272 |

---

**See Notes to Financial Statements**

------

MFS U.S. Government Money Market Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $5221158 | &nbsp;&nbsp; $13107250 |
| Net realized gain (loss) | 114 | &nbsp;&nbsp; 0 |
| Change in net assets from operations | $5221272 | &nbsp;&nbsp; $13107250 |
| Total distributions to shareholders | $(5221158)<br>| &nbsp;&nbsp; $(13107250)<br>|
| Change in net assets from fund share transactions | $(4307455)<br>| &nbsp;&nbsp; $(6673216)<br>|
| Total change in net assets | $(4307341)<br>| &nbsp;&nbsp; $(6673216)<br>|
| **Net assets** |  |  |
| At beginning of period | 273619492 | &nbsp;&nbsp; 280292708 |
| At end of period | $269312151 | &nbsp;&nbsp; $273619492 |

---

**See Notes to Financial Statements**

------

MFS U.S. Government Money Market Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.02 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; $0.00<br> (w)<br>|
| Net realized and unrealized gain (loss) | 0.00<br> (w)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.01)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (w)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (w)<br>|
| Total from investment operations | $0.02 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00<br> (w)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.02)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.01)<br>| $— | &nbsp;&nbsp; $(0.00)(w)<br>|
| Net asset value, end of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return (%) (k)(r) | 1.94<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.46<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Expenses after expense reductions | 0.45<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net investment income (loss) | 3.89<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net assets at end of period (000 omitted) | $177116 | &nbsp;&nbsp; $175092 | &nbsp;&nbsp; $175408 | &nbsp;&nbsp; $159395 | &nbsp;&nbsp; $149896 | &nbsp;&nbsp; $155937 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.02 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; $0.00<br> (w)<br>|
| Net realized and unrealized gain (loss) | 0.00<br> (w)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.01)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (w)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (w)<br>|
| Total from investment operations | $0.02 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $0.00<br> (w)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.02)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.01)<br>| $— | &nbsp;&nbsp; $(0.00)(w)<br>|
| Net asset value, end of period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return (%) (k)(r) | 1.94<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.71<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Expenses after expense reductions | 0.45<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net investment income (loss) | 3.89<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net assets at end of period (000 omitted) | $92196 | &nbsp;&nbsp; $98528 | &nbsp;&nbsp; $104885 | &nbsp;&nbsp; $100221 | &nbsp;&nbsp; $105117 | &nbsp;&nbsp; $114985 |

---

**See Notes to Financial Statements**

------

MFS U.S. Government Money Market Portfolio

*Financial Highlights - continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The per share amount varies from the net realized and unrealized gain/loss for the
 period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(w) Per share amount was less than $0.01.

**See Notes to Financial Statements**

------

MFS U.S. Government Money Market Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS U.S. Government Money Market Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policies and procedures, market quotations are not considered to be readily available for debt instruments. Debt instruments held by the fund are generally valued at amortized cost, which approximates market value. Amortized cost involves valuing an instrument at its cost as adjusted for amortization of premium or accretion of discount rather than its current market value. The amortized cost value of an instrument can be different from the market value of an instrument.

Various inputs are used in determining the value of the fund's assets or liabilities. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

------

MFS U.S. Government Money Market Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Short-Term Securities | $— | $269110142 | $— | $269110142 |

---

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

**Repurchase Agreements —** The fund enters into bilateral repurchase agreements under the terms of Master Repurchase Agreements with approved counterparties, some of which may be novated to the clearing agency, Fixed Income Clearing Corporation (FICC). Each repurchase agreement is recorded at cost. For both bilateral and cleared repurchase agreements, the fund requires that the securities collateral in a repurchase transaction be transferred to a custodian. On a daily basis, the fund monitors the collateral to ensure that its value, including accrued interest, is greater than amounts owed to the fund under each such repurchase agreement. In the event of default, the settlement of a cleared repurchase agreement is guaranteed by FICC. Upon an event of default on a bilateral repurchase agreement, the non-defaulting party may close out all transactions traded under a Master Repurchase Agreement and net amounts owed under each transaction to one net amount payable by one party to the other. Absent an event of default, the Master Repurchase Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. At June 30, 2025, the fund had investments in repurchase agreements with a gross value of $79,158,666 in the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at period end.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

During the year ended December 31, 2024, there were no significant adjustments due to differences between book and tax accounting.

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $13107250 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $269110142 |

---

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

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. The fund's realized and unrealized gain (loss) are allocated to shareholders based on the daily net

------

MFS U.S. Government Money Market Portfolio

*Notes to Financial Statements (unaudited) - continued* 

assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25**<br>| **Year ended** <br>**12/31/24**<br>|
| Initial Class | $3407770 | &nbsp;&nbsp; $8315461 |
| Service Class | 1813388 | &nbsp;&nbsp; 4791789 |
| Total | $5221158 | &nbsp;&nbsp; $13107250 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $1 billion | 0.40% |
| In excess of $1 billion | 0.35% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $18,659, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.39% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses, such that total annual operating expenses do not exceed 0.45% of average daily net assets for each of the Initial Class and Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, the fund's actual operating expenses did not exceed the limit and therefore, the investment adviser did not pay any portion of the fund's expenses related to this agreement.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly. MFD has agreed in writing to waive the entire 0.25% distribution and/or service fee. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this waiver amounted to $116,474, which is included in the reduction of total expenses in the Statement of Operations. The distribution and/or service fees incurred for the six months ended June 30, 2025 were equivalent to an annual effective rate of 0.00% of the average daily net assets attributable to Service Class shares.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $2,657, which equated to 0.0020% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $230.

------

MFS U.S. Government Money Market Portfolio

*Notes to Financial Statements (unaudited) - continued* 

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0172% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**(4) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. The number of shares sold, reinvested and reacquired corresponds to the net proceeds from the sale of shares, reinvestment of distributions and cost of shares reacquired, respectively, since shares are sold and reacquired at $1.00 per share. Transactions in fund shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25**<br>| **Year ended** <br>**12/31/24**<br>|
| Shares sold |  |  |
| Initial Class | 12989655 | &nbsp;&nbsp; 27313327 |
| Service Class | 10993839 | &nbsp;&nbsp; 16663407 |
|  | 23983494 | &nbsp;&nbsp; 43976734 |
| Shares issued to shareholders in <br>reinvestment of distributions<br>|  |  |
| Initial Class | 3407770 | &nbsp;&nbsp; 8315461 |
| Service Class | 1813388 | &nbsp;&nbsp; 4791789 |
|  | 5221158 | &nbsp;&nbsp; 13107250 |
| Shares reacquired |  |  |
| Initial Class | (14369428)<br>| &nbsp;&nbsp; (35942681)<br>|
| Service Class | (19142679)<br>| &nbsp;&nbsp; (27814519)<br>|
|  | (33512107)<br>| &nbsp;&nbsp; (63757200)<br>|
| Net change |  |  |
| Initial Class | 2027997 | &nbsp;&nbsp; (313893)<br>|
| Service Class | (6335452)<br>| &nbsp;&nbsp; (6359323)<br>|
|  | (4307455)<br>| &nbsp;&nbsp; (6673216)<br>|

---

**(5) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $605 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS U.S. Government Money Market Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS U.S. Government Money Market Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS U.S. Government Money Market Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Massachusetts Investors Growth Stock Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Massachusetts Investors Growth Stock Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 99.6% | Common Stocks – 99.6% | Common Stocks – 99.6% |
| Apparel Manufacturers – 1.9% | Apparel Manufacturers – 1.9% |  |
| LVMH Moet Hennessy Louis Vuitton SE | 17403 | &nbsp;&nbsp; $9114245 |
| NIKE, Inc., "B" | 133110 | &nbsp;&nbsp; 9456134 |
|  |  | &nbsp;&nbsp; $18570379 |
| Automotive – 0.7% | Automotive – 0.7% |  |
| Aptiv PLC (a) | 93478 | &nbsp;&nbsp; $6377069 |
| Broadcasting – 1.3% | Broadcasting – 1.3% |  |
| Walt Disney Co. | 100725 | &nbsp;&nbsp; $12490907 |
| Brokerage & Asset Managers – 3.1% | Brokerage & Asset Managers – 3.1% |  |
| Brookfield Asset Management Ltd. | 179619 | &nbsp;&nbsp; $9941534 |
| Charles Schwab Corp. | 130563 | &nbsp;&nbsp; 11912568 |
| CME Group, Inc. | 27596 | &nbsp;&nbsp; 7606010 |
|  |  | &nbsp;&nbsp; $29460112 |
| Business Services – 6.4% | Business Services – 6.4% |  |
| Accenture PLC, "A" | 93874 | &nbsp;&nbsp; $28058000 |
| Fiserv, Inc. (a) | 68567 | &nbsp;&nbsp; 11821636 |
| TransUnion | 250089 | &nbsp;&nbsp; 22007832 |
|  |  | &nbsp;&nbsp; $61887468 |
| Computer Software – 17.4% | Computer Software – 17.4% |  |
| Microsoft Corp. | 291347 | &nbsp;&nbsp; $144918911 |
| Salesforce, Inc. | 80912 | &nbsp;&nbsp; 22063894 |
|  |  | &nbsp;&nbsp; $166982805 |
| Computer Software - Systems – 4.6% | Computer Software - Systems – 4.6% |  |
| Apple, Inc. | 217182 | &nbsp;&nbsp; $44559231 |
| Construction – 3.1% | Construction – 3.1% |  |
| Otis Worldwide Corp. | 108740 | &nbsp;&nbsp; $10767435 |
| Pool Corp. | 27883 | &nbsp;&nbsp; 8127337 |
| Sherwin-Williams Co. | 31227 | &nbsp;&nbsp; 10722102 |
|  |  | &nbsp;&nbsp; $29616874 |
| Consumer Products – 4.4% | Consumer Products – 4.4% |  |
| Church & Dwight Co., Inc. | 215076 | &nbsp;&nbsp; $20670954 |
| Estée Lauder Cos., Inc., "A" | 148668 | &nbsp;&nbsp; 12012375 |
| L'Oréal S.A. | 21958 | &nbsp;&nbsp; 9391741 |
|  |  | &nbsp;&nbsp; $42075070 |
| Electrical Equipment – 6.8% | Electrical Equipment – 6.8% |  |
| Amphenol Corp., "A" | 219958 | &nbsp;&nbsp; $21720852 |
| Hubbell, Inc. | 51666 | &nbsp;&nbsp; 21100911 |
| Schneider Electric SE | 33195 | &nbsp;&nbsp; 8829248 |
| TE Connectivity PLC | 78931 | &nbsp;&nbsp; 13313292 |
|  |  | &nbsp;&nbsp; $64964303 |

---

MISFS-SEM

------

MFS Massachusetts Investors Growth Stock Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electronics – 9.7% | Electronics – 9.7% |  |
| Analog Devices, Inc. | 27679 | &nbsp;&nbsp; $6588156 |
| NVIDIA Corp. | 381400 | &nbsp;&nbsp; 60257386 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 85262 | &nbsp;&nbsp; 19310990 |
| Texas Instruments, Inc. | 32325 | &nbsp;&nbsp; 6711317 |
|  |  | &nbsp;&nbsp; $92867849 |
| Food & Beverages – 2.7% | Food & Beverages – 2.7% |  |
| McCormick & Co., Inc. | 154359 | &nbsp;&nbsp; $11703499 |
| PepsiCo, Inc. | 111488 | &nbsp;&nbsp; 14720876 |
|  |  | &nbsp;&nbsp; $26424375 |
| Gaming & Lodging – 1.3% | Gaming & Lodging – 1.3% |  |
| Hilton Worldwide Holdings, Inc. | 45111 | &nbsp;&nbsp; $12014864 |
| Insurance – 3.4% | Insurance – 3.4% |  |
| Aon PLC | 60465 | &nbsp;&nbsp; $21571493 |
| Marsh & McLennan Cos., Inc. | 50367 | &nbsp;&nbsp; 11012241 |
|  |  | &nbsp;&nbsp; $32583734 |
| Interactive Media Services – 2.3% | Interactive Media Services – 2.3% |  |
| Alphabet, Inc., "A" | 122715 | &nbsp;&nbsp; $21626064 |
| Internet – 0.6% | Internet – 0.6% |  |
| Gartner, Inc. (a) | 13197 | &nbsp;&nbsp; $5334491 |
| Leisure & Toys – 1.7% | Leisure & Toys – 1.7% |  |
| Tencent Holdings Ltd. | 256400 | &nbsp;&nbsp; $16429302 |
| Machinery & Tools – 2.9% | Machinery & Tools – 2.9% |  |
| Eaton Corp. PLC | 61165 | &nbsp;&nbsp; $21835294 |
| Graco, Inc. | 75494 | &nbsp;&nbsp; 6490219 |
|  |  | &nbsp;&nbsp; $28325513 |
| Medical & Health Technology & Services – 1.2% | Medical & Health Technology & Services – 1.2% |  |
| ICON PLC (a) | 43991 | &nbsp;&nbsp; $6398491 |
| Veeva Systems, Inc. (a) | 18233 | &nbsp;&nbsp; 5250739 |
|  |  | &nbsp;&nbsp; $11649230 |
| Medical Equipment – 10.0% | Medical Equipment – 10.0% |  |
| Agilent Technologies, Inc. | 151193 | &nbsp;&nbsp; $17842286 |
| Becton, Dickinson and Co. | 84355 | &nbsp;&nbsp; 14530149 |
| Boston Scientific Corp. (a) | 92234 | &nbsp;&nbsp; 9906854 |
| Danaher Corp. | 68169 | &nbsp;&nbsp; 13466104 |
| Mettler-Toledo International, Inc. (a) | 8461 | &nbsp;&nbsp; 9939306 |
| STERIS PLC | 88369 | &nbsp;&nbsp; 21228001 |
| Stryker Corp. | 10788 | &nbsp;&nbsp; 4268057 |
| Thermo Fisher Scientific, Inc. | 12459 | &nbsp;&nbsp; 5051626 |
|  |  | &nbsp;&nbsp; $96232383 |
| Other Banks & Diversified Financials – 6.7% | Other Banks & Diversified Financials – 6.7% |  |
| Mastercard, Inc., "A" | 23740 | &nbsp;&nbsp; $13340456 |
| Moody's Corp. | 25454 | &nbsp;&nbsp; 12767472 |
| Visa, Inc., "A" | 108083 | &nbsp;&nbsp; 38374869 |
|  |  | &nbsp;&nbsp; $64482797 |

---

------

MFS Massachusetts Investors Growth Stock Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Railroad & Shipping – 0.8% | Railroad & Shipping – 0.8% |  |
| Canadian Pacific Kansas City Ltd. (l) | 102254 | &nbsp;&nbsp; $8105675 |
| Restaurants – 0.4% | Restaurants – 0.4% |  |
| Starbucks Corp. | 45064 | &nbsp;&nbsp; $4129214 |
| Specialty Stores – 2.2% | Specialty Stores – 2.2% |  |
| Ross Stores, Inc. | 90288 | &nbsp;&nbsp; $11518943 |
| TJX Cos., Inc. | 79935 | &nbsp;&nbsp; 9871173 |
|  |  | &nbsp;&nbsp; $21390116 |
| Telecom - Infrastructure – 2.0% | Telecom - Infrastructure – 2.0% |  |
| American Tower Corp., REIT | 87105 | &nbsp;&nbsp; $19251947 |
| Utilities - Electric Power – 2.0% | Utilities - Electric Power – 2.0% |  |
| CMS Energy Corp. | 277518 | &nbsp;&nbsp; $19226447 |
| **Total Common Stocks (Identified Cost, $460,875,869)** |  | &nbsp;&nbsp; **$957058219** |
| Mutual Funds (h) – 0.4% | Mutual Funds (h) – 0.4% | Mutual Funds (h) – 0.4% |
| Money Market Funds – 0.4% | Money Market Funds – 0.4% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $4,104,804) | 4104803 | &nbsp;&nbsp; $4105213 |
| Collateral for Securities Loaned – 0.8% | Collateral for Securities Loaned – 0.8% | Collateral for Securities Loaned – 0.8% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 4.26% (j) (Identified Cost, $7,350,800) | 7350800 | &nbsp;&nbsp; $7350800 |
| Other Assets, Less Liabilities – (0.8)% |  | &nbsp;&nbsp; (7879653) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$960634579** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $4,105,213 and $964,409,019, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate quoted is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(l) A portion of this security is on loan. See Note 2 for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined: <br> ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

**See Notes to Financial Statements**

------

MFS Massachusetts Investors Growth Stock Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value, including $7,292,840 of securities on loan (identified cost, $468,226,669) | &nbsp;&nbsp; $964409019 |
| Investments in affiliated issuers, at value (identified cost, $4,104,804) | &nbsp;&nbsp; 4105213 |
| Cash | &nbsp;&nbsp; 67559 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 97345 |
| Interest and dividends | &nbsp;&nbsp; 488757 |
| Other assets | &nbsp;&nbsp; 1872 |
| Total assets | &nbsp;&nbsp; $969169765 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $1039983 |
| Collateral for securities loaned, at value | &nbsp;&nbsp; 7350800 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 29241 |
| Administrative services fee | &nbsp;&nbsp; 1441 |
| Shareholder servicing costs | &nbsp;&nbsp; 380 |
| Distribution and/or service fees | &nbsp;&nbsp; 11211 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 4016 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 98114 |
| Total liabilities | &nbsp;&nbsp; $8535186 |
| Net assets | &nbsp;&nbsp; $960634579 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $284742745 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 675891834 |
| Net assets | &nbsp;&nbsp; $960634579 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 39382645 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $547883361 | &nbsp;&nbsp;&nbsp; 22195256 | &nbsp;&nbsp;&nbsp; $24.68 |
| Service Class | &nbsp;&nbsp;&nbsp; 412751218 | &nbsp;&nbsp;&nbsp; 17187389 | &nbsp;&nbsp;&nbsp;&nbsp;24.01 |

---

**See Notes to Financial Statements**

------

MFS Massachusetts Investors Growth Stock Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $5365717 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 133218 |
| Income on securities loaned | &nbsp;&nbsp; 295 |
| Other | &nbsp;&nbsp; 135 |
| Foreign taxes withheld | &nbsp;&nbsp; (108859)<br>|
| Total investment income | &nbsp;&nbsp; $5390506 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $3509546 |
| Distribution and/or service fees | &nbsp;&nbsp; 498877 |
| Shareholder servicing costs | &nbsp;&nbsp; 12294 |
| Administrative services fee | &nbsp;&nbsp; 66946 |
| Independent Trustees' compensation | &nbsp;&nbsp; 11360 |
| Custodian fee | &nbsp;&nbsp; 26237 |
| Shareholder communications | &nbsp;&nbsp; 7136 |
| Audit and tax fees | &nbsp;&nbsp; 36965 |
| Legal fees | &nbsp;&nbsp; 2159 |
| Miscellaneous | &nbsp;&nbsp; 18398 |
| Total expenses | &nbsp;&nbsp; $4189918 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (320180)<br>|
| Net expenses | &nbsp;&nbsp; $3869738 |
| Net investment income (loss) | &nbsp;&nbsp; $1520768 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $42482553 |
| Affiliated issuers | &nbsp;&nbsp; (1367)<br>|
| Foreign currency | &nbsp;&nbsp; (17827)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $42463359 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(16695993)<br>|
| Affiliated issuers | &nbsp;&nbsp; 201 |
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 7101 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $(16688691)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $25774668 |
| Change in net assets from operations | &nbsp;&nbsp; $27295436 |

---

**See Notes to Financial Statements**

------

MFS Massachusetts Investors Growth Stock Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $1520768 | &nbsp;&nbsp; $1682093 |
| Net realized gain (loss) | 42463359 | &nbsp;&nbsp; 136017028 |
| Net unrealized gain (loss) | (16688691)<br>| &nbsp;&nbsp; 13046262 |
| Change in net assets from operations | $27295436 | &nbsp;&nbsp; $150745383 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(90811774)<br>|
| Change in net assets from fund share transactions | $(59848986)<br>| &nbsp;&nbsp; $(44909961)<br>|
| Total change in net assets | $(32553550)<br>| &nbsp;&nbsp; $15023648 |
| **Net assets** |  |  |
| At beginning of period | 993188129 | &nbsp;&nbsp; 978164481 |
| At end of period | $960634579 | &nbsp;&nbsp; $993188129 |

---

**See Notes to Financial Statements**

------

MFS Massachusetts Investors Growth Stock Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $23.95 | &nbsp;&nbsp; $22.63 | &nbsp;&nbsp; $19.29 | &nbsp;&nbsp; $27.57 | &nbsp;&nbsp; $25.06 | &nbsp;&nbsp; $22.58 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.05 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.06 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.06 |
| Net realized and unrealized gain (loss) | 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp; (5.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 |
| Total from investment operations | $0.73 | &nbsp;&nbsp; $3.62 | &nbsp;&nbsp; $4.52 | &nbsp;&nbsp; $(5.08)<br>| &nbsp;&nbsp; $6.28 | &nbsp;&nbsp; $4.86 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.11)<br>|
| From net realized gain |  | &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp; (2.27)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(2.30)<br>| &nbsp;&nbsp; $(1.18)<br>| &nbsp;&nbsp; $(3.20)<br>| &nbsp;&nbsp; $(3.77)<br>| &nbsp;&nbsp; $(2.38)<br>|
| Net asset value, end of period (x) | $24.68 | &nbsp;&nbsp; $23.95 | &nbsp;&nbsp; $22.63 | &nbsp;&nbsp; $19.29 | &nbsp;&nbsp; $27.57 | &nbsp;&nbsp; $25.06 |
| Total return (%) (k)(r)(s)(x) | 3.05<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.27 | &nbsp;&nbsp;&nbsp;&nbsp;24.01 | &nbsp;&nbsp; (19.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.97 | &nbsp;&nbsp;&nbsp;&nbsp;22.53 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.79<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Expenses after expense reductions | 0.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net investment income (loss) | 0.43<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 33 |
| Net assets at end of period (000 omitted) | $547883 | &nbsp;&nbsp; $573217 | &nbsp;&nbsp; $569547 | &nbsp;&nbsp; $517839 | &nbsp;&nbsp; $714524 | &nbsp;&nbsp; $641267 |

---

**See Notes to Financial Statements**

------

MFS Massachusetts Investors Growth Stock Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $23.33 | &nbsp;&nbsp; $22.10 | &nbsp;&nbsp; $18.86 | &nbsp;&nbsp; $27.07 | &nbsp;&nbsp; $24.67 | &nbsp;&nbsp; $22.27 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.02 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $0.00<br> (w)<br>|
| Net realized and unrealized gain (loss) | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 |
| Total from investment operations | $0.68 | &nbsp;&nbsp; $3.47 | &nbsp;&nbsp; $4.37 | &nbsp;&nbsp; $(5.03)<br>| &nbsp;&nbsp; $6.11 | &nbsp;&nbsp; $4.72 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.01)<br>| $— | &nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp; $(0.05)<br>|
| From net realized gain |  | &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp; (2.27)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(2.24)<br>| &nbsp;&nbsp; $(1.13)<br>| &nbsp;&nbsp; $(3.18)<br>| &nbsp;&nbsp; $(3.71)<br>| &nbsp;&nbsp; $(2.32)<br>|
| Net asset value, end of period (x) | $24.01 | &nbsp;&nbsp; $23.33 | &nbsp;&nbsp; $22.10 | &nbsp;&nbsp; $18.86 | &nbsp;&nbsp; $27.07 | &nbsp;&nbsp; $24.67 |
| Total return (%) (k)(r)(s)(x) | 2.91<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;23.70 | &nbsp;&nbsp; (19.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.66 | &nbsp;&nbsp;&nbsp;&nbsp;22.20 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.04<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Expenses after expense reductions | 0.97<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Net investment income (loss) | 0.18<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 33 |
| Net assets at end of period (000 omitted) | $412751 | &nbsp;&nbsp; $419971 | &nbsp;&nbsp; $408618 | &nbsp;&nbsp; $361330 | &nbsp;&nbsp; $475478 | &nbsp;&nbsp; $428289 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(w) Per share amount was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Massachusetts Investors Growth Stock Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Massachusetts Investors Growth Stock Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the 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

------

MFS Massachusetts Investors Growth Stock Portfolio

*Notes to Financial Statements (unaudited) - continued* 

market) and prior to the determination of the fund's net asset value, or after the halt 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 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. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $957058219 | $— | $— | $957058219 |
| Investment Companies | 11456013 |  |  | 11456013 |
| Total | $968514232 | $— | $— | $968514232 |

---

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

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. At period end, the fund had investment securities on loan, all of which were classified as equity securities in the fund's Portfolio of Investments, with a fair value of $7,292,840. The fair value of the fund's investment securities on loan and a related liability of $7,350,800 for the obligation to return cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. The collateral on securities loaned exceeded the value of securities on loan at period end. The liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated

------

MFS Massachusetts Investors Growth Stock Portfolio

*Notes to Financial Statements (unaudited) - continued* 

between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to wash sale loss deferrals.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $8395642 |
| Long-term capital gains | &nbsp;&nbsp; 82416132 |
| Total distributions | &nbsp;&nbsp; $90811774 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

------

MFS Massachusetts Investors Growth Stock Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $475160969 |
| Gross appreciation | &nbsp;&nbsp; 510831621 |
| Gross depreciation | &nbsp;&nbsp; (17478358)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $493353263 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 10539925 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 128011248 |
| Other temporary differences | &nbsp;&nbsp; (3830)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 510049055 |

---

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

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $52482119 |
| Service Class |  | &nbsp;&nbsp; 38329655 |
| Total | $— | &nbsp;&nbsp; $90811774 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $1 billion | 0.75% |
| In excess of $1 billion | 0.65% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $65,072, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.74% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.72% of average daily net assets for the Initial Class shares and 0.97% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this reduction amounted to $255,108, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these

------

MFS Massachusetts Investors Growth Stock Portfolio

*Notes to Financial Statements (unaudited) - continued* 

participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $11,146, which equated to 0.0024% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $1,148.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0143% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

On August 19, 2024, MFS redeemed 6 shares of Service Class for an aggregate amount of $156.

During the six months ended June 30, 2025, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the "Act") and relevant guidance, the fund engaged in purchase transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $598,379.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, aggregated $61,675,775 and $115,184,927, respectively.

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 422767 | &nbsp;&nbsp; $9689795 | &nbsp;&nbsp; 302717 | &nbsp;&nbsp; $7206834 |
| Service Class | 425401 | &nbsp;&nbsp; 9678364 | &nbsp;&nbsp; 715435 | &nbsp;&nbsp; 16849090 |
|  | 848168 | &nbsp;&nbsp; $19368159 | &nbsp;&nbsp; 1018152 | &nbsp;&nbsp; $24055924 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 2254387 | &nbsp;&nbsp; $52482119 |
| Service Class |  |  | &nbsp;&nbsp; 1689275 | &nbsp;&nbsp; 38329655 |
|  |  | $— | &nbsp;&nbsp; 3943662 | &nbsp;&nbsp; $90811774 |
| Shares reacquired |  |  |  |  |
| Initial Class | (2158315)<br>| &nbsp;&nbsp; $(50837847)<br>| &nbsp;&nbsp; (3794812)<br>| &nbsp;&nbsp; $(91546310)<br>|
| Service Class | (1237845)<br>| &nbsp;&nbsp; (28379298)<br>| &nbsp;&nbsp; (2895003)<br>| &nbsp;&nbsp; (68231349)<br>|
|  | (3396160)<br>| &nbsp;&nbsp; $(79217145)<br>| &nbsp;&nbsp; (6689815)<br>| &nbsp;&nbsp; $(159777659)<br>|

---

------

MFS Massachusetts Investors Growth Stock Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **6/30/25** | **Six months ended**<br> **6/30/25** | **Year ended**<br> **12/31/24** | **Year ended**<br> **12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net change |  |  |  |  |
| Initial Class | (1735548)<br>| &nbsp;&nbsp; $(41148052)<br>| &nbsp;&nbsp; (1237708)<br>| &nbsp;&nbsp; $(31857357)<br>|
| Service Class | (812444)<br>| &nbsp;&nbsp; (18700934)<br>| &nbsp;&nbsp; (490293)<br>| &nbsp;&nbsp; (13052604)<br>|
|  | (2547992)<br>| &nbsp;&nbsp; $(59848986)<br>| &nbsp;&nbsp; (1728001)<br>| &nbsp;&nbsp; $(44909961)<br>|

---

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $2,235 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in 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 following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $8560437 | &nbsp;&nbsp; $65024471 | &nbsp;&nbsp; $69478529 | &nbsp;&nbsp; $(1367)<br>| &nbsp;&nbsp; $201 | &nbsp;&nbsp; $4105213 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $133218 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Massachusetts Investors Growth Stock Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Massachusetts Investors Growth Stock Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Massachusetts Investors Growth Stock Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS International Intrinsic Value Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS International Intrinsic Value Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 97.5% | Common Stocks – 97.5% | Common Stocks – 97.5% |
| Airlines – 1.2% | Airlines – 1.2% |  |
| Ryanair Holdings PLC, ADR | 293095 | &nbsp;&nbsp; $16902789 |
| Alcoholic Beverages – 2.1% | Alcoholic Beverages – 2.1% |  |
| Diageo PLC | 665394 | &nbsp;&nbsp; $16696090 |
| Pernod Ricard S.A. | 141925 | &nbsp;&nbsp; 14143483 |
|  |  | &nbsp;&nbsp; $30839573 |
| Apparel Manufacturers – 0.7% | Apparel Manufacturers – 0.7% |  |
| Compagnie Financiere Richemont S.A. | 36675 | &nbsp;&nbsp; $6907907 |
| LVMH Moet Hennessy Louis Vuitton SE | 7582 | &nbsp;&nbsp; 3970821 |
|  |  | &nbsp;&nbsp; $10878728 |
| Automotive – 0.7% | Automotive – 0.7% |  |
| Knorr-Bremse AG | 109764 | &nbsp;&nbsp; $10608784 |
| Brokerage & Asset Managers – 5.8% | Brokerage & Asset Managers – 5.8% |  |
| Deutsche Boerse AG | 115697 | &nbsp;&nbsp; $37737415 |
| Euronext N.V. | 144199 | &nbsp;&nbsp; 24646585 |
| London Stock Exchange Group PLC | 152308 | &nbsp;&nbsp; 22234119 |
|  |  | &nbsp;&nbsp; $84618119 |
| Business Services – 2.6% | Business Services – 2.6% |  |
| Experian PLC | 435922 | &nbsp;&nbsp; $22450775 |
| Intertek Group PLC | 87693 | &nbsp;&nbsp; 5705622 |
| Nomura Research Institute Ltd. | 246900 | &nbsp;&nbsp; 9915091 |
|  |  | &nbsp;&nbsp; $38071488 |
| Computer Software – 4.6% | Computer Software – 4.6% |  |
| Cadence Design Systems, Inc. (a) | 29737 | &nbsp;&nbsp; $9163456 |
| Dassault Systemes SE | 472369 | &nbsp;&nbsp; 17099013 |
| NICE Systems Ltd., ADR (a) | 41193 | &nbsp;&nbsp; 6957910 |
| SAP SE | 111114 | &nbsp;&nbsp; 33788430 |
|  |  | &nbsp;&nbsp; $67008809 |
| Computer Software - Systems – 4.3% | Computer Software - Systems – 4.3% |  |
| Amadeus IT Group S.A. | 269631 | &nbsp;&nbsp; $22702907 |
| Cap Gemini S.A. | 92842 | &nbsp;&nbsp; 15863146 |
| Samsung Electronics Co. Ltd. | 540543 | &nbsp;&nbsp; 23951149 |
|  |  | &nbsp;&nbsp; $62517202 |
| Construction – 3.0% | Construction – 3.0% |  |
| Compagnie de Saint-Gobain S.A. | 220119 | &nbsp;&nbsp; $25835587 |
| CRH PLC | 204741 | &nbsp;&nbsp; 18795224 |
|  |  | &nbsp;&nbsp; $44630811 |
| Consumer Products – 5.7% | Consumer Products – 5.7% |  |
| Beiersdorf AG | 86309 | &nbsp;&nbsp; $10837782 |
| Haleon PLC | 5760652 | &nbsp;&nbsp; 29605145 |
| Kenvue, Inc. | 804101 | &nbsp;&nbsp; 16829834 |

---

FCGFS-SEM

------

MFS International Intrinsic Value Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Consumer Products – continued | Consumer Products – continued |  |
| KOSE Corp. | 29900 | &nbsp;&nbsp; $1175818 |
| Lion Corp. | 121700 | &nbsp;&nbsp; 1259213 |
| Reckitt Benckiser Group PLC | 127911 | &nbsp;&nbsp; 8699840 |
| ROHTO Pharmaceutical Co. Ltd. | 662000 | &nbsp;&nbsp; 9400993 |
| Svenska Cellulosa Aktiebolaget | 493267 | &nbsp;&nbsp; 6412904 |
|  |  | &nbsp;&nbsp; $84221529 |
| Electrical Equipment – 7.8% | Electrical Equipment – 7.8% |  |
| Legrand S.A. | 325026 | &nbsp;&nbsp; $43455131 |
| Mitsubishi Electric Corp. | 1367500 | &nbsp;&nbsp; 29542672 |
| Schneider Electric SE | 158033 | &nbsp;&nbsp; 42033816 |
|  |  | &nbsp;&nbsp; $115031619 |
| Electronics – 4.6% | Electronics – 4.6% |  |
| ASML Holding N.V. | 12659 | &nbsp;&nbsp; $10104153 |
| Hirose Electric Co. Ltd. | 71000 | &nbsp;&nbsp; 8608451 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 217809 | &nbsp;&nbsp; 49331560 |
|  |  | &nbsp;&nbsp; $68044164 |
| Energy - Independent – 0.8% | Energy - Independent – 0.8% |  |
| Woodside Energy Group Ltd. | 715910 | &nbsp;&nbsp; $11133896 |
| Energy - Integrated – 4.3% | Energy - Integrated – 4.3% |  |
| Aker BP ASA | 510432 | &nbsp;&nbsp; $13055278 |
| Galp Energia SGPS S.A., "B" | 396253 | &nbsp;&nbsp; 7267554 |
| Petroleo Brasileiro S.A., ADR | 512900 | &nbsp;&nbsp; 5918866 |
| TotalEnergies SE | 610578 | &nbsp;&nbsp; 37471922 |
|  |  | &nbsp;&nbsp; $63713620 |
| Engineering - Construction – 0.9% | Engineering - Construction – 0.9% |  |
| Taisei Corp. | 221700 | &nbsp;&nbsp; $12932051 |
| Food & Beverages – 2.3% | Food & Beverages – 2.3% |  |
| Chocoladefabriken Lindt & Sprungli AG | 348 | &nbsp;&nbsp; $5855189 |
| Ezaki Glico Co. Ltd. (l) | 166800 | &nbsp;&nbsp; 5339731 |
| Novozymes A/S | 44965 | &nbsp;&nbsp; 3223779 |
| Toyo Suisan Kaisha Ltd. | 290000 | &nbsp;&nbsp; 19302455 |
|  |  | &nbsp;&nbsp; $33721154 |
| Insurance – 2.4% | Insurance – 2.4% |  |
| Hiscox Ltd. | 492489 | &nbsp;&nbsp; $8483986 |
| Samsung Fire & Marine Insurance Co. Ltd. | 28944 | &nbsp;&nbsp; 9307718 |
| Willis Towers Watson PLC | 55142 | &nbsp;&nbsp; 16901023 |
|  |  | &nbsp;&nbsp; $34692727 |
| Machinery & Tools – 4.6% | Machinery & Tools – 4.6% |  |
| Assa Abloy AB | 544538 | &nbsp;&nbsp; $16990732 |
| Epiroc AB | 308677 | &nbsp;&nbsp; 6701504 |
| GEA Group AG | 77274 | &nbsp;&nbsp; 5406883 |
| IMI PLC | 808173 | &nbsp;&nbsp; 23229546 |
| Schindler Holding AG | 25078 | &nbsp;&nbsp; 9323851 |
| Spirax Group PLC | 65012 | &nbsp;&nbsp; 5314165 |
|  |  | &nbsp;&nbsp; $66966681 |

---

------

MFS International Intrinsic Value Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Major Banks – 11.1% | Major Banks – 11.1% |  |
| Bank of Ireland Group PLC | 1739167 | &nbsp;&nbsp; $24757970 |
| BPER Banca S.p.A. | 833859 | &nbsp;&nbsp; 7579001 |
| Lloyds TSB Group PLC | 14907639 | &nbsp;&nbsp; 15695095 |
| National Bank of Greece S.A. | 868071 | &nbsp;&nbsp; 11074160 |
| NatWest Group PLC | 6454680 | &nbsp;&nbsp; 45310114 |
| Resona Holdings, Inc. | 3782500 | &nbsp;&nbsp; 34986910 |
| UBS Group AG | 702180 | &nbsp;&nbsp; 23761463 |
|  |  | &nbsp;&nbsp; $163164713 |
| Medical & Health Technology & Services – 0.7% | Medical & Health Technology & Services – 0.7% |  |
| M3, Inc. | 757700 | &nbsp;&nbsp; $10446952 |
| Medical Equipment – 6.4% | Medical Equipment – 6.4% |  |
| Agilent Technologies, Inc. | 145023 | &nbsp;&nbsp; $17114164 |
| Alcon, Inc. | 115260 | &nbsp;&nbsp; 10197558 |
| EssilorLuxottica | 77373 | &nbsp;&nbsp; 21226873 |
| Olympus Corp. | 495000 | &nbsp;&nbsp; 5895108 |
| Shimadzu Corp. | 635100 | &nbsp;&nbsp; 15753461 |
| Smith & Nephew PLC | 959184 | &nbsp;&nbsp; 14654021 |
| Waters Corp. (a) | 26802 | &nbsp;&nbsp; 9354970 |
|  |  | &nbsp;&nbsp; $94196155 |
| Metals & Mining – 1.0% | Metals & Mining – 1.0% |  |
| Glencore PLC | 3669923 | &nbsp;&nbsp; $14286403 |
| Oil Services – 0.5% | Oil Services – 0.5% |  |
| Tenaris S.A. | 425363 | &nbsp;&nbsp; $8004379 |
| Other Banks & Diversified Financials – 6.7% | Other Banks & Diversified Financials – 6.7% |  |
| AIB Group PLC | 4622432 | &nbsp;&nbsp; $38033303 |
| CaixaBank S.A. | 4526666 | &nbsp;&nbsp; 39212919 |
| Chiba Bank Ltd. | 1331400 | &nbsp;&nbsp; 12338136 |
| Julius Baer Group Ltd. | 140188 | &nbsp;&nbsp; 9477200 |
|  |  | &nbsp;&nbsp; $99061558 |
| Pharmaceuticals – 2.9% | Pharmaceuticals – 2.9% |  |
| Roche Holding AG | 78642 | &nbsp;&nbsp; $25611056 |
| Sandoz Group AG | 322790 | &nbsp;&nbsp; 17664052 |
|  |  | &nbsp;&nbsp; $43275108 |
| Precious Metals & Minerals – 6.7% | Precious Metals & Minerals – 6.7% |  |
| Agnico Eagle Mines Ltd. | 168708 | &nbsp;&nbsp; $20100008 |
| Franco-Nevada Corp. | 301844 | &nbsp;&nbsp; 49556279 |
| Northern Star Resources Ltd. Co. | 360928 | &nbsp;&nbsp; 4406457 |
| Wheaton Precious Metals Corp. | 263570 | &nbsp;&nbsp; 23702428 |
|  |  | &nbsp;&nbsp; $97765172 |
| Printing & Publishing – 1.0% | Printing & Publishing – 1.0% |  |
| Wolters Kluwer N.V. | 89905 | &nbsp;&nbsp; $15033024 |
| Specialty Chemicals – 2.1% | Specialty Chemicals – 2.1% |  |
| Croda International PLC | 86654 | &nbsp;&nbsp; $3477969 |
| Nitto Denko Corp. | 470400 | &nbsp;&nbsp; 9118583 |
| Sika AG | 28315 | &nbsp;&nbsp; 7686749 |

---

------

MFS International Intrinsic Value Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Specialty Chemicals – continued | Specialty Chemicals – continued |  |
| Symrise AG | 94402 | &nbsp;&nbsp; $9912448 |
|  |  | &nbsp;&nbsp; $30195749 |
| **Total Common Stocks (Identified Cost, $956,996,877)** |  | &nbsp;&nbsp; **$1431962957** |
| Mutual Funds (h) – 1.8% | Mutual Funds (h) – 1.8% | Mutual Funds (h) – 1.8% |
| Money Market Funds – 1.8% | Money Market Funds – 1.8% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $26,358,464) | 26358210 | &nbsp;&nbsp; $26360846 |
| Collateral for Securities Loaned – 0.1% | Collateral for Securities Loaned – 0.1% | Collateral for Securities Loaned – 0.1% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 4.26% (j) (Identified Cost, $1,675,000) | 1675000 | &nbsp;&nbsp; $1675000 |
| Other Assets, Less Liabilities – 0.6% |  | &nbsp;&nbsp; 8437055 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$1468435858** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $26,360,846 and $1,433,637,957, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate quoted is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(l) A portion of this security is on loan. See Note 2 for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined: <br> ADR American Depositary Receipt

**See Notes to Financial Statements**

------

MFS International Intrinsic Value Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value, including $1,592,885 of securities on loan (identified cost, $958,671,877) | &nbsp;&nbsp; $1433637957 |
| Investments in affiliated issuers, at value (identified cost, $26,358,464) | &nbsp;&nbsp; 26360846 |
| Cash | &nbsp;&nbsp; 165473 |
| Foreign currency, at value (identified cost, $187,173) | &nbsp;&nbsp; 188155 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 3884490 |
| Fund shares sold | &nbsp;&nbsp; 2452111 |
| Interest and dividends | &nbsp;&nbsp; 5048450 |
| Other assets | &nbsp;&nbsp; 2390 |
| Total assets | &nbsp;&nbsp; $1471739872 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $1252203 |
| Collateral for securities loaned, at value | &nbsp;&nbsp; 1675000 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 139047 |
| Administrative services fee | &nbsp;&nbsp; 2137 |
| Shareholder servicing costs | &nbsp;&nbsp; 482 |
| Distribution and/or service fees | &nbsp;&nbsp; 31352 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 4130 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 199663 |
| Total liabilities | &nbsp;&nbsp; $3304014 |
| Net assets | &nbsp;&nbsp; $1468435858 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $825709815 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 642726043 |
| Net assets | &nbsp;&nbsp; $1468435858 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 41899682 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $313462303 | &nbsp;&nbsp;&nbsp; 8789730 | &nbsp;&nbsp;&nbsp; $35.66 |
| Service Class | &nbsp;&nbsp;&nbsp; 1154973555 | &nbsp;&nbsp;&nbsp; 33109952 | &nbsp;&nbsp;&nbsp;&nbsp;34.88 |

---

**See Notes to Financial Statements**

------

MFS International Intrinsic Value Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $25483305 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 579359 |
| Income on securities loaned | &nbsp;&nbsp; 26189 |
| Interest | &nbsp;&nbsp; 186 |
| Other | &nbsp;&nbsp; 174 |
| Foreign taxes withheld | &nbsp;&nbsp; (2385902)<br>|
| Total investment income | &nbsp;&nbsp; $23703311 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $6097013 |
| Distribution and/or service fees | &nbsp;&nbsp; 1375645 |
| Shareholder servicing costs | &nbsp;&nbsp; 15669 |
| Administrative services fee | &nbsp;&nbsp; 97240 |
| Independent Trustees' compensation | &nbsp;&nbsp; 14931 |
| Custodian fee | &nbsp;&nbsp; 85614 |
| Audit and tax fees | &nbsp;&nbsp; 38962 |
| Legal fees | &nbsp;&nbsp; 2939 |
| Miscellaneous | &nbsp;&nbsp; 5569 |
| Total expenses | &nbsp;&nbsp; $7733582 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (117852)<br>|
| Net expenses | &nbsp;&nbsp; $7615730 |
| Net investment income (loss) | &nbsp;&nbsp; $16087581 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $56651656 |
| Affiliated issuers | &nbsp;&nbsp; (868)<br>|
| Foreign currency | &nbsp;&nbsp; 232140 |
| Net realized gain (loss)  | &nbsp;&nbsp; $56882928 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $180114507 |
| Affiliated issuers | &nbsp;&nbsp; (1569)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 464404 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $180577342 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $237460270 |
| Change in net assets from operations | &nbsp;&nbsp; $253547851 |

---

**See Notes to Financial Statements**

------

MFS International Intrinsic Value Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $16087581 | &nbsp;&nbsp; $20161159 |
| Net realized gain (loss) | 56882928 | &nbsp;&nbsp; 84610884 |
| Net unrealized gain (loss) | 180577342 | &nbsp;&nbsp; (10396774)<br>|
| Change in net assets from operations | $253547851 | &nbsp;&nbsp; $94375269 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(78131162)<br>|
| Change in net assets from fund share transactions | $(133369076)<br>| &nbsp;&nbsp; $(22773852)<br>|
| Total change in net assets | $120178775 | &nbsp;&nbsp; $(6529745)<br>|
| **Net assets** |  |  |
| At beginning of period | 1348257083 | &nbsp;&nbsp; 1354786828 |
| At end of period | $1468435858 | &nbsp;&nbsp; $1348257083 |

---

**See Notes to Financial Statements**

------

MFS International Intrinsic Value Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $29.79 | &nbsp;&nbsp; $29.40 | &nbsp;&nbsp; $27.24 | &nbsp;&nbsp; $37.62 | &nbsp;&nbsp; $35.05 | &nbsp;&nbsp; $29.94 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.40 | &nbsp;&nbsp; $0.51 | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.18 |
| Net realized and unrealized gain (loss) | 5.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp; (9.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.87 |
| Total from investment operations | $5.87 | &nbsp;&nbsp; $2.22 | &nbsp;&nbsp; $4.62 | &nbsp;&nbsp; $(8.86)<br>| &nbsp;&nbsp; $3.67 | &nbsp;&nbsp; $6.05 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.31)<br>|
| From net realized gain |  | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.63)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(1.83)<br>| &nbsp;&nbsp; $(2.46)<br>| &nbsp;&nbsp; $(1.52)<br>| &nbsp;&nbsp; $(1.10)<br>| &nbsp;&nbsp; $(0.94)<br>|
| Net asset value, end of period (x) | $35.66 | &nbsp;&nbsp; $29.79 | &nbsp;&nbsp; $29.40 | &nbsp;&nbsp; $27.24 | &nbsp;&nbsp; $37.62 | &nbsp;&nbsp; $35.05 |
| Total return (%) (k)(r)(s)(x) | 19.70<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.25 | &nbsp;&nbsp;&nbsp;&nbsp;17.66 | &nbsp;&nbsp; (23.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.55 | &nbsp;&nbsp;&nbsp;&nbsp;20.52 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.91<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Expenses after expense reductions | 0.89<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Net investment income (loss) | 2.50(l)<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 10 |
| Net assets at end of period (000 omitted) | $313462 | &nbsp;&nbsp; $290217 | &nbsp;&nbsp; $277965 | &nbsp;&nbsp; $253911 | &nbsp;&nbsp; $344052 | &nbsp;&nbsp; $328247 |

---

**See Notes to Financial Statements**

------

MFS International Intrinsic Value Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $29.17 | &nbsp;&nbsp; $28.83 | &nbsp;&nbsp; $26.75 | &nbsp;&nbsp; $36.96 | &nbsp;&nbsp; $34.47 | &nbsp;&nbsp; $29.47 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.36 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.10 |
| Net realized and unrealized gain (loss) | 5.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp; (8.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;5.77 |
| Total from investment operations | $5.71 | &nbsp;&nbsp; $2.10 | &nbsp;&nbsp; $4.46 | &nbsp;&nbsp; $(8.77)<br>| &nbsp;&nbsp; $3.52 | &nbsp;&nbsp; $5.87 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.24)<br>|
| From net realized gain |  | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.63)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(1.76)<br>| &nbsp;&nbsp; $(2.38)<br>| &nbsp;&nbsp; $(1.44)<br>| &nbsp;&nbsp; $(1.03)<br>| &nbsp;&nbsp; $(0.87)<br>|
| Net asset value, end of period (x) | $34.88 | &nbsp;&nbsp; $29.17 | &nbsp;&nbsp; $28.83 | &nbsp;&nbsp; $26.75 | &nbsp;&nbsp; $36.96 | &nbsp;&nbsp; $34.47 |
| Total return (%) (k)(r)(s)(x) | 19.57<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;&nbsp;17.37 | &nbsp;&nbsp; (23.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp;&nbsp;&nbsp;20.21 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.16<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| Expenses after expense reductions | 1.14<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Net investment income (loss) | 2.24(l)<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 10 |
| Net assets at end of period (000 omitted) | $1154974 | &nbsp;&nbsp; $1058041 | &nbsp;&nbsp; $1076821 | &nbsp;&nbsp; $1006259 | &nbsp;&nbsp; $1318997 | &nbsp;&nbsp; $1177140 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Recognition of net investment income by the fund may be affected by the timing of
 the declaration of dividends by companies in which the fund invests and the actual annual net investment income ratio may differ.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS International Intrinsic Value Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS International Intrinsic Value Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and

------

MFS International Intrinsic Value Portfolio

*Notes to Financial Statements (unaudited) - continued* 

market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the 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 halt 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 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. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $1431962957 | $— | $— | $1431962957 |
| Investment Companies | 28035846 |  |  | 28035846 |
| Total | $1459998803 | $— | $— | $1459998803 |

---

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

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. At period end, the fund had investment securities on loan, all of which were classified as equity securities in the fund's Portfolio of Investments, with a fair value of $1,592,885. The fair value of the fund's investment securities on loan and a related liability of $1,675,000 for the obligation to return cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. The collateral on securities loaned exceeded the value of securities on loan at period end. The liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated

------

MFS International Intrinsic Value Portfolio

*Notes to Financial Statements (unaudited) - continued* 

between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to wash sale loss deferrals.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $17869368 |
| Long-term capital gains | &nbsp;&nbsp; 60261794 |
| Total distributions | &nbsp;&nbsp; $78131162 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

------

MFS International Intrinsic Value Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $992905565 |
| Gross appreciation | &nbsp;&nbsp; 509567044 |
| Gross depreciation | &nbsp;&nbsp; (42473806)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $467093238 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 24580058 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 77809690 |
| Other temporary differences | &nbsp;&nbsp; (191856)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 286980300 |

---

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

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $16703644 |
| Service Class |  | &nbsp;&nbsp; 61427518 |
| Total | $— | &nbsp;&nbsp; $78131162 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $1 billion | 0.90% |
| In excess of $1 billion and up to $2 billion | 0.80% |
| In excess of $2 billion | 0.70% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $97,354, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.86% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.89% of average daily net assets for the Initial Class shares and 1.14% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this reduction amounted to $20,498, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and

------

MFS International Intrinsic Value Portfolio

*Notes to Financial Statements (unaudited) - continued* 

variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $14,359, which equated to 0.0020% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $1,310.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0139% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

During the six months ended June 30, 2025, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the "Act") and relevant guidance, the fund engaged in sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $3,331,873. The sales transactions resulted in net realized gains (losses) of $2,175,775.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, aggregated $115,935,284 and $235,340,829, respectively.

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 918844 | &nbsp;&nbsp; $29665815 | &nbsp;&nbsp; 1832695 | &nbsp;&nbsp; $56488740 |
| Service Class | 2048804 | &nbsp;&nbsp; 65092690 | &nbsp;&nbsp; 3420863 | &nbsp;&nbsp; 103535681 |
|  | 2967648 | &nbsp;&nbsp; $94758505 | &nbsp;&nbsp; 5253558 | &nbsp;&nbsp; $160024421 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 523783 | &nbsp;&nbsp; $16394418 |
| Service Class |  |  | &nbsp;&nbsp; 2002201 | &nbsp;&nbsp; 61427518 |
|  |  | $— | &nbsp;&nbsp; 2525984 | &nbsp;&nbsp; $77821936 |
| Shares reacquired |  |  |  |  |
| Initial Class | (1872293)<br>| &nbsp;&nbsp; $(61315193)<br>| &nbsp;&nbsp; (2067278)<br>| &nbsp;&nbsp; $(63785141)<br>|
| Service Class | (5208304)<br>| &nbsp;&nbsp; (166812388)<br>| &nbsp;&nbsp; (6500365)<br>| &nbsp;&nbsp; (196835068)<br>|
|  | (7080597)<br>| &nbsp;&nbsp; $(228127581)<br>| &nbsp;&nbsp; (8567643)<br>| &nbsp;&nbsp; $(260620209)<br>|

---

------

MFS International Intrinsic Value Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **6/30/25** | **Six months ended**<br> **6/30/25** | **Year ended**<br> **12/31/24** | **Year ended**<br> **12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net change |  |  |  |  |
| Initial Class | (953449)<br>| &nbsp;&nbsp; $(31649378)<br>| &nbsp;&nbsp; 289200 | &nbsp;&nbsp; $9098017 |
| Service Class | (3159500)<br>| &nbsp;&nbsp; (101719698)<br>| &nbsp;&nbsp; (1077301)<br>| &nbsp;&nbsp; (31871869)<br>|
|  | (4112949)<br>| &nbsp;&nbsp; $(133369076)<br>| &nbsp;&nbsp; (788101)<br>| &nbsp;&nbsp; $(22773852)<br>|

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Moderate Allocation Portfolio and the MFS Growth Allocation Portfolio were the owners of record of approximately 2% and 1%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Conservative Allocation Portfolio was the owner of record of less than 1% of the value of outstanding voting shares of the fund.

Effective at the close of business on October 16, 2017, the fund was closed to new investors subject to certain exceptions.

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $3,111 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in 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 following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $29425344 | &nbsp;&nbsp; $148055968 | &nbsp;&nbsp; $151118029 | &nbsp;&nbsp; $(868)<br>| &nbsp;&nbsp; $(1569)<br>| &nbsp;&nbsp; $26360846 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $579359 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS International Intrinsic Value Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS International Intrinsic Value Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS International Intrinsic Value Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS International Growth Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS International Growth Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 97.2% | Common Stocks – 97.2% | Common Stocks – 97.2% |
| Aerospace & Defense – 2.1% | Aerospace & Defense – 2.1% |  |
| Rolls-Royce Holdings PLC | 465831 | &nbsp;&nbsp; $6187055 |
| Singapore Technologies Engineering Ltd. | 120500 | &nbsp;&nbsp; 738258 |
|  |  | &nbsp;&nbsp; $6925313 |
| Alcoholic Beverages – 4.1% | Alcoholic Beverages – 4.1% |  |
| Diageo PLC | 132349 | &nbsp;&nbsp; $3320906 |
| Heineken N.V. | 85608 | &nbsp;&nbsp; 7464324 |
| Pernod Ricard S.A. | 23100 | &nbsp;&nbsp; 2302022 |
|  |  | &nbsp;&nbsp; $13087252 |
| Apparel Manufacturers – 2.3% | Apparel Manufacturers – 2.3% |  |
| Burberry Group PLC (a) | 64123 | &nbsp;&nbsp; $1040378 |
| Kering S.A. | 4584 | &nbsp;&nbsp; 996573 |
| LVMH Moet Hennessy Louis Vuitton SE | 10506 | &nbsp;&nbsp; 5502169 |
|  |  | &nbsp;&nbsp; $7539120 |
| Brokerage & Asset Managers – 4.0% | Brokerage & Asset Managers – 4.0% |  |
| B3 S.A. - Brasil Bolsa Balcao | 1058500 | &nbsp;&nbsp; $2840538 |
| Banco BTG Pactual S.A. | 116911 | &nbsp;&nbsp; 909148 |
| Deutsche Boerse AG | 15617 | &nbsp;&nbsp; 5093868 |
| London Stock Exchange Group PLC | 16368 | &nbsp;&nbsp; 2389422 |
| XP, Inc. | 76475 | &nbsp;&nbsp; 1544795 |
|  |  | &nbsp;&nbsp; $12777771 |
| Business Services – 3.8% | Business Services – 3.8% |  |
| Compass Group PLC | 89582 | &nbsp;&nbsp; $3033539 |
| Experian PLC | 86197 | &nbsp;&nbsp; 4439302 |
| Nomura Research Institute Ltd. | 95000 | &nbsp;&nbsp; 3815041 |
| Sodexo | 14542 | &nbsp;&nbsp; 894174 |
|  |  | &nbsp;&nbsp; $12182056 |
| Chemicals – 0.5% | Chemicals – 0.5% |  |
| UPL Ltd. | 209873 | &nbsp;&nbsp; $1618220 |
| Computer Software – 7.9% | Computer Software – 7.9% |  |
| Dassault Systemes SE | 79787 | &nbsp;&nbsp; $2888164 |
| Kingsoft Corp. | 217800 | &nbsp;&nbsp; 1134787 |
| OBIC Co. Ltd. | 88500 | &nbsp;&nbsp; 3448307 |
| Oracle Corp. Japan | 20800 | &nbsp;&nbsp; 2482192 |
| SAP SE | 41206 | &nbsp;&nbsp; 12530248 |
| Totvs S.A. | 220800 | &nbsp;&nbsp; 1715405 |
| Wisetech Global Ltd. | 19776 | &nbsp;&nbsp; 1419089 |
|  |  | &nbsp;&nbsp; $25618192 |
| Computer Software - Systems – 7.7% | Computer Software - Systems – 7.7% |  |
| Amadeus IT Group S.A. | 86440 | &nbsp;&nbsp; $7278240 |
| Cap Gemini S.A. | 30874 | &nbsp;&nbsp; 5275185 |
| Hitachi Ltd. | 422600 | &nbsp;&nbsp; 12340079 |
|  |  | &nbsp;&nbsp; $24893504 |

---

FCIFS-SEM

------

MFS International Growth Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Construction – 1.2% | Construction – 1.2% |  |
| James Hardie Industries PLC, GDR (a) | 98810 | &nbsp;&nbsp; $2711827 |
| Kingspan Group PLC | 12081 | &nbsp;&nbsp; 1027465 |
|  |  | &nbsp;&nbsp; $3739292 |
| Consumer Products – 2.7% | Consumer Products – 2.7% |  |
| AmorePacific Corp. | 17777 | &nbsp;&nbsp; $1800619 |
| Haleon PLC | 409329 | &nbsp;&nbsp; 2103624 |
| KOSE Corp. | 500 | &nbsp;&nbsp; 19662 |
| Reckitt Benckiser Group PLC | 70145 | &nbsp;&nbsp; 4770898 |
|  |  | &nbsp;&nbsp; $8694803 |
| Electrical Equipment – 3.6% | Electrical Equipment – 3.6% |  |
| Schneider Electric SE | 43597 | &nbsp;&nbsp; $11595985 |
| Electronics – 6.1% | Electronics – 6.1% |  |
| ASML Holding N.V. | 3830 | &nbsp;&nbsp; $3057027 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 462000 | &nbsp;&nbsp; 16764343 |
|  |  | &nbsp;&nbsp; $19821370 |
| Energy - Independent – 0.8% | Energy - Independent – 0.8% |  |
| Reliance Industries Ltd. | 151599 | &nbsp;&nbsp; $2652629 |
| Food & Beverages – 3.1% | Food & Beverages – 3.1% |  |
| Nestle S.A. | 100825 | &nbsp;&nbsp; $10017058 |
| Food & Drug Stores – 0.5% | Food & Drug Stores – 0.5% |  |
| Sugi Holdings Co. Ltd. | 66500 | &nbsp;&nbsp; $1521596 |
| Gaming & Lodging – 2.8% | Gaming & Lodging – 2.8% |  |
| Aristocrat Leisure Ltd. | 62386 | &nbsp;&nbsp; $2675838 |
| Flutter Entertainment PLC (a) | 16249 | &nbsp;&nbsp; 4643314 |
| Lottery Corp. Ltd. | 157587 | &nbsp;&nbsp; 552806 |
| Sands China Ltd. | 620400 | &nbsp;&nbsp; 1291389 |
|  |  | &nbsp;&nbsp; $9163347 |
| Insurance – 2.4% | Insurance – 2.4% |  |
| AIA Group Ltd. | 879000 | &nbsp;&nbsp; $7883057 |
| Interactive Media Services – 1.4% | Interactive Media Services – 1.4% |  |
| LY Corp. | 504200 | &nbsp;&nbsp; $1857072 |
| NAVER Corp. | 13982 | &nbsp;&nbsp; 2719528 |
|  |  | &nbsp;&nbsp; $4576600 |
| Internet – 0.5% | Internet – 0.5% |  |
| Mercadolibre, Inc. (a) | 676 | &nbsp;&nbsp; $1766814 |
| Leisure & Toys – 1.3% | Leisure & Toys – 1.3% |  |
| Tencent Holdings Ltd. | 64100 | &nbsp;&nbsp; $4107326 |
| Machinery & Tools – 6.3% | Machinery & Tools – 6.3% |  |
| Assa Abloy AB | 173809 | &nbsp;&nbsp; $5423207 |
| Delta Electronics, Inc. | 254000 | &nbsp;&nbsp; 3591059 |
| GEA Group AG | 67294 | &nbsp;&nbsp; 4708579 |

---

------

MFS International Growth Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Machinery & Tools – continued | Machinery & Tools – continued |  |
| RB Global, Inc. | 61077 | &nbsp;&nbsp; $6488716 |
|  |  | &nbsp;&nbsp; $20211561 |
| Major Banks – 1.3% | Major Banks – 1.3% |  |
| DBS Group Holdings Ltd. | 117590 | &nbsp;&nbsp; $4153336 |
| Medical Equipment – 4.7% | Medical Equipment – 4.7% |  |
| EssilorLuxottica | 26923 | &nbsp;&nbsp; $7386183 |
| Qiagen N.V. (a) | 67224 | &nbsp;&nbsp; 3237542 |
| Sonova Holding AG | 7122 | &nbsp;&nbsp; 2121924 |
| Terumo Corp. | 134900 | &nbsp;&nbsp; 2482449 |
|  |  | &nbsp;&nbsp; $15228098 |
| Natural Gas - Distribution – 0.3% | Natural Gas - Distribution – 0.3% |  |
| China Resources Gas Group Ltd. | 324800 | &nbsp;&nbsp; $829590 |
| Oil Services – 0.4% | Oil Services – 0.4% |  |
| Tenaris S.A. | 75106 | &nbsp;&nbsp; $1413327 |
| Other Banks & Diversified Financials – 5.6% | Other Banks & Diversified Financials – 5.6% |  |
| Credicorp Ltd. | 15306 | &nbsp;&nbsp; $3421197 |
| Element Fleet Management Corp. | 147606 | &nbsp;&nbsp; 3697331 |
| Grupo Financiero Banorte S.A. de C.V. | 279275 | &nbsp;&nbsp; 2552759 |
| HDFC Bank Ltd. | 250531 | &nbsp;&nbsp; 5846989 |
| Kasikornbank Co. Ltd. | 234100 | &nbsp;&nbsp; 1094573 |
| Kotak Mahindra Bank Ltd. | 56322 | &nbsp;&nbsp; 1420857 |
|  |  | &nbsp;&nbsp; $18033706 |
| Pharmaceuticals – 6.6% | Pharmaceuticals – 6.6% |  |
| AstraZeneca PLC | 33060 | &nbsp;&nbsp; $4592435 |
| Daiichi Sankyo Co. Ltd. | 76200 | &nbsp;&nbsp; 1780584 |
| Merck KGaA | 14036 | &nbsp;&nbsp; 1818709 |
| Novo Nordisk A.S., "B" | 41322 | &nbsp;&nbsp; 2867993 |
| Roche Holding AG | 31229 | &nbsp;&nbsp; 10170236 |
|  |  | &nbsp;&nbsp; $21229957 |
| Precious Metals & Minerals – 3.7% | Precious Metals & Minerals – 3.7% |  |
| Agnico Eagle Mines Ltd. | 44514 | &nbsp;&nbsp; $5303434 |
| Franco-Nevada Corp. | 32810 | &nbsp;&nbsp; 5386695 |
| Northern Star Resources Ltd. Co. | 116035 | &nbsp;&nbsp; 1416635 |
|  |  | &nbsp;&nbsp; $12106764 |
| Restaurants – 0.5% | Restaurants – 0.5% |  |
| Yum China Holdings, Inc. | 25699 | &nbsp;&nbsp; $1149003 |
| Yum China Holdings, Inc. | 11100 | &nbsp;&nbsp; 496887 |
|  |  | &nbsp;&nbsp; $1645890 |
| Specialty Chemicals – 7.0% | Specialty Chemicals – 7.0% |  |
| Air Liquide S.A. | 31505 | &nbsp;&nbsp; $6499679 |
| Akzo Nobel N.V. | 23552 | &nbsp;&nbsp; 1647940 |
| Linde PLC | 16234 | &nbsp;&nbsp; 7616668 |
| Resonac Holdings Corp. | 74900 | &nbsp;&nbsp; 1741885 |
| Sika AG | 7889 | &nbsp;&nbsp; 2141648 |

---

------

MFS International Growth Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Specialty Chemicals – continued | Specialty Chemicals – continued |  |
| Symrise AG | 28397 | &nbsp;&nbsp; $2981756 |
|  |  | &nbsp;&nbsp; $22629576 |
| Specialty Stores – 2.0% | Specialty Stores – 2.0% |  |
| Alibaba Group Holding Ltd. | 147300 | &nbsp;&nbsp; $2060337 |
| Pan Pacific International Holdings Corp. | 64300 | &nbsp;&nbsp; 2214254 |
| Zalando SE (a) | 65191 | &nbsp;&nbsp; 2146330 |
|  |  | &nbsp;&nbsp; $6420921 |
| **Total Common Stocks (Identified Cost, $206,071,577)** |  | &nbsp;&nbsp; **$314084031** |
| Mutual Funds (h) – 2.4% | Mutual Funds (h) – 2.4% | Mutual Funds (h) – 2.4% |
| Money Market Funds – 2.4% | Money Market Funds – 2.4% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $7,930,025) | 7930022 | &nbsp;&nbsp; $7930815 |
| Other Assets, Less Liabilities – 0.4% |  | &nbsp;&nbsp; 1174074 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$323188920** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $7,930,815 and $314,084,031, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined: <br> GDR Global Depositary Receipt

**See Notes to Financial Statements**

------

MFS International Growth Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $206,071,577) | &nbsp;&nbsp; $314084031 |
| Investments in affiliated issuers, at value (identified cost, $7,930,025) | &nbsp;&nbsp; 7930815 |
| Foreign currency, at value (identified cost, $76) | &nbsp;&nbsp; 79 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 43134 |
| Fund shares sold | &nbsp;&nbsp; 747415 |
| Dividends | &nbsp;&nbsp; 1180545 |
| Other assets | &nbsp;&nbsp; 684 |
| Total assets | &nbsp;&nbsp; $323986703 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $120151 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 2024 |
| Administrative services fee | &nbsp;&nbsp; 566 |
| Shareholder servicing costs | &nbsp;&nbsp; 205 |
| Distribution and/or service fees | &nbsp;&nbsp; 5019 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 1044 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 598225 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 70549 |
| Total liabilities | &nbsp;&nbsp; $797783 |
| Net assets | &nbsp;&nbsp; $323188920 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $191054707 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 132134213 |
| Net assets | &nbsp;&nbsp; $323188920 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 17922245 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $138324850 | &nbsp;&nbsp;&nbsp; 7590067 | &nbsp;&nbsp;&nbsp; $18.22 |
| Service Class | &nbsp;&nbsp;&nbsp; 184864070 | &nbsp;&nbsp;&nbsp; 10332178 | &nbsp;&nbsp;&nbsp;&nbsp;17.89 |

---

**See Notes to Financial Statements**

------

MFS International Growth Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $4265594 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 96744 |
| Income on securities loaned | &nbsp;&nbsp; 53 |
| Other | &nbsp;&nbsp; 53 |
| Foreign taxes withheld | &nbsp;&nbsp; (438945)<br>|
| Total investment income | &nbsp;&nbsp; $3923499 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $1332467 |
| Distribution and/or service fees | &nbsp;&nbsp; 207714 |
| Shareholder servicing costs | &nbsp;&nbsp; 6905 |
| Administrative services fee | &nbsp;&nbsp; 24818 |
| Independent Trustees' compensation | &nbsp;&nbsp; 3878 |
| Custodian fee | &nbsp;&nbsp; 33907 |
| Shareholder communications | &nbsp;&nbsp; 6393 |
| Audit and tax fees | &nbsp;&nbsp; 42200 |
| Legal fees | &nbsp;&nbsp; 678 |
| Miscellaneous | &nbsp;&nbsp; 15826 |
| Total expenses | &nbsp;&nbsp; $1674786 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (161380)<br>|
| Net expenses | &nbsp;&nbsp; $1513406 |
| Net investment income (loss) | &nbsp;&nbsp; $2410093 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers (includes $67,096 foreign capital gains tax) | &nbsp;&nbsp; $4626516 |
| Affiliated issuers | &nbsp;&nbsp; 199 |
| Foreign currency | &nbsp;&nbsp; (13034)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $4613681 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $247,377 increase in deferred foreign capital gains tax) | &nbsp;&nbsp; $35763303 |
| Affiliated issuers | &nbsp;&nbsp; 56 |
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 90002 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $35853361 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $40467042 |
| Change in net assets from operations | &nbsp;&nbsp; $42877135 |

---

**See Notes to Financial Statements**

------

MFS International Growth Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $2410093 | &nbsp;&nbsp; $2107755 |
| Net realized gain (loss) | 4613681 | &nbsp;&nbsp; 17972595 |
| Net unrealized gain (loss) | 35853361 | &nbsp;&nbsp; 1755387 |
| Change in net assets from operations | $42877135 | &nbsp;&nbsp; $21835737 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(3280042)<br>|
| Change in net assets from fund share transactions | $2818129 | &nbsp;&nbsp; $19201299 |
| Total change in net assets | $45695264 | &nbsp;&nbsp; $37756994 |
| **Net assets** |  |  |
| At beginning of period | 277493656 | &nbsp;&nbsp; 239736662 |
| At end of period | $323188920 | &nbsp;&nbsp; $277493656 |

---

**See Notes to Financial Statements**

------

MFS International Growth Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $15.79 | &nbsp;&nbsp; $14.67 | &nbsp;&nbsp; $13.35 | &nbsp;&nbsp; $16.78 | &nbsp;&nbsp; $16.09 | &nbsp;&nbsp; $14.26 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.15 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.10 |
| Net realized and unrealized gain (loss) | 2.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| Total from investment operations | $2.43 | &nbsp;&nbsp; $1.33 | &nbsp;&nbsp; $1.93 | &nbsp;&nbsp; $(2.52)<br>| &nbsp;&nbsp; $1.48 | &nbsp;&nbsp; $2.22 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.21)<br>|
| From net realized gain |  | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.18)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.61)<br>| &nbsp;&nbsp; $(0.91)<br>| &nbsp;&nbsp; $(0.79)<br>| &nbsp;&nbsp; $(0.39)<br>|
| Net asset value, end of period (x) | $18.22 | &nbsp;&nbsp; $15.79 | &nbsp;&nbsp; $14.67 | &nbsp;&nbsp; $13.35 | &nbsp;&nbsp; $16.78 | &nbsp;&nbsp; $16.09 |
| Total return (%) (k)(r)(s)(x) | 15.39<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;&nbsp;14.72 | &nbsp;&nbsp; (14.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;15.84 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.99<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Expenses after expense reductions | 0.88<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net investment income (loss) | 1.73(l)<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Portfolio turnover rate | 11<br> (n)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $138325 | &nbsp;&nbsp; $129657 | &nbsp;&nbsp; $118996 | &nbsp;&nbsp; $103798 | &nbsp;&nbsp; $124671 | &nbsp;&nbsp; $120291 |

---

**See Notes to Financial Statements**

------

MFS International Growth Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $15.52 | &nbsp;&nbsp; $14.43 | &nbsp;&nbsp; $13.15 | &nbsp;&nbsp; $16.55 | &nbsp;&nbsp; $15.90 | &nbsp;&nbsp; $14.11 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.13 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.06 |
| Net realized and unrealized gain (loss) | 2.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| Total from investment operations | $2.37 | &nbsp;&nbsp; $1.27 | &nbsp;&nbsp; $1.86 | &nbsp;&nbsp; $(2.52)<br>| &nbsp;&nbsp; $1.42 | &nbsp;&nbsp; $2.15 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.18)<br>|
| From net realized gain |  | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.18)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.58)<br>| &nbsp;&nbsp; $(0.88)<br>| &nbsp;&nbsp; $(0.77)<br>| &nbsp;&nbsp; $(0.36)<br>|
| Net asset value, end of period (x) | $17.89 | &nbsp;&nbsp; $15.52 | &nbsp;&nbsp; $14.43 | &nbsp;&nbsp; $13.15 | &nbsp;&nbsp; $16.55 | &nbsp;&nbsp; $15.90 |
| Total return (%) (k)(r)(s)(x) | 15.27<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp;&nbsp;14.39 | &nbsp;&nbsp; (15.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp;15.50 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.24<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Expenses after expense reductions | 1.13<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Net investment income (loss) | 1.55(l)<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Portfolio turnover rate | 11<br> (n)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $184864 | &nbsp;&nbsp; $147836 | &nbsp;&nbsp; $120740 | &nbsp;&nbsp; $83325 | &nbsp;&nbsp; $87545 | &nbsp;&nbsp; $51852 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Recognition of net investment income by the fund may be affected by the timing of
 the declaration of dividends by companies in which the fund invests and the actual annual net investment income ratio may differ.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS International Growth Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS International Growth Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments tied economically to emerging markets, especially frontier markets, can involve additional and greater risks than the risks associated with investments in developed markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, geopolitical, and economic instability than developed markets.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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.

------

MFS International Growth Portfolio

*Notes to Financial Statements (unaudited) - continued* 

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the 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 halt 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 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. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $314084031 | $— | $— | $314084031 |
| Investment Companies | 7930815 |  |  | 7930815 |
| Total | $322014846 | $— | $— | $322014846 |

---

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

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is

------

MFS International Growth Portfolio

*Notes to Financial Statements (unaudited) - continued* 

allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At June 30, 2025, there were no securities on loan or collateral outstanding.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to passive foreign investment companies and wash sale loss deferrals.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $3076742 |
| Long-term capital gains | &nbsp;&nbsp; 203300 |
| Total distributions | &nbsp;&nbsp; $3280042 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

------

MFS International Growth Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $216813392 |
| Gross appreciation | &nbsp;&nbsp; 113586477 |
| Gross depreciation | &nbsp;&nbsp; (8385023)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $105201454 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 4849609 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 15608092 |
| Other temporary differences | &nbsp;&nbsp; (391341)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 69190718 |

---

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

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $1669193 |
| Service Class |  | &nbsp;&nbsp; 1610849 |
| Total | $— | &nbsp;&nbsp; $3280042 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $1 billion | 0.90% |
| In excess of $1 billion and up to $2 billion | 0.80% |
| In excess of $2 billion | 0.70% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $20,587, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.89% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.88% of average daily net assets for the Initial Class shares and 1.13% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this reduction amounted to $140,793, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and

------

MFS International Growth Portfolio

*Notes to Financial Statements (unaudited) - continued* 

variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $6,065, which equated to 0.0041% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $840.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0168% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, aggregated $36,264,372 and $33,410,704, respectively.

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 826170 | &nbsp;&nbsp; $13849837 | &nbsp;&nbsp; 2197012 | &nbsp;&nbsp; $33520513 |
| Service Class | 2023501 | &nbsp;&nbsp; 33595389 | &nbsp;&nbsp; 2877677 | &nbsp;&nbsp; 44264905 |
|  | 2849671 | &nbsp;&nbsp; $47445226 | &nbsp;&nbsp; 5074689 | &nbsp;&nbsp; $77785418 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 103037 | &nbsp;&nbsp; $1669193 |
| Service Class |  |  | &nbsp;&nbsp; 101057 | &nbsp;&nbsp; 1610849 |
|  |  | $— | &nbsp;&nbsp; 204094 | &nbsp;&nbsp; $3280042 |
| Shares reacquired |  |  |  |  |
| Initial Class | (1448347)<br>| &nbsp;&nbsp; $(24406025)<br>| &nbsp;&nbsp; (2200202)<br>| &nbsp;&nbsp; $(33838892)<br>|
| Service Class | (1217242)<br>| &nbsp;&nbsp; (20221072)<br>| &nbsp;&nbsp; (1818153)<br>| &nbsp;&nbsp; (28025269)<br>|
|  | (2665589)<br>| &nbsp;&nbsp; $(44627097)<br>| &nbsp;&nbsp; (4018355)<br>| &nbsp;&nbsp; $(61864161)<br>|
| Net change |  |  |  |  |
| Initial Class | (622177)<br>| &nbsp;&nbsp; $(10556188)<br>| &nbsp;&nbsp; 99847 | &nbsp;&nbsp; $1350814 |
| Service Class | 806259 | &nbsp;&nbsp; 13374317 | &nbsp;&nbsp; 1160581 | &nbsp;&nbsp; 17850485 |
|  | 184082 | &nbsp;&nbsp; $2818129 | &nbsp;&nbsp; 1260428 | &nbsp;&nbsp; $19201299 |

---

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MFS International Growth Portfolio

*Notes to Financial Statements (unaudited) - continued* 

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Moderate Allocation Portfolio, the MFS Growth Allocation Portfolio, and the MFS Conservative Allocation Portfolio were the owners of record of approximately 9%, 5%, and 2%, respectively, of the value of outstanding voting shares of the fund.

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $646 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in 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 following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $5420229 | &nbsp;&nbsp; $40910642 | &nbsp;&nbsp; $38400311 | &nbsp;&nbsp; $199 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $7930815 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $96744 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS International Growth Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS International Growth Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS International Growth Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Government Securities Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Government Securities Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 91.3% | Bonds – 91.3% | Bonds – 91.3% |
| Asset-Backed & Securitized – 7.9% | Asset-Backed & Securitized – 7.9% | Asset-Backed & Securitized – 7.9% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", 1.111%, 11/15/2054 (i) | $3525410 | &nbsp;&nbsp; $137283 |
| ACREC 2021-FL1 Ltd., "AS", FLR, 5.929% ((SOFR - 1mo. + 0.11448%) + 1.5%), 10/16/2036 (n) | 1293000 | &nbsp;&nbsp; 1290527 |
| ACREC 2023-FL2 LLC, "A", FLR, 6.541% (SOFR - 1mo. + 2.23%), 2/19/2038 (n) | 696789 | &nbsp;&nbsp; 697224 |
| Alinea CLO Ltd., 2018-1A, "AR", FLR, 5.169% (SOFR - 3mo. + 0.9%), 7/20/2031 (n) | 477897 | &nbsp;&nbsp; 477641 |
| American Credit Acceptance Receivables Trust, 2024-2, "A", 5.9%, 2/12/2027 (n) | 68707 | &nbsp;&nbsp; 68744 |
| AmeriCredit Automobile Receivables Trust, 2024-1, "A2-B", FLR, 4.901% (SOFR - 1mo. + 0.6%), 2/18/2028  | 367029 | &nbsp;&nbsp; 367209 |
| Arbor Realty Trust, Inc., CLO, 2021-FL3, "AS", FLR, 5.826% ((SOFR - 1mo. + 0.11448%) + 1.4%), 8/15/2034 (n) | 1107000 | &nbsp;&nbsp; 1104825 |
| AREIT 2022-CRE6 Trust, "AS", FLR, 5.951% (SOFR - 30 day + 1.65%), 1/20/2037 (n) | 1405000 | &nbsp;&nbsp; 1403834 |
| ARI Fleet Lease Trust, 2023-B, "A2", 6.05%, 7/15/2032 (n) | 139141 | &nbsp;&nbsp; 140254 |
| ARI Fleet Lease Trust, 2025-A, "A2", 4.38%, 1/17/2034 (n) | 265000 | &nbsp;&nbsp; 264421 |
| BBCMS Mortgage Trust, 2021-C10, "XA", 1.33%, 7/15/2054 (i) | 3368754 | &nbsp;&nbsp; 178974 |
| BBCMS Mortgage Trust, 2021-C9, "XA", 1.7%, 2/15/2054 (i) | 2316349 | &nbsp;&nbsp; 156716 |
| BBCMS Mortgage Trust, 2022-C18, "XA", 0.641%, 12/15/2055 (i) | 3476530 | &nbsp;&nbsp; 118241 |
| BDS 2024-FL13 Ltd., "A", FLR, 5.893% (SOFR - 1mo. + 1.5762%), 9/19/2039 (n) | 220000 | &nbsp;&nbsp; 220542 |
| Benchmark 2021-B23 Mortgage Trust, "XA", 1.362%, 2/15/2054 (i) | 7523095 | &nbsp;&nbsp; 376719 |
| Benchmark 2021-B24 Mortgage Trust, "XA", 1.251%, 3/15/2054 (i) | 4470653 | &nbsp;&nbsp; 189483 |
| Benchmark 2021-B26 Mortgage Trust, "XA", 0.993%, 6/15/2054 (i) | 6459327 | &nbsp;&nbsp; 224085 |
| Benchmark 2021-B27 Mortgage Trust, "XA", 1.349%, 7/15/2054 (i) | 5630120 | &nbsp;&nbsp; 296506 |
| Benchmark 2021-B28 Mortgage Trust, "XA", 1.367%, 8/15/2054 (i) | 6655992 | &nbsp;&nbsp; 357082 |
| Benchmark 2021-B29 Mortgage Trust, "XA", 1.127%, 9/15/2054 (i) | 7469979 | &nbsp;&nbsp; 288677 |
| Bridgecrest Lending Auto Securitization Trust, 2025-1, "A2", 4.71%, 9/15/2027  | 447951 | &nbsp;&nbsp; 447880 |
| Business Jet Securities LLC, 2024-1A, "A", 6.197%, 5/15/2039 (n) | 173080 | &nbsp;&nbsp; 176801 |
| BXMT 2021-FL4 Ltd., "AS", FLR, 5.728% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n) | 1344000 | &nbsp;&nbsp; 1309777 |
| Chase Auto Owner Trust, 2024-5A, "A2", 4.4%, 11/26/2027 (n) | 121623 | &nbsp;&nbsp; 121544 |
| Chesapeake Funding II LLC, 2023-2A, "A2", FLR, 5.403% (SOFR - 30 day + 1.1%), 10/15/2035 (n) | 307762 | &nbsp;&nbsp; 309100 |
| Citigroup Commercial Mortgage Trust, 2019-XA, "C7", 0.945%, 12/15/2072 (i)(n) | 4012426 | &nbsp;&nbsp; 127413 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN31, "XA", 1.386%, 2/15/2054 (i) | 5684293 | &nbsp;&nbsp; 317064 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN32, "XA", 0.87%, 4/15/2054 (i) | 3278378 | &nbsp;&nbsp; 102587 |
| Commercial Mortgage Pass-Through Certificates, 2024-CBM, "A2", 5.867%, 12/10/2041 (n) | 187919 | &nbsp;&nbsp; 191109 |
| Enterprise Fleet Financing 2025-1 LLC, "A2", 4.65%, 10/20/2027 (n) | 168000 | &nbsp;&nbsp; 168482 |
| EQT Trust, 2024-EXTR, "B", 5.654%, 7/05/2041 (n) | 213086 | &nbsp;&nbsp; 216634 |
| GLS Auto Select Receivables Trust, 2023-2A, 6.37%, 6/15/2028 (n) | 75729 | &nbsp;&nbsp; 76307 |
| GLS Auto Select Receivables Trust, 2024-2A, "A-2", 5.77%, 6/15/2027 (n) | 152139 | &nbsp;&nbsp; 152343 |
| LAD Auto Receivables Trust, 2022-1A, "A", 5.21%, 6/15/2027 (n) | 13778 | &nbsp;&nbsp; 13788 |
| LoanCore 2021-CRE5 Ltd., "AS", FLR, 6.176% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n) | 1110500 | &nbsp;&nbsp; 1110108 |
| MF1 2021-FL5 Ltd., "AS", FLR, 5.628% ((SOFR - 1mo. + 0.11448%) + 1.2%), 7/15/2036 (n) | 631430 | &nbsp;&nbsp; 629917 |
| MF1 2021-FL5 Ltd., "B", FLR, 5.878% ((SOFR - 1mo. + 0.11448%) + 1.45%), 7/15/2036 (n) | 836500 | &nbsp;&nbsp; 826309 |
| MF1 2021-FL7 Ltd., "A", FLR, 5.509% ((SOFR - 1mo. + 0.11448%) + 1.08%), 10/16/2036 (n) | 517818 | &nbsp;&nbsp; 517314 |
| Morgan Stanley Capital I Trust, 2018-H4, "XA", 0.967%, 12/15/2051 (i) | 5425885 | &nbsp;&nbsp; 126761 |
| Morgan Stanley Capital I Trust, 2021-L5, "XA", 1.4%, 5/15/2054 (i) | 2845972 | &nbsp;&nbsp; 140594 |
| Morgan Stanley Capital I Trust, 2021-L6, "XA", 1.287%, 6/15/2054 (i) | 3374246 | &nbsp;&nbsp; 146535 |
| Morgan Stanley Capital I Trust, 2021-L7, "XA", 1.192%, 10/15/2054 (i) | 13204143 | &nbsp;&nbsp; 571772 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, "A-1", 6.152%, 12/25/2068 (n) | 206758 | &nbsp;&nbsp; 208269 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM3, "A-1", 5.044%, 7/25/2069 (n) | 245418 | &nbsp;&nbsp; 244148 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM3, "A-1", 5.53%, 5/25/2070 (n) | 387525 | &nbsp;&nbsp; 389153 |
| Navistar Financial Dealer Note Master Owner Trust, 2023-1, "A", 6.18%, 8/25/2028 (n) | 204000 | &nbsp;&nbsp; 204254 |
| Navistar Financial Dealer Note Master Owner Trust, 2023-1, "B", 6.48%, 8/25/2028 (n) | 188000 | &nbsp;&nbsp; 188247 |
| OBX Trust, 2024-NQM1, "A2", 6.253%, 11/25/2063 (n) | 71444 | &nbsp;&nbsp; 71817 |
| OBX Trust, 2025-NQM8, "A1", 5.472%, 3/25/2065 (n) | 345886 | &nbsp;&nbsp; 347063 |
| Palmer Square Loan Funding 2025-2A Ltd., "A2", FLR, 0% (SOFR - 3mo. + 1.4%), 7/15/2033 (n)(w) | 1125000 | &nbsp;&nbsp; 1125000 |
| PFS Financing Corp., 2023-C, "B", 5.91%, 10/15/2028 (n) | 177000 | &nbsp;&nbsp; 179295 |
| Provident Funding Mortgage Trust, 2024-1, "A3", 5.5%, 12/25/2054 (n) | 393976 | &nbsp;&nbsp; 395113 |

---

GSSFS-SEM

------

MFS Government Securities Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| ReadyCap Commercial Mortgage Trust, 2021-FL7, "A", FLR, 5.633% ((SOFR - 1mo. + 0.11448%) + 1.2%), 11/25/2036 (n) | $160872 | &nbsp;&nbsp; $160816 |
| ReadyCap Commercial Mortgage Trust, 2021-FL7, "AS", FLR, 5.933% ((SOFR - 1mo. + 0.11448%) + 1.5%), 11/25/2036 (n) | 206000 | &nbsp;&nbsp; 205911 |
| SBNA Auto Lease Trust, 2025-A, "A2", 4.68%, 4/20/2027 (n) | 365000 | &nbsp;&nbsp; 365150 |
| SBNA Auto Receivables Trust, 2025-SF1, "B", 5.12%, 3/17/2031 (n) | 174000 | &nbsp;&nbsp; 174019 |
| Verus Securitization Trust, 2024-1, "A2", 5.915%, 1/25/2069 (n) | 156553 | &nbsp;&nbsp; 156844 |
| Verus Securitization Trust, 2024-4, "A1", 6.218%, 6/25/2069 (n) | 313094 | &nbsp;&nbsp; 316468 |
| Wells Fargo Commercial Mortgage Trust, 2018-C48, "XA", 1.101%, 1/15/2052 (i)(n) | 3119414 | &nbsp;&nbsp; 79386 |
| Wells Fargo Commercial Mortgage Trust, 2021-C60, "XA", 1.617%, 8/15/2054 (i) | 1283120 | &nbsp;&nbsp; 83931 |
|  |  | &nbsp;&nbsp; $21054010 |
| Consumer Services – 0.2% | Consumer Services – 0.2% | Consumer Services – 0.2% |
| Conservation Fund, 3.474%, 12/15/2029  | $563000 | &nbsp;&nbsp; $531543 |
| Industrial – 0.0% | Industrial – 0.0% | Industrial – 0.0% |
| Howard University, Washington D.C., AGM, 2.516%, 10/01/2025  | $147000 | &nbsp;&nbsp; $145791 |
| Mortgage-Backed – 58.6% | Mortgage-Backed – 58.6% |  |
| Fannie Mae, 3.004%, 7/25/2027  | $1444564 | &nbsp;&nbsp; $1413179 |
| Fannie Mae, 3%, 11/01/2028 - 9/01/2046  | 1817376 | &nbsp;&nbsp; 1712662 |
| Fannie Mae, 6.5%, 9/01/2031 - 10/01/2037  | 177886 | &nbsp;&nbsp; 186025 |
| Fannie Mae, 2.5%, 11/01/2031 - 10/01/2046  | 538334 | &nbsp;&nbsp; 493859 |
| Fannie Mae, 3.5%, 12/25/2031 - 2/25/2036 (i) | 160425 | &nbsp;&nbsp; 11830 |
| Fannie Mae, 3%, 2/25/2033 (i) | 204366 | &nbsp;&nbsp; 14719 |
| Fannie Mae, 5.5%, 10/01/2033 - 3/01/2038  | 2000964 | &nbsp;&nbsp; 2064872 |
| Fannie Mae, 5%, 11/01/2033 - 3/01/2041  | 1490134 | &nbsp;&nbsp; 1507005 |
| Fannie Mae, 4.5%, 3/01/2034 - 11/25/2042  | 1501003 | &nbsp;&nbsp; 1494058 |
| Fannie Mae, 6%, 8/01/2034 - 7/01/2037  | 231581 | &nbsp;&nbsp; 241277 |
| Fannie Mae, 3.5%, 4/01/2038 - 7/01/2046  | 2623816 | &nbsp;&nbsp; 2458703 |
| Fannie Mae, 4%, 9/01/2040 - 2/01/2045  | 5456273 | &nbsp;&nbsp; 5255574 |
| Fannie Mae, 4.769%, 3/25/2041  | 44747 | &nbsp;&nbsp; 44529 |
| Fannie Mae, 4.919%, 7/25/2041 - 12/25/2049  | 771620 | &nbsp;&nbsp; 756325 |
| Fannie Mae, 2.75%, 9/25/2042  | 169768 | &nbsp;&nbsp; 163922 |
| Fannie Mae, 2%, 8/25/2044 - 4/25/2046  | 358244 | &nbsp;&nbsp; 333207 |
| Fannie Mae, 4.719%, 12/25/2045  | 79776 | &nbsp;&nbsp; 78625 |
| Fannie Mae, 1.58%, 9/25/2046 (i) | 225250 | &nbsp;&nbsp; 25046 |
| Fannie Mae, 4.869%, 11/25/2046  | 830456 | &nbsp;&nbsp; 822642 |
| Fannie Mae, 4%, 9/25/2050 (i) | 408588 | &nbsp;&nbsp; 80355 |
| Fannie Mae, 5.105%, 10/25/2052  | 1052834 | &nbsp;&nbsp; 1027083 |
| Fannie Mae, 5.755%, 11/25/2053 - 1/25/2055  | 1784818 | &nbsp;&nbsp; 1795248 |
| Fannie Mae, 5.205%, 12/25/2053  | 799978 | &nbsp;&nbsp; 798940 |
| Fannie Mae, 5.455%, 6/25/2054 - 2/25/2055  | 2897617 | &nbsp;&nbsp; 2896471 |
| Fannie Mae, 7.305%, 7/25/2054  | 460030 | &nbsp;&nbsp; 461340 |
| Fannie Mae, 5.155%, 1/25/2055  | 585035 | &nbsp;&nbsp; 583757 |
| Fannie Mae, 6.745%, 3/25/2055  | 646634 | &nbsp;&nbsp; 641659 |
| Fannie Mae, UMBS, 2%, 12/01/2036 - 3/01/2052  | 9274813 | &nbsp;&nbsp; 7643018 |
| Fannie Mae, UMBS, 2.5%, 7/01/2037 - 5/01/2053  | 16517479 | &nbsp;&nbsp; 13935789 |
| Fannie Mae, UMBS, 5%, 6/01/2038 - 10/01/2053  | 1476711 | &nbsp;&nbsp; 1456310 |
| Fannie Mae, UMBS, 1.5%, 2/01/2042  | 56586 | &nbsp;&nbsp; 46526 |
| Fannie Mae, UMBS, 3%, 5/01/2051 - 7/01/2052  | 3274581 | &nbsp;&nbsp; 2857314 |
| Fannie Mae, UMBS, 4%, 8/01/2051  | 410870 | &nbsp;&nbsp; 388657 |
| Fannie Mae, UMBS, 4.5%, 8/01/2052 - 9/01/2052  | 512574 | &nbsp;&nbsp; 492312 |
| Fannie Mae, UMBS, 6%, 6/01/2053 - 10/01/2054  | 4701178 | &nbsp;&nbsp; 4783684 |
| Fannie Mae, UMBS, 6.5%, 8/01/2053 - 7/01/2054  | 662748 | &nbsp;&nbsp; 684827 |
| Fannie Mae, UMBS, 5.5%, 9/01/2054  | 1128459 | &nbsp;&nbsp; 1128671 |
| Freddie Mac, 4%, 7/01/2025 - 4/01/2044  | 590311 | &nbsp;&nbsp; 567833 |
| Freddie Mac, 4.5%, 7/01/2025 - 5/01/2042  | 588535 | &nbsp;&nbsp; 586841 |

---

------

MFS Government Securities Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Mortgage-Backed – continued | Mortgage-Backed – continued |  |
| Freddie Mac, 2.745%, 1/25/2026  | $459065 | &nbsp;&nbsp; $454151 |
| Freddie Mac, 2.57%, 7/25/2026  | 4086680 | &nbsp;&nbsp; 4017677 |
| Freddie Mac, 3.12%, 9/25/2026  | 1733760 | &nbsp;&nbsp; 1709631 |
| Freddie Mac, 2.525%, 10/25/2026  | 291560 | &nbsp;&nbsp; 285500 |
| Freddie Mac, 2.797%, 12/25/2026  | 145150 | &nbsp;&nbsp; 143567 |
| Freddie Mac, 3.413%, 12/25/2026  | 2300000 | &nbsp;&nbsp; 2272135 |
| Freddie Mac, 1.487%, 3/25/2027 (i) | 1030000 | &nbsp;&nbsp; 21742 |
| Freddie Mac, 3.243%, 4/25/2027  | 1379961 | &nbsp;&nbsp; 1358173 |
| Freddie Mac, 3.117%, 6/25/2027  | 2875686 | &nbsp;&nbsp; 2824780 |
| Freddie Mac, 0.696%, 7/25/2027 (i) | 28086279 | &nbsp;&nbsp; 268182 |
| Freddie Mac, 0.539%, 8/25/2027 (i) | 22895034 | &nbsp;&nbsp; 175136 |
| Freddie Mac, 3.286%, 11/25/2027  | 958543 | &nbsp;&nbsp; 941671 |
| Freddie Mac, 0.487%, 12/25/2027 (i) | 184315 | &nbsp;&nbsp; 1449 |
| Freddie Mac, 1.603%, 12/25/2027  | 1198178 | &nbsp;&nbsp; 1130814 |
| Freddie Mac, 0.43%, 1/25/2028 (i) | 38738504 | &nbsp;&nbsp; 275609 |
| Freddie Mac, 0.431%, 1/25/2028 - 5/25/2033 (i) | 18723999 | &nbsp;&nbsp; 170015 |
| Freddie Mac, 0.265%, 2/25/2028 (i) | 46669731 | &nbsp;&nbsp; 169238 |
| Freddie Mac, 0.258%, 4/25/2028 (i) | 30724238 | &nbsp;&nbsp; 115830 |
| Freddie Mac, 3.9%, 4/25/2028  | 255290 | &nbsp;&nbsp; 254168 |
| Freddie Mac, 3%, 6/15/2028 - 2/25/2059  | 4166458 | &nbsp;&nbsp; 3781672 |
| Freddie Mac, 0.63%, 5/25/2029 (i) | 6167570 | &nbsp;&nbsp; 102059 |
| Freddie Mac, 1.005%, 7/25/2029 (i) | 4437394 | &nbsp;&nbsp; 137812 |
| Freddie Mac, 1.214%, 7/25/2029 (i) | 4317541 | &nbsp;&nbsp; 160426 |
| Freddie Mac, 1.261%, 8/25/2029 - 9/25/2030 (i) | 8673916 | &nbsp;&nbsp; 360751 |
| Freddie Mac, 0.734%, 1/25/2030 (i) | 2608358 | &nbsp;&nbsp; 62663 |
| Freddie Mac, 1.438%, 1/25/2030 (i) | 3622917 | &nbsp;&nbsp; 184042 |
| Freddie Mac, 1.913%, 4/25/2030 (i) | 1602831 | &nbsp;&nbsp; 119781 |
| Freddie Mac, 1.954%, 4/25/2030 (i) | 4034514 | &nbsp;&nbsp; 308261 |
| Freddie Mac, 1.769%, 5/25/2030 (i) | 2174913 | &nbsp;&nbsp; 156025 |
| Freddie Mac, 1.907%, 5/25/2030 (i) | 4905689 | &nbsp;&nbsp; 376947 |
| Freddie Mac, 1.207%, 6/25/2030 (i) | 2729044 | &nbsp;&nbsp; 125569 |
| Freddie Mac, 1.435%, 6/25/2030 (i) | 1983331 | &nbsp;&nbsp; 115843 |
| Freddie Mac, 1.701%, 8/25/2030 (i) | 1814781 | &nbsp;&nbsp; 129753 |
| Freddie Mac, 1.17%, 11/25/2030 (i) | 2249951 | &nbsp;&nbsp; 113954 |
| Freddie Mac, 0.413%, 1/25/2031 (i) | 8666231 | &nbsp;&nbsp; 120854 |
| Freddie Mac, 0.871%, 1/25/2031 (i) | 3359280 | &nbsp;&nbsp; 128111 |
| Freddie Mac, 1.026%, 1/25/2031 (i) | 2545825 | &nbsp;&nbsp; 114847 |
| Freddie Mac, 0.546%, 2/25/2031 (i) | 2806836 | &nbsp;&nbsp; 60968 |
| Freddie Mac, 0.607%, 3/25/2031 (i) | 6882666 | &nbsp;&nbsp; 162569 |
| Freddie Mac, 0.828%, 3/25/2031 (i) | 2967667 | &nbsp;&nbsp; 110385 |
| Freddie Mac, 1.323%, 5/25/2031 (i) | 1210235 | &nbsp;&nbsp; 73642 |
| Freddie Mac, 1.039%, 7/25/2031 (i) | 1944368 | &nbsp;&nbsp; 96761 |
| Freddie Mac, 1.32%, 7/25/2031 (i) | 3452631 | &nbsp;&nbsp; 218603 |
| Freddie Mac, 0.606%, 8/25/2031 (i) | 2458691 | &nbsp;&nbsp; 63602 |
| Freddie Mac, 0.632%, 9/25/2031 (i) | 8016720 | &nbsp;&nbsp; 234978 |
| Freddie Mac, 0.955%, 9/25/2031 (i) | 7432958 | &nbsp;&nbsp; 332526 |
| Freddie Mac, 0.441%, 11/25/2031 (i) | 11978818 | &nbsp;&nbsp; 238350 |
| Freddie Mac, 0.596%, 12/25/2031 (i) | 11887771 | &nbsp;&nbsp; 325389 |
| Freddie Mac, 0.664%, 12/25/2031 (i) | 1981491 | &nbsp;&nbsp; 60159 |
| Freddie Mac, 0.434%, 6/25/2032 (i) | 15889873 | &nbsp;&nbsp; 330085 |
| Freddie Mac, 6.5%, 8/01/2032 - 5/01/2037  | 107813 | &nbsp;&nbsp; 112390 |
| Freddie Mac, 4.768%, 10/15/2032  | 28482 | &nbsp;&nbsp; 28464 |
| Freddie Mac, 0.301%, 11/25/2032 (i) | 10140098 | &nbsp;&nbsp; 133882 |
| Freddie Mac, 3.5%, 8/15/2033 - 10/25/2058  | 7060436 | &nbsp;&nbsp; 6659589 |
| Freddie Mac, 0.299%, 8/25/2033 (i) | 10770884 | &nbsp;&nbsp; 138229 |
| Freddie Mac, 0.176%, 10/25/2033 (i) | 10455272 | &nbsp;&nbsp; 177878 |
| Freddie Mac, 5%, 5/01/2034 - 12/01/2044  | 833689 | &nbsp;&nbsp; 849449 |

---

------

MFS Government Securities Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Mortgage-Backed – continued | Mortgage-Backed – continued |  |
| Freddie Mac, 6%, 8/01/2034 - 10/01/2038  | $872627 | &nbsp;&nbsp; $904285 |
| Freddie Mac, 1.091%, 9/25/2034 (i) | 1372219 | &nbsp;&nbsp; 95874 |
| Freddie Mac, 0.22%, 1/25/2035 (i) | 16586619 | &nbsp;&nbsp; 157258 |
| Freddie Mac, 0.427%, 1/25/2035 (i) | 6578625 | &nbsp;&nbsp; 157075 |
| Freddie Mac, 4.618%, 4/15/2035  | 18481 | &nbsp;&nbsp; 18324 |
| Freddie Mac, 5.5%, 8/01/2035 - 6/01/2041  | 542722 | &nbsp;&nbsp; 559248 |
| Freddie Mac, 5.5%, 2/15/2036 (i) | 57837 | &nbsp;&nbsp; 9234 |
| Freddie Mac, 5.118%, 5/15/2039  | 25033 | &nbsp;&nbsp; 25017 |
| Freddie Mac, 4.5%, 12/15/2040 (i) | 9296 | &nbsp;&nbsp; 864 |
| Freddie Mac, 1.75%, 8/15/2041  | 141168 | &nbsp;&nbsp; 133641 |
| Freddie Mac, 4.818%, 8/15/2046  | 39573 | &nbsp;&nbsp; 39125 |
| Freddie Mac, 2.5%, 3/25/2051 (i) | 717395 | &nbsp;&nbsp; 117682 |
| Freddie Mac, 5.125%, 9/25/2052  | 685893 | &nbsp;&nbsp; 674907 |
| Freddie Mac, 5.755%, 10/25/2053  | 70934 | &nbsp;&nbsp; 71306 |
| Freddie Mac, 6.535%, 12/25/2053  | 481961 | &nbsp;&nbsp; 479822 |
| Freddie Mac, 5.205%, 10/25/2054  | 1308169 | &nbsp;&nbsp; 1307632 |
| Freddie Mac, 5.605%, 12/25/2054  | 606491 | &nbsp;&nbsp; 604980 |
| Freddie Mac, 6.755%, 1/25/2055  | 336018 | &nbsp;&nbsp; 334465 |
| Freddie Mac, 5.255%, 2/25/2055  | 1059151 | &nbsp;&nbsp; 1058692 |
| Freddie Mac, 5.705%, 2/25/2055 - 6/25/2055  | 1704420 | &nbsp;&nbsp; 1714853 |
| Freddie Mac, 5.905%, 2/25/2055  | 606832 | &nbsp;&nbsp; 614868 |
| Freddie Mac, 3.25%, 11/25/2061  | 665164 | &nbsp;&nbsp; 607658 |
| Freddie Mac, UMBS, 6.5%, 8/01/2032 - 11/01/2054  | 366886 | &nbsp;&nbsp; 379751 |
| Freddie Mac, UMBS, 2%, 2/01/2042 - 3/01/2052  | 7636663 | &nbsp;&nbsp; 6118275 |
| Freddie Mac, UMBS, 3.5%, 12/01/2046 - 5/01/2052  | 260139 | &nbsp;&nbsp; 237926 |
| Freddie Mac, UMBS, 3%, 7/01/2050 - 9/01/2053  | 3155341 | &nbsp;&nbsp; 2734621 |
| Freddie Mac, UMBS, 1.5%, 5/01/2051 - 10/01/2051  | 474574 | &nbsp;&nbsp; 357565 |
| Freddie Mac, UMBS, 2.5%, 7/01/2051 - 9/01/2052  | 2331673 | &nbsp;&nbsp; 1947148 |
| Freddie Mac, UMBS, 4%, 5/01/2052  | 616076 | &nbsp;&nbsp; 577668 |
| Freddie Mac, UMBS, 5%, 3/01/2053 - 8/01/2053  | 101162 | &nbsp;&nbsp; 99487 |
| Freddie Mac, UMBS, 5.5%, 4/01/2053 - 5/01/2053  | 310572 | &nbsp;&nbsp; 313480 |
| Freddie Mac, UMBS, 6%, 3/01/2054  | 215335 | &nbsp;&nbsp; 218881 |
| Ginnie Mae, 3.5%, 8/20/2029 - 1/20/2043 (i) | 896886 | &nbsp;&nbsp; 101603 |
| Ginnie Mae, 5.5%, 7/15/2033 - 4/20/2055  | 3191846 | &nbsp;&nbsp; 3218759 |
| Ginnie Mae, 5.658%, 8/20/2034  | 135298 | &nbsp;&nbsp; 138213 |
| Ginnie Mae, 4%, 5/16/2039 - 7/20/2041  | 465082 | &nbsp;&nbsp; 449835 |
| Ginnie Mae, 4.5%, 8/15/2039 - 9/20/2052  | 3018292 | &nbsp;&nbsp; 2945869 |
| Ginnie Mae, 4%, 12/20/2039 - 8/16/2042 (i) | 194849 | &nbsp;&nbsp; 28376 |
| Ginnie Mae, 0.967%, 5/20/2041 (i) | 384685 | &nbsp;&nbsp; 33157 |
| Ginnie Mae, 4.532%, 9/20/2041  | 1038346 | &nbsp;&nbsp; 1011708 |
| Ginnie Mae, 3.5%, 12/15/2041 - 6/20/2043  | 1685348 | &nbsp;&nbsp; 1574826 |
| Ginnie Mae, 2.5%, 6/20/2042 - 11/20/2051  | 3864668 | &nbsp;&nbsp; 3286656 |
| Ginnie Mae, 3%, 4/20/2045 - 10/20/2052  | 3973943 | &nbsp;&nbsp; 3540295 |
| Ginnie Mae, 4.732%, 10/20/2045  | 1001601 | &nbsp;&nbsp; 971371 |
| Ginnie Mae, 4.882%, 7/20/2046  | 392038 | &nbsp;&nbsp; 383083 |
| Ginnie Mae, 1.717%, 4/20/2047 (i) | 66585 | &nbsp;&nbsp; 8307 |
| Ginnie Mae, 4.682%, 10/20/2047  | 76219 | &nbsp;&nbsp; 73663 |
| Ginnie Mae, 4.832%, 12/20/2048  | 862268 | &nbsp;&nbsp; 839160 |
| Ginnie Mae, 2.5%, 2/20/2051 (i) | 374099 | &nbsp;&nbsp; 45611 |
| Ginnie Mae, 2%, 3/20/2052  | 161197 | &nbsp;&nbsp; 131296 |
| Ginnie Mae, 5%, 1/20/2053 - 4/20/2053  | 1184717 | &nbsp;&nbsp; 1169762 |
| Ginnie Mae, 6%, 2/20/2054 - 11/20/2055  | 1269206 | &nbsp;&nbsp; 1302538 |
| Ginnie Mae, 5.351%, 10/20/2054  | 600461 | &nbsp;&nbsp; 596973 |
| Ginnie Mae, 5.118%, 6/20/2055  | 650000 | &nbsp;&nbsp; 654250 |
| Ginnie Mae, 5.135%, 6/20/2055  | 525000 | &nbsp;&nbsp; 521773 |
| Ginnie Mae, 5.451%, 3/20/2064  | 173223 | &nbsp;&nbsp; 174039 |
| Ginnie Mae, 5.126%, 7/20/2064  | 142034 | &nbsp;&nbsp; 142155 |

---

------

MFS Government Securities Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Mortgage-Backed – continued | Mortgage-Backed – continued |  |
| Ginnie Mae, 2.266%, 3/20/2066 (i) | $389054 | &nbsp;&nbsp; $9401 |
| Ginnie Mae, 5.196%, 10/20/2066  | 177607 | &nbsp;&nbsp; 177897 |
| Ginnie Mae, 5.216%, 10/20/2066  | 494177 | &nbsp;&nbsp; 495093 |
| Ginnie Mae, 5.249%, 1/20/2067  | 442296 | &nbsp;&nbsp; 445922 |
| Ginnie Mae, 5.127%, 2/20/2067  | 286412 | &nbsp;&nbsp; 288609 |
| Ginnie Mae, 5.173%, 3/20/2067  | 636668 | &nbsp;&nbsp; 642153 |
| Ginnie Mae, 6.417%, 7/20/2067  | 774157 | &nbsp;&nbsp; 782464 |
| Ginnie Mae, 4.896%, 11/20/2067  | 243976 | &nbsp;&nbsp; 244306 |
| Ginnie Mae, 4.991%, 4/20/2068  | 1200539 | &nbsp;&nbsp; 1208993 |
| Ginnie Mae, 5.425%, 5/20/2068  | 871091 | &nbsp;&nbsp; 875981 |
| Ginnie Mae, 4.946%, 11/20/2068 - 3/20/2070  | 990466 | &nbsp;&nbsp; 990896 |
| Ginnie Mae, 4.976%, 7/20/2070  | 916837 | &nbsp;&nbsp; 909397 |
| Ginnie Mae, 4.701%, 12/20/2071  | 408220 | &nbsp;&nbsp; 405864 |
| Ginnie Mae, 4.951%, 8/20/2074 - 1/20/2075  | 1807935 | &nbsp;&nbsp; 1807127 |
| Ginnie Mae, 4.301%, 11/20/2074  | 605445 | &nbsp;&nbsp; 600444 |
| Ginnie Mae, 4.901%, 2/20/2075  | 946010 | &nbsp;&nbsp; 941924 |
| Ginnie Mae, TBA, 6.5%, 7/01/2055  | 350000 | &nbsp;&nbsp; 359285 |
| Ginnie Mae, TBA, 6%, 8/01/2055  | 1425000 | &nbsp;&nbsp; 1444201 |
| UMBS, TBA, 2%, 7/01/2055 - 8/01/2055  | 1200000 | &nbsp;&nbsp; 949947 |
|  |  | &nbsp;&nbsp; $155126224 |
| U.S. Government Agencies and Equivalents – 0.4% | U.S. Government Agencies and Equivalents – 0.4% | U.S. Government Agencies and Equivalents – 0.4% |
| Small Business Administration, 2.21%, 2/01/2033  | $213296 | &nbsp;&nbsp; $200185 |
| Small Business Administration, 2.22%, 3/01/2033  | 322088 | &nbsp;&nbsp; 301402 |
| Small Business Administration, 3.15%, 7/01/2033  | 308025 | &nbsp;&nbsp; 296079 |
| Small Business Administration, 3.16%, 8/01/2033  | 194429 | &nbsp;&nbsp; 187059 |
| Small Business Administration, 3.62%, 9/01/2033  | 104954 | &nbsp;&nbsp; 102122 |
|  |  | &nbsp;&nbsp; $1086847 |
| U.S. Treasury Obligations – 24.2% | U.S. Treasury Obligations – 24.2% | U.S. Treasury Obligations – 24.2% |
| U.S. Treasury Bonds, 6%, 2/15/2026  | $2699000 | &nbsp;&nbsp; $2727044 |
| U.S. Treasury Bonds, 6.375%, 8/15/2027  | 326000 | &nbsp;&nbsp; 343714 |
| U.S. Treasury Bonds, 4.5%, 8/15/2039  | 512500 | &nbsp;&nbsp; 510578 |
| U.S. Treasury Bonds, 3.125%, 2/15/2043  | 8176700 | &nbsp;&nbsp; 6575536 |
| U.S. Treasury Bonds, 2.875%, 5/15/2043 (f) | 13519500 | &nbsp;&nbsp; 10420049 |
| U.S. Treasury Bonds, 2.5%, 2/15/2045 (f) | 14059000 | &nbsp;&nbsp; 9897316 |
| U.S. Treasury Bonds, 4.625%, 5/15/2054  | 526000 | &nbsp;&nbsp; 510878 |
| U.S. Treasury Bonds, 4.625%, 2/15/2055  | 2502000 | &nbsp;&nbsp; 2435541 |
| U.S. Treasury Notes, 3.75%, 8/15/2027  | 2464000 | &nbsp;&nbsp; 2465155 |
| U.S. Treasury Notes, 3.625%, 3/31/2028  | 9593000 | &nbsp;&nbsp; 9576512 |
| U.S. Treasury Notes, 1.5%, 2/15/2030  | 3800000 | &nbsp;&nbsp; 3438703 |
| U.S. Treasury Notes, 4.125%, 8/31/2030  | 5164000 | &nbsp;&nbsp; 5238636 |
| U.S. Treasury Notes, 4.625%, 4/30/2031  | 2444000 | &nbsp;&nbsp; 2537559 |
| U.S. Treasury Notes, 1.625%, 5/15/2031  | 6239000 | &nbsp;&nbsp; 5502506 |
| U.S. Treasury Notes, 1.375%, 11/15/2031  | 2119500 | &nbsp;&nbsp; 1813414 |
|  |  | &nbsp;&nbsp; $63993141 |
| **Total Bonds (Identified Cost, $256,901,071)** |  | &nbsp;&nbsp; **$241937556** |
| Mutual Funds (h) – 9.2% | Mutual Funds (h) – 9.2% | Mutual Funds (h) – 9.2% |
| Money Market Funds – 9.2% | Money Market Funds – 9.2% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $24,172,184) | 24172189 | &nbsp;&nbsp; $24174606 |
| Other Assets, Less Liabilities – (0.5)% |  | &nbsp;&nbsp; (1193508) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$264918654** |

---

------

MFS Government Securities Portfolio

*Portfolio of Investments (unaudited) – continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security has been segregated as collateral for open futures
 contracts and cleared swap agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $24,174,606 and $241,937,556, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $16,425,911, representing 6.2% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AGM | Assured Guaranty Municipal |
| CLO | Collateralized Loan Obligation |
| CPI-U | Consumer Price Index - Urban Consumers |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| SOFR | Secured Overnight Financing Rate |
| TBA | To Be Announced |
| UMBS | Uniform Mortgage-Backed Security |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** |
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp; **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value/Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Note 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; $5942625 | September – 2025 | &nbsp;&nbsp;&nbsp; $75440 |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; 39316430 | September – 2025 | &nbsp;&nbsp;&nbsp; 158935 |
| U.S. Treasury Note 5 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 562 | &nbsp;&nbsp;&nbsp; 61258000 | September – 2025 | &nbsp;&nbsp;&nbsp; 530880 |
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 2144250 | September – 2025 | &nbsp;&nbsp;&nbsp; 54773 |
| U.S. Treasury Ultra Note 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 5827547 | September – 2025 | &nbsp;&nbsp;&nbsp; 104602 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $924630 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** |
| **Maturity** <br>**Date** | **Maturity** <br>**Date** | **Notional** <br>**Amount**<br>| **Counterparty** | **Cash Flows** <br>**to Receive/** <br>**Frequency**<br>| **Cash Flows** <br>**to Pay/** <br>**Frequency**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net Unamortized** <br>**Upfront Payments** <br>**(Receipts)**<br>| **Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |  |
| ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** |  |  |  |
| 5/08/27 | USD | 7816000 | centrally cleared | Daily SOFR / Annually | 3.5595% / Annually | $3871 | $— | $3871 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |  |  |
| ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** |  |  |  |
| 5/24/26 | USD | 10200000 | centrally cleared | Daily SOFR / Annually | 4.7585% / Annually | $(78640)<br>| $— | $(78640)<br>|
| 12/26/26 | USD | 6600000 | centrally cleared | Daily SOFR / Annually | 4.1635% / Annually | (43761)<br>|  | (43761)<br>|
| 12/26/29 | USD | 6350000 | centrally cleared | Daily SOFR / Annually | 4.085% / Annually | (169931)<br>|  | (169931)<br>|
|  |  |  |  |  |  | $(292332)<br>| $— | $(292332)<br>|

---

------

MFS Government Securities Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Maturity**<br> **Date** | **Maturity**<br> **Date** | **Notional**<br> **Amount**<br>| **Counterparty** | **Cash Flows**<br> **to Receive/**<br> **Frequency**<br>| **Cash Flows**<br> **to Pay/**<br> **Frequency**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Net Unamortized**<br> **Upfront Payments**<br> **(Receipts)**<br>| **Value** |
| **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** |  |  |  |
| ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** |  |  |  |
| 5/14/30 | USD | 8500000 | centrally cleared | USA-CPI-U / At Maturity | 2.539% / At Maturity | $(20764)<br>| $— | $(20764)<br>|
|  |  |  |  |  |  | $(313096)<br>| $— | $(313096)<br>|

---

At June 30, 2025, the fund had liquid securities with an aggregate value of $2,058,756 to cover any collateral or margin obligations for certain derivative contracts.

**See Notes to Financial Statements**

------

MFS Government Securities Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $256,901,071) | &nbsp;&nbsp; $241937556 |
| Investments in affiliated issuers, at value (identified cost, $24,172,184) | &nbsp;&nbsp; 24174606 |
| Cash | &nbsp;&nbsp; 21323 |
| Receivables for |  |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; 150473 |
| Investments sold | &nbsp;&nbsp; 1444955 |
| TBA sale commitments | &nbsp;&nbsp; 3372231 |
| Fund shares sold | &nbsp;&nbsp; 31732 |
| Interest | &nbsp;&nbsp; 1391993 |
| Receivable from investment adviser | &nbsp;&nbsp; 1011 |
| Other assets | &nbsp;&nbsp; 729 |
| Total assets | &nbsp;&nbsp; $272526609 |
| **Liabilities** |  |
| Payables for |  |
| Net daily variation margin on open cleared swap agreements | &nbsp;&nbsp; $10282 |
| When-issued investments purchased | &nbsp;&nbsp; 1125000 |
| TBA purchase commitments | &nbsp;&nbsp; 6111808 |
| Fund shares reacquired | &nbsp;&nbsp; 282860 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 489 |
| Shareholder servicing costs | &nbsp;&nbsp; 81 |
| Distribution and/or service fees | &nbsp;&nbsp; 2811 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 1275 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 73349 |
| Total liabilities | &nbsp;&nbsp; $7607955 |
| Net assets | &nbsp;&nbsp; $264918654 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $318026181 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (53107527)<br>|
| Net assets | &nbsp;&nbsp; $264918654 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 24130049 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $162366158 | &nbsp;&nbsp;&nbsp; 14753482 | &nbsp;&nbsp;&nbsp; $11.01 |
| Service Class | &nbsp;&nbsp;&nbsp; 102552496 | &nbsp;&nbsp;&nbsp; 9376567 | &nbsp;&nbsp;&nbsp;&nbsp;10.94 |

---

**See Notes to Financial Statements**

------

MFS Government Securities Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $5429369 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 403955 |
| Other | &nbsp;&nbsp; 49 |
| Total investment income | &nbsp;&nbsp; $5833373 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $737765 |
| Distribution and/or service fees | &nbsp;&nbsp; 126279 |
| Shareholder servicing costs | &nbsp;&nbsp; 2804 |
| Administrative services fee | &nbsp;&nbsp; 23046 |
| Independent Trustees' compensation | &nbsp;&nbsp; 3895 |
| Custodian fee | &nbsp;&nbsp; 20135 |
| Shareholder communications | &nbsp;&nbsp; 879 |
| Audit and tax fees | &nbsp;&nbsp; 41089 |
| Legal fees | &nbsp;&nbsp; 1022 |
| Miscellaneous | &nbsp;&nbsp; 26094 |
| Total expenses | &nbsp;&nbsp; $983008 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (101814)<br>|
| Net expenses | &nbsp;&nbsp; $881194 |
| Net investment income (loss) | &nbsp;&nbsp; $4952179 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $10358 |
| Affiliated issuers | &nbsp;&nbsp; (2458)<br>|
| Futures contracts | &nbsp;&nbsp; 483192 |
| Swap agreements | &nbsp;&nbsp; (89288)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $401804 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $4590647 |
| Affiliated issuers | &nbsp;&nbsp; (60)<br>|
| Futures contracts | &nbsp;&nbsp; 1123277 |
| Swap agreements | &nbsp;&nbsp; (150801)<br>|
| Net unrealized gain (loss) | &nbsp;&nbsp; $5563063 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $5964867 |
| Change in net assets from operations | &nbsp;&nbsp; $10917046 |

---

**See Notes to Financial Statements**

------

MFS Government Securities Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $4952179 | &nbsp;&nbsp; $10501720 |
| Net realized gain (loss) | 401804 | &nbsp;&nbsp; (1536464)<br>|
| Net unrealized gain (loss) | 5563063 | &nbsp;&nbsp; (6872145)<br>|
| Change in net assets from operations | $10917046 | &nbsp;&nbsp; $2093111 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(10094071)<br>|
| Change in net assets from fund share transactions | $(28620101)<br>| &nbsp;&nbsp; $(16427953)<br>|
| Total change in net assets | $(17703055)<br>| &nbsp;&nbsp; $(24428913)<br>|
| **Net assets** |  |  |
| At beginning of period | 282621709 | &nbsp;&nbsp; 307050622 |
| At end of period | $264918654 | &nbsp;&nbsp; $282621709 |

---

**See Notes to Financial Statements**

------

MFS Government Securities Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $10.57 | &nbsp;&nbsp; $10.87 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $12.34 | &nbsp;&nbsp; $12.86 | &nbsp;&nbsp; $12.45 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.20 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.27 |
| Net realized and unrealized gain (loss) | 0.24 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Total from investment operations | $0.44 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $(1.50)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $0.79 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.38)<br>|
| Net asset value, end of period (x) | $11.01 | &nbsp;&nbsp; $10.57 | &nbsp;&nbsp; $10.87 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $12.34 | &nbsp;&nbsp; $12.86 |
| Total return (%) (k)(r)(s)(x) | 4.16<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp; (12.26)<br>| &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.38 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Expenses after expense reductions | 0.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net investment income (loss) | 3.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| Portfolio turnover rate | 55<br> (n)<br>| &nbsp;&nbsp; 128 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 154 |
| Net assets at end of period (000 omitted) | $162366 | &nbsp;&nbsp; $177335 | &nbsp;&nbsp; $196873 | &nbsp;&nbsp; $208332 | &nbsp;&nbsp; $276951 | &nbsp;&nbsp; $290413 |
| **Supplemental Rate:** |  |  |  |  |  |  |
| Portfolio turnover rate (excluding TBA transactions) (e) | 23<br> (n)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

**See Notes to Financial Statements**

------

MFS Government Securities Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $10.52 | &nbsp;&nbsp; $10.82 | &nbsp;&nbsp; $10.55 | &nbsp;&nbsp; $12.27 | &nbsp;&nbsp; $12.79 | &nbsp;&nbsp; $12.38 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.19 | &nbsp;&nbsp; $0.37 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.24 |
| Net realized and unrealized gain (loss) | 0.23 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Total from investment operations | $0.42 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $(1.52)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $0.76 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.35)<br>|
| Net asset value, end of period (x) | $10.94 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $10.82 | &nbsp;&nbsp; $10.55 | &nbsp;&nbsp; $12.27 | &nbsp;&nbsp; $12.79 |
| Total return (%) (k)(r)(s)(x) | 3.99<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp; (12.45)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.12 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.89<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Expenses after expense reductions | 0.81<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Net investment income (loss) | 3.54<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Portfolio turnover rate | 55<br> (n)<br>| &nbsp;&nbsp; 128 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 154 |
| Net assets at end of period (000 omitted) | $102552 | &nbsp;&nbsp; $105287 | &nbsp;&nbsp; $110177 | &nbsp;&nbsp; $112873 | &nbsp;&nbsp; $152301 | &nbsp;&nbsp; $160196 |
| **Supplemental Rate:** |  |  |  |  |  |  |
| Portfolio turnover rate (excluding TBA transactions) (e) | 23<br> (n)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio turnover rate (excluding TBA transactions) is disclosed beginning with the
 period ending December 31, 2023. Refer to Note 2 for more information on TBA transactions and mortgage dollar rolls.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Government Securities Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Government Securities Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, 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 may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or

------

MFS Government Securities Portfolio

*Notes to Financial Statements (unaudited) - continued* 

transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the 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 halt 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. 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. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts and swap agreements. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government <br> Agencies & Equivalents<br>| $— | $65079988 | $— | $65079988 |
| U.S. Corporate Bonds |  | 677334 |  | 677334 |
| Residential Mortgage-Backed Securities |  | 157255099 |  | 157255099 |
| Commercial Mortgage-Backed Securities |  | 9881882 |  | 9881882 |
| Asset-Backed Securities (including CDOs) |  | 9043253 |  | 9043253 |
| Investment Companies | 24174606 |  |  | 24174606 |
| Total | $24174606 | $241937556 | $— | $266112162 |

---

---

| | | |
|:---|:---|:---|
| **Other Financial Instruments** |  |  |
| Futures Contracts – Assets | $— | $924630 |
| Swap Agreements – Assets | 3871 | 3871 |
| Swap Agreements – Liabilities | (313096)<br>| (313096)<br>|

---

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

**Derivatives** — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are 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.

The derivative instruments used by the fund during the period were futures contracts and swap agreements. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

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 June 30, 2025 as reported in the Statement of Assets and Liabilities:

------

MFS Government Securities Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value (a)** | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Interest Rate | Futures Contracts | $924630 | $— |
| Interest Rate | Cleared Swap Agreements | 3871 | (313096) |
| Total |  | $928501 | $(313096) |

---

(a) The value of purchased options outstanding is included in investments in unaffiliated issuers, at value, within the Statement of Assets and Liabilities. Values presented in this table for futures contracts and cleared swap agreements correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts and cleared swap agreements is reported separately within the Statement of Assets and Liabilities.

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended June 30, 2025 as reported in the Statement of Operations:

---

| | | |
|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>|
| Interest Rate | $483192 | &nbsp;&nbsp; $(89288)<br>|

---

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the six months ended June 30, 2025 as reported in the Statement of Operations:

---

| | | |
|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>|
| Interest Rate | $1123277 | &nbsp;&nbsp; $(150801)<br>|

---

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement 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.

Collateral and margin requirements differ by type of derivative. For exchange-traded and cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the exchange or clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the exchange or clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). Collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for exchange-traded or cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in "Miscellaneous" expense in the Statement of Operations.

**Futures Contracts** — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, or to manage duration. 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 specified 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 contracts is realized.

------

MFS Government Securities Portfolio

*Notes to Financial Statements (unaudited) - continued* 

The fund bears the risk of interest 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 contracts 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.

**Swap Agreements** — The fund entered into swap agreements which generally involve a periodic exchange of cash payments on a net basis, at specified intervals or upon the occurrence of specified events, between the fund and a counterparty. Certain swap agreements may be entered into as a bilateral contract ("uncleared swaps") while others are required to be centrally cleared ("cleared swaps").

Both cleared and uncleared swap agreements are marked to market daily. The value of uncleared swap agreements is reported in the Statement of Assets and Liabilities as "Uncleared swaps, at value" which includes any related interest accruals to be paid or received by the fund. For cleared swaps, payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the cleared swap, such that only the current day net receivable or payable for variation margin is reported in the Statement of Assets and Liabilities.

For both cleared and uncleared swaps, premiums paid or received at the inception of the agreements are amortized over the term of the agreement as realized gain or loss on swap agreements in the Statement of Operations. The periodic exchange of net cash payments, as well as any liquidation payment received or made upon early termination, are recorded as a realized gain or loss on swap agreements in the Statement of Operations. The change in unrealized appreciation or depreciation on swap agreements in the Statement of Operations reflects the aggregate change over the reporting period in the value of swaps net of any unamortized premiums paid or received.

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. 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 the amount is positive. To address counterparty risk, uncleared swap agreements are limited to only highly-rated counterparties. Risk is further reduced by having an ISDA Master Agreement ("ISDA") between the fund and the counterparty and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund's exposure to the counterparty under such ISDA. The fund's counterparty risk due to cleared swaps is mitigated by the fact that the clearinghouse is the counterparty to the transaction and the regulatory requirement safeguards in the event of a clearing broker bankruptcy.

The fund entered into interest rate swap agreements in order to manage its exposure to interest 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 entered into inflation swap agreements in order to manage its exposure to inflation risk. Inflation swap agreements involve the periodic exchange of cash flows, between the fund and a counterparty, based on the difference between two rates applied to a notional principal amount. The two rates exchanged are generally a fixed rate and a floating rate based on an inflation index.

**Mortgage-Backed/Asset-Backed Securities** — The fund invests a significant portion of its assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.

------

MFS Government Securities Portfolio

*Notes to Financial Statements (unaudited) - continued* 

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

The fund may purchase or sell mortgage-backed securities on a To Be Announced ("TBA") basis. A TBA transaction is subject to extended settlement and typically does not designate the actual security to be delivered, but instead includes an approximate principal amount. The price of the TBA security and the date that it will be settled are fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and no interest accrues to the fund until settlement takes place. TBA purchase and sale commitments are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy and included in TBA purchase and TBA sale commitments in the Statement of Assets and Liabilities, as applicable. Losses may arise as a result of changes in the value of the TBA investment prior to settlement date or due to counterparty non-performance.

The fund may also enter into mortgage dollar rolls, typically TBA dollar rolls, in which the fund sells TBA mortgage-backed securities to financial institutions and simultaneously agrees to repurchase similar (same issuer, type and coupon) securities at a later date at an agreed-upon price. During the period between the sale and repurchase, the fund will not be entitled to receive interest and principal payments on the securities sold. The fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. As such, these transactions may result in an increase to the fund's portfolio turnover rate. Portfolio turnover rates including and excluding TBA transactions are presented in the Financial Highlights. Dollar roll transactions involve the risk that the market value of the securities that the fund is required to purchase may decline below the agreed upon repurchase price of those securities.

The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities.

To mitigate the counterparty credit risk on To Be Announced ("TBA") transactions, mortgage dollar rolls, and other types of forward settling mortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master Securities Forward Transaction Agreement ("MSFTA") on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the MSFTA, the non-defaulting party has the right 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 MSFTA 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.

For mortgage-backed and asset-backed securities traded under a MSFTA, the collateral and margining requirements are contract specific. Collateral amounts across all transactions traded under such agreement are netted and an amount is posted from one party to the other to collateralize such obligations. Cash that has been pledged to cover the fund's collateral or margin obligations under a MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as restricted cash. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign

------

MFS Government Securities Portfolio

*Notes to Financial Statements (unaudited) - continued* 

taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to amortization of premium and accretion of discount of debt securities, wash sale loss deferrals, and derivative transactions.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $10094071 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $283119741 |
| Gross appreciation | &nbsp;&nbsp; 1025912 |
| Gross depreciation | &nbsp;&nbsp; (18033491)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(17007579)<br>|
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 11344313 |
| Capital loss carryforwards | &nbsp;&nbsp; (53107835)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (22261051)<br>|

---

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

As of December 31, 2024, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(18696041)<br>|
| Long-Term | (34411794)<br>|
| Total | $(53107835)<br>|

---

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25**<br>| **Year ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $6472411 |
| Service Class |  | &nbsp;&nbsp; 3621660 |
| Total | $— | &nbsp;&nbsp; $10094071 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

------

MFS Government Securities Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| Up to $1 billion | 0.55% |
| In excess of $1 billion | 0.50% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $18,649, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.54% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.56% of average daily net assets for the Initial Class shares and 0.81% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this reduction amounted to $83,165, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $2,481, which equated to 0.0018% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $323.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0172% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $137730265 | &nbsp;&nbsp; $154720429 |
| Non-U.S. Government securities | 4992794 | &nbsp;&nbsp; 7797291 |

---

------

MFS Government Securities Portfolio

*Notes to Financial Statements (unaudited) - continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 173413 | &nbsp;&nbsp; $1875792 | &nbsp;&nbsp; 1038945 | &nbsp;&nbsp; $11139305 |
| Service Class | 447318 | &nbsp;&nbsp; 4824071 | &nbsp;&nbsp; 1248254 | &nbsp;&nbsp; 13323814 |
|  | 620731 | &nbsp;&nbsp; $6699863 | &nbsp;&nbsp; 2287199 | &nbsp;&nbsp; $24463119 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 598743 | &nbsp;&nbsp; $6472411 |
| Service Class |  |  | &nbsp;&nbsp; 336585 | &nbsp;&nbsp; 3621660 |
|  |  | $— | &nbsp;&nbsp; 935328 | &nbsp;&nbsp; $10094071 |
| Shares reacquired |  |  |  |  |
| Initial Class | (2195690)<br>| &nbsp;&nbsp; $(23723819)<br>| &nbsp;&nbsp; (2977469)<br>| &nbsp;&nbsp; $(32107500)<br>|
| Service Class | (1080002)<br>| &nbsp;&nbsp; (11596145)<br>| &nbsp;&nbsp; (1761464)<br>| &nbsp;&nbsp; (18877643)<br>|
|  | (3275692)<br>| &nbsp;&nbsp; $(35319964)<br>| &nbsp;&nbsp; (4738933)<br>| &nbsp;&nbsp; $(50985143)<br>|
| Net change |  |  |  |  |
| Initial Class | (2022277)<br>| &nbsp;&nbsp; $(21848027)<br>| &nbsp;&nbsp; (1339781)<br>| &nbsp;&nbsp; $(14495784)<br>|
| Service Class | (632684)<br>| &nbsp;&nbsp; (6772074)<br>| &nbsp;&nbsp; (176625)<br>| &nbsp;&nbsp; (1932169)<br>|
|  | (2654961)<br>| &nbsp;&nbsp; $(28620101)<br>| &nbsp;&nbsp; (1516406)<br>| &nbsp;&nbsp; $(16427953)<br>|

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Moderate Allocation Portfolio and the MFS Conservative Allocation Portfolio were the owners of record of approximately 29% and 8%, respectively, of the value of outstanding voting shares of the fund.

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $624 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in 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 following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $29336673 | &nbsp;&nbsp; $89725783 | &nbsp;&nbsp; $94885332 | &nbsp;&nbsp; $(2458)<br>| &nbsp;&nbsp; $(60)<br>| &nbsp;&nbsp; $24174606 |

---

------

MFS Government Securities Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $403955 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Government Securities Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Government Securities Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Government Securities Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Global Tactical Allocation Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Global Tactical Allocation Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 61.5% | Bonds – 61.5% | Bonds – 61.5% |
| Aerospace & Defense – 0.2% | Aerospace & Defense – 0.2% | Aerospace & Defense – 0.2% |
| Boeing Co., 6.388%, 5/01/2031  | $88000 | &nbsp;&nbsp; $94573 |
| Boeing Co., 5.805%, 5/01/2050  | 337000 | &nbsp;&nbsp; 323183 |
| Huntington Ingalls Industries, Inc., 4.2%, 5/01/2030  | 148000 | &nbsp;&nbsp; 144631 |
| Huntington Ingalls Industries, Inc., 5.749%, 1/15/2035  | 191000 | &nbsp;&nbsp; 196945 |
|  |  | &nbsp;&nbsp; $759332 |
| Asset-Backed & Securitized – 4.0% | Asset-Backed & Securitized – 4.0% | Asset-Backed & Securitized – 4.0% |
| AA Bond Co. Ltd., 6.85%, 7/31/2050  | 150000 | &nbsp;&nbsp; $213381 |
| Angel Oak Mortgage Trust, 2024-12, "A1", 5.653%, 10/25/2069 (n) | $611579 | &nbsp;&nbsp; 613034 |
| Angel Oak Mortgage Trust, 2024-13, "A1", 5.464%, 12/26/2069 (n) | 200280 | &nbsp;&nbsp; 200233 |
| Angel Oak Mortgage Trust, 2024-9, "A1", 5.138%, 9/25/2069 (n) | 530092 | &nbsp;&nbsp; 527275 |
| Angel Oak Mortgage Trust, 2025-1, "A2", 5.844%, 1/25/2070 (n) | 264273 | &nbsp;&nbsp; 265456 |
| AREIT 2022-CRE6 Trust, "B", FLR, 6.151% (SOFR - 30 day + 1.85%), 1/20/2037 (n) | 289000 | &nbsp;&nbsp; 286803 |
| AREIT 2022-CRE6 Trust, "C", FLR, 6.451% (SOFR - 30 day + 2.15%), 1/20/2037 (n) | 119000 | &nbsp;&nbsp; 117841 |
| AREIT 2022-CRE6 Trust, "D", FLR, 7.151% (SOFR - 30 day + 2.85%), 1/20/2037 (n) | 100000 | &nbsp;&nbsp; 99174 |
| Bain Capital Credit CLO Ltd., 2021-7A, "BR", FLR, 5.772% (SOFR - 3mo. + 1.5%), 1/22/2035 (n) | 633790 | &nbsp;&nbsp; 632294 |
| BBCMS Mortgage Trust, 2020-C7, "XA", 1.705%, 4/15/2053 (i) | 954433 | &nbsp;&nbsp; 46315 |
| BBCMS Mortgage Trust, 2021-C10, "XA", 1.33%, 7/15/2054 (i) | 2701629 | &nbsp;&nbsp; 143532 |
| BBCMS Mortgage Trust, 2021-C9, "XA", 1.7%, 2/15/2054 (i) | 6468898 | &nbsp;&nbsp; 437662 |
| Benchmark 2021-B24 Mortgage Trust, "XA", 1.251%, 3/15/2054 (i) | 2008834 | &nbsp;&nbsp; 85142 |
| Benchmark 2021-B26 Mortgage Trust, "XA", 0.993%, 6/15/2054 (i) | 5565112 | &nbsp;&nbsp; 193063 |
| Benchmark 2021-B27 Mortgage Trust, "XA", 1.349%, 7/15/2054 (i) | 6561307 | &nbsp;&nbsp; 345547 |
| Benchmark 2021-B28 Mortgage Trust, "XA", 1.367%, 8/15/2054 (i) | 5188768 | &nbsp;&nbsp; 278368 |
| BMP Commercial Mortgage Trust, 2024-MF23, "C", FLR, 6.153% (SOFR - 1mo. + 1.8413%), 6/15/2041 (n) | 235440 | &nbsp;&nbsp; 235734 |
| BSPRT 2021-FL7 Issuer Ltd., "B", FLR, 6.476% ((SOFR - 1mo. + 0.11448%) + 2.05%), 12/15/2038 (n) | 177500 | &nbsp;&nbsp; 176450 |
| BSPRT 2021-FL7 Issuer Ltd., "C", FLR, 6.726% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/15/2038 (n) | 161000 | &nbsp;&nbsp; 159519 |
| Business Jet Securities LLC, 2024-1A, "A", 6.197%, 5/15/2039 (n) | 228596 | &nbsp;&nbsp; 233510 |
| BX Trust, 2024-PURE, "A", FLR, 4.657% (CORRA + 1.9%), 11/15/2041 (n) | 457000 | &nbsp;&nbsp; 339071 |
| CF Hippolyta Issuer LLC, 2020-1, "A1", 1.69%, 7/15/2060 (n) | $197245 | &nbsp;&nbsp; 195135 |
| Chesapeake Funding II LLC, 2023-1A, "A1", 5.65%, 5/15/2035 (n) | 118762 | &nbsp;&nbsp; 119351 |
| Colt Funding LLC, 2024-1, "A1", 5.835%, 2/25/2069 (n) | 209778 | &nbsp;&nbsp; 210604 |
| Colt Funding LLC, 2024-6, "A1", 5.39%, 11/25/2069 (n) | 172410 | &nbsp;&nbsp; 172528 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN32, "XA", 0.87%, 4/15/2054 (i) | 1227711 | &nbsp;&nbsp; 38418 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN34, "XA", 1.067%, 6/15/2063 (i) | 2936922 | &nbsp;&nbsp; 118787 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN35, "XA", 1.134%, 6/15/2064 (i) | 2900148 | &nbsp;&nbsp; 129299 |
| Commercial Mortgage Pass-Through Certificates, 2022-BNK41, "AS", 3.915%, 4/15/2065  | 592000 | &nbsp;&nbsp; 541203 |
| ELM Trust, 2024-ELM, "B10", 5.995%, 6/10/2039 (n) | 334396 | &nbsp;&nbsp; 337002 |
| ELM Trust, 2024-ELM, "C10", 6.189%, 6/10/2039 (n) | 100000 | &nbsp;&nbsp; 100380 |
| Empire District Bondco LLC, 4.943%, 1/01/2033  | 313621 | &nbsp;&nbsp; 315796 |
| Enterprise Fleet Financing 2024-3 LLC, "A2", 5.31%, 4/20/2027 (n) | 109411 | &nbsp;&nbsp; 109848 |
| Enterprise Fleet Financing 2025-1 LLC, "A2", 4.65%, 10/20/2027 (n) | 66000 | &nbsp;&nbsp; 66189 |
| EQT Trust, 2024-EXTR, "B", 5.654%, 7/05/2041 (n) | 169941 | &nbsp;&nbsp; 172771 |
| EQT Trust, 2024-EXTR, "C", 6.046%, 7/05/2041 (n) | 100000 | &nbsp;&nbsp; 101830 |
| Fortress CBO Investments Ltd., 2022-FL3, "AS", FLR, 6.552% (SOFR - 30 day + 2.25%), 2/23/2039 (n) | 269500 | &nbsp;&nbsp; 267782 |
| GreatAmerica Leasing Receivables Funding LLC, 2023-1, "A2", 5.35%, 2/16/2026 (n) | 13439 | &nbsp;&nbsp; 13446 |
| MF1 2021-FL5 Ltd., "C", FLR, 6.128% ((SOFR - 1mo. + 0.11448%) + 1.7%), 7/15/2036 (n) | 200000 | &nbsp;&nbsp; 199456 |
| MF1 2021-FL6 Ltd., "B", FLR, 6.079% ((SOFR - 1mo. + 0.11448%) + 1.65%), 7/16/2036 (n) | 600000 | &nbsp;&nbsp; 598477 |
| MF1 2022-FL8 Ltd., "A", FLR, 5.667% (SOFR - 1mo. + 1.35%), 2/19/2037 (n) | 182045 | &nbsp;&nbsp; 182044 |
| MF1 2022-FL8 Ltd., "B", FLR, 6.267% (SOFR - 30 day + 1.95%), 2/19/2037 (n) | 281312 | &nbsp;&nbsp; 276205 |
| Morgan Stanley Capital I Trust, 2021-L5, "XA", 1.4%, 5/15/2054 (i) | 2236059 | &nbsp;&nbsp; 110463 |
| Morgan Stanley Capital I Trust, 2021-L6, "XA", 1.287%, 6/15/2054 (i) | 4645022 | &nbsp;&nbsp; 201721 |

---

WTSFS-SEM

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| New Residential Mortgage Loan Trust, 2024-NQM3, "A-1", 5.53%, 5/25/2065 (n) | $175860 | &nbsp;&nbsp; $175663 |
| OBX Trust, 2024-NQM1, "A1", 5.928%, 11/25/2063 (n) | 259686 | &nbsp;&nbsp; 260586 |
| OBX Trust, 2024-NQM2, "A1", 5.878%, 12/25/2063 (n) | 442469 | &nbsp;&nbsp; 444478 |
| OBX Trust, 2024-NQM3, "A1", 6.129%, 12/25/2063 (n) | 96673 | &nbsp;&nbsp; 97431 |
| Starwood Commercial Mortgage, 2021-FL2, "B", FLR, 6.229% ((SOFR - 1mo. + 0.11448%) + 1.8%), 4/18/2038 (n) | 534500 | &nbsp;&nbsp; 528046 |
| TCW Gem Ltd., 2020-1A, "BR3", FLR, 5.869% (SOFR - 3mo. + 1.6%), 4/20/2034 (n) | 780000 | &nbsp;&nbsp; 775772 |
| TPG Real Estate Finance, 2021-FL4, "AS", FLR, 5.828% ((SOFR - 1mo. + 0.11448%) + 1.4%), 3/15/2038 (n) | 350000 | &nbsp;&nbsp; 348909 |
| Verus Securitization Trust, 2014-1, "A1", 5.712%, 1/25/2069 (n) | 225986 | &nbsp;&nbsp; 226419 |
| Volvo Financial Equipment LLC, 2024-1A, "A2", 4.56%, 5/17/2027 (n) | 210481 | &nbsp;&nbsp; 210529 |
| Wells Fargo Commercial Mortgage Trust, 2021-C60, "XA", 1.617%, 8/15/2054 (i) | 4809988 | &nbsp;&nbsp; 314629 |
|  |  | &nbsp;&nbsp; $13590601 |
| Automotive – 0.5% | Automotive – 0.5% | Automotive – 0.5% |
| Benteler International AG, 7.25%, 6/15/2031  | 200000 | &nbsp;&nbsp; $243247 |
| Clarios Global LP/Clarios U.S. Finance Co., 4.75%, 6/15/2031  | 100000 | &nbsp;&nbsp; 118247 |
| Ford Motor Credit Co. LLC, 6.95%, 6/10/2026  | $228000 | &nbsp;&nbsp; 231117 |
| Hyundai Capital America, 5.25%, 1/08/2027 (n) | 154000 | &nbsp;&nbsp; 155432 |
| Hyundai Capital America, 6.375%, 4/08/2030 (n) | 157000 | &nbsp;&nbsp; 166775 |
| Stellantis N.V., 4.625%, 6/06/2035  | 290000 | &nbsp;&nbsp; 338622 |
| Volkswagen Bank GmbH, 3.5%, 6/19/2031  | 200000 | &nbsp;&nbsp; 234912 |
| Volkswagen International Finance N.V., 5.994%, 5/15/2174  | 200000 | &nbsp;&nbsp; 237835 |
|  |  | &nbsp;&nbsp; $1726187 |
| Broadcasting – 0.2% | Broadcasting – 0.2% | Broadcasting – 0.2% |
| Arqiva Broadcast Finance PLC, 8.625%, 7/01/2030  | 236000 | &nbsp;&nbsp; $327601 |
| WMG Acquisition Corp., 3.75%, 12/01/2029 (n) | $145000 | &nbsp;&nbsp; 135914 |
| WMG Acquisition Corp., 3.875%, 7/15/2030 (n) | 194000 | &nbsp;&nbsp; 181326 |
|  |  | &nbsp;&nbsp; $644841 |
| Brokerage & Asset Managers – 0.7% | Brokerage & Asset Managers – 0.7% | Brokerage & Asset Managers – 0.7% |
| Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034  | $256000 | &nbsp;&nbsp; $276987 |
| Citadel Securities Global Holdings LLC, 5.5%, 6/18/2030 (n) | 250000 | &nbsp;&nbsp; 252970 |
| Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n) | 324000 | &nbsp;&nbsp; 327093 |
| Low Income Investment Fund, 3.386%, 7/01/2026  | 150000 | &nbsp;&nbsp; 147153 |
| Low Income Investment Fund, 3.711%, 7/01/2029  | 400000 | &nbsp;&nbsp; 376112 |
| LPL Holdings, Inc., 4%, 3/15/2029 (n) | 412000 | &nbsp;&nbsp; 400229 |
| Nomura Holdings, Inc., 3.459%, 5/28/2030  | 320000 | &nbsp;&nbsp; 379369 |
| Nomura Holdings, Inc., 7% to 1/15/2031, FLR (CMT - 5yr. + 3.084%) to 1/15/2174 (w) | $200000 | &nbsp;&nbsp; 202550 |
|  |  | &nbsp;&nbsp; $2362463 |
| Building – 0.3% | Building – 0.3% | Building – 0.3% |
| CEMEX S.A.B. de C.V., 7.2%, 12/29/2049 (n) | $200000 | &nbsp;&nbsp; $202050 |
| Ferguson Enterprises, Inc., 5%, 10/03/2034  | 255000 | &nbsp;&nbsp; 253072 |
| JH North America Holdings, Inc., 5.875%, 1/31/2031 (n) | 180000 | &nbsp;&nbsp; 181572 |
| JH North America Holdings, Inc., 6.125%, 7/31/2032 (n) | 180000 | &nbsp;&nbsp; 182989 |
| Vulcan Materials Co., 5.7%, 12/01/2054  | 142000 | &nbsp;&nbsp; 140864 |
|  |  | &nbsp;&nbsp; $960547 |
| Business Services – 0.8% | Business Services – 0.8% | Business Services – 0.8% |
| Accenture Capital, Inc., 4.25%, 10/04/2031  | $206000 | &nbsp;&nbsp; $204074 |
| Accenture Capital, Inc., 4.5%, 10/04/2034  | 123000 | &nbsp;&nbsp; 119705 |
| ams OSRAM AG, 10.5%, 3/30/2029  | 240000 | &nbsp;&nbsp; 295942 |
| Engineering Ingegneria Informatica S.p.A., 11.125%, 5/15/2028  | 110000 | &nbsp;&nbsp; 136883 |
| Engineering Ingegneria Informatica S.p.A., 8.625%, 2/15/2030  | 100000 | &nbsp;&nbsp; 126021 |
| Fiserv Funding ULC, 3.5%, 6/15/2032  | 240000 | &nbsp;&nbsp; 281865 |
| Fiserv, Inc., 4.4%, 7/01/2049  | $356000 | &nbsp;&nbsp; 291452 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Business Services – continued | Business Services – continued | Business Services – continued |
| Global Payments, Inc., 4.875%, 3/17/2031  | 210000 | &nbsp;&nbsp; $259713 |
| Mastercard, Inc., 4.55%, 1/15/2035  | $161000 | &nbsp;&nbsp; 158333 |
| Mastercard, Inc., 3.85%, 3/26/2050  | 102000 | &nbsp;&nbsp; 80537 |
| Nexi S.p.A., 3.875%, 5/21/2031  | 200000 | &nbsp;&nbsp; 237522 |
| Paychex, Inc., 5.1%, 4/15/2030  | $98000 | &nbsp;&nbsp; 100370 |
| Paychex, Inc., 5.35%, 4/15/2032  | 238000 | &nbsp;&nbsp; 244389 |
| Visa, Inc., 3.875%, 5/15/2044  | 130000 | &nbsp;&nbsp; 152705 |
|  |  | &nbsp;&nbsp; $2689511 |
| Cable TV – 0.3% | Cable TV – 0.3% | Cable TV – 0.3% |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.1%, 6/01/2029  | $235000 | &nbsp;&nbsp; $246032 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.65%, 2/01/2034  | 77000 | &nbsp;&nbsp; 82455 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050  | 254000 | &nbsp;&nbsp; 203217 |
| Eutelsat S.A., 1.5%, 10/13/2028  | 300000 | &nbsp;&nbsp; 321331 |
| Videotron Ltd., 3.625%, 6/15/2029 (n) | $288000 | &nbsp;&nbsp; 275374 |
|  |  | &nbsp;&nbsp; $1128409 |
| Chemicals – 0.1% | Chemicals – 0.1% | Chemicals – 0.1% |
| Arkema S.A., 4.25%, 5/27/2173  | 100000 | &nbsp;&nbsp; $118826 |
| Maxam Prill S.à r.l., 6%, 7/15/2030  | 333000 | &nbsp;&nbsp; 389919 |
|  |  | &nbsp;&nbsp; $508745 |
| Computer Software – 0.2% | Computer Software – 0.2% | Computer Software – 0.2% |
| Microsoft Corp., 2.525%, 6/01/2050  | $378000 | &nbsp;&nbsp; $233592 |
| Oracle Corp., 4%, 7/15/2046  | 190000 | &nbsp;&nbsp; 146538 |
| Sage Group PLC, 2.875%, 2/08/2034  | 191000 | &nbsp;&nbsp; 219380 |
|  |  | &nbsp;&nbsp; $599510 |
| Conglomerates – 0.3% | Conglomerates – 0.3% | Conglomerates – 0.3% |
| Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n) | $306000 | &nbsp;&nbsp; $300670 |
| Regal Rexnord Corp., 6.05%, 4/15/2028  | 268000 | &nbsp;&nbsp; 276170 |
| Regal Rexnord Corp., 6.3%, 2/15/2030  | 112000 | &nbsp;&nbsp; 117323 |
| Siemens Financieringsmaatschappij N.V., 4%, 5/27/2045  | 100000 | &nbsp;&nbsp; 117012 |
| Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/2034  | $124000 | &nbsp;&nbsp; 128364 |
|  |  | &nbsp;&nbsp; $939539 |
| Consumer Products – 0.1% | Consumer Products – 0.1% | Consumer Products – 0.1% |
| Kenvue, Inc., 5.05%, 3/22/2053  | $213000 | &nbsp;&nbsp; $198121 |
| L'Oréal S.A., 5%, 5/20/2035 (n) | 200000 | &nbsp;&nbsp; 203360 |
|  |  | &nbsp;&nbsp; $401481 |
| Consumer Services – 0.1% | Consumer Services – 0.1% | Consumer Services – 0.1% |
| Service Corp. International, 5.75%, 10/15/2032  | $183000 | &nbsp;&nbsp; $184866 |
| Electronics – 0.1% | Electronics – 0.1% | Electronics – 0.1% |
| Broadcom, Inc., 4.55%, 2/15/2032  | $336000 | &nbsp;&nbsp; $332891 |
| Intel Corp., 5.7%, 2/10/2053  | 195000 | &nbsp;&nbsp; 181475 |
|  |  | &nbsp;&nbsp; $514366 |
| Emerging Market Quasi-Sovereign – 0.9% | Emerging Market Quasi-Sovereign – 0.9% | Emerging Market Quasi-Sovereign – 0.9% |
| Bank Gospodarstwa Krajowego (Republic of Poland), 6.25%, 10/31/2028 (n) | $253000 | &nbsp;&nbsp; $266319 |
| Bank Gospodarstwa Krajowego (Republic of Poland), 5.375%, 5/22/2033 (n) | 208000 | &nbsp;&nbsp; 209679 |
| CEZ A.S. (Czech Republic), 4.125%, 4/30/2033  | 238000 | &nbsp;&nbsp; 283537 |
| Chile Electricity Lux MPC II S.à r.l., 5.58%, 10/20/2035 (n) | $218961 | &nbsp;&nbsp; 218979 |
| Czech Republic, 3.75%, 7/28/2030  | 133000 | &nbsp;&nbsp; 159097 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Emerging Market Quasi-Sovereign – continued | Emerging Market Quasi-Sovereign – continued | Emerging Market Quasi-Sovereign – continued |
| Development Bank of Kazakhstan JSC, 5.625%, 4/07/2030 (n) | $554000 | &nbsp;&nbsp; $558273 |
| Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n) | 208000 | &nbsp;&nbsp; 212562 |
| PT Perusahaan Listrik Negara (Republic of Indonesia), 4%, 6/30/2050 (n) | 333000 | &nbsp;&nbsp; 234372 |
| Qatar Petroleum, 3.125%, 7/12/2041  | 236000 | &nbsp;&nbsp; 173932 |
| Republic of Hungary, 4.375%, 6/27/2030  | 281000 | &nbsp;&nbsp; 335127 |
| Saudi Arabian Oil Co., 5.75%, 7/17/2054 (n) | $317000 | &nbsp;&nbsp; 296363 |
|  |  | &nbsp;&nbsp; $2948240 |
| Emerging Market Sovereign – 10.8% | Emerging Market Sovereign – 10.8% | Emerging Market Sovereign – 10.8% |
| Dominican Republic, 7.05%, 2/03/2031 (n) | $179000 | &nbsp;&nbsp; $187538 |
| Dominican Republic, 4.875%, 9/23/2032  | 750000 | &nbsp;&nbsp; 691762 |
| Federative Republic of Brazil, 10%, 1/01/2035  | 7458000 | &nbsp;&nbsp; 1131840 |
| Hellenic Republic (Republic of Greece), 3.375%, 6/15/2034  | 2955000 | &nbsp;&nbsp; 3536970 |
| Hellenic Republic (Republic of Greece), 3.625%, 6/15/2035 (n) | 2609000 | &nbsp;&nbsp; 3157025 |
| Hellenic Republic (Republic of Greece), 4.125%, 6/15/2054  | 110000 | &nbsp;&nbsp; 129134 |
| Kingdom of Saudi Arabia, 5.125%, 1/13/2028 (n) | $249000 | &nbsp;&nbsp; 252901 |
| Oriental Republic of Uruguay, 8.25%, 5/21/2031  | 29336000 | &nbsp;&nbsp; 716478 |
| Oriental Republic of Uruguay, 9.75%, 7/20/2033  | 22117000 | &nbsp;&nbsp; 582276 |
| People's Republic of China, 3.13%, 11/21/2029  | 16970000 | &nbsp;&nbsp; 2539059 |
| People's Republic of China, 1.43%, 1/25/2030  | 24800000 | &nbsp;&nbsp; 3451700 |
| People's Republic of China, 2.88%, 2/25/2033  | 35210000 | &nbsp;&nbsp; 5350704 |
| People's Republic of China, 2.27%, 5/25/2034  | 8600000 | &nbsp;&nbsp; 1256785 |
| Republic of Albania, 4.75%, 2/14/2035 (n) | 423000 | &nbsp;&nbsp; 497365 |
| Republic of Costa Rica, 6.55%, 4/03/2034  | $545000 | &nbsp;&nbsp; 568315 |
| Republic of Cote d'Ivoire, 8.25%, 1/30/2037 (n) | 200000 | &nbsp;&nbsp; 192642 |
| Republic of Hungary, 4%, 7/25/2029  | 1200000 | &nbsp;&nbsp; 1450484 |
| Republic of Korea, 1.875%, 6/10/2029  | 3260190000 | &nbsp;&nbsp; 2355028 |
| Republic of Korea, 1.375%, 6/10/2030  | 4940400000 | &nbsp;&nbsp; 3448683 |
| Republic of Paraguay, 6%, 2/09/2036 (n) | $200000 | &nbsp;&nbsp; 203060 |
| Republic of Peru, 5.375%, 2/08/2035  | 810000 | &nbsp;&nbsp; 808518 |
| Republic of Peru, 6.85%, 8/12/2035  | 3856000 | &nbsp;&nbsp; 1120333 |
| Republic of Poland, 3.625%, 1/11/2034  | 500000 | &nbsp;&nbsp; 602320 |
| Republic of Romania, 5.625%, 2/22/2036  | 230000 | &nbsp;&nbsp; 257819 |
| Republic of Serbia, 6.5%, 9/26/2033 (n) | $255000 | &nbsp;&nbsp; 268476 |
| Republic of Serbia, 6%, 6/12/2034 (n) | 450000 | &nbsp;&nbsp; 453648 |
| United Mexican States, 5.85%, 7/02/2032 (w) | 495000 | &nbsp;&nbsp; 500940 |
| United Mexican States, 7.5%, 5/26/2033  | 16000000 | &nbsp;&nbsp; 778261 |
| United Mexican States, 6.625%, 1/29/2038 (w) | $200000 | &nbsp;&nbsp; 203000 |
|  |  | &nbsp;&nbsp; $36693064 |
| Energy - Independent – 0.1% | Energy - Independent – 0.1% | Energy - Independent – 0.1% |
| Occidental Petroleum Corp., 6.45%, 9/15/2036  | $202000 | &nbsp;&nbsp; $206671 |
| Energy - Integrated – 0.3% | Energy - Integrated – 0.3% | Energy - Integrated – 0.3% |
| BP Capital Markets B.V., 0.933%, 12/04/2040  | 180000 | &nbsp;&nbsp; $134012 |
| BP Capital Markets PLC, 6%, 2/19/2173  | 190000 | &nbsp;&nbsp; 262530 |
| Exxon Mobil Corp., 1.408%, 6/26/2039  | 250000 | &nbsp;&nbsp; 213538 |
| TotalEnergies Capital International S.A., 3.647%, 7/01/2035  | 400000 | &nbsp;&nbsp; 469606 |
|  |  | &nbsp;&nbsp; $1079686 |
| Entertainment – 0.1% | Entertainment – 0.1% | Entertainment – 0.1% |
| Carnival Corp., 5.75%, 1/15/2030  | 130000 | &nbsp;&nbsp; $163214 |
| Royal Caribbean Cruises Ltd., 6%, 2/01/2033 (n) | $285000 | &nbsp;&nbsp; 290494 |
|  |  | &nbsp;&nbsp; $453708 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Financial Institutions – 0.6% | Financial Institutions – 0.6% | Financial Institutions – 0.6% |
| Aroundtown S.A., 3.5%, 5/13/2030  | 300000 | &nbsp;&nbsp; $347633 |
| Corporacion Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 5/13/2031  | $265000 | &nbsp;&nbsp; 234325 |
| Fastighets AB Balder, 4%, 2/19/2032  | 280000 | &nbsp;&nbsp; 329016 |
| Heimstaden Bostad AB, 8.375%, 1/29/2030  | 280000 | &nbsp;&nbsp; 345272 |
| Macquarie AirFinance Holdings Ltd., 5.15%, 3/17/2030 (n) | $64000 | &nbsp;&nbsp; 63957 |
| Macquarie AirFinance Holdings Ltd., 6.5%, 3/26/2031 (n) | 166000 | &nbsp;&nbsp; 175680 |
| Rocket Cos., Inc., 6.125%, 8/01/2030 (n) | 98000 | &nbsp;&nbsp; 99865 |
| Rocket Cos., Inc., 6.375%, 8/01/2033 (n) | 98000 | &nbsp;&nbsp; 100274 |
| Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031 (n) | 138000 | &nbsp;&nbsp; 127929 |
| Shurgard Luxembourg S.à r.l., 4%, 5/27/2035  | 200000 | &nbsp;&nbsp; 234991 |
|  |  | &nbsp;&nbsp; $2058942 |
| Food & Beverages – 1.1% | Food & Beverages – 1.1% | Food & Beverages – 1.1% |
| Anheuser-Busch InBev S.A., 4.125%, 5/19/2045  | 100000 | &nbsp;&nbsp; $117478 |
| Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038  | $180000 | &nbsp;&nbsp; 167952 |
| Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049  | 160000 | &nbsp;&nbsp; 158786 |
| Bacardi Ltd., 5.15%, 5/15/2038 (n) | 335000 | &nbsp;&nbsp; 308668 |
| Constellation Brands, Inc., 2.25%, 8/01/2031  | 169000 | &nbsp;&nbsp; 146405 |
| Flora Food Management B.V., 6.875%, 7/02/2029  | 140000 | &nbsp;&nbsp; 167345 |
| Flowers Foods, Inc., 5.75%, 3/15/2035  | $222000 | &nbsp;&nbsp; 227512 |
| Flowers Foods, Inc., 6.2%, 3/15/2055  | 79000 | &nbsp;&nbsp; 78191 |
| JBS USA Holding S.à r.l./JBS USA Food Co./JBS USA Foods Group Holdings, Inc., 5.5%, 1/15/2036 (n) | 329000 | &nbsp;&nbsp; 329484 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.5%, 12/01/2052  | 194000 | &nbsp;&nbsp; 201283 |
| Kraft Heinz Foods Co., 4.375%, 6/01/2046  | 316000 | &nbsp;&nbsp; 255653 |
| Mars, Inc., 4.8%, 3/01/2030 (n) | 168000 | &nbsp;&nbsp; 170218 |
| Mars, Inc., 5.2%, 3/01/2035 (n) | 387000 | &nbsp;&nbsp; 391636 |
| Mars, Inc., 5.7%, 5/01/2055 (n) | 259000 | &nbsp;&nbsp; 258368 |
| Nestle Finance International Ltd., 3.5%, 1/14/2045  | 190000 | &nbsp;&nbsp; 214799 |
| Sudzucker International Finance B.V., 5.95% to 8/28/2030, FLR (EUR ICE Swap Rate - 5yr. + 3.699%) to 8/28/2035, FLR (EUR <br> ICE Swap Rate - 5yr. + 3.949%) to 8/28/2050, FLR (EUR ICE Swap Rate - 5yr. + 4.699%) to 5/28/2174 <br>| 200000 | &nbsp;&nbsp; 232729 |
| Viterra Finance B.V., 3.2%, 4/21/2031 (n) | $223000 | &nbsp;&nbsp; 204790 |
|  |  | &nbsp;&nbsp; $3631297 |
| Forest & Paper Products – 0.4% | Forest & Paper Products – 0.4% | Forest & Paper Products – 0.4% |
| Graphic Packaging International LLC, 1.512%, 4/15/2026 (n) | $359000 | &nbsp;&nbsp; $349618 |
| Mondi Finance PLC, 3.75%, 5/18/2033  | 250000 | &nbsp;&nbsp; 296002 |
| Smurfit Kappa Treasury Co., 7.5%, 11/20/2025  | $243000 | &nbsp;&nbsp; 245594 |
| Stora Enso Oyj, 7.25%, 4/15/2036 (n) | 309000 | &nbsp;&nbsp; 326190 |
|  |  | &nbsp;&nbsp; $1217404 |
| Gaming & Lodging – 0.4% | Gaming & Lodging – 0.4% | Gaming & Lodging – 0.4% |
| Flutter Treasury DAC, 6.375%, 4/29/2029 (n) | $349000 | &nbsp;&nbsp; $359485 |
| Flutter Treasury DAC, 6.125%, 6/04/2031  | 220000 | &nbsp;&nbsp; 304125 |
| Marriott International, Inc., 2.85%, 4/15/2031  | $279000 | &nbsp;&nbsp; 253338 |
| Sands China Ltd., 4.375%, 6/18/2030  | 226000 | &nbsp;&nbsp; 216031 |
| Whitbread Group PLC, 5.5%, 5/31/2032  | 105000 | &nbsp;&nbsp; 142992 |
|  |  | &nbsp;&nbsp; $1275971 |
| Industrial – 0.3% | Industrial – 0.3% | Industrial – 0.3% |
| Booz Allen Hamilton, Inc., 5.95%, 4/15/2035  | $262000 | &nbsp;&nbsp; $265901 |
| Prysmian S.p.A., 5.25% to 8/21/2030, FLR (EUR ICE Swap Rate - 5yr. + 3.012%) to 8/21/2035, FLR (EUR ICE Swap Rate - 5yr. <br> + 3.262%) to 8/21/2050, FLR (EUR ICE Swap Rate - 5yr. + 4.012%) to 8/21/2173 <br>| 200000 | &nbsp;&nbsp; 241781 |
| Trustees of the University of Pennsylvania, 2.396%, 10/01/2050  | $409000 | &nbsp;&nbsp; 234479 |
| WSP Global, Inc., 5.548%, 11/22/2030  | 471000 | &nbsp;&nbsp; 372162 |
|  |  | &nbsp;&nbsp; $1114323 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Insurance – 0.7% | Insurance – 0.7% | Insurance – 0.7% |
| Allianz SE, 3.2% to 4/30/2028, FLR (CMT - 5yr. + 2.165%) to 4/30/2171 (n) | $400000 | &nbsp;&nbsp; $350387 |
| Aviva PLC, 4.625%, 8/28/2056  | 330000 | &nbsp;&nbsp; 396449 |
| Corebridge Financial, Inc., 4.35%, 4/05/2042  | $166000 | &nbsp;&nbsp; 139333 |
| Corebridge Financial, Inc., 6.875% to 12/15/2027, FLR (CMT - 5yr. + 3.846%) to 12/15/2052  | 177000 | &nbsp;&nbsp; 182592 |
| Generali, 4.135%, 6/18/2036  | 200000 | &nbsp;&nbsp; 234922 |
| MetLife, Inc., 5.3%, 12/15/2034  | $284000 | &nbsp;&nbsp; 291747 |
| Nippon Life Insurance Co., 4.114% to 1/23/2035, FLR (EUR ICE Swap Rate - 5yr. + 2.6%) to 1/23/2055  | 110000 | &nbsp;&nbsp; 127745 |
| Northwestern Mutual Life Insurance Co., 6.17%, 5/29/2055 (n) | $412000 | &nbsp;&nbsp; 430234 |
| Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) | 235000 | &nbsp;&nbsp; 251610 |
|  |  | &nbsp;&nbsp; $2405019 |
| Insurance - Health – 0.3% | Insurance - Health – 0.3% | Insurance - Health – 0.3% |
| Elevance Health, Inc., 5.375%, 6/15/2034  | $154000 | &nbsp;&nbsp; $157404 |
| Humana, Inc., 5.375%, 4/15/2031  | 125000 | &nbsp;&nbsp; 127866 |
| Humana, Inc., 5.55%, 5/01/2035  | 341000 | &nbsp;&nbsp; 342907 |
| UnitedHealth Group, Inc., 5.15%, 7/15/2034  | 332000 | &nbsp;&nbsp; 335352 |
|  |  | &nbsp;&nbsp; $963529 |
| Insurance - Property & Casualty – 0.6% | Insurance - Property & Casualty – 0.6% | Insurance - Property & Casualty – 0.6% |
| American International Group, Inc., 5.125%, 3/27/2033  | $247000 | &nbsp;&nbsp; $251114 |
| Arthur J. Gallagher & Co., 6.5%, 2/15/2034  | 75000 | &nbsp;&nbsp; 82285 |
| Arthur J. Gallagher & Co., 5.75%, 3/02/2053  | 161000 | &nbsp;&nbsp; 156822 |
| Brown & Brown, Inc., 5.25%, 6/23/2032  | 51000 | &nbsp;&nbsp; 52015 |
| Brown & Brown, Inc., 6.25%, 6/23/2055  | 66000 | &nbsp;&nbsp; 68033 |
| Fairfax Financial Holdings Ltd., 4.25%, 12/06/2027  | 456000 | &nbsp;&nbsp; 341296 |
| Fairfax Financial Holdings Ltd., 5.75%, 5/20/2035 (n) | $282000 | &nbsp;&nbsp; 285919 |
| Fairfax Financial Holdings Ltd., 6.35%, 3/22/2054  | 242000 | &nbsp;&nbsp; 245097 |
| Marsh & McLennan Cos., Inc., 4.85%, 11/15/2031  | 205000 | &nbsp;&nbsp; 208164 |
| Marsh & McLennan Cos., Inc., 5.4%, 3/15/2055  | 221000 | &nbsp;&nbsp; 212924 |
|  |  | &nbsp;&nbsp; $1903669 |
| International Market Quasi-Sovereign – 0.5% | International Market Quasi-Sovereign – 0.5% | International Market Quasi-Sovereign – 0.5% |
| Electricite de France S.A., 4.625%, 5/07/2045  | 200000 | &nbsp;&nbsp; $230556 |
| Electricite de France S.A., 6.5%, 11/08/2064  | 100000 | &nbsp;&nbsp; 129381 |
| EnBW International Finance B.V. (Federal Republic of Germany), 3.75%, 11/20/2035  | 200000 | &nbsp;&nbsp; 236102 |
| Landsbankinn hf. (Republic of Iceland), 3.75%, 10/08/2029  | 272000 | &nbsp;&nbsp; 325134 |
| Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n) | $317000 | &nbsp;&nbsp; 278060 |
| P3 Group S.à r.l. (Grand Duchy of Luxembourg), 4%, 4/19/2032  | 220000 | &nbsp;&nbsp; 260577 |
| Wolf Midstream Canada LP, 6.4%, 7/18/2029 (n) | 402000 | &nbsp;&nbsp; 299637 |
|  |  | &nbsp;&nbsp; $1759447 |
| International Market Sovereign – 13.4% | International Market Sovereign – 13.4% | International Market Sovereign – 13.4% |
| Commonwealth of Australia, 1%, 11/21/2031  | 1930000 | &nbsp;&nbsp; $1074868 |
| Commonwealth of Australia, 3.5%, 12/21/2034  | 3385000 | &nbsp;&nbsp; 2120858 |
| Commonwealth of Australia, 2.75%, 5/21/2041  | 2550000 | &nbsp;&nbsp; 1342492 |
| Federal Republic of Germany, 2.5%, 8/15/2054  | 985000 | &nbsp;&nbsp; 1030996 |
| Government of Bermuda, 5%, 7/15/2032 (n) | $716000 | &nbsp;&nbsp; 705618 |
| Government of Canada, 2%, 6/01/2032  | 3026000 | &nbsp;&nbsp; 2074302 |
| Government of Canada, 3.25%, 12/01/2034  | 703000 | &nbsp;&nbsp; 516082 |
| Government of Japan, 1%, 3/20/2030  | 333000000 | &nbsp;&nbsp; 2314316 |
| Government of Japan, 1.2%, 12/20/2034  | 213000000 | &nbsp;&nbsp; 1452417 |
| Government of Japan, 2.4%, 12/20/2034  | 233000000 | &nbsp;&nbsp; 1760302 |
| Government of Japan, 1.4%, 3/20/2035  | 231000000 | &nbsp;&nbsp; 1599267 |
| Government of Japan, 0.3%, 12/20/2039  | 783800000 | &nbsp;&nbsp; 4303348 |
| Government of Japan, 2.3%, 3/20/2040  | 145000000 | &nbsp;&nbsp; 1045504 |
| Government of Japan, 1.1%, 6/20/2043  | 26000000 | &nbsp;&nbsp; 149894 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| International Market Sovereign – continued | International Market Sovereign – continued | International Market Sovereign – continued |
| Government of Japan, 0.4%, 3/20/2050  | 180600000 | &nbsp;&nbsp; $752612 |
| Government of Japan, 0.7%, 12/20/2051  | 221650000 | &nbsp;&nbsp; 955078 |
| Kingdom of Spain, 3.45%, 10/31/2034 (n) | 1255000 | &nbsp;&nbsp; 1518457 |
| Kingdom of Spain, 3.15%, 4/30/2035 (n) | 853000 | &nbsp;&nbsp; 1003315 |
| Kingdom of Spain, 3.9%, 7/30/2039 (n) | 2640000 | &nbsp;&nbsp; 3226301 |
| Republic of Italy, 2.95%, 7/01/2030  | 1691000 | &nbsp;&nbsp; 2017859 |
| Republic of Italy, 1.45%, 3/01/2036  | 4123000 | &nbsp;&nbsp; 3986226 |
| Republic of Italy, 4.15%, 10/01/2039 (n) | 1447000 | &nbsp;&nbsp; 1770530 |
| Republic of Italy, 4.3%, 10/01/2054 (n) | 115000 | &nbsp;&nbsp; 135876 |
| United Kingdom Treasury, 4%, 10/22/2031  | 3565000 | &nbsp;&nbsp; 4864031 |
| United Kingdom Treasury, 1.25%, 10/22/2041  | 2414000 | &nbsp;&nbsp; 1946726 |
| United Kingdom Treasury, 1.5%, 7/22/2047  | 929000 | &nbsp;&nbsp; 661697 |
| United Kingdom Treasury, 3.75%, 7/22/2052  | 1176000 | &nbsp;&nbsp; 1265955 |
|  |  | &nbsp;&nbsp; $45594927 |
| Internet – 0.0% | Internet – 0.0% | Internet – 0.0% |
| Alphabet, Inc., 4%, 5/06/2054  | 126000 | &nbsp;&nbsp; $145961 |
| Local Authorities – 0.2% | Local Authorities – 0.2% | Local Authorities – 0.2% |
| Alliander N.V., 3.5%, 5/06/2037  | 190000 | &nbsp;&nbsp; $222774 |
| Province of Alberta, 1.65%, 6/01/2031  | 431000 | &nbsp;&nbsp; 289912 |
| Province of British Columbia, 2.95%, 6/18/2050  | 300000 | &nbsp;&nbsp; 170038 |
|  |  | &nbsp;&nbsp; $682724 |
| Major Banks – 3.3% | Major Banks – 3.3% | Major Banks – 3.3% |
| Bank of America Corp., 5.202% to 4/25/2028, FLR (SOFR - 1 day + 1.63%) to 4/25/2029  | $266000 | &nbsp;&nbsp; $271842 |
| Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032  | 312000 | &nbsp;&nbsp; 279996 |
| Bank of America Corp., 5.425% to 8/15/2034, FLR (SOFR - 1 day + 1.913%) to 8/15/2035  | 249000 | &nbsp;&nbsp; 248927 |
| Bank of America Corp., 5.464% to 5/09/2035, FLR (SOFR - 1 day + 1.64%) to 5/09/2036  | 205000 | &nbsp;&nbsp; 210210 |
| Bank of Ireland Group PLC, 3.625%, 5/19/2032  | 130000 | &nbsp;&nbsp; 154259 |
| Barclays PLC, 4.973%, 5/31/2036  | 260000 | &nbsp;&nbsp; 320164 |
| BNP Paribas S.A., 5.283% to 11/19/2029, FLR (SOFR - 1 day + 1.28%) to 11/19/2030 (n) | $322000 | &nbsp;&nbsp; 328137 |
| Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n) | 735000 | &nbsp;&nbsp; 655406 |
| Credit Agricole S.A., 3.75%, 5/27/2035  | 300000 | &nbsp;&nbsp; 353692 |
| Danske Bank A.S., 1.549%, 9/10/2027 (n) | $332000 | &nbsp;&nbsp; 320683 |
| Danske Bank A.S., 4.613% to 10/02/2029, FLR (CMT - 1yr. + 1.1%) to 10/02/2030 (n) | 273000 | &nbsp;&nbsp; 271884 |
| Danske Bank A.S., 3.5%, 5/26/2033  | 270000 | &nbsp;&nbsp; 318019 |
| Deutsche Bank AG, 5.373% to 1/10/2028, FLR (SOFR - 1 day + 1.21%) to 1/10/2029  | $300000 | &nbsp;&nbsp; 305266 |
| Erste Group Bank AG, 6.375%, 11/20/2173  | 200000 | &nbsp;&nbsp; 237651 |
| Goldman Sachs Group, Inc., 4.692% to 10/23/2029, FLR (SOFR - 1 day + 1.135%) to 10/23/2030  | $164000 | &nbsp;&nbsp; 164493 |
| Goldman Sachs Group, Inc., 5.016% to 10/23/2034, FLR (SOFR - 1 day + 1.42%) to 10/23/2035  | 342000 | &nbsp;&nbsp; 337863 |
| HSBC Holdings PLC, 5.13% to 3/03/2030, FLR (SOFR - 1 day + 1.29%) to 3/03/2031  | 234000 | &nbsp;&nbsp; 237124 |
| HSBC Holdings PLC, 4.191%, 5/19/2036  | 260000 | &nbsp;&nbsp; 309302 |
| JPMorgan Chase & Co., 5.581% to 4/22/2029, FLR (SOFR - 1 day + 1.16%) to 4/22/2030  | $267000 | &nbsp;&nbsp; 277241 |
| JPMorgan Chase & Co., 1.953% to 2/04/2031, FLR (SOFR - 1 day + 1.065%) to 2/04/2032  | 548000 | &nbsp;&nbsp; 475231 |
| JPMorgan Chase & Co., 5.502% to 1/24/2035, FLR (SOFR - 1 day + 1.315%) to 1/24/2036  | 196000 | &nbsp;&nbsp; 201880 |
| mBank S.A., 4.034% to 9/27/2029, FLR (EURIBOR - 3mo. + 1.75%) to 9/27/2030  | 300000 | &nbsp;&nbsp; 357357 |
| mBank S.A., 4.778% to 9/25/2030, FLR (EUR ICE Swap Rate - 5yr. +2.5%) to 9/25/2035  | 200000 | &nbsp;&nbsp; 237063 |
| Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031  | $262000 | &nbsp;&nbsp; 251247 |
| Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034  | 306000 | &nbsp;&nbsp; 313467 |
| Nationwide Building Society, 4%, 7/30/2035  | 210000 | &nbsp;&nbsp; 249808 |
| Nationwide Building Society, 7.875%, 12/10/2173  | 200000 | &nbsp;&nbsp; 281050 |
| NatWest Group PLC, 7.5% to 8/28/2032, FLR (GBP Government Yield - 5yr. + 3.294%) to 3/31/2074  | 230000 | &nbsp;&nbsp; 313310 |
| PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%) to 1/22/2035  | $281000 | &nbsp;&nbsp; 291958 |
| PNC Financial Services Group, Inc., 5.575% to 1/29/2035, FLR (SOFR - 1 day + 1.394%) to 1/29/2036  | 121000 | &nbsp;&nbsp; 124711 |
| Société Générale S.A., 3.75%, 5/17/2035  | 200000 | &nbsp;&nbsp; 233723 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Major Banks – continued | Major Banks – continued | Major Banks – continued |
| UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) to 2/11/2033 (n) | $448000 | &nbsp;&nbsp; $390864 |
| UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n) | 365000 | &nbsp;&nbsp; 322597 |
| Unicaja Banco S.A., 3.5% to 6/30/2030, FLR (EUR ICE Swap Rate - 1yr. + 1.35%) to 6/30/2031  | 300000 | &nbsp;&nbsp; 352604 |
| UniCredit S.p.A., 3.725%, 6/10/2035  | 400000 | &nbsp;&nbsp; 470358 |
| UniCredit S.p.A., 5.625% to 6/03/2033, FLR (EUR ICE Swap Rate - 5yr. +3.299%) to 6/03/2073  | 200000 | &nbsp;&nbsp; 231041 |
| Wells Fargo & Co., 5.244% to 1/24/2030, FLR (SOFR - 1 day + 1.11%) to 1/24/2031  | $228000 | &nbsp;&nbsp; 233891 |
| Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033  | 351000 | &nbsp;&nbsp; 320551 |
|  |  | &nbsp;&nbsp; $11254870 |
| Medical & Health Technology & Services – 0.3% | Medical & Health Technology & Services – 0.3% | Medical & Health Technology & Services – 0.3% |
| Becton, Dickinson and Co., 4.874%, 2/08/2029  | $397000 | &nbsp;&nbsp; $402602 |
| New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050  | 394000 | &nbsp;&nbsp; 234014 |
| ProMedica Toledo Hospital, "B", AGM, 6.015%, 11/15/2048  | 309000 | &nbsp;&nbsp; 303840 |
| Thermo Fisher Scientific Finance I B.V., 2%, 10/18/2051  | 210000 | &nbsp;&nbsp; 159679 |
|  |  | &nbsp;&nbsp; $1100135 |
| Medical Equipment – 0.1% | Medical Equipment – 0.1% | Medical Equipment – 0.1% |
| Stryker Corp., 5.2%, 2/10/2035  | $307000 | &nbsp;&nbsp; $312841 |
| Metals & Mining – 0.2% | Metals & Mining – 0.2% | Metals & Mining – 0.2% |
| Glencore Capital Finance DAC, 3.75%, 2/04/2032  | 290000 | &nbsp;&nbsp; $342832 |
| Rio Tinto Finance (USA) PLC, 5%, 3/14/2032  | $438000 | &nbsp;&nbsp; 445650 |
|  |  | &nbsp;&nbsp; $788482 |
| Midstream – 0.8% | Midstream – 0.8% | Midstream – 0.8% |
| Cheniere Energy Partners LP, 5.55%, 10/30/2035 (n)(w) | $299000 | &nbsp;&nbsp; $301351 |
| Columbia Pipelines Operating Co. LLC, 6.036%, 11/15/2033 (n) | 118000 | &nbsp;&nbsp; 123815 |
| Columbia Pipelines Operating Co. LLC, 6.544%, 11/15/2053 (n) | 265000 | &nbsp;&nbsp; 273888 |
| Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054  | 266000 | &nbsp;&nbsp; 254198 |
| Energy Transfer LP, 5.95%, 5/15/2054  | 167000 | &nbsp;&nbsp; 158867 |
| Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/2034 (n) | 219671 | &nbsp;&nbsp; 194758 |
| Pembina Pipeline Corp., 4.81%, 3/25/2044  | 425000 | &nbsp;&nbsp; 293909 |
| Plains All American Pipeline LP, 5.7%, 9/15/2034  | $281000 | &nbsp;&nbsp; 286452 |
| Rockies Express Pipeline LLC, 4.95%, 7/15/2029 (n) | 41000 | &nbsp;&nbsp; 40250 |
| Rockies Express Pipeline LLC, 7.5%, 7/15/2038 (n) | 130000 | &nbsp;&nbsp; 131872 |
| Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n) | 58000 | &nbsp;&nbsp; 58101 |
| Targa Resources Corp., 4.95%, 4/15/2052  | 236000 | &nbsp;&nbsp; 196876 |
| Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n) | 362000 | &nbsp;&nbsp; 335064 |
| Venture Global Plaquemines LNG LLC, 6.5%, 1/15/2034 (n)(w) | 50000 | &nbsp;&nbsp; 50000 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/2036 (n)(w) | 50000 | &nbsp;&nbsp; 50000 |
|  |  | &nbsp;&nbsp; $2749401 |
| Mortgage-Backed – 6.3% | Mortgage-Backed – 6.3% |  |
| Fannie Mae, 4.5%, 3/01/2034 - 2/01/2046  | $1899878 | &nbsp;&nbsp; $1888974 |
| Fannie Mae, 5%, 3/01/2036 - 8/01/2040  | 627399 | &nbsp;&nbsp; 634605 |
| Fannie Mae, 5.5%, 11/01/2036 - 4/01/2037  | 52793 | &nbsp;&nbsp; 54425 |
| Fannie Mae, 6%, 9/01/2037 - 6/01/2038  | 84230 | &nbsp;&nbsp; 88093 |
| Fannie Mae, 4%, 11/01/2040 - 12/01/2040  | 453153 | &nbsp;&nbsp; 435625 |
| Fannie Mae, 3.5%, 5/01/2043 - 12/01/2046  | 1051221 | &nbsp;&nbsp; 974483 |
| Fannie Mae, 5.105%, 10/25/2052  | 556010 | &nbsp;&nbsp; 542411 |
| Fannie Mae, UMBS, 2.5%, 1/01/2050 - 4/01/2052  | 1038380 | &nbsp;&nbsp; 868519 |
| Fannie Mae, UMBS, 2%, 2/01/2051 - 2/01/2052  | 700328 | &nbsp;&nbsp; 559089 |
| Fannie Mae, UMBS, 3%, 12/01/2051 - 7/01/2052  | 733628 | &nbsp;&nbsp; 637017 |
| Fannie Mae, UMBS, 6%, 12/01/2052 - 11/01/2053  | 421871 | &nbsp;&nbsp; 429091 |
| Fannie Mae, UMBS, 3.5%, 6/01/2053  | 533774 | &nbsp;&nbsp; 480802 |
| Fannie Mae, UMBS, 5.5%, 11/01/2053  | 68096 | &nbsp;&nbsp; 68266 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Mortgage-Backed – continued | Mortgage-Backed – continued |  |
| Freddie Mac, 4%, 7/01/2025  | $38 | &nbsp;&nbsp; $37 |
| Freddie Mac, 1.487%, 3/25/2027 (i) | 809000 | &nbsp;&nbsp; 17077 |
| Freddie Mac, 0.734%, 1/25/2030 (i) | 1005200 | &nbsp;&nbsp; 24149 |
| Freddie Mac, 1.913%, 4/25/2030 (i) | 1420926 | &nbsp;&nbsp; 106187 |
| Freddie Mac, 1.954%, 4/25/2030 (i) | 1365340 | &nbsp;&nbsp; 104320 |
| Freddie Mac, 1.769%, 5/25/2030 (i) | 1747943 | &nbsp;&nbsp; 125394 |
| Freddie Mac, 1.907%, 5/25/2030 (i) | 3920368 | &nbsp;&nbsp; 301236 |
| Freddie Mac, 1.435%, 6/25/2030 (i) | 1615349 | &nbsp;&nbsp; 94350 |
| Freddie Mac, 1.701%, 8/25/2030 (i) | 1436842 | &nbsp;&nbsp; 102731 |
| Freddie Mac, 1.261%, 9/25/2030 (i) | 905456 | &nbsp;&nbsp; 48112 |
| Freddie Mac, 1.17%, 11/25/2030 (i) | 1823916 | &nbsp;&nbsp; 92377 |
| Freddie Mac, 0.413%, 1/25/2031 (i) | 6674012 | &nbsp;&nbsp; 93072 |
| Freddie Mac, 0.607%, 3/25/2031 (i) | 8086017 | &nbsp;&nbsp; 190993 |
| Freddie Mac, 1.039%, 7/25/2031 (i) | 1499257 | &nbsp;&nbsp; 74611 |
| Freddie Mac, 0.632%, 9/25/2031 (i) | 6201367 | &nbsp;&nbsp; 181768 |
| Freddie Mac, 0.955%, 9/25/2031 (i) | 1902494 | &nbsp;&nbsp; 85111 |
| Freddie Mac, 0.664%, 12/25/2031 (i) | 1517361 | &nbsp;&nbsp; 46068 |
| Freddie Mac, 5.5%, 5/01/2034 - 7/01/2037  | 11682 | &nbsp;&nbsp; 11917 |
| Freddie Mac, 1.091%, 9/25/2034 (i) | 1094107 | &nbsp;&nbsp; 76443 |
| Freddie Mac, 5%, 10/01/2036 - 7/01/2041  | 183488 | &nbsp;&nbsp; 186234 |
| Freddie Mac, 4.5%, 12/01/2039 - 5/01/2042  | 367863 | &nbsp;&nbsp; 367069 |
| Freddie Mac, 5.705%, 2/25/2055 - 6/25/2055  | 667908 | &nbsp;&nbsp; 671846 |
| Freddie Mac, UMBS, 3.5%, 1/01/2047 - 11/01/2049  | 643376 | &nbsp;&nbsp; 588244 |
| Freddie Mac, UMBS, 3%, 6/01/2050 - 6/01/2053  | 1421814 | &nbsp;&nbsp; 1233437 |
| Freddie Mac, UMBS, 2.5%, 10/01/2051 - 6/01/2052  | 1303606 | &nbsp;&nbsp; 1083476 |
| Freddie Mac, UMBS, 2%, 1/01/2052 - 2/01/2052  | 1841507 | &nbsp;&nbsp; 1462001 |
| Freddie Mac, UMBS, 4%, 5/01/2052  | 39747 | &nbsp;&nbsp; 37269 |
| Freddie Mac, UMBS, 6%, 11/01/2052 - 2/01/2055  | 271482 | &nbsp;&nbsp; 278207 |
| Freddie Mac, UMBS, 6.5%, 8/01/2053 - 11/01/2054  | 392026 | &nbsp;&nbsp; 405780 |
| Freddie Mac, UMBS, 5.5%, 4/01/2054 - 11/01/2054  | 1742381 | &nbsp;&nbsp; 1742708 |
| Ginnie Mae, 5%, 5/15/2040 - 4/20/2053  | 85401 | &nbsp;&nbsp; 84936 |
| Ginnie Mae, 3.5%, 6/20/2043  | 348773 | &nbsp;&nbsp; 326059 |
| Ginnie Mae, 4.732%, 10/20/2045  | 99559 | &nbsp;&nbsp; 96554 |
| Ginnie Mae, 2.5%, 8/20/2051 - 8/20/2052  | 1056033 | &nbsp;&nbsp; 899382 |
| Ginnie Mae, 2%, 1/20/2052  | 309504 | &nbsp;&nbsp; 252095 |
| Ginnie Mae, 3%, 4/20/2052 - 11/20/2052  | 370108 | &nbsp;&nbsp; 328276 |
| Ginnie Mae, 4%, 8/20/2052  | 122704 | &nbsp;&nbsp; 114652 |
| Ginnie Mae, 5.5%, 2/20/2053 - 10/20/2053  | 522467 | &nbsp;&nbsp; 525679 |
| Ginnie Mae, 6.5%, 7/20/2054  | 18751 | &nbsp;&nbsp; 19276 |
| Ginnie Mae, 5.351%, 10/20/2054  | 231565 | &nbsp;&nbsp; 230220 |
| Ginnie Mae, TBA, 6.5%, 7/01/2055  | 350000 | &nbsp;&nbsp; 359285 |
| UMBS, TBA, 2%, 7/01/2055 - 8/01/2055  | 875000 | &nbsp;&nbsp; 692675 |
|  |  | &nbsp;&nbsp; $21422713 |
| Municipals – 0.7% | Municipals – 0.7% | Municipals – 0.7% |
| Iowa Student Loan Liquidity Corp. Rev., Taxable, "A", 5.08%, 12/01/2039  | $135000 | &nbsp;&nbsp; $128358 |
| Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, "A", 2.641%, 7/01/2037  | 535000 | &nbsp;&nbsp; 498916 |
| Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, "A", 4.949%, 7/01/2038  | 530000 | &nbsp;&nbsp; 515518 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, "226", 5.562%, 12/01/2052  | 470000 | &nbsp;&nbsp; 479410 |
| Michigan Finance Authority Hospital Rev., Taxable (Trinity Health Credit Group), 3.384%, 12/01/2040  | 480000 | &nbsp;&nbsp; 392584 |
| National Finance Authority, NH, Utility Refunding Rev., Taxable (Wheeling Power Co. Project), "A", 6.89%, 4/01/2034  | 275000 | &nbsp;&nbsp; 283670 |
|  |  | &nbsp;&nbsp; $2298456 |
| Natural Gas - Distribution – 0.1% | Natural Gas - Distribution – 0.1% | Natural Gas - Distribution – 0.1% |
| Boston Gas Co., 5.843%, 1/10/2035 (n) | $321000 | &nbsp;&nbsp; $333631 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Natural Gas - Pipeline – 0.1% | Natural Gas - Pipeline – 0.1% | Natural Gas - Pipeline – 0.1% |
| APA Infrastructure Ltd., 5.125%, 9/16/2034 (n) | $271000 | &nbsp;&nbsp; $265763 |
| APA Infrastructure Ltd., 5.75%, 9/16/2044 (n) | 102000 | &nbsp;&nbsp; 98293 |
|  |  | &nbsp;&nbsp; $364056 |
| Network & Telecom – 0.1% | Network & Telecom – 0.1% | Network & Telecom – 0.1% |
| Orange S.A., 3.5%, 5/19/2035  | 100000 | &nbsp;&nbsp; $117667 |
| TDC Net A/S, 5%, 8/09/2032  | 100000 | &nbsp;&nbsp; 120410 |
|  |  | &nbsp;&nbsp; $238077 |
| Oils – 0.2% | Oils – 0.2% | Oils – 0.2% |
| Marathon Petroleum Corp., 5.7%, 3/01/2035  | $197000 | &nbsp;&nbsp; $199792 |
| Raizen Fuels Finance S.A., 6.45%, 3/05/2034 (n) | 325000 | &nbsp;&nbsp; 325320 |
|  |  | &nbsp;&nbsp; $525112 |
| Other Banks & Diversified Financials – 1.4% | Other Banks & Diversified Financials – 1.4% | Other Banks & Diversified Financials – 1.4% |
| AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n) | $400000 | &nbsp;&nbsp; $423181 |
| AIB Group PLC, 3.75% to 3/20/2032, FLR (EUR ICE Swap Rate - 1yr. + 1.25%) to 3/20/2033  | 270000 | &nbsp;&nbsp; 321996 |
| AIB Group PLC, 5.871% to 3/28/2034, FLR (SOFR - 1 day + 1.91%) to 3/28/2035 (n) | $200000 | &nbsp;&nbsp; 206247 |
| American Express Co., 3.433%, 5/20/2032  | 260000 | &nbsp;&nbsp; 308918 |
| BPCE S.A., 2.277% to 1/20/2031, FLR (SOFR - 1 day + 1.312%) to 1/20/2032 (n) | $550000 | &nbsp;&nbsp; 475890 |
| BPCE S.A., 3.875% to 2/26/2035, FLR (EURIBOR - 3mo. + 1.45%) to 2/26/2036  | 100000 | &nbsp;&nbsp; 117339 |
| CaixaBank S.A., 3.375%, 6/26/2035  | 300000 | &nbsp;&nbsp; 347451 |
| CaixaBank S.A., 3.75%, 1/27/2036  | 200000 | &nbsp;&nbsp; 235110 |
| Commerzbank AG, 3.625%, 1/14/2032  | 200000 | &nbsp;&nbsp; 237521 |
| Commerzbank AG, 3.75% to 6/06/2033, FLR (EURIBOR - 3mo. + 1.43%) to 6/06/2034  | 200000 | &nbsp;&nbsp; 234197 |
| Commerzbank AG, 4.125% to 6/30/2032, FLR (EUR ICE Swap Rate - 5yr. +1.83%) to 6/30/2037  | 300000 | &nbsp;&nbsp; 352030 |
| Deutsche Bank AG, 3% to 6/16/2028, FLR (EURIBOR - 3mo. + 1.05%) to 6/16/2029  | 100000 | &nbsp;&nbsp; 117826 |
| Deutsche Bank AG, 7.125% to 4/30/2031, FLR (EUR ICE Swap Rate - 5yr. + 4.6%) to 4/30/2173  | 200000 | &nbsp;&nbsp; 239976 |
| M&T Bank Corp., 6.082% to 3/13/2031, FLR (SOFR - 1 day + 2.26%) to 3/13/2032  | $199000 | &nbsp;&nbsp; 210156 |
| PKO Bank Polski S.A., 3.875% to 9/12/2026, FLR (EURIBOR - 3mo. + 1.4%) to 9/12/2027  | 260000 | &nbsp;&nbsp; 309771 |
| PKO Bank Polski S.A., 3.625%, 6/30/2031  | 217000 | &nbsp;&nbsp; 255935 |
| Truist Financial Corp., 5.435% to 1/24/2029, FLR (SOFR - 1 day + 1.62%) to 1/24/2030  | $165000 | &nbsp;&nbsp; 169945 |
| Truist Financial Corp., 5.711% to 1/24/2034, FLR (SOFR - 1 day + 1.922%) to 1/24/2035  | 122000 | &nbsp;&nbsp; 126459 |
|  |  | &nbsp;&nbsp; $4689948 |
| Pharmaceuticals – 0.4% | Pharmaceuticals – 0.4% | Pharmaceuticals – 0.4% |
| AbbVie, Inc., 4.875%, 3/15/2030  | $78000 | &nbsp;&nbsp; $79872 |
| AbbVie, Inc., 5.35%, 3/15/2044  | 184000 | &nbsp;&nbsp; 180352 |
| AbbVie, Inc., 5.4%, 3/15/2054  | 131000 | &nbsp;&nbsp; 127378 |
| Biogen, Inc., 5.05%, 1/15/2031  | 213000 | &nbsp;&nbsp; 216856 |
| Eli Lilly & Co., 5.5%, 2/12/2055  | 283000 | &nbsp;&nbsp; 284764 |
| Roche Holdings, Inc., 5.593%, 11/13/2033 (n) | 378000 | &nbsp;&nbsp; 400846 |
| Sandoz Finance B.V., 4%, 3/26/2035  | 140000 | &nbsp;&nbsp; 168035 |
|  |  | &nbsp;&nbsp; $1458103 |
| Pollution Control – 0.1% | Pollution Control – 0.1% | Pollution Control – 0.1% |
| GFL Environmental, Inc., 3.5%, 9/01/2028 (n) | $182000 | &nbsp;&nbsp; $175559 |
| GFL Environmental, Inc., 6.75%, 1/15/2031 (n) | 70000 | &nbsp;&nbsp; 73250 |
|  |  | &nbsp;&nbsp; $248809 |
| Precious Metals & Minerals – 0.1% | Precious Metals & Minerals – 0.1% | Precious Metals & Minerals – 0.1% |
| Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n) | $240000 | &nbsp;&nbsp; $249886 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Printing & Publishing – 0.1% | Printing & Publishing – 0.1% | Printing & Publishing – 0.1% |
| Informa PLC, 3.375%, 6/09/2031  | 150000 | &nbsp;&nbsp; $175765 |
| News Corp., 3.875%, 5/15/2029 (n) | $352000 | &nbsp;&nbsp; 336773 |
|  |  | &nbsp;&nbsp; $512538 |
| Railroad & Shipping – 0.2% | Railroad & Shipping – 0.2% | Railroad & Shipping – 0.2% |
| Burlington Northern Sante Fe LLC, 5.5%, 3/15/2055  | $340000 | &nbsp;&nbsp; $336656 |
| Union Pacific Corp., 3.25%, 2/05/2050  | 410000 | &nbsp;&nbsp; 283082 |
|  |  | &nbsp;&nbsp; $619738 |
| Real Estate - Office – 0.2% | Real Estate - Office – 0.2% | Real Estate - Office – 0.2% |
| Boston Properties LP, REIT, 3.65%, 2/01/2026  | $106000 | &nbsp;&nbsp; $105313 |
| Boston Properties LP, REIT, 2.75%, 10/01/2026  | 194000 | &nbsp;&nbsp; 189710 |
| Corporate Office Property LP, REIT, 2.25%, 3/15/2026  | 95000 | &nbsp;&nbsp; 93188 |
| Corporate Office Property LP, REIT, 2%, 1/15/2029  | 87000 | &nbsp;&nbsp; 79263 |
| Cousins Properties, Inc., REIT, 5.875%, 10/01/2034  | 142000 | &nbsp;&nbsp; 146073 |
|  |  | &nbsp;&nbsp; $613547 |
| Real Estate - Other – 0.0% | Real Estate - Other – 0.0% | Real Estate - Other – 0.0% |
| EPR Properties, REIT, 3.6%, 11/15/2031  | $176000 | &nbsp;&nbsp; $159871 |
| Real Estate - Retail – 0.4% | Real Estate - Retail – 0.4% | Real Estate - Retail – 0.4% |
| Choice Properties, REIT, 5.03%, 2/28/2031  | 433000 | &nbsp;&nbsp; $332877 |
| Hammerson PLC, 5.875%, 10/08/2036  | 200000 | &nbsp;&nbsp; 270399 |
| STORE Capital Corp., REIT, 2.75%, 11/18/2030  | $501000 | &nbsp;&nbsp; 441507 |
| STORE Capital Corp., REIT, 2.7%, 12/01/2031  | 23000 | &nbsp;&nbsp; 19507 |
| WEA Finance LLC, REIT, 2.875%, 1/15/2027 (n) | 323000 | &nbsp;&nbsp; 314273 |
|  |  | &nbsp;&nbsp; $1378563 |
| Restaurants – 0.1% | Restaurants – 0.1% | Restaurants – 0.1% |
| Punch Finance PLC, 7.875%, 12/30/2030  | 237000 | &nbsp;&nbsp; $331075 |
| Retailers – 0.1% | Retailers – 0.1% | Retailers – 0.1% |
| Beach Acquisition Bidco LLC, 5.25%, 7/15/2032  | 235000 | &nbsp;&nbsp; $278751 |
| Home Depot, Inc., 4.875%, 2/15/2044  | $178000 | &nbsp;&nbsp; 164366 |
| Home Depot, Inc., 3.625%, 4/15/2052  | 109000 | &nbsp;&nbsp; 79339 |
|  |  | &nbsp;&nbsp; $522456 |
| Specialty Chemicals – 0.2% | Specialty Chemicals – 0.2% | Specialty Chemicals – 0.2% |
| International Flavors & Fragrances, Inc., 5%, 9/26/2048  | $169000 | &nbsp;&nbsp; $145464 |
| Linde PLC, 3.4%, 2/14/2036  | 200000 | &nbsp;&nbsp; 233610 |
| Linde PLC, 3.25%, 2/18/2037  | 300000 | &nbsp;&nbsp; 344074 |
|  |  | &nbsp;&nbsp; $723148 |
| Specialty Stores – 0.1% | Specialty Stores – 0.1% | Specialty Stores – 0.1% |
| DICK'S Sporting Goods, 4.1%, 1/15/2052  | $212000 | &nbsp;&nbsp; $151488 |
| Richemont International S.A., 1.625%, 5/26/2040  | 140000 | &nbsp;&nbsp; 124112 |
|  |  | &nbsp;&nbsp; $275600 |
| Supermarkets – 0.3% | Supermarkets – 0.3% | Supermarkets – 0.3% |
| Kroger Co., 5.5%, 9/15/2054  | $167000 | &nbsp;&nbsp; $158525 |
| Ocado Group PLC, 10.5%, 8/08/2029  | 300000 | &nbsp;&nbsp; 401039 |
| Tesco Corporate Treasury Services PLC, 3.375%, 5/06/2032  | 140000 | &nbsp;&nbsp; 164506 |
| Tesco Corporate Treasury Services PLC, 5.125%, 5/22/2034  | 160000 | &nbsp;&nbsp; 214104 |
|  |  | &nbsp;&nbsp; $938174 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Supranational – 0.2% | Supranational – 0.2% | Supranational – 0.2% |
| Corporacion Andina de Fomento, 6.75%, 12/17/2173 (n) | $200000 | &nbsp;&nbsp; $203585 |
| European Union, 3%, 3/04/2053  | 600000 | &nbsp;&nbsp; 606573 |
|  |  | &nbsp;&nbsp; $810158 |
| Telecommunications - Wireless – 0.2% | Telecommunications - Wireless – 0.2% | Telecommunications - Wireless – 0.2% |
| American Tower Corp., 3.625%, 5/30/2032  | 210000 | &nbsp;&nbsp; $249127 |
| Cellnex Finance Co. S.A., 3.5%, 5/22/2032  | 200000 | &nbsp;&nbsp; 234603 |
| T-Mobile USA, Inc., 5.05%, 7/15/2033  | $246000 | &nbsp;&nbsp; 247667 |
|  |  | &nbsp;&nbsp; $731397 |
| Telephone Services – 0.2% | Telephone Services – 0.2% | Telephone Services – 0.2% |
| Deutsche Telekom AG, 3.625%, 2/03/2045  | 150000 | &nbsp;&nbsp; $164931 |
| TELUS Corp., 2.85%, 11/13/2031  | 642000 | &nbsp;&nbsp; 441793 |
|  |  | &nbsp;&nbsp; $606724 |
| Tobacco – 0.1% | Tobacco – 0.1% | Tobacco – 0.1% |
| B.A.T. International Finance PLC, 4.125%, 4/12/2032  | 167000 | &nbsp;&nbsp; $201970 |
| Japan Tobacco, Inc., 5.25%, 6/15/2030 (n) | $267000 | &nbsp;&nbsp; 274780 |
|  |  | &nbsp;&nbsp; $476750 |
| Transportation - Services – 0.4% | Transportation - Services – 0.4% | Transportation - Services – 0.4% |
| Aeroporti Di Roma S.p.A, 3.625%, 6/15/2032  | 270000 | &nbsp;&nbsp; $317986 |
| DSV Finance B.V., 3.375%, 11/06/2034  | 100000 | &nbsp;&nbsp; 115245 |
| Element Fleet Management Corp., 6.271%, 6/26/2026 (n) | $156000 | &nbsp;&nbsp; 158210 |
| Element Fleet Management Corp., 5.037%, 3/25/2030 (n) | 268000 | &nbsp;&nbsp; 270355 |
| Heathrow Funding Ltd., 6%, 3/05/2032  | 140000 | &nbsp;&nbsp; 194184 |
| Heathrow Funding Ltd., 3.875%, 1/16/2038  | 290000 | &nbsp;&nbsp; 337285 |
|  |  | &nbsp;&nbsp; $1393265 |
| U.S. Government Agencies and Equivalents – 0.0% | U.S. Government Agencies and Equivalents – 0.0% | U.S. Government Agencies and Equivalents – 0.0% |
| Small Business Administration, 5.31%, 5/01/2027  | $4318 | &nbsp;&nbsp; $4300 |
| U.S. Treasury Obligations – 3.3% | U.S. Treasury Obligations – 3.3% | U.S. Treasury Obligations – 3.3% |
| U.S. Treasury Bonds, 3.875%, 5/15/2043  | $2225000 | &nbsp;&nbsp; $1987377 |
| U.S. Treasury Bonds, 4.75%, 2/15/2045  | 193000 | &nbsp;&nbsp; 191975 |
| U.S. Treasury Bonds, 4.75%, 11/15/2053 (f) | 2217000 | &nbsp;&nbsp; 2196908 |
| U.S. Treasury Notes, 4%, 3/31/2030  | 2628000 | &nbsp;&nbsp; 2652432 |
| U.S. Treasury Notes, 2.75%, 8/15/2032  | 1877000 | &nbsp;&nbsp; 1731533 |
| U.S. Treasury Notes, 4%, 2/15/2034 (f) | 965000 | &nbsp;&nbsp; 954935 |
| U.S. Treasury Notes, 4.625%, 2/15/2035  | 1337000 | &nbsp;&nbsp; 1379408 |
|  |  | &nbsp;&nbsp; $11094568 |
| Utilities - Electric Power – 2.4% | Utilities - Electric Power – 2.4% | Utilities - Electric Power – 2.4% |
| Adani Electricity Mumbai Ltd., 3.949%, 2/12/2030 (n) | $422000 | &nbsp;&nbsp; $377662 |
| AEP Transmission Co. LLC, 5.375%, 6/15/2035  | 234000 | &nbsp;&nbsp; 239092 |
| Amprion GmbH, 3.875%, 6/05/2036  | 200000 | &nbsp;&nbsp; 235859 |
| Berkshire Hathaway Energy Co., 5.15%, 11/15/2043  | $92000 | &nbsp;&nbsp; 86382 |
| Berkshire Hathaway Energy Co., 4.6%, 5/01/2053  | 76000 | &nbsp;&nbsp; 63510 |
| Bruce Power LP, 2.68%, 12/21/2028  | 365000 | &nbsp;&nbsp; 262116 |
| Bruce Power LP, 4.27%, 12/21/2034  | 410000 | &nbsp;&nbsp; 297985 |
| Duke Energy Florida LLC, 6.2%, 11/15/2053  | $208000 | &nbsp;&nbsp; 221346 |
| E.ON International Finance B.V., 5.875%, 10/30/2037  | 200000 | &nbsp;&nbsp; 277107 |
| Edison International, 4.7%, 8/15/2025  | $290000 | &nbsp;&nbsp; 289550 |
| Enel Americas S.A., 4%, 10/25/2026  | 855000 | &nbsp;&nbsp; 848191 |
| Enel Finance International N.V., 2.5%, 7/12/2031 (n) | 230000 | &nbsp;&nbsp; 201753 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | | |
|:---|:---|:---|:---|
| **Issuer** |  | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued | Bonds – continued |
| Utilities - Electric Power – continued | Utilities - Electric Power – continued | Utilities - Electric Power – continued | Utilities - Electric Power – continued |
| Enel S.p.A., 4.5% to 1/14/2033, FLR (EUR ICE Swap Rate - 5yr. + 2.196%) to 1/14/2038, FLR (EUR ICE Swap Rate - 5yr. + <br> 2.446%) to 1/14/2053, FLR (EUR ICE Swap Rate - 5yr. + 3.446%) to 1/14/2174 <br>| EUR | 310000 | &nbsp;&nbsp; $361903 |
| Entergy Corp., 0.9%, 9/15/2025  | $| 389000 | &nbsp;&nbsp; 386079 |
| EPH Financing International A.S., 4.625%, 7/02/2032  | EUR | 273000 | &nbsp;&nbsp; 323626 |
| Eversource Energy, 5.5%, 1/01/2034  | $| 253000 | &nbsp;&nbsp; 257645 |
| Georgia Power Co., 4.95%, 5/17/2033  |  | 247000 | &nbsp;&nbsp; 248913 |
| Hydro One, Inc., 4.25%, 1/04/2035  | CAD | 493000 | &nbsp;&nbsp; 366679 |
| Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | $| 184000 | &nbsp;&nbsp; 161302 |
| Jersey Central Power & Light Co., 5.1%, 1/15/2035  |  | 221000 | &nbsp;&nbsp; 220347 |
| National Grid North America, Inc., 3.917%, 6/03/2035  | EUR | 250000 | &nbsp;&nbsp; 295301 |
| NextEra Energy Capital Holdings, Inc., 5.749%, 9/01/2025  | $| 277000 | &nbsp;&nbsp; 277406 |
| Northern States Power Co. of Minnesota, 5.05%, 5/15/2035  |  | 225000 | &nbsp;&nbsp; 227248 |
| Oncor Electric Delivery Co. LLC, 5.35%, 4/01/2035 (n) |  | 349000 | &nbsp;&nbsp; 355528 |
| Pacific Gas & Electric Co., 6.1%, 1/15/2029  |  | 68000 | &nbsp;&nbsp; 70452 |
| Pacific Gas & Electric Co., 6.4%, 6/15/2033  |  | 53000 | &nbsp;&nbsp; 55402 |
| Pacific Gas & Electric Co., 5.9%, 10/01/2054  |  | 61000 | &nbsp;&nbsp; 55305 |
| PPL Electric Utilities Corp. 1st Mortgage, 5.25%, 5/15/2053  |  | 337000 | &nbsp;&nbsp; 321364 |
| PSEG Power LLC, 5.2%, 5/15/2030 (n) |  | 320000 | &nbsp;&nbsp; 326542 |
| Southern California Edison Co., 5.45%, 3/01/2035  |  | 122000 | &nbsp;&nbsp; 119757 |
| Xcel Energy, Inc., 5.5%, 3/15/2034  |  | 213000 | &nbsp;&nbsp; 216361 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) |  | 73000 | &nbsp;&nbsp; 74835 |
| XPLR Infrastructure Operating Partners LP, 8.375%, 1/15/2031 (n) |  | 155000 | &nbsp;&nbsp; 165556 |
| XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/2033 (n) |  | 35000 | &nbsp;&nbsp; 37512 |
|  |  |  | &nbsp;&nbsp; $8325616 |
| Utilities - Gas – 0.1% | Utilities - Gas – 0.1% | Utilities - Gas – 0.1% | Utilities - Gas – 0.1% |
| EP Infrastructure A.S., 2.045%, 10/09/2028  | EUR | 333000 | &nbsp;&nbsp; $375749 |
| Utilities - Water – 0.1% | Utilities - Water – 0.1% | Utilities - Water – 0.1% | Utilities - Water – 0.1% |
| Severn Trent Water Ltd., 3.875%, 8/04/2035  | EUR | 230000 | &nbsp;&nbsp; $272531 |
| **Total Bonds (Identified Cost, $206,161,927)** | **Total Bonds (Identified Cost, $206,161,927)** |  | &nbsp;&nbsp; **$209345268** |
| Common Stocks – 33.8% | Common Stocks – 33.8% | Common Stocks – 33.8% | Common Stocks – 33.8% |
| Aerospace & Defense – 0.6% | Aerospace & Defense – 0.6% | Aerospace & Defense – 0.6% |  |
| Boeing Co. (a) |  | 992 | &nbsp;&nbsp; $207854 |
| General Dynamics Corp. (f) |  | 1462 | &nbsp;&nbsp; 426407 |
| Honeywell International, Inc. (f) |  | 2291 | &nbsp;&nbsp; 533528 |
| L3Harris Technologies, Inc. |  | 2096 | &nbsp;&nbsp; 525760 |
| Leidos Holdings, Inc. |  | 2509 | &nbsp;&nbsp; 395820 |
|  |  |  | &nbsp;&nbsp; $2089369 |
| Alcoholic Beverages – 0.5% | Alcoholic Beverages – 0.5% | Alcoholic Beverages – 0.5% |  |
| Ambev S.A. |  | 159600 | &nbsp;&nbsp; $391282 |
| Diageo PLC |  | 24560 | &nbsp;&nbsp; 616260 |
| Heineken N.V. |  | 5709 | &nbsp;&nbsp; 497779 |
| Kirin Holdings Co. Ltd. |  | 23800 | &nbsp;&nbsp; 333767 |
|  |  |  | &nbsp;&nbsp; $1839088 |
| Apparel Manufacturers – 0.3% | Apparel Manufacturers – 0.3% | Apparel Manufacturers – 0.3% |  |
| Compagnie Financiere Richemont S.A. |  | 2521 | &nbsp;&nbsp; $474842 |
| Kontoor Brands, Inc. |  | 1478 | &nbsp;&nbsp; 97504 |
| NIKE, Inc., "B" |  | 2050 | &nbsp;&nbsp; 145632 |
| VF Corp. |  | 21245 | &nbsp;&nbsp; 249629 |
|  |  |  | &nbsp;&nbsp; $967607 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Automotive – 0.8% | Automotive – 0.8% |  |
| Aptiv PLC (a) | 11139 | &nbsp;&nbsp; $759903 |
| Compagnie Generale des Etablissements Michelin | 21437 | &nbsp;&nbsp; 796439 |
| Lear Corp. | 5897 | &nbsp;&nbsp; 560097 |
| LKQ Corp. (f) | 16022 | &nbsp;&nbsp; 592974 |
| PT Astra International Tbk | 433300 | &nbsp;&nbsp; 120102 |
|  |  | &nbsp;&nbsp; $2829515 |
| Broadcasting – 0.3% | Broadcasting – 0.3% |  |
| Interpublic Group of Companies, Inc. | 4165 | &nbsp;&nbsp; $101959 |
| Omnicom Group, Inc. (f) | 14538 | &nbsp;&nbsp; 1045864 |
|  |  | &nbsp;&nbsp; $1147823 |
| Brokerage & Asset Managers – 1.1% | Brokerage & Asset Managers – 1.1% |  |
| Charles Schwab Corp. (f) | 27965 | &nbsp;&nbsp; $2551527 |
| CME Group, Inc. | 3008 | &nbsp;&nbsp; 829065 |
| Euronext N.V. | 1145 | &nbsp;&nbsp; 195704 |
| IG Group Holdings PLC | 6579 | &nbsp;&nbsp; 96086 |
|  |  | &nbsp;&nbsp; $3672382 |
| Business Services – 0.9% | Business Services – 0.9% |  |
| Accenture PLC, "A" | 1373 | &nbsp;&nbsp; $410376 |
| Cognizant Technology Solutions Corp., "A" | 2405 | &nbsp;&nbsp; 187662 |
| Fidelity National Information Services, Inc. | 4603 | &nbsp;&nbsp; 374730 |
| Fiserv, Inc. (a)(f) | 4387 | &nbsp;&nbsp; 756363 |
| Infosys Technologies Ltd., ADR | 11331 | &nbsp;&nbsp; 209963 |
| Secom Co. Ltd. | 10000 | &nbsp;&nbsp; 359918 |
| Sodexo | 7781 | &nbsp;&nbsp; 478446 |
| Tata Consultancy Services Ltd. | 5605 | &nbsp;&nbsp; 226265 |
| Verisk Analytics, Inc., "A" | 591 | &nbsp;&nbsp; 184097 |
|  |  | &nbsp;&nbsp; $3187820 |
| Chemicals – 0.2% | Chemicals – 0.2% |  |
| PPG Industries, Inc. | 6454 | &nbsp;&nbsp; $734143 |
| Computer Software – 0.4% | Computer Software – 0.4% |  |
| Microsoft Corp. (f) | 2585 | &nbsp;&nbsp; $1285805 |
| Computer Software - Systems – 1.8% | Computer Software - Systems – 1.8% |  |
| Amadeus IT Group S.A. | 9600 | &nbsp;&nbsp; $808319 |
| Cap Gemini S.A. | 6049 | &nbsp;&nbsp; 1033543 |
| Fujitsu Ltd. | 36800 | &nbsp;&nbsp; 898247 |
| Hitachi Ltd. | 26500 | &nbsp;&nbsp; 773810 |
| Hon Hai Precision Industry Co. Ltd. | 123000 | &nbsp;&nbsp; 677906 |
| NEC Corp. | 31700 | &nbsp;&nbsp; 928734 |
| Samsung Electronics Co. Ltd. | 20452 | &nbsp;&nbsp; 906216 |
|  |  | &nbsp;&nbsp; $6026775 |
| Construction – 1.0% | Construction – 1.0% |  |
| Anhui Conch Cement Co. Ltd. | 148000 | &nbsp;&nbsp; $376318 |
| Compagnie de Saint-Gobain S.A. | 7674 | &nbsp;&nbsp; 900705 |
| Heidelberg Materials AG | 1783 | &nbsp;&nbsp; 418902 |
| Masco Corp. (f) | 14397 | &nbsp;&nbsp; 926591 |
| Stanley Black & Decker, Inc. | 3005 | &nbsp;&nbsp; 203589 |
| Techtronic Industries Co. Ltd. | 43500 | &nbsp;&nbsp; 478226 |
|  |  | &nbsp;&nbsp; $3304331 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Consumer Products – 1.2% | Consumer Products – 1.2% |  |
| Colgate-Palmolive Co. | 12496 | &nbsp;&nbsp; $1135886 |
| Kao Corp. | 2700 | &nbsp;&nbsp; 121064 |
| Kenvue, Inc. (f) | 56691 | &nbsp;&nbsp; 1186543 |
| Kimberly-Clark Corp. (f) | 8004 | &nbsp;&nbsp; 1031876 |
| Reckitt Benckiser Group PLC | 8362 | &nbsp;&nbsp; 568740 |
|  |  | &nbsp;&nbsp; $4044109 |
| Electrical Equipment – 1.1% | Electrical Equipment – 1.1% |  |
| Johnson Controls International PLC | 12657 | &nbsp;&nbsp; $1336832 |
| Legrand S.A. | 4233 | &nbsp;&nbsp; 565941 |
| Mitsubishi Electric Corp. | 42400 | &nbsp;&nbsp; 915985 |
| Schneider Electric SE | 4076 | &nbsp;&nbsp; 1084140 |
|  |  | &nbsp;&nbsp; $3902898 |
| Electronics – 0.9% | Electronics – 0.9% |  |
| Intel Corp. | 20225 | &nbsp;&nbsp; $453040 |
| Kyocera Corp. | 46200 | &nbsp;&nbsp; 556145 |
| Lam Research Corp. | 1559 | &nbsp;&nbsp; 151753 |
| MediaTek, Inc. | 13000 | &nbsp;&nbsp; 556278 |
| NVIDIA Corp. | 1876 | &nbsp;&nbsp; 296389 |
| NXP Semiconductors N.V. | 4421 | &nbsp;&nbsp; 965945 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5000 | &nbsp;&nbsp; 181432 |
|  |  | &nbsp;&nbsp; $3160982 |
| Energy - Independent – 1.0% | Energy - Independent – 1.0% |  |
| ConocoPhillips (f) | 10590 | &nbsp;&nbsp; $950347 |
| EOG Resources, Inc. | 680 | &nbsp;&nbsp; 81335 |
| Expand Energy Corp. | 5579 | &nbsp;&nbsp; 652408 |
| Hess Corp. (f) | 6325 | &nbsp;&nbsp; 876265 |
| Phillips 66 (f) | 5773 | &nbsp;&nbsp; 688719 |
|  |  | &nbsp;&nbsp; $3249074 |
| Energy - Integrated – 1.4% | Energy - Integrated – 1.4% |  |
| Cenovus Energy, Inc. | 4901 | &nbsp;&nbsp; $66690 |
| Eni S.p.A. | 76607 | &nbsp;&nbsp; 1241692 |
| Exxon Mobil Corp. (f) | 6267 | &nbsp;&nbsp; 675583 |
| PetroChina Co. Ltd. | 530000 | &nbsp;&nbsp; 455735 |
| Petroleo Brasileiro S.A., ADR | 23739 | &nbsp;&nbsp; 296975 |
| Suncor Energy, Inc. | 21457 | &nbsp;&nbsp; 803761 |
| TotalEnergies SE | 21250 | &nbsp;&nbsp; 1304139 |
|  |  | &nbsp;&nbsp; $4844575 |
| Engineering - Construction – 0.1% | Engineering - Construction – 0.1% |  |
| Doosan Bobcat, Inc. | 4701 | &nbsp;&nbsp; $202725 |
| Food & Beverages – 0.7% | Food & Beverages – 0.7% |  |
| Danone S.A. | 8967 | &nbsp;&nbsp; $732628 |
| General Mills, Inc. (f) | 13742 | &nbsp;&nbsp; 711973 |
| Inner Mongolia Yili Industrial Group Co. Ltd., "A" | 23200 | &nbsp;&nbsp; 90268 |
| Nestle S.A. | 2611 | &nbsp;&nbsp; 259405 |
| Nomad Foods Ltd. | 5246 | &nbsp;&nbsp; 89129 |
| PepsiCo, Inc. | 1943 | &nbsp;&nbsp; 256554 |
| WH Group Ltd. | 100500 | &nbsp;&nbsp; 96660 |
|  |  | &nbsp;&nbsp; $2236617 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Food & Drug Stores – 0.6% | Food & Drug Stores – 0.6% |  |
| Tesco PLC | 370510 | &nbsp;&nbsp; $2040933 |
| Health Maintenance Organizations – 0.6% | Health Maintenance Organizations – 0.6% |  |
| Cigna Group (f) | 5891 | &nbsp;&nbsp; $1947447 |
| Humana, Inc. | 702 | &nbsp;&nbsp; 171625 |
|  |  | &nbsp;&nbsp; $2119072 |
| Insurance – 2.0% | Insurance – 2.0% |  |
| American International Group, Inc. | 1087 | &nbsp;&nbsp; $93036 |
| Aon PLC (s) | 4166 | &nbsp;&nbsp; 1486262 |
| Chubb Ltd. | 4021 | &nbsp;&nbsp; 1164964 |
| Corebridge Financial, Inc. | 14617 | &nbsp;&nbsp; 518903 |
| DB Insurance Co. Ltd. | 2578 | &nbsp;&nbsp; 235527 |
| Equitable Holdings, Inc. | 6400 | &nbsp;&nbsp; 359040 |
| Hartford Insurance Group, Inc. | 2819 | &nbsp;&nbsp; 357647 |
| Manulife Financial Corp. | 23880 | &nbsp;&nbsp; 763529 |
| MetLife, Inc. | 5166 | &nbsp;&nbsp; 415450 |
| Sompo Holdings, Inc. | 9000 | &nbsp;&nbsp; 271553 |
| Willis Towers Watson PLC | 3234 | &nbsp;&nbsp; 991221 |
|  |  | &nbsp;&nbsp; $6657132 |
| Interactive Media Services – 0.1% | Interactive Media Services – 0.1% |  |
| Baidu, Inc., ADR (a) | 1939 | &nbsp;&nbsp; $166289 |
| Leisure & Toys – 0.2% | Leisure & Toys – 0.2% |  |
| Electronic Arts, Inc. | 2626 | &nbsp;&nbsp; $419372 |
| NetEase, Inc. | 3400 | &nbsp;&nbsp; 91389 |
|  |  | &nbsp;&nbsp; $510761 |
| Machinery & Tools – 0.5% | Machinery & Tools – 0.5% |  |
| Daikin Industries Ltd. | 900 | &nbsp;&nbsp; $106403 |
| Eaton Corp. PLC | 1267 | &nbsp;&nbsp; 452306 |
| Finning International, Inc. | 5077 | &nbsp;&nbsp; 217061 |
| GEA Group AG | 1554 | &nbsp;&nbsp; 108734 |
| Kubota Corp. | 26600 | &nbsp;&nbsp; 299609 |
| Regal Rexnord Corp. | 3182 | &nbsp;&nbsp; 461263 |
| Wabtec Corp. | 1021 | &nbsp;&nbsp; 213746 |
|  |  | &nbsp;&nbsp; $1859122 |
| Major Banks – 4.2% | Major Banks – 4.2% |  |
| ABN AMRO Group N.V., GDR | 27627 | &nbsp;&nbsp; $756305 |
| Bank of America Corp. (s) | 31651 | &nbsp;&nbsp; 1497725 |
| BNP Paribas S.A. | 14570 | &nbsp;&nbsp; 1309860 |
| DBS Group Holdings Ltd. | 19250 | &nbsp;&nbsp; 679919 |
| Goldman Sachs Group, Inc. (s) | 2243 | &nbsp;&nbsp; 1587483 |
| JPMorgan Chase & Co. (f) | 3978 | &nbsp;&nbsp; 1153262 |
| Mitsubishi UFJ Financial Group, Inc. | 108000 | &nbsp;&nbsp; 1487198 |
| National Bank of Greece S.A. | 18912 | &nbsp;&nbsp; 241264 |
| NatWest Group PLC | 393171 | &nbsp;&nbsp; 2759955 |
| PNC Financial Services Group, Inc. | 1894 | &nbsp;&nbsp; 353080 |
| UBS Group AG | 61715 | &nbsp;&nbsp; 2088409 |
| Wells Fargo & Co. | 5100 | &nbsp;&nbsp; 408612 |
|  |  | &nbsp;&nbsp; $14323072 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Medical & Health Technology & Services – 0.2% | Medical & Health Technology & Services – 0.2% |  |
| ICON PLC (a) | 4073 | &nbsp;&nbsp; $592418 |
| Medical Equipment – 1.0% | Medical Equipment – 1.0% |  |
| Agilent Technologies, Inc. | 3023 | &nbsp;&nbsp; $356744 |
| Becton, Dickinson and Co. | 7147 | &nbsp;&nbsp; 1231071 |
| Medtronic PLC | 22449 | &nbsp;&nbsp; 1956879 |
|  |  | &nbsp;&nbsp; $3544694 |
| Metals & Mining – 0.8% | Metals & Mining – 0.8% |  |
| Glencore PLC | 158056 | &nbsp;&nbsp; $615286 |
| Rio Tinto PLC | 17268 | &nbsp;&nbsp; 1006189 |
| Toyota Tsusho Corp. | 27400 | &nbsp;&nbsp; 621996 |
| Vale S.A. | 40100 | &nbsp;&nbsp; 388593 |
|  |  | &nbsp;&nbsp; $2632064 |
| Natural Gas - Distribution – 0.2% | Natural Gas - Distribution – 0.2% |  |
| Atmos Energy Corp. | 3847 | &nbsp;&nbsp; $592861 |
| Network & Telecom – 0.2% | Network & Telecom – 0.2% |  |
| LM Ericsson Telephone Co., "B" | 59538 | &nbsp;&nbsp; $509360 |
| Oil Services – 0.0% | Oil Services – 0.0% |  |
| Tenaris S.A. | 4397 | &nbsp;&nbsp; $82742 |
| Other Banks & Diversified Financials – 1.4% | Other Banks & Diversified Financials – 1.4% |  |
| American Express Co. | 342 | &nbsp;&nbsp; $109091 |
| China Construction Bank Corp. | 827000 | &nbsp;&nbsp; 834380 |
| Julius Baer Group Ltd. | 9632 | &nbsp;&nbsp; 651157 |
| Kasikornbank Co. Ltd. | 34600 | &nbsp;&nbsp; 161778 |
| M&T Bank Corp. | 1012 | &nbsp;&nbsp; 196318 |
| Northern Trust Corp. (f) | 18673 | &nbsp;&nbsp; 2367549 |
| Popular, Inc. | 1166 | &nbsp;&nbsp; 128505 |
| Sberbank of Russia PJSC (a)(u) | 137348 | &nbsp;&nbsp; 0 |
| Synchrony Financial | 5031 | &nbsp;&nbsp; 335769 |
|  |  | &nbsp;&nbsp; $4784547 |
| Pharmaceuticals – 2.7% | Pharmaceuticals – 2.7% |  |
| AbbVie, Inc. (f) | 6131 | &nbsp;&nbsp; $1138035 |
| Johnson & Johnson (f) | 13143 | &nbsp;&nbsp; 2007593 |
| Organon & Co. | 11018 | &nbsp;&nbsp; 106654 |
| Pfizer, Inc. (f) | 97479 | &nbsp;&nbsp; 2362891 |
| Roche Holding AG | 7360 | &nbsp;&nbsp; 2396905 |
| Sandoz Group AG | 4266 | &nbsp;&nbsp; 233449 |
| Sanofi | 9300 | &nbsp;&nbsp; 900606 |
|  |  | &nbsp;&nbsp; $9146133 |
| Printing & Publishing – 0.2% | Printing & Publishing – 0.2% |  |
| Informa PLC | 56014 | &nbsp;&nbsp; $619560 |
| Railroad & Shipping – 0.2% | Railroad & Shipping – 0.2% |  |
| Union Pacific Corp. | 3310 | &nbsp;&nbsp; $761565 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Real Estate - Office – 0.1% | Real Estate - Office – 0.1% |  |
| Cousins Properties, Inc., REIT | 4797 | &nbsp;&nbsp; $144054 |
| Highwoods Properties, Inc., REIT | 8851 | &nbsp;&nbsp; 275178 |
|  |  | &nbsp;&nbsp; $419232 |
| Restaurants – 0.2% | Restaurants – 0.2% |  |
| Aramark | 19013 | &nbsp;&nbsp; $796074 |
| Specialty Chemicals – 0.2% | Specialty Chemicals – 0.2% |  |
| Akzo Nobel N.V. | 7346 | &nbsp;&nbsp; $514002 |
| Axalta Coating Systems Ltd. (a) | 8738 | &nbsp;&nbsp; 259431 |
|  |  | &nbsp;&nbsp; $773433 |
| Specialty Stores – 0.4% | Specialty Stores – 0.4% |  |
| Home Depot, Inc. | 1115 | &nbsp;&nbsp; $408804 |
| JD.com, Inc., "A" | 10050 | &nbsp;&nbsp; 163746 |
| Shimamura Co. Ltd. | 1900 | &nbsp;&nbsp; 133523 |
| Tapestry, Inc. | 3615 | &nbsp;&nbsp; 317433 |
| Target Corp. | 2556 | &nbsp;&nbsp; 252149 |
|  |  | &nbsp;&nbsp; $1275655 |
| Telecom Services – 1.0% | Telecom Services – 1.0% |  |
| Advanced Info Service Public Co. Ltd. | 13200 | &nbsp;&nbsp; $112474 |
| Comcast Corp., "A" (f) | 36852 | &nbsp;&nbsp; 1315248 |
| Hellenic Telecommunications Organization S.A. | 16781 | &nbsp;&nbsp; 319043 |
| KDDI Corp. | 66100 | &nbsp;&nbsp; 1138349 |
| Koninklijke KPN N.V. | 111372 | &nbsp;&nbsp; 542605 |
|  |  | &nbsp;&nbsp; $3427719 |
| Tobacco – 1.0% | Tobacco – 1.0% |  |
| Altria Group, Inc. | 6069 | &nbsp;&nbsp; $355826 |
| British American Tobacco PLC | 31353 | &nbsp;&nbsp; 1490360 |
| Philip Morris International, Inc. | 8138 | &nbsp;&nbsp; 1482174 |
|  |  | &nbsp;&nbsp; $3328360 |
| Utilities - Electric Power – 1.5% | Utilities - Electric Power – 1.5% |  |
| CLP Holdings Ltd. | 14000 | &nbsp;&nbsp; $117886 |
| Duke Energy Corp. | 3872 | &nbsp;&nbsp; 456896 |
| E.ON SE | 48420 | &nbsp;&nbsp; 891193 |
| Edison International (f) | 9184 | &nbsp;&nbsp; 473895 |
| Iberdrola S.A. | 55468 | &nbsp;&nbsp; 1064365 |
| National Grid PLC | 91920 | &nbsp;&nbsp; 1339337 |
| PG&E Corp. (f) | 60282 | &nbsp;&nbsp; 840331 |
| Xcel Energy, Inc. | 1184 | &nbsp;&nbsp; 80630 |
|  |  | &nbsp;&nbsp; $5264533 |
| **Total Common Stocks (Identified Cost, $76,705,994)** |  | &nbsp;&nbsp; **$114952969** |
| Preferred Stocks – 0.3% | Preferred Stocks – 0.3% | Preferred Stocks – 0.3% |
| Consumer Products – 0.3% |  |  |
| Henkel AG & Co. KGaA | 13471 | &nbsp;&nbsp; $1057772 |
| Metals & Mining – 0.0% |  |  |
| Gerdau S.A. | 31068 | &nbsp;&nbsp; $91493 |
| **Total Preferred Stocks (Identified Cost, $847,894)** |  | &nbsp;&nbsp; **$1149265** |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Convertible Preferred Stocks – 0.3% | Convertible Preferred Stocks – 0.3% | Convertible Preferred Stocks – 0.3% |
| Aerospace & Defense – 0.1% | Aerospace & Defense – 0.1% |  |
| Boeing Co., 6% | 4275 | &nbsp;&nbsp; $290700 |
| Utilities - Electric Power – 0.2% | Utilities - Electric Power – 0.2% |  |
| NextEra Energy, Inc., 7.234% | 10232 | &nbsp;&nbsp; $452766 |
| PG&E Corp., 6% | 6896 | &nbsp;&nbsp; 259290 |
|  |  | &nbsp;&nbsp; $712056 |
| **Total Convertible Preferred Stocks (Identified Cost, $998,577)** | **Total Convertible Preferred Stocks (Identified Cost, $998,577)** | &nbsp;&nbsp; **$1002756** |
| Convertible Bonds – 0.0% | Convertible Bonds – 0.0% | Convertible Bonds – 0.0% |
| Utilities - Electric Power – 0.0% | Utilities - Electric Power – 0.0% |  |
| PG&E Corp., 4.25%, 12/01/2027 (Identified Cost, $97,000) | $97000 | &nbsp;&nbsp; $96253 |
| Mutual Funds (h) – 4.6% | Mutual Funds (h) – 4.6% | Mutual Funds (h) – 4.6% |
| Money Market Funds – 4.6% | Money Market Funds – 4.6% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $15,635,924) | 15635841 | &nbsp;&nbsp; $15637405 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Underlying/Expiration Date/Exercise Price** | **Put/Call** | **Counterparty** | **Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Par Amount/** <br>**Number of** <br>**Contracts**<br>|  |
| Purchased Options – 0.1% | Purchased Options – 0.1% | Purchased Options – 0.1% | Purchased Options – 0.1% | Purchased Options – 0.1% |  |
| Market Index Securities – 0.1% | Market Index Securities – 0.1% | Market Index Securities – 0.1% | Market Index Securities – 0.1% | Market Index Securities – 0.1% |  |
| iTraxx Europe Crossover Series 43 Index Credit Default Swap - <br> Fund pays 5%, Fund receives notional amount upon a defined <br> credit event of an index constituent – August 2025 @ 3.25%<br>| Put | Merrill Lynch International | &nbsp;&nbsp; $4280874 | &nbsp;&nbsp; EUR<br> 3,320,000<br>| &nbsp;&nbsp; $13195 |
| Euro Stoxx 50 Index – June 2026 @ EUR 4,900 | Put | Goldman Sachs International | &nbsp;&nbsp; 6246952 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 226520 |
| Euro Stoxx 50 Index – February 2026 @ EUR 4,800 | Put | Goldman Sachs International | &nbsp;&nbsp; 4747683 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 98387 |
| S&P 500 Index – December 2025 @ $4,250 | Put | Merrill Lynch International | &nbsp;&nbsp; 5584455 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 18810 |
| S&P 500 Index – December 2025 @ $4,800 | Put | Merrill Lynch International | &nbsp;&nbsp; 4343465 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 26670 |
| **Total Purchased Options** <br>**(Premiums Paid, $523,477)** | **Total Purchased Options** <br>**(Premiums Paid, $523,477)** | **Total Purchased Options** <br>**(Premiums Paid, $523,477)** | **Total Purchased Options** <br>**(Premiums Paid, $523,477)** |  | &nbsp;&nbsp; **$383582** |
| Written Options (see table below) – (0.0)% | Written Options (see table below) – (0.0)% | Written Options (see table below) – (0.0)% | Written Options (see table below) – (0.0)% | Written Options (see table below) – (0.0)% |  |
| **(Premiums Received, $20,894)** | **(Premiums Received, $20,894)** | **(Premiums Received, $20,894)** | **(Premiums Received, $20,894)** | **(Premiums Received, $20,894)** | &nbsp;&nbsp; **$(6210)**<br>|
| Other Assets, Less Liabilities – (0.6)% | Other Assets, Less Liabilities – (0.6)% | Other Assets, Less Liabilities – (0.6)% | Other Assets, Less Liabilities – (0.6)% | Other Assets, Less Liabilities – (0.6)% | &nbsp;&nbsp; (2154765)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$340406523** |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security has been segregated as collateral for open futures
 contracts and cleared swap agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $15,637,405 and $326,930,093, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $44,200,033, representing 13.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Security or a portion of the security was pledged to cover collateral requirements
 for certain derivative transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(u) The security was valued using significant unobservable inputs and is considered level
 3 under the fair value hierarchy. For further information about the fund's level 3 holdings, please see Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| ADR | American Depositary Receipt |
| AGM | Assured Guaranty Municipal |
| CFRR | China Fixing Repo Rate |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| CPI-U | Consumer Price Index - Urban Consumers |
| EURIBOR | Euro Interbank Offered Rate |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| GDR | Global Depositary Receipt |
| HICP | Harmonized Index of Consumer Prices |
| ICE | Intercontinental Exchange |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| TBA | To Be Announced |
| UMBS | Uniform Mortgage-Backed Security |
| 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 <br> abbreviations is shown below: | 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 <br> abbreviations is shown below: |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan Renminbi (Offshore) |
| CNY | China Yuan Renminbi |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Nuevo Sol |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | |
|:---|:---|
| PLN | Polish Zloty |
| RON | Romanian New Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** |
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
| **Underlying** | **Put/** <br>**Call**<br>| **Counterparty** | &nbsp;&nbsp; **Par Amount/** <br>**Number of** <br>**Contracts**<br>| **Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Exercise** <br>**Price**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Market Index Securities*** | ***Market Index Securities*** | ***Market Index Securities*** | ***Market Index Securities*** | ***Market Index Securities*** |  |  |  |
| iTraxx Europe Crossover Series 43 Index Credit Default <br> Swap - Fund pays 5%, Fund receives notional amount <br> upon a defined credit event of an index constituent<br>| &nbsp;&nbsp; Put | Merrill Lynch International | EUR (3320000) | &nbsp;&nbsp; $(4280874)<br>| 3.75% | August – 2025 | &nbsp;&nbsp; $(6210)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** |
| **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold** | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| AUD | &nbsp;&nbsp; 328290 | USD | 211854 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $4267 |
| AUD | &nbsp;&nbsp; 329635 | USD | 209935 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7072 |
| AUD | &nbsp;&nbsp; 1106840 | USD | 700283 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 28377 |
| AUD | &nbsp;&nbsp; 2990088 | USD | 1897058 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 71394 |
| BRL | &nbsp;&nbsp; 1842734 | USD | 319143 | Citibank N.A. | 9/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14930 |
| CAD | &nbsp;&nbsp; 1894929 | USD | 1382150 | Citibank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10510 |
| CAD | &nbsp;&nbsp; 2579232 | USD | 1884694 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10887 |
| CAD | &nbsp;&nbsp; 1874817 | USD | 1341344 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 36533 |
| CAD | &nbsp;&nbsp; 361193 | USD | 263326 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2130 |
| CHF | &nbsp;&nbsp; 1118927 | USD | 1391717 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21318 |
| CHF | &nbsp;&nbsp; 1011697 | USD | 1255941 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21679 |
| CHF | &nbsp;&nbsp; 207516 | USD | 254689 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7372 |
| CLP | &nbsp;&nbsp; 98837007 | USD | 100014 | Goldman Sachs International | 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6076 |
| CLP | &nbsp;&nbsp; 525957598 | USD | 558727 | JPMorgan Chase Bank N.A. | 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5828 |
| CNH | &nbsp;&nbsp; 3447917 | USD | 476422 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5844 |
| CNH | &nbsp;&nbsp; 1532143 | USD | 214090 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
| CNH | &nbsp;&nbsp; 74119972 | USD | 10208172 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 159132 |
| COP | &nbsp;&nbsp; 1186566177 | USD | 266154 | Citibank N.A. | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 23913 |
| CZK | &nbsp;&nbsp; 20438102 | USD | 911805 | Citibank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 62358 |
| CZK | &nbsp;&nbsp; 6865484 | USD | 322046 | Goldman Sachs International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5191 |
| DKK | &nbsp;&nbsp; 3062524 | USD | 467230 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 16868 |
| EUR | &nbsp;&nbsp; 411287 | USD | 467127 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17860 |
| EUR | &nbsp;&nbsp; 7281570 | USD | 8336195 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250186 |
| EUR | &nbsp;&nbsp; 2567752 | USD | 2895815 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 132065 |
| EUR | &nbsp;&nbsp; 3927130 | USD | 4476876 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 153973 |
| EUR | &nbsp;&nbsp; 1299430 | USD | 1483726 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 48555 |
| EUR | &nbsp;&nbsp; 8998331 | USD | 10230066 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 380711 |
| EUR | &nbsp;&nbsp; 181556 | USD | 208057 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6033 |
| GBP | &nbsp;&nbsp; 131727 | USD | 168428 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12400 |
| GBP | &nbsp;&nbsp; 408041 | USD | 537216 | BNP Paribas | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 22922 |
| GBP | &nbsp;&nbsp; 367164 | USD | 500222 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3802 |
| GBP | &nbsp;&nbsp; 3943000 | USD | 5362303 | HSBC Bank | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 51597 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Sold** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Sold** | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Settlement**<br> **Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** |
| GBP | &nbsp;&nbsp; 161659 | USD | 216675 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $5242 |
| GBP | &nbsp;&nbsp; 599307 | USD | 805006 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17691 |
| GBP | &nbsp;&nbsp; 1423196 | USD | 1845906 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 107781 |
| GBP | &nbsp;&nbsp; 803123 | USD | 1066523 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35961 |
| HUF | &nbsp;&nbsp; 53591873 | USD | 147760 | Goldman Sachs International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10077 |
| HUF | &nbsp;&nbsp; 111409997 | USD | 322317 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5805 |
| IDR | &nbsp;&nbsp; 12318352755 | USD | 755495 | Citibank N.A. | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1860 |
| IDR | &nbsp;&nbsp; 15299629448 | USD | 908475 | Goldman Sachs International | 8/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 32717 |
| IDR | &nbsp;&nbsp; 10772577863 | USD | 652488 | JPMorgan Chase Bank N.A. | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9830 |
| ILS | &nbsp;&nbsp; 1037395 | USD | 276370 | Merrill Lynch International | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 31636 |
| INR | &nbsp;&nbsp; 150462000 | USD | 1734292 | JPMorgan Chase Bank N.A. | 8/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17580 |
| JPY | &nbsp;&nbsp; 37368043 | USD | 258100 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1855 |
| JPY | &nbsp;&nbsp; 263039532 | USD | 1792835 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 37027 |
| JPY | &nbsp;&nbsp; 13723139 | USD | 94887 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 580 |
| KRW | &nbsp;&nbsp; 2534622408 | USD | 1844998 | Citibank N.A. | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35655 |
| KRW | &nbsp;&nbsp; 9144171309 | USD | 6676651 | JPMorgan Chase Bank N.A. | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 108192 |
| KRW | &nbsp;&nbsp; 87044802 | USD | 63938 | Morgan Stanley Capital Services LLC | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 648 |
| MXN | &nbsp;&nbsp; 29531106 | USD | 1456259 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 114933 |
| MYR | &nbsp;&nbsp; 3592424 | USD | 844422 | Barclays Bank PLC | 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9034 |
| NOK | &nbsp;&nbsp; 13511087 | USD | 1269686 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 70902 |
| NOK | &nbsp;&nbsp; 155257623 | USD | 14890884 | Morgan Stanley Capital Services LLC | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 517141 |
| NZD | &nbsp;&nbsp; 651003 | USD | 378702 | Citibank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 18317 |
| NZD | &nbsp;&nbsp; 1236209 | USD | 751137 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2773 |
| NZD | &nbsp;&nbsp; 873212 | USD | 528099 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4435 |
| PEN | &nbsp;&nbsp; 549565 | USD | 148059 | Deutsche Bank AG | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6993 |
| PLN | &nbsp;&nbsp; 2249751 | USD | 594653 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 29286 |
| SEK | &nbsp;&nbsp; 5459408 | USD | 569026 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8618 |
| SEK | &nbsp;&nbsp; 2574977 | USD | 264302 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8149 |
| SEK | &nbsp;&nbsp; 66629497 | USD | 6878891 | State Street Corp. | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 186668 |
| SGD | &nbsp;&nbsp; 1381040 | USD | 1041713 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45714 |
| THB | &nbsp;&nbsp; 54141769 | USD | 1637434 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 23974 |
| USD | &nbsp;&nbsp; 250468 | CNY | 1788000 | Citibank N.A. | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| USD | &nbsp;&nbsp; 326854 | GBP | 237650 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 620 |
| USD | &nbsp;&nbsp; 160541 | GBP | 116937 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| USD | &nbsp;&nbsp; 121482 | JPY | 16948345 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3579 |
| USD | &nbsp;&nbsp; 3958588 | JPY | 564868000 | HSBC Bank | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14012 |
| USD | &nbsp;&nbsp; 1643198 | JPY | 232434979 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 26241 |
| USD | &nbsp;&nbsp; 1257868 | NOK | 12516000 | HSBC Bank | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15759 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $3169366 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| CAD | &nbsp;&nbsp; 4502000 | USD | 3318681 | HSBC Bank | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(4329)<br>|
| CAD | &nbsp;&nbsp; 292590 | USD | 215045 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| GBP | &nbsp;&nbsp; 93562 | USD | 128514 | Citibank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>|
| INR | &nbsp;&nbsp; 88852218 | USD | 1034609 | Citibank N.A. | 8/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (77)<br>|
| JPY | &nbsp;&nbsp; 169428975 | USD | 1215712 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (37062)<br>|
| JPY | &nbsp;&nbsp; 24564841 | USD | 171664 | Goldman Sachs International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (777)<br>|
| JPY | &nbsp;&nbsp; 2042728326 | USD | 14338491 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (128042)<br>|
| NOK | &nbsp;&nbsp; 5307112 | USD | 536024 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (9445)<br>|
| SEK | &nbsp;&nbsp; 50554000 | USD | 5374805 | HSBC Bank | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (13932)<br>|
| USD | &nbsp;&nbsp; 3996623 | AUD | 6116000 | HSBC Bank | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (32617)<br>|
| USD | &nbsp;&nbsp; 4561057 | AUD | 7098531 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (112088)<br>|
| USD | &nbsp;&nbsp; 5184378 | AUD | 8096767 | State Street Corp. | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (149797)<br>|
| USD | &nbsp;&nbsp; 27725 | AUD | 43145 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (679)<br>|

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Sold** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Sold** | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Settlement**<br> **Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** |
| USD | &nbsp;&nbsp; 1139739 | CAD | 1574618 | BNP Paribas | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(17511)<br>|
| USD | &nbsp;&nbsp; 9852320 | CAD | 13722830 | Citibank N.A. | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (250366)<br>|
| USD | &nbsp;&nbsp; 1128004 | CAD | 1558338 | Goldman Sachs International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (17281)<br>|
| USD | &nbsp;&nbsp; 122666 | CAD | 169790 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (2120)<br>|
| USD | &nbsp;&nbsp; 1602868 | CAD | 2212840 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (23437)<br>|
| USD | &nbsp;&nbsp; 1074403 | CAD | 1512124 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (36918)<br>|
| USD | &nbsp;&nbsp; 320913 | CHF | 262268 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (10292)<br>|
| USD | &nbsp;&nbsp; 523025 | CHF | 439105 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (31498)<br>|
| USD | &nbsp;&nbsp; 677086 | CHF | 546000 | HSBC Bank | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (15376)<br>|
| USD | &nbsp;&nbsp; 268771 | CHF | 220059 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (9130)<br>|
| USD | &nbsp;&nbsp; 1060102 | CHF | 876695 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (47031)<br>|
| USD | &nbsp;&nbsp; 8433226 | CHF | 6977692 | State Street Corp. | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (416192)<br>|
| USD | &nbsp;&nbsp; 530000 | CLP | 496556917 | JPMorgan Chase Bank N.A. | 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (2997)<br>|
| USD | &nbsp;&nbsp; 1943798 | CNH | 14109000 | Goldman Sachs International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (29656)<br>|
| USD | &nbsp;&nbsp; 1708772 | CNH | 12362000 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (20324)<br>|
| USD | &nbsp;&nbsp; 17674180 | CNY | 126331675 | Citibank N.A. | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (17907)<br>|
| USD | &nbsp;&nbsp; 269264 | COP | 1149784960 | Citibank N.A. | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (10322)<br>|
| USD | &nbsp;&nbsp; 562064 | CZK | 12662746 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (41493)<br>|
| USD | &nbsp;&nbsp; 352490 | CZK | 7843822 | Goldman Sachs International | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (21768)<br>|
| USD | &nbsp;&nbsp; 361023 | CZK | 7764905 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (9084)<br>|
| USD | &nbsp;&nbsp; 497499 | DKK | 3297301 | State Street Corp. | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (25036)<br>|
| USD | &nbsp;&nbsp; 340253 | EUR | 299819 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (13291)<br>|
| USD | &nbsp;&nbsp; 1014347 | EUR | 889041 | Citibank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (34005)<br>|
| USD | &nbsp;&nbsp; 221979 | EUR | 197768 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (11228)<br>|
| USD | &nbsp;&nbsp; 697012 | EUR | 624845 | Goldman Sachs International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (39801)<br>|
| USD | &nbsp;&nbsp; 9012283 | EUR | 7920972 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (328079)<br>|
| USD | &nbsp;&nbsp; 7707128 | EUR | 6625000 | HSBC Bank | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (122627)<br>|
| USD | &nbsp;&nbsp; 3424372 | EUR | 3006116 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (120423)<br>|
| USD | &nbsp;&nbsp; 1224323 | EUR | 1081573 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (51060)<br>|
| USD | &nbsp;&nbsp; 79850 | EUR | 70584 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (3382)<br>|
| USD | &nbsp;&nbsp; 23630240 | EUR | 21003779 | Morgan Stanley Capital Services LLC | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1193069)<br>|
| USD | &nbsp;&nbsp; 395560 | EUR | 357080 | NatWest Markets PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (25506)<br>|
| USD | &nbsp;&nbsp; 6967416 | EUR | 6110374 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (237900)<br>|
| USD | &nbsp;&nbsp; 17690226 | EUR | 15726021 | State Street Corp. | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (895567)<br>|
| USD | &nbsp;&nbsp; 916044 | EUR | 795256 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (21717)<br>|
| USD | &nbsp;&nbsp; 85370 | GBP | 62787 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (821)<br>|
| USD | &nbsp;&nbsp; 2849686 | GBP | 2138172 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (85484)<br>|
| USD | &nbsp;&nbsp; 426972 | GBP | 321346 | HSBC Bank | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (14249)<br>|
| USD | &nbsp;&nbsp; 108665 | GBP | 83228 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (5586)<br>|
| USD | &nbsp;&nbsp; 1308051 | GBP | 980695 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (38195)<br>|
| USD | &nbsp;&nbsp; 671832 | GBP | 497257 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (10776)<br>|
| USD | &nbsp;&nbsp; 3398241 | GBP | 2513776 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (52537)<br>|
| USD | &nbsp;&nbsp; 318111 | GBP | 236820 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (6983)<br>|
| USD | &nbsp;&nbsp; 317354 | HUF | 110991531 | Goldman Sachs International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (9536)<br>|
| USD | &nbsp;&nbsp; 782971 | IDR | 12966131000 | Citibank N.A. | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (14210)<br>|
| USD | &nbsp;&nbsp; 715192 | IDR | 11744450214 | JPMorgan Chase Bank N.A. | 8/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (7295)<br>|
| USD | &nbsp;&nbsp; 373133 | ILS | 1321342 | Morgan Stanley Capital Services LLC | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (19333)<br>|
| USD | &nbsp;&nbsp; 404698 | INR | 34836444 | Citibank N.A. | 8/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (913)<br>|
| USD | &nbsp;&nbsp; 2367902 | INR | 204477774 | JPMorgan Chase Bank N.A. | 8/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (12892)<br>|
| USD | &nbsp;&nbsp; 4354388 | JPY | 634832109 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (61887)<br>|
| USD | &nbsp;&nbsp; 1192497 | JPY | 173513721 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (14569)<br>|
| USD | &nbsp;&nbsp; 1291895 | JPY | 187042187 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (9283)<br>|
| USD | &nbsp;&nbsp; 1227819 | JPY | 176898919 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (2796)<br>|

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Sold** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Sold** | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Settlement**<br> **Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** |
| USD | &nbsp;&nbsp; 451372 | JPY | 65072398 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(1311)<br>|
| USD | &nbsp;&nbsp; 468909 | JPY | 68616034 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (8425)<br>|
| USD | &nbsp;&nbsp; 9551956 | JPY | 1376533490 | State Street Corp. | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (60628)<br>|
| USD | &nbsp;&nbsp; 6049179 | KRW | 8561101146 | Barclays Bank PLC | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (303035)<br>|
| USD | &nbsp;&nbsp; 361727 | KRW | 493010705 | Citibank N.A. | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (4079)<br>|
| USD | &nbsp;&nbsp; 2273017 | KRW | 3156538970 | Citibank N.A. | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (73115)<br>|
| USD | &nbsp;&nbsp; 4043595 | KRW | 5729774438 | Goldman Sachs International | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (207815)<br>|
| USD | &nbsp;&nbsp; 1076752 | KRW | 1523927339 | JPMorgan Chase Bank N.A. | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (53980)<br>|
| USD | &nbsp;&nbsp; 601499 | MXN | 11854487 | Goldman Sachs International | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (26970)<br>|
| USD | &nbsp;&nbsp; 1575283 | MXN | 31510722 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (101233)<br>|
| USD | &nbsp;&nbsp; 1129950 | NOK | 11682200 | Goldman Sachs International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (29173)<br>|
| USD | &nbsp;&nbsp; 253390 | NZD | 419927 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (2705)<br>|
| USD | &nbsp;&nbsp; 4560968 | NZD | 7506000 | HSBC Bank | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (21854)<br>|
| USD | &nbsp;&nbsp; 319183 | NZD | 528191 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (2937)<br>|
| USD | &nbsp;&nbsp; 8649639 | NZD | 14691032 | State Street Corp. | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (320037)<br>|
| USD | &nbsp;&nbsp; 408483 | PLN | 1555778 | State Street Corp. | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (22635)<br>|
| USD | &nbsp;&nbsp; 184673 | RON | 857000 | UBS AG | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (13459)<br>|
| USD | &nbsp;&nbsp; 397414 | SGD | 512722 | Barclays Bank PLC | 8/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (7311)<br>|
| USD | &nbsp;&nbsp; 572723 | SGD | 770969 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (34336)<br>|
| USD | &nbsp;&nbsp; 821705 | THB | 27161461 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (11778)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(6316485)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp; **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value/Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Equity Futures*** | ***Equity Futures*** | ***Equity Futures*** | ***Equity Futures*** | ***Equity Futures*** |  |  |
| BIST 30 Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; TRY | &nbsp;&nbsp;&nbsp; 2385 | &nbsp;&nbsp;&nbsp; $7090715 | August – 2025 | &nbsp;&nbsp;&nbsp; $501823 |
| DAX Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 2832853 | September – 2025 | &nbsp;&nbsp;&nbsp; 37681 |
| FTSE MIB Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 3051340 | September – 2025 | &nbsp;&nbsp;&nbsp; 4925 |
| Hang Seng Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 9204135 | July – 2025 | &nbsp;&nbsp;&nbsp; 221689 |
| Mexbol Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 223 | &nbsp;&nbsp;&nbsp; 6918591 | September – 2025 | &nbsp;&nbsp;&nbsp; 31759 |
| MSCI Singapore Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 7374361 | July – 2025 | &nbsp;&nbsp;&nbsp; 204420 |
| S&P/ASX 200 Index | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 4916300 | September – 2025 | &nbsp;&nbsp;&nbsp; 5091 |
| S&P/TSX 60 Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 8224711 | September – 2025 | &nbsp;&nbsp;&nbsp; 69500 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $1076888 |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| Euro-Bund 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; $1379792 | September – 2025 | &nbsp;&nbsp;&nbsp; $5844 |
| Euro-Buxl 30 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 419609 | September – 2025 | &nbsp;&nbsp;&nbsp; 6919 |
| Euro-Schatz 2 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 379006 | September – 2025 | &nbsp;&nbsp;&nbsp; 717 |
| Long Gilt 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 8811134 | September – 2025 | &nbsp;&nbsp;&nbsp; 212482 |
| U.S. Treasury Bond 30 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 1847500 | September – 2025 | &nbsp;&nbsp;&nbsp; 62643 |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 19138156 | September – 2025 | &nbsp;&nbsp;&nbsp; 83062 |
| U.S. Treasury Note 5 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 5559000 | September – 2025 | &nbsp;&nbsp;&nbsp; 44229 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $415896 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $1492784 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp; **Long/**<br> **Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional**<br> **Amount**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Date**<br>| &nbsp;&nbsp; **Value/Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Equity Futures*** | ***Equity Futures*** | ***Equity Futures*** | ***Equity Futures*** | ***Equity Futures*** |  |  |
| CAC 40 Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; $2258720 | July – 2025 | &nbsp;&nbsp;&nbsp; $(22155)<br>|
| FTSE 100 Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 723894 | September – 2025 | &nbsp;&nbsp;&nbsp; (10515)<br>|
| FTSE Taiwan Index | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 3647000 | July – 2025 | &nbsp;&nbsp;&nbsp; (113472)<br>|
| FTSE/JSE Top 40 Index | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 2535593 | September – 2025 | &nbsp;&nbsp;&nbsp; (38596)<br>|
| IBEX 35 Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 8362988 | July – 2025 | &nbsp;&nbsp;&nbsp; (21687)<br>|
| KOSPI 200 Index | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 3391857 | September – 2025 | &nbsp;&nbsp;&nbsp; (231364)<br>|
| Mini Ibovespa | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 1703 | &nbsp;&nbsp;&nbsp; 8850572 | August – 2025 | &nbsp;&nbsp;&nbsp; (14207)<br>|
| NSE IFSC NIFTY 50 Index | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 7526694 | July – 2025 | &nbsp;&nbsp;&nbsp; (150247)<br>|
| OMX 30 Index | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; 4057986 | July – 2025 | &nbsp;&nbsp;&nbsp; (14481)<br>|
| Russell 2000 Index | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 11725595 | September – 2025 | &nbsp;&nbsp;&nbsp; (180774)<br>|
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 5628375 | September – 2025 | &nbsp;&nbsp;&nbsp; (136954)<br>|
| Topix Index | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 11302628 | September – 2025 | &nbsp;&nbsp;&nbsp; (310312)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(1244764)<br>|
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| Australian Bond 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; $3168341 | September – 2025 | &nbsp;&nbsp;&nbsp; $(6186)<br>|
| Canadian Treasury Bond 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 1075087 | September – 2025 | &nbsp;&nbsp;&nbsp; (6495)<br>|
| Euro-Bobl 5 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 6237956 | September – 2025 | &nbsp;&nbsp;&nbsp; (22255)<br>|
| Japan Government Bond 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 8688448 | September – 2025 | &nbsp;&nbsp;&nbsp; (5156)<br>|
| U.S. Treasury Note 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; 28928250 | September – 2025 | &nbsp;&nbsp;&nbsp; (422653)<br>|
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 357375 | September – 2025 | &nbsp;&nbsp;&nbsp; (14824)<br>|
| U.S. Treasury Ultra Note 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 5141953 | September – 2025 | &nbsp;&nbsp;&nbsp; (91634)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(569203)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(1813967)<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** |
| **Maturity** <br>**Date** | **Maturity** <br>**Date** | **Notional** <br>**Amount**<br>| **Counterparty** | **Cash Flows** <br>**to Receive/** <br>**Frequency**<br>| **Cash Flows** <br>**to Pay/** <br>**Frequency**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net Unamortized** <br>**Upfront Payments** <br>**(Receipts)**<br>| **Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |  |
| ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** |  |  |  |
| 9/15/27 | USD | 107700000 | centrally cleared | 3.599% / Annually | Daily SOFR / Annually | $503867 | $4266 | $508133 |
| 11/18/29 | CNY | 33500000 | centrally cleared | 1.6445% / Quarterly | CFRR / Quarterly | 33109 |  | 33109 |
| 12/13/29 | CNY | 20400000 | centrally cleared | 1.49% / Quarterly | CFRR / Quarterly | 1426 | 38 | 1464 |
| 9/18/30 | USD | 45300000 | centrally cleared | 3.612% / Annually | Daily SOFR / Annually | 449341 | 11635 | 460976 |
|  |  |  |  |  |  | $987743 | $15939 | $1003682 |
| ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** |  |  |  |
| 1/10/30 | USD | 7200000 | centrally cleared | CPI-U / At Maturity | 2.523% / At Maturity | $5991 | $— | $5991 |
| 3/13/30 | USD | 2400000 | centrally cleared | CPI-U / At Maturity | 2.463% / At Maturity | 9642 |  | 9642 |
| 6/15/30 | EUR | 1900000 | centrally cleared | HICP / At Maturity | 1.831% / At Maturity | 7978 |  | 7978 |
|  |  |  |  |  |  | $23611 | $— | $23611 |
|  |  |  |  |  |  | $1011354 | $15939 | $1027293 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |  |  |
| ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** |  |  |  |
| 6/17/27 | USD | 5600000 | centrally cleared | CPI-U / At Maturity | 2.745% / At Maturity | $(1240)<br>| $— | $(1240)<br>|
| ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** |  |  |  |
| 9/19/35 | USD | 24800000 | centrally cleared | Daily SOFR / Annually | 3.872% / Annually | $(359165)<br>| $(29805)<br>| $(388970)<br>|

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Maturity**<br> **Date** | **Maturity**<br> **Date** | **Notional**<br> **Amount**<br>| **Counterparty** | **Cash Flows**<br> **to Receive/**<br> **Frequency**<br>| **Cash Flows**<br> **to Pay/**<br> **Frequency**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Net Unamortized**<br> **Upfront Payments**<br> **(Receipts)**<br>| **Value** |
| **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** |  |  |  |
| ***Interest Rate Swaps - continued*** | ***Interest Rate Swaps - continued*** | ***Interest Rate Swaps - continued*** | ***Interest Rate Swaps - continued*** | ***Interest Rate Swaps - continued*** | ***Interest Rate Swaps - continued*** |  |  |  |
| 9/15/55 | USD | 11900000 | centrally cleared | Daily SOFR / Annually | 4.031% / Annually | $(214262)<br>| $(41531)<br>| $(255793)<br>|
|  |  |  |  |  |  | $(573427)<br>| $(71336)<br>| $(644763)<br>|
|  |  |  |  |  |  | $(574667)<br>| $(71336)<br>| $(646003)<br>|

---

At June 30, 2025, the fund had cash collateral of $2,485,393 and other liquid securities with an aggregate value of $20,922,343 to cover any collateral or margin obligations for certain derivative contracts. Restricted cash and/or deposits with brokers in the Statement of Assets and Liabilities are comprised of cash collateral.

**See Notes to Financial Statements**

------

MFS Global Tactical Allocation Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $285,334,869) | &nbsp;&nbsp; $326930093 |
| Investments in affiliated issuers, at value (identified cost, $15,635,924) | &nbsp;&nbsp; 15637405 |
| Cash | &nbsp;&nbsp; 570895 |
| Foreign currency, at value (identified cost, $44,920) | &nbsp;&nbsp; 45064 |
| Restricted cash for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 710000 |
| Deposits with brokers for |  |
| Futures contracts | &nbsp;&nbsp; 1764183 |
| Exchange-traded options | &nbsp;&nbsp; 11210 |
| Receivables for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 3169366 |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; 345827 |
| Investments sold | &nbsp;&nbsp; 877317 |
| TBA sale commitments | &nbsp;&nbsp; 353294 |
| Interest and dividends | &nbsp;&nbsp; 2520494 |
| Receivable from investment adviser | &nbsp;&nbsp; 3877 |
| Other assets | &nbsp;&nbsp; 791 |
| Total assets | &nbsp;&nbsp; $352939816 |
| **Liabilities** |  |
| Payables for |  |
| Net daily variation margin on open cleared swap agreements | &nbsp;&nbsp; $40068 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 6316485 |
| Investments purchased | &nbsp;&nbsp; 3006046 |
| When-issued investments purchased | &nbsp;&nbsp; 1292639 |
| TBA purchase commitments | &nbsp;&nbsp; 1391720 |
| Fund shares reacquired | &nbsp;&nbsp; 323861 |
| Written options (premiums received, $20,894) | &nbsp;&nbsp; 6210 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 592 |
| Shareholder servicing costs | &nbsp;&nbsp; 129 |
| Distribution and/or service fees | &nbsp;&nbsp; 8562 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 1398 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 237 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 145346 |
| Total liabilities | &nbsp;&nbsp; $12533293 |
| Net assets | &nbsp;&nbsp; $340406523 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $251076694 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 89329829 |
| Net assets | &nbsp;&nbsp; $340406523 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 22495554 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $26589890 | &nbsp;&nbsp;&nbsp; 1720165 | &nbsp;&nbsp;&nbsp; $15.46 |
| Service Class | &nbsp;&nbsp;&nbsp; 313816633 | &nbsp;&nbsp;&nbsp; 20775389 | &nbsp;&nbsp;&nbsp;&nbsp;15.11 |

---

**See Notes to Financial Statements**

------

MFS Global Tactical Allocation Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $4682397 |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; 2166889 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 293256 |
| Other | &nbsp;&nbsp; 589 |
| Income on securities loaned | &nbsp;&nbsp; 183 |
| Foreign taxes withheld | &nbsp;&nbsp; (124417)<br>|
| Total investment income | &nbsp;&nbsp; $7018897 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $1252801 |
| Distribution and/or service fees | &nbsp;&nbsp; 389413 |
| Shareholder servicing costs | &nbsp;&nbsp; 4011 |
| Administrative services fee | &nbsp;&nbsp; 27613 |
| Independent Trustees' compensation | &nbsp;&nbsp; 4510 |
| Custodian fee | &nbsp;&nbsp; 66362 |
| Shareholder communications | &nbsp;&nbsp; 1299 |
| Audit and tax fees | &nbsp;&nbsp; 51718 |
| Legal fees | &nbsp;&nbsp; 1183 |
| Miscellaneous | &nbsp;&nbsp; 82777 |
| Total expenses | &nbsp;&nbsp; $1881687 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (170024)<br>|
| Net expenses | &nbsp;&nbsp; $1711663 |
| Net investment income (loss) | &nbsp;&nbsp; $5307234 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers (includes $110 foreign capital gains tax) | &nbsp;&nbsp; $3200260 |
| Affiliated issuers | &nbsp;&nbsp; (1610)<br>|
| Written options | &nbsp;&nbsp; 222591 |
| Futures contracts | &nbsp;&nbsp; 9457902 |
| Swap agreements | &nbsp;&nbsp; 1341683 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (1153703)<br>|
| Foreign currency | &nbsp;&nbsp; (28590)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $13038533 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $237 increase in deferred foreign capital gains tax) | &nbsp;&nbsp; $18807850 |
| Affiliated issuers | &nbsp;&nbsp; 653 |
| Written options | &nbsp;&nbsp; (193507)<br>|
| Futures contracts | &nbsp;&nbsp; (935260)<br>|
| Swap agreements | &nbsp;&nbsp; 142509 |
| Forward foreign currency exchange contracts  | &nbsp;&nbsp; (5956901)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 249161 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $12114505 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $25153038 |
| Change in net assets from operations | &nbsp;&nbsp; $30460272 |

---

**See Notes to Financial Statements**

------

MFS Global Tactical Allocation Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $5307234 | &nbsp;&nbsp; $11400890 |
| Net realized gain (loss) | 13038533 | &nbsp;&nbsp; 20694900 |
| Net unrealized gain (loss) | 12114505 | &nbsp;&nbsp; (14379500)<br>|
| Change in net assets from operations | $30460272 | &nbsp;&nbsp; $17716290 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(3880033)<br>|
| Change in net assets from fund share transactions | $(32510363)<br>| &nbsp;&nbsp; $(56054153)<br>|
| Total change in net assets | $(2050091)<br>| &nbsp;&nbsp; $(42217896)<br>|
| **Net assets** |  |  |
| At beginning of period | 342456614 | &nbsp;&nbsp; 384674510 |
| At end of period | $340406523 | &nbsp;&nbsp; $342456614 |

---

**See Notes to Financial Statements**

------

MFS Global Tactical Allocation Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $14.13 | &nbsp;&nbsp; $13.63 | &nbsp;&nbsp; $12.98 | &nbsp;&nbsp; $15.35 | &nbsp;&nbsp; $15.79 | &nbsp;&nbsp; $15.86 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.25 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.22 |
| Net realized and unrealized gain (loss) | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Total from investment operations | $1.33 | &nbsp;&nbsp; $0.68 | &nbsp;&nbsp; $1.21 | &nbsp;&nbsp; $(1.12)<br>| &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $0.93 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.28)<br>|
| From net realized gain |  | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.72)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $(1.25)<br>| &nbsp;&nbsp; $(0.88)<br>| &nbsp;&nbsp; $(1.00)<br>|
| Net asset value, end of period (x) | $15.46 | &nbsp;&nbsp; $14.13 | &nbsp;&nbsp; $13.63 | &nbsp;&nbsp; $12.98 | &nbsp;&nbsp; $15.35 | &nbsp;&nbsp; $15.79 |
| Total return (%) (k)(r)(s)(x) | 9.41<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.63 | &nbsp;&nbsp; (7.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;6.23 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.88<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Expenses after expense reductions | 0.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net investment income (loss) | 3.37<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Portfolio turnover rate | 54<br> (n)<br>| &nbsp;&nbsp; 97 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 120 |
| Net assets at end of period (000 omitted) | $26590 | &nbsp;&nbsp; $26922 | &nbsp;&nbsp; $32096 | &nbsp;&nbsp; $32846 | &nbsp;&nbsp; $39123 | &nbsp;&nbsp; $43513 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

**See Notes to Financial Statements**

------

MFS Global Tactical Allocation Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $13.82 | &nbsp;&nbsp; $13.34 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $15.05 | &nbsp;&nbsp; $15.49 | &nbsp;&nbsp; $15.57 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.22 | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $0.37 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.18 |
| Net realized and unrealized gain (loss) | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Total from investment operations | $1.29 | &nbsp;&nbsp; $0.62 | &nbsp;&nbsp; $1.15 | &nbsp;&nbsp; $(1.13)<br>| &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $0.88 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.24)<br>|
| From net realized gain |  | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.72)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.52)<br>| &nbsp;&nbsp; $(1.21)<br>| &nbsp;&nbsp; $(0.84)<br>| &nbsp;&nbsp; $(0.96)<br>|
| Net asset value, end of period (x) | $15.11 | &nbsp;&nbsp; $13.82 | &nbsp;&nbsp; $13.34 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $15.05 | &nbsp;&nbsp; $15.49 |
| Total return (%) (k)(r)(s)(x) | 9.33<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp; (7.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;5.99 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.13<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Expenses after expense reductions | 1.03<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Net investment income (loss) | 3.12<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Portfolio turnover rate | 54<br> (n)<br>| &nbsp;&nbsp; 97 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 120 |
| Net assets at end of period (000 omitted) | $313817 | &nbsp;&nbsp; $315535 | &nbsp;&nbsp; $352578 | &nbsp;&nbsp; $377941 | &nbsp;&nbsp; $483621 | &nbsp;&nbsp; $530703 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees<br>| N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Global Tactical Allocation Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Global Tactical Allocation Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in derivatives as part of its principal investment strategy. Derivatives can be highly volatile and involve risks in addition to the risks of the underlying indicators on which the derivative is based. Derivatives can involve leverage. The fund invests in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments tied economically to emerging markets, especially frontier markets, can involve additional and greater risks than the risks associated with investments in developed markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, geopolitical, and economic instability than developed markets.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, 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 may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service.

------

MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange 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. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. 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.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the 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 halt 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 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. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts, forward foreign currency exchange contracts, swap agreements, and written options. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

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MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $62322263 | $18810 | $— | $62341073 |
| United Kingdom | 11241835 |  |  | 11241835 |
| France | 9302151 |  |  | 9302151 |
| Japan | 8946301 |  |  | 8946301 |
| Switzerland | 6104167 |  |  | 6104167 |
| Germany | 2476601 | 324907 |  | 2801508 |
| Netherlands | 2310691 |  |  | 2310691 |
| China | 2178125 |  |  | 2178125 |
| Spain | 1872684 |  |  | 1872684 |
| Other Countries | 10376842 |  | 0 | 10376842 |
| U.S. Treasury Bonds & U.S. Government <br> Agencies & Equivalents<br>|  | 11098868 |  | 11098868 |
| Non - U.S. Sovereign Debt |  | 87805836 |  | 87805836 |
| Municipal Bonds |  | 2298456 |  | 2298456 |
| U.S. Corporate Bonds |  | 36939106 |  | 36939106 |
| Residential Mortgage-Backed Securities |  | 24616420 |  | 24616420 |
| Commercial Mortgage-Backed Securities |  | 4974211 |  | 4974211 |
| Asset-Backed Securities (including CDOs) |  | 5422683 |  | 5422683 |
| Foreign Bonds |  | 36299136 |  | 36299136 |
| Investment Companies | 15637405 |  |  | 15637405 |
| Total | $132769065 | $209798433 | $0 | $342567498 |

---

---

| | | |
|:---|:---|:---|
| **Other Financial Instruments** |  |  |
| Futures Contracts – Assets | $— | $1492784 |
| Futures Contracts – Liabilities |  | (1813967)<br>|
| Forward Foreign Currency Exchange <br> Contracts – Assets<br>| 3169366 | 3169366 |
| Forward Foreign Currency Exchange <br> Contracts – Liabilities<br>| (6316485)<br>| (6316485)<br>|
| Swap Agreements – Assets | 1027293 | 1027293 |
| Swap Agreements – Liabilities | (646003)<br>| (646003)<br>|
| Written Options - Liabilities | (6210)<br>| (6210)<br>|

---

For further information regarding security characteristics, see the Portfolio of Investments. At June 30, 2025, the fund held one level 3 security valued at $0, which was also held and valued at $0 at December 31, 2024.

**Inflation-Adjusted Debt Securities** — The fund invests in inflation-adjusted debt securities issued by the U.S. Treasury. The principal value of these debt securities is adjusted through income according to changes in the Consumer Price Index. These debt securities typically pay a fixed rate of interest, but this fixed rate is applied to the inflation-adjusted principal amount. The principal paid at maturity of the debt security is typically equal to the inflation-adjusted principal amount, or the security's original par value, whichever is greater. Other types of inflation-adjusted securities may use other methods to adjust for other measures of inflation.

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Derivatives** — The fund uses derivatives in an attempt to adjust exposure to markets, asset classes, and currencies based on the adviser's assessment of the relative attractiveness of such markets, asset classes, and currencies. Derivatives are used to increase or decrease the fund's exposure to markets, asset classes, or currencies resulting from the fund's individual security selections, and to expose the fund to markets, asset classes, or currencies in which the fund's individual security selection has resulted in little or no exposure. Derivatives are 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 or decrease market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative's original cost.

------

MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

The derivative instruments used by the fund during the period were written options, purchased options, futures contracts, forward foreign currency exchange contracts, and swap agreements. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

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 June 30, 2025 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value (a)** | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Credit | Written Option Contracts | $— | $(6210) |
| Equity | Purchased Option Contracts | 370387 |  |
| Credit | Purchased Option Contracts | 13195 |  |
| Equity | Futures Contracts | 1076888 | (1244764) |
| Interest Rate | Futures Contracts | 415896 | (569203) |
| Foreign Exchange | Forward Foreign Currency Exchange Contracts | 3169366 | (6316485) |
| Interest Rate | Cleared Swap Agreements | 1027293 | (646003) |
| Total |  | $6073025 | $(8782665) |

---

(a) The value of purchased options outstanding is included in investments in unaffiliated issuers, at value, within the Statement of Assets and Liabilities. Values presented in this table for futures contracts and cleared swap agreements correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts and cleared swap agreements is reported separately within the Statement of Assets and Liabilities.

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended June 30, 2025 as reported in the Statement of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>| **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>| **Unaffiliated Issuers** <br>**(Purchased** <br>**Options)**<br>| **Written** <br>**Options**<br>|
| Interest Rate | $2640604 | &nbsp;&nbsp; $1326762 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (1153703)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Equity | 6817298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (944447)<br>| &nbsp;&nbsp; — |
| Credit |  | &nbsp;&nbsp; 14921 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38960 | &nbsp;&nbsp; 222591 |
| Total | $9457902 | &nbsp;&nbsp; $1341683 | &nbsp;&nbsp; $(1153703)<br>| &nbsp;&nbsp; $(905487)<br>| &nbsp;&nbsp; $222591 |

---

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the six months ended June 30, 2025 as reported in the Statement of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>| **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>| **Unaffiliated Issuers** <br>**(Purchased** <br>**Options)**<br>| **Written** <br>**Options**<br>|
| Interest Rate | $(362038)<br>| &nbsp;&nbsp; $141756 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (5956901)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Equity | (573222)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 823310 | &nbsp;&nbsp; (208191)<br>|
| Credit |  | &nbsp;&nbsp; 753 | &nbsp;&nbsp; — | &nbsp;&nbsp; (31822)<br>| &nbsp;&nbsp; 14684 |
| Total | $(935260)<br>| &nbsp;&nbsp; $142509 | &nbsp;&nbsp; $(5956901)<br>| &nbsp;&nbsp; $791488 | &nbsp;&nbsp; $(193507)<br>|

---

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out

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MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

all transactions traded under such agreement and to net amounts owed under each agreement 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.

Collateral and margin requirements differ by type of derivative. For exchange-traded and cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the exchange or clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the exchange or clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). Collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for exchange-traded or cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in "Miscellaneous" expense in the Statement of Operations.

The following table presents the fund's derivative assets and liabilities (by type) on a gross basis as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of:** | **Derivative Assets** | **Derivative Liabilities** |
| Futures Contracts (a) | $345827 | $— |
| Cleared Swap Agreements (a) |  | (40068) |
| Forward Foreign Currency Exchange Contracts | 3169366 | (6316485) |
| Purchased Options (a) | 383.582 |  |
| Written Options |  | (6210) |
| Total Gross Amount of Derivative Assets <br>and Liabilities Presented in the <br>Statement of Assets & Liabilities<br>| $3898775 | $(6362763) |
| Less: Derivative Assets and Liabilities Not Subject <br>to a Master Netting Agreement or <br>Similar Arrangement<br>| 1994690 | (3444363) |
| Total Gross Amount of Derivative Assets and <br>Liabilities Subject to a Master Netting Agreement or <br>Similar Arrangement<br>| $1904085 | $(2918400) |

---

(a) The value of purchased options outstanding is included in investments in unaffiliated issuers, at value, within the Statement of Assets and Liabilities. The amount presented here represents the fund's current day net variation margin for futures contracts and for cleared swap agreements. This amount, which is recognized within the Statement of Assets and Liabilities, differs from the fair value of the futures contracts and cleared swap agreements which is presented in the tables that follow the Portfolio of Investments.

The following table presents (by counterparty) the fund's derivative assets net of amounts available for offset under Master Netting Agreements (or similar arrangements) and net of the related collateral posted by the counterparty at June 30, 2025:

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MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Amounts Not Offset in the** <br>**Statement of Assets & Liabilities** | **Amounts Not Offset in the** <br>**Statement of Assets & Liabilities** | **Amounts Not Offset in the** <br>**Statement of Assets & Liabilities** | **Amounts Not Offset in the** <br>**Statement of Assets & Liabilities** |
|  | **Gross Amount** <br>**of Derivative** <br>**Assets Subject** <br>**to a Master** <br>**Netting** <br>**Agreement (or** <br>**Similar** <br>**Arrangement)** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**Available** <br>**for Offset**<br>| **Financial** <br>**Instruments** <br>**Collateral** <br>**Posted by** <br>**Counterparty (b)**<br>| **Cash** <br>**Collateral** <br>**Posted by** <br>**Counterparty (b)**<br>| **Net Amount** <br>**of Derivative** <br>**Assets by** <br>**Counterparty**<br>|
| Barclays Bank PLC | $68580 | $(68580) | $— | $— | $— |
| BNP Paribas | 22922 | (17511) |  |  | 5411 |
| Citibank N.A. | 167609 | (167609) |  |  |  |
| Deutsche Bank AG | 106253 | (106253) |  |  |  |
| Goldman Sachs International | 378968 | (378968) |  |  |  |
| JPMorgan Chase Bank N.A. | 328803 | (223660) |  |  | 105143 |
| Merrill Lynch International | 236229 | (142033) |  |  | 94196 |
| Morgan Stanley Capital Services, Inc. | 594721 | (594721) |  |  |  |
| Total | $1904085 | $(1699335) | $— | $— | $204750 |

---

The following table presents (by counterparty) the fund's derivative liabilities net of amounts available for offset under Master Netting Agreements (or similar arrangements) and net of the related collateral posted by the fund at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Amounts Not Offset in the** <br>**Statement of Assets & Liabilities** | **Amounts Not Offset in the** <br>**Statement of Assets & Liabilities** | **Amounts Not Offset in the** <br>**Statement of Assets & Liabilities** | **Amounts Not Offset in the** <br>**Statement of Assets & Liabilities** |
|  | **Gross Amount** <br>**of Derivative** <br>**Liabilities Subject** <br>**to a Master** <br>**Netting** <br>**Agreement (or** <br>**Similar** <br>**Arrangement)** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**Available** <br>**for Offset**<br>| **Financial** <br>**Instruments** <br>**Collateral** <br>**Posted by** <br>**Fund (b)**<br>| **Cash** <br>**Collateral** <br>**Posted by** <br>**Fund (b)**<br>| **Net Amount** <br>**of Derivative** <br>**Liabilities by** <br>**Counterparty**<br>|
| Barclays Bank PLC | $(346528) | $68580 | $— | $— | $(277948) |
| BNP Paribas | (17511) | 17511 |  |  |  |
| Citibank N.A. | (405071) | 167609 |  | 237462 |  |
| Deutsche Bank AG | (163819) | 106253 |  | 50000 | (7566) |
| Goldman Sachs International | (382777) | 378968 |  |  | (3809) |
| JPMorgan Chase Bank N.A. | (223660) | 223660 |  |  |  |
| Merrill Lynch International | (142033) | 142033 |  |  |  |
| Morgan Stanley Capital Services, Inc. | (1237001) | 594721 |  | 390000 | (252280) |
| Total | $(2918400) | $1699335 | $— | $677462 | $(541603) |

---

(b) The amount presented here may be less than the total amount of collateral posted by the counterparty/by the fund. Excess collateral is not shown for purposes of this presentation.

**Written Options** — In exchange for a premium, the fund wrote put options on securities for which it anticipated the price would increase. At the time the option was written, the fund believed the premium received exceeded the potential loss that could result from adverse price changes in the options' underlying securities. In a written option, the fund as the option writer grants the buyer the right to purchase from, or sell to, the fund a specified number of shares or units of a particular security, currency or index at a specified price within a specified period of time.

The premium received is initially recorded as a liability in the Statement of Assets and Liabilities. The option is subsequently marked-to-market daily with the difference between the premium received and the market value of the written option being recorded as unrealized appreciation or depreciation. When a written option expires, the fund realizes a gain equal to the amount of the premium received. The difference between the premium received and the amount paid on effecting a closing transaction is considered a realized gain or loss. When a written put option is exercised, the premium reduces the cost basis of the security purchased by the fund.

------

MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

At the initiation of the written option contract, for exchange traded options, the fund is required to deposit securities or cash as collateral with the custodian for the benefit of the broker or directly with the clearing broker, based on the type of option. For uncleared options, the fund may post collateral subject to the terms of an ISDA Master Agreement as generally described above if the market value of the options contract moves against it. The fund, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities underlying the written option. Losses from writing options can exceed the premium received and can exceed the potential loss from an ordinary buy and sell transaction. Although the fund's market risk may be significant, the maximum counterparty credit risk to the fund is equal to the market value of any collateral posted to the broker. For uncleared 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.

**Purchased Options** — The fund purchased put options for a premium. Purchased put options entitle the holder to 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 put options may hedge against an anticipated decline in the value of portfolio securities or currency or decrease the fund's exposure to an underlying instrument.

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 put options which have expired are treated as realized losses on investments in the Statement of Operations. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments.

Whether or not the option is exercised, the fund's maximum risk of loss from purchasing an option is the amount of premium paid. All option contracts involve credit risk if the counterparty to the option contract fails to perform. For uncleared 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, where applicable, 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.

**Futures Contracts** — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, currency exposure, or to manage duration. 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 specified 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 contracts 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 contracts 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 entered into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. These contracts may be used 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 forward foreign currency exchange contracts.

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. Generally, the fund's maximum risk due to counterparty credit risk is the unrealized gain on the contract due to the use of Continuous Linked Settlement, a multicurrency cash settlement system for the

------

MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

centralized settlement of foreign transactions. 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, where applicable, 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.

**Swap Agreements** — The fund entered into swap agreements which generally involve a periodic exchange of cash payments on a net basis, at specified intervals or upon the occurrence of specified events, between the fund and a counterparty. Certain swap agreements may be entered into as a bilateral contract ("uncleared swaps") while others are required to be centrally cleared ("cleared swaps").

Both cleared and uncleared swap agreements are marked to market daily. The value of uncleared swap agreements is reported in the Statement of Assets and Liabilities as "Uncleared swaps, at value" which includes any related interest accruals to be paid or received by the fund. For cleared swaps, payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the cleared swap, such that only the current day net receivable or payable for variation margin is reported in the Statement of Assets and Liabilities.

For both cleared and uncleared swaps, premiums paid or received at the inception of the agreements are amortized over the term of the agreement as realized gain or loss on swap agreements in the Statement of Operations. The periodic exchange of net cash payments, as well as any liquidation payment received or made upon early termination, are recorded as a realized gain or loss on swap agreements in the Statement of Operations. The change in unrealized appreciation or depreciation on swap agreements in the Statement of Operations reflects the aggregate change over the reporting period in the value of swaps net of any unamortized premiums paid or received.

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. 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 the amount is positive. To address counterparty risk, uncleared swap agreements are limited to only highly-rated counterparties. Risk is further reduced by having an ISDA Master Agreement ("ISDA") between the fund and the counterparty and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund's exposure to the counterparty under such ISDA. The fund's counterparty risk due to cleared swaps is mitigated by the fact that the clearinghouse is the counterparty to the transaction and the regulatory requirement safeguards in the event of a clearing broker bankruptcy.

The fund entered into interest rate swap agreements in order to manage its exposure to interest 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 entered into credit default swap agreements in order 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. A credit default swap's reference obligation may be either a single security or a basket of securities issued by corporate or sovereign issuers. At the inception of the agreement, the protection buyer may make an upfront payment to or receive an upfront payment from the protection seller. Over the term of the agreement, the protection buyer will make a series of periodic payments to the protection seller based on a fixed percentage applied to the agreement's notional amount in exchange for a promise from the protection seller to make a specific payment should a defined credit event occur with respect to the reference obligation. Although agreement-specific, credit events generally consist of a combination of the following: bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. If a defined credit event occurs, the protection buyer will either (i) receive from the protection seller an amount equal to the agreement's notional amount and deliver the reference obligation (i.e., physical settlement) or (ii) receive from the protection seller a net settlement of cash equal to the agreement's notional amount less the recovery value of the reference obligation. Upon determination of the final price for the reference obligation (or upon delivery of the reference obligation in the case of physical settlement), the difference between the recovery value of the reference obligation and the agreement's notional amount is recorded as realized gain or loss on swap agreements in the Statement of Operations.

The fund entered into inflation swap agreements in order to manage its exposure to inflation risk. Inflation swap agreements involve the periodic exchange of cash flows, between the fund and a counterparty, based on the difference between two rates applied to a notional principal amount. The two rates exchanged are generally a fixed rate and a floating rate based on an inflation index.

**Mortgage-Backed/Asset-Backed Securities** — The fund invests a significant portion of its assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing

------

MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae.

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At June 30, 2025, there were no securities on loan or collateral outstanding.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted upward or downward based on the rate of inflation. Interest is accrued based on the principal amount, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond is generally recorded as an increase or decrease in interest income, respectively, even though the adjusted principal is not received until maturity.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

The fund may purchase or sell mortgage-backed securities on a To Be Announced ("TBA") basis. A TBA transaction is subject to extended settlement and typically does not designate the actual security to be delivered, but instead includes an approximate principal amount. The price of the TBA security and the date that it will be settled are fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and no interest accrues to the fund until settlement takes place. TBA purchase and sale commitments are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy and included in TBA purchase and TBA sale commitments in the Statement of Assets and Liabilities, as applicable. Losses may arise as a result of changes in the value of the TBA investment prior to settlement date or due to counterparty non-performance.

The fund may also enter into mortgage dollar rolls, typically TBA dollar rolls, in which the fund sells TBA mortgage-backed securities to financial institutions and simultaneously agrees to repurchase similar (same issuer, type and coupon) securities at a later date at an agreed-upon price. During the period between the sale and repurchase, the fund will not be entitled to receive interest and principal payments on the securities sold. The fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. Dollar roll transactions involve the risk that the market value of the securities that the fund is required to purchase may decline below the agreed upon repurchase price of those securities.

------

MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities.

To mitigate the counterparty credit risk on To Be Announced ("TBA") transactions, mortgage dollar rolls, and other types of forward settling mortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master Securities Forward Transaction Agreement ("MSFTA") on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the MSFTA, the non-defaulting party has the right 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 MSFTA 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.

For mortgage-backed and asset-backed securities traded under a MSFTA, the collateral and margining requirements are contract specific. Collateral amounts across all transactions traded under such agreement are netted and an amount is posted from one party to the other to collateralize such obligations. Cash that has been pledged to cover the fund's collateral or margin obligations under a MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as restricted cash. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to amortization of premium and accretion of discount of debt securities, wash sale loss deferrals, and derivative transactions.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $3880033 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

------

MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $302817287 |
| Gross appreciation | &nbsp;&nbsp; 47066314 |
| Gross depreciation | &nbsp;&nbsp; (7316103)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $39750211 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 25272372 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 11952007 |
| Other temporary differences | &nbsp;&nbsp; (108274)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 21753452 |

---

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

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $373232 |
| Service Class |  | &nbsp;&nbsp; 3506801 |
| Total | $— | &nbsp;&nbsp; $3880033 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $300 million | 0.75% |
| In excess of $300 million and up to $2.5 billion | 0.675% |
| In excess of $2.5 billion | 0.65% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $23,510, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.73% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.76% of average daily net assets for the Initial Class shares and 1.01% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this reduction amounted to $146,514, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and

------

MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $3,843, which equated to 0.0023% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $168.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0163% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

During the six months ended June 30, 2025, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the "Act") and relevant guidance, the fund engaged in purchase and sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $91,578 and $94,925, respectively. The sales transactions resulted in net realized gains (losses) of $86,401.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than purchased options with an expiration date of less than one year from the time of purchase and short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $39452968 | &nbsp;&nbsp; $35759675 |
| Non-U.S. Government securities | 134751656 | &nbsp;&nbsp; 165066275 |

---

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 50597 | &nbsp;&nbsp; $744957 | &nbsp;&nbsp; 55209 | &nbsp;&nbsp; $780365 |
| Service Class | 252257 | &nbsp;&nbsp; 3679641 | &nbsp;&nbsp; 410517 | &nbsp;&nbsp; 5677373 |
|  | 302854 | &nbsp;&nbsp; $4424598 | &nbsp;&nbsp; 465726 | &nbsp;&nbsp; $6457738 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 26100 | &nbsp;&nbsp; $373232 |
| Service Class |  |  | &nbsp;&nbsp; 250486 | &nbsp;&nbsp; 3506801 |
|  |  | $— | &nbsp;&nbsp; 276586 | &nbsp;&nbsp; $3880033 |

---

------

MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **6/30/25** | **Six months ended**<br> **6/30/25** | **Year ended**<br> **12/31/24** | **Year ended**<br> **12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares reacquired |  |  |  |  |
| Initial Class | (236184)<br>| &nbsp;&nbsp; $(3497879)<br>| &nbsp;&nbsp; (530651)<br>| &nbsp;&nbsp; $(7485591)<br>|
| Service Class | (2306035)<br>| &nbsp;&nbsp; (33437082)<br>| &nbsp;&nbsp; (4270750)<br>| &nbsp;&nbsp; (58906333)<br>|
|  | (2542219)<br>| &nbsp;&nbsp; $(36934961)<br>| &nbsp;&nbsp; (4801401)<br>| &nbsp;&nbsp; $(66391924)<br>|
| Net change |  |  |  |  |
| Initial Class | (185587)<br>| &nbsp;&nbsp; $(2752922)<br>| &nbsp;&nbsp; (449342)<br>| &nbsp;&nbsp; $(6331994)<br>|
| Service Class | (2053778)<br>| &nbsp;&nbsp; (29757441)<br>| &nbsp;&nbsp; (3609747)<br>| &nbsp;&nbsp; (49722159)<br>|
|  | (2239365)<br>| &nbsp;&nbsp; $(32510363)<br>| &nbsp;&nbsp; (4059089)<br>| &nbsp;&nbsp; $(56054153)<br>|

---

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $770 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in 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 following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $7373550 | &nbsp;&nbsp; $109494522 | &nbsp;&nbsp; $101229710 | &nbsp;&nbsp; $(1610)<br>| &nbsp;&nbsp; $653 | &nbsp;&nbsp; $15637405 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $293256 | $— |

---

**(8) Russia and Ukraine Conflict**

The fund invests in securities and/or derivative instruments that are economically tied to Russia and/or Ukraine. Escalation of the conflict between Russia and Ukraine in late February 2022 caused market volatility and disruption in the tradability of Russian securities, including closure of the local securities market, temporary restriction on securities sales by non-residents, and disruptions to clearance and payment systems. To the extent that the fund is unable to sell securities, whether due to market constraints or to the sanctions imposed on Russia by the United States and other countries, those securities are considered illiquid and the value of those securities reflects their illiquid classification. Additionally, since there is no assurance on collectability of dividends declared by certain Russian issuers, all such dividends, related receivables, and/or currency denominated in Rubles, if applicable, have been valued at $0. Management continues to monitor these events and to evaluate the related impacts on fund performance.

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Global Tactical Allocation Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Global Tactical Allocation Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Global Tactical Allocation Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Global Research Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Global Research Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 99.1% | Common Stocks – 99.1% | Common Stocks – 99.1% |
| Aerospace & Defense – 2.4% | Aerospace & Defense – 2.4% |  |
| General Dynamics Corp. | 1541 | &nbsp;&nbsp; $449448 |
| Howmet Aerospace, Inc. | 4317 | &nbsp;&nbsp; 803523 |
| RTX Corp. | 4017 | &nbsp;&nbsp; 586563 |
|  |  | &nbsp;&nbsp; $1839534 |
| Alcoholic Beverages – 0.8% | Alcoholic Beverages – 0.8% |  |
| China Resources Beer Holdings Co. Ltd. | 38000 | &nbsp;&nbsp; $121020 |
| Diageo PLC | 11665 | &nbsp;&nbsp; 292699 |
| Kweichow Moutai Co. Ltd., "A" | 900 | &nbsp;&nbsp; 177038 |
|  |  | &nbsp;&nbsp; $590757 |
| Apparel Manufacturers – 1.5% | Apparel Manufacturers – 1.5% |  |
| Compagnie Financiere Richemont S.A. | 3422 | &nbsp;&nbsp; $644550 |
| LVMH Moet Hennessy Louis Vuitton SE | 893 | &nbsp;&nbsp; 467679 |
|  |  | &nbsp;&nbsp; $1112229 |
| Broadcasting – 0.8% | Broadcasting – 0.8% |  |
| Spotify Technology S.A. (a) | 733 | &nbsp;&nbsp; $562460 |
| Brokerage & Asset Managers – 5.4% | Brokerage & Asset Managers – 5.4% |  |
| B3 S.A. - Brasil Bolsa Balcao | 226400 | &nbsp;&nbsp; $607556 |
| Barclays PLC | 192968 | &nbsp;&nbsp; 893432 |
| Charles Schwab Corp. | 7767 | &nbsp;&nbsp; 708661 |
| CME Group, Inc. | 1473 | &nbsp;&nbsp; 405988 |
| Euronext N.V. | 5402 | &nbsp;&nbsp; 923313 |
| London Stock Exchange Group PLC | 3428 | &nbsp;&nbsp; 500424 |
|  |  | &nbsp;&nbsp; $4039374 |
| Business Services – 1.9% | Business Services – 1.9% |  |
| Accenture PLC, "A" | 2527 | &nbsp;&nbsp; $755295 |
| Fiserv, Inc. (a) | 2461 | &nbsp;&nbsp; 424301 |
| TransUnion | 3064 | &nbsp;&nbsp; 269632 |
|  |  | &nbsp;&nbsp; $1449228 |
| Computer Software – 10.8% | Computer Software – 10.8% |  |
| Atlassian Corp. (a) | 2865 | &nbsp;&nbsp; $581853 |
| Cadence Design Systems, Inc. (a) | 1650 | &nbsp;&nbsp; 508448 |
| Constellation Software, Inc. | 197 | &nbsp;&nbsp; 722350 |
| HubSpot, Inc. (a) | 511 | &nbsp;&nbsp; 284438 |
| Microsoft Corp. | 8389 | &nbsp;&nbsp; 4172773 |
| Okta, Inc. (a) | 3384 | &nbsp;&nbsp; 338298 |
| Salesforce, Inc. | 3506 | &nbsp;&nbsp; 956051 |
| Tyler Technologies, Inc. (a) | 923 | &nbsp;&nbsp; 547191 |
|  |  | &nbsp;&nbsp; $8111402 |
| Computer Software - Systems – 4.5% | Computer Software - Systems – 4.5% |  |
| Apple, Inc. | 5707 | &nbsp;&nbsp; $1170905 |
| Cap Gemini S.A. | 2909 | &nbsp;&nbsp; 497037 |
| CDW Corp. | 658 | &nbsp;&nbsp; 117512 |
| EPAM Systems, Inc. (a) | 3009 | &nbsp;&nbsp; 532052 |

---

RESFS-SEM

------

MFS Global Research Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software - Systems – continued | Computer Software - Systems – continued |  |
| Hitachi Ltd. | 37800 | &nbsp;&nbsp; $1103774 |
|  |  | &nbsp;&nbsp; $3421280 |
| Construction – 2.1% | Construction – 2.1% |  |
| CRH PLC | 4948 | &nbsp;&nbsp; $454226 |
| James Hardie Industries PLC, GDR (a) | 17769 | &nbsp;&nbsp; 487668 |
| Sherwin-Williams Co. | 1246 | &nbsp;&nbsp; 427827 |
| Techtronic Industries Co. Ltd. | 22000 | &nbsp;&nbsp; 241861 |
|  |  | &nbsp;&nbsp; $1611582 |
| Consumer Products – 0.9% | Consumer Products – 0.9% |  |
| Colgate-Palmolive Co. | 2716 | &nbsp;&nbsp; $246884 |
| Kao Corp. | 4200 | &nbsp;&nbsp; 188323 |
| Kenvue, Inc. | 10895 | &nbsp;&nbsp; 228032 |
|  |  | &nbsp;&nbsp; $663239 |
| Electrical Equipment – 2.6% | Electrical Equipment – 2.6% |  |
| Emerson Electric Co. | 4542 | &nbsp;&nbsp; $605585 |
| Schneider Electric SE | 3434 | &nbsp;&nbsp; 913380 |
| TE Connectivity PLC | 2548 | &nbsp;&nbsp; 429771 |
|  |  | &nbsp;&nbsp; $1948736 |
| Electronics – 9.1% | Electronics – 9.1% |  |
| ASML Holding N.V. | 708 | &nbsp;&nbsp; $565111 |
| Broadcom, Inc. | 5535 | &nbsp;&nbsp; 1525723 |
| Lam Research Corp. | 4466 | &nbsp;&nbsp; 434721 |
| Marvell Technology, Inc. | 6621 | &nbsp;&nbsp; 512465 |
| NVIDIA Corp. | 12726 | &nbsp;&nbsp; 2010581 |
| NXP Semiconductors N.V. | 968 | &nbsp;&nbsp; 211498 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 44000 | &nbsp;&nbsp; 1596604 |
|  |  | &nbsp;&nbsp; $6856703 |
| Energy - Independent – 1.2% | Energy - Independent – 1.2% |  |
| ConocoPhillips | 6521 | &nbsp;&nbsp; $585194 |
| Valero Energy Corp. | 2407 | &nbsp;&nbsp; 323549 |
|  |  | &nbsp;&nbsp; $908743 |
| Energy - Integrated – 1.5% | Energy - Integrated – 1.5% |  |
| Galp Energia SGPS S.A., "B" | 22095 | &nbsp;&nbsp; $405238 |
| TotalEnergies SE | 11934 | &nbsp;&nbsp; 732404 |
|  |  | &nbsp;&nbsp; $1137642 |
| Food & Beverages – 1.6% | Food & Beverages – 1.6% |  |
| Mondelez International, Inc. | 4569 | &nbsp;&nbsp; $308133 |
| Nestle S.A. | 4777 | &nbsp;&nbsp; 474600 |
| PepsiCo, Inc. | 3349 | &nbsp;&nbsp; 442202 |
|  |  | &nbsp;&nbsp; $1224935 |
| Food & Drug Stores – 1.4% | Food & Drug Stores – 1.4% |  |
| Alimentation Couche-Tard, Inc. | 6091 | &nbsp;&nbsp; $302772 |
| Jeronimo Martins SGPS S.A. | 11240 | &nbsp;&nbsp; 284399 |
| Walmart de Mexico S.A.B. de C.V. | 129749 | &nbsp;&nbsp; 429742 |
|  |  | &nbsp;&nbsp; $1016913 |

---

------

MFS Global Research Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Gaming & Lodging – 0.8% | Gaming & Lodging – 0.8% |  |
| Flutter Entertainment PLC (a) | 1195 | &nbsp;&nbsp; $341483 |
| Whitbread PLC | 7404 | &nbsp;&nbsp; 286904 |
|  |  | &nbsp;&nbsp; $628387 |
| Health Maintenance Organizations – 0.9% | Health Maintenance Organizations – 0.9% |  |
| Cigna Group | 2078 | &nbsp;&nbsp; $686945 |
| Insurance – 2.5% | Insurance – 2.5% |  |
| AIA Group Ltd. | 40000 | &nbsp;&nbsp; $358729 |
| Aon PLC | 1913 | &nbsp;&nbsp; 682482 |
| Chubb Ltd. | 1849 | &nbsp;&nbsp; 535692 |
| Sompo Holdings, Inc. | 10200 | &nbsp;&nbsp; 307760 |
|  |  | &nbsp;&nbsp; $1884663 |
| Interactive Media Services – 4.7% | Interactive Media Services – 4.7% |  |
| Alphabet, Inc., "A" | 6125 | &nbsp;&nbsp; $1079409 |
| Meta Platforms, Inc., "A" | 3352 | &nbsp;&nbsp; 2474077 |
|  |  | &nbsp;&nbsp; $3553486 |
| Internet – 0.5% | Internet – 0.5% |  |
| Gartner, Inc. (a) | 1000 | &nbsp;&nbsp; $404220 |
| Leisure & Toys – 1.5% | Leisure & Toys – 1.5% |  |
| Sony Group Corp. | 12700 | &nbsp;&nbsp; $328954 |
| Tencent Holdings Ltd. | 13000 | &nbsp;&nbsp; 832999 |
|  |  | &nbsp;&nbsp; $1161953 |
| Machinery & Tools – 4.3% | Machinery & Tools – 4.3% |  |
| Atlas Copco AB, "A" | 23361 | &nbsp;&nbsp; $377420 |
| Daikin Industries Ltd. | 3500 | &nbsp;&nbsp; 413788 |
| Eaton Corp. PLC | 2000 | &nbsp;&nbsp; 713980 |
| GEA Group AG | 4816 | &nbsp;&nbsp; 336977 |
| Nordson Corp. | 1845 | &nbsp;&nbsp; 395513 |
| Regal Rexnord Corp. | 2936 | &nbsp;&nbsp; 425602 |
| Wabtec Corp. | 2601 | &nbsp;&nbsp; 544519 |
|  |  | &nbsp;&nbsp; $3207799 |
| Major Banks – 6.0% | Major Banks – 6.0% |  |
| Banco Bradesco S.A., ADR | 151298 | &nbsp;&nbsp; $467511 |
| Bank of Ireland Group PLC | 40650 | &nbsp;&nbsp; 578674 |
| BNP Paribas S.A. | 7146 | &nbsp;&nbsp; 642434 |
| Mitsubishi UFJ Financial Group, Inc. | 29500 | &nbsp;&nbsp; 406225 |
| NatWest Group PLC | 141163 | &nbsp;&nbsp; 990926 |
| PNC Financial Services Group, Inc. | 4497 | &nbsp;&nbsp; 838331 |
| Toronto-Dominion Bank | 7655 | &nbsp;&nbsp; 563044 |
|  |  | &nbsp;&nbsp; $4487145 |
| Medical Equipment – 3.9% | Medical Equipment – 3.9% |  |
| Agilent Technologies, Inc. | 3413 | &nbsp;&nbsp; $402768 |
| Becton, Dickinson and Co. | 2393 | &nbsp;&nbsp; 412194 |
| Boston Scientific Corp. (a) | 5228 | &nbsp;&nbsp; 561540 |
| Medtronic PLC | 6542 | &nbsp;&nbsp; 570266 |
| QIAGEN N.V. (a) | 5248 | &nbsp;&nbsp; 252219 |
| STERIS PLC | 1742 | &nbsp;&nbsp; 418463 |

---

------

MFS Global Research Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Medical Equipment – continued | Medical Equipment – continued |  |
| Waters Corp. (a) | 993 | &nbsp;&nbsp; $346597 |
|  |  | &nbsp;&nbsp; $2964047 |
| Metals & Mining – 0.4% | Metals & Mining – 0.4% |  |
| Glencore PLC | 78802 | &nbsp;&nbsp; $306763 |
| Natural Gas - Distribution – 0.3% | Natural Gas - Distribution – 0.3% |  |
| China Resources Gas Group Ltd. | 88200 | &nbsp;&nbsp; $225277 |
| Natural Gas - Pipeline – 0.5% | Natural Gas - Pipeline – 0.5% |  |
| Cheniere Energy, Inc. | 1447 | &nbsp;&nbsp; $352373 |
| Oil Services – 0.3% | Oil Services – 0.3% |  |
| TechnipFMC PLC | 7326 | &nbsp;&nbsp; $252307 |
| Other Banks & Diversified Financials – 4.2% | Other Banks & Diversified Financials – 4.2% |  |
| HDFC Bank Ltd. | 21542 | &nbsp;&nbsp; $502756 |
| Julius Baer Group Ltd. | 9656 | &nbsp;&nbsp; 652779 |
| Mastercard, Inc., "A" | 3057 | &nbsp;&nbsp; 1717851 |
| Moody's Corp. | 558 | &nbsp;&nbsp; 279887 |
|  |  | &nbsp;&nbsp; $3153273 |
| Pharmaceuticals – 4.4% | Pharmaceuticals – 4.4% |  |
| AbbVie, Inc. | 4217 | &nbsp;&nbsp; $782760 |
| Daiichi Sankyo Co. Ltd. | 9700 | &nbsp;&nbsp; 226662 |
| Johnson & Johnson | 5248 | &nbsp;&nbsp; 801632 |
| Pfizer, Inc. | 13289 | &nbsp;&nbsp; 322125 |
| Roche Holding AG | 2291 | &nbsp;&nbsp; 746102 |
| Vertex Pharmaceuticals, Inc. (a) | 1036 | &nbsp;&nbsp; 461227 |
|  |  | &nbsp;&nbsp; $3340508 |
| Printing & Publishing – 0.4% | Printing & Publishing – 0.4% |  |
| Wolters Kluwer N.V. | 1840 | &nbsp;&nbsp; $307667 |
| Railroad & Shipping – 0.6% | Railroad & Shipping – 0.6% |  |
| Union Pacific Corp. | 1854 | &nbsp;&nbsp; $426568 |
| Real Estate – 0.2% | Real Estate – 0.2% |  |
| LEG Immobilien SE | 1576 | &nbsp;&nbsp; $139883 |
| Restaurants – 1.2% | Restaurants – 1.2% |  |
| Aramark | 12085 | &nbsp;&nbsp; $505999 |
| U.S. Foods Holding Corp. (a) | 5495 | &nbsp;&nbsp; 423170 |
|  |  | &nbsp;&nbsp; $929169 |
| Specialty Chemicals – 3.2% | Specialty Chemicals – 3.2% |  |
| Air Products & Chemicals, Inc. | 1651 | &nbsp;&nbsp; $465681 |
| Akzo Nobel N.V. | 4679 | &nbsp;&nbsp; 327391 |
| Corteva, Inc. | 5737 | &nbsp;&nbsp; 427578 |
| Croda International PLC | 8855 | &nbsp;&nbsp; 355407 |
| Linde PLC | 1718 | &nbsp;&nbsp; 806051 |
|  |  | &nbsp;&nbsp; $2382108 |

---

------

MFS Global Research Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Specialty Stores – 4.3% | Specialty Stores – 4.3% |  |
| Amazon.com, Inc. (a) | 11926 | &nbsp;&nbsp; $2616445 |
| Home Depot, Inc. | 1673 | &nbsp;&nbsp; 613389 |
|  |  | &nbsp;&nbsp; $3229834 |
| Telecom - Infrastructure – 0.9% | Telecom - Infrastructure – 0.9% |  |
| American Tower Corp., REIT | 1663 | &nbsp;&nbsp; $367556 |
| Cellnex Telecom S.A. | 7797 | &nbsp;&nbsp; 302629 |
|  |  | &nbsp;&nbsp; $670185 |
| Telecom Services – 1.2% | Telecom Services – 1.2% |  |
| Advanced Info Service Public Co. Ltd. | 25700 | &nbsp;&nbsp; $218984 |
| KDDI Corp. | 19400 | &nbsp;&nbsp; 334100 |
| Koninklijke KPN N.V. | 71041 | &nbsp;&nbsp; 346112 |
|  |  | &nbsp;&nbsp; $899196 |
| Tobacco – 0.6% | Tobacco – 0.6% |  |
| Philip Morris International, Inc. | 2567 | &nbsp;&nbsp; $467528 |
| Trucking – 0.4% | Trucking – 0.4% |  |
| J.B. Hunt Transport Services, Inc. | 2123 | &nbsp;&nbsp; $304863 |
| Utilities - Electric Power – 2.4% | Utilities - Electric Power – 2.4% |  |
| Duke Energy Corp. | 5136 | &nbsp;&nbsp; $606048 |
| National Grid PLC | 48577 | &nbsp;&nbsp; 707800 |
| PG&E Corp. | 33422 | &nbsp;&nbsp; 465902 |
|  |  | &nbsp;&nbsp; $1779750 |
| **Total Common Stocks (Identified Cost, $46,813,489)** |  | &nbsp;&nbsp; **$74640654** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strike** <br>**Price**<br>| &nbsp;&nbsp; **First** <br>**Exercise**<br>|  |  |
| Warrants – 0.0% |  |  |  |  |
| Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% | Computer Software – 0.0% |
| Constellation Software, Inc. (CAD 100 principal amount of Series 2 Debentures for 1 warrant, Expiration 3/31/40) (a) <br> (Identified Cost, $0)<br>| CAD 11.5 | N/A | 352 | &nbsp;&nbsp; $0 |

---

---

| | | |
|:---|:---|:---|
| Mutual Funds (h) – 0.3% | Mutual Funds (h) – 0.3% | Mutual Funds (h) – 0.3% |
| Money Market Funds – 0.3% | Money Market Funds – 0.3% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $223,973) | 223973 | &nbsp;&nbsp; $223996 |
| Other Assets, Less Liabilities – 0.6% |  | &nbsp;&nbsp; 488296 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$75352946** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $223,996 and $74,640,654, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

------

MFS Global Research Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| 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 <br> abbreviations is shown below: | 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 <br> abbreviations is shown below: |
| CAD | Canadian Dollar |

---

**See Notes to Financial Statements**

------

MFS Global Research Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $46,813,489) | &nbsp;&nbsp; $74640654 |
| Investments in affiliated issuers, at value (identified cost, $223,973) | &nbsp;&nbsp; 223996 |
| Foreign currency, at value (identified cost, $10,729) | &nbsp;&nbsp; 10786 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 575213 |
| Dividends | &nbsp;&nbsp; 196554 |
| Receivable from investment adviser | &nbsp;&nbsp; 3048 |
| Other assets | &nbsp;&nbsp; 322 |
| Total assets | &nbsp;&nbsp; $75650573 |
| **Liabilities** |  |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; $86198 |
| Fund shares reacquired | &nbsp;&nbsp; 124704 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 226 |
| Shareholder servicing costs | &nbsp;&nbsp; 38 |
| Distribution and/or service fees | &nbsp;&nbsp; 179 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 612 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 29792 |
| Payable for audit and tax fees | &nbsp;&nbsp; 38579 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 17299 |
| Total liabilities | &nbsp;&nbsp; $297627 |
| Net assets | &nbsp;&nbsp; $75352946 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $32497008 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 42855938 |
| Net assets | &nbsp;&nbsp; $75352946 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 2016687 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $68753532 | &nbsp;&nbsp;&nbsp; 1838917 | &nbsp;&nbsp;&nbsp; $37.39 |
| Service Class | &nbsp;&nbsp;&nbsp; 6599414 | &nbsp;&nbsp;&nbsp; 177770 | &nbsp;&nbsp;&nbsp;&nbsp;37.12 |

---

**See Notes to Financial Statements**

------

MFS Global Research Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $788278 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 12841 |
| Other | &nbsp;&nbsp; 22 |
| Foreign taxes withheld | &nbsp;&nbsp; (50525)<br>|
| Total investment income | &nbsp;&nbsp; $750616 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $274177 |
| Distribution and/or service fees | &nbsp;&nbsp; 7719 |
| Shareholder servicing costs | &nbsp;&nbsp; 1194 |
| Administrative services fee | &nbsp;&nbsp; 10230 |
| Independent Trustees' compensation | &nbsp;&nbsp; 1802 |
| Custodian fee | &nbsp;&nbsp; 15666 |
| Shareholder communications | &nbsp;&nbsp; 1313 |
| Audit and tax fees | &nbsp;&nbsp; 40028 |
| Legal fees | &nbsp;&nbsp; 269 |
| Miscellaneous | &nbsp;&nbsp; 13593 |
| Total expenses | &nbsp;&nbsp; $365991 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (47256)<br>|
| Net expenses | &nbsp;&nbsp; $318735 |
| Net investment income (loss) | &nbsp;&nbsp; $431881 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers (includes $8,253 foreign capital gains tax) | &nbsp;&nbsp; $5375234 |
| Affiliated issuers | &nbsp;&nbsp; (60)<br>|
| Foreign currency | &nbsp;&nbsp; (1038)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $5374136 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $3,086 decrease in deferred foreign capital gains tax) | &nbsp;&nbsp; $383277 |
| Affiliated issuers | &nbsp;&nbsp; (13)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 10822 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $394086 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $5768222 |
| Change in net assets from operations | &nbsp;&nbsp; $6200103 |

---

**See Notes to Financial Statements**

------

MFS Global Research Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $431881 | &nbsp;&nbsp; $686705 |
| Net realized gain (loss) | 5374136 | &nbsp;&nbsp; 8713782 |
| Net unrealized gain (loss) | 394086 | &nbsp;&nbsp; 1493764 |
| Change in net assets from operations | $6200103 | &nbsp;&nbsp; $10894251 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(4697740)<br>|
| Change in net assets from fund share transactions | $(6010903)<br>| &nbsp;&nbsp; $(7251984)<br>|
| Total change in net assets | $189200 | &nbsp;&nbsp; $(1055473)<br>|
| **Net assets** |  |  |
| At beginning of period | 75163746 | &nbsp;&nbsp; 76219219 |
| At end of period | $75352946 | &nbsp;&nbsp; $75163746 |

---

**See Notes to Financial Statements**

------

MFS Global Research Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $34.38 | &nbsp;&nbsp; $31.79 | &nbsp;&nbsp; $28.39 | &nbsp;&nbsp; $38.03 | &nbsp;&nbsp; $34.70 | &nbsp;&nbsp; $32.19 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.21 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.22 |
| Net realized and unrealized gain (loss) | 2.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp; (6.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 |
| Total from investment operations | $3.01 | &nbsp;&nbsp; $4.78 | &nbsp;&nbsp; $5.31 | &nbsp;&nbsp; $(6.58)<br>| &nbsp;&nbsp; $6.35 | &nbsp;&nbsp; $5.09 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.42)<br>|
| From net realized gain |  | &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (2.16)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(2.19)<br>| &nbsp;&nbsp; $(1.91)<br>| &nbsp;&nbsp; $(3.06)<br>| &nbsp;&nbsp; $(3.02)<br>| &nbsp;&nbsp; $(2.58)<br>|
| Net asset value, end of period (x) | $37.39 | &nbsp;&nbsp; $34.38 | &nbsp;&nbsp; $31.79 | &nbsp;&nbsp; $28.39 | &nbsp;&nbsp; $38.03 | &nbsp;&nbsp; $34.70 |
| Total return (%) (k)(r)(s)(x) | 8.76<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.21 | &nbsp;&nbsp;&nbsp;&nbsp;19.28 | &nbsp;&nbsp; (17.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.51 | &nbsp;&nbsp;&nbsp;&nbsp;16.49 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.98<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Expenses after expense reductions | 0.85<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net investment income (loss) | 1.20<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Portfolio turnover rate | 18<br> (n)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 32 |
| Net assets at end of period (000 omitted) | $68754 | &nbsp;&nbsp; $69071 | &nbsp;&nbsp; $70207 | &nbsp;&nbsp; $67891 | &nbsp;&nbsp; $92642 | &nbsp;&nbsp; $88676 |

---

**See Notes to Financial Statements**

------

MFS Global Research Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $34.18 | &nbsp;&nbsp; $31.61 | &nbsp;&nbsp; $28.23 | &nbsp;&nbsp; $37.82 | &nbsp;&nbsp; $34.54 | &nbsp;&nbsp; $32.06 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.17 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.13 |
| Net realized and unrealized gain (loss) | 2.77 | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 |
| Total from investment operations | $2.94 | &nbsp;&nbsp; $4.68 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $(6.62)<br>| &nbsp;&nbsp; $6.22 | &nbsp;&nbsp; $5.00 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.36)<br>|
| From net realized gain |  | &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (2.16)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(2.11)<br>| &nbsp;&nbsp; $(1.83)<br>| &nbsp;&nbsp; $(2.97)<br>| &nbsp;&nbsp; $(2.94)<br>| &nbsp;&nbsp; $(2.52)<br>|
| Net asset value, end of period (x) | $37.12 | &nbsp;&nbsp; $34.18 | &nbsp;&nbsp; $31.61 | &nbsp;&nbsp; $28.23 | &nbsp;&nbsp; $37.82 | &nbsp;&nbsp; $34.54 |
| Total return (%) (k)(r)(s)(x) | 8.60<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.95 | &nbsp;&nbsp;&nbsp;&nbsp;18.97 | &nbsp;&nbsp; (17.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.20 | &nbsp;&nbsp;&nbsp;&nbsp;16.24 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.23<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Expenses after expense reductions | 1.10<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Net investment income (loss) | 0.96<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Portfolio turnover rate | 18<br> (n)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 32 |
| Net assets at end of period (000 omitted) | $6599 | &nbsp;&nbsp; $6093 | &nbsp;&nbsp; $6012 | &nbsp;&nbsp; $6306 | &nbsp;&nbsp; $8028 | &nbsp;&nbsp; $7705 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Global Research Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Global Research Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and

------

MFS Global Research Portfolio

*Notes to Financial Statements (unaudited) - continued* 

market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the 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 halt 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 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. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $47660344 | $— | $— | $47660344 |
| United Kingdom | 4334355 |  |  | 4334355 |
| France | 4176247 |  |  | 4176247 |
| Japan | 3309586 |  |  | 3309586 |
| Switzerland | 2518031 |  |  | 2518031 |
| Taiwan | 1596604 |  |  | 1596604 |
| Canada | 1588166 | 0 |  | 1588166 |
| Netherlands | 1546281 |  |  | 1546281 |
| China | 1356334 |  |  | 1356334 |
| Other Countries | 6554706 |  |  | 6554706 |
| Investment Companies | 223996 |  |  | 223996 |
| Total | $74864650 | $0 | $— | $74864650 |

---

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

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.

------

MFS Global Research Portfolio

*Notes to Financial Statements (unaudited) - continued* 

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to wash sale loss deferrals.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $785244 |
| Long-term capital gains | &nbsp;&nbsp; 3912496 |
| Total distributions | &nbsp;&nbsp; $4697740 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $47169660 |
| Gross appreciation | &nbsp;&nbsp; 29094958 |
| Gross depreciation | &nbsp;&nbsp; (1399968)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $27694990 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 1408450 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 7966754 |
| Other temporary differences | &nbsp;&nbsp; (34839)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 27315470 |

---

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

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

------

MFS Global Research Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $4328300 |
| Service Class |  | &nbsp;&nbsp; 369440 |
| Total | $— | &nbsp;&nbsp; $4697740 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $300 million | 0.75% |
| In excess of $300 million | 0.675% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $5,083, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.74% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.85% of average daily net assets for the Initial Class shares and 1.10% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this reduction amounted to $42,173, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $1,110, which equated to 0.0030% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $84.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0280% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

------

MFS Global Research Portfolio

*Notes to Financial Statements (unaudited) - continued* 

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, aggregated $13,304,108 and $19,148,703, respectively.

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 24217 | &nbsp;&nbsp; $855074 | &nbsp;&nbsp; 12404 | &nbsp;&nbsp; $422916 |
| Service Class | 8834 | &nbsp;&nbsp; 279862 | &nbsp;&nbsp; 2932 | &nbsp;&nbsp; 100482 |
|  | 33051 | &nbsp;&nbsp; $1134936 | &nbsp;&nbsp; 15336 | &nbsp;&nbsp; $523398 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 128857 | &nbsp;&nbsp; $4328300 |
| Service Class |  |  | &nbsp;&nbsp; 11054 | &nbsp;&nbsp; 369440 |
|  |  | $— | &nbsp;&nbsp; 139911 | &nbsp;&nbsp; $4697740 |
| Shares reacquired |  |  |  |  |
| Initial Class | (194270)<br>| &nbsp;&nbsp; $(6827056)<br>| &nbsp;&nbsp; (341078)<br>| &nbsp;&nbsp; $(11596027)<br>|
| Service Class | (9329)<br>| &nbsp;&nbsp; (318783)<br>| &nbsp;&nbsp; (25916)<br>| &nbsp;&nbsp; (877095)<br>|
|  | (203599)<br>| &nbsp;&nbsp; $(7145839)<br>| &nbsp;&nbsp; (366994)<br>| &nbsp;&nbsp; $(12473122)<br>|
| Net change |  |  |  |  |
| Initial Class | (170053)<br>| &nbsp;&nbsp; $(5971982)<br>| &nbsp;&nbsp; (199817)<br>| &nbsp;&nbsp; $(6844811)<br>|
| Service Class | (495)<br>| &nbsp;&nbsp; (38921)<br>| &nbsp;&nbsp; (11930)<br>| &nbsp;&nbsp; (407173)<br>|
|  | (170548)<br>| &nbsp;&nbsp; $(6010903)<br>| &nbsp;&nbsp; (211747)<br>| &nbsp;&nbsp; $(7251984)<br>|

---

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $171 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in 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 following were affiliated issuers for the six months ended June 30, 2025:

------

MFS Global Research Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $446020 | &nbsp;&nbsp; $6727244 | &nbsp;&nbsp; $6949195 | &nbsp;&nbsp; $(60)<br>| &nbsp;&nbsp; $(13)<br>| &nbsp;&nbsp; $223996 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $12841 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Global Research Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Global Research Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Global Research Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Global Growth Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Global Growth Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 98.0% | Common Stocks – 98.0% | Common Stocks – 98.0% |
| Alcoholic Beverages – 1.6% | Alcoholic Beverages – 1.6% |  |
| Kweichow Moutai Co. Ltd., "A" | 4200 | &nbsp;&nbsp; $826179 |
| Apparel Manufacturers – 2.2% | Apparel Manufacturers – 2.2% |  |
| LVMH Moet Hennessy Louis Vuitton SE | 1269 | &nbsp;&nbsp; $664597 |
| NIKE, Inc., "B" | 6724 | &nbsp;&nbsp; 477673 |
|  |  | &nbsp;&nbsp; $1142270 |
| Automotive – 0.5% | Automotive – 0.5% |  |
| Aptiv PLC (a) | 4054 | &nbsp;&nbsp; $276564 |
| Broadcasting – 1.3% | Broadcasting – 1.3% |  |
| Walt Disney Co. | 5535 | &nbsp;&nbsp; $686395 |
| Brokerage & Asset Managers – 2.8% | Brokerage & Asset Managers – 2.8% |  |
| Brookfield Asset Management Ltd. | 8765 | &nbsp;&nbsp; $485124 |
| Charles Schwab Corp. | 5894 | &nbsp;&nbsp; 537769 |
| CME Group, Inc. | 1469 | &nbsp;&nbsp; 404886 |
|  |  | &nbsp;&nbsp; $1427779 |
| Business Services – 7.7% | Business Services – 7.7% |  |
| Accenture PLC, "A" | 4039 | &nbsp;&nbsp; $1207217 |
| CGI, Inc. | 6656 | &nbsp;&nbsp; 699008 |
| Experian PLC | 5590 | &nbsp;&nbsp; 287895 |
| Fiserv, Inc. (a) | 3516 | &nbsp;&nbsp; 606193 |
| Thompson Reuters Corp. | 495 | &nbsp;&nbsp; 99542 |
| TransUnion | 12369 | &nbsp;&nbsp; 1088472 |
|  |  | &nbsp;&nbsp; $3988327 |
| Computer Software – 10.6% | Computer Software – 10.6% |  |
| Microsoft Corp. | 7565 | &nbsp;&nbsp; $3762907 |
| OBIC Co. Ltd. | 14800 | &nbsp;&nbsp; 576666 |
| Salesforce, Inc. | 4141 | &nbsp;&nbsp; 1129209 |
|  |  | &nbsp;&nbsp; $5468782 |
| Computer Software - Systems – 3.4% | Computer Software - Systems – 3.4% |  |
| Apple, Inc. | 4762 | &nbsp;&nbsp; $977019 |
| Cap Gemini S.A. | 4574 | &nbsp;&nbsp; 781522 |
|  |  | &nbsp;&nbsp; $1758541 |
| Construction – 2.8% | Construction – 2.8% |  |
| Otis Worldwide Corp. | 5323 | &nbsp;&nbsp; $527083 |
| Pool Corp. | 1485 | &nbsp;&nbsp; 432848 |
| Sherwin-Williams Co. | 1425 | &nbsp;&nbsp; 489288 |
|  |  | &nbsp;&nbsp; $1449219 |

---

WGOFS-SEM

------

MFS Global Growth Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Consumer Products – 4.0% | Consumer Products – 4.0% |  |
| Church & Dwight Co., Inc. | 9709 | &nbsp;&nbsp; $933132 |
| Estée Lauder Cos., Inc., "A" | 7473 | &nbsp;&nbsp; 603818 |
| L'Oréal S.A. | 1183 | &nbsp;&nbsp; 505986 |
|  |  | &nbsp;&nbsp; $2042936 |
| Electrical Equipment – 6.4% | Electrical Equipment – 6.4% |  |
| Amphenol Corp., "A" | 8932 | &nbsp;&nbsp; $882035 |
| Hubbell, Inc. | 2302 | &nbsp;&nbsp; 940160 |
| Schneider Electric SE | 3625 | &nbsp;&nbsp; 964182 |
| TE Connectivity PLC | 3191 | &nbsp;&nbsp; 538226 |
|  |  | &nbsp;&nbsp; $3324603 |
| Electronics – 7.6% | Electronics – 7.6% |  |
| Analog Devices, Inc. | 1128 | &nbsp;&nbsp; $268487 |
| NVIDIA Corp. | 9170 | &nbsp;&nbsp; 1448768 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 8401 | &nbsp;&nbsp; 1902742 |
| Texas Instruments, Inc. | 1410 | &nbsp;&nbsp; 292744 |
|  |  | &nbsp;&nbsp; $3912741 |
| Food & Beverages – 3.0% | Food & Beverages – 3.0% |  |
| McCormick & Co., Inc. | 7374 | &nbsp;&nbsp; $559097 |
| Nestle S.A. | 3891 | &nbsp;&nbsp; 386574 |
| PepsiCo, Inc. | 4753 | &nbsp;&nbsp; 627586 |
|  |  | &nbsp;&nbsp; $1573257 |
| Gaming & Lodging – 1.3% | Gaming & Lodging – 1.3% |  |
| Hilton Worldwide Holdings, Inc. | 2429 | &nbsp;&nbsp; $646940 |
| General Merchandise – 1.1% | General Merchandise – 1.1% |  |
| B&M European Value Retail S.A. | 71466 | &nbsp;&nbsp; $266238 |
| Dollarama, Inc. | 2268 | &nbsp;&nbsp; 319560 |
|  |  | &nbsp;&nbsp; $585798 |
| Insurance – 2.7% | Insurance – 2.7% |  |
| Aon PLC | 2612 | &nbsp;&nbsp; $931857 |
| Marsh & McLennan Cos., Inc. | 1992 | &nbsp;&nbsp; 435531 |
|  |  | &nbsp;&nbsp; $1367388 |
| Interactive Media Services – 1.5% | Interactive Media Services – 1.5% |  |
| Alphabet, Inc., "A" | 3580 | &nbsp;&nbsp; $630903 |
| NAVER Corp. | 802 | &nbsp;&nbsp; 155991 |
|  |  | &nbsp;&nbsp; $786894 |
| Internet – 0.5% | Internet – 0.5% |  |
| Gartner, Inc. (a) | 644 | &nbsp;&nbsp; $260318 |
| Leisure & Toys – 2.6% | Leisure & Toys – 2.6% |  |
| Tencent Holdings Ltd. | 21200 | &nbsp;&nbsp; $1358429 |
| Machinery & Tools – 3.8% | Machinery & Tools – 3.8% |  |
| Daikin Industries Ltd. | 5600 | &nbsp;&nbsp; $662060 |
| Eaton Corp. PLC | 2695 | &nbsp;&nbsp; 962088 |
| Graco, Inc. | 3972 | &nbsp;&nbsp; 341473 |
|  |  | &nbsp;&nbsp; $1965621 |

---

------

MFS Global Growth Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Medical & Health Technology & Services – 1.1% | Medical & Health Technology & Services – 1.1% |  |
| ICON PLC (a) | 2063 | &nbsp;&nbsp; $300063 |
| Veeva Systems, Inc. (a) | 980 | &nbsp;&nbsp; 282221 |
|  |  | &nbsp;&nbsp; $582284 |
| Medical Equipment – 10.0% | Medical Equipment – 10.0% |  |
| Agilent Technologies, Inc. | 7714 | &nbsp;&nbsp; $910329 |
| Becton, Dickinson and Co. | 4046 | &nbsp;&nbsp; 696923 |
| Boston Scientific Corp. (a) | 4444 | &nbsp;&nbsp; 477330 |
| Danaher Corp. | 3939 | &nbsp;&nbsp; 778110 |
| Mettler-Toledo International, Inc. (a) | 494 | &nbsp;&nbsp; 580312 |
| STERIS PLC | 4640 | &nbsp;&nbsp; 1114621 |
| Stryker Corp. | 913 | &nbsp;&nbsp; 361210 |
| Thermo Fisher Scientific, Inc. | 610 | &nbsp;&nbsp; 247331 |
|  |  | &nbsp;&nbsp; $5166166 |
| Other Banks & Diversified Financials – 9.7% | Other Banks & Diversified Financials – 9.7% |  |
| Credicorp Ltd. | 2765 | &nbsp;&nbsp; $618033 |
| HDFC Bank Ltd. | 53558 | &nbsp;&nbsp; 1249957 |
| Julius Baer Group Ltd. | 3505 | &nbsp;&nbsp; 236950 |
| Mastercard, Inc., "A" | 795 | &nbsp;&nbsp; 446743 |
| Moody's Corp. | 1314 | &nbsp;&nbsp; 659089 |
| Visa, Inc., "A" | 5004 | &nbsp;&nbsp; 1776670 |
|  |  | &nbsp;&nbsp; $4987442 |
| Printing & Publishing – 1.0% | Printing & Publishing – 1.0% |  |
| Wolters Kluwer N.V. | 3056 | &nbsp;&nbsp; $510994 |
| Railroad & Shipping – 1.7% | Railroad & Shipping – 1.7% |  |
| Canadian Pacific Kansas City Ltd. (l) | 11080 | &nbsp;&nbsp; $878312 |
| Restaurants – 0.3% | Restaurants – 0.3% |  |
| Starbucks Corp. | 1933 | &nbsp;&nbsp; $177121 |
| Specialty Chemicals – 0.6% | Specialty Chemicals – 0.6% |  |
| Sika AG | 1202 | &nbsp;&nbsp; $326310 |
| Specialty Stores – 1.8% | Specialty Stores – 1.8% |  |
| Ross Stores, Inc. | 3645 | &nbsp;&nbsp; $465029 |
| TJX Cos., Inc. | 3711 | &nbsp;&nbsp; 458271 |
|  |  | &nbsp;&nbsp; $923300 |
| Telecom - Infrastructure – 2.6% | Telecom - Infrastructure – 2.6% |  |
| American Tower Corp., REIT | 4066 | &nbsp;&nbsp; $898667 |
| Cellnex Telecom S.A. | 11656 | &nbsp;&nbsp; 452410 |
|  |  | &nbsp;&nbsp; $1351077 |
| Utilities - Electric Power – 1.8% | Utilities - Electric Power – 1.8% |  |
| CMS Energy Corp. | 13295 | &nbsp;&nbsp; $921078 |
| **Total Common Stocks (Identified Cost, $29,489,575)** |  | &nbsp;&nbsp; **$50673065** |
| Mutual Funds (h) – 2.1% | Mutual Funds (h) – 2.1% | Mutual Funds (h) – 2.1% |
| Money Market Funds – 2.1% | Money Market Funds – 2.1% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $1,050,343) | 1050320 | &nbsp;&nbsp; $1050425 |

---

------

MFS Global Growth Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Collateral for Securities Loaned – 1.5% | Collateral for Securities Loaned – 1.5% | Collateral for Securities Loaned – 1.5% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 4.26% (j) (Identified Cost, $791,010) | 791010 | &nbsp;&nbsp; $791010 |
| Other Assets, Less Liabilities – (1.6)% |  | &nbsp;&nbsp; (805247) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$51709253** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $1,050,425 and $51,464,075, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate quoted is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(l) A portion of this security is on loan. See Note 2 for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined: <br> ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

**See Notes to Financial Statements**

------

MFS Global Growth Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value, including $784,773 of securities on loan (identified cost, $30,280,585) | &nbsp;&nbsp; $51464075 |
| Investments in affiliated issuers, at value (identified cost, $1,050,343) | &nbsp;&nbsp; 1050425 |
| Cash | &nbsp;&nbsp; 3295 |
| Foreign currency, at value (identified cost, $5,056) | &nbsp;&nbsp; 5056 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 198 |
| Interest and dividends | &nbsp;&nbsp; 91203 |
| Receivable from investment adviser | &nbsp;&nbsp; 10262 |
| Other assets | &nbsp;&nbsp; 216 |
| Total assets | &nbsp;&nbsp; $52624730 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $8400 |
| Collateral for securities loaned, at value | &nbsp;&nbsp; 791010 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 193 |
| Shareholder servicing costs | &nbsp;&nbsp; 39 |
| Distribution and/or service fees | &nbsp;&nbsp; 270 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 521 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 64140 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 50904 |
| Total liabilities | &nbsp;&nbsp; $915477 |
| Net assets | &nbsp;&nbsp; $51709253 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $22860210 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 28849043 |
| Net assets | &nbsp;&nbsp; $51709253 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 1793510 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $41754079 | &nbsp;&nbsp;&nbsp; 1445273 | &nbsp;&nbsp;&nbsp; $28.89 |
| Service Class | &nbsp;&nbsp;&nbsp; 9955174 | &nbsp;&nbsp;&nbsp; 348237 | &nbsp;&nbsp;&nbsp;&nbsp;28.59 |

---

**See Notes to Financial Statements**

------

MFS Global Growth Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $420244 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 11058 |
| Income on securities loaned | &nbsp;&nbsp; 32 |
| Other | &nbsp;&nbsp; 16 |
| Foreign taxes withheld | &nbsp;&nbsp; (25282)<br>|
| Total investment income | &nbsp;&nbsp; $406068 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $223408 |
| Distribution and/or service fees | &nbsp;&nbsp; 11738 |
| Shareholder servicing costs | &nbsp;&nbsp; 1280 |
| Administrative services fee | &nbsp;&nbsp; 8734 |
| Independent Trustees' compensation | &nbsp;&nbsp; 1546 |
| Custodian fee | &nbsp;&nbsp; 6328 |
| Shareholder communications | &nbsp;&nbsp; 1448 |
| Audit and tax fees | &nbsp;&nbsp; 46390 |
| Legal fees | &nbsp;&nbsp; 219 |
| Miscellaneous | &nbsp;&nbsp; 13463 |
| Total expenses | &nbsp;&nbsp; $314554 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (84319)<br>|
| Net expenses | &nbsp;&nbsp; $230235 |
| Net investment income (loss) | &nbsp;&nbsp; $175833 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers (includes $2,268 foreign capital gains tax) | &nbsp;&nbsp; $1516711 |
| Affiliated issuers | &nbsp;&nbsp; (17)<br>|
| Foreign currency | &nbsp;&nbsp; (718)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $1515976 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $11,455 increase in deferred foreign capital gains tax) | &nbsp;&nbsp; $338387 |
| Affiliated issuers | &nbsp;&nbsp; (2)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 5032 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $343417 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $1859393 |
| Change in net assets from operations | &nbsp;&nbsp; $2035226 |

---

**See Notes to Financial Statements**

------

MFS Global Growth Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $175833 | &nbsp;&nbsp; $153480 |
| Net realized gain (loss) | 1515976 | &nbsp;&nbsp; 6053320 |
| Net unrealized gain (loss) | 343417 | &nbsp;&nbsp; (776032)<br>|
| Change in net assets from operations | $2035226 | &nbsp;&nbsp; $5430768 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(3975997)<br>|
| Change in net assets from fund share transactions | $(1484154)<br>| &nbsp;&nbsp; $(1465823)<br>|
| Total change in net assets | $551072 | &nbsp;&nbsp; $(11052)<br>|
| **Net assets** |  |  |
| At beginning of period | 51158181 | &nbsp;&nbsp; 51169233 |
| At end of period | $51709253 | &nbsp;&nbsp; $51158181 |

---

**See Notes to Financial Statements**

------

MFS Global Growth Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $27.74 | &nbsp;&nbsp; $27.04 | &nbsp;&nbsp; $23.52 | &nbsp;&nbsp; $32.85 | &nbsp;&nbsp; $31.23 | &nbsp;&nbsp; $28.60 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.10 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.06 | &nbsp;&nbsp; $0.03 |
| Net realized and unrealized gain (loss) | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp; (6.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;&nbsp;5.57 |
| Total from investment operations | $1.15 | &nbsp;&nbsp; $2.97 | &nbsp;&nbsp; $4.84 | &nbsp;&nbsp; $(6.09)<br>| &nbsp;&nbsp; $5.63 | &nbsp;&nbsp; $5.60 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.14)<br>|
| From net realized gain |  | &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (2.83)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(2.27)<br>| &nbsp;&nbsp; $(1.32)<br>| &nbsp;&nbsp; $(3.24)<br>| &nbsp;&nbsp; $(4.01)<br>| &nbsp;&nbsp; $(2.97)<br>|
| Net asset value, end of period (x) | $28.89 | &nbsp;&nbsp; $27.74 | &nbsp;&nbsp; $27.04 | &nbsp;&nbsp; $23.52 | &nbsp;&nbsp; $32.85 | &nbsp;&nbsp; $31.23 |
| Total return (%) (k)(r)(s)(x) | 4.15<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;&nbsp;&nbsp;20.99 | &nbsp;&nbsp; (19.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.52 | &nbsp;&nbsp;&nbsp;&nbsp;20.76 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.22<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Expenses after expense reductions | 0.88<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Net investment income (loss) | 0.75(l)<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 34 |
| Net assets at end of period (000 omitted) | $41754 | &nbsp;&nbsp; $41768 | &nbsp;&nbsp; $42714 | &nbsp;&nbsp; $40380 | &nbsp;&nbsp; $55501 | &nbsp;&nbsp; $53591 |

---

**See Notes to Financial Statements**

------

MFS Global Growth Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $27.48 | &nbsp;&nbsp; $26.82 | &nbsp;&nbsp; $23.36 | &nbsp;&nbsp; $32.67 | &nbsp;&nbsp; $31.13 | &nbsp;&nbsp; $28.52 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.07 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.04)<br>|
| Net realized and unrealized gain (loss) | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp; (6.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp;&nbsp;5.56 |
| Total from investment operations | $1.11 | &nbsp;&nbsp; $2.87 | &nbsp;&nbsp; $4.74 | &nbsp;&nbsp; $(6.12)<br>| &nbsp;&nbsp; $5.52 | &nbsp;&nbsp; $5.52 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.04)<br>| $— | $— | $— | &nbsp;&nbsp; $(0.08)<br>|
| From net realized gain |  | &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (2.83)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(2.21)<br>| &nbsp;&nbsp; $(1.28)<br>| &nbsp;&nbsp; $(3.19)<br>| &nbsp;&nbsp; $(3.98)<br>| &nbsp;&nbsp; $(2.91)<br>|
| Net asset value, end of period (x) | $28.59 | &nbsp;&nbsp; $27.48 | &nbsp;&nbsp; $26.82 | &nbsp;&nbsp; $23.36 | &nbsp;&nbsp; $32.67 | &nbsp;&nbsp; $31.13 |
| Total return (%) (k)(r)(s)(x) | 4.04<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.78 | &nbsp;&nbsp;&nbsp;&nbsp;20.69 | &nbsp;&nbsp; (19.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.21 | &nbsp;&nbsp;&nbsp;&nbsp;20.49 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| Expenses after expense reductions | 1.13<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Net investment income (loss) | 0.52(l)<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.16)<br>|
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 34 |
| Net assets at end of period (000 omitted) | $9955 | &nbsp;&nbsp; $9390 | &nbsp;&nbsp; $8455 | &nbsp;&nbsp; $6464 | &nbsp;&nbsp; $7110 | &nbsp;&nbsp; $2950 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Recognition of net investment income by the fund may be affected by the timing of
 the declaration of dividends by companies in which the fund invests and the actual annual net investment income ratio may differ.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Global Growth Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Global Growth Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments tied economically to emerging markets, especially frontier markets, can involve additional and greater risks than the risks associated with investments in developed markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, geopolitical, and economic instability than developed markets.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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.

------

MFS Global Growth Portfolio

*Notes to Financial Statements (unaudited) - continued* 

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the 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 halt 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 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. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $50673065 | $— | $— | $50673065 |
| Investment Companies | 1841435 |  |  | 1841435 |
| Total | $52514500 | $— | $— | $52514500 |

---

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

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. At period end, the fund had investment securities on loan, all of which were classified as equity securities in the fund's

------

MFS Global Growth Portfolio

*Notes to Financial Statements (unaudited) - continued* 

Portfolio of Investments, with a fair value of $784,773. The fair value of the fund's investment securities on loan and a related liability of $791,010 for the obligation to return cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. The collateral on securities loaned exceeded the value of securities on loan at period end. The liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to wash sale loss deferrals.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $388491 |
| Long-term capital gains | &nbsp;&nbsp; 3587506 |
| Total distributions | &nbsp;&nbsp; $3975997 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

------

MFS Global Growth Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $31497770 |
| Gross appreciation | &nbsp;&nbsp; 22327690 |
| Gross depreciation | &nbsp;&nbsp; (1310960)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $21016730 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 609191 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 5591964 |
| Other temporary differences | &nbsp;&nbsp; (54227)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 20666889 |

---

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

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $3289984 |
| Service Class |  | &nbsp;&nbsp; 686013 |
| Total | $— | &nbsp;&nbsp; $3975997 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $1 billion | 0.90% |
| In excess of $1 billion and up to $2 billion | 0.75% |
| In excess of $2 billion | 0.65% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $3,451, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.89% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.88% of average daily net assets for the Initial Class shares and 1.13% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this reduction amounted to $80,868, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and

------

MFS Global Growth Portfolio

*Notes to Financial Statements (unaudited) - continued* 

variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $1,153, which equated to 0.0046% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $127.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0352% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

During the six months ended June 30, 2025, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the "Act") and relevant guidance, the fund engaged in purchase transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $32,056.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, aggregated $3,570,385 and $5,350,722, respectively.

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 29725 | &nbsp;&nbsp; $830812 | &nbsp;&nbsp; 32062 | &nbsp;&nbsp; $919568 |
| Service Class | 25342 | &nbsp;&nbsp; 696652 | &nbsp;&nbsp; 22697 | &nbsp;&nbsp; 637371 |
|  | 55067 | &nbsp;&nbsp; $1527464 | &nbsp;&nbsp; 54759 | &nbsp;&nbsp; $1556939 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 119636 | &nbsp;&nbsp; $3289984 |
| Service Class |  |  | &nbsp;&nbsp; 25156 | &nbsp;&nbsp; 686013 |
|  |  | $— | &nbsp;&nbsp; 144792 | &nbsp;&nbsp; $3975997 |
| Shares reacquired |  |  |  |  |
| Initial Class | (90382)<br>| &nbsp;&nbsp; $(2498297)<br>| &nbsp;&nbsp; (225664)<br>| &nbsp;&nbsp; $(6396950)<br>|
| Service Class | (18829)<br>| &nbsp;&nbsp; (513321)<br>| &nbsp;&nbsp; (21402)<br>| &nbsp;&nbsp; (601809)<br>|
|  | (109211)<br>| &nbsp;&nbsp; $(3011618)<br>| &nbsp;&nbsp; (247066)<br>| &nbsp;&nbsp; $(6998759)<br>|

---

------

MFS Global Growth Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **6/30/25** | **Six months ended**<br> **6/30/25** | **Year ended**<br> **12/31/24** | **Year ended**<br> **12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net change |  |  |  |  |
| Initial Class | (60657)<br>| &nbsp;&nbsp; $(1667485)<br>| &nbsp;&nbsp; (73966)<br>| &nbsp;&nbsp; $(2187398)<br>|
| Service Class | 6513 | &nbsp;&nbsp; 183331 | &nbsp;&nbsp; 26451 | &nbsp;&nbsp; 721575 |
|  | (54144)<br>| &nbsp;&nbsp; $(1484154)<br>| &nbsp;&nbsp; (47515)<br>| &nbsp;&nbsp; $(1465823)<br>|

---

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $116 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in 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 following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $571042 | &nbsp;&nbsp; $3923565 | &nbsp;&nbsp; $3444163 | &nbsp;&nbsp; $(17)<br>| &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $1050425 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $11058 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Global Growth Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Global Growth Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Global Growth Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Global Governments Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Global Governments Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 96.7% | Bonds – 96.7% | Bonds – 96.7% |
| Foreign Bonds – 55.4% | Foreign Bonds – 55.4% | Foreign Bonds – 55.4% |
| Albania – 0.3% | Albania – 0.3% | Albania – 0.3% |
| Republic of Albania, 4.75%, 2/14/2035 | 202000 | &nbsp;&nbsp; $237512 |
| Australia – 2.2% | Australia – 2.2% | Australia – 2.2% |
| Commonwealth of Australia, 3.5%, 12/21/2034 | 2795000 | &nbsp;&nbsp; $1751196 |
| Canada – 2.0% | Canada – 2.0% | Canada – 2.0% |
| Government of Canada, 1.5%, 12/01/2031 | 1315000 | &nbsp;&nbsp; $880922 |
| Government of Canada, 2.75%, 12/01/2055 | 320000 | &nbsp;&nbsp; 199564 |
| OMERS Finance Trust Anleihen, 5.5%, 11/15/2033 (n) | $250000 | &nbsp;&nbsp; 263889 |
| Province of Alberta, 4.5%, 1/24/2034 | 250000 | &nbsp;&nbsp; 249158 |
|  |  | &nbsp;&nbsp; $1593533 |
| Croatia – 0.7% | Croatia – 0.7% | Croatia – 0.7% |
| Republic of Croatia, 3.25%, 2/11/2037 | 442000 | &nbsp;&nbsp; $509192 |
| Finland – 0.4% | Finland – 0.4% | Finland – 0.4% |
| Republic of Finland, 3.2%, 4/15/2045 | 279000 | &nbsp;&nbsp; $316345 |
| France – 3.9% | France – 3.9% | France – 3.9% |
| Republic of France, 2.75%, 2/25/2030 (n) | 1775000 | &nbsp;&nbsp; $2112515 |
| Republic of France, 1.25%, 5/25/2034 (n) | 1000000 | &nbsp;&nbsp; 1006547 |
|  |  | &nbsp;&nbsp; $3119062 |
| Greece – 5.2% | Greece – 5.2% | Greece – 5.2% |
| Hellenic Republic (Republic of Greece), 1.5%, 6/18/2030 (n) | 2400000 | &nbsp;&nbsp; $2683796 |
| Hellenic Republic (Republic of Greece), 3.625%, 6/15/2035 (n) | 1180000 | &nbsp;&nbsp; 1427861 |
|  |  | &nbsp;&nbsp; $4111657 |
| Italy – 10.2% | Italy – 10.2% | Italy – 10.2% |
| Republic of Italy, 4.1%, 2/01/2029 | 2230000 | &nbsp;&nbsp; $2782601 |
| Republic of Italy, 2.7%, 10/01/2030 (n) | 2750000 | &nbsp;&nbsp; 3234667 |
| Republic of Italy, 4.1%, 4/30/2046 (n) | 1500000 | &nbsp;&nbsp; 1788697 |
| Republic of Italy, 4.3%, 10/01/2054 (n) | 248000 | &nbsp;&nbsp; 293020 |
|  |  | &nbsp;&nbsp; $8098985 |
| Japan – 15.4% | Japan – 15.4% | Japan – 15.4% |
| Government of Japan, 0.1%, 3/20/2026 | 720000000 | &nbsp;&nbsp; $4986077 |
| Government of Japan, 2.4%, 6/20/2028 | 74300000 | &nbsp;&nbsp; 540261 |
| Government of Japan, 2.3%, 5/20/2030 | 318250000 | &nbsp;&nbsp; 2347697 |
| Government of Japan, 0.4%, 9/20/2040 | 583500000 | &nbsp;&nbsp; 3184908 |
| Government of Japan, 0.6%, 9/20/2050 | 163250000 | &nbsp;&nbsp; 708719 |
| Government of Japan, 0.9%, 3/20/2057 | 97550000 | &nbsp;&nbsp; 405089 |
|  |  | &nbsp;&nbsp; $12172751 |
| Peru – 0.4% | Peru – 0.4% | Peru – 0.4% |
| Republic of Peru, 6.85%, 8/12/2035 | 1000000 | &nbsp;&nbsp; $290543 |

---

WGSFS-SEM

------

MFS Global Governments Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Foreign Bonds – continued | Foreign Bonds – continued | Foreign Bonds – continued |
| Serbia – 0.8% | Serbia – 0.8% | Serbia – 0.8% |
| Republic of Serbia, 1.5%, 6/26/2029 | 400000 | &nbsp;&nbsp; $429736 |
| Republic of Serbia, 6%, 6/12/2034 (n) | $201000 | &nbsp;&nbsp; 202629 |
|  |  | &nbsp;&nbsp; $632365 |
| Spain – 3.9% | Spain – 3.9% | Spain – 3.9% |
| Kingdom of Spain, 3.2%, 10/31/2035 (n) | 1000000 | &nbsp;&nbsp; $1175020 |
| Kingdom of Spain, 4.7%, 7/30/2041 | 615000 | &nbsp;&nbsp; 815874 |
| Kingdom of Spain, 4%, 10/31/2054 | 898000 | &nbsp;&nbsp; 1055283 |
|  |  | &nbsp;&nbsp; $3046177 |
| Supranational – 1.4% | Supranational – 1.4% | Supranational – 1.4% |
| European Union, 0%, 7/04/2035 | 1300000 | &nbsp;&nbsp; $1132553 |
| Sweden – 1.9% | Sweden – 1.9% | Sweden – 1.9% |
| Kingdom of Sweden, 0.75%, 11/12/2029 | 9000000 | &nbsp;&nbsp; $908571 |
| Kingdom of Sweden, 1.75%, 11/11/2033 | 5550000 | &nbsp;&nbsp; 569132 |
|  |  | &nbsp;&nbsp; $1477703 |
| United Kingdom – 6.1% | United Kingdom – 6.1% | United Kingdom – 6.1% |
| United Kingdom Treasury, 0.375%, 10/22/2030 | 980000 | &nbsp;&nbsp; $1122716 |
| United Kingdom Treasury, 4%, 10/22/2031 | 1700000 | &nbsp;&nbsp; 2319454 |
| United Kingdom Treasury, 4.5%, 3/07/2035 | 400000 | &nbsp;&nbsp; 549302 |
| United Kingdom Treasury, 3.75%, 7/22/2052 | 364000 | &nbsp;&nbsp; 391843 |
| United Kingdom Treasury, 4%, 1/22/2060 | 275000 | &nbsp;&nbsp; 303463 |
| United Kingdom Treasury, 3.5%, 7/22/2068 | 165000 | &nbsp;&nbsp; 162142 |
|  |  | &nbsp;&nbsp; $4848920 |
| Uruguay – 0.6% | Uruguay – 0.6% | Uruguay – 0.6% |
| Oriental Republic of Uruguay, 8.25%, 5/21/2031 | 18000000 | &nbsp;&nbsp; $439617 |
| **Total Foreign Bonds** |  | &nbsp;&nbsp; **$43778111** |
| U.S. Bonds – 41.3% | U.S. Bonds – 41.3% | U.S. Bonds – 41.3% |
| Asset-Backed & Securitized – 0.4% | Asset-Backed & Securitized – 0.4% | Asset-Backed & Securitized – 0.4% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", 1.111%, 11/15/2054 (i) | $1012040 | &nbsp;&nbsp; $39410 |
| AmeriCredit Automobile Receivables Trust, 2024-1, "A2-B", FLR, 4.901% (SOFR - 1mo. + 0.6%), 2/18/2028 | 110612 | &nbsp;&nbsp; 110666 |
| Arbor Multi-Family Mortgage Securities Trust, 2021-MF3, "XA", 0.836%, 10/15/2054 (i)(n) | 3140107 | &nbsp;&nbsp; 94311 |
| SBNA Auto Receivables Trust, 2025-SF1, "B", 5.12%, 3/17/2031 (n) | 50000 | &nbsp;&nbsp; 50005 |
|  |  | &nbsp;&nbsp; $294392 |
| Consumer Services – 0.2% | Consumer Services – 0.2% | Consumer Services – 0.2% |
| Conservation Fund, 3.474%, 12/15/2029 | $158000 | &nbsp;&nbsp; $149172 |
| Industrial – 0.0% | Industrial – 0.0% | Industrial – 0.0% |
| Howard University, Washington D.C., AGM, 2.516%, 10/01/2025 | $42000 | &nbsp;&nbsp; $41654 |
| Mortgage-Backed – 0.5% | Mortgage-Backed – 0.5% | Mortgage-Backed – 0.5% |
| Freddie Mac, 0.63%, 5/25/2029 (i) | $1109582 | &nbsp;&nbsp; $18361 |
| Freddie Mac, 1.476%, 6/25/2030 (i) | 1381743 | &nbsp;&nbsp; 76072 |
| Freddie Mac, 1.261%, 9/25/2030 (i) | 329805 | &nbsp;&nbsp; 17525 |
| Freddie Mac, 0.632%, 9/25/2031 (i) | 2295212 | &nbsp;&nbsp; 67275 |
| Freddie Mac, 0.955%, 9/25/2031 (i) | 706831 | &nbsp;&nbsp; 31621 |
| Freddie Mac, 0.441%, 11/25/2031 (i) | 3422551 | &nbsp;&nbsp; 68101 |
| Freddie Mac, 0.596%, 12/25/2031 (i) | 3444413 | &nbsp;&nbsp; 94279 |

---

------

MFS Global Governments Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| U.S. Bonds – continued | U.S. Bonds – continued | U.S. Bonds – continued |
| Mortgage-Backed – continued | Mortgage-Backed – continued | Mortgage-Backed – continued |
| Freddie Mac, 0.664%, 12/25/2031 (i) | $568544 | &nbsp;&nbsp; $17261 |
|  |  | &nbsp;&nbsp; $390495 |
| U.S. Government Agencies and Equivalents – 0.2% | U.S. Government Agencies and Equivalents – 0.2% | U.S. Government Agencies and Equivalents – 0.2% |
| Small Business Administration, 5.09%, 10/01/2025 | $96 | &nbsp;&nbsp; $96 |
| Small Business Administration, 5.21%, 1/01/2026 | 3542 | &nbsp;&nbsp; 3536 |
| Small Business Administration, 2.22%, 3/01/2033 | 127599 | &nbsp;&nbsp; 119404 |
|  |  | &nbsp;&nbsp; $123036 |
| U.S. Treasury Obligations – 40.0% | U.S. Treasury Obligations – 40.0% | U.S. Treasury Obligations – 40.0% |
| U.S. Treasury Bonds, 3.5%, 2/15/2033 | $1869000 | &nbsp;&nbsp; $1801687 |
| U.S. Treasury Bonds, 4.5%, 8/15/2039 (f) | 3686400 | &nbsp;&nbsp; 3672576 |
| U.S. Treasury Bonds, 2.75%, 11/15/2042 | 2646000 | &nbsp;&nbsp; 2015611 |
| U.S. Treasury Bonds, 2.5%, 2/15/2045 | 755000 | &nbsp;&nbsp; 531508 |
| U.S. Treasury Bonds, 3%, 2/15/2049 | 2570000 | &nbsp;&nbsp; 1893568 |
| U.S. Treasury Bonds, 4.125%, 8/15/2053 | 1902000 | &nbsp;&nbsp; 1698947 |
| U.S. Treasury Notes, 0.75%, 3/31/2026 | 2080000 | &nbsp;&nbsp; 2028690 |
| U.S. Treasury Notes, 2.375%, 5/15/2027 | 6410000 | &nbsp;&nbsp; 6251503 |
| U.S. Treasury Notes, 2.875%, 8/15/2028 (f) | 6310000 | &nbsp;&nbsp; 6154715 |
| U.S. Treasury Notes, 0.625%, 8/15/2030 | 6587000 | &nbsp;&nbsp; 5617733 |
|  |  | &nbsp;&nbsp; $31666538 |
| **Total U.S. Bonds** |  | &nbsp;&nbsp; **$32665287** |
| **Total Bonds (Identified Cost, $77,287,453)** |  | &nbsp;&nbsp; **$76443398** |
| Mutual Funds (h) – 3.1% | Mutual Funds (h) – 3.1% | Mutual Funds (h) – 3.1% |
| Money Market Funds – 3.1% | Money Market Funds – 3.1% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $2,484,188) | 2484117 | &nbsp;&nbsp; $2484366 |
| Other Assets, Less Liabilities – 0.2% |  | &nbsp;&nbsp; 164454 |
| **Net Assets – 100.0%** |  | &nbsp;&nbsp; **$79092218** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security has been segregated as collateral for open futures
 contracts and cleared swap agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $2,484,366 and $76,443,398, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $14,332,957, representing 18.1% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AGM | Assured Guaranty Municipal |
| CPI-U | Consumer Price Index - Urban Consumers |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| SOFR | Secured Overnight Financing Rate |
| <br>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 <br> abbreviations is shown below: | <br>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 <br> abbreviations is shown below: |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |

---

------

MFS Global Governments Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | |
|:---|:---|
| CHF | Swiss Franc |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| NOK | Norwegian Krone |
| PEN | Peruvian Nuevo Sol |
| SEK | Swedish Krona |
| UYU | Uruguayan Peso |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** |
| **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** |
| **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold** | **Counterparty** | **Settlement Date** | &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| AUD | &nbsp;&nbsp; 314926 | USD | 205539 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $1784 |
| AUD | &nbsp;&nbsp; 594895 | USD | 389525 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2110 |
| AUD | &nbsp;&nbsp; 608608 | USD | 388647 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12015 |
| AUD | &nbsp;&nbsp; 742680 | USD | 476133 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12793 |
| AUD | &nbsp;&nbsp; 637344 | USD | 394860 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 24720 |
| CAD | &nbsp;&nbsp; 1331867 | USD | 977017 | Goldman Sachs International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1825 |
| CAD | &nbsp;&nbsp; 34243 | USD | 25120 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| CAD | &nbsp;&nbsp; 22830 | USD | 16559 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 220 |
| CAD | &nbsp;&nbsp; 24538 | USD | 17642 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 392 |
| CHF | &nbsp;&nbsp; 39611 | USD | 47214 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2809 |
| CHF | &nbsp;&nbsp; 475438 | USD | 582313 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 18093 |
| CHF | &nbsp;&nbsp; 14323 | USD | 16865 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1223 |
| CHF | &nbsp;&nbsp; 18989 | USD | 23425 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 555 |
| DKK | &nbsp;&nbsp; 1251656 | USD | 190957 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6894 |
| EUR | &nbsp;&nbsp; 145992 | USD | 167218 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4935 |
| EUR | &nbsp;&nbsp; 42984 | USD | 48929 | BNP Paribas | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1757 |
| EUR | &nbsp;&nbsp; 583484 | USD | 663332 | Citibank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 24708 |
| EUR | &nbsp;&nbsp; 184548 | USD | 215340 | Goldman Sachs International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2276 |
| EUR | &nbsp;&nbsp; 2266995 | USD | 2585803 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 87423 |
| EUR | &nbsp;&nbsp; 62608 | USD | 70018 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3809 |
| EUR | &nbsp;&nbsp; 757454 | USD | 854974 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 38210 |
| EUR | &nbsp;&nbsp; 1682002 | USD | 1878141 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 105266 |
| EUR | &nbsp;&nbsp; 3550724 | USD | 4069174 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 117819 |
| GBP | &nbsp;&nbsp; 8664 | USD | 11580 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 314 |
| GBP | &nbsp;&nbsp; 214340 | USD | 282484 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11751 |
| GBP | &nbsp;&nbsp; 1033847 | USD | 1340992 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 78220 |
| INR | &nbsp;&nbsp; 48019000 | USD | 553486 | Citibank N.A. | 8/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5614 |
| JPY | &nbsp;&nbsp; 61667362 | USD | 426345 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2651 |
| JPY | &nbsp;&nbsp; 47036753 | USD | 323607 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3609 |
| KRW | &nbsp;&nbsp; 829747549 | USD | 587671 | Morgan Stanley Capital Services LLC | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 27990 |
| NOK | &nbsp;&nbsp; 8633 | USD | 811 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| SEK | &nbsp;&nbsp; 114584 | USD | 12063 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| SEK | &nbsp;&nbsp; 1713666 | USD | 177878 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3440 |
| USD | &nbsp;&nbsp; 171902 | JPY | 24618199 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 643 |
| USD | &nbsp;&nbsp; 532810 | JPY | 75285529 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9078 |
| USD | &nbsp;&nbsp; 446311 | JPY | 63399959 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5263 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $620361 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| CAD | &nbsp;&nbsp; 274721 | USD | 202428 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(524)<br>|
| JPY | &nbsp;&nbsp; 13188728 | USD | 92405 | BNP Paribas | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (656)<br>|

---

------

MFS Global Governments Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** |
| **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Sold** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Sold** | **Counterparty** | **Settlement Date** | &nbsp;&nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** |
| JPY | &nbsp;&nbsp; 9485673 | USD | 66883 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(895)<br>|
| JPY | &nbsp;&nbsp; 156656793 | USD | 1108716 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (18917)<br>|
| JPY | &nbsp;&nbsp; 809631482 | USD | 5682210 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (49925)<br>|
| NOK | &nbsp;&nbsp; 1938422 | USD | 195724 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (3392)<br>|
| USD | &nbsp;&nbsp; 174398 | AUD | 272958 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (5297)<br>|
| USD | &nbsp;&nbsp; 70199 | AUD | 108514 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1238)<br>|
| USD | &nbsp;&nbsp; 774974 | AUD | 1194647 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (11491)<br>|
| USD | &nbsp;&nbsp; 1075026 | AUD | 1670547 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (24738)<br>|
| USD | &nbsp;&nbsp; 198771 | CAD | 280382 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (7294)<br>|
| USD | &nbsp;&nbsp; 78355 | CAD | 108253 | BNP Paribas | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1204)<br>|
| USD | &nbsp;&nbsp; 77549 | CAD | 107134 | Goldman Sachs International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1188)<br>|
| USD | &nbsp;&nbsp; 110195 | CAD | 152130 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1611)<br>|
| USD | &nbsp;&nbsp; 92894 | CAD | 131529 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (3772)<br>|
| USD | &nbsp;&nbsp; 331323 | CHF | 266995 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (5851)<br>|
| USD | &nbsp;&nbsp; 349014 | CHF | 281366 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (6309)<br>|
| USD | &nbsp;&nbsp; 31669 | DKK | 209154 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1393)<br>|
| USD | &nbsp;&nbsp; 875221 | EUR | 771330 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (34327)<br>|
| USD | &nbsp;&nbsp; 3398423 | EUR | 2974958 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (109629)<br>|
| USD | &nbsp;&nbsp; 2817689 | EUR | 2520690 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (154694)<br>|
| USD | &nbsp;&nbsp; 163587 | EUR | 143462 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (5583)<br>|
| USD | &nbsp;&nbsp; 423746 | EUR | 369514 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (11982)<br>|
| USD | &nbsp;&nbsp; 2097826 | EUR | 1844936 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (77711)<br>|
| USD | &nbsp;&nbsp; 1208570 | EUR | 1066091 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (48558)<br>|
| USD | &nbsp;&nbsp; 23316 | GBP | 17506 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (716)<br>|
| USD | &nbsp;&nbsp; 1060394 | GBP | 788945 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (22628)<br>|
| USD | &nbsp;&nbsp; 437727 | GBP | 324799 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (8140)<br>|
| USD | &nbsp;&nbsp; 177401 | GBP | 131474 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (3079)<br>|
| USD | &nbsp;&nbsp; 584578 | GBP | 442494 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (22855)<br>|
| USD | &nbsp;&nbsp; 557982 | INR | 48019000 | Deutsche Bank AG | 8/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1117)<br>|
| USD | &nbsp;&nbsp; 450055 | JPY | 64845457 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1049)<br>|
| USD | &nbsp;&nbsp; 1635283 | JPY | 237941076 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (19979)<br>|
| USD | &nbsp;&nbsp; 1058280 | JPY | 153195020 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (7437)<br>|
| USD | &nbsp;&nbsp; 1374581 | JPY | 202127160 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (31537)<br>|
| USD | &nbsp;&nbsp; 894898 | JPY | 128722446 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (573)<br>|
| USD | &nbsp;&nbsp; 475438 | JPY | 69750751 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (9790)<br>|
| USD | &nbsp;&nbsp; 586024 | KRW | 829751673 | Barclays Bank PLC | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (29640)<br>|
| USD | &nbsp;&nbsp; 408605 | SEK | 3979808 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (12487)<br>|
| USD | &nbsp;&nbsp; 408789 | SEK | 3901927 | Goldman Sachs International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (4062)<br>|
| USD | &nbsp;&nbsp; 905804 | SEK | 8589607 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (3038)<br>|
| USD | &nbsp;&nbsp; 194155 | SEK | 1895602 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (6414)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(772720)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp; **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value/Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| Euro-Bobl 5 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; $4020013 | September - 2025 | &nbsp;&nbsp;&nbsp; $345 |
| Euro-Buxl 30 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 839219 | September - 2025 | &nbsp;&nbsp;&nbsp; 13841 |
| Euro-Schatz 2 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 10864822 | September - 2025 | &nbsp;&nbsp;&nbsp; 20561 |
| Japan Government Bond 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2896149 | September - 2025 | &nbsp;&nbsp;&nbsp; 3371 |

---

------

MFS Global Governments Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp; **Long/**<br> **Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional**<br> **Amount**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Date**<br>| &nbsp;&nbsp; **Value/Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** |
| ***Interest Rate Futures - continued*** | ***Interest Rate Futures - continued*** | ***Interest Rate Futures - continued*** | ***Interest Rate Futures - continued*** | ***Interest Rate Futures - continued*** |  |  |
| Long Gilt 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; $1021581 | September - 2025 | &nbsp;&nbsp;&nbsp; $20260 |
| U.S. Treasury Note 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 3475875 | September - 2025 | &nbsp;&nbsp;&nbsp; 44913 |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 2288258 | September - 2025 | &nbsp;&nbsp;&nbsp; 9757 |
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 119125 | September - 2025 | &nbsp;&nbsp;&nbsp; 1965 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $115013 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| Euro-BTP 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; $1425320 | September - 2025 | &nbsp;&nbsp;&nbsp; $(3321)<br>|
| Euro-BTP Short-Term | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 9536536 | September - 2025 | &nbsp;&nbsp;&nbsp; (17405)<br>|
| Euro-Bund 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 2912894 | September - 2025 | &nbsp;&nbsp;&nbsp; (21977)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(42703)<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** |
| **Maturity** <br>**Date** | **Maturity** <br>**Date** | **Notional** <br>**Amount**<br>| **Counterparty** | **Cash Flows** <br>**to Receive/** <br>**Frequency**<br>| **Cash Flows** <br>**to Pay/** <br>**Frequency**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net Unamortized** <br>**Upfront Payments** <br>**(Receipts)**<br>| **Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |  |
| ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** |  |  |  |
| 2/05/27 | USD | 4400000 | centrally cleared | CPI-U /At Maturity | 2.755% / At Maturity | $5371 | $— | $5371 |

---

At June 30, 2025, the fund had liquid securities with an aggregate value of $319,772 to cover any collateral or margin obligations for certain derivative contracts.

**See Notes to Financial Statements**

------

MFS Global Governments Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $77,287,453) | &nbsp;&nbsp; $76443398 |
| Investments in affiliated issuers, at value (identified cost, $2,484,188) | &nbsp;&nbsp; 2484366 |
| Cash | &nbsp;&nbsp; 256 |
| Foreign currency, at value (identified cost, $379) | &nbsp;&nbsp; 428 |
| Receivables for |  |
| Net daily variation margin on open cleared swap agreements | &nbsp;&nbsp; 267 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 620361 |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; 13454 |
| Fund shares sold | &nbsp;&nbsp; 92294 |
| Interest | &nbsp;&nbsp; 536134 |
| Receivable from investment adviser | &nbsp;&nbsp; 13096 |
| Other assets | &nbsp;&nbsp; 369 |
| Total assets | &nbsp;&nbsp; $80204423 |
| **Liabilities** |  |
| Payables for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $772720 |
| Investments purchased | &nbsp;&nbsp; 275021 |
| Fund shares reacquired | &nbsp;&nbsp; 1052 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 232 |
| Shareholder servicing costs | &nbsp;&nbsp; 20 |
| Distribution and/or service fees | &nbsp;&nbsp; 15 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 628 |
| Payable for audit and tax fees | &nbsp;&nbsp; 41951 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 20566 |
| Total liabilities | &nbsp;&nbsp; $1112205 |
| Net assets | &nbsp;&nbsp; $79092218 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $93753738 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (14661520)<br>|
| Net assets | &nbsp;&nbsp; $79092218 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 8773486 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $78532414 | &nbsp;&nbsp;&nbsp; 8709747 | &nbsp;&nbsp;&nbsp; $9.02 |
| Service Class | &nbsp;&nbsp;&nbsp; 559804 | &nbsp;&nbsp;&nbsp; 63739 | &nbsp;&nbsp;&nbsp;&nbsp;8.78 |

---

**See Notes to Financial Statements**

------

MFS Global Governments Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $1347441 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 52351 |
| Other | &nbsp;&nbsp; 21 |
| Foreign taxes withheld | &nbsp;&nbsp; (104)<br>|
| Total investment income | &nbsp;&nbsp; $1399709 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $299377 |
| Distribution and/or service fees | &nbsp;&nbsp; 668 |
| Shareholder servicing costs | &nbsp;&nbsp; 741 |
| Administrative services fee | &nbsp;&nbsp; 10669 |
| Independent Trustees' compensation | &nbsp;&nbsp; 1870 |
| Custodian fee | &nbsp;&nbsp; 13974 |
| Shareholder communications | &nbsp;&nbsp; 2042 |
| Audit and tax fees | &nbsp;&nbsp; 43610 |
| Legal fees | &nbsp;&nbsp; 655 |
| Miscellaneous | &nbsp;&nbsp; 17834 |
| Total expenses | &nbsp;&nbsp; $391440 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (111919)<br>|
| Net expenses | &nbsp;&nbsp; $279521 |
| Net investment income (loss) | &nbsp;&nbsp; $1120188 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(634784)<br>|
| Affiliated issuers | &nbsp;&nbsp; (989)<br>|
| Futures contracts | &nbsp;&nbsp; (7956)<br>|
| Swap agreements | &nbsp;&nbsp; 8928 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (25834)<br>|
| Foreign currency | &nbsp;&nbsp; (16230)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $(676865)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $5396535 |
| Affiliated issuers | &nbsp;&nbsp; (185)<br>|
| Futures contracts | &nbsp;&nbsp; 21374 |
| Swap agreements | &nbsp;&nbsp; 14037 |
| Forward foreign currency exchange contracts  | &nbsp;&nbsp; (278361)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 26128 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $5179528 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $4502663 |
| Change in net assets from operations | &nbsp;&nbsp; $5622851 |

---

**See Notes to Financial Statements**

------

MFS Global Governments Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $1120188 | &nbsp;&nbsp; $2470339 |
| Net realized gain (loss) | (676865)<br>| &nbsp;&nbsp; (2166203)<br>|
| Net unrealized gain (loss) | 5179528 | &nbsp;&nbsp; (4251274)<br>|
| Change in net assets from operations | $5622851 | &nbsp;&nbsp; $(3947138)<br>|
| Change in net assets from fund share transactions | $(9920573)<br>| &nbsp;&nbsp; $(3189783)<br>|
| Total change in net assets | $(4297722)<br>| &nbsp;&nbsp; $(7136921)<br>|
| **Net assets** |  |  |
| At beginning of period | 83389940 | &nbsp;&nbsp; 90526861 |
| At end of period | $79092218 | &nbsp;&nbsp; $83389940 |

---

**See Notes to Financial Statements**

------

MFS Global Governments Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $8.41 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $10.57 | &nbsp;&nbsp; $11.69 | &nbsp;&nbsp; $10.71 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.12 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $0.05 |
| Net realized and unrealized gain (loss) | 0.49 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Total from investment operations | $0.61 | &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $(1.82)<br>| &nbsp;&nbsp; $(0.86)<br>| &nbsp;&nbsp; $1.13 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | $— | $— | &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.15)<br>|
| Net asset value, end of period (x) | $9.02 | &nbsp;&nbsp; $8.41 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $10.57 | &nbsp;&nbsp; $11.69 |
| Total return (%) (k)(r)(s)(x) | 7.25<br> (n)<br>| &nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp; (17.23)<br>| &nbsp;&nbsp; (7.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.60 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.98<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Expenses after expense reductions | 0.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Net investment income (loss) | 2.81<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Portfolio turnover rate | 60<br> (n)<br>| &nbsp;&nbsp; 93 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 98 |
| Net assets at end of period (000 omitted) | $78532 | &nbsp;&nbsp; $82853 | &nbsp;&nbsp; $90034 | &nbsp;&nbsp; $92464 | &nbsp;&nbsp; $122646 | &nbsp;&nbsp; $129401 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $8.20 | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $8.44 | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp; $11.46 | &nbsp;&nbsp; $10.50 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.11 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.02 |
| Net realized and unrealized gain (loss) | 0.47 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.00)(w)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Total from investment operations | $0.58 | &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $(1.80)<br>| &nbsp;&nbsp; $(0.88)<br>| &nbsp;&nbsp; $1.08 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | $— | $— | &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.12)<br>|
| Net asset value, end of period (x) | $8.78 | &nbsp;&nbsp; $8.20 | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $8.44 | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp; $11.46 |
| Total return (%) (k)(r)(s)(x) | 7.07<br> (n)<br>| &nbsp;&nbsp; (4.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp; (17.38)<br>| &nbsp;&nbsp; (7.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.35 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.23<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Expenses after expense reductions | 0.95<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Net investment income (loss) | 2.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Portfolio turnover rate | 60<br> (n)<br>| &nbsp;&nbsp; 93 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 98 |
| Net assets at end of period (000 omitted) | $560 | &nbsp;&nbsp; $537 | &nbsp;&nbsp; $493 | &nbsp;&nbsp; $532 | &nbsp;&nbsp; $777 | &nbsp;&nbsp; $841 |

---

**See Notes to Financial Statements**

------

MFS Global Governments Portfolio

*Financial Highlights - continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(w) Per share amount was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Global Governments Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Global Governments Portfolio (the fund) is a non-diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, 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 may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange 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. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared

------

MFS Global Governments Portfolio

*Notes to Financial Statements (unaudited) - continued* 

swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. 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.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the 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 halt 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. 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. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts, forward foreign currency exchange contracts, and swap agreements. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government <br> Agencies & Equivalents<br>| $— | $31789574 | $— | $31789574 |
| Non - U.S. Sovereign Debt |  | 43265064 |  | 43265064 |
| U.S. Corporate Bonds |  | 190826 |  | 190826 |
| Residential Mortgage-Backed Securities |  | 390495 |  | 390495 |
| Commercial Mortgage-Backed Securities |  | 133721 |  | 133721 |
| Asset-Backed Securities (including CDOs) |  | 160671 |  | 160671 |
| Foreign Bonds |  | 513047 |  | 513047 |
| Investment Companies | 2484366 |  |  | 2484366 |
| Total | $2484366 | $76443398 | $— | $78927764 |

---

---

| | | |
|:---|:---|:---|
| **Other Financial Instruments** |  |  |
| Futures Contracts – Assets | $— | $115013 |
| Futures Contracts – Liabilities |  | (42703)<br>|
| Forward Foreign Currency Exchange <br> Contracts – Assets<br>| 620361 | 620361 |
| Forward Foreign Currency Exchange <br> Contracts – Liabilities<br>| (772720)<br>| (772720)<br>|
| Swap Agreements – Assets | 5371 | 5371 |

---

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

------

MFS Global Governments Portfolio

*Notes to Financial Statements (unaudited) - continued* 

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Derivatives** — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are 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.

The derivative instruments used by the fund during the period were futures contracts, forward foreign currency exchange contracts, and swap agreements. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

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 June 30, 2025 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value (a)** | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Interest Rate | Futures Contracts | $115013 | $(42703) |
| Foreign Exchange | Forward Foreign Currency Exchange Contracts | 620361 | (772720) |
| Interest Rate | Cleared Swap Agreements | 5371 |  |
| Total |  | $740745 | $(815423) |

---

(a) Values presented in this table for futures contracts and cleared swap agreements correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts and cleared swap agreements is reported separately within the Statement of Assets and Liabilities.

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended June 30, 2025 as reported in the Statement of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>| **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Interest Rate | $(7956)<br>| &nbsp;&nbsp; $8928 | &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (25834)<br>|
| Total | $(7956)<br>| &nbsp;&nbsp; $8928 | &nbsp;&nbsp; $(25834)<br>|

---

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the six months ended June 30, 2025 as reported in the Statement of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>| **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Interest Rate | $21374 | &nbsp;&nbsp; $14037 | &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (278361)<br>|
| Total | $21374 | &nbsp;&nbsp; $14037 | &nbsp;&nbsp; $(278361)<br>|

---

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out

------

MFS Global Governments Portfolio

*Notes to Financial Statements (unaudited) - continued* 

all transactions traded under such agreement and to net amounts owed under each agreement 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.

Collateral and margin requirements differ by type of derivative. For exchange-traded and cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the exchange or clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the exchange or clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). Collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for exchange-traded or cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in "Miscellaneous" expense in the Statement of Operations.

The following table presents the fund's derivative assets and liabilities (by type) on a gross basis as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of:** | **Derivative Assets** | **Derivative Liabilities** |
| Futures Contracts (a) | $13454 | $— |
| Cleared Swap Agreements (a) | 267 |  |
| Forward Foreign Currency Exchange Contracts | 620361 | (772720) |
| Total Gross Amount of Derivative Assets <br>and Liabilities Presented in the <br>Statement of Assets & Liabilities<br>| $634082 | $(772720) |
| Less: Derivative Assets and Liabilities Not Subject <br>to a Master Netting Agreement or <br>Similar Arrangement<br>| 442595 | (404422) |
| Total Gross Amount of Derivative Assets and <br>Liabilities Subject to a Master Netting Agreement or <br>Similar Arrangement<br>| $191487 | $(368298) |

---

(a) The amount presented here represents the fund's current day net variation margin for futures contracts and for cleared swap agreements. This amount, which is recognized within the Statement of Assets and Liabilities, differs from the fair value of the futures contracts and cleared swap agreements which is presented in the tables that follow the Portfolio of Investments.

The following table presents (by counterparty) the fund's derivative assets net of amounts available for offset under Master Netting Agreements (or similar arrangements) and net of the related collateral posted by the counterparty at June 30, 2025:

------

MFS Global Governments Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Amounts Not Offset in the** <br>**Statement of Assets & Liabilities** | **Amounts Not Offset in the** <br>**Statement of Assets & Liabilities** | **Amounts Not Offset in the** <br>**Statement of Assets & Liabilities** | **Amounts Not Offset in the** <br>**Statement of Assets & Liabilities** |
|  | **Gross Amount** <br>**of Derivative** <br>**Assets Subject** <br>**to a Master** <br>**Netting** <br>**Agreement (or** <br>**Similar** <br>**Arrangement)** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**Available** <br>**for Offset**<br>| **Financial** <br>**Instruments** <br>**Collateral** <br>**Posted by** <br>**Counterparty (b)**<br>| **Cash** <br>**Collateral** <br>**Posted by** <br>**Counterparty (b)**<br>| **Net Amount** <br>**of Derivative** <br>**Assets by** <br>**Counterparty**<br>|
| Barclays Bank PLC | $7033 | $(7033) | $— | $— | $— |
| BNP Paribas | 1757 | (1757) |  |  |  |
| Citibank N.A. | 30322 |  |  |  | 30322 |
| Deutsche Bank AG | 45 | (45) |  |  |  |
| Goldman Sachs International | 4101 | (4101) |  |  |  |
| JPMorgan Chase Bank N.A. | 30362 | (30362) |  |  |  |
| Merrill Lynch International | 107 | (107) |  |  |  |
| Morgan Stanley Capital Services LLC | 117760 | (88585) |  |  | 29175 |
| Total | $191487 | $(131990) | $— | $— | $59497 |

---

The following table presents (by counterparty) the fund's derivative liabilities net of amounts available for offset under Master Netting Agreements (or similar arrangements) and net of the related collateral posted by the fund at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Amounts Not Offset in the** <br>**Statement of Assets & Liabilities** | **Amounts Not Offset in the** <br>**Statement of Assets & Liabilities** | **Amounts Not Offset in the** <br>**Statement of Assets & Liabilities** | **Amounts Not Offset in the** <br>**Statement of Assets & Liabilities** |
|  | **Gross Amount** <br>**of Derivative** <br>**Liabilities Subject** <br>**to a Master** <br>**Netting** <br>**Agreement (or** <br>**Similar** <br>**Arrangement)** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**Available** <br>**for Offset**<br>| **Financial** <br>**Instruments** <br>**Collateral** <br>**Posted by** <br>**Fund (b)**<br>| **Cash** <br>**Collateral** <br>**Posted by** <br>**Fund (b)**<br>| **Net Amount** <br>**of Derivative** <br>**Liabilities by** <br>**Counterparty**<br>|
| Barclays Bank PLC | $(71977) | $7033 | $— | $— | $(64944) |
| BNP Paribas | (1860) | 1757 |  |  | (103) |
| Deutsche Bank AG | (20504) | 45 |  |  | (20459) |
| Goldman Sachs International | (5250) | 4101 |  |  | (1149) |
| JPMorgan Chase Bank N.A. | (163893) | 30362 |  |  | (133531) |
| Merrill Lynch International | (16229) | 107 |  |  | (16122) |
| Morgan Stanley Capital Services LLC | (88585) | 88585 |  |  |  |
| Total | $(368298) | $131990 | $— | $— | $(236308) |

---

(b) The amount presented here may be less than the total amount of collateral posted by the counterparty/by the fund. Excess collateral is not shown for purposes of this presentation.

**Futures Contracts** — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, currency exposure, or to manage duration. 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 specified 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 contracts is realized.

------

MFS Global Governments Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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 contracts 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 entered into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. These contracts may be used 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 forward foreign currency exchange contracts.

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. Generally, the fund's maximum risk due to counterparty credit risk is the unrealized gain on the contract due to the use of Continuous Linked Settlement, a multicurrency cash settlement system for the centralized settlement of foreign transactions. 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, where applicable, 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.

**Swap Agreements** — The fund entered into swap agreements which generally involve a periodic exchange of cash payments on a net basis, at specified intervals or upon the occurrence of specified events, between the fund and a counterparty. Certain swap agreements may be entered into as a bilateral contract ("uncleared swaps") while others are required to be centrally cleared ("cleared swaps").

Both cleared and uncleared swap agreements are marked to market daily. The value of uncleared swap agreements is reported in the Statement of Assets and Liabilities as "Uncleared swaps, at value" which includes any related interest accruals to be paid or received by the fund. For cleared swaps, payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the cleared swap, such that only the current day net receivable or payable for variation margin is reported in the Statement of Assets and Liabilities.

For both cleared and uncleared swaps, premiums paid or received at the inception of the agreements are amortized over the term of the agreement as realized gain or loss on swap agreements in the Statement of Operations. The periodic exchange of net cash payments, as well as any liquidation payment received or made upon early termination, are recorded as a realized gain or loss on swap agreements in the Statement of Operations. The change in unrealized appreciation or depreciation on swap agreements in the Statement of Operations reflects the aggregate change over the reporting period in the value of swaps net of any unamortized premiums paid or received.

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. 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 the amount is positive. To address counterparty risk, uncleared swap agreements are limited to only highly-rated counterparties. Risk is further reduced by having an ISDA Master Agreement ("ISDA") between the fund and the counterparty and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund's exposure to the counterparty under such ISDA. The fund's counterparty risk due to cleared swaps is mitigated by the fact that the clearinghouse is the counterparty to the transaction and the regulatory requirement safeguards in the event of a clearing broker bankruptcy.

The fund entered into inflation swap agreements in order to manage its exposure to inflation risk. Inflation swap agreements involve the periodic exchange of cash flows, between the fund and a counterparty, based on the difference between two rates applied to a notional principal amount. The two rates exchanged are generally a fixed rate and a floating rate based on an inflation index.

**Mortgage-Backed/Asset-Backed Securities** — The fund invests a significant portion of its assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing

------

MFS Global Governments Portfolio

*Notes to Financial Statements (unaudited) - continued* 

rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

To mitigate the counterparty credit risk on To Be Announced ("TBA") transactions, mortgage dollar rolls, and other types of forward settling mortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master Securities Forward Transaction Agreement ("MSFTA") on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the MSFTA, the non-defaulting party has the right 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 MSFTA 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.

For mortgage-backed and asset-backed securities traded under a MSFTA, the collateral and margining requirements are contract specific. Collateral amounts across all transactions traded under such agreement are netted and an amount is posted from one party to the other to collateralize such obligations. Cash that has been pledged to cover the fund's collateral or margin obligations under a MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as restricted cash. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to amortization of premium and accretion of discount of debt securities, wash sale loss deferrals, and derivative transactions.

The fund declared no distributions for the current period or for the year ended December 31, 2024.

------

MFS Global Governments Portfolio

*Notes to Financial Statements (unaudited) - continued* 

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $80598808 |
| Gross appreciation | &nbsp;&nbsp; 2835631 |
| Gross depreciation | &nbsp;&nbsp; (4506675)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(1671044)<br>|
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 1446679 |
| Capital loss carryforwards | &nbsp;&nbsp; (14627828)<br>|
| Other temporary differences | &nbsp;&nbsp; (12014)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (7091208)<br>|

---

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

As of December 31, 2024, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(5865284)<br>|
| Long-Term | (8762544)<br>|
| Total | $(14627828)<br>|

---

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses.

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $300 million | 0.75% |
| In excess of $300 million and up to $1 billion | 0.675% |
| In excess of $1 billion | 0.625% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $5,550, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.74% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, (such as interest expenses on cash collateral held at brokers), such that total annual operating expenses do not exceed 0.69% of average daily net assets for the Initial Class shares and 0.94% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this reduction amounted to $106,369, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by

------

MFS Global Governments Portfolio

*Notes to Financial Statements (unaudited) - continued* 

MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $629, which equated to 0.0016% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $112.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0267% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $6126447 | &nbsp;&nbsp; $11020102 |
| Non-U.S. Government securities | 41136009 | &nbsp;&nbsp; 44357651 |

---

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 101195 | &nbsp;&nbsp; $879366 | &nbsp;&nbsp; 670975 | &nbsp;&nbsp; $5743109 |
| Service Class | 1697 | &nbsp;&nbsp; 14566 | &nbsp;&nbsp; 14295 | &nbsp;&nbsp; 117641 |
|  | 102892 | &nbsp;&nbsp; $893932 | &nbsp;&nbsp; 685270 | &nbsp;&nbsp; $5860750 |
| Shares reacquired |  |  |  |  |
| Initial Class | (1242496)<br>| &nbsp;&nbsp; $(10785628)<br>| &nbsp;&nbsp; (1039877)<br>| &nbsp;&nbsp; $(8998728)<br>|
| Service Class | (3428)<br>| &nbsp;&nbsp; (28877)<br>| &nbsp;&nbsp; (6101)<br>| &nbsp;&nbsp; (51805)<br>|
|  | (1245924)<br>| &nbsp;&nbsp; $(10814505)<br>| &nbsp;&nbsp; (1045978)<br>| &nbsp;&nbsp; $(9050533)<br>|
| Net change |  |  |  |  |
| Initial Class | (1141301)<br>| &nbsp;&nbsp; $(9906262)<br>| &nbsp;&nbsp; (368902)<br>| &nbsp;&nbsp; $(3255619)<br>|
| Service Class | (1731)<br>| &nbsp;&nbsp; (14311)<br>| &nbsp;&nbsp; 8194 | &nbsp;&nbsp; 65836 |
|  | (1143032)<br>| &nbsp;&nbsp; $(9920573)<br>| &nbsp;&nbsp; (360708)<br>| &nbsp;&nbsp; $(3189783)<br>|

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Moderate Allocation Portfolio, the MFS Conservative Allocation Portfolio, and the MFS Growth Allocation Portfolio were the owners of record of approximately 53%, 24%, and 16%, respectively, of the value of outstanding voting shares of the fund.

------

MFS Global Governments Portfolio

*Notes to Financial Statements (unaudited) - continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $188 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in 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 following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $3773068 | &nbsp;&nbsp; $31165551 | &nbsp;&nbsp; $32453079 | &nbsp;&nbsp; $(989)<br>| &nbsp;&nbsp; $(185)<br>| &nbsp;&nbsp; $2484366 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $52351 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Global Governments Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Global Governments Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Global Governments Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Emerging Markets Equity Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Emerging Markets Equity Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 99.0% | Common Stocks – 99.0% | Common Stocks – 99.0% |
| Airlines – 0.4% | Airlines – 0.4% |  |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | 4991 | &nbsp;&nbsp; $65564 |
| Grupo Aeroportuario del Sureste, "B" | 2018 | &nbsp;&nbsp; 64424 |
|  |  | &nbsp;&nbsp; $129988 |
| Alcoholic Beverages – 3.2% | Alcoholic Beverages – 3.2% |  |
| Ambev S.A., ADR | 104847 | &nbsp;&nbsp; $252681 |
| China Resources Beer Holdings Co. Ltd. | 81000 | &nbsp;&nbsp; 257963 |
| Kweichow Moutai Co. Ltd., "A" | 2600 | &nbsp;&nbsp; 511444 |
| Wuliangye Yibin Co. Ltd., "A" | 9000 | &nbsp;&nbsp; 149341 |
|  |  | &nbsp;&nbsp; $1171429 |
| Automotive – 3.4% | Automotive – 3.4% |  |
| BYD Co. Ltd. | 16500 | &nbsp;&nbsp; $257486 |
| Hero MotoCorp Ltd. | 1923 | &nbsp;&nbsp; 95009 |
| Mahindra & Mahindra Ltd. | 12473 | &nbsp;&nbsp; 462967 |
| Maruti Suzuki India Ltd. | 1520 | &nbsp;&nbsp; 219776 |
| PT Astra International Tbk | 823100 | &nbsp;&nbsp; 228146 |
|  |  | &nbsp;&nbsp; $1263384 |
| Biotechnology – 0.7% | Biotechnology – 0.7% |  |
| Hugel, Inc. (a) | 868 | &nbsp;&nbsp; $249544 |
| Brokerage & Asset Managers – 0.3% | Brokerage & Asset Managers – 0.3% |  |
| B3 S.A. - Brasil Bolsa Balcao | 35300 | &nbsp;&nbsp; $94729 |
| Business Services – 3.6% | Business Services – 3.6% |  |
| Infosys Ltd. | 38642 | &nbsp;&nbsp; $721744 |
| Tata Consultancy Services Ltd. | 15478 | &nbsp;&nbsp; 624823 |
|  |  | &nbsp;&nbsp; $1346567 |
| Chemicals – 0.7% | Chemicals – 0.7% |  |
| UPL Ltd. | 35371 | &nbsp;&nbsp; $272727 |
| Computer Software – 1.2% | Computer Software – 1.2% |  |
| Kingsoft Corp. | 84200 | &nbsp;&nbsp; $438701 |
| Computer Software - Systems – 5.4% | Computer Software - Systems – 5.4% |  |
| EPAM Systems, Inc. (a) | 1283 | &nbsp;&nbsp; $226860 |
| Hon Hai Precision Industry Co. Ltd. | 46000 | &nbsp;&nbsp; 253526 |
| Lenovo Group Ltd. | 234000 | &nbsp;&nbsp; 280802 |
| Samsung Electronics Co. Ltd. | 27770 | &nbsp;&nbsp; 1230473 |
|  |  | &nbsp;&nbsp; $1991661 |
| Conglomerates – 0.6% | Conglomerates – 0.6% |  |
| LG Corp. | 3922 | &nbsp;&nbsp; $231321 |

---

FCEFS-SEM

------

MFS Emerging Markets Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Construction – 3.3% | Construction – 3.3% |  |
| Anhui Conch Cement Co. Ltd. | 65000 | &nbsp;&nbsp; $165275 |
| Beijing New Building Materials PLC, "A" | 49100 | &nbsp;&nbsp; 181448 |
| Gree Electric Appliances, Inc., "A" | 35400 | &nbsp;&nbsp; 221920 |
| Midea Group Co. Ltd., "A" | 34800 | &nbsp;&nbsp; 350647 |
| Techtronic Industries Co. Ltd. | 25500 | &nbsp;&nbsp; 280340 |
|  |  | &nbsp;&nbsp; $1199630 |
| Consumer Products – 0.1% | Consumer Products – 0.1% |  |
| Dabur India Ltd. | 7623 | &nbsp;&nbsp; $43133 |
| Consumer Services – 0.2% | Consumer Services – 0.2% |  |
| MakeMyTrip Ltd. (a) | 704 | &nbsp;&nbsp; $69006 |
| Electronics – 14.1% | Electronics – 14.1% |  |
| ASE Technology Holding Co. Ltd | 96000 | &nbsp;&nbsp; $484732 |
| MediaTek, Inc. | 12000 | &nbsp;&nbsp; 513488 |
| SK Hynix, Inc. | 988 | &nbsp;&nbsp; 213764 |
| SK Square Co. Ltd. (a) | 1837 | &nbsp;&nbsp; 249089 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 103258 | &nbsp;&nbsp; 3746867 |
|  |  | &nbsp;&nbsp; $5207940 |
| Energy - Independent – 1.9% | Energy - Independent – 1.9% |  |
| Bharat Petroleum Corp. Ltd. | 61445 | &nbsp;&nbsp; $237834 |
| PT United Tractors Tbk | 148800 | &nbsp;&nbsp; 196598 |
| Reliance Industries Ltd. | 15677 | &nbsp;&nbsp; 274311 |
|  |  | &nbsp;&nbsp; $708743 |
| Energy - Integrated – 3.3% | Energy - Integrated – 3.3% |  |
| Galp Energia SGPS S.A., "B" | 16699 | &nbsp;&nbsp; $306271 |
| Petroleo Brasileiro S.A., ADR | 38139 | &nbsp;&nbsp; 477119 |
| Petroleo Brasileiro S.A., ADR | 13638 | &nbsp;&nbsp; 157383 |
| Petronet LNG Ltd. | 60770 | &nbsp;&nbsp; 213928 |
| Saudi Arabian Oil Co. | 11728 | &nbsp;&nbsp; 76050 |
|  |  | &nbsp;&nbsp; $1230751 |
| Engineering - Construction – 0.5% | Engineering - Construction – 0.5% |  |
| Doosan Bobcat, Inc. | 3998 | &nbsp;&nbsp; $172409 |
| Food & Beverages – 2.1% | Food & Beverages – 2.1% |  |
| Gruma S.A.B. de C.V. | 15427 | &nbsp;&nbsp; $266183 |
| Inner Mongolia Yili Industrial Group Co. Ltd., "A" | 63741 | &nbsp;&nbsp; 248008 |
| Orion Corp. | 3273 | &nbsp;&nbsp; 263858 |
|  |  | &nbsp;&nbsp; $778049 |
| Food & Drug Stores – 1.6% | Food & Drug Stores – 1.6% |  |
| BIM Birlesik Magazalar A.S. | 22517 | &nbsp;&nbsp; $279782 |
| Walmart de Mexico S.A.B. de C.V. | 98589 | &nbsp;&nbsp; 326537 |
|  |  | &nbsp;&nbsp; $606319 |
| Gaming & Lodging – 0.9% | Gaming & Lodging – 0.9% |  |
| ITC Hotels Ltd. (a) | 5725 | &nbsp;&nbsp; $14846 |
| Sands China Ltd. | 152800 | &nbsp;&nbsp; 318060 |
|  |  | &nbsp;&nbsp; $332906 |

---

------

MFS Emerging Markets Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Insurance – 5.4% | Insurance – 5.4% |  |
| AIA Group Ltd. | 50600 | &nbsp;&nbsp; $453791 |
| DB Insurance Co. Ltd. | 3688 | &nbsp;&nbsp; 336937 |
| Hyundai Marine & Fire Insurance Co. Ltd. (a) | 14991 | &nbsp;&nbsp; 293800 |
| Ping An Insurance Co. of China Ltd., "H" | 89000 | &nbsp;&nbsp; 565182 |
| Samsung Fire & Marine Insurance Co. Ltd. | 1071 | &nbsp;&nbsp; 344409 |
|  |  | &nbsp;&nbsp; $1994119 |
| Interactive Media Services – 0.2% | Interactive Media Services – 0.2% |  |
| Baidu, Inc., ADR (a) | 736 | &nbsp;&nbsp; $63119 |
| Leisure & Toys – 7.9% | Leisure & Toys – 7.9% |  |
| NetEase, Inc., ADR | 4902 | &nbsp;&nbsp; $659711 |
| Tencent Holdings Ltd. | 35500 | &nbsp;&nbsp; 2274728 |
|  |  | &nbsp;&nbsp; $2934439 |
| Machinery & Tools – 1.6% | Machinery & Tools – 1.6% |  |
| Delta Electronics, Inc. | 42000 | &nbsp;&nbsp; $593797 |
| Major Banks – 3.5% | Major Banks – 3.5% |  |
| Banco Bradesco S.A., ADR | 120828 | &nbsp;&nbsp; $373359 |
| Bandhan Bank Ltd. | 69641 | &nbsp;&nbsp; 153996 |
| National Bank of Greece S.A. | 21899 | &nbsp;&nbsp; 279370 |
| Nedbank Group Ltd. | 18376 | &nbsp;&nbsp; 252279 |
| OTP Bank PLC | 2990 | &nbsp;&nbsp; 238844 |
|  |  | &nbsp;&nbsp; $1297848 |
| Metals & Mining – 2.3% | Metals & Mining – 2.3% |  |
| Industries Qatar Q.P.S.C. | 69904 | &nbsp;&nbsp; $237109 |
| Vale S.A., ADR | 61603 | &nbsp;&nbsp; 598165 |
|  |  | &nbsp;&nbsp; $835274 |
| Natural Gas - Distribution – 0.4% | Natural Gas - Distribution – 0.4% |  |
| China Resources Gas Group Ltd. | 50100 | &nbsp;&nbsp; $127963 |
| Network & Telecom – 0.9% | Network & Telecom – 0.9% |  |
| Accton Technology Corp. | 5000 | &nbsp;&nbsp; $124948 |
| GDS Holdings Ltd., "A" (a) | 18500 | &nbsp;&nbsp; 69523 |
| GDS Holdings Ltd., ADR (a) | 4761 | &nbsp;&nbsp; 145544 |
|  |  | &nbsp;&nbsp; $340015 |
| Oil Services – 1.3% | Oil Services – 1.3% |  |
| ADNOC Drilling Co. PJSC | 155998 | &nbsp;&nbsp; $242114 |
| Samsung E&A Co. Ltd. | 15417 | &nbsp;&nbsp; 252457 |
|  |  | &nbsp;&nbsp; $494571 |
| Other Banks & Diversified Financials – 16.0% | Other Banks & Diversified Financials – 16.0% |  |
| Bangkok Bank Public Co. Ltd. | 62200 | &nbsp;&nbsp; $265953 |
| Bank Negara Indonesia PT | 1225900 | &nbsp;&nbsp; 311100 |
| China Construction Bank Corp. | 845670 | &nbsp;&nbsp; 853216 |
| China Merchants Bank Co. Ltd. | 75000 | &nbsp;&nbsp; 524048 |
| Credicorp Ltd. | 1425 | &nbsp;&nbsp; 318516 |
| Emirates NBD Bank PJSC | 48630 | &nbsp;&nbsp; 301902 |
| Grupo Financiero Banorte S.A. de C.V. | 33580 | &nbsp;&nbsp; 306944 |
| HDFC Bank Ltd. | 36410 | &nbsp;&nbsp; 849751 |
| Kasikornbank Co. Ltd. | 99600 | &nbsp;&nbsp; 465696 |

---

------

MFS Emerging Markets Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Other Banks & Diversified Financials – continued | Other Banks & Diversified Financials – continued |  |
| KB Financial Group, Inc. | 4524 | &nbsp;&nbsp; $371748 |
| Kotak Mahindra Bank Ltd. | 22739 | &nbsp;&nbsp; 573645 |
| PT Bank Central Asia Tbk | 436300 | &nbsp;&nbsp; 233132 |
| Saudi Awwal Bank | 21150 | &nbsp;&nbsp; 190043 |
| Saudi Tadawul Group Holding Co. | 3901 | &nbsp;&nbsp; 183479 |
| Sberbank of Russia PJSC (a)(u) | 286804 | &nbsp;&nbsp; 0 |
| State Bank of India | 18533 | &nbsp;&nbsp; 177280 |
|  |  | &nbsp;&nbsp; $5926453 |
| Pharmaceuticals – 0.3% | Pharmaceuticals – 0.3% |  |
| WuXi AppTec Co. Ltd. | 400 | &nbsp;&nbsp; $4008 |
| WuXi AppTec Co. Ltd., "A" | 12300 | &nbsp;&nbsp; 119386 |
|  |  | &nbsp;&nbsp; $123394 |
| Precious Metals & Minerals – 0.8% | Precious Metals & Minerals – 0.8% |  |
| Gold Fields Ltd., ADR | 13041 | &nbsp;&nbsp; $308681 |
| Real Estate – 1.5% | Real Estate – 1.5% |  |
| Emaar Properties PJSC | 80184 | &nbsp;&nbsp; $296929 |
| Hang Lung Properties Ltd. | 142000 | &nbsp;&nbsp; 135489 |
| SM Investments Corp. | 6550 | &nbsp;&nbsp; 101395 |
|  |  | &nbsp;&nbsp; $533813 |
| Specialty Stores – 5.8% | Specialty Stores – 5.8% |  |
| Alibaba Group Holding Ltd. | 86048 | &nbsp;&nbsp; $1203583 |
| Meituan, "B" (a) | 21500 | &nbsp;&nbsp; 343180 |
| PDD Holdings, Inc., ADR (a) | 4145 | &nbsp;&nbsp; 433816 |
| Vipshop Holdings Ltd., ADR | 11771 | &nbsp;&nbsp; 177154 |
|  |  | &nbsp;&nbsp; $2157733 |
| Telecom Services – 1.8% | Telecom Services – 1.8% |  |
| Etihad Etisalat Co. | 13812 | &nbsp;&nbsp; $218384 |
| Hellenic Telecommunications Organization S.A. | 10941 | &nbsp;&nbsp; 208012 |
| PT Telekom Indonesia | 1485600 | &nbsp;&nbsp; 254387 |
|  |  | &nbsp;&nbsp; $680783 |
| Tobacco – 1.4% | Tobacco – 1.4% |  |
| British American Tobacco PLC | 5278 | &nbsp;&nbsp; $250889 |
| ITC Ltd. | 56499 | &nbsp;&nbsp; 274359 |
|  |  | &nbsp;&nbsp; $525248 |
| Utilities - Electric Power – 0.4% | Utilities - Electric Power – 0.4% |  |
| NTPC Ltd. | 37135 | &nbsp;&nbsp; $145015 |
| **Total Common Stocks (Identified Cost, $25,194,011)** |  | &nbsp;&nbsp; **$36621202** |
| Mutual Funds (h) – 1.0% | Mutual Funds (h) – 1.0% | Mutual Funds (h) – 1.0% |
| Money Market Funds – 1.0% | Money Market Funds – 1.0% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $365,899) | 365891 | &nbsp;&nbsp; $365928 |
| Other Assets, Less Liabilities – 0.0% |  | &nbsp;&nbsp; 18477 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$37005607** |

---

------

MFS Emerging Markets Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $365,928 and $36,621,202, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(u) The security was valued using significant unobservable inputs and is considered level
 3 under the fair value hierarchy. For further information about the fund's level 3 holdings, please see Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined: <br> ADR American Depositary Receipt

**See Notes to Financial Statements**

------

MFS Emerging Markets Equity Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $25,194,011) | &nbsp;&nbsp; $36621202 |
| Investments in affiliated issuers, at value (identified cost, $365,899) | &nbsp;&nbsp; 365928 |
| Cash | &nbsp;&nbsp; 3714 |
| Foreign currency, at value (identified cost, $48,078) | &nbsp;&nbsp; 48039 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 137639 |
| Fund shares sold | &nbsp;&nbsp; 3216 |
| Dividends | &nbsp;&nbsp; 110859 |
| Receivable from investment adviser | &nbsp;&nbsp; 18158 |
| Other assets | &nbsp;&nbsp; 2325 |
| Total assets | &nbsp;&nbsp; $37311080 |
| **Liabilities** |  |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; $50443 |
| Fund shares reacquired | &nbsp;&nbsp; 41642 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 192 |
| Shareholder servicing costs | &nbsp;&nbsp; 78 |
| Distribution and/or service fees | &nbsp;&nbsp; 552 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 561 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 115144 |
| Payable for custodian fee | &nbsp;&nbsp; 54435 |
| Payable for audit and tax fees | &nbsp;&nbsp; 42426 |
| Total liabilities | &nbsp;&nbsp; $305473 |
| Net assets | &nbsp;&nbsp; $37005607 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $24067619 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 12937988 |
| Net assets | &nbsp;&nbsp; $37005607 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 2376807 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $17027790 | &nbsp;&nbsp;&nbsp; 1081926 | &nbsp;&nbsp;&nbsp; $15.74 |
| Service Class | &nbsp;&nbsp;&nbsp; 19977817 | &nbsp;&nbsp;&nbsp; 1294881 | &nbsp;&nbsp;&nbsp;&nbsp;15.43 |

---

**See Notes to Financial Statements**

------

MFS Emerging Markets Equity Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $784253 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 11223 |
| Other | &nbsp;&nbsp; 3707 |
| Income on securities loaned | &nbsp;&nbsp; 101 |
| Foreign taxes withheld | &nbsp;&nbsp; (77125)<br>|
| Total investment income | &nbsp;&nbsp; $722159 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $184433 |
| Distribution and/or service fees | &nbsp;&nbsp; 24100 |
| Shareholder servicing costs | &nbsp;&nbsp; 2604 |
| Administrative services fee | &nbsp;&nbsp; 8679 |
| Independent Trustees' compensation | &nbsp;&nbsp; 1477 |
| Custodian fee | &nbsp;&nbsp; 58192 |
| Shareholder communications | &nbsp;&nbsp; 1523 |
| Audit and tax fees | &nbsp;&nbsp; 52128 |
| Legal fees | &nbsp;&nbsp; 186 |
| Miscellaneous | &nbsp;&nbsp; 13383 |
| Total expenses | &nbsp;&nbsp; $346705 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (106286)<br>|
| Net expenses | &nbsp;&nbsp; $240419 |
| Net investment income (loss) | &nbsp;&nbsp; $481740 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers (includes $26,550 foreign capital gains tax) | &nbsp;&nbsp; $1351048 |
| Affiliated issuers | &nbsp;&nbsp; (79)<br>|
| Foreign currency | &nbsp;&nbsp; (945)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $1350024 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $14,863 decrease in deferred foreign capital gains tax) | &nbsp;&nbsp; $3433450 |
| Affiliated issuers | &nbsp;&nbsp; 10 |
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 1690 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $3435150 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $4785174 |
| Change in net assets from operations | &nbsp;&nbsp; $5266914 |

---

**See Notes to Financial Statements**

------

MFS Emerging Markets Equity Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $481740 | &nbsp;&nbsp; $684045 |
| Net realized gain (loss) | 1350024 | &nbsp;&nbsp; 1100455 |
| Net unrealized gain (loss) | 3435150 | &nbsp;&nbsp; 2170052 |
| Change in net assets from operations | $5266914 | &nbsp;&nbsp; $3954552 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(823247)<br>|
| Change in net assets from fund share transactions | $(2979859)<br>| &nbsp;&nbsp; $(3906732)<br>|
| Total change in net assets | $2287055 | &nbsp;&nbsp; $(775427)<br>|
| **Net assets** |  |  |
| At beginning of period | 34718552 | &nbsp;&nbsp; 35493979 |
| At end of period | $37005607 | &nbsp;&nbsp; $34718552 |

---

**See Notes to Financial Statements**

------

MFS Emerging Markets Equity Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $13.58 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $16.03 | &nbsp;&nbsp; $17.28 | &nbsp;&nbsp; $17.04 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.21 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.14 |
| Net realized and unrealized gain (loss) | 1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Total from investment operations | $2.16 | &nbsp;&nbsp; $1.44 | &nbsp;&nbsp; $1.25 | &nbsp;&nbsp; $(3.13)<br>| &nbsp;&nbsp; $(1.16)<br>| &nbsp;&nbsp; $1.61 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.57)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.50)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.00)(w)<br>| &nbsp;&nbsp; (0.87)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(1.51)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(1.37)<br>|
| Net asset value, end of period (x) | $15.74 | &nbsp;&nbsp; $13.58 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $16.03 | &nbsp;&nbsp; $17.28 |
| Total return (%) (k)(r)(s)(x) | 15.91<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.61 | &nbsp;&nbsp;&nbsp;&nbsp;10.99 | &nbsp;&nbsp; (19.79)<br>| &nbsp;&nbsp; (6.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.63 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.84<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Expenses after expense reductions | 1.23<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Net investment income (loss) | 2.89<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Portfolio turnover rate | 17<br> (n)<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 48 |
| Net assets at end of period (000 omitted) | $17028 | &nbsp;&nbsp; $15512 | &nbsp;&nbsp; $15889 | &nbsp;&nbsp; $15452 | &nbsp;&nbsp; $19498 | &nbsp;&nbsp; $20335 |

---

**See Notes to Financial Statements**

------

MFS Emerging Markets Equity Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $13.33 | &nbsp;&nbsp; $12.23 | &nbsp;&nbsp; $11.19 | &nbsp;&nbsp; $15.76 | &nbsp;&nbsp; $16.99 | &nbsp;&nbsp; $16.78 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.18 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.11 |
| Net realized and unrealized gain (loss) | 1.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp; (3.30)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| Total from investment operations | $2.10 | &nbsp;&nbsp; $1.39 | &nbsp;&nbsp; $1.18 | &nbsp;&nbsp; $(3.11)<br>| &nbsp;&nbsp; $(1.18)<br>| &nbsp;&nbsp; $1.54 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.52)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.46)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.00)(w)<br>| &nbsp;&nbsp; (0.87)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(1.46)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(1.33)<br>|
| Net asset value, end of period (x) | $15.43 | &nbsp;&nbsp; $13.33 | &nbsp;&nbsp; $12.23 | &nbsp;&nbsp; $11.19 | &nbsp;&nbsp; $15.76 | &nbsp;&nbsp; $16.99 |
| Total return (%) (k)(r)(s)(x) | 15.75<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.40 | &nbsp;&nbsp;&nbsp;&nbsp;10.62 | &nbsp;&nbsp; (19.94)<br>| &nbsp;&nbsp; (6.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.33 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 2.08<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| Expenses after expense reductions | 1.48<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Net investment income (loss) | 2.61<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Portfolio turnover rate | 17<br> (n)<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 48 |
| Net assets at end of period (000 omitted) | $19978 | &nbsp;&nbsp; $19206 | &nbsp;&nbsp; $19605 | &nbsp;&nbsp; $19230 | &nbsp;&nbsp; $24849 | &nbsp;&nbsp; $25643 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(w) Per share amount was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Emerging Markets Equity Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Emerging Markets Equity Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments tied economically to emerging markets, especially frontier markets, can involve additional and greater risks than the risks associated with investments in developed markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, geopolitical, and economic instability than developed markets.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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.

------

MFS Emerging Markets Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the 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 halt 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 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. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| China | $10627196 | $— | $— | $10627196 |
| Taiwan | 5717358 |  |  | 5717358 |
| India | 5424150 |  |  | 5424150 |
| South Korea | 4209809 |  |  | 4209809 |
| Brazil | 1953436 |  |  | 1953436 |
| Indonesia | 1223363 |  |  | 1223363 |
| Hong Kong | 1187680 |  |  | 1187680 |
| Mexico | 1029652 |  |  | 1029652 |
| United Arab Emirates | 840945 |  |  | 840945 |
| Other Countries | 4141660 | 265953 | 0 | 4407613 |
| Investment Companies | 365928 |  |  | 365928 |
| Total | $36721177 | $265953 | $0 | $36987130 |

---

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

At June 30, 2025, the fund held one level 3 security valued at $0, which was also held and valued at $0 at December 31, 2024.

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

------

MFS Emerging Markets Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At June 30, 2025, there were no securities on loan or collateral outstanding.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to passive foreign investment companies and wash sale loss deferrals.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $823247 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

------

MFS Emerging Markets Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $26737467 |
| Gross appreciation | &nbsp;&nbsp; 11634297 |
| Gross depreciation | &nbsp;&nbsp; (1384634)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $10249663 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 741082 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 237994 |
| Other temporary differences | &nbsp;&nbsp; (139068)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 6831066 |

---

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

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $375178 |
| Service Class |  | &nbsp;&nbsp; 448069 |
| Total | $— | &nbsp;&nbsp; $823247 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $500 million | 1.05% |
| In excess of $500 million | 1.00% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $2,442, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 1.04% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 1.23% of average daily net assets for the Initial Class shares and 1.48% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this reduction amounted to $103,844, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these

------

MFS Emerging Markets Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $2,304, which equated to 0.0131% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $300.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0494% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended June 30, 2025, this reimbursement amounted to $3,694, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, aggregated $5,760,419 and $7,932,143, respectively.

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 14616 | &nbsp;&nbsp; $210794 | &nbsp;&nbsp; 89564 | &nbsp;&nbsp; $1168356 |
| Service Class | 37161 | &nbsp;&nbsp; 518033 | &nbsp;&nbsp; 123720 | &nbsp;&nbsp; 1585736 |
|  | 51777 | &nbsp;&nbsp; $728827 | &nbsp;&nbsp; 213284 | &nbsp;&nbsp; $2754092 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 27832 | &nbsp;&nbsp; $375178 |
| Service Class |  |  | &nbsp;&nbsp; 33842 | &nbsp;&nbsp; 448069 |
|  |  | $— | &nbsp;&nbsp; 61674 | &nbsp;&nbsp; $823247 |
| Shares reacquired |  |  |  |  |
| Initial Class | (75236)<br>| &nbsp;&nbsp; $(1090566)<br>| &nbsp;&nbsp; (250520)<br>| &nbsp;&nbsp; $(3324116)<br>|
| Service Class | (183574)<br>| &nbsp;&nbsp; (2618120)<br>| &nbsp;&nbsp; (318876)<br>| &nbsp;&nbsp; (4159955)<br>|
|  | (258810)<br>| &nbsp;&nbsp; $(3708686)<br>| &nbsp;&nbsp; (569396)<br>| &nbsp;&nbsp; $(7484071)<br>|

---

------

MFS Emerging Markets Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **6/30/25** | **Six months ended**<br> **6/30/25** | **Year ended**<br> **12/31/24** | **Year ended**<br> **12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net change |  |  |  |  |
| Initial Class | (60620)<br>| &nbsp;&nbsp; $(879772)<br>| &nbsp;&nbsp; (133124)<br>| &nbsp;&nbsp; $(1780582)<br>|
| Service Class | (146413)<br>| &nbsp;&nbsp; (2100087)<br>| &nbsp;&nbsp; (161314)<br>| &nbsp;&nbsp; (2126150)<br>|
|  | (207033)<br>| &nbsp;&nbsp; $(2979859)<br>| &nbsp;&nbsp; (294438)<br>| &nbsp;&nbsp; $(3906732)<br>|

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Growth Allocation Portfolio was the owner of record of approximately 9% of the value of outstanding voting shares of the fund.

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $79 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in 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 following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $695803 | &nbsp;&nbsp; $4759989 | &nbsp;&nbsp; $5089795 | &nbsp;&nbsp; $(79)<br>| &nbsp;&nbsp; $10 | &nbsp;&nbsp; $365928 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $11223 | $— |

---

**(8) Russia and Ukraine Conflict**

The fund invests in securities and/or derivative instruments that are economically tied to Russia and/or Ukraine. Escalation of the conflict between Russia and Ukraine in late February 2022 caused market volatility and disruption in the tradability of Russian securities, including closure of the local securities market, temporary restriction on securities sales by non-residents, and disruptions to clearance and payment systems. To the extent that the fund is unable to sell securities, whether due to market constraints or to the sanctions imposed on Russia by the United States and other countries, those securities are considered illiquid and the value of those securities reflects their illiquid classification. Additionally, since there is no assurance on collectability of dividends declared by certain Russian issuers, all such dividends, related receivables, and/or currency denominated in Rubles, if applicable, have been valued at $0. Management continues to monitor these events and to evaluate the related impacts on fund performance.

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Emerging Markets Equity Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Emerging Markets Equity Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Emerging Markets Equity Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Core Equity Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Core Equity Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 99.6% | Common Stocks – 99.6% | Common Stocks – 99.6% |
| Aerospace & Defense – 2.8% | Aerospace & Defense – 2.8% |  |
| Curtiss-Wright Corp. | 1291 | &nbsp;&nbsp; $630718 |
| General Dynamics Corp. | 2935 | &nbsp;&nbsp; 856022 |
| General Electric Co. | 7380 | &nbsp;&nbsp; 1899538 |
| Howmet Aerospace, Inc. | 8524 | &nbsp;&nbsp; 1586572 |
| Leidos Holdings, Inc. | 7593 | &nbsp;&nbsp; 1197872 |
| RTX Corp. | 11201 | &nbsp;&nbsp; 1635570 |
| Standard Aero, Inc. (a) | 8925 | &nbsp;&nbsp; 282477 |
|  |  | &nbsp;&nbsp; $8088769 |
| Alcoholic Beverages – 0.1% | Alcoholic Beverages – 0.1% |  |
| Constellation Brands, Inc., "A" | 2140 | &nbsp;&nbsp; $348135 |
| Apparel Manufacturers – 0.1% | Apparel Manufacturers – 0.1% |  |
| VF Corp. | 11694 | &nbsp;&nbsp; $137405 |
| Automotive – 1.2% | Automotive – 1.2% |  |
| Aptiv PLC (a) | 20480 | &nbsp;&nbsp; $1397145 |
| LKQ Corp. | 20070 | &nbsp;&nbsp; 742791 |
| Tesla, Inc. (a) | 3965 | &nbsp;&nbsp; 1259522 |
|  |  | &nbsp;&nbsp; $3399458 |
| Biotechnology – 0.1% | Biotechnology – 0.1% |  |
| Exact Sciences Corp. (a) | 5486 | &nbsp;&nbsp; $291526 |
| Broadcasting – 1.8% | Broadcasting – 1.8% |  |
| Omnicom Group, Inc. | 4397 | &nbsp;&nbsp; $316320 |
| Spotify Technology S.A. (a) | 3717 | &nbsp;&nbsp; 2852203 |
| Walt Disney Co. | 15000 | &nbsp;&nbsp; 1860150 |
|  |  | &nbsp;&nbsp; $5028673 |
| Brokerage & Asset Managers – 2.0% | Brokerage & Asset Managers – 2.0% |  |
| Charles Schwab Corp. | 13157 | &nbsp;&nbsp; $1200445 |
| CME Group, Inc. | 5177 | &nbsp;&nbsp; 1426885 |
| KKR & Co., Inc. | 13989 | &nbsp;&nbsp; 1860956 |
| Raymond James Financial, Inc. | 4186 | &nbsp;&nbsp; 642007 |
| TPG, Inc. | 11181 | &nbsp;&nbsp; 586443 |
|  |  | &nbsp;&nbsp; $5716736 |
| Business Services – 3.9% | Business Services – 3.9% |  |
| Accenture PLC, "A" | 2194 | &nbsp;&nbsp; $655765 |
| Equifax, Inc. | 2351 | &nbsp;&nbsp; 609779 |
| Fidelity National Information Services, Inc. | 9979 | &nbsp;&nbsp; 812390 |
| Fiserv, Inc. (a) | 5692 | &nbsp;&nbsp; 981358 |
| TransUnion | 50089 | &nbsp;&nbsp; 4407832 |
| TriNet Group, Inc. | 36784 | &nbsp;&nbsp; 2690382 |
| Verisk Analytics, Inc., "A" | 3145 | &nbsp;&nbsp; 979667 |
|  |  | &nbsp;&nbsp; $11137173 |
| Chemicals – 0.1% | Chemicals – 0.1% |  |
| Eastman Chemical Co. | 5296 | &nbsp;&nbsp; $395399 |

---

RGSFS-SEM

------

MFS Core Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software – 12.0% | Computer Software – 12.0% |  |
| Atlassian Corp. (a) | 8308 | &nbsp;&nbsp; $1687272 |
| Cadence Design Systems, Inc. (a) | 10012 | &nbsp;&nbsp; 3085198 |
| Elastic N.V. (a) | 7862 | &nbsp;&nbsp; 663002 |
| Guidewire Software, Inc. (a) | 4737 | &nbsp;&nbsp; 1115327 |
| HubSpot, Inc. (a) | 1235 | &nbsp;&nbsp; 687438 |
| Microsoft Corp. (s) | 41371 | &nbsp;&nbsp; 20578349 |
| MongoDB, Inc. (a) | 2627 | &nbsp;&nbsp; 551644 |
| Okta, Inc. (a) | 9916 | &nbsp;&nbsp; 991303 |
| Salesforce, Inc. | 10664 | &nbsp;&nbsp; 2907966 |
| SentinelOne, Inc., "A" (a) | 27919 | &nbsp;&nbsp; 510359 |
| Tyler Technologies, Inc. (a) | 1435 | &nbsp;&nbsp; 850725 |
| VERTEX, Inc. (a) | 13368 | &nbsp;&nbsp; 472358 |
|  |  | &nbsp;&nbsp; $34100941 |
| Computer Software - Systems – 4.9% | Computer Software - Systems – 4.9% |  |
| Apple, Inc. (s) | 42542 | &nbsp;&nbsp; $8728342 |
| CDW Corp. | 17021 | &nbsp;&nbsp; 3039780 |
| EPAM Systems, Inc. (a) | 3675 | &nbsp;&nbsp; 649814 |
| Insight Enterprises, Inc. (a) | 11850 | &nbsp;&nbsp; 1636307 |
|  |  | &nbsp;&nbsp; $14054243 |
| Construction – 1.5% | Construction – 1.5% |  |
| Builders FirstSource, Inc. (a) | 5578 | &nbsp;&nbsp; $650897 |
| CRH PLC | 16042 | &nbsp;&nbsp; 1472656 |
| Equity Lifestyle Properties, Inc., REIT | 7335 | &nbsp;&nbsp; 452349 |
| Ferguson Enterprises, Inc. | 2764 | &nbsp;&nbsp; 601861 |
| Mohawk Industries, Inc. (a) | 4621 | &nbsp;&nbsp; 484466 |
| Sherwin-Williams Co. | 2095 | &nbsp;&nbsp; 719339 |
|  |  | &nbsp;&nbsp; $4381568 |
| Consumer Products – 1.2% | Consumer Products – 1.2% |  |
| Colgate-Palmolive Co. | 10492 | &nbsp;&nbsp; $953723 |
| e.l.f. Beauty, Inc. (a) | 5242 | &nbsp;&nbsp; 652315 |
| Kenvue, Inc. | 48139 | &nbsp;&nbsp; 1007549 |
| Procter & Gamble Co. | 5770 | &nbsp;&nbsp; 919276 |
|  |  | &nbsp;&nbsp; $3532863 |
| Consumer Services – 1.2% | Consumer Services – 1.2% |  |
| Booking Holdings, Inc. | 471 | &nbsp;&nbsp; $2726732 |
| Bright Horizons Family Solutions, Inc. (a) | 2765 | &nbsp;&nbsp; 341726 |
| Grand Canyon Education, Inc. (a) | 1768 | &nbsp;&nbsp; 334152 |
|  |  | &nbsp;&nbsp; $3402610 |
| Containers – 0.2% | Containers – 0.2% |  |
| Smurfit Westrock PLC | 11544 | &nbsp;&nbsp; $498124 |
| Electrical Equipment – 1.8% | Electrical Equipment – 1.8% |  |
| AMETEK, Inc. | 6359 | &nbsp;&nbsp; $1150725 |
| Amphenol Corp., "A" | 17979 | &nbsp;&nbsp; 1775426 |
| Emerson Electric Co. | 12779 | &nbsp;&nbsp; 1703824 |
| W.W. Grainger, Inc. | 587 | &nbsp;&nbsp; 610621 |
|  |  | &nbsp;&nbsp; $5240596 |

---

------

MFS Core Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electronics – 10.1% | Electronics – 10.1% |  |
| Analog Devices, Inc. | 7648 | &nbsp;&nbsp; $1820377 |
| Broadcom, Inc. | 29360 | &nbsp;&nbsp; 8093084 |
| Flex Ltd. (a) | 4173 | &nbsp;&nbsp; 208316 |
| KLA Corp. | 1950 | &nbsp;&nbsp; 1746693 |
| Lam Research Corp. | 29053 | &nbsp;&nbsp; 2828019 |
| MACOM Technology Solutions Holdings, Inc. (a) | 1269 | &nbsp;&nbsp; 181835 |
| Monolithic Power Systems, Inc. | 1157 | &nbsp;&nbsp; 846207 |
| NVIDIA Corp. | 72131 | &nbsp;&nbsp; 11395977 |
| NXP Semiconductors N.V. | 5744 | &nbsp;&nbsp; 1255006 |
| Onto Innovation, Inc. (a) | 2499 | &nbsp;&nbsp; 252224 |
|  |  | &nbsp;&nbsp; $28627738 |
| Energy - Independent – 1.4% | Energy - Independent – 1.4% |  |
| ConocoPhillips | 16023 | &nbsp;&nbsp; $1437904 |
| Expand Energy Corp. | 4916 | &nbsp;&nbsp; 574877 |
| Hess Corp. | 6484 | &nbsp;&nbsp; 898294 |
| Permian Resources Corp. | 29678 | &nbsp;&nbsp; 404214 |
| Phillips 66 | 2890 | &nbsp;&nbsp; 344777 |
| Valero Energy Corp. | 2536 | &nbsp;&nbsp; 340889 |
|  |  | &nbsp;&nbsp; $4000955 |
| Energy - Integrated – 1.0% | Energy - Integrated – 1.0% |  |
| Exxon Mobil Corp. | 25257 | &nbsp;&nbsp; $2722705 |
| Energy - Renewables – 0.4% | Energy - Renewables – 0.4% |  |
| First Solar, Inc. (a) | 1911 | &nbsp;&nbsp; $316347 |
| GE Vernova, Inc. | 1746 | &nbsp;&nbsp; 923896 |
|  |  | &nbsp;&nbsp; $1240243 |
| Engineering - Construction – 0.9% | Engineering - Construction – 0.9% |  |
| APi Group, Inc. (a) | 24363 | &nbsp;&nbsp; $1243731 |
| Jacobs Solutions, Inc. | 9325 | &nbsp;&nbsp; 1225771 |
|  |  | &nbsp;&nbsp; $2469502 |
| Food & Beverages – 1.5% | Food & Beverages – 1.5% |  |
| Coca-Cola Europacific Partners PLC | 12766 | &nbsp;&nbsp; $1183664 |
| Mondelez International, Inc. | 19540 | &nbsp;&nbsp; 1317778 |
| PepsiCo, Inc. | 12383 | &nbsp;&nbsp; 1635051 |
|  |  | &nbsp;&nbsp; $4136493 |
| Gaming & Lodging – 0.7% | Gaming & Lodging – 0.7% |  |
| DraftKings, Inc. (a) | 8003 | &nbsp;&nbsp; $343249 |
| Hilton Worldwide Holdings, Inc. | 4851 | &nbsp;&nbsp; 1292015 |
| Viking Holdings Ltd. (a) | 7197 | &nbsp;&nbsp; 383528 |
|  |  | &nbsp;&nbsp; $2018792 |
| Health Maintenance Organizations – 1.0% | Health Maintenance Organizations – 1.0% |  |
| Cigna Group | 7484 | &nbsp;&nbsp; $2474061 |
| Humana, Inc. | 1878 | &nbsp;&nbsp; 459133 |
|  |  | &nbsp;&nbsp; $2933194 |
| Insurance – 3.8% | Insurance – 3.8% |  |
| American International Group, Inc. | 13986 | &nbsp;&nbsp; $1197062 |
| Aon PLC | 6479 | &nbsp;&nbsp; 2311448 |
| Arthur J. Gallagher & Co. | 5205 | &nbsp;&nbsp; 1666224 |

---

------

MFS Core Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Insurance – continued | Insurance – continued |  |
| Assurant, Inc. | 2334 | &nbsp;&nbsp; $460942 |
| Chubb Ltd. | 6637 | &nbsp;&nbsp; 1922872 |
| Corebridge Financial, Inc. | 22333 | &nbsp;&nbsp; 792821 |
| Everest Group Ltd. | 1439 | &nbsp;&nbsp; 489044 |
| Principal Financial Group, Inc. | 6397 | &nbsp;&nbsp; 508114 |
| Selective Insurance Group, Inc. | 5703 | &nbsp;&nbsp; 494165 |
| Willis Towers Watson PLC | 3474 | &nbsp;&nbsp; 1064781 |
|  |  | &nbsp;&nbsp; $10907473 |
| Interactive Media Services – 6.1% | Interactive Media Services – 6.1% |  |
| Alphabet, Inc., "A" (s) | 47385 | &nbsp;&nbsp; $8350658 |
| Meta Platforms, Inc., "A" | 12263 | &nbsp;&nbsp; 9051198 |
|  |  | &nbsp;&nbsp; $17401856 |
| Leisure & Toys – 0.7% | Leisure & Toys – 0.7% |  |
| Brunswick Corp. | 3137 | &nbsp;&nbsp; $173288 |
| Electronic Arts, Inc. | 3656 | &nbsp;&nbsp; 583863 |
| Hasbro, Inc. | 4970 | &nbsp;&nbsp; 366885 |
| Take-Two Interactive Software, Inc. (a) | 2944 | &nbsp;&nbsp; 714951 |
|  |  | &nbsp;&nbsp; $1838987 |
| Machinery & Tools – 3.3% | Machinery & Tools – 3.3% |  |
| Caterpillar, Inc. | 3095 | &nbsp;&nbsp; $1201510 |
| Crane Co. | 3998 | &nbsp;&nbsp; 759180 |
| Eaton Corp. PLC | 5978 | &nbsp;&nbsp; 2134086 |
| Nordson Corp. | 5025 | &nbsp;&nbsp; 1077209 |
| Pentair PLC | 6319 | &nbsp;&nbsp; 648709 |
| Regal Rexnord Corp. | 3081 | &nbsp;&nbsp; 446622 |
| Roper Technologies, Inc. | 1178 | &nbsp;&nbsp; 667738 |
| Trane Technologies PLC | 3003 | &nbsp;&nbsp; 1313542 |
| Wabtec Corp. | 5765 | &nbsp;&nbsp; 1206903 |
|  |  | &nbsp;&nbsp; $9455499 |
| Major Banks – 4.1% | Major Banks – 4.1% |  |
| JPMorgan Chase & Co. (s) | 20843 | &nbsp;&nbsp; $6042594 |
| Morgan Stanley | 13191 | &nbsp;&nbsp; 1858084 |
| PNC Financial Services Group, Inc. | 8630 | &nbsp;&nbsp; 1608805 |
| Wells Fargo & Co. | 24901 | &nbsp;&nbsp; 1995068 |
|  |  | &nbsp;&nbsp; $11504551 |
| Medical & Health Technology & Services – 0.8% | Medical & Health Technology & Services – 0.8% |  |
| McKesson Corp. | 2288 | &nbsp;&nbsp; $1676601 |
| Veeva Systems, Inc. (a) | 1895 | &nbsp;&nbsp; 545722 |
|  |  | &nbsp;&nbsp; $2222323 |
| Medical Equipment – 3.8% | Medical Equipment – 3.8% |  |
| Becton, Dickinson and Co. | 10234 | &nbsp;&nbsp; $1762806 |
| Bio-Techne Corp. | 17277 | &nbsp;&nbsp; 888902 |
| Boston Scientific Corp. (a) | 18575 | &nbsp;&nbsp; 1995141 |
| DexCom, Inc. (a) | 7702 | &nbsp;&nbsp; 672308 |
| Medtronic PLC | 28336 | &nbsp;&nbsp; 2470049 |
| STERIS PLC | 3646 | &nbsp;&nbsp; 875842 |
| Waters Corp. (a) | 5750 | &nbsp;&nbsp; 2006980 |
|  |  | &nbsp;&nbsp; $10672028 |

---

------

MFS Core Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Natural Gas - Pipeline – 0.6% | Natural Gas - Pipeline – 0.6% |  |
| Cheniere Energy, Inc. | 7170 | &nbsp;&nbsp; $1746038 |
| Network & Telecom – 0.3% | Network & Telecom – 0.3% |  |
| Motorola Solutions, Inc. | 2194 | &nbsp;&nbsp; $922489 |
| Oil Services – 0.2% | Oil Services – 0.2% |  |
| TechnipFMC PLC | 13672 | &nbsp;&nbsp; $470864 |
| Other Banks & Diversified Financials – 3.5% | Other Banks & Diversified Financials – 3.5% |  |
| Hancock Whitney Corp. | 7943 | &nbsp;&nbsp; $455928 |
| Mastercard, Inc., "A" | 8757 | &nbsp;&nbsp; 4920909 |
| Moody's Corp. | 2669 | &nbsp;&nbsp; 1338744 |
| Northern Trust Corp. | 4222 | &nbsp;&nbsp; 535307 |
| Pacific Premier Bancorp, Inc. | 18177 | &nbsp;&nbsp; 383353 |
| Popular, Inc. | 6576 | &nbsp;&nbsp; 724741 |
| Visa, Inc., "A" | 4471 | &nbsp;&nbsp; 1587428 |
|  |  | &nbsp;&nbsp; $9946410 |
| Pharmaceuticals – 4.6% | Pharmaceuticals – 4.6% |  |
| AbbVie, Inc. | 19457 | &nbsp;&nbsp; $3611608 |
| Johnson & Johnson | 27970 | &nbsp;&nbsp; 4272418 |
| Pfizer, Inc. | 134881 | &nbsp;&nbsp; 3269515 |
| Vertex Pharmaceuticals, Inc. (a) | 4490 | &nbsp;&nbsp; 1998948 |
|  |  | &nbsp;&nbsp; $13152489 |
| Pollution Control – 0.3% | Pollution Control – 0.3% |  |
| GFL Environmental, Inc. | 18983 | &nbsp;&nbsp; $957882 |
| Real Estate – 0.6% | Real Estate – 0.6% |  |
| Federal Realty Investment Trust, REIT | 9912 | &nbsp;&nbsp; $941541 |
| NNN REIT, Inc. | 19841 | &nbsp;&nbsp; 856734 |
|  |  | &nbsp;&nbsp; $1798275 |
| Real Estate - Office – 0.2% | Real Estate - Office – 0.2% |  |
| Highwoods Properties, Inc., REIT | 13557 | &nbsp;&nbsp; $421487 |
| Real Estate - Storage – 0.4% | Real Estate - Storage – 0.4% |  |
| Extra Space Storage, Inc., REIT | 3187 | &nbsp;&nbsp; $469891 |
| Rexford Industrial Realty, Inc., REIT | 19863 | &nbsp;&nbsp; 706527 |
|  |  | &nbsp;&nbsp; $1176418 |
| Restaurants – 1.1% | Restaurants – 1.1% |  |
| Aramark | 35222 | &nbsp;&nbsp; $1474745 |
| Starbucks Corp. | 10489 | &nbsp;&nbsp; 961107 |
| U.S. Foods Holding Corp. (a) | 9303 | &nbsp;&nbsp; 716424 |
|  |  | &nbsp;&nbsp; $3152276 |
| Specialty Chemicals – 1.0% | Specialty Chemicals – 1.0% |  |
| Air Products & Chemicals, Inc. | 2434 | &nbsp;&nbsp; $686534 |
| Corteva, Inc. | 9305 | &nbsp;&nbsp; 693502 |
| DuPont de Nemours, Inc. | 3515 | &nbsp;&nbsp; 241094 |
| Linde PLC | 2468 | &nbsp;&nbsp; 1157936 |
|  |  | &nbsp;&nbsp; $2779066 |

---

------

MFS Core Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Specialty Stores – 7.5% | Specialty Stores – 7.5% |  |
| Amazon.com, Inc. (a)(s) | 61057 | &nbsp;&nbsp; $13395295 |
| BJ's Wholesale Club Holdings, Inc. (a) | 21616 | &nbsp;&nbsp; 2330853 |
| Home Depot, Inc. | 8563 | &nbsp;&nbsp; 3139539 |
| Lithia Motors, Inc. | 1012 | &nbsp;&nbsp; 341874 |
| Ross Stores, Inc. | 8542 | &nbsp;&nbsp; 1089789 |
| Tapestry, Inc. | 8341 | &nbsp;&nbsp; 732423 |
| TJX Cos., Inc. | 1776 | &nbsp;&nbsp; 219318 |
|  |  | &nbsp;&nbsp; $21249091 |
| Telecom - Infrastructure – 0.9% | Telecom - Infrastructure – 0.9% |  |
| American Tower Corp., REIT | 10920 | &nbsp;&nbsp; $2413538 |
| Telecom Services – 0.8% | Telecom Services – 0.8% |  |
| Comcast Corp., "A" | 22984 | &nbsp;&nbsp; $820299 |
| T-Mobile USA, Inc. | 5801 | &nbsp;&nbsp; 1382146 |
|  |  | &nbsp;&nbsp; $2202445 |
| Tobacco – 0.7% | Tobacco – 0.7% |  |
| Philip Morris International, Inc. | 10806 | &nbsp;&nbsp; $1968097 |
| Trucking – 0.3% | Trucking – 0.3% |  |
| J.B. Hunt Transport Services, Inc. | 2784 | &nbsp;&nbsp; $399782 |
| Old Dominion Freight Line, Inc. | 2166 | &nbsp;&nbsp; 351542 |
|  |  | &nbsp;&nbsp; $751324 |
| Utilities - Electric Power – 2.1% | Utilities - Electric Power – 2.1% |  |
| Duke Energy Corp. | 7974 | &nbsp;&nbsp; $940932 |
| Evergy, Inc. | 4848 | &nbsp;&nbsp; 334173 |
| Exelon Corp. | 10152 | &nbsp;&nbsp; 440800 |
| NextEra Energy, Inc. | 12968 | &nbsp;&nbsp; 900238 |
| PG&E Corp. | 84623 | &nbsp;&nbsp; 1179645 |
| Sempra Energy | 9772 | &nbsp;&nbsp; 740424 |
| Vistra Corp. | 5903 | &nbsp;&nbsp; 1144060 |
| Xcel Energy, Inc. | 6086 | &nbsp;&nbsp; 414457 |
|  |  | &nbsp;&nbsp; $6094729 |
| **Total Common Stocks (Identified Cost, $172,351,110)** |  | &nbsp;&nbsp; **$283109476** |
| Mutual Funds (h) – 0.6% | Mutual Funds (h) – 0.6% | Mutual Funds (h) – 0.6% |
| Money Market Funds – 0.6% | Money Market Funds – 0.6% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $1,688,766) | 1688752 | &nbsp;&nbsp; $1688921 |
| Other Assets, Less Liabilities – (0.2)% |  | &nbsp;&nbsp; (494360) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$284304037** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $1,688,921 and $283,109,476, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Security or a portion of the security was pledged to cover collateral requirements.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

------

MFS Core Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

The following abbreviations are used in this report and are defined: <br> REIT Real Estate Investment Trust

At June 30, 2025, the fund had cash collateral of $3,725 and other liquid securities collateral with an aggregate value of $609,172. Restricted cash and/or deposits with brokers in the Statement of Assets and Liabilities are comprised of cash collateral.

**See Notes to Financial Statements**

------

MFS Core Equity Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $172,351,110) | &nbsp;&nbsp; $283109476 |
| Investments in affiliated issuers, at value (identified cost, $1,688,766) | &nbsp;&nbsp; 1688921 |
| Cash | &nbsp;&nbsp; 2823 |
| Deposits with brokers | &nbsp;&nbsp; 3725 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 1188921 |
| Fund shares sold | &nbsp;&nbsp; 56358 |
| Dividends | &nbsp;&nbsp; 162947 |
| Other assets | &nbsp;&nbsp; 677 |
| Total assets | &nbsp;&nbsp; $286213848 |
| **Liabilities** |  |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; $1540872 |
| Fund shares reacquired | &nbsp;&nbsp; 290272 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 13923 |
| Administrative services fee | &nbsp;&nbsp; 513 |
| Shareholder servicing costs | &nbsp;&nbsp; 191 |
| Distribution and/or service fees | &nbsp;&nbsp; 2644 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 1442 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 59954 |
| Total liabilities | &nbsp;&nbsp; $1909811 |
| Net assets | &nbsp;&nbsp; $284304037 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $127494595 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 156809442 |
| Net assets | &nbsp;&nbsp; $284304037 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 8630056 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $187085739 | &nbsp;&nbsp;&nbsp; 5637493 | &nbsp;&nbsp;&nbsp; $33.19 |
| Service Class | &nbsp;&nbsp;&nbsp; 97218298 | &nbsp;&nbsp;&nbsp; 2992563 | &nbsp;&nbsp;&nbsp;&nbsp;32.49 |

---

**See Notes to Financial Statements**

------

MFS Core Equity Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $1749916 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 45927 |
| Other | &nbsp;&nbsp; 6592 |
| Income on securities loaned | &nbsp;&nbsp; 7 |
| Foreign taxes withheld | &nbsp;&nbsp; (2811)<br>|
| Total investment income | &nbsp;&nbsp; $1799631 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $1014981 |
| Distribution and/or service fees | &nbsp;&nbsp; 114570 |
| Shareholder servicing costs | &nbsp;&nbsp; 6104 |
| Administrative services fee | &nbsp;&nbsp; 23207 |
| Independent Trustees' compensation | &nbsp;&nbsp; 3964 |
| Custodian fee | &nbsp;&nbsp; 7747 |
| Shareholder communications | &nbsp;&nbsp; 10321 |
| Audit and tax fees | &nbsp;&nbsp; 37009 |
| Legal fees | &nbsp;&nbsp; 692 |
| Dividend and interest expense on securities sold short | &nbsp;&nbsp; 6726 |
| Interest expense and fees | &nbsp;&nbsp; 648 |
| Miscellaneous | &nbsp;&nbsp; 13976 |
| Total expenses | &nbsp;&nbsp; $1239945 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (62868)<br>|
| Net expenses | &nbsp;&nbsp; $1177077 |
| Net investment income (loss) | &nbsp;&nbsp; $622554 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $16016694 |
| Affiliated issuers | &nbsp;&nbsp; (284)<br>|
| Securities sold short | &nbsp;&nbsp; (44207)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $15972203 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(3113664)<br>|
| Affiliated issuers | &nbsp;&nbsp; (50)<br>|
| Securities sold short | &nbsp;&nbsp; 14671 |
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; (4)<br>|
| Net unrealized gain (loss) | &nbsp;&nbsp; $(3099047)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $12873156 |
| Change in net assets from operations | &nbsp;&nbsp; $13495710 |

---

**See Notes to Financial Statements**

------

MFS Core Equity Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $622554 | &nbsp;&nbsp; $1106911 |
| Net realized gain (loss) | 15972203 | &nbsp;&nbsp; 29084139 |
| Net unrealized gain (loss) | (3099047)<br>| &nbsp;&nbsp; 19975940 |
| Change in net assets from operations | $13495710 | &nbsp;&nbsp; $50166990 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(13573571)<br>|
| Change in net assets from fund share transactions | $(12350009)<br>| &nbsp;&nbsp; $(14218783)<br>|
| Total change in net assets | $1145701 | &nbsp;&nbsp; $22374636 |
| **Net assets** |  |  |
| At beginning of period | 283158336 | &nbsp;&nbsp; 260783700 |
| At end of period | $284304037 | &nbsp;&nbsp; $283158336 |

---

**See Notes to Financial Statements**

------

MFS Core Equity Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $31.61 | &nbsp;&nbsp; $27.67 | &nbsp;&nbsp; $23.73 | &nbsp;&nbsp; $32.33 | &nbsp;&nbsp; $27.88 | &nbsp;&nbsp; $24.81 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.08 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.14 |
| Net realized and unrealized gain (loss) | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;5.34 | &nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 |
| Total from investment operations | $1.58 | &nbsp;&nbsp; $5.49 | &nbsp;&nbsp; $5.35 | &nbsp;&nbsp; $(5.35)<br>| &nbsp;&nbsp; $6.94 | &nbsp;&nbsp; $4.52 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.18)<br>|
| From net realized gain |  | &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp; (1.27)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(1.55)<br>| &nbsp;&nbsp; $(1.41)<br>| &nbsp;&nbsp; $(3.25)<br>| &nbsp;&nbsp; $(2.49)<br>| &nbsp;&nbsp; $(1.45)<br>|
| Net asset value, end of period (x) | $33.19 | &nbsp;&nbsp; $31.61 | &nbsp;&nbsp; $27.67 | &nbsp;&nbsp; $23.73 | &nbsp;&nbsp; $32.33 | &nbsp;&nbsp; $27.88 |
| Total return (%) (k)(r)(s)(x) | 5.00<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.11 | &nbsp;&nbsp;&nbsp;&nbsp;23.14 | &nbsp;&nbsp; (17.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.31 | &nbsp;&nbsp;&nbsp;&nbsp;18.71 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.83<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Expenses after expense reductions | 0.79<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Net investment income (loss) | 0.54<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Portfolio turnover rate | 23<br> (n)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 46 |
| Net assets at end of period (000 omitted) | $187086 | &nbsp;&nbsp; $188791 | &nbsp;&nbsp; $176611 | &nbsp;&nbsp; $152479 | &nbsp;&nbsp; $206060 | &nbsp;&nbsp; $177571 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions <br> excluding short sale expenses and interest expense and fees<br>| 0.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |

---

**See Notes to Financial Statements**

------

MFS Core Equity Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $30.99 | &nbsp;&nbsp; $27.15 | &nbsp;&nbsp; $23.32 | &nbsp;&nbsp; $31.84 | &nbsp;&nbsp; $27.50 | &nbsp;&nbsp; $24.50 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.05 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.08 |
| Net realized and unrealized gain (loss) | 1.45 | &nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp; (5.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.76 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 |
| Total from investment operations | $1.50 | &nbsp;&nbsp; $5.32 | &nbsp;&nbsp; $5.18 | &nbsp;&nbsp; $(5.34)<br>| &nbsp;&nbsp; $6.78 | &nbsp;&nbsp; $4.39 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.12)<br>|
| From net realized gain |  | &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp; (1.27)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(1.48)<br>| &nbsp;&nbsp; $(1.35)<br>| &nbsp;&nbsp; $(3.18)<br>| &nbsp;&nbsp; $(2.44)<br>| &nbsp;&nbsp; $(1.39)<br>|
| Net asset value, end of period (x) | $32.49 | &nbsp;&nbsp; $30.99 | &nbsp;&nbsp; $27.15 | &nbsp;&nbsp; $23.32 | &nbsp;&nbsp; $31.84 | &nbsp;&nbsp; $27.50 |
| Total return (%) (k)(r)(s)(x) | 4.84<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.87 | &nbsp;&nbsp;&nbsp;&nbsp;22.79 | &nbsp;&nbsp; (17.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.05 | &nbsp;&nbsp;&nbsp;&nbsp;18.39 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.08<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Expenses after expense reductions | 1.04<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Net investment income (loss) | 0.30<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Portfolio turnover rate | 23<br> (n)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 46 |
| Net assets at end of period (000 omitted) | $97218 | &nbsp;&nbsp; $94367 | &nbsp;&nbsp; $84173 | &nbsp;&nbsp; $70293 | &nbsp;&nbsp; $76684 | &nbsp;&nbsp; $54818 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions <br> excluding short sale expenses and interest expense and fees<br>| 1.03<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Core Equity Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Core Equity Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities and equity securities sold short, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Equity securities sold short, for which there were no sales reported that day, are generally valued at the last quoted daily ask quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data.

------

MFS Core Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

An investment may also be valued at fair value if the adviser determines that the 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 halt 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 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. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $283109476 | $— | $— | $283109476 |
| Investment Companies | 1688921 |  |  | 1688921 |
| Total | $284798397 | $— | $— | $284798397 |

---

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

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Short Sales** — The fund entered into short sales whereby it sells a security it does not own in anticipation of a decline in the value of that security. The fund will realize a gain if the security price decreases and a loss if the security price increases between the date of the short sale and the date on which the fund replaces the borrowed security. Losses from short sales can exceed the proceeds of the security sold; and they can also exceed the potential loss from an ordinary buy and sell transaction. The amount of any premium, dividends, or interest the fund may be required to pay in connection with a short sale will be recognized as a fund expense. During the six months ended June 30, 2025, this expense amounted to $6,726. At June 30, 2025, the fund had no short sales outstanding.

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the

------

MFS Core Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At June 30, 2025, there were no securities on loan or collateral outstanding.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to wash sale loss deferrals.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $1470538 |
| Long-term capital gains | &nbsp;&nbsp; 12103033 |
| Total distributions | &nbsp;&nbsp; $13573571 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

------

MFS Core Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $174791664 |
| Gross appreciation | &nbsp;&nbsp; 115795274 |
| Gross depreciation | &nbsp;&nbsp; (5788541)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $110006733 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 4739604 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 25468348 |
| Other temporary differences | &nbsp;&nbsp; 4 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 113105776 |

---

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

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $9162600 |
| Service Class |  | &nbsp;&nbsp; 4410971 |
| Total | $— | &nbsp;&nbsp; $13573571 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $1 billion | 0.75% |
| In excess of $1 billion and up to $2.5 billion | 0.65% |
| In excess of $2.5 billion | 0.60% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $18,808, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.74% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses (such as short sale dividend and interest expenses incurred in connection with the fund's investment activity), such that total annual operating expenses do not exceed 0.78% of average daily net assets for the Initial Class shares and 1.03% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this reduction amounted to $44,060, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

------

MFS Core Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $5,505, which equated to 0.0041% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $599.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0172% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

On August 19, 2024, MFS redeemed 5 shares of Service Class for an aggregate amount of $150.

During the six months ended June 30, 2025, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the "Act") and relevant guidance, the fund engaged in sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $21,392. The sales transactions resulted in net realized gains (losses) of $(7,463).

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended June 30, 2025, this reimbursement amounted to $3,895, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short sales and short-term obligations, aggregated $62,839,118 and $74,422,153, respectively.

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 123898 | &nbsp;&nbsp; $3914668 | &nbsp;&nbsp; 234844 | &nbsp;&nbsp; $7234595 |
| Service Class | 173680 | &nbsp;&nbsp; 5236312 | &nbsp;&nbsp; 302142 | &nbsp;&nbsp; 9075096 |
|  | 297578 | &nbsp;&nbsp; $9150980 | &nbsp;&nbsp; 536986 | &nbsp;&nbsp; $16309691 |

---

------

MFS Core Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **6/30/25** | **Six months ended**<br> **6/30/25** | **Year ended**<br> **12/31/24** | **Year ended**<br> **12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 305013 | &nbsp;&nbsp; $9162600 |
| Service Class |  |  | &nbsp;&nbsp; 149677 | &nbsp;&nbsp; 4410971 |
|  |  | $— | &nbsp;&nbsp; 454690 | &nbsp;&nbsp; $13573571 |
| Shares reacquired |  |  |  |  |
| Initial Class | (458178)<br>| &nbsp;&nbsp; $(14462535)<br>| &nbsp;&nbsp; (951633)<br>| &nbsp;&nbsp; $(28931410)<br>|
| Service Class | (226584)<br>| &nbsp;&nbsp; (7038454)<br>| &nbsp;&nbsp; (506195)<br>| &nbsp;&nbsp; (15170635)<br>|
|  | (684762)<br>| &nbsp;&nbsp; $(21500989)<br>| &nbsp;&nbsp; (1457828)<br>| &nbsp;&nbsp; $(44102045)<br>|
| Net change |  |  |  |  |
| Initial Class | (334280)<br>| &nbsp;&nbsp; $(10547867)<br>| &nbsp;&nbsp; (411776)<br>| &nbsp;&nbsp; $(12534215)<br>|
| Service Class | (52904)<br>| &nbsp;&nbsp; (1802142)<br>| &nbsp;&nbsp; (54376)<br>| &nbsp;&nbsp; (1684568)<br>|
|  | (387184)<br>| &nbsp;&nbsp; $(12350009)<br>| &nbsp;&nbsp; (466152)<br>| &nbsp;&nbsp; $(14218783)<br>|

---

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $648 and $0, respectively, and are included in "Interest expense and fees" in the Statement of Operations.

**(7) Investments in 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 following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $1376650 | &nbsp;&nbsp; $21563105 | &nbsp;&nbsp; $21250500 | &nbsp;&nbsp; $(284)<br>| &nbsp;&nbsp; $(50)<br>| &nbsp;&nbsp; $1688921 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $45927 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Core Equity Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Core Equity Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Core Equity Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Corporate Bond Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Corporate Bond Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 97.5% | Bonds – 97.5% | Bonds – 97.5% |
| Aerospace & Defense – 1.9% | Aerospace & Defense – 1.9% | Aerospace & Defense – 1.9% |
| Boeing Co., 2.196%, 2/04/2026  | $288000 | &nbsp;&nbsp; $283505 |
| Boeing Co., 5.15%, 5/01/2030  | 473000 | &nbsp;&nbsp; 481561 |
| Boeing Co., 5.805%, 5/01/2050  | 990000 | &nbsp;&nbsp; 949411 |
| Huntington Ingalls Industries, Inc., 5.749%, 1/15/2035  | 131000 | &nbsp;&nbsp; 135077 |
| L3 Harris Technologies, Inc., 5.4%, 7/31/2033  | 200000 | &nbsp;&nbsp; 205436 |
| TransDigm, Inc., 6.875%, 12/15/2030 (n) | 474000 | &nbsp;&nbsp; 491817 |
|  |  | &nbsp;&nbsp; $2546807 |
| Asset-Backed & Securitized – 3.5% | Asset-Backed & Securitized – 3.5% | Asset-Backed & Securitized – 3.5% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", 1.111%, 11/15/2054 (i) | $3784091 | &nbsp;&nbsp; $147356 |
| ACREC 2021-FL1 Ltd., "A", FLR, 5.579% ((SOFR - 1mo. + 0.11448%) + 1.15%), 10/16/2036 (n) | 263158 | &nbsp;&nbsp; 262527 |
| Angel Oak Mortgage Trust, 2024-13, "A1", 5.464%, 12/26/2069 (n) | 331522 | &nbsp;&nbsp; 331444 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "AS", FLR, 6.126% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n) | 175000 | &nbsp;&nbsp; 174993 |
| ARDN Mortgage Trust, 2025-ARCP, "A", FLR, 6.05% (SOFR - 1mo. + 1.75%), 6/15/2035 (n) | 486000 | &nbsp;&nbsp; 485998 |
| ARI Fleet Lease Trust, 2023-A, "A2", 5.41%, 2/17/2032 (n) | 32079 | &nbsp;&nbsp; 32135 |
| Bayview Financial Revolving Mortgage Loan Trust, FLR, 6.041% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n) | 24800 | &nbsp;&nbsp; 50694 |
| Benchmark 2021-B27 Mortgage Trust, "XA", 1.349%, 7/15/2054 (i) | 6835586 | &nbsp;&nbsp; 359991 |
| Colt Funding LLC, 2024-6, "A1", 5.39%, 11/25/2069 (n) | 275119 | &nbsp;&nbsp; 275307 |
| ELM Trust, 2024-ELM, "A10", 5.801%, 6/10/2039 (n) | 345127 | &nbsp;&nbsp; 348768 |
| ELM Trust, 2024-ELM, "D10", 6.626%, 6/10/2039 (n) | 151693 | &nbsp;&nbsp; 152208 |
| KREF 2018-FT1 Ltd., "A", FLR, 5.498% ((SOFR - 1mo. + 0.11448%) + 1.07%), 2/15/2039 (n) | 140621 | &nbsp;&nbsp; 140081 |
| KREF 2018-FT1 Ltd., "AS", FLR, 5.728% ((SOFR - 1mo. + 0.11448%) + 1.3%), 2/15/2039 (n) | 316500 | &nbsp;&nbsp; 314279 |
| MF1 2024-FL5 LLC, "A", FLR, 6.002% (SOFR - 1mo. + 1.688%), 8/18/2041 (n) | 453000 | &nbsp;&nbsp; 453058 |
| MF1 2022-FL8 Ltd., "A", FLR, 5.667% (SOFR - 1mo. + 1.35%), 2/19/2037 (n) | 361797 | &nbsp;&nbsp; 361795 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM3, "A-1", 5.044%, 7/25/2069 (n) | 136239 | &nbsp;&nbsp; 135534 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM3, "A-1", 5.53%, 5/25/2070 (n) | 133692 | &nbsp;&nbsp; 134254 |
| OBX Trust, 2024-NQM1, "A1", 5.928%, 11/25/2063 (n) | 103719 | &nbsp;&nbsp; 104078 |
| OBX Trust, 2024-NQM15, "A1", 5.316%, 10/25/2064 (n) | 86242 | &nbsp;&nbsp; 86081 |
| OBX Trust, 2024-NQM3, "A1", 6.129%, 12/25/2063 (n) | 129356 | &nbsp;&nbsp; 130370 |
| Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027  | 114338 | &nbsp;&nbsp; 114957 |
|  |  | &nbsp;&nbsp; $4595908 |
| Automotive – 1.2% | Automotive – 1.2% | Automotive – 1.2% |
| Cummins, Inc., 5.45%, 2/20/2054  | $234000 | &nbsp;&nbsp; $226602 |
| Ford Motor Credit Co. LLC, 5.8%, 3/05/2027  | 263000 | &nbsp;&nbsp; 265075 |
| Ford Motor Credit Co. LLC, 4.95%, 5/28/2027  | 260000 | &nbsp;&nbsp; 258277 |
| Ford Motor Credit Co. LLC, 5.8%, 3/08/2029  | 295000 | &nbsp;&nbsp; 295616 |
| Ford Motor Credit Co. LLC, 5.113%, 5/03/2029  | 260000 | &nbsp;&nbsp; 254225 |
| Volkswagen Group of America Finance LLC, 6.2%, 11/16/2028 (n) | 252000 | &nbsp;&nbsp; 261745 |
|  |  | &nbsp;&nbsp; $1561540 |
| Broadcasting – 1.2% | Broadcasting – 1.2% | Broadcasting – 1.2% |
| Walt Disney Co., 3.5%, 5/13/2040  | $670000 | &nbsp;&nbsp; $549966 |
| Walt Disney Co., 4.75%, 9/15/2044  | 72000 | &nbsp;&nbsp; 65078 |
| Walt Disney Co., 3.6%, 1/13/2051  | 430000 | &nbsp;&nbsp; 317614 |
| WMG Acquisition Corp., 3.75%, 12/01/2029 (n) | 344000 | &nbsp;&nbsp; 322443 |
| WMG Acquisition Corp., 3.875%, 7/15/2030 (n) | 323000 | &nbsp;&nbsp; 301899 |
|  |  | &nbsp;&nbsp; $1557000 |

---

BDSFS-SEM

------

MFS Corporate Bond Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Brokerage & Asset Managers – 2.3% | Brokerage & Asset Managers – 2.3% | Brokerage & Asset Managers – 2.3% |
| Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034  | $341000 | &nbsp;&nbsp; $368955 |
| Citadel Securities Global Holdings LLC, 5.5%, 6/18/2030 (n) | 500000 | &nbsp;&nbsp; 505941 |
| Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n) | 546000 | &nbsp;&nbsp; 551212 |
| LPL Holdings, Inc., 4.625%, 11/15/2027 (n) | 407000 | &nbsp;&nbsp; 405900 |
| LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 530000 | &nbsp;&nbsp; 507095 |
| LPL Holdings, Inc., 5.65%, 3/15/2035  | 466000 | &nbsp;&nbsp; 468527 |
| Nomura Holdings, Inc., 7% to 1/15/2031, FLR (CMT - 5yr. + 3.084%) to 1/15/2174 (w) | 277000 | &nbsp;&nbsp; 280532 |
|  |  | &nbsp;&nbsp; $3088162 |
| Building – 1.5% | Building – 1.5% | Building – 1.5% |
| CEMEX S.A.B. de C.V., 7.2%, 12/29/2049 (n) | $228000 | &nbsp;&nbsp; $230337 |
| Ferguson Enterprises, Inc., 5%, 10/03/2034  | 494000 | &nbsp;&nbsp; 490266 |
| JH North America Holdings, Inc., 5.875%, 1/31/2031 (n) | 291000 | &nbsp;&nbsp; 293541 |
| JH North America Holdings, Inc., 6.125%, 7/31/2032 (n) | 291000 | &nbsp;&nbsp; 295832 |
| Vulcan Materials Co., 3.5%, 6/01/2030  | 141000 | &nbsp;&nbsp; 134893 |
| Vulcan Materials Co., 4.5%, 6/15/2047  | 322000 | &nbsp;&nbsp; 271658 |
| Vulcan Materials Co., 5.7%, 12/01/2054  | 235000 | &nbsp;&nbsp; 233121 |
|  |  | &nbsp;&nbsp; $1949648 |
| Business Services – 2.1% | Business Services – 2.1% | Business Services – 2.1% |
| Accenture Capital, Inc., 4.25%, 10/04/2031  | $285000 | &nbsp;&nbsp; $282336 |
| Accenture Capital, Inc., 4.5%, 10/04/2034  | 190000 | &nbsp;&nbsp; 184911 |
| Fiserv, Inc., 2.25%, 6/01/2027  | 345000 | &nbsp;&nbsp; 332189 |
| Fiserv, Inc., 4.4%, 7/01/2049  | 315000 | &nbsp;&nbsp; 257886 |
| Mastercard, Inc., 4.35%, 1/15/2032  | 350000 | &nbsp;&nbsp; 348525 |
| Mastercard, Inc., 4.55%, 1/15/2035  | 265000 | &nbsp;&nbsp; 260610 |
| Paychex, Inc., 5.1%, 4/15/2030  | 165000 | &nbsp;&nbsp; 168990 |
| Paychex, Inc., 5.35%, 4/15/2032  | 356000 | &nbsp;&nbsp; 365557 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/2032 (n) | 283000 | &nbsp;&nbsp; 293915 |
| Visa, Inc., 3.65%, 9/15/2047  | 314000 | &nbsp;&nbsp; 244450 |
|  |  | &nbsp;&nbsp; $2739369 |
| Cable TV – 1.8% | Cable TV – 1.8% | Cable TV – 1.8% |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.1%, 6/01/2029  | $628000 | &nbsp;&nbsp; $657481 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.375%, 5/01/2047  | 569000 | &nbsp;&nbsp; 493841 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.834%, 10/23/2055  | 129000 | &nbsp;&nbsp; 132014 |
| Comcast Corp., 2.887%, 11/01/2051  | 310000 | &nbsp;&nbsp; 188659 |
| Videotron Ltd., 3.625%, 6/15/2029 (n) | 626000 | &nbsp;&nbsp; 598556 |
| Videotron Ltd., 5.7%, 1/15/2035 (n) | 356000 | &nbsp;&nbsp; 357950 |
|  |  | &nbsp;&nbsp; $2428501 |
| Chemicals – 1.0% | Chemicals – 1.0% | Chemicals – 1.0% |
| Maxam Prill S.à r.l., 7.75%, 7/15/2030 (n)(w) | $691000 | &nbsp;&nbsp; $692225 |
| SCIH Salt Holdings, Inc., 4.875%, 5/01/2028 (n) | 579000 | &nbsp;&nbsp; 564113 |
|  |  | &nbsp;&nbsp; $1256338 |
| Computer Software – 0.5% | Computer Software – 0.5% | Computer Software – 0.5% |
| Microsoft Corp., 2.525%, 6/01/2050  | $124000 | &nbsp;&nbsp; $76628 |
| Microsoft Corp., 2.5%, 9/15/2050  | 487000 | &nbsp;&nbsp; 298833 |
| Oracle Corp., 5.55%, 2/06/2053  | 342000 | &nbsp;&nbsp; 321608 |
|  |  | &nbsp;&nbsp; $697069 |
| Computer Software - Systems – 0.2% | Computer Software - Systems – 0.2% | Computer Software - Systems – 0.2% |
| Apple, Inc., 2.7%, 8/05/2051  | $377000 | &nbsp;&nbsp; $235812 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Conglomerates – 1.2% | Conglomerates – 1.2% | Conglomerates – 1.2% |
| nVent Finance S.à r.l., 5.65%, 5/15/2033  | $165000 | &nbsp;&nbsp; $168068 |
| Regal Rexnord Corp., 6.05%, 4/15/2028  | 248000 | &nbsp;&nbsp; 255560 |
| Regal Rexnord Corp., 6.3%, 2/15/2030  | 425000 | &nbsp;&nbsp; 445198 |
| Regal Rexnord Corp., 6.4%, 4/15/2033  | 323000 | &nbsp;&nbsp; 341025 |
| Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028  | 233000 | &nbsp;&nbsp; 234336 |
| Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/2034  | 157000 | &nbsp;&nbsp; 162526 |
|  |  | &nbsp;&nbsp; $1606713 |
| Consumer Products – 1.3% | Consumer Products – 1.3% | Consumer Products – 1.3% |
| Haleon US Capital LLC, 3.625%, 3/24/2032  | $378000 | &nbsp;&nbsp; $353650 |
| HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 1/15/2029 (n) | 349000 | &nbsp;&nbsp; 340992 |
| HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.625%, 7/15/2030 (n) | 161000 | &nbsp;&nbsp; 164687 |
| Kenvue, Inc., 5.1%, 3/22/2043  | 323000 | &nbsp;&nbsp; 312094 |
| L'Oréal S.A., 5%, 5/20/2035 (n) | 297000 | &nbsp;&nbsp; 301989 |
| Mattel, Inc., 3.75%, 4/01/2029 (n) | 303000 | &nbsp;&nbsp; 290328 |
|  |  | &nbsp;&nbsp; $1763740 |
| Consumer Services – 0.6% | Consumer Services – 0.6% | Consumer Services – 0.6% |
| CBRE Group, Inc., 5.95%, 8/15/2034  | $431000 | &nbsp;&nbsp; $453764 |
| Rentokil Terminix LLC, 5%, 4/28/2030 (n) | 200000 | &nbsp;&nbsp; 201391 |
| Service Corp. International, 5.75%, 10/15/2032  | 180000 | &nbsp;&nbsp; 181836 |
|  |  | &nbsp;&nbsp; $836991 |
| Electrical Equipment – 0.4% | Electrical Equipment – 0.4% | Electrical Equipment – 0.4% |
| Arrow Electronics, Inc., 5.875%, 4/10/2034  | $458000 | &nbsp;&nbsp; $472968 |
| Electronics – 0.6% | Electronics – 0.6% | Electronics – 0.6% |
| Broadcom, Inc., 5.05%, 7/12/2029  | $277000 | &nbsp;&nbsp; $283653 |
| Intel Corp., 5.7%, 2/10/2053  | 231000 | &nbsp;&nbsp; 214978 |
| Lam Research Corp., 4.875%, 3/15/2049  | 214000 | &nbsp;&nbsp; 194914 |
| NXP B.V./NXP Funding LLC/NXP USA, Inc., 5%, 1/15/2033  | 108000 | &nbsp;&nbsp; 107696 |
|  |  | &nbsp;&nbsp; $801241 |
| Emerging Market Quasi-Sovereign – 0.2% | Emerging Market Quasi-Sovereign – 0.2% | Emerging Market Quasi-Sovereign – 0.2% |
| GACI First Investment Co. (Kingdom of Saudi Arabia), 5.125%, 2/14/2053  | $250000 | &nbsp;&nbsp; $214055 |
| Emerging Market Sovereign – 0.9% | Emerging Market Sovereign – 0.9% | Emerging Market Sovereign – 0.9% |
| Kingdom of Saudi Arabia, 5.125%, 1/13/2028 (n) | $397000 | &nbsp;&nbsp; $403219 |
| United Mexican States, 5.85%, 7/02/2032 (w) | 405000 | &nbsp;&nbsp; 409860 |
| United Mexican States, 6.625%, 1/29/2038 (w) | 400000 | &nbsp;&nbsp; 406000 |
|  |  | &nbsp;&nbsp; $1219079 |
| Energy - Independent – 1.4% | Energy - Independent – 1.4% | Energy - Independent – 1.4% |
| Occidental Petroleum Corp., 6.125%, 1/01/2031  | $245000 | &nbsp;&nbsp; $253630 |
| Occidental Petroleum Corp., 4.4%, 4/15/2046  | 531000 | &nbsp;&nbsp; 389329 |
| Pioneer Natural Resources Co., 1.9%, 8/15/2030  | 94000 | &nbsp;&nbsp; 83320 |
| Pioneer Natural Resources Co., 2.15%, 1/15/2031  | 684000 | &nbsp;&nbsp; 607543 |
| Santos Finance Ltd., 6.875%, 9/19/2033 (n) | 501000 | &nbsp;&nbsp; 547031 |
|  |  | &nbsp;&nbsp; $1880853 |
| Energy - Integrated – 0.2% | Energy - Integrated – 0.2% | Energy - Integrated – 0.2% |
| BP Capital Markets America, Inc., 3.001%, 3/17/2052  | $427000 | &nbsp;&nbsp; $269191 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Entertainment – 1.1% | Entertainment – 1.1% | Entertainment – 1.1% |
| Royal Caribbean Cruises Ltd., 4.25%, 7/01/2026 (n) | $566000 | &nbsp;&nbsp; $563153 |
| Royal Caribbean Cruises Ltd., 5.625%, 9/30/2031 (n) | 207000 | &nbsp;&nbsp; 208265 |
| Royal Caribbean Cruises Ltd., 6%, 2/01/2033 (n) | 261000 | &nbsp;&nbsp; 266031 |
| Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n) | 392000 | &nbsp;&nbsp; 404322 |
|  |  | &nbsp;&nbsp; $1441771 |
| Financial Institutions – 1.9% | Financial Institutions – 1.9% | Financial Institutions – 1.9% |
| Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n) | $208000 | &nbsp;&nbsp; $206746 |
| Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 381000 | &nbsp;&nbsp; 361563 |
| Fortress Transportation and Infrastructure Investors LLC, 7%, 5/01/2031 (n) | 307000 | &nbsp;&nbsp; 317879 |
| Macquarie AirFinance Holdings Ltd., 8.125%, 3/30/2029 (n) | 177000 | &nbsp;&nbsp; 185138 |
| Macquarie AirFinance Holdings Ltd., 5.15%, 3/17/2030 (n) | 132000 | &nbsp;&nbsp; 131911 |
| Macquarie AirFinance Holdings Ltd., 6.5%, 3/26/2031 (n) | 237000 | &nbsp;&nbsp; 250820 |
| Rocket Cos., Inc., 6.125%, 8/01/2030 (n) | 162000 | &nbsp;&nbsp; 165083 |
| Rocket Cos., Inc., 6.375%, 8/01/2033 (n) | 162000 | &nbsp;&nbsp; 165759 |
| Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031 (n) | 238000 | &nbsp;&nbsp; 220631 |
| SMBC Aviation Capital Finance DAC, 5.3%, 4/03/2029 (n) | 525000 | &nbsp;&nbsp; 535584 |
|  |  | &nbsp;&nbsp; $2541114 |
| Food & Beverages – 4.6% | Food & Beverages – 4.6% | Food & Beverages – 4.6% |
| Anheuser-Busch InBev Worldwide, Inc., 4.439%, 10/06/2048  | $505000 | &nbsp;&nbsp; $429439 |
| Bacardi-Martini B.V., 5.4%, 6/15/2033 (n) | 569000 | &nbsp;&nbsp; 567089 |
| Constellation Brands, Inc., 4.1%, 2/15/2048  | 378000 | &nbsp;&nbsp; 294124 |
| Constellation Brands, Inc., 3.75%, 5/01/2050  | 242000 | &nbsp;&nbsp; 176040 |
| Flowers Foods, Inc., 5.75%, 3/15/2035  | 374000 | &nbsp;&nbsp; 383287 |
| Flowers Foods, Inc., 6.2%, 3/15/2055  | 130000 | &nbsp;&nbsp; 128669 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/2031  | 515000 | &nbsp;&nbsp; 479204 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032  | 170000 | &nbsp;&nbsp; 155446 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.5%, 12/01/2052  | 366000 | &nbsp;&nbsp; 379739 |
| Kraft Heinz Foods Co., 4.875%, 10/01/2049  | 149000 | &nbsp;&nbsp; 127928 |
| Kraft Heinz Foods Co., 5.5%, 6/01/2050  | 489000 | &nbsp;&nbsp; 457535 |
| Mars, Inc., 4.55%, 4/20/2028 (n) | 273000 | &nbsp;&nbsp; 275640 |
| Mars, Inc., 5%, 3/01/2032 (n) | 587000 | &nbsp;&nbsp; 594804 |
| Mars, Inc., 5.2%, 3/01/2035 (n) | 102000 | &nbsp;&nbsp; 103222 |
| Mars, Inc., 3.95%, 4/01/2049 (n) | 307000 | &nbsp;&nbsp; 240743 |
| Mars, Inc., 5.7%, 5/01/2055 (n) | 415000 | &nbsp;&nbsp; 413987 |
| Primo Water Holdings Inc./Triton Water Holdings, 4.375%, 4/30/2029 (n) | 98000 | &nbsp;&nbsp; 95014 |
| SYSCO Corp., 4.45%, 3/15/2048  | 320000 | &nbsp;&nbsp; 265860 |
| U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n) | 263000 | &nbsp;&nbsp; 262724 |
| Viterra Finance B.V., 3.2%, 4/21/2031 (n) | 312000 | &nbsp;&nbsp; 286523 |
|  |  | &nbsp;&nbsp; $6117017 |
| Gaming & Lodging – 1.9% | Gaming & Lodging – 1.9% | Gaming & Lodging – 1.9% |
| Flutter Treasury DAC, 6.375%, 4/29/2029 (n) | $418000 | &nbsp;&nbsp; $430558 |
| Flutter Treasury DAC, 5.875%, 6/04/2031 (n) | 282000 | &nbsp;&nbsp; 284115 |
| Las Vegas Sands Corp., 5.9%, 6/01/2027  | 198000 | &nbsp;&nbsp; 202290 |
| Las Vegas Sands Corp., 6.2%, 8/15/2034  | 265000 | &nbsp;&nbsp; 270690 |
| Marriott International, Inc., 2.85%, 4/15/2031  | 213000 | &nbsp;&nbsp; 193409 |
| Melco Resorts Finance Ltd., 7.625%, 4/17/2032 (n) | 260000 | &nbsp;&nbsp; 262605 |
| Sands China Ltd., 2.85%, 3/08/2029  | 400000 | &nbsp;&nbsp; 367790 |
| VICI Properties LP/VICI Note Co., Inc., 4.25%, 12/01/2026 (n) | 266000 | &nbsp;&nbsp; 264378 |
| Wynn Macau Ltd., 5.5%, 10/01/2027 (n) | 256000 | &nbsp;&nbsp; 255386 |
|  |  | &nbsp;&nbsp; $2531221 |
| Industrial – 0.3% | Industrial – 0.3% | Industrial – 0.3% |
| Booz Allen Hamilton, Inc., 5.95%, 4/15/2035  | $379000 | &nbsp;&nbsp; $384643 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Insurance – 2.2% | Insurance – 2.2% | Insurance – 2.2% |
| Corebridge Financial, Inc., 3.9%, 4/05/2032  | $436000 | &nbsp;&nbsp; $409235 |
| Corebridge Financial, Inc., 4.35%, 4/05/2042  | 96000 | &nbsp;&nbsp; 80578 |
| Corebridge Financial, Inc., 6.875% to 12/15/2027, FLR (CMT - 5yr. + 3.846%) to 12/15/2052  | 275000 | &nbsp;&nbsp; 283688 |
| Lincoln National Corp., 5.852%, 3/15/2034  | 390000 | &nbsp;&nbsp; 401376 |
| MetLife, Inc., 5.3%, 12/15/2034  | 386000 | &nbsp;&nbsp; 396529 |
| Northwestern Mutual Life Insurance Co., 6.17%, 5/29/2055 (n) | 694000 | &nbsp;&nbsp; 724715 |
| Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) | 547000 | &nbsp;&nbsp; 585663 |
|  |  | &nbsp;&nbsp; $2881784 |
| Insurance - Health – 1.6% | Insurance - Health – 1.6% | Insurance - Health – 1.6% |
| Elevance Health, Inc., 5.65%, 6/15/2054  | $439000 | &nbsp;&nbsp; $421841 |
| Humana, Inc., 5.375%, 4/15/2031  | 265000 | &nbsp;&nbsp; 271076 |
| Humana, Inc., 5.55%, 5/01/2035  | 266000 | &nbsp;&nbsp; 267487 |
| Humana, Inc., 4.95%, 10/01/2044  | 232000 | &nbsp;&nbsp; 199973 |
| UnitedHealth Group, Inc., 5.3%, 2/15/2030  | 262000 | &nbsp;&nbsp; 271354 |
| UnitedHealth Group, Inc., 5.5%, 7/15/2044  | 348000 | &nbsp;&nbsp; 338949 |
| UnitedHealth Group, Inc., 5.875%, 2/15/2053  | 335000 | &nbsp;&nbsp; 335643 |
|  |  | &nbsp;&nbsp; $2106323 |
| Insurance - Property & Casualty – 3.2% | Insurance - Property & Casualty – 3.2% | Insurance - Property & Casualty – 3.2% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 4/15/2028 (n) | $391000 | &nbsp;&nbsp; $397493 |
| American International Group, Inc., 4.85%, 5/07/2030  | 241000 | &nbsp;&nbsp; 244836 |
| American International Group, Inc., 5.125%, 3/27/2033  | 499000 | &nbsp;&nbsp; 507311 |
| Arthur J. Gallagher & Co., 6.5%, 2/15/2034  | 337000 | &nbsp;&nbsp; 369733 |
| Arthur J. Gallagher & Co., 6.75%, 2/15/2054  | 378000 | &nbsp;&nbsp; 418648 |
| Brown & Brown, Inc., 5.25%, 6/23/2032  | 82000 | &nbsp;&nbsp; 83632 |
| Brown & Brown, Inc., 6.25%, 6/23/2055  | 105000 | &nbsp;&nbsp; 108235 |
| Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031  | 345000 | &nbsp;&nbsp; 320208 |
| Fairfax Financial Holdings Ltd., 6.35%, 3/22/2054  | 349000 | &nbsp;&nbsp; 353467 |
| Fairfax Financial Holdings Ltd., 6.5%, 5/20/2055 (n) | 223000 | &nbsp;&nbsp; 228141 |
| Marsh & McLennan Cos., Inc., 4.85%, 11/15/2031  | 649000 | &nbsp;&nbsp; 659017 |
| Marsh & McLennan Cos., Inc., 5.4%, 3/15/2055  | 365000 | &nbsp;&nbsp; 351661 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 131000 | &nbsp;&nbsp; 136076 |
|  |  | &nbsp;&nbsp; $4178458 |
| International Market Quasi-Sovereign – 0.7% | International Market Quasi-Sovereign – 0.7% | International Market Quasi-Sovereign – 0.7% |
| NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n) | $499000 | &nbsp;&nbsp; $521305 |
| Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n) | 499000 | &nbsp;&nbsp; 437703 |
|  |  | &nbsp;&nbsp; $959008 |
| International Market Sovereign – 0.6% | International Market Sovereign – 0.6% | International Market Sovereign – 0.6% |
| Government of Bermuda, 5%, 7/15/2032 (n) | $783000 | &nbsp;&nbsp; $771646 |
| Machinery & Tools – 1.3% | Machinery & Tools – 1.3% | Machinery & Tools – 1.3% |
| AGCO Corp., 5.8%, 3/21/2034  | $236000 | &nbsp;&nbsp; $239520 |
| Ashtead Capital, Inc., 5.55%, 5/30/2033 (n) | 200000 | &nbsp;&nbsp; 201985 |
| Ashtead Capital, Inc., 5.95%, 10/15/2033 (n) | 200000 | &nbsp;&nbsp; 207156 |
| CNH Industrial Capital LLC, 5.5%, 1/12/2029  | 326000 | &nbsp;&nbsp; 336397 |
| CNH Industrial N.V., 3.85%, 11/15/2027  | 701000 | &nbsp;&nbsp; 693810 |
|  |  | &nbsp;&nbsp; $1678868 |
| Major Banks – 16.3% | Major Banks – 16.3% | Major Banks – 16.3% |
| Bank of America Corp., 4.376% to 4/27/2027, FLR (SOFR - 1 day + 1.58%) to 4/27/2028  | $679000 | &nbsp;&nbsp; $678858 |
| Bank of America Corp., 5.819% to 9/15/2028, FLR (SOFR - 1 day + 1.57%) to 9/15/2029  | 199000 | &nbsp;&nbsp; 207302 |
| Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032  | 452000 | &nbsp;&nbsp; 405636 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Major Banks – continued | Major Banks – continued | Major Banks – continued |
| Bank of America Corp., 5.872% to 9/15/2033, FLR (SOFR - 1 day + 1.84%) to 9/15/2034  | $261000 | &nbsp;&nbsp; $275423 |
| Bank of America Corp., 5.425% to 8/15/2034, FLR (SOFR - 1 day + 1.913%) to 8/15/2035  | 286000 | &nbsp;&nbsp; 285916 |
| Barclays PLC, 2.894% to 11/24/2031, FLR (CMT - 1yr. + 1.3%) to 11/24/2032  | 451000 | &nbsp;&nbsp; 399151 |
| Comerica, Inc., 5.982% to 1/30/2029, FLR (SOFR - 1 day + 2.155%) to 1/30/2030  | 416000 | &nbsp;&nbsp; 426105 |
| Commonwealth Bank of Australia, 3.61% to 9/12/2029, FLR (CMT - 1yr. + 2.05%) to 9/12/2034 (n) | 631000 | &nbsp;&nbsp; 597573 |
| Commonwealth Bank of Australia, 3.305%, 3/11/2041 (n) | 280000 | &nbsp;&nbsp; 207430 |
| Credit Agricole S.A., 1.247% to 1/26/2026, FLR (SOFR - 1 day + 0.89162%) to 1/26/2027 (n) | 488000 | &nbsp;&nbsp; 478693 |
| Danske Bank A.S., 5.705% to 3/01/2029, FLR (CMT - 1yr. + 1.4%) to 3/01/2030 (n) | 499000 | &nbsp;&nbsp; 517728 |
| Deutsche Bank AG, 5.706% to 2/08/2027, FLR (SOFR - 1 day + 1.594%) to 2/08/2028  | 362000 | &nbsp;&nbsp; 367946 |
| Deutsche Bank AG, 5.373% to 1/10/2028, FLR (SOFR - 1 day + 1.21%) to 1/10/2029  | 436000 | &nbsp;&nbsp; 443653 |
| Deutsche Bank AG, 7.079% to 2/10/2033, FLR (SOFR - 1 day + 3.65%) to 2/10/2034  | 283000 | &nbsp;&nbsp; 301676 |
| Goldman Sachs Group, Inc., 4.692% to 10/23/2029, FLR (SOFR - 1 day + 1.135%) to 10/23/2030  | 282000 | &nbsp;&nbsp; 282847 |
| Goldman Sachs Group, Inc., 5.016% to 10/23/2034, FLR (SOFR - 1 day + 1.42%) to 10/23/2035  | 733000 | &nbsp;&nbsp; 724134 |
| HSBC Holdings PLC, 5.13% to 3/03/2030, FLR (SOFR - 1 day + 1.29%) to 3/03/2031  | 350000 | &nbsp;&nbsp; 354673 |
| HSBC Holdings PLC, 2.871% to 11/22/2031, FLR (SOFR - 1 day + 1.41%) to 11/22/2032  | 908000 | &nbsp;&nbsp; 803220 |
| HSBC Holdings PLC, 5.45% to 3/03/2035, FLR (SOFR - 1 day + 1.56%) to 3/03/2036  | 239000 | &nbsp;&nbsp; 240317 |
| JPMorgan Chase & Co., 6.07% to 10/22/2026, FLR (SOFR - 1 day + 1.33%) to 10/22/2027  | 624000 | &nbsp;&nbsp; 637551 |
| JPMorgan Chase & Co., 4.323% to 4/26/2027, FLR (SOFR - 1 day + 1.56%) to 4/26/2028  | 512000 | &nbsp;&nbsp; 511507 |
| JPMorgan Chase & Co., 5.581% to 4/22/2029, FLR (SOFR - 1 day + 1.16%) to 4/22/2030  | 298000 | &nbsp;&nbsp; 309430 |
| JPMorgan Chase & Co., 2.545% to 11/08/2031, FLR (SOFR - 1 day + 1.18%) to 11/08/2032  | 1166000 | &nbsp;&nbsp; 1026481 |
| JPMorgan Chase & Co., 5.336% to 1/23/2034, FLR (SOFR - 1 day + 1.62%) to 1/23/2035  | 246000 | &nbsp;&nbsp; 251813 |
| JPMorgan Chase & Co., 4.946% to 10/22/2034, FLR (SOFR - 1 day + 1.34%) to 10/22/2035  | 593000 | &nbsp;&nbsp; 586788 |
| Mitsubishi UFJ Financial Group, Inc., 1.64% to 10/13/2026, FLR (CMT - 1yr. + 0.67%) to 10/13/2027  | 423000 | &nbsp;&nbsp; 408333 |
| Mitsubishi UFJ Financial Group, Inc., 5.159%, 4/24/2031  | 200000 | &nbsp;&nbsp; 204749 |
| Morgan Stanley, 0.985% to 12/10/2025, FLR (SOFR - 1 day + 0.72%) to 12/10/2026  | 593000 | &nbsp;&nbsp; 583558 |
| Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029  | 235000 | &nbsp;&nbsp; 241686 |
| Morgan Stanley, 4.431% to 1/23/2029, FLR ((SOFR - 3mo. + 0.26161%) + 1.628%) to 1/23/2030  | 277000 | &nbsp;&nbsp; 276611 |
| Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031  | 150000 | &nbsp;&nbsp; 143844 |
| Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034  | 339000 | &nbsp;&nbsp; 347273 |
| National Australia Bank Ltd., 3.347% to 1/12/2032, FLR (CMT - 5yr. + 1.7%) to 1/12/2037 (n) | 673000 | &nbsp;&nbsp; 594700 |
| NatWest Group PLC, 5.847% to 3/02/2026, FLR (CMT - 1yr. + 1.35%) to 3/02/2027  | 298000 | &nbsp;&nbsp; 300628 |
| NatWest Group PLC, 8.125% to 5/10/2034, FLR (CMT - 5yr. + 3.752%) to 6/30/2172  | 301000 | &nbsp;&nbsp; 324675 |
| Nordea Bank Abp, 1.5%, 9/30/2026 (n) | 721000 | &nbsp;&nbsp; 697004 |
| PNC Financial Services Group, Inc., 5.3% to 1/21/2027, FLR (SOFR - 1 day + 1.342%) to 1/21/2028  | 200000 | &nbsp;&nbsp; 203005 |
| PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%) to 1/22/2035  | 266000 | &nbsp;&nbsp; 276373 |
| PNC Financial Services Group, Inc., 5.575% to 1/29/2035, FLR (SOFR - 1 day + 1.394%) to 1/29/2036  | 302000 | &nbsp;&nbsp; 311262 |
| Regions Financial Corp., 5.502%, 9/06/2035  | 306000 | &nbsp;&nbsp; 306765 |
| Sumitomo Mitsui Financial Group, Inc., 1.71%, 1/12/2031  | 854000 | &nbsp;&nbsp; 732548 |
| Toronto-Dominion Bank, 4.108%, 6/08/2027  | 336000 | &nbsp;&nbsp; 335044 |
| UBS Group AG, 3.126% to 8/13/2029, FLR (LIBOR - 3mo. + 1.468%) to 8/13/2030 (n) | 1128000 | &nbsp;&nbsp; 1064413 |
| UBS Group AG, 5.58%, 5/09/2036 (n) | 492000 | &nbsp;&nbsp; 503127 |
| UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n) | 700000 | &nbsp;&nbsp; 618679 |
| UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n) | 700000 | &nbsp;&nbsp; 696388 |
| UniCredit S.p.A., 1.982% to 6/03/2026, FLR (CMT - 1yr. + 1.2%) to 6/03/2027 (n) | 201000 | &nbsp;&nbsp; 196039 |
| Wells Fargo & Co., 5.574% to 7/25/2028, FLR (SOFR - 1 day + 1.74%) to 7/25/2029  | 267000 | &nbsp;&nbsp; 275693 |
| Wells Fargo & Co., 5.244% to 1/24/2030, FLR (SOFR - 1 day + 1.11%) to 1/24/2031  | 356000 | &nbsp;&nbsp; 365198 |
| Wells Fargo & Co., 5.389% to 4/24/2033, FLR (SOFR - 1 day + 2.02%) to 4/24/2034  | 127000 | &nbsp;&nbsp; 129952 |
|  |  | &nbsp;&nbsp; $21459398 |
| Medical & Health Technology & Services – 1.3% | Medical & Health Technology & Services – 1.3% | Medical & Health Technology & Services – 1.3% |
| Alcon Finance Corp., 2.6%, 5/27/2030 (n) | $366000 | &nbsp;&nbsp; $334595 |
| Alcon Finance Corp., 3.8%, 9/23/2049 (n) | 230000 | &nbsp;&nbsp; 169771 |
| Becton, Dickinson and Co., 4.685%, 12/15/2044  | 186000 | &nbsp;&nbsp; 161866 |
| ICON Investments Six DAC, 5.809%, 5/08/2027  | 360000 | &nbsp;&nbsp; 367525 |
| ICON Investments Six DAC, 5.849%, 5/08/2029  | 315000 | &nbsp;&nbsp; 326782 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Medical & Health Technology & Services – continued | Medical & Health Technology & Services – continued | Medical & Health Technology & Services – continued |
| Marin General Hospital, 7.242%, 8/01/2045  | $272000 | &nbsp;&nbsp; $306382 |
|  |  | &nbsp;&nbsp; $1666921 |
| Medical Equipment – 0.6% | Medical Equipment – 0.6% | Medical Equipment – 0.6% |
| Danaher Corp., 2.6%, 10/01/2050  | $518000 | &nbsp;&nbsp; $311302 |
| Stryker Corp., 4.625%, 9/11/2034  | 480000 | &nbsp;&nbsp; 472600 |
|  |  | &nbsp;&nbsp; $783902 |
| Metals & Mining – 1.4% | Metals & Mining – 1.4% | Metals & Mining – 1.4% |
| FMG Resources Ltd., 4.375%, 4/01/2031 (n) | $559000 | &nbsp;&nbsp; $522331 |
| Novelis, Inc., 4.75%, 1/30/2030 (n) | 611000 | &nbsp;&nbsp; 585452 |
| Rio Tinto Finance (USA) PLC, 4.875%, 3/14/2030  | 262000 | &nbsp;&nbsp; 267010 |
| Rio Tinto Finance (USA) PLC, 5%, 3/14/2032  | 216000 | &nbsp;&nbsp; 219772 |
| Vale Overseas Ltd., 6.4%, 6/28/2054  | 198000 | &nbsp;&nbsp; 194588 |
|  |  | &nbsp;&nbsp; $1789153 |
| Midstream – 4.5% | Midstream – 4.5% | Midstream – 4.5% |
| Cheniere Energy Partners LP, 5.55%, 10/30/2035 (n)(w) | $491000 | &nbsp;&nbsp; $494860 |
| Columbia Pipelines Holdings Co. LLC, 6.055%, 8/15/2026 (n) | 105000 | &nbsp;&nbsp; 106280 |
| Columbia Pipelines Operating Co. LLC, 6.497%, 8/15/2043 (n) | 258000 | &nbsp;&nbsp; 266426 |
| Columbia Pipelines Operating Co. LLC, 6.544%, 11/15/2053 (n) | 257000 | &nbsp;&nbsp; 265620 |
| Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054  | 542000 | &nbsp;&nbsp; 517952 |
| Energy Transfer LP, 4%, 10/01/2027  | 285000 | &nbsp;&nbsp; 282849 |
| Energy Transfer LP, 5.95%, 5/15/2054  | 211000 | &nbsp;&nbsp; 200724 |
| Energy Transfer LP, 7.125% to 5/15/2030, FLR (CMT - 5yr. + 5.306%) to 5/15/2171  | 194000 | &nbsp;&nbsp; 197621 |
| Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/2027 (n) | 280393 | &nbsp;&nbsp; 270615 |
| Plains All American Pipeline LP, 4.65%, 10/15/2025  | 266000 | &nbsp;&nbsp; 265933 |
| Plains All American Pipeline LP, 5.95%, 6/15/2035  | 292000 | &nbsp;&nbsp; 300187 |
| Plains All American Pipeline LP, 4.9%, 2/15/2045  | 425000 | &nbsp;&nbsp; 361781 |
| Rockies Express Pipeline LLC, 4.95%, 7/15/2029 (n) | 454000 | &nbsp;&nbsp; 445690 |
| Rockies Express Pipeline LLC, 7.5%, 7/15/2038 (n) | 119000 | &nbsp;&nbsp; 120713 |
| Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n) | 92000 | &nbsp;&nbsp; 92160 |
| Targa Resources Corp., 4.2%, 2/01/2033  | 220000 | &nbsp;&nbsp; 206140 |
| Targa Resources Corp., 4.95%, 4/15/2052  | 551000 | &nbsp;&nbsp; 459656 |
| Targa Resources Corp., 6.25%, 7/01/2052  | 200000 | &nbsp;&nbsp; 198056 |
| Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n) | 140000 | &nbsp;&nbsp; 144393 |
| Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n) | 349000 | &nbsp;&nbsp; 323032 |
| Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + 5.44%) to 3/30/2173 (n) | 326000 | &nbsp;&nbsp; 316937 |
| Venture Global Plaquemines LNG LLC, 6.5%, 1/15/2034 (n)(w) | 56000 | &nbsp;&nbsp; 56000 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/2036 (n)(w) | 41000 | &nbsp;&nbsp; 41000 |
|  |  | &nbsp;&nbsp; $5934625 |
| Municipals – 0.7% | Municipals – 0.7% | Municipals – 0.7% |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B", 2.746%, 6/01/2034  | $340000 | &nbsp;&nbsp; $294048 |
| Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, "A", 6.352%, 7/01/2049  | 290000 | &nbsp;&nbsp; 298074 |
| National Finance Authority, NH, Utility Refunding Rev., Taxable (Wheeling Power Co. Project), "A", 6.89%, 4/01/2034  | 285000 | &nbsp;&nbsp; 293985 |
|  |  | &nbsp;&nbsp; $886107 |
| Natural Gas - Distribution – 0.4% | Natural Gas - Distribution – 0.4% | Natural Gas - Distribution – 0.4% |
| Boston Gas Co., 5.843%, 1/10/2035 (n) | $540000 | &nbsp;&nbsp; $561249 |
| Natural Gas - Pipeline – 0.5% | Natural Gas - Pipeline – 0.5% | Natural Gas - Pipeline – 0.5% |
| APA Infrastructure Ltd., 5%, 3/23/2035 (n) | $251000 | &nbsp;&nbsp; $241107 |
| APA Infrastructure Ltd., 5.75%, 9/16/2044 (n) | 431000 | &nbsp;&nbsp; 415337 |
|  |  | &nbsp;&nbsp; $656444 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Oils – 0.9% | Oils – 0.9% | Oils – 0.9% |
| Marathon Petroleum Corp., 5.7%, 3/01/2035  | $406000 | &nbsp;&nbsp; $411754 |
| MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031  | 452456 | &nbsp;&nbsp; 357168 |
| Raizen Fuels Finance S.A., 6.25%, 7/08/2032 (n)(w) | 491000 | &nbsp;&nbsp; 487318 |
|  |  | &nbsp;&nbsp; $1256240 |
| Other Banks & Diversified Financials – 2.8% | Other Banks & Diversified Financials – 2.8% | Other Banks & Diversified Financials – 2.8% |
| AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n) | $578000 | &nbsp;&nbsp; $611497 |
| AIB Group PLC, 5.871% to 3/28/2034, FLR (SOFR - 1 day + 1.91%) to 3/28/2035 (n) | 200000 | &nbsp;&nbsp; 206246 |
| BBVA Bancomer S.A. (Texas), 8.125%, 1/08/2039 (n) | 332000 | &nbsp;&nbsp; 343186 |
| BPCE S.A., 5.716% to 1/18/2029, FLR (CMT - 1yr. + 1.959%) to 1/18/2030 (n) | 406000 | &nbsp;&nbsp; 418004 |
| CaixaBank S.A., 5.673% to 3/15/2029, FLR (SOFR - 1 day + 1.78%) to 3/15/2030 (n) | 200000 | &nbsp;&nbsp; 206835 |
| CaixaBank S.A., 6.84% to 9/13/2033, FLR (SOFR - 1 day + 2.77%) to 9/13/2034 (n) | 610000 | &nbsp;&nbsp; 670049 |
| M&T Bank Corp., 7.413% to 10/30/2028, FLR (SOFR - 1 day + 2.80%) to 10/30/2029  | 153000 | &nbsp;&nbsp; 165937 |
| M&T Bank Corp., 5.053% to 1/27/2033, FLR (SOFR - 1 day + 1.850%) to 1/27/2034  | 267000 | &nbsp;&nbsp; 263227 |
| Manufacturers and Traders Trust Co., 4.7%, 1/27/2028  | 265000 | &nbsp;&nbsp; 267335 |
| Truist Financial Corp., 7.161% to 10/30/2028, FLR (SOFR - 1 day + 2.446%) to 10/30/2029  | 388000 | &nbsp;&nbsp; 419695 |
| Truist Financial Corp., 5.153% to 8/05/2031, FLR (SOFR - 1 day + 1.571%) to 8/05/2032  | 137000 | &nbsp;&nbsp; 139663 |
|  |  | &nbsp;&nbsp; $3711674 |
| Pharmaceuticals – 1.5% | Pharmaceuticals – 1.5% | Pharmaceuticals – 1.5% |
| AbbVie, Inc., 5.35%, 3/15/2044  | $468000 | &nbsp;&nbsp; $458722 |
| AbbVie, Inc., 5.4%, 3/15/2054  | 271000 | &nbsp;&nbsp; 263508 |
| Biogen, Inc., 5.05%, 1/15/2031  | 358000 | &nbsp;&nbsp; 364481 |
| Eli Lilly & Co., 5.5%, 2/12/2055  | 181000 | &nbsp;&nbsp; 182128 |
| Pfizer Investment Enterprises Pte. Ltd., 5.3%, 5/19/2053  | 285000 | &nbsp;&nbsp; 269043 |
| Pfizer, Inc., 2.55%, 5/28/2040  | 188000 | &nbsp;&nbsp; 134926 |
| Roche Holdings, Inc., 5.489%, 11/13/2030 (n) | 344000 | &nbsp;&nbsp; 363697 |
|  |  | &nbsp;&nbsp; $2036505 |
| Pollution Control – 0.2% | Pollution Control – 0.2% | Pollution Control – 0.2% |
| GFL Environmental, Inc., 3.5%, 9/01/2028 (n) | $222000 | &nbsp;&nbsp; $214143 |
| Precious Metals & Minerals – 0.6% | Precious Metals & Minerals – 0.6% | Precious Metals & Minerals – 0.6% |
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | $437000 | &nbsp;&nbsp; $433372 |
| Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n) | 397000 | &nbsp;&nbsp; 413353 |
|  |  | &nbsp;&nbsp; $846725 |
| Railroad & Shipping – 0.8% | Railroad & Shipping – 0.8% | Railroad & Shipping – 0.8% |
| Burlington Northern Santa Fe LLC, 5.2%, 4/15/2054  | $493000 | &nbsp;&nbsp; $466610 |
| Burlington Northern Sante Fe LLC, 5.5%, 3/15/2055  | 192000 | &nbsp;&nbsp; 190112 |
| Canadian Pacific Railway Co., 3.1%, 12/02/2051  | 649000 | &nbsp;&nbsp; 426453 |
|  |  | &nbsp;&nbsp; $1083175 |
| Real Estate - Apartment – 0.7% | Real Estate - Apartment – 0.7% | Real Estate - Apartment – 0.7% |
| American Homes 4 Rent LP, REIT, 5.5%, 7/15/2034  | $167000 | &nbsp;&nbsp; $169228 |
| American Homes 4 Rent LP, REIT, 5.25%, 3/15/2035  | 637000 | &nbsp;&nbsp; 632284 |
| American Homes 4 Rent LP, REIT, 4.3%, 4/15/2052  | 171000 | &nbsp;&nbsp; 133048 |
|  |  | &nbsp;&nbsp; $934560 |
| Real Estate - Office – 1.3% | Real Estate - Office – 1.3% | Real Estate - Office – 1.3% |
| Boston Properties LP, REIT, 3.65%, 2/01/2026  | $377000 | &nbsp;&nbsp; $374556 |
| Boston Properties LP, REIT, 2.75%, 10/01/2026  | 300000 | &nbsp;&nbsp; 293366 |
| Corporate Office Property LP, REIT, 2%, 1/15/2029  | 433000 | &nbsp;&nbsp; 394493 |
| Corporate Office Property LP, REIT, 2.75%, 4/15/2031  | 478000 | &nbsp;&nbsp; 422787 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Real Estate - Office – continued | Real Estate - Office – continued | Real Estate - Office – continued |
| Cousins Properties, Inc., REIT, 5.875%, 10/01/2034  | $232000 | &nbsp;&nbsp; $238654 |
|  |  | &nbsp;&nbsp; $1723856 |
| Real Estate - Other – 1.1% | Real Estate - Other – 1.1% | Real Estate - Other – 1.1% |
| EPR Properties, REIT, 3.6%, 11/15/2031  | $295000 | &nbsp;&nbsp; $267965 |
| Lexington Realty Trust Co., 2.375%, 10/01/2031  | 521000 | &nbsp;&nbsp; 439934 |
| Prologis LP, REIT, 5.125%, 1/15/2034  | 420000 | &nbsp;&nbsp; 425107 |
| W.P. Carey, Inc., REIT, 2.45%, 2/01/2032  | 330000 | &nbsp;&nbsp; 282914 |
|  |  | &nbsp;&nbsp; $1415920 |
| Real Estate - Retail – 0.9% | Real Estate - Retail – 0.9% | Real Estate - Retail – 0.9% |
| NNN REIT, Inc., 5.6%, 10/15/2033  | $303000 | &nbsp;&nbsp; $313218 |
| STORE Capital Corp., REIT, 4.625%, 3/15/2029  | 233000 | &nbsp;&nbsp; 229134 |
| STORE Capital Corp., REIT, 2.7%, 12/01/2031  | 758000 | &nbsp;&nbsp; 642886 |
|  |  | &nbsp;&nbsp; $1185238 |
| Retailers – 1.3% | Retailers – 1.3% | Retailers – 1.3% |
| Alimentation Couche-Tard, Inc., 3.8%, 1/25/2050 (n) | $360000 | &nbsp;&nbsp; $258770 |
| Amazon.com, Inc., 3.6%, 4/13/2032  | 381000 | &nbsp;&nbsp; 364699 |
| Home Depot, Inc., 4.85%, 6/25/2031  | 137000 | &nbsp;&nbsp; 140515 |
| Home Depot, Inc., 3.3%, 4/15/2040  | 416000 | &nbsp;&nbsp; 332120 |
| Home Depot, Inc., 3.9%, 6/15/2047  | 83000 | &nbsp;&nbsp; 65389 |
| Parkland Corp., 6.625%, 8/15/2032 (n) | 532000 | &nbsp;&nbsp; 543747 |
|  |  | &nbsp;&nbsp; $1705240 |
| Specialty Chemicals – 0.4% | Specialty Chemicals – 0.4% | Specialty Chemicals – 0.4% |
| International Flavors & Fragrances, Inc., 1.23%, 10/01/2025 (n) | $107000 | &nbsp;&nbsp; $105963 |
| International Flavors & Fragrances, Inc., 2.3%, 11/01/2030 (n) | 83000 | &nbsp;&nbsp; 73351 |
| International Flavors & Fragrances, Inc., 5%, 9/26/2048  | 379000 | &nbsp;&nbsp; 326218 |
|  |  | &nbsp;&nbsp; $505532 |
| Specialty Stores – 0.2% | Specialty Stores – 0.2% | Specialty Stores – 0.2% |
| DICK'S Sporting Goods, 4.1%, 1/15/2052  | $365000 | &nbsp;&nbsp; $260817 |
| Supermarkets – 0.4% | Supermarkets – 0.4% | Supermarkets – 0.4% |
| Kroger Co., 5%, 9/15/2034  | $238000 | &nbsp;&nbsp; $236298 |
| Kroger Co., 5.5%, 9/15/2054  | 272000 | &nbsp;&nbsp; 258196 |
|  |  | &nbsp;&nbsp; $494494 |
| Telecommunications - Wireless – 2.2% | Telecommunications - Wireless – 2.2% | Telecommunications - Wireless – 2.2% |
| American Tower Corp., 5.2%, 2/15/2029  | $359000 | &nbsp;&nbsp; $367337 |
| American Tower Corp., 5.45%, 2/15/2034  | 335000 | &nbsp;&nbsp; 344922 |
| American Tower Corp., 3.7%, 10/15/2049  | 190000 | &nbsp;&nbsp; 138850 |
| Cellnex Finance Co. S.A., 3.875%, 7/07/2041 (n) | 565000 | &nbsp;&nbsp; 445121 |
| Crown Castle, Inc., REIT, 4.45%, 2/15/2026  | 238000 | &nbsp;&nbsp; 237706 |
| Rogers Communications, Inc., 4.5%, 3/15/2042  | 288000 | &nbsp;&nbsp; 245411 |
| Rogers Communications, Inc., 4.55%, 3/15/2052  | 63000 | &nbsp;&nbsp; 51300 |
| T-Mobile USA, Inc., 5.05%, 7/15/2033  | 204000 | &nbsp;&nbsp; 205382 |
| T-Mobile USA, Inc., 3%, 2/15/2041  | 553000 | &nbsp;&nbsp; 404661 |
| Vodafone Group PLC, 5.625%, 2/10/2053  | 480000 | &nbsp;&nbsp; 452857 |
|  |  | &nbsp;&nbsp; $2893547 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Tobacco – 1.1% | Tobacco – 1.1% | Tobacco – 1.1% |
| B.A.T. Capital Corp., 6.343%, 8/02/2030  | $389000 | &nbsp;&nbsp; $419178 |
| Imperial Brands Finance PLC, 5.5%, 2/01/2030 (n) | 325000 | &nbsp;&nbsp; 335065 |
| Japan Tobacco, Inc., 5.25%, 6/15/2030 (n) | 442000 | &nbsp;&nbsp; 454879 |
| Philip Morris International, Inc., 5.625%, 11/17/2029  | 211000 | &nbsp;&nbsp; 221558 |
|  |  | &nbsp;&nbsp; $1430680 |
| Transportation - Services – 0.7% | Transportation - Services – 0.7% | Transportation - Services – 0.7% |
| Element Fleet Management Corp., 6.319%, 12/04/2028 (n) | $564000 | &nbsp;&nbsp; $594644 |
| Element Fleet Management Corp., 5.037%, 3/25/2030 (n) | 326000 | &nbsp;&nbsp; 328865 |
|  |  | &nbsp;&nbsp; $923509 |
| U.S. Treasury Obligations – 1.9% | U.S. Treasury Obligations – 1.9% | U.S. Treasury Obligations – 1.9% |
| U.S. Treasury Bonds, 5%, 5/15/2045  | $899000 | &nbsp;&nbsp; $923442 |
| U.S. Treasury Bonds, 4.75%, 5/15/2055  | 265000 | &nbsp;&nbsp; 263509 |
| U.S. Treasury Bonds, 4.5%, 2/15/2044  | 134000 | &nbsp;&nbsp; 129478 |
| U.S. Treasury Bonds, 4.625%, 5/15/2044  | 338000 | &nbsp;&nbsp; 331464 |
| U.S. Treasury Bonds, 4.125%, 8/15/2044  | 211000 | &nbsp;&nbsp; 193304 |
| U.S. Treasury Bonds, 4.75%, 2/15/2045 (f) | 655000 | &nbsp;&nbsp; 651520 |
|  |  | &nbsp;&nbsp; $2492717 |
| Utilities - Electric Power – 9.4% | Utilities - Electric Power – 9.4% | Utilities - Electric Power – 9.4% |
| Adani Electricity Mumbai Ltd., 3.867%, 7/22/2031 (n) | $200000 | &nbsp;&nbsp; $170898 |
| Adani Transmission Ltd., 4%, 8/03/2026  | 415000 | &nbsp;&nbsp; 409233 |
| Adani Transmission Ltd., 4.25%, 5/21/2036  | 146645 | &nbsp;&nbsp; 124690 |
| AEP Transmission Co. LLC, 5.375%, 6/15/2035  | 296000 | &nbsp;&nbsp; 302441 |
| AEP Transmission Co. LLC, 5.4%, 3/15/2053  | 216000 | &nbsp;&nbsp; 208076 |
| Algonquin Power & Utilities Corp., 5.365%, 6/15/2026  | 181000 | &nbsp;&nbsp; 181964 |
| American Transmission Systems, Inc., 2.65%, 1/15/2032 (n) | 181000 | &nbsp;&nbsp; 159245 |
| Berkshire Hathaway Energy Co., 5.15%, 11/15/2043  | 120000 | &nbsp;&nbsp; 112672 |
| Berkshire Hathaway Energy Co., 4.6%, 5/01/2053  | 100000 | &nbsp;&nbsp; 83565 |
| DTE Energy Co., 4.95%, 7/01/2027  | 373000 | &nbsp;&nbsp; 377270 |
| Duke Energy Carolinas LLC, 2.45%, 2/01/2030  | 460000 | &nbsp;&nbsp; 425003 |
| Duke Energy Florida LLC, 3.4%, 10/01/2046  | 158000 | &nbsp;&nbsp; 113149 |
| Duke Energy Florida LLC, 6.2%, 11/15/2053  | 272000 | &nbsp;&nbsp; 289453 |
| Enel Finance International N.V., 4.625%, 6/15/2027 (n) | 400000 | &nbsp;&nbsp; 401471 |
| Enel Finance International N.V., 2.5%, 7/12/2031 (n) | 294000 | &nbsp;&nbsp; 257893 |
| Enel Finance International N.V., 7.75%, 10/14/2052 (n) | 296000 | &nbsp;&nbsp; 354834 |
| ENGIE Energia Chile S.A., 6.375%, 4/17/2034 (n) | 486000 | &nbsp;&nbsp; 504249 |
| Eversource Energy, 5.5%, 1/01/2034  | 373000 | &nbsp;&nbsp; 379847 |
| FirstEnergy Corp., 3.9%, 7/15/2027  | 392000 | &nbsp;&nbsp; 387605 |
| FirstEnergy Corp., 3.4%, 3/01/2050  | 533000 | &nbsp;&nbsp; 361230 |
| Florida Power & Light Co., 2.45%, 2/03/2032  | 204000 | &nbsp;&nbsp; 179901 |
| Florida Power & Light Co., 3.95%, 3/01/2048  | 287000 | &nbsp;&nbsp; 228887 |
| Georgia Power Co., 4.7%, 5/15/2032  | 139000 | &nbsp;&nbsp; 138973 |
| Georgia Power Co., 4.95%, 5/17/2033  | 207000 | &nbsp;&nbsp; 208603 |
| Georgia Power Co., 5.125%, 5/15/2052  | 362000 | &nbsp;&nbsp; 338300 |
| Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 645000 | &nbsp;&nbsp; 565435 |
| Jersey Central Power & Light Co., 5.1%, 1/15/2035  | 114000 | &nbsp;&nbsp; 113663 |
| MidAmerican Energy Co., 5.85%, 9/15/2054  | 470000 | &nbsp;&nbsp; 483721 |
| Northern States Power Co. of Minnesota, 5.05%, 5/15/2035  | 474000 | &nbsp;&nbsp; 478735 |
| Oncor Electric Delivery Co. LLC, 5.35%, 4/01/2035 (n) | 594000 | &nbsp;&nbsp; 605110 |
| Pacific Gas & Electric Co., 5.45%, 6/15/2027  | 255000 | &nbsp;&nbsp; 257951 |
| Pacific Gas & Electric Co., 2.5%, 2/01/2031  | 442000 | &nbsp;&nbsp; 383679 |
| Pacific Gas & Electric Co., 4%, 12/01/2046  | 264000 | &nbsp;&nbsp; 189012 |
| PPL Electric Utilities Corp., 4.85%, 2/15/2034  | 367000 | &nbsp;&nbsp; 367081 |
| PSEG Power LLC, 5.2%, 5/15/2030 (n) | 383000 | &nbsp;&nbsp; 390830 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Utilities - Electric Power – continued | Utilities - Electric Power – continued | Utilities - Electric Power – continued |
| PSEG Power LLC, 5.75%, 5/15/2035 (n) | 301000 | &nbsp;&nbsp; $309988 |
| Public Service Electric & Gas Co., 5.5%, 3/01/2055  | 231000 | &nbsp;&nbsp; 227812 |
| Southern California Edison Co., 5.45%, 3/01/2035  | 115000 | &nbsp;&nbsp; 112886 |
| Southern California Edison Co., 4.5%, 9/01/2040  | 173000 | &nbsp;&nbsp; 144895 |
| Xcel Energy, Inc., 5.5%, 3/15/2034  | 528000 | &nbsp;&nbsp; 536332 |
| Xcel Energy, Inc., 5.6%, 4/15/2035  | 65000 | &nbsp;&nbsp; 66359 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 118000 | &nbsp;&nbsp; 120966 |
| XPLR Infrastructure Operating Partners LP, 8.375%, 1/15/2031 (n) | 274000 | &nbsp;&nbsp; 292661 |
| XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/2033 (n) | 59000 | &nbsp;&nbsp; 63235 |
|  |  | &nbsp;&nbsp; $12409803 |
| **Total Bonds (Identified Cost, $129,958,532)** |  | &nbsp;&nbsp; **$128575012** |
| Mutual Funds (h) – 3.4% | Mutual Funds (h) – 3.4% | Mutual Funds (h) – 3.4% |
| Money Market Funds – 3.4% | Money Market Funds – 3.4% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $4,453,429) | 4453367 | &nbsp;&nbsp; $4453813 |
| Other Assets, Less Liabilities – (0.9)% |  | &nbsp;&nbsp; (1135757) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$131893068** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security has been segregated as collateral for open futures
 contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $4,453,813 and $128,575,012, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $49,079,580, representing 37.2% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| LIBOR | London Interbank Offered Rate |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** |
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp; **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value/Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Bond 30 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; $2771250 | September – 2025 | &nbsp;&nbsp;&nbsp; $94887 |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 5616633 | September – 2025 | &nbsp;&nbsp;&nbsp; 23950 |
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 1429500 | September – 2025 | &nbsp;&nbsp;&nbsp; 59548 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $178385 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts - continued** | **Futures Contracts - continued** | **Futures Contracts - continued** | **Futures Contracts - continued** | **Futures Contracts - continued** | **Futures Contracts - continued** | **Futures Contracts - continued** |
| **Description** | &nbsp;&nbsp; **Long/**<br> **Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional**<br> **Amount**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Date**<br>| &nbsp;&nbsp; **Value/Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Note 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; $1233375 | September – 2025 | &nbsp;&nbsp;&nbsp; $(18518)<br>|
| U.S. Treasury Note 5 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 1090000 | September – 2025 | &nbsp;&nbsp;&nbsp; (10504)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(29022)<br>|

---

At June 30, 2025, the fund had liquid securities with an aggregate value of $180,039 to cover any collateral or margin obligations for certain derivative contracts.

**See Notes to Financial Statements**

------

MFS Corporate Bond Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $129,958,532) | &nbsp;&nbsp; $128575012 |
| Investments in affiliated issuers, at value (identified cost, $4,453,429) | &nbsp;&nbsp; 4453813 |
| Receivables for |  |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; 36883 |
| Investments sold | &nbsp;&nbsp; 281150 |
| Interest | &nbsp;&nbsp; 1617821 |
| Receivable from investment adviser | &nbsp;&nbsp; 4635 |
| Other assets | &nbsp;&nbsp; 419 |
| Total assets | &nbsp;&nbsp; $134969733 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp; $466 |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; 248993 |
| When-issued investments purchased | &nbsp;&nbsp; 2644463 |
| Fund shares reacquired | &nbsp;&nbsp; 119359 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 305 |
| Shareholder servicing costs | &nbsp;&nbsp; 74 |
| Distribution and/or service fees | &nbsp;&nbsp; 2793 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 757 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 59455 |
| Total liabilities | &nbsp;&nbsp; $3076665 |
| Net assets | &nbsp;&nbsp; $131893068 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $150355651 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (18462583)<br>|
| Net assets | &nbsp;&nbsp; $131893068 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 13626611 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $29662428 | &nbsp;&nbsp;&nbsp; 3024005 | &nbsp;&nbsp;&nbsp; $9.81 |
| Service Class | &nbsp;&nbsp;&nbsp; 102230640 | &nbsp;&nbsp;&nbsp; 10602606 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 |

---

**See Notes to Financial Statements**

------

MFS Corporate Bond Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $3523654 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 49269 |
| Other | &nbsp;&nbsp; 379 |
| Foreign taxes withheld | &nbsp;&nbsp; (27)<br>|
| Total investment income | &nbsp;&nbsp; $3573275 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $401561 |
| Distribution and/or service fees | &nbsp;&nbsp; 125108 |
| Shareholder servicing costs | &nbsp;&nbsp; 2597 |
| Administrative services fee | &nbsp;&nbsp; 14211 |
| Independent Trustees' compensation | &nbsp;&nbsp; 2399 |
| Custodian fee | &nbsp;&nbsp; 11874 |
| Shareholder communications | &nbsp;&nbsp; 1865 |
| Audit and tax fees | &nbsp;&nbsp; 40684 |
| Legal fees | &nbsp;&nbsp; 753 |
| Miscellaneous | &nbsp;&nbsp; 19428 |
| Total expenses | &nbsp;&nbsp; $620480 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (73124)<br>|
| Net expenses | &nbsp;&nbsp; $547356 |
| Net investment income (loss) | &nbsp;&nbsp; $3025919 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(1143023)<br>|
| Affiliated issuers | &nbsp;&nbsp; (638)<br>|
| Futures contracts | &nbsp;&nbsp; (168354)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $(1312015)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $3431173 |
| Affiliated issuers | &nbsp;&nbsp; 212 |
| Futures contracts | &nbsp;&nbsp; 144947 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $3576332 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $2264317 |
| Change in net assets from operations | &nbsp;&nbsp; $5290236 |

---

**See Notes to Financial Statements**

------

MFS Corporate Bond Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $3025919 | &nbsp;&nbsp; $6068964 |
| Net realized gain (loss) | (1312015)<br>| &nbsp;&nbsp; (2540432)<br>|
| Net unrealized gain (loss) | 3576332 | &nbsp;&nbsp; 319426 |
| Change in net assets from operations | $5290236 | &nbsp;&nbsp; $3847958 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(5285437)<br>|
| Change in net assets from fund share transactions | $(10826928)<br>| &nbsp;&nbsp; $49433 |
| Total change in net assets | $(5536692)<br>| &nbsp;&nbsp; $(1388046)<br>|
| **Net assets** |  |  |
| At beginning of period | 137429760 | &nbsp;&nbsp; 138817806 |
| At end of period | $131893068 | &nbsp;&nbsp; $137429760 |

---

**See Notes to Financial Statements**

------

MFS Corporate Bond Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $9.42 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $11.94 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.22 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $0.38 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.36 |
| Net realized and unrealized gain (loss) | 0.17 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Total from investment operations | $0.39 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.80 | &nbsp;&nbsp; $(1.92)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $1.25 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(0.44)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $(0.93)<br>| &nbsp;&nbsp; $(0.60)<br>| &nbsp;&nbsp; $(0.48)<br>|
| Net asset value, end of period (x) | $9.81 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $12.71 |
| Total return (%) (k)(r)(s)(x) | 4.14<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp; (16.36)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.57 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.74<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Expenses after expense reductions | 0.63<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net investment income (loss) | 4.71<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| Portfolio turnover rate | 23<br> (n)<br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 41 |
| Net assets at end of period (000 omitted) | $29662 | &nbsp;&nbsp; $35373 | &nbsp;&nbsp; $38486 | &nbsp;&nbsp; $39066 | &nbsp;&nbsp; $53206 | &nbsp;&nbsp; $59133 |

---

**See Notes to Financial Statements**

------

MFS Corporate Bond Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $9.27 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $11.76 | &nbsp;&nbsp; $12.54 | &nbsp;&nbsp; $11.78 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.21 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.32 |
| Net realized and unrealized gain (loss) | 0.16 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Total from investment operations | $0.37 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.77 | &nbsp;&nbsp; $(1.92)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $1.21 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.41)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.90)<br>| &nbsp;&nbsp; $(0.57)<br>| &nbsp;&nbsp; $(0.45)<br>|
| Net asset value, end of period (x) | $9.64 | &nbsp;&nbsp; $9.27 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $11.76 | &nbsp;&nbsp; $12.54 |
| Total return (%) (k)(r)(s)(x) | 3.99<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;8.89 | &nbsp;&nbsp; (16.62)<br>| &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.34 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.99<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Expenses after expense reductions | 0.88<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net investment income (loss) | 4.46<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.65 |
| Portfolio turnover rate | 23<br> (n)<br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 41 |
| Net assets at end of period (000 omitted) | $102231 | &nbsp;&nbsp; $102057 | &nbsp;&nbsp; $100332 | &nbsp;&nbsp; $94155 | &nbsp;&nbsp; $153580 | &nbsp;&nbsp; $169239 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Corporate Bond Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Corporate Bond Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, 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 may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Open-end investment companies are generally valued at net asset value per share. 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.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be

------

MFS Corporate Bond Portfolio

*Notes to Financial Statements (unaudited) - continued* 

valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the 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 halt 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. 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. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government <br> Agencies & Equivalents<br>| $— | $2492717 | $— | $2492717 |
| Non - U.S. Sovereign Debt |  | 3163788 |  | 3163788 |
| Municipal Bonds |  | 886107 |  | 886107 |
| U.S. Corporate Bonds |  | 83396442 |  | 83396442 |
| Residential Mortgage-Backed Securities |  | 1247762 |  | 1247762 |
| Commercial Mortgage-Backed Securities |  | 1494321 |  | 1494321 |
| Asset-Backed Securities (including CDOs) |  | 1853825 |  | 1853825 |
| Foreign Bonds |  | 34040050 |  | 34040050 |
| Investment Companies | 4453813 |  |  | 4453813 |
| Total | $4453813 | $128575012 | $— | $133028825 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Other Financial Instruments** |  |  |  |
| Futures Contracts – Assets | $178385 | $— | $178385 |
| Futures Contracts – Liabilities | (29022)<br>|  | (29022)<br>|

---

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

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Derivatives** — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are 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.

------

MFS Corporate Bond Portfolio

*Notes to Financial Statements (unaudited) - continued* 

The derivative instruments used by the fund during the period were futures contracts. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

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 June 30, 2025 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value (a)** | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Interest Rate | Futures Contracts | $178385 | $(29022) |

---

(a) Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is reported separately within the Statement of Assets and Liabilities.

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended June 30, 2025 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>|
| Interest Rate | $(168354)<br>|

---

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the six months ended June 30, 2025 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>|
| Interest Rate | $144947 |

---

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement 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.

Collateral and margin requirements differ by type of derivative. For exchange-traded and cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the exchange or clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the exchange or clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). Collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for exchange-traded or cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in "Miscellaneous" expense in the Statement of Operations.

**Futures Contracts** — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, currency exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

------

MFS Corporate Bond Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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 specified 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 contracts 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 contracts 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.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities.

To mitigate the counterparty credit risk on To Be Announced ("TBA") transactions, mortgage dollar rolls, and other types of forward settling mortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master Securities Forward Transaction Agreement ("MSFTA") on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the MSFTA, the non-defaulting party has the right 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 MSFTA 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.

For mortgage-backed and asset-backed securities traded under a MSFTA, the collateral and margining requirements are contract specific. Collateral amounts across all transactions traded under such agreement are netted and an amount is posted from one party to the other to collateralize such obligations. Cash that has been pledged to cover the fund's collateral or margin obligations under a MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as restricted cash. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign

------

MFS Corporate Bond Portfolio

*Notes to Financial Statements (unaudited) - continued* 

taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to amortization of premium and accretion of discount of debt securities and wash sale loss deferrals.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $5285437 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $134717060 |
| Gross appreciation | &nbsp;&nbsp; 2349785 |
| Gross depreciation | &nbsp;&nbsp; (4038020)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(1688235)<br>|
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 6173073 |
| Capital loss carryforwards | &nbsp;&nbsp; (24765231)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (5160661)<br>|

---

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

As of December 31, 2024, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(5572154)<br>|
| Long-Term | (19193077)<br>|
| Total | $(24765231)<br>|

---

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $1430511 |
| Service Class |  | &nbsp;&nbsp; 3854926 |
| Total | $— | &nbsp;&nbsp; $5285437 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

------

MFS Corporate Bond Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| Up to $1 billion | 0.60% |
| In excess of $1 billion | 0.50% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $9,306, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.59% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.63% of average daily net assets for the Initial Class shares and 0.88% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this reduction amounted to $63,818, which is included in the reduction of total expenses in the Statement of Operations.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $2,322, which equated to 0.0035% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $275.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0212% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $2667210 | &nbsp;&nbsp; $4879596 |
| Non-U.S. Government securities | 28105798 | &nbsp;&nbsp; 32549509 |

---

------

MFS Corporate Bond Portfolio

*Notes to Financial Statements (unaudited) - continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 151014 | &nbsp;&nbsp; $1461805 | &nbsp;&nbsp; 167696 | &nbsp;&nbsp; $1589569 |
| Service Class | 481676 | &nbsp;&nbsp; 4541504 | &nbsp;&nbsp; 1710347 | &nbsp;&nbsp; 15991325 |
|  | 632690 | &nbsp;&nbsp; $6003309 | &nbsp;&nbsp; 1878043 | &nbsp;&nbsp; $17580894 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 149792 | &nbsp;&nbsp; $1430511 |
| Service Class |  |  | &nbsp;&nbsp; 409663 | &nbsp;&nbsp; 3854926 |
|  |  | $— | &nbsp;&nbsp; 559455 | &nbsp;&nbsp; $5285437 |
| Shares reacquired |  |  |  |  |
| Initial Class | (882987)<br>| &nbsp;&nbsp; $(8471966)<br>| &nbsp;&nbsp; (607012)<br>| &nbsp;&nbsp; $(5777487)<br>|
| Service Class | (889625)<br>| &nbsp;&nbsp; (8358271)<br>| &nbsp;&nbsp; (1816513)<br>| &nbsp;&nbsp; (17039411)<br>|
|  | (1772612)<br>| &nbsp;&nbsp; $(16830237)<br>| &nbsp;&nbsp; (2423525)<br>| &nbsp;&nbsp; $(22816898)<br>|
| Net change |  |  |  |  |
| Initial Class | (731973)<br>| &nbsp;&nbsp; $(7010161)<br>| &nbsp;&nbsp; (289524)<br>| &nbsp;&nbsp; $(2757407)<br>|
| Service Class | (407949)<br>| &nbsp;&nbsp; (3816767)<br>| &nbsp;&nbsp; 303497 | &nbsp;&nbsp; 2806840 |
|  | (1139922)<br>| &nbsp;&nbsp; $(10826928)<br>| &nbsp;&nbsp; 13973 | &nbsp;&nbsp; $49433 |

---

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $307 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in 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 following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $3213365 | &nbsp;&nbsp; $19327978 | &nbsp;&nbsp; $18087104 | &nbsp;&nbsp; $(638)<br>| &nbsp;&nbsp; $212 | &nbsp;&nbsp; $4453813 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $49269 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Corporate Bond Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Corporate Bond Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Corporate Bond Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS High Yield Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS High Yield Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 97.1% | Bonds – 97.1% | Bonds – 97.1% |
| Aerospace & Defense – 3.2% | Aerospace & Defense – 3.2% | Aerospace & Defense – 3.2% |
| Axon Enterprise, Inc., 6.125%, 3/15/2030 (n) | $796000 | &nbsp;&nbsp; $818575 |
| Bombardier, Inc., 7.5%, 2/01/2029 (n) | 425000 | &nbsp;&nbsp; 446232 |
| Bombardier, Inc., 8.75%, 11/15/2030 (n) | 306000 | &nbsp;&nbsp; 331269 |
| Bombardier, Inc., 7.25%, 7/01/2031 (n) | 444000 | &nbsp;&nbsp; 466067 |
| Bombardier, Inc., 7%, 6/01/2032 (n) | 235000 | &nbsp;&nbsp; 244726 |
| Bombardier, Inc., 6.75%, 6/15/2033 (n) | 329000 | &nbsp;&nbsp; 340910 |
| Moog, Inc., 4.25%, 12/15/2027 (n) | 478000 | &nbsp;&nbsp; 466677 |
| TransDigm, Inc., 6.75%, 8/15/2028 (n) | 354000 | &nbsp;&nbsp; 361484 |
| TransDigm, Inc., 4.625%, 1/15/2029  | 678000 | &nbsp;&nbsp; 665252 |
| TransDigm, Inc., 6.375%, 3/01/2029 (n) | 352000 | &nbsp;&nbsp; 361131 |
| TransDigm, Inc., 6.875%, 12/15/2030 (n) | 1264000 | &nbsp;&nbsp; 1311511 |
| TransDigm, Inc., 6.375%, 5/31/2033 (n) | 1340000 | &nbsp;&nbsp; 1341215 |
|  |  | &nbsp;&nbsp; $7155049 |
| Asset-Backed & Securitized – 0.0% | Asset-Backed & Securitized – 0.0% | Asset-Backed & Securitized – 0.0% |
| COBALT CMBS Commercial Mortgage Trust, 2006-2A, "F", CDO, FLR, 5.627% ((SOFR - 3mo. + 0.26161%) + 1.3% Cash or <br> PIK), 4/26/2050 (a)(n)(p)<br>| $1554572 | &nbsp;&nbsp; $155 |
| Automotive – 2.1% | Automotive – 2.1% | Automotive – 2.1% |
| Allison Transmission, Inc., 3.75%, 1/30/2031 (n) | $1214000 | &nbsp;&nbsp; $1112699 |
| Clarios Global LP/Clarios US Finance Co., 6.75%, 2/15/2030 (n) | 427000 | &nbsp;&nbsp; 443989 |
| Clarios Global LP/Clarios US Finance Co., 4.75%, 6/15/2031 (n) | 372000 | &nbsp;&nbsp; 439880 |
| Dealer Tire LLC/DT Issuer LLC, 8%, 2/01/2028 (n) | $626000 | &nbsp;&nbsp; 604638 |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n) | 776000 | &nbsp;&nbsp; 600924 |
| New Flyer Holdings, Inc., 9.25%, 7/01/2030 (n) | 401000 | &nbsp;&nbsp; 423072 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n) | 590000 | &nbsp;&nbsp; 424793 |
| Wabash National Corp., 4.5%, 10/15/2028 (n) | 739000 | &nbsp;&nbsp; 668529 |
|  |  | &nbsp;&nbsp; $4718524 |
| Broadcasting – 2.1% | Broadcasting – 2.1% | Broadcasting – 2.1% |
| Banijay Group S.A.S., 8.125%, 5/01/2029 (n) | $800000 | &nbsp;&nbsp; $829969 |
| Dotdash Meredith, Inc., 7.625%, 6/15/2032 (n) | 533000 | &nbsp;&nbsp; 516850 |
| Gray Media, Inc., 10.5%, 7/15/2029 (n) | 526000 | &nbsp;&nbsp; 565069 |
| Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n) | 741000 | &nbsp;&nbsp; 708785 |
| Scripps Escrow II, Inc., 3.875%, 1/15/2029 (n) | 265000 | &nbsp;&nbsp; 230690 |
| Sinclair Television Group, Inc., 8.125%, 2/15/2033 (n) | 697000 | &nbsp;&nbsp; 704121 |
| Univision Communications, Inc., 8%, 8/15/2028 (n) | 397000 | &nbsp;&nbsp; 402867 |
| Univision Communications, Inc., 8.5%, 7/31/2031 (n) | 749000 | &nbsp;&nbsp; 749830 |
|  |  | &nbsp;&nbsp; $4708181 |
| Brokerage & Asset Managers – 1.9% | Brokerage & Asset Managers – 1.9% | Brokerage & Asset Managers – 1.9% |
| AG TTMT Escrow Issuer LLC, 8.625%, 9/30/2027 (n) | $845000 | &nbsp;&nbsp; $874960 |
| Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n) | 692000 | &nbsp;&nbsp; 760452 |
| Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n) | 285000 | &nbsp;&nbsp; 288553 |
| Hightower Holding LLC, 6.75%, 4/15/2029 (n) | 504000 | &nbsp;&nbsp; 502295 |
| Hightower Holding LLC, 9.125%, 1/31/2030 (n) | 307000 | &nbsp;&nbsp; 325585 |
| Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n) | 1406000 | &nbsp;&nbsp; 1419422 |
|  |  | &nbsp;&nbsp; $4171267 |

---

HYSFS-SEM

------

MFS High Yield Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Building – 4.4% | Building – 4.4% | Building – 4.4% |
| AmeriTex Holdco Intermediate LLC, 10.25%, 10/15/2028 (n) | $680000 | &nbsp;&nbsp; $721339 |
| BCPE Ulysses Intermediate, Inc., 7.75% (7.75% Cash or 8.5% PIK), 4/01/2027 (n)(p) | 279000 | &nbsp;&nbsp; 269660 |
| Builders FirstSource, Inc., 6.75%, 5/15/2035 (n) | 333000 | &nbsp;&nbsp; 342862 |
| Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 (n) | 592000 | &nbsp;&nbsp; 429307 |
| Cornerstone Building Brands, Inc., 9.5%, 8/15/2029 (n) | 279000 | &nbsp;&nbsp; 256491 |
| Foundation Building Materials LLC, 6%, 3/01/2029 (n) | 812000 | &nbsp;&nbsp; 744774 |
| GYP Holding III Corp., 4.625%, 5/01/2029 (n) | 708000 | &nbsp;&nbsp; 709647 |
| Knife River Corp., 7.75%, 5/01/2031 (n) | 825000 | &nbsp;&nbsp; 869738 |
| LBM Acquisition LLC, 6.25%, 1/15/2029 (n) | 507000 | &nbsp;&nbsp; 439822 |
| Miter Brands Acquisition Holdco, Inc., 6.75%, 4/01/2032 (n) | 220000 | &nbsp;&nbsp; 225645 |
| MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n) | 838000 | &nbsp;&nbsp; 796616 |
| New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n) | 270000 | &nbsp;&nbsp; 270630 |
| Patrick Industries, Inc., 6.375%, 11/01/2032 (n) | 1004000 | &nbsp;&nbsp; 1006758 |
| Quikrete Holdings Inc., 6.375%, 3/01/2032 (n) | 679000 | &nbsp;&nbsp; 698229 |
| Standard Building Solutions, Inc., 6.5%, 8/15/2032 (n) | 398000 | &nbsp;&nbsp; 407804 |
| Standard Industries, Inc., 4.75%, 1/15/2028 (n) | 360000 | &nbsp;&nbsp; 356000 |
| Standard Industries, Inc., 4.375%, 7/15/2030 (n) | 398000 | &nbsp;&nbsp; 376843 |
| White Cap Buyer LLC, 6.875%, 10/15/2028 (n) | 888000 | &nbsp;&nbsp; 886591 |
|  |  | &nbsp;&nbsp; $9808756 |
| Business Services – 1.7% | Business Services – 1.7% | Business Services – 1.7% |
| athenahealth, Inc., 6.5%, 2/15/2030 (n) | $747000 | &nbsp;&nbsp; $735246 |
| CACI International, Inc., 6.375%, 6/15/2033 (n) | 668000 | &nbsp;&nbsp; 689341 |
| Iron Mountain, Inc., 5.25%, 3/15/2028 (n) | 583000 | &nbsp;&nbsp; 580454 |
| Iron Mountain, Inc., 5.625%, 7/15/2032 (n) | 576000 | &nbsp;&nbsp; 571422 |
| Iron Mountain, Inc., 6.25%, 1/15/2033 (n) | 513000 | &nbsp;&nbsp; 527470 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/2032 (n) | 767000 | &nbsp;&nbsp; 796582 |
|  |  | &nbsp;&nbsp; $3900515 |
| Cable TV – 5.1% | Cable TV – 5.1% | Cable TV – 5.1% |
| Cable One, Inc., 4%, 11/15/2030 (n) | $716000 | &nbsp;&nbsp; $564111 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n) | 2152000 | &nbsp;&nbsp; 2084863 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | 1366000 | &nbsp;&nbsp; 1302316 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 5/01/2032  | 427000 | &nbsp;&nbsp; 397641 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n) | 484000 | &nbsp;&nbsp; 430850 |
| CSC Holdings LLC, 5.375%, 2/01/2028 (n) | 900000 | &nbsp;&nbsp; 824000 |
| CSC Holdings LLC, 5.75%, 1/15/2030 (n) | 495000 | &nbsp;&nbsp; 244820 |
| CSC Holdings LLC, 4.125%, 12/01/2030 (n) | 400000 | &nbsp;&nbsp; 282205 |
| DIRECTV Financing LLC, 8.875%, 2/01/2030 (n) | 325000 | &nbsp;&nbsp; 318692 |
| DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 10%, 2/15/2031 (n) | 203000 | &nbsp;&nbsp; 197077 |
| DISH DBS Corp., 7.75%, 7/01/2026  | 463000 | &nbsp;&nbsp; 411278 |
| DISH DBS Corp., 5.125%, 6/01/2029  | 535000 | &nbsp;&nbsp; 356588 |
| DISH Network Corp., 11.75%, 11/15/2027 (n) | 452000 | &nbsp;&nbsp; 465933 |
| EchoStar Corp., 10.75%, 11/30/2029  | 679723 | &nbsp;&nbsp; 700115 |
| Virgin Media Finance PLC, 5%, 7/15/2030 (n) | 905000 | &nbsp;&nbsp; 827035 |
| Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n) | 1061000 | &nbsp;&nbsp; 1038704 |
| Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n) | 1116000 | &nbsp;&nbsp; 974332 |
|  |  | &nbsp;&nbsp; $11420560 |
| Chemicals – 2.4% | Chemicals – 2.4% | Chemicals – 2.4% |
| Cerdia Finanz GmbH, 9.375%, 10/03/2031 (n) | $733000 | &nbsp;&nbsp; $759732 |
| Chemours Co., 4.625%, 11/15/2029 (n) | 973000 | &nbsp;&nbsp; 846933 |
| Chemours Co., 8%, 1/15/2033 (n) | 276000 | &nbsp;&nbsp; 258449 |
| Consolidated Energy Finance S.A., 6.5%, 5/15/2026 (n) | 150000 | &nbsp;&nbsp; 145570 |
| Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n) | 907000 | &nbsp;&nbsp; 777542 |
| Maxam Prill S.à r.l., 6%, 7/15/2030 (n)(w) | 677000 | &nbsp;&nbsp; 792688 |

---

------

MFS High Yield Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Chemicals – continued | Chemicals – continued | Chemicals – continued |
| SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n) | $891000 | &nbsp;&nbsp; $871134 |
| SNF Group SACA, 3.375%, 3/15/2030 (n) | 1041000 | &nbsp;&nbsp; 960576 |
|  |  | &nbsp;&nbsp; $5412624 |
| Computer Software – 1.5% | Computer Software – 1.5% | Computer Software – 1.5% |
| Amentum Escrow Corp., 7.25%, 8/01/2032 (n) | $864000 | &nbsp;&nbsp; $889188 |
| Cloud Software Group, Inc., 9%, 9/30/2029 (n) | 194000 | &nbsp;&nbsp; 201086 |
| Cloud Software Group, Inc., 8.25%, 6/30/2032 (n) | 859000 | &nbsp;&nbsp; 914173 |
| Fair Isaac Corp., 6%, 5/15/2033 (n) | 666000 | &nbsp;&nbsp; 672104 |
| Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n) | 652000 | &nbsp;&nbsp; 634843 |
|  |  | &nbsp;&nbsp; $3311394 |
| Computer Software - Systems – 1.2% | Computer Software - Systems – 1.2% | Computer Software - Systems – 1.2% |
| Sabre GLBL, Inc., 8.625%, 6/01/2027 (n) | $428000 | &nbsp;&nbsp; $438165 |
| Sabre GLBL, Inc., 10.75%, 11/15/2029 (n) | 198000 | &nbsp;&nbsp; 203454 |
| Sabre GLBL, Inc., 11.125%, 7/15/2030 (n) | 195000 | &nbsp;&nbsp; 203970 |
| SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n) | 805000 | &nbsp;&nbsp; 805706 |
| Virtusa Corp., 7.125%, 12/15/2028 (n) | 433000 | &nbsp;&nbsp; 412694 |
| Zebra Technologies Corp., "A", 6.5%, 6/01/2032 (n) | 696000 | &nbsp;&nbsp; 715681 |
|  |  | &nbsp;&nbsp; $2779670 |
| Conglomerates – 1.9% | Conglomerates – 1.9% | Conglomerates – 1.9% |
| Amsted Industries, Inc., 6.375%, 3/15/2033 (n) | $508000 | &nbsp;&nbsp; $516365 |
| BWX Technologies, Inc., 4.125%, 6/30/2028 (n) | 127000 | &nbsp;&nbsp; 123897 |
| BWX Technologies, Inc., 4.125%, 4/15/2029 (n) | 1087000 | &nbsp;&nbsp; 1047965 |
| Emerald Debt Merger, 6.625%, 12/15/2030 (n) | 721000 | &nbsp;&nbsp; 736986 |
| Gates Corp., 6.875%, 7/01/2029 (n) | 552000 | &nbsp;&nbsp; 573179 |
| Husky Injection Molding Systems Ltd., 9%, 2/15/2029 (n) | 562000 | &nbsp;&nbsp; 587598 |
| SPX Flow, Inc., 8.75%, 4/01/2030 (n) | 737000 | &nbsp;&nbsp; 764683 |
|  |  | &nbsp;&nbsp; $4350673 |
| Construction – 1.4% | Construction – 1.4% | Construction – 1.4% |
| Beazer Homes USA, Inc., 7.5%, 3/15/2031 (n) | $536000 | &nbsp;&nbsp; $543386 |
| Empire Communities Corp., 9.75%, 5/01/2029 (n) | 752000 | &nbsp;&nbsp; 769030 |
| Mattamy Group Corp., 5.25%, 12/15/2027 (n) | 312000 | &nbsp;&nbsp; 310499 |
| Mattamy Group Corp., 4.625%, 3/01/2030 (n) | 390000 | &nbsp;&nbsp; 374845 |
| New Home Co., 8.5%, 11/01/2030 (n) | 530000 | &nbsp;&nbsp; 539787 |
| Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n) | 589000 | &nbsp;&nbsp; 570494 |
|  |  | &nbsp;&nbsp; $3108041 |
| Consumer Products – 3.4% | Consumer Products – 3.4% | Consumer Products – 3.4% |
| Acushnet Co., 7.375%, 10/15/2028 (n) | $654000 | &nbsp;&nbsp; $681786 |
| Amer Sports Co., 6.75%, 2/16/2031 (n) | 757000 | &nbsp;&nbsp; 787913 |
| CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.5%, 10/15/2029 (n) | 541000 | &nbsp;&nbsp; 440857 |
| Champ Acquisition Corp., 8.375%, 12/01/2031 (n) | 601000 | &nbsp;&nbsp; 638639 |
| Energizer Holdings, Inc., 4.375%, 3/31/2029 (n) | 530000 | &nbsp;&nbsp; 501282 |
| MajorDrive Holdings IV LLC, 6.375%, 6/01/2029 (n) | 291000 | &nbsp;&nbsp; 228592 |
| Newell Brands, Inc., 8.5%, 6/01/2028 (n) | 335000 | &nbsp;&nbsp; 351821 |
| Newell Brands, Inc., 6.375%, 5/15/2030  | 745000 | &nbsp;&nbsp; 724754 |
| Newell Brands, Inc., 6.625%, 5/15/2032  | 411000 | &nbsp;&nbsp; 392077 |
| Opal Bidco S.A.S., 5.5%, 3/31/2032 (n) | 325000 | &nbsp;&nbsp; 390491 |
| Opal Bidco S.A.S., 6.5%, 3/31/2032 (n) | $345000 | &nbsp;&nbsp; 352111 |
| Perrigo Finance Unlimited Co., 6.125%, 9/30/2032  | 959000 | &nbsp;&nbsp; 968198 |
| Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n) | 573000 | &nbsp;&nbsp; 568507 |

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MFS High Yield Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Consumer Products – continued | Consumer Products – continued | Consumer Products – continued |
| Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n) | $645000 | &nbsp;&nbsp; $594358 |
|  |  | &nbsp;&nbsp; $7621386 |
| Consumer Services – 3.3% | Consumer Services – 3.3% | Consumer Services – 3.3% |
| Allied Universal Holdco LLC, 6.875%, 6/15/2030 (n) | $315000 | &nbsp;&nbsp; $319273 |
| Allied Universal Holdco LLC, 7.875%, 2/15/2031 (n) | 752000 | &nbsp;&nbsp; 785608 |
| Arches Buyer, Inc., 6.125%, 12/01/2028 (n) | 804000 | &nbsp;&nbsp; 739448 |
| Garda World Security Corp., 8.375%, 11/15/2032 (n) | 792000 | &nbsp;&nbsp; 813550 |
| GoDaddy, Inc., 3.5%, 3/01/2029 (n) | 993000 | &nbsp;&nbsp; 938330 |
| Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 (n) | 690000 | &nbsp;&nbsp; 690029 |
| Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n) | 261000 | &nbsp;&nbsp; 228230 |
| Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n) | 617000 | &nbsp;&nbsp; 505631 |
| Service Corp. International, 5.75%, 10/15/2032  | 913000 | &nbsp;&nbsp; 922311 |
| TriNet Group, Inc., 3.5%, 3/01/2029 (n) | 595000 | &nbsp;&nbsp; 559153 |
| TriNet Group, Inc., 7.125%, 8/15/2031 (n) | 140000 | &nbsp;&nbsp; 145823 |
| WASH Multi-Family Acquisition, Inc., 5.75%, 4/15/2026 (n) | 632000 | &nbsp;&nbsp; 629723 |
|  |  | &nbsp;&nbsp; $7277109 |
| Containers – 1.2% | Containers – 1.2% | Containers – 1.2% |
| Ball Corp., 6%, 6/15/2029  | $331000 | &nbsp;&nbsp; $339333 |
| Ball Corp., 2.875%, 8/15/2030  | 1035000 | &nbsp;&nbsp; 933037 |
| Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/2030 (n) | 546000 | &nbsp;&nbsp; 558462 |
| Owens-Brockway Glass Container, Inc., 7.25%, 5/15/2031 (n) | 743000 | &nbsp;&nbsp; 761435 |
|  |  | &nbsp;&nbsp; $2592267 |
| Electrical Equipment – 0.4% | Electrical Equipment – 0.4% | Electrical Equipment – 0.4% |
| CommScope LLC, 4.75%, 9/01/2029 (n) | $198000 | &nbsp;&nbsp; $193304 |
| CommScope LLC, 9.5%, 12/15/2031 (n) | 333000 | &nbsp;&nbsp; 348722 |
| CommScope Technologies LLC, 5%, 3/15/2027 (n) | 343000 | &nbsp;&nbsp; 334066 |
|  |  | &nbsp;&nbsp; $876092 |
| Electronics – 0.6% | Electronics – 0.6% | Electronics – 0.6% |
| Diebold Nixdorf, Inc., 7.75%, 3/31/2030 (n) | $600000 | &nbsp;&nbsp; $636537 |
| Entegris, Inc., 4.375%, 4/15/2028 (n) | 352000 | &nbsp;&nbsp; 342614 |
| Entegris, Inc., 3.625%, 5/01/2029 (n) | 261000 | &nbsp;&nbsp; 247357 |
| Entegris, Inc., 5.95%, 6/15/2030 (n) | 196000 | &nbsp;&nbsp; 199115 |
|  |  | &nbsp;&nbsp; $1425623 |
| Energy - Independent – 4.6% | Energy - Independent – 4.6% | Energy - Independent – 4.6% |
| Chord Energy Corp., 6.75%, 3/15/2033 (n) | $614000 | &nbsp;&nbsp; $627276 |
| Civitas Resources, Inc., 8.375%, 7/01/2028 (n) | 437000 | &nbsp;&nbsp; 447449 |
| Civitas Resources, Inc., 8.625%, 11/01/2030 (n) | 236000 | &nbsp;&nbsp; 239596 |
| Civitas Resources, Inc., 8.75%, 7/01/2031 (n) | 381000 | &nbsp;&nbsp; 385233 |
| CNX Resources Corp., 7.25%, 3/01/2032 (n) | 540000 | &nbsp;&nbsp; 559122 |
| Comstock Resources, Inc., 6.75%, 3/01/2029 (n) | 1065000 | &nbsp;&nbsp; 1067385 |
| Encino Acquisition Partners Holdings LLC, 8.75%, 5/01/2031 (n) | 599000 | &nbsp;&nbsp; 661509 |
| Gulfport Energy Corp., 6.75%, 9/01/2029 (n) | 795000 | &nbsp;&nbsp; 814758 |
| Kraken Oil & Gas Partners LLC, 7.625%, 8/15/2029 (n) | 458000 | &nbsp;&nbsp; 449951 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.875%, 12/01/2032 (n) | 795000 | &nbsp;&nbsp; 800621 |
| Matador Resources Co., 6.875%, 4/15/2028 (n) | 754000 | &nbsp;&nbsp; 768871 |
| Matador Resources Co., 6.5%, 4/15/2032 (n) | 236000 | &nbsp;&nbsp; 236123 |
| Permian Resources Operating LLC, 5.875%, 7/01/2029 (n) | 650000 | &nbsp;&nbsp; 652519 |
| Permian Resources Operating LLC, 7%, 1/15/2032 (n) | 469000 | &nbsp;&nbsp; 486204 |
| Permian Resources Operating LLC, 6.25%, 2/01/2033 (n) | 215000 | &nbsp;&nbsp; 216995 |
| Sitio Royalties Operating Partnership LP, 7.875%, 11/01/2028 (n) | 716000 | &nbsp;&nbsp; 749702 |
| Vital Energy, Inc., 7.875%, 4/15/2032 (n) | 616000 | &nbsp;&nbsp; 526693 |

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------

MFS High Yield Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Energy - Independent – continued | Energy - Independent – continued | Energy - Independent – continued |
| Wildfire Intermediate Holdings LLC, 7.5%, 10/15/2029 (n) | $527000 | &nbsp;&nbsp; $523507 |
|  |  | &nbsp;&nbsp; $10213514 |
| Entertainment – 2.7% | Entertainment – 2.7% | Entertainment – 2.7% |
| Carnival Corp., 5.75%, 3/15/2030 (n) | $677000 | &nbsp;&nbsp; $688455 |
| Carnival Corp., 6.125%, 2/15/2033 (n) | 340000 | &nbsp;&nbsp; 347872 |
| Life Time, Inc., 6%, 11/15/2031 (n) | 832000 | &nbsp;&nbsp; 845270 |
| Lindblad Expeditions Holdings, Inc., 9%, 5/15/2028 (n) | 691000 | &nbsp;&nbsp; 721349 |
| NCL Corp. Ltd., 5.875%, 3/15/2026 (n) | 67000 | &nbsp;&nbsp; 67084 |
| NCL Corp. Ltd., 6.25%, 3/01/2030 (n) | 766000 | &nbsp;&nbsp; 772537 |
| NCL Corp. Ltd., 6.75%, 2/01/2032 (n) | 442000 | &nbsp;&nbsp; 451560 |
| Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n) | 926000 | &nbsp;&nbsp; 955108 |
| Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n) | 271000 | &nbsp;&nbsp; 271152 |
| Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n) | 870000 | &nbsp;&nbsp; 865757 |
|  |  | &nbsp;&nbsp; $5986144 |
| Financial Institutions – 6.4% | Financial Institutions – 6.4% | Financial Institutions – 6.4% |
| Avation Capital S.A., 8.25% (8.25% Cash or 9% PIK), 10/31/2026 (n)(p) | $874696 | &nbsp;&nbsp; $848455 |
| Azorra Finance Ltd., 7.75%, 4/15/2030 (n) | 1046000 | &nbsp;&nbsp; 1090714 |
| Azorra Finance Ltd., 7.25%, 1/15/2031 (n)(w) | 272000 | &nbsp;&nbsp; 277691 |
| Credit Acceptance Corp., 9.25%, 12/15/2028 (n) | 335000 | &nbsp;&nbsp; 354645 |
| Credit Acceptance Corp., 6.625%, 3/15/2030 (n) | 537000 | &nbsp;&nbsp; 543624 |
| Freedom Mortgage Corp., 7.625%, 5/01/2026 (n) | 512000 | &nbsp;&nbsp; 512171 |
| Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n) | 616000 | &nbsp;&nbsp; 639827 |
| FTAI Aviation Ltd., 5.5%, 5/01/2028 (n) | 788000 | &nbsp;&nbsp; 783759 |
| FTAI Aviation Ltd., 7.875%, 12/01/2030 (n) | 504000 | &nbsp;&nbsp; 534751 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/2029  | 638000 | &nbsp;&nbsp; 619774 |
| Icahn Enterprises LP/Ichan Enterprises Finance Corp., 10%, 11/15/2029 (n) | 262000 | &nbsp;&nbsp; 259386 |
| Jefferson Capital Holdings LLC, 8.25%, 5/15/2030 (n) | 660000 | &nbsp;&nbsp; 683859 |
| LFS TopCo LLC, 8.75%, 7/15/2030 (n)(w) | 654000 | &nbsp;&nbsp; 643339 |
| Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n) | 594000 | &nbsp;&nbsp; 594640 |
| Nationstar Mortgage Holdings, Inc., 6.5%, 8/01/2029 (n) | 557000 | &nbsp;&nbsp; 568950 |
| Navient Corp., 7.875%, 6/15/2032  | 361000 | &nbsp;&nbsp; 375440 |
| OneMain Finance Corp., 6.625%, 5/15/2029  | 675000 | &nbsp;&nbsp; 693259 |
| OneMain Finance Corp., 5.375%, 11/15/2029  | 548000 | &nbsp;&nbsp; 539038 |
| OneMain Finance Corp., 7.5%, 5/15/2031  | 257000 | &nbsp;&nbsp; 268527 |
| PennyMac Financial Services, Inc., 6.875%, 2/15/2033 (n) | 1194000 | &nbsp;&nbsp; 1223850 |
| Phoenix Aviation Capital, 9.25%, 7/15/2030 (n) | 458000 | &nbsp;&nbsp; 474368 |
| Rocket Cos., Inc., 6.125%, 8/01/2030 (n) | 447000 | &nbsp;&nbsp; 455506 |
| Rocket Cos., Inc., 6.375%, 8/01/2033 (n) | 447000 | &nbsp;&nbsp; 457371 |
| Rocket Cos., Inc., 4%, 10/15/2033 (n) | 211000 | &nbsp;&nbsp; 188775 |
| Walker & Dunlop, Inc., 6.625%, 4/01/2033 (n) | 603000 | &nbsp;&nbsp; 618818 |
|  |  | &nbsp;&nbsp; $14250537 |
| Food & Beverages – 3.0% | Food & Beverages – 3.0% | Food & Beverages – 3.0% |
| Chobani LLC/Chobani Finance Corp., 7.625%, 7/01/2029 (n) | $446000 | &nbsp;&nbsp; $464760 |
| Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n) | 237000 | &nbsp;&nbsp; 251505 |
| Fiesta Purchaser, Inc., 9.625%, 9/15/2032 (n) | 448000 | &nbsp;&nbsp; 472715 |
| Performance Food Group Co., 5.5%, 10/15/2027 (n) | 601000 | &nbsp;&nbsp; 599744 |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | 450000 | &nbsp;&nbsp; 460320 |
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 1157000 | &nbsp;&nbsp; 1112148 |
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | 309000 | &nbsp;&nbsp; 310755 |
| Primo Water Holdings Inc./Triton Water Holdings, 4.375%, 4/30/2029 (n) | 1131000 | &nbsp;&nbsp; 1096538 |
| U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n) | 1126000 | &nbsp;&nbsp; 1106246 |
| U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n) | 184000 | &nbsp;&nbsp; 183807 |

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------

MFS High Yield Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Food & Beverages – continued | Food & Beverages – continued | Food & Beverages – continued |
| Viking Baked Goods Acquisition Corp., 8.625%, 11/01/2031 (n) | $559000 | &nbsp;&nbsp; $547691 |
|  |  | &nbsp;&nbsp; $6606229 |
| Forest & Paper Products – 0.7% | Forest & Paper Products – 0.7% | Forest & Paper Products – 0.7% |
| Graphic Packaging International LLC, 6.375%, 7/15/2032 (n) | $868000 | &nbsp;&nbsp; $886294 |
| Veritiv Operating Co., 10.5%, 11/30/2030 (n) | 597000 | &nbsp;&nbsp; 646250 |
|  |  | &nbsp;&nbsp; $1532544 |
| Gaming & Lodging – 3.4% | Gaming & Lodging – 3.4% | Gaming & Lodging – 3.4% |
| CCM Merger, Inc., 6.375%, 5/01/2026 (n) | $707000 | &nbsp;&nbsp; $707236 |
| CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n) | 1380000 | &nbsp;&nbsp; 1384497 |
| Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030  | 1389000 | &nbsp;&nbsp; 1382754 |
| Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n) | 690000 | &nbsp;&nbsp; 625042 |
| Melco Resorts Finance Limited, 5.375%, 12/04/2029  | 1102000 | &nbsp;&nbsp; 1029721 |
| Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n) | 909000 | &nbsp;&nbsp; 889242 |
| Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 607000 | &nbsp;&nbsp; 596735 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n) | 816000 | &nbsp;&nbsp; 810111 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/2031 (n) | 212000 | &nbsp;&nbsp; 226090 |
|  |  | &nbsp;&nbsp; $7651428 |
| Industrial – 0.7% | Industrial – 0.7% | Industrial – 0.7% |
| APi Escrow Corp., 4.75%, 10/15/2029 (n) | $1224000 | &nbsp;&nbsp; $1201195 |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.5%, 2/01/2032 (n) | 404000 | &nbsp;&nbsp; 400441 |
|  |  | &nbsp;&nbsp; $1601636 |
| Insurance - Property & Casualty – 3.8% | Insurance - Property & Casualty – 3.8% | Insurance - Property & Casualty – 3.8% |
| Acrisure LLC/Acrisure Finance, Inc., 8.25%, 2/01/2029 (n) | $531000 | &nbsp;&nbsp; $549504 |
| Acrisure LLC/Acrisure Finance, Inc., 6%, 8/01/2029 (n) | 611000 | &nbsp;&nbsp; 594008 |
| Acrisure LLC/Acrisure Finance, Inc., 7.5%, 11/06/2030 (n) | 198000 | &nbsp;&nbsp; 204541 |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, 7/01/2032 (n) | 394000 | &nbsp;&nbsp; 399584 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | 475000 | &nbsp;&nbsp; 468235 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n) | 582000 | &nbsp;&nbsp; 602027 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.5%, 10/01/2031 (n) | 1019000 | &nbsp;&nbsp; 1037952 |
| AmWINS Group Benefits, Inc., 6.375%, 2/15/2029 (n) | 345000 | &nbsp;&nbsp; 351636 |
| AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n) | 491000 | &nbsp;&nbsp; 477161 |
| Baldwin Insurance Group Holdings LLC, 7.125%, 5/15/2031 (n) | 985000 | &nbsp;&nbsp; 1023997 |
| Hub International Ltd., 5.625%, 12/01/2029 (n) | 400000 | &nbsp;&nbsp; 400054 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 789000 | &nbsp;&nbsp; 824533 |
| Hub International Ltd., 7.375%, 1/31/2032 (n) | 293000 | &nbsp;&nbsp; 306574 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 1152000 | &nbsp;&nbsp; 1196641 |
|  |  | &nbsp;&nbsp; $8436447 |
| Interactive Media Services – 0.3% | Interactive Media Services – 0.3% | Interactive Media Services – 0.3% |
| Snap, Inc., 6.875%, 3/01/2033 (n) | $559000 | &nbsp;&nbsp; $573604 |
| Machinery & Tools – 0.9% | Machinery & Tools – 0.9% | Machinery & Tools – 0.9% |
| Manitowoc Co., Inc., 9.25%, 10/01/2031 (n) | $527000 | &nbsp;&nbsp; $554637 |
| Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n) | 1338000 | &nbsp;&nbsp; 1406585 |
|  |  | &nbsp;&nbsp; $1961222 |
| Medical & Health Technology & Services – 5.0% | Medical & Health Technology & Services – 5.0% | Medical & Health Technology & Services – 5.0% |
| 180 Medical, Inc., 3.875%, 10/15/2029 (n) | $920000 | &nbsp;&nbsp; $874675 |
| Acadia Healthcare Co., Inc., 7.375%, 3/15/2033 (n) | 538000 | &nbsp;&nbsp; 554265 |
| Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n) | 599000 | &nbsp;&nbsp; 625206 |
| Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n) | 696000 | &nbsp;&nbsp; 653360 |

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MFS High Yield Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Medical & Health Technology & Services – continued | Medical & Health Technology & Services – continued | Medical & Health Technology & Services – continued |
| CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n) | $410000 | &nbsp;&nbsp; $303179 |
| CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n) | 1606000 | &nbsp;&nbsp; 1424117 |
| Concentra, Inc., 6.875%, 7/15/2032 (n) | 727000 | &nbsp;&nbsp; 752709 |
| Encompass Health Corp., 5.75%, 9/15/2025  | 94000 | &nbsp;&nbsp; 93907 |
| Encompass Health Corp., 4.75%, 2/01/2030  | 803000 | &nbsp;&nbsp; 792808 |
| Encompass Health Corp., 4.625%, 4/01/2031  | 286000 | &nbsp;&nbsp; 276770 |
| IQVIA, Inc., 5%, 5/15/2027 (n) | 485000 | &nbsp;&nbsp; 483362 |
| IQVIA, Inc., 6.5%, 5/15/2030 (n) | 400000 | &nbsp;&nbsp; 412393 |
| IQVIA, Inc., 6.25%, 6/01/2032 (n) | 363000 | &nbsp;&nbsp; 372517 |
| Lifepoint Health, Inc., 9.875%, 8/15/2030 (n) | 436000 | &nbsp;&nbsp; 471624 |
| Lifepoint Health, Inc., 11%, 10/15/2030 (n) | 447000 | &nbsp;&nbsp; 493129 |
| Lifepoint Health, Inc., 10%, 6/01/2032 (n) | 274000 | &nbsp;&nbsp; 282676 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/2032 (n) | 638000 | &nbsp;&nbsp; 650130 |
| Tenet Healthcare Corp., 6.125%, 6/15/2030  | 851000 | &nbsp;&nbsp; 865794 |
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/2029 (n) | 675000 | &nbsp;&nbsp; 696221 |
|  |  | &nbsp;&nbsp; $11078842 |
| Medical Equipment – 1.1% | Medical Equipment – 1.1% | Medical Equipment – 1.1% |
| Insulet Corp., 6.5%, 4/01/2033 (n) | $596000 | &nbsp;&nbsp; $621381 |
| Medline Borrower LP, 3.875%, 4/01/2029 (n) | 363000 | &nbsp;&nbsp; 348205 |
| Medline Borrower LP, 5.25%, 10/01/2029 (n) | 890000 | &nbsp;&nbsp; 883062 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/2029 (n) | 511000 | &nbsp;&nbsp; 524942 |
|  |  | &nbsp;&nbsp; $2377590 |
| Metals & Mining – 2.8% | Metals & Mining – 2.8% | Metals & Mining – 2.8% |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n) | $749000 | &nbsp;&nbsp; $691078 |
| Cleveland-Cliffs, Inc., 7%, 3/15/2032 (n) | 594000 | &nbsp;&nbsp; 559941 |
| FMG Resources Ltd., 4.375%, 4/01/2031 (n) | 2005000 | &nbsp;&nbsp; 1873475 |
| Mineral Resources Ltd., 9.25%, 10/01/2028 (n) | 720000 | &nbsp;&nbsp; 736854 |
| Novelis, Inc., 4.75%, 1/30/2030 (n) | 778000 | &nbsp;&nbsp; 745469 |
| Novelis, Inc., 6.875%, 1/30/2030 (n) | 399000 | &nbsp;&nbsp; 412538 |
| Novelis, Inc., 3.875%, 8/15/2031 (n) | 403000 | &nbsp;&nbsp; 362122 |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (z) | 357212 | &nbsp;&nbsp; 186149 |
| Taseko Mines Ltd., 8.25%, 5/01/2030 (n) | 673000 | &nbsp;&nbsp; 704549 |
|  |  | &nbsp;&nbsp; $6272175 |
| Midstream – 6.2% | Midstream – 6.2% | Midstream – 6.2% |
| Buckeye Partners LP, 6.75%, 2/01/2030 (n) | $601000 | &nbsp;&nbsp; $623860 |
| Buckeye Partners LP, 5.85%, 11/15/2043  | 226000 | &nbsp;&nbsp; 199187 |
| Delek Logistics Partners LP/Delek Logistics Corp., 8.625%, 3/15/2029 (n) | 838000 | &nbsp;&nbsp; 869745 |
| Delek Logistics Partners LP/Delek Logistics Corp., 7.375%, 6/30/2033 (n) | 355000 | &nbsp;&nbsp; 353346 |
| Genesis Energy LP/Genesis Energy Finance Corp., 8.25%, 1/15/2029  | 993000 | &nbsp;&nbsp; 1038370 |
| Kinetik Holdings, Inc., 5.875%, 6/15/2030 (n) | 620000 | &nbsp;&nbsp; 625258 |
| NFE Financing LLC, 12%, 11/15/2029 (n) | 475806 | &nbsp;&nbsp; 216016 |
| NuStar Logistics LP, 6.375%, 10/01/2030  | 774000 | &nbsp;&nbsp; 802065 |
| Prairie Acquiror LP, 9%, 8/01/2029 (n) | 604000 | &nbsp;&nbsp; 629136 |
| Rockies Express Pipeline LLC, 6.75%, 3/15/2033 (n) | 342000 | &nbsp;&nbsp; 356935 |
| Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n) | 680000 | &nbsp;&nbsp; 681185 |
| Sunoco LP, 7.25%, 5/01/2032 (n) | 864000 | &nbsp;&nbsp; 907184 |
| Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n) | 1114000 | &nbsp;&nbsp; 1107458 |
| Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n) | 460000 | &nbsp;&nbsp; 472779 |
| TransMontaigne Partners LLC, 8.5%, 6/15/2030 (n) | 458000 | &nbsp;&nbsp; 476455 |
| Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n) | 424000 | &nbsp;&nbsp; 392451 |
| Venture Global LNG, Inc., 8.125%, 6/01/2028 (n) | 582000 | &nbsp;&nbsp; 601523 |
| Venture Global LNG, Inc., 9.5%, 2/01/2029 (n) | 692000 | &nbsp;&nbsp; 753850 |
| Venture Global LNG, Inc., 7%, 1/15/2030 (n) | 277000 | &nbsp;&nbsp; 280023 |

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------

MFS High Yield Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Midstream – continued | Midstream – continued | Midstream – continued |
| Venture Global LNG, Inc., 8.375%, 6/01/2031 (n) | $1039000 | &nbsp;&nbsp; $1079142 |
| Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + 5.44%) to 3/30/2173 (n) | 862000 | &nbsp;&nbsp; 838035 |
| Venture Global Plaquemines LNG LLC, 7.5%, 5/01/2033 (n) | 231000 | &nbsp;&nbsp; 247360 |
| Venture Global Plaquemines LNG LLC, 6.5%, 1/15/2034 (n)(w) | 164000 | &nbsp;&nbsp; 164000 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/2036 (n)(w) | 164000 | &nbsp;&nbsp; 164000 |
|  |  | &nbsp;&nbsp; $13879363 |
| Network & Telecom – 1.2% | Network & Telecom – 1.2% | Network & Telecom – 1.2% |
| Altice Financing S.A., 5.75%, 8/15/2029 (n) | $325000 | &nbsp;&nbsp; $237309 |
| Frontier Communications Holdings LLC, 6.75%, 5/01/2029 (n) | 666000 | &nbsp;&nbsp; 674708 |
| Iliad Holding S.A.S., 7%, 10/15/2028 (n) | 827000 | &nbsp;&nbsp; 842112 |
| Iliad Holding S.A.S., 5.375%, 4/15/2030 (n) | 165000 | &nbsp;&nbsp; 199610 |
| Iliad Holding S.A.S., 6.875%, 4/15/2031 (n) | 334000 | &nbsp;&nbsp; 419501 |
| Windstream Services, LLC / Windstream Escrow, 8.25%, 10/01/2031 (n) | $273000 | &nbsp;&nbsp; 285909 |
|  |  | &nbsp;&nbsp; $2659149 |
| Oil Services – 0.8% | Oil Services – 0.8% | Oil Services – 0.8% |
| Nabors Industries, Inc., 8.875%, 8/15/2031 (n) | $768000 | &nbsp;&nbsp; $570476 |
| U.S.A. Compression Partners LP/Finance Co., 7.125%, 3/15/2029 (n) | 770000 | &nbsp;&nbsp; 789198 |
| Valaris Ltd., 8.375%, 4/30/2030 (n) | 362000 | &nbsp;&nbsp; 371403 |
|  |  | &nbsp;&nbsp; $1731077 |
| Pharmaceuticals – 1.1% | Pharmaceuticals – 1.1% | Pharmaceuticals – 1.1% |
| 1261229 B.C. Ltd., 10%, 4/15/2032 (n) | $522000 | &nbsp;&nbsp; $526578 |
| Bausch Health Co., Inc., 4.875%, 6/01/2028 (n) | 532000 | &nbsp;&nbsp; 448766 |
| Bausch Health Co., Inc., 5.25%, 1/30/2030 (n) | 304000 | &nbsp;&nbsp; 192490 |
| Grifols S.A., 7.125%, 5/01/2030  | 427000 | &nbsp;&nbsp; 521903 |
| Organon Finance 1 LLC, 4.125%, 4/30/2028 (n) | $789000 | &nbsp;&nbsp; 758838 |
|  |  | &nbsp;&nbsp; $2448575 |
| Pollution Control – 0.6% | Pollution Control – 0.6% | Pollution Control – 0.6% |
| GFL Environmental, Inc., 4%, 8/01/2028 (n) | $678000 | &nbsp;&nbsp; $657609 |
| GFL Environmental, Inc., 6.75%, 1/15/2031 (n) | 233000 | &nbsp;&nbsp; 243817 |
| Wrangler Holdco Corp., 6.625%, 4/01/2032 (n) | 323000 | &nbsp;&nbsp; 336263 |
|  |  | &nbsp;&nbsp; $1237689 |
| Precious Metals & Minerals – 0.9% | Precious Metals & Minerals – 0.9% | Precious Metals & Minerals – 0.9% |
| Eldorado Gold Corp., 6.25%, 9/01/2029 (n) | $814000 | &nbsp;&nbsp; $815273 |
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | 531000 | &nbsp;&nbsp; 526591 |
| New Gold, Inc., 6.875%, 4/01/2032 (n) | 629000 | &nbsp;&nbsp; 648233 |
|  |  | &nbsp;&nbsp; $1990097 |
| Real Estate - Healthcare – 0.3% | Real Estate - Healthcare – 0.3% | Real Estate - Healthcare – 0.3% |
| MPT Operating Partnership LP/MPT Finance Corp., REIT, 5%, 10/15/2027  | $268000 | &nbsp;&nbsp; $247548 |
| MPT Operating Partnership LP/MPT Finance Corp., REIT, 8.5%, 2/15/2032 (n) | 467000 | &nbsp;&nbsp; 488742 |
|  |  | &nbsp;&nbsp; $736290 |
| Real Estate - Other – 1.2% | Real Estate - Other – 1.2% | Real Estate - Other – 1.2% |
| Park Intermediate Holdings LLC, 4.875%, 5/15/2029 (n) | $690000 | &nbsp;&nbsp; $668544 |
| RHP Hotel Properties LP/RHP Finance Corp., 7.25%, 7/15/2028 (n) | 1141000 | &nbsp;&nbsp; 1180954 |
| XHR LP, REIT, 4.875%, 6/01/2029 (n) | 850000 | &nbsp;&nbsp; 823781 |
|  |  | &nbsp;&nbsp; $2673279 |

---

------

MFS High Yield Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Restaurants – 1.0% | Restaurants – 1.0% | Restaurants – 1.0% |
| 1011778 B.C. ULC/New Red Finance, Inc., 6.125%, 6/15/2029 (n) | $522000 | &nbsp;&nbsp; $535350 |
| 1011778 B.C. ULC/New Red Finance, Inc., 4%, 10/15/2030 (n) | 508000 | &nbsp;&nbsp; 473389 |
| Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n) | 786000 | &nbsp;&nbsp; 725322 |
| New Red Finance, Inc., 5.625%, 9/15/2029 (n) | 469000 | &nbsp;&nbsp; 475624 |
|  |  | &nbsp;&nbsp; $2209685 |
| Retailers – 2.4% | Retailers – 2.4% | Retailers – 2.4% |
| Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% PIK), 7/15/2033 (n)(p)(w) | $649000 | &nbsp;&nbsp; $672698 |
| Hanesbrands, Inc., 9%, 2/15/2031 (n) | 323000 | &nbsp;&nbsp; 341968 |
| L Brands, Inc., 6.625%, 10/01/2030 (n) | 891000 | &nbsp;&nbsp; 918308 |
| Macy's Retail Holdings LLC, 5.875%, 3/15/2030 (n) | 131000 | &nbsp;&nbsp; 128673 |
| Macy's Retail Holdings LLC, 5.875%, 4/01/2029 (n) | 668000 | &nbsp;&nbsp; 661148 |
| Mavis Tire Express Services Corp., 6.5%, 5/15/2029 (n) | 483000 | &nbsp;&nbsp; 474407 |
| Maxeda DIY Holding B.V., 5.875%, 10/01/2026  | 450000 | &nbsp;&nbsp; 467794 |
| Parkland Corp., 4.625%, 5/01/2030 (n) | $783000 | &nbsp;&nbsp; 749771 |
| Parkland Corp., 6.625%, 8/15/2032 (n) | 142000 | &nbsp;&nbsp; 145136 |
| Penske Automotive Group Co., 3.75%, 6/15/2029  | 732000 | &nbsp;&nbsp; 694361 |
|  |  | &nbsp;&nbsp; $5254264 |
| Specialty Stores – 1.4% | Specialty Stores – 1.4% | Specialty Stores – 1.4% |
| Carvana Co., 9% (9% Cash or 12% PIK) to 8/15/2025, 9% Cash to 12/01/2028 (n)(p) | $244934 | &nbsp;&nbsp; $251221 |
| Carvana Co., 14% (9% Cash or 14% PIK) to 8/15/2025, 9% Cash to 6/01/2031 (n)(p) | 1061103 | &nbsp;&nbsp; 1256974 |
| Michael Cos., Inc., 5.25%, 5/01/2028 (n) | 402000 | &nbsp;&nbsp; 321400 |
| Michael Cos., Inc., 7.875%, 5/01/2029 (n) | 451000 | &nbsp;&nbsp; 295405 |
| PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/2029 (n) | 1025000 | &nbsp;&nbsp; 996035 |
|  |  | &nbsp;&nbsp; $3121035 |
| Supermarkets – 1.0% | Supermarkets – 1.0% | Supermarkets – 1.0% |
| Albertsons Cos., LLC / Safeway, Inc., 6.25%, 3/15/2033 (n) | $1317000 | &nbsp;&nbsp; $1357598 |
| KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n) | 932000 | &nbsp;&nbsp; 965228 |
|  |  | &nbsp;&nbsp; $2322826 |
| Telecommunications - Wireless – 1.3% | Telecommunications - Wireless – 1.3% | Telecommunications - Wireless – 1.3% |
| Altice France S.A., 5.5%, 1/15/2028 (n) | $881000 | &nbsp;&nbsp; $741441 |
| Altice France S.A., 5.125%, 7/15/2029 (n) | 270000 | &nbsp;&nbsp; 223162 |
| SBA Communications Corp., 3.125%, 2/01/2029  | 1045000 | &nbsp;&nbsp; 986979 |
| Zegona Finance PLC, 6.75%, 7/15/2029 (n) | 100000 | &nbsp;&nbsp; 125157 |
| Zegona Finance PLC, 8.625%, 7/15/2029 (n) | $731000 | &nbsp;&nbsp; 780343 |
|  |  | &nbsp;&nbsp; $2857082 |
| Telephone Services – 1.0% | Telephone Services – 1.0% | Telephone Services – 1.0% |
| Level 3 Financing, Inc., 11%, 11/15/2029 (n) | $364652 | &nbsp;&nbsp; $418288 |
| Level 3 Financing, Inc., 3.875%, 10/15/2030 (n) | 501694 | &nbsp;&nbsp; 435220 |
| Level 3 Financing, Inc., 6.875%, 6/30/2033 (n) | 332442 | &nbsp;&nbsp; 338267 |
| Uniti Group/CSL Capital Co., 6.5%, 2/15/2029 (n) | 660000 | &nbsp;&nbsp; 637909 |
| Uniti Group/CSL Capital Co., 8.625%, 6/15/2032 (n) | 326000 | &nbsp;&nbsp; 329308 |
|  |  | &nbsp;&nbsp; $2158992 |
| Tobacco – 0.4% | Tobacco – 0.4% | Tobacco – 0.4% |
| Turning Point Brands, Inc., 7.625%, 3/15/2032 (n) | $759000 | &nbsp;&nbsp; $794646 |
| Transportation - Services – 0.3% | Transportation - Services – 0.3% | Transportation - Services – 0.3% |
| Avis Budget Finance PLC, 7.25%, 7/31/2030 (n) | 613000 | &nbsp;&nbsp; $732922 |

---

------

MFS High Yield Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Utilities - Electric Power – 2.8% | Utilities - Electric Power – 2.8% | Utilities - Electric Power – 2.8% |
| Calpine Corp., 4.5%, 2/15/2028 (n) | $774000 | &nbsp;&nbsp; $767726 |
| Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n) | 1302000 | &nbsp;&nbsp; 1195520 |
| ContourGlobal Power Holdings S.A., 6.75%, 2/28/2030 (n) | 200000 | &nbsp;&nbsp; 206072 |
| PG&E Corp., 5.25%, 7/01/2030  | 1143000 | &nbsp;&nbsp; 1088870 |
| PG&E Corp., 7.375% to 3/15/2030, FLR (CMT - 5yr. + 3.883%) to 3/15/2055  | 341000 | &nbsp;&nbsp; 322934 |
| TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 256000 | &nbsp;&nbsp; 254452 |
| TerraForm Power Operating LLC, 5%, 1/31/2028 (n) | 841000 | &nbsp;&nbsp; 832434 |
| TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n) | 164000 | &nbsp;&nbsp; 157012 |
| XPLR Infrastructure Operating Partners LP, 4.5%, 9/15/2027 (n) | 432000 | &nbsp;&nbsp; 421113 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 615000 | &nbsp;&nbsp; 630456 |
| XPLR Infrastructure Operating Partners LP, 8.375%, 1/15/2031 (n) | 152000 | &nbsp;&nbsp; 162352 |
| XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/2033 (n) | 157000 | &nbsp;&nbsp; 168269 |
|  |  | &nbsp;&nbsp; $6207210 |
| **Total Bonds (Identified Cost, $216,296,414)** |  | &nbsp;&nbsp; **$216193979** |
| Common Stocks – 0.2% | Common Stocks – 0.2% | Common Stocks – 0.2% |
| Oil Services – 0.1% | Oil Services – 0.1% |  |
| LTRI Holdings LP (a)(u) | 1115 | &nbsp;&nbsp; $167038 |
| Telecom Services – 0.1% | Telecom Services – 0.1% |  |
| Intelsat Emergence S.A. (a) | 7661 | &nbsp;&nbsp; $329423 |
| **Total Common Stocks (Identified Cost, $905,914)** |  | &nbsp;&nbsp; **$496461** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strike** <br>**Price**<br>| &nbsp;&nbsp; **First** <br>**Exercise**<br>|  |  |
| Warrants – 0.0% |  |  |  |  |
| Other Banks & Diversified Financials – 0.0% | Other Banks & Diversified Financials – 0.0% | Other Banks & Diversified Financials – 0.0% | Other Banks & Diversified Financials – 0.0% | Other Banks & Diversified Financials – 0.0% |
| Avation Capital S.A. (1 share for 1 warrant, Expiration 10/31/26) (a) (Identified Cost, $0) | GBP 1.14 | N/A | 11113 | &nbsp;&nbsp; $6254 |

---

---

| | | |
|:---|:---|:---|
| Mutual Funds (h) – 2.2% | Mutual Funds (h) – 2.2% | Mutual Funds (h) – 2.2% |
| Money Market Funds – 2.2% | Money Market Funds – 2.2% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $4,834,331) | 4834383 | &nbsp;&nbsp; $4834866 |
| Other Assets, Less Liabilities – 0.5% |  | &nbsp;&nbsp; 1021079 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$222552639** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $4,834,866 and $216,696,694, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $195,889,443, representing 88.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Payment-in-kind (PIK) security for which interest income may be received in additional
 securities and/or cash.

&nbsp;&nbsp;&nbsp;&nbsp;(u) The security was valued using significant unobservable inputs and is considered level
 3 under the fair value hierarchy. For further information about the fund's level 3 holdings, please see Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(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:

------

MFS High Yield Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 | 3/09/21-7/26/21 | $355062 | $186149 |
| % of Net assets |  |  | 0.1% |

---

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| CDO | Collateralized Debt Obligation |
| CMT | Constant Maturity Treasury |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| 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 <br> abbreviations is shown below: | 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 <br> abbreviations is shown below: |
| EUR | Euro |
| GBP | British Pound |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** |
| **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** |
| **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold** | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| EUR | &nbsp;&nbsp; 13884 | USD | 15576 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $796 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| USD | &nbsp;&nbsp; 644212 | EUR | 567742 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(25266)<br>|
| USD | &nbsp;&nbsp; 427073 | EUR | 372408 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (12068)<br>|
| USD | &nbsp;&nbsp; 867869 | EUR | 764959 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (34166)<br>|
| USD | &nbsp;&nbsp; 1995436 | EUR | 1735995 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (51639)<br>|
| USD | &nbsp;&nbsp; 150328 | EUR | 132681 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (6129)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(129268)<br>|

---

**See Notes to Financial Statements**

------

MFS High Yield Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $217,202,328) | &nbsp;&nbsp; $216696694 |
| Investments in affiliated issuers, at value (identified cost, $4,834,331) | &nbsp;&nbsp; 4834866 |
| Cash | &nbsp;&nbsp; 54273 |
| Foreign currency, at value (identified cost, $41) | &nbsp;&nbsp; 42 |
| Receivables for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 796 |
| Investments sold | &nbsp;&nbsp; 133347 |
| Fund shares sold | &nbsp;&nbsp; 200898 |
| Interest | &nbsp;&nbsp; 3726479 |
| Other assets | &nbsp;&nbsp; 587 |
| Total assets | &nbsp;&nbsp; $225647982 |
| **Liabilities** |  |
| Payables for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $129268 |
| Investments purchased | &nbsp;&nbsp; 11314 |
| When-issued investments purchased | &nbsp;&nbsp; 2694149 |
| Fund shares reacquired | &nbsp;&nbsp; 167931 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 709 |
| Administrative services fee | &nbsp;&nbsp; 430 |
| Shareholder servicing costs | &nbsp;&nbsp; 139 |
| Distribution and/or service fees | &nbsp;&nbsp; 659 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 1099 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 89645 |
| Total liabilities | &nbsp;&nbsp; $3095343 |
| Net assets | &nbsp;&nbsp; $222552639 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $270516079 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (47963440)<br>|
| Net assets | &nbsp;&nbsp; $222552639 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 42450463 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $198416067 | &nbsp;&nbsp;&nbsp; 37782904 | &nbsp;&nbsp;&nbsp; $5.25 |
| Service Class | &nbsp;&nbsp;&nbsp; 24136572 | &nbsp;&nbsp;&nbsp; 4667559 | &nbsp;&nbsp;&nbsp;&nbsp;5.17 |

---

**See Notes to Financial Statements**

------

MFS High Yield Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $7719185 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 91595 |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; 37255 |
| Income on securities loaned | &nbsp;&nbsp; 328 |
| Other | &nbsp;&nbsp; 40 |
| Total investment income | &nbsp;&nbsp; $7848403 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $774837 |
| Distribution and/or service fees | &nbsp;&nbsp; 30190 |
| Shareholder servicing costs | &nbsp;&nbsp; 4927 |
| Administrative services fee | &nbsp;&nbsp; 19960 |
| Independent Trustees' compensation | &nbsp;&nbsp; 3366 |
| Custodian fee | &nbsp;&nbsp; 13703 |
| Shareholder communications | &nbsp;&nbsp; 4982 |
| Audit and tax fees | &nbsp;&nbsp; 51228 |
| Legal fees | &nbsp;&nbsp; 586 |
| Miscellaneous | &nbsp;&nbsp; 19265 |
| Total expenses | &nbsp;&nbsp; $923044 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (94676)<br>|
| Net expenses | &nbsp;&nbsp; $828368 |
| Net investment income (loss) | &nbsp;&nbsp; $7020035 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(840378)<br>|
| Affiliated issuers | &nbsp;&nbsp; (728)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (28201)<br>|
| Foreign currency | &nbsp;&nbsp; 2573 |
| Net realized gain (loss)  | &nbsp;&nbsp; $(866734)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $4116412 |
| Affiliated issuers | &nbsp;&nbsp; 155 |
| Forward foreign currency exchange contracts  | &nbsp;&nbsp; (297948)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 4521 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $3823140 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $2956406 |
| Change in net assets from operations | &nbsp;&nbsp; $9976441 |

---

**See Notes to Financial Statements**

------

MFS High Yield Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $7020035 | &nbsp;&nbsp; $14216186 |
| Net realized gain (loss) | (866734)<br>| &nbsp;&nbsp; (3924117)<br>|
| Net unrealized gain (loss) | 3823140 | &nbsp;&nbsp; 5352259 |
| Change in net assets from operations | $9976441 | &nbsp;&nbsp; $15644328 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(14515992)<br>|
| Change in net assets from fund share transactions | $(17135768)<br>| &nbsp;&nbsp; $(17278791)<br>|
| Total change in net assets | $(7159327)<br>| &nbsp;&nbsp; $(16150455)<br>|
| **Net assets** |  |  |
| At beginning of period | 229711966 | &nbsp;&nbsp; 245862421 |
| At end of period | $222552639 | &nbsp;&nbsp; $229711966 |

---

**See Notes to Financial Statements**

------

MFS High Yield Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $5.02 | &nbsp;&nbsp; $5.00 | &nbsp;&nbsp; $4.72 | &nbsp;&nbsp; $5.59 | &nbsp;&nbsp; $5.68 | &nbsp;&nbsp; $5.72 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.25 |
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> (g)<br>|
| Total from investment operations | $0.23 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.57 | &nbsp;&nbsp; $(0.58)<br>| &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.28 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.32)<br>|
| Net asset value, end of period (x) | $5.25 | &nbsp;&nbsp; $5.02 | &nbsp;&nbsp; $5.00 | &nbsp;&nbsp; $4.72 | &nbsp;&nbsp; $5.59 | &nbsp;&nbsp; $5.68 |
| Total return (%) (k)(r)(s)(x) | 4.58<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;&nbsp;&nbsp;12.41 | &nbsp;&nbsp; (10.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.81<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Expenses after expense reductions | 0.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net investment income (loss) | 6.37<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.99 | &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 |
| Portfolio turnover rate | 24<br> (n)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 54 |
| Net assets at end of period (000 omitted) | $198416 | &nbsp;&nbsp; $204391 | &nbsp;&nbsp; $218731 | &nbsp;&nbsp; $224472 | &nbsp;&nbsp; $298460 | &nbsp;&nbsp; $310121 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $4.95 | &nbsp;&nbsp; $4.94 | &nbsp;&nbsp; $4.65 | &nbsp;&nbsp; $5.51 | &nbsp;&nbsp; $5.61 | &nbsp;&nbsp; $5.65 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.15 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.23 |
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> (g)<br>|
| Total from investment operations | $0.22 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.56 | &nbsp;&nbsp; $(0.59)<br>| &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.26 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.30)<br>|
| Net asset value, end of period (x) | $5.17 | &nbsp;&nbsp; $4.95 | &nbsp;&nbsp; $4.94 | &nbsp;&nbsp; $4.65 | &nbsp;&nbsp; $5.51 | &nbsp;&nbsp; $5.61 |
| Total return (%) (k)(r)(s)(x) | 4.44<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;&nbsp;12.48 | &nbsp;&nbsp; (10.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.06<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Expenses after expense reductions | 0.97<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Net investment income (loss) | 6.12<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;4.25 |
| Portfolio turnover rate | 24<br> (n)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 54 |
| Net assets at end of period (000 omitted) | $24137 | &nbsp;&nbsp; $25321 | &nbsp;&nbsp; $27131 | &nbsp;&nbsp; $28563 | &nbsp;&nbsp; $38430 | &nbsp;&nbsp; $41171 |

---

**See Notes to Financial Statements**

------

MFS High Yield Portfolio

*Financial Highlights - continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The per share amount varies from the net realized and unrealized gain/loss for the
 period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS High Yield Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS High Yield Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, 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 may be valued at amortized cost, which approximates market value. Forward foreign currency exchange 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. Open-end investment companies are generally valued at net asset value per share. Funds traded on a recognized securities exchange (such as Exchange Traded Funds or Closed End Funds) are generally valued at the official closing price on their primary market or exchange as provided by a third-party pricing service. If no sales are reported

------

MFS High Yield Portfolio

*Notes to Financial Statements (unaudited) - continued* 

that day for these funds, generally they will be valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. 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.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the 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 halt 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. 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. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as forward foreign currency exchange contracts. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| Luxembourg | $— | $329423 | $— | $329423 |
| United States |  |  | 167038 | 167038 |
| United Kingdom |  | 6254 |  | 6254 |
| U.S. Corporate Bonds |  | 183302233 |  | 183302233 |
| Commercial Mortgage-Backed Securities |  | 155 |  | 155 |
| Foreign Bonds |  | 32891591 |  | 32891591 |
| Investment Companies | 4834866 |  |  | 4834866 |
| Total | $4834866 | $216529656 | $167038 | $221531560 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange <br> Contracts – Assets<br>| $— | $796 | $796 |
| Forward Foreign Currency Exchange <br> Contracts – Liabilities<br>|  | (129268)<br>| (129268)<br>|

---

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

The 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.

------

MFS High Yield Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
|  | **Equity** <br>**Securities**<br>|
| Balance as of 12/31/24 | $253741 |
| Change in unrealized appreciation or depreciation | 94650 |
| Partial liquidation proceeds | (181353) |
| Balance as of 6/30/25 | $167038 |

---

The net change in unrealized appreciation or depreciation from investments held as level 3 at June 30, 2025 is $94,650. At June 30, 2025, the fund held one level 3 security.

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Derivatives** — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate exposure, or as alternatives to direct investments. Derivatives are 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.

The derivative instruments used by the fund during the period were forward foreign currency exchange contracts. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

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 June 30, 2025 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value** | **Fair Value** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Foreign Exchange | Forward Foreign Currency Exchange Contracts | $796 | $(129268) |

---

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended June 30, 2025 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Foreign Exchange | $(28201)<br>|

---

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the six months ended June 30, 2025 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Foreign Exchange | $(297948)<br>|

---

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out

------

MFS High Yield Portfolio

*Notes to Financial Statements (unaudited) - continued* 

all transactions traded under such agreement and to net amounts owed under each agreement 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.

Collateral and margin requirements differ by type of derivative. For exchange-traded and cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the exchange or clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the exchange or clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). Collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for exchange-traded or cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in "Miscellaneous" expense in the Statement of Operations.

**Forward Foreign Currency Exchange Contracts** — The fund entered into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. These contracts may be used 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 forward foreign currency exchange contracts.

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. Generally, the fund's maximum risk due to counterparty credit risk is the unrealized gain on the contract due to the use of Continuous Linked Settlement, a multicurrency cash settlement system for the centralized settlement of foreign transactions. 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, where applicable, 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.

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At June 30, 2025, there were no securities on loan or collateral outstanding.

------

MFS High Yield Portfolio

*Notes to Financial Statements (unaudited) - continued* 

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to amortization of premium and accretion of discount of debt securities and wash sale loss deferrals.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $14515992 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

------

MFS High Yield Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $222906465 |
| Gross appreciation | &nbsp;&nbsp; 4588961 |
| Gross depreciation | &nbsp;&nbsp; (5963866)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(1374905)<br>|
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 14865320 |
| Capital loss carryforwards | &nbsp;&nbsp; (67182255)<br>|
| Other temporary differences | &nbsp;&nbsp; (1417)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (5621529)<br>|

---

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

As of December 31, 2024, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(2052420)<br>|
| Long-Term | (65129835)<br>|
| Total | $(67182255)<br>|

---

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25**<br>| **Year ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $12959403 |
| Service Class |  | &nbsp;&nbsp; 1556589 |
| Total | $— | &nbsp;&nbsp; $14515992 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $1 billion | 0.70% |
| In excess of $1 billion | 0.65% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $15,390, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.69% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.72% of average daily net assets for the Initial Class shares and 0.97% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this reduction amounted to $79,286, which is included in the reduction of total expenses in the Statement of Operations.

------

MFS High Yield Portfolio

*Notes to Financial Statements (unaudited) - continued* 

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $4,241, which equated to 0.0038% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $686.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0180% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, aggregated $52,738,174 and $62,892,513, respectively.

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 546985 | &nbsp;&nbsp; $2797830 | &nbsp;&nbsp; 1473263 | &nbsp;&nbsp; $7447861 |
| Service Class | 91612 | &nbsp;&nbsp; 465608 | &nbsp;&nbsp; 214582 | &nbsp;&nbsp; 1068309 |
|  | 638597 | &nbsp;&nbsp; $3263438 | &nbsp;&nbsp; 1687845 | &nbsp;&nbsp; $8516170 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 2623361 | &nbsp;&nbsp; $12959403 |
| Service Class |  |  | &nbsp;&nbsp; 319628 | &nbsp;&nbsp; 1556589 |
|  |  | $— | &nbsp;&nbsp; 2942989 | &nbsp;&nbsp; $14515992 |
| Shares reacquired |  |  |  |  |
| Initial Class | (3501033)<br>| &nbsp;&nbsp; $(17703007)<br>| &nbsp;&nbsp; (7087517)<br>| &nbsp;&nbsp; $(35744057)<br>|
| Service Class | (538593)<br>| &nbsp;&nbsp; (2696199)<br>| &nbsp;&nbsp; (917192)<br>| &nbsp;&nbsp; (4566896)<br>|
|  | (4039626)<br>| &nbsp;&nbsp; $(20399206)<br>| &nbsp;&nbsp; (8004709)<br>| &nbsp;&nbsp; $(40310953)<br>|

---

------

MFS High Yield Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **6/30/25** | **Six months ended**<br> **6/30/25** | **Year ended**<br> **12/31/24** | **Year ended**<br> **12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net change |  |  |  |  |
| Initial Class | (2954048)<br>| &nbsp;&nbsp; $(14905177)<br>| &nbsp;&nbsp; (2990893)<br>| &nbsp;&nbsp; $(15336793)<br>|
| Service Class | (446981)<br>| &nbsp;&nbsp; (2230591)<br>| &nbsp;&nbsp; (382982)<br>| &nbsp;&nbsp; (1941998)<br>|
|  | (3401029)<br>| &nbsp;&nbsp; $(17135768)<br>| &nbsp;&nbsp; (3373875)<br>| &nbsp;&nbsp; $(17278791)<br>|

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Moderate Allocation Portfolio, the MFS Growth Allocation Portfolio, and the MFS Conservative Allocation Portfolio were the owners of record of approximately 19%, 7%, and 5%, respectively, of the value of outstanding voting shares of the fund.

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $513 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in 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 following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $2658482 | &nbsp;&nbsp; $29037917 | &nbsp;&nbsp; $26860960 | &nbsp;&nbsp; $(728)<br>| &nbsp;&nbsp; $155 | &nbsp;&nbsp; $4834866 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $91595 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS High Yield Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS High Yield Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS High Yield Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

MFS Blended Research Core Equity Portfolio

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Blended Research Core Equity Portfolio

**Portfolio of Investments - 6/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 99.4% | Common Stocks – 99.4% | Common Stocks – 99.4% |
| Aerospace & Defense – 1.5% | Aerospace & Defense – 1.5% |  |
| General Electric Co. | 11106 | &nbsp;&nbsp; $2858573 |
| Leidos Holdings, Inc. | 18471 | &nbsp;&nbsp; 2913985 |
|  |  | &nbsp;&nbsp; $5772558 |
| Airlines – 0.2% | Airlines – 0.2% |  |
| United Airlines Holdings, Inc. (a) | 10233 | &nbsp;&nbsp; $814854 |
| Apparel Manufacturers – 0.3% | Apparel Manufacturers – 0.3% |  |
| VF Corp. | 91512 | &nbsp;&nbsp; $1075266 |
| Automotive – 1.0% | Automotive – 1.0% |  |
| Aptiv PLC (a) | 13537 | &nbsp;&nbsp; $923494 |
| Tesla, Inc. (a) | 9625 | &nbsp;&nbsp; 3057478 |
|  |  | &nbsp;&nbsp; $3980972 |
| Broadcasting – 3.2% | Broadcasting – 3.2% |  |
| Netflix, Inc. (a) | 5228 | &nbsp;&nbsp; $7000972 |
| Spotify Technology S.A. (a) | 7522 | &nbsp;&nbsp; 5771931 |
|  |  | &nbsp;&nbsp; $12772903 |
| Brokerage & Asset Managers – 1.8% | Brokerage & Asset Managers – 1.8% |  |
| Citigroup, Inc. | 65241 | &nbsp;&nbsp; $5553314 |
| Raymond James Financial, Inc. | 9334 | &nbsp;&nbsp; 1431556 |
|  |  | &nbsp;&nbsp; $6984870 |
| Business Services – 2.1% | Business Services – 2.1% |  |
| Dropbox, Inc. (a) | 33173 | &nbsp;&nbsp; $948748 |
| GoDaddy, Inc. (a) | 10325 | &nbsp;&nbsp; 1859120 |
| Verisk Analytics, Inc., "A" | 17231 | &nbsp;&nbsp; 5367456 |
|  |  | &nbsp;&nbsp; $8175324 |
| Chemicals – 0.3% | Chemicals – 0.3% |  |
| Eastman Chemical Co. | 17391 | &nbsp;&nbsp; $1298412 |
| Computer Software – 11.0% | Computer Software – 11.0% |  |
| Guidewire Software, Inc. (a) | 13722 | &nbsp;&nbsp; $3230845 |
| Microsoft Corp. | 55263 | &nbsp;&nbsp; 27488369 |
| Okta, Inc. (a) | 15591 | &nbsp;&nbsp; 1558632 |
| Palantir Technologies, Inc. (a) | 3714 | &nbsp;&nbsp; 506293 |
| Salesforce, Inc. | 20502 | &nbsp;&nbsp; 5590690 |
| ServiceNow, Inc. (a) | 3974 | &nbsp;&nbsp; 4085590 |
| Zoom Communications, Inc. (a) | 16734 | &nbsp;&nbsp; 1304917 |
|  |  | &nbsp;&nbsp; $43765336 |
| Computer Software - Systems – 5.5% | Computer Software - Systems – 5.5% |  |
| Apple, Inc. | 106565 | &nbsp;&nbsp; $21863941 |

---

CGSFS-SEM

------

MFS Blended Research Core Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Construction – 1.8% | Construction – 1.8% |  |
| Builders FirstSource, Inc. (a) | 28183 | &nbsp;&nbsp; $3288674 |
| CRH PLC | 12798 | &nbsp;&nbsp; 1174857 |
| Essex Property Trust, Inc., REIT | 4500 | &nbsp;&nbsp; 1275300 |
| Masco Corp. | 14471 | &nbsp;&nbsp; 931354 |
| Mohawk Industries, Inc. (a) | 4154 | &nbsp;&nbsp; 435505 |
|  |  | &nbsp;&nbsp; $7105690 |
| Consumer Products – 1.7% | Consumer Products – 1.7% |  |
| Colgate-Palmolive Co. | 32598 | &nbsp;&nbsp; $2963158 |
| Kimberly-Clark Corp. | 29986 | &nbsp;&nbsp; 3865795 |
|  |  | &nbsp;&nbsp; $6828953 |
| Consumer Services – 1.2% | Consumer Services – 1.2% |  |
| Booking Holdings, Inc. | 816 | &nbsp;&nbsp; $4724020 |
| Electrical Equipment – 0.9% | Electrical Equipment – 0.9% |  |
| Amphenol Corp., "A" | 8793 | &nbsp;&nbsp; $868309 |
| TE Connectivity PLC | 16933 | &nbsp;&nbsp; 2856089 |
|  |  | &nbsp;&nbsp; $3724398 |
| Electronics – 12.3% | Electronics – 12.3% |  |
| Applied Materials, Inc. | 21454 | &nbsp;&nbsp; $3927584 |
| Broadcom, Inc. | 24340 | &nbsp;&nbsp; 6709321 |
| Lam Research Corp. | 64928 | &nbsp;&nbsp; 6320091 |
| NVIDIA Corp. | 202893 | &nbsp;&nbsp; 32055065 |
|  |  | &nbsp;&nbsp; $49012061 |
| Energy - Independent – 2.0% | Energy - Independent – 2.0% |  |
| ConocoPhillips | 15989 | &nbsp;&nbsp; $1434853 |
| EOG Resources, Inc. | 22088 | &nbsp;&nbsp; 2641946 |
| Phillips 66 | 31422 | &nbsp;&nbsp; 3748644 |
|  |  | &nbsp;&nbsp; $7825443 |
| Energy - Integrated – 0.1% | Energy - Integrated – 0.1% |  |
| Exxon Mobil Corp. | 2832 | &nbsp;&nbsp; $305290 |
| Energy - Renewables – 0.7% | Energy - Renewables – 0.7% |  |
| GE Vernova, Inc. | 5411 | &nbsp;&nbsp; $2863231 |
| Food & Beverages – 0.8% | Food & Beverages – 0.8% |  |
| General Mills, Inc. | 15835 | &nbsp;&nbsp; $820411 |
| Ingredion, Inc. | 3871 | &nbsp;&nbsp; 524985 |
| Mondelez International, Inc. | 22213 | &nbsp;&nbsp; 1498045 |
| PepsiCo, Inc. | 2082 | &nbsp;&nbsp; 274907 |
|  |  | &nbsp;&nbsp; $3118348 |
| General Merchandise – 0.2% | General Merchandise – 0.2% |  |
| Dollar General Corp. | 6750 | &nbsp;&nbsp; $772065 |
| Health Maintenance Organizations – 1.8% | Health Maintenance Organizations – 1.8% |  |
| Cigna Group | 18698 | &nbsp;&nbsp; $6181185 |
| Humana, Inc. | 4081 | &nbsp;&nbsp; 997723 |
|  |  | &nbsp;&nbsp; $7178908 |

---

------

MFS Blended Research Core Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Insurance – 4.3% | Insurance – 4.3% |  |
| Ameriprise Financial, Inc. | 11423 | &nbsp;&nbsp; $6096798 |
| Berkshire Hathaway, Inc., "B" (a) | 6273 | &nbsp;&nbsp; 3047235 |
| Chubb Ltd. | 1514 | &nbsp;&nbsp; 438636 |
| Corebridge Financial, Inc. | 50989 | &nbsp;&nbsp; 1810109 |
| Equitable Holdings, Inc. | 39091 | &nbsp;&nbsp; 2193005 |
| Everest Group Ltd. | 1001 | &nbsp;&nbsp; 340190 |
| Hartford Insurance Group, Inc. | 14988 | &nbsp;&nbsp; 1901528 |
| MetLife, Inc. | 9229 | &nbsp;&nbsp; 742196 |
| Principal Financial Group, Inc. | 8998 | &nbsp;&nbsp; 714711 |
|  |  | &nbsp;&nbsp; $17284408 |
| Interactive Media Services – 6.9% | Interactive Media Services – 6.9% |  |
| Alphabet, Inc., "A" | 37118 | &nbsp;&nbsp; $6541305 |
| Alphabet, Inc., "C" | 25083 | &nbsp;&nbsp; 4449473 |
| Meta Platforms, Inc., "A" | 22186 | &nbsp;&nbsp; 16375265 |
|  |  | &nbsp;&nbsp; $27366043 |
| Leisure & Toys – 0.2% | Leisure & Toys – 0.2% |  |
| Roblox Corp., "A" (a) | 7600 | &nbsp;&nbsp; $799520 |
| Machinery & Tools – 2.9% | Machinery & Tools – 2.9% |  |
| CNH Industrial N.V. | 142933 | &nbsp;&nbsp; $1852412 |
| Deere & Co. | 4348 | &nbsp;&nbsp; 2210915 |
| Eaton Corp. PLC | 5182 | &nbsp;&nbsp; 1849922 |
| Wabtec Corp. | 26107 | &nbsp;&nbsp; 5465500 |
|  |  | &nbsp;&nbsp; $11378749 |
| Major Banks – 1.6% | Major Banks – 1.6% |  |
| JPMorgan Chase & Co. | 5703 | &nbsp;&nbsp; $1653357 |
| Wells Fargo & Co. | 57205 | &nbsp;&nbsp; 4583264 |
|  |  | &nbsp;&nbsp; $6236621 |
| Medical & Health Technology & Services – 1.6% | Medical & Health Technology & Services – 1.6% |  |
| IQVIA Holdings, Inc. (a) | 1821 | &nbsp;&nbsp; $286971 |
| McKesson Corp. | 7456 | &nbsp;&nbsp; 5463608 |
| Ventas, Inc., REIT | 9997 | &nbsp;&nbsp; 631311 |
|  |  | &nbsp;&nbsp; $6381890 |
| Medical Equipment – 1.1% | Medical Equipment – 1.1% |  |
| Boston Scientific Corp. (a) | 24431 | &nbsp;&nbsp; $2624134 |
| Medtronic PLC | 21887 | &nbsp;&nbsp; 1907890 |
|  |  | &nbsp;&nbsp; $4532024 |
| Network & Telecom – 1.3% | Network & Telecom – 1.3% |  |
| Motorola Solutions, Inc. | 1676 | &nbsp;&nbsp; $704691 |
| Qualcomm, Inc. | 28675 | &nbsp;&nbsp; 4566780 |
|  |  | &nbsp;&nbsp; $5271471 |
| Oil Services – 1.1% | Oil Services – 1.1% |  |
| TechnipFMC PLC | 125154 | &nbsp;&nbsp; $4310304 |
| Other Banks & Diversified Financials – 6.7% | Other Banks & Diversified Financials – 6.7% |  |
| American Express Co. | 15285 | &nbsp;&nbsp; $4875609 |
| Mastercard, Inc., "A" | 5765 | &nbsp;&nbsp; 3239584 |
| Northern Trust Corp. | 48080 | &nbsp;&nbsp; 6096063 |

---

------

MFS Blended Research Core Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Other Banks & Diversified Financials – continued | Other Banks & Diversified Financials – continued |  |
| Popular, Inc. | 23966 | &nbsp;&nbsp; $2641293 |
| Synchrony Financial | 12733 | &nbsp;&nbsp; 849801 |
| Visa, Inc., "A" | 25226 | &nbsp;&nbsp; 8956491 |
|  |  | &nbsp;&nbsp; $26658841 |
| Pharmaceuticals – 5.5% | Pharmaceuticals – 5.5% |  |
| AbbVie, Inc. | 40978 | &nbsp;&nbsp; $7606336 |
| Eli Lilly & Co. | 809 | &nbsp;&nbsp; 630640 |
| Johnson & Johnson | 43949 | &nbsp;&nbsp; 6713210 |
| Organon & Co. | 29803 | &nbsp;&nbsp; 288493 |
| Pfizer, Inc. | 153834 | &nbsp;&nbsp; 3728936 |
| Vertex Pharmaceuticals, Inc. (a) | 6922 | &nbsp;&nbsp; 3081674 |
|  |  | &nbsp;&nbsp; $22049289 |
| Railroad & Shipping – 0.4% | Railroad & Shipping – 0.4% |  |
| CSX Corp. | 43416 | &nbsp;&nbsp; $1416664 |
| Real Estate – 1.4% | Real Estate – 1.4% |  |
| Essential Properties Realty Trust, REIT | 11371 | &nbsp;&nbsp; $362848 |
| Jones Lang LaSalle, Inc. (a) | 8305 | &nbsp;&nbsp; 2124253 |
| Simon Property Group, Inc., REIT | 2233 | &nbsp;&nbsp; 358977 |
| W.P. Carey, Inc., REIT | 42018 | &nbsp;&nbsp; 2621083 |
|  |  | &nbsp;&nbsp; $5467161 |
| Real Estate - Office – 0.5% | Real Estate - Office – 0.5% |  |
| Cousins Properties, Inc., REIT | 69190 | &nbsp;&nbsp; $2077776 |
| Restaurants – 0.9% | Restaurants – 0.9% |  |
| Aramark | 79864 | &nbsp;&nbsp; $3343906 |
| Brinker International, Inc. (a) | 2351 | &nbsp;&nbsp; 423956 |
|  |  | &nbsp;&nbsp; $3767862 |
| Specialty Chemicals – 0.7% | Specialty Chemicals – 0.7% |  |
| RPM International, Inc. | 26599 | &nbsp;&nbsp; $2921634 |
| Specialty Stores – 6.9% | Specialty Stores – 6.9% |  |
| Amazon.com, Inc. (a) | 84852 | &nbsp;&nbsp; $18615680 |
| Home Depot, Inc. | 4447 | &nbsp;&nbsp; 1630448 |
| O'Reilly Automotive, Inc. (a) | 57859 | &nbsp;&nbsp; 5214832 |
| Target Corp. | 19804 | &nbsp;&nbsp; 1953665 |
|  |  | &nbsp;&nbsp; $27414625 |
| Telecom Services – 0.3% | Telecom Services – 0.3% |  |
| T-Mobile USA, Inc. | 4789 | &nbsp;&nbsp; $1141027 |
| Tobacco – 1.9% | Tobacco – 1.9% |  |
| Altria Group, Inc. | 85716 | &nbsp;&nbsp; $5025529 |
| Philip Morris International, Inc. | 14080 | &nbsp;&nbsp; 2564390 |
|  |  | &nbsp;&nbsp; $7589919 |
| Utilities - Electric Power – 2.8% | Utilities - Electric Power – 2.8% |  |
| Ameren Corp. | 11664 | &nbsp;&nbsp; $1120210 |
| Edison International | 62756 | &nbsp;&nbsp; 3238210 |
| NextEra Energy, Inc. | 41829 | &nbsp;&nbsp; 2903769 |
| NRG Energy, Inc. | 3781 | &nbsp;&nbsp; 607153 |

---

------

MFS Blended Research Core Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Utilities - Electric Power – continued | Utilities - Electric Power – continued |  |
| PG&E Corp. | 248298 | &nbsp;&nbsp; $3461274 |
|  |  | &nbsp;&nbsp; $11330616 |
| **Total Common Stocks (Identified Cost, $220,940,433)** |  | &nbsp;&nbsp; **$395359287** |
| Mutual Funds (h) – 0.7% | Mutual Funds (h) – 0.7% | Mutual Funds (h) – 0.7% |
| Money Market Funds – 0.7% | Money Market Funds – 0.7% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $2,652,040) | 2651914 | &nbsp;&nbsp; $2652179 |
| Other Assets, Less Liabilities – (0.1)% |  | &nbsp;&nbsp; (434831) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$397576635** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $2,652,179 and $395,359,287, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined: <br> REIT Real Estate Investment Trust

**See Notes to Financial Statements**

------

MFS Blended Research Core Equity Portfolio

**Financial Statements** \| **Statement of Assets and Liabilities** 

**(unaudited)**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $220,940,433) | &nbsp;&nbsp; $395359287 |
| Investments in affiliated issuers, at value (identified cost, $2,652,040) | &nbsp;&nbsp; 2652179 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 1206 |
| Dividends | &nbsp;&nbsp; 353980 |
| Other assets | &nbsp;&nbsp; 942 |
| Total assets | &nbsp;&nbsp; $398367594 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $714839 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 16694 |
| Administrative services fee | &nbsp;&nbsp; 669 |
| Shareholder servicing costs | &nbsp;&nbsp; 172 |
| Distribution and/or service fees | &nbsp;&nbsp; 3535 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 1935 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 53115 |
| Total liabilities | &nbsp;&nbsp; $790959 |
| Net assets | &nbsp;&nbsp; $397576635 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $125446958 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 272129677 |
| Net assets | &nbsp;&nbsp; $397576635 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 5868820 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $267567853 | &nbsp;&nbsp;&nbsp; 3927871 | &nbsp;&nbsp;&nbsp; $68.12 |
| Service Class | &nbsp;&nbsp;&nbsp; 130008782 | &nbsp;&nbsp;&nbsp; 1940949 | &nbsp;&nbsp;&nbsp;&nbsp;66.98 |

---

**See Notes to Financial Statements**

------

MFS Blended Research Core Equity Portfolio

**Financial Statements** \| **Statement of Operations (unaudited)**

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $2676985 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 50866 |
| Other | &nbsp;&nbsp; 5695 |
| Foreign taxes withheld | &nbsp;&nbsp; (3683)<br>|
| Total investment income | &nbsp;&nbsp; $2729863 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $765196 |
| Distribution and/or service fees | &nbsp;&nbsp; 156824 |
| Shareholder servicing costs | &nbsp;&nbsp; 5493 |
| Administrative services fee | &nbsp;&nbsp; 30570 |
| Independent Trustees' compensation | &nbsp;&nbsp; 5369 |
| Custodian fee | &nbsp;&nbsp; 10484 |
| Shareholder communications | &nbsp;&nbsp; 1692 |
| Audit and tax fees | &nbsp;&nbsp; 35481 |
| Legal fees | &nbsp;&nbsp; 960 |
| Miscellaneous | &nbsp;&nbsp; 14153 |
| Total expenses | &nbsp;&nbsp; $1026222 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (26588)<br>|
| Net expenses | &nbsp;&nbsp; $999634 |
| Net investment income (loss) | &nbsp;&nbsp; $1730229 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $23816973 |
| Affiliated issuers | &nbsp;&nbsp; (87)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $23816886 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(2967197)<br>|
| Affiliated issuers | &nbsp;&nbsp; 3 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $(2967194)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $20849692 |
| Change in net assets from operations | &nbsp;&nbsp; $22579921 |

---

**See Notes to Financial Statements**

------

MFS Blended Research Core Equity Portfolio

**Financial Statements** \| **Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $1730229 | &nbsp;&nbsp; $3845838 |
| Net realized gain (loss) | 23816886 | &nbsp;&nbsp; 69318715 |
| Net unrealized gain (loss) | (2967194)<br>| &nbsp;&nbsp; 20263728 |
| Change in net assets from operations | $22579921 | &nbsp;&nbsp; $93428281 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(32058260)<br>|
| Change in net assets from fund share transactions | $(29490896)<br>| &nbsp;&nbsp; $(47903516)<br>|
| Total change in net assets | $(6910975)<br>| &nbsp;&nbsp; $13466505 |
| **Net assets** |  |  |
| At beginning of period | 404487610 | &nbsp;&nbsp; 391021105 |
| At end of period | $397576635 | &nbsp;&nbsp; $404487610 |

---

**See Notes to Financial Statements**

------

MFS Blended Research Core Equity Portfolio

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $64.19 | &nbsp;&nbsp; $55.45 | &nbsp;&nbsp; $47.48 | &nbsp;&nbsp; $68.53 | &nbsp;&nbsp; $57.28 | &nbsp;&nbsp; $53.06 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.31 | &nbsp;&nbsp; $0.63 | &nbsp;&nbsp; $0.56 | &nbsp;&nbsp; $0.68 | &nbsp;&nbsp; $0.63 | &nbsp;&nbsp; $0.67 |
| Net realized and unrealized gain (loss) | 3.62 | &nbsp;&nbsp;&nbsp;&nbsp;13.24 | &nbsp;&nbsp;&nbsp;&nbsp;12.46 | &nbsp;&nbsp; (10.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.96 | &nbsp;&nbsp;&nbsp;&nbsp;7.21 |
| Total from investment operations | $3.93 | &nbsp;&nbsp; $13.87 | &nbsp;&nbsp; $13.02 | &nbsp;&nbsp; $(10.09)<br>| &nbsp;&nbsp; $16.59 | &nbsp;&nbsp; $7.88 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.66)<br>| &nbsp;&nbsp; $(0.76)<br>| &nbsp;&nbsp; $(0.68)<br>| &nbsp;&nbsp; $(0.74)<br>| &nbsp;&nbsp; $(0.88)<br>|
| From net realized gain |  | &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (4.29)<br>| &nbsp;&nbsp; (10.28)<br>| &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (2.78)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(5.13)<br>| &nbsp;&nbsp; $(5.05)<br>| &nbsp;&nbsp; $(10.96)<br>| &nbsp;&nbsp; $(5.34)<br>| &nbsp;&nbsp; $(3.66)<br>|
| Net asset value, end of period (x) | $68.12 | &nbsp;&nbsp; $64.19 | &nbsp;&nbsp; $55.45 | &nbsp;&nbsp; $47.48 | &nbsp;&nbsp; $68.53 | &nbsp;&nbsp; $57.28 |
| Total return (%) (k)(r)(s)(x) | 6.12<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.50 | &nbsp;&nbsp;&nbsp;&nbsp;28.53 | &nbsp;&nbsp; (16.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.53 | &nbsp;&nbsp;&nbsp;&nbsp;15.34 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.45<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Expenses after expense reductions | 0.44<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net investment income (loss) | 0.99<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Portfolio turnover rate | 21<br> (n)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 56 |
| Net assets at end of period (000 omitted) | $267568 | &nbsp;&nbsp; $270651 | &nbsp;&nbsp; $251495 | &nbsp;&nbsp; $230413 | &nbsp;&nbsp; $313788 | &nbsp;&nbsp; $280679 |

---

**See Notes to Financial Statements**

------

MFS Blended Research Core Equity Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $63.19 | &nbsp;&nbsp; $54.66 | &nbsp;&nbsp; $46.82 | &nbsp;&nbsp; $67.71 | &nbsp;&nbsp; $56.68 | &nbsp;&nbsp; $52.54 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.23 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $0.53 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $0.54 |
| Net realized and unrealized gain (loss) | 3.56 | &nbsp;&nbsp;&nbsp;&nbsp;13.03 | &nbsp;&nbsp;&nbsp;&nbsp;12.29 | &nbsp;&nbsp; (10.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp;&nbsp;&nbsp;7.12 |
| Total from investment operations | $3.79 | &nbsp;&nbsp; $13.50 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $(10.09)<br>| &nbsp;&nbsp; $16.23 | &nbsp;&nbsp; $7.66 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.50)<br>| &nbsp;&nbsp; $(0.58)<br>| &nbsp;&nbsp; $(0.52)<br>| &nbsp;&nbsp; $(0.60)<br>| &nbsp;&nbsp; $(0.74)<br>|
| From net realized gain |  | &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (4.29)<br>| &nbsp;&nbsp; (10.28)<br>| &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (2.78)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(4.97)<br>| &nbsp;&nbsp; $(4.87)<br>| &nbsp;&nbsp; $(10.80)<br>| &nbsp;&nbsp; $(5.20)<br>| &nbsp;&nbsp; $(3.52)<br>|
| Net asset value, end of period (x) | $66.98 | &nbsp;&nbsp; $63.19 | &nbsp;&nbsp; $54.66 | &nbsp;&nbsp; $46.82 | &nbsp;&nbsp; $67.71 | &nbsp;&nbsp; $56.68 |
| Total return (%) (k)(r)(s)(x) | 6.00<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.18 | &nbsp;&nbsp;&nbsp;&nbsp;28.20 | &nbsp;&nbsp; (16.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.18 | &nbsp;&nbsp;&nbsp;&nbsp;15.06 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Expenses after expense reductions | 0.69<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Net investment income (loss) | 0.74<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Portfolio turnover rate | 21<br> (n)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 56 |
| Net assets at end of period (000 omitted) | $130009 | &nbsp;&nbsp; $133837 | &nbsp;&nbsp; $139526 | &nbsp;&nbsp; $132919 | &nbsp;&nbsp; $221299 | &nbsp;&nbsp; $191661 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The total return does not reflect expenses that apply to separate accounts. Inclusion
 of these charges would reduce the total return figures for all periods shown.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns have been calculated on net assets which include
 adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

MFS Blended Research Core Equity Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Blended Research Core Equity Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust II (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The shareholders of each series of the trust are separate accounts of insurance companies, which offer variable annuity and/or life insurance products, and qualified retirement and pension plans.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the 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 halt of trading of a specific security where trading

------

MFS Blended Research Core Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur 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. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $395359287 | $— | $— | $395359287 |
| Investment Companies | 2652179 |  |  | 2652179 |
| Total | $398011466 | $— | $— | $398011466 |

---

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

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

------

MFS Blended Research Core Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to wash sale loss deferrals.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $3926765 |
| Long-term capital gains | &nbsp;&nbsp; 28131495 |
| Total distributions | &nbsp;&nbsp; $32058260 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $224483851 |
| Gross appreciation | &nbsp;&nbsp; 180062681 |
| Gross depreciation | &nbsp;&nbsp; (6535066)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $173527615 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 15270078 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 57784869 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 176494809 |

---

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

**Multiple Classes of Shares of Beneficial Interest** — The fund offers multiple classes of shares, which differ in their respective distribution and/or service fees. The fund's income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $21088097 |
| Service Class |  | &nbsp;&nbsp; 10970163 |
| Total | $— | &nbsp;&nbsp; $32058260 |

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $1 billion | 0.40% |
| In excess of $1 billion and up to $2.5 billion | 0.375% |
| In excess of $2.5 billion | 0.35% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's

------

MFS Blended Research Core Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this management fee reduction amounted to $26,588, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.39% of the fund's average daily net assets.

Effective October 1, 2025, the management fee will be computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:

---

| | |
|:---|:---|
| Up to $5 billion | 0.25% |
| In excess of $5 billion | 0.225% |

---

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, is the distributor of shares of the fund. The Trustees have adopted a distribution plan for the Service Class shares pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $4,991, which equated to 0.0026% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $502.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0160% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended June 30, 2025, this reimbursement amounted to $5,632, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, aggregated $83,220,965 and $110,892,238, respectively.

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

------

MFS Blended Research Core Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 43837 | &nbsp;&nbsp; $2790231 | &nbsp;&nbsp; 153751 | &nbsp;&nbsp; $9547975 |
| Service Class | 68034 | &nbsp;&nbsp; 4182474 | &nbsp;&nbsp; 171850 | &nbsp;&nbsp; 10641812 |
|  | 111871 | &nbsp;&nbsp; $6972705 | &nbsp;&nbsp; 325601 | &nbsp;&nbsp; $20189787 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 339724 | &nbsp;&nbsp; $20712994 |
| Service Class |  |  | &nbsp;&nbsp; 182593 | &nbsp;&nbsp; 10970163 |
|  |  | $— | &nbsp;&nbsp; 522317 | &nbsp;&nbsp; $31683157 |
| Shares reacquired |  |  |  |  |
| Initial Class | (332556)<br>| &nbsp;&nbsp; $(21035383)<br>| &nbsp;&nbsp; (812803)<br>| &nbsp;&nbsp; $(50710582)<br>|
| Service Class | (244992)<br>| &nbsp;&nbsp; (15428218)<br>| &nbsp;&nbsp; (789367)<br>| &nbsp;&nbsp; (49065878)<br>|
|  | (577548)<br>| &nbsp;&nbsp; $(36463601)<br>| &nbsp;&nbsp; (1602170)<br>| &nbsp;&nbsp; $(99776460)<br>|
| Net change |  |  |  |  |
| Initial Class | (288719)<br>| &nbsp;&nbsp; $(18245152)<br>| &nbsp;&nbsp; (319328)<br>| &nbsp;&nbsp; $(20449613)<br>|
| Service Class | (176958)<br>| &nbsp;&nbsp; (11245744)<br>| &nbsp;&nbsp; (434924)<br>| &nbsp;&nbsp; (27453903)<br>|
|  | (465677)<br>| &nbsp;&nbsp; $(29490896)<br>| &nbsp;&nbsp; (754252)<br>| &nbsp;&nbsp; $(47903516)<br>|

---

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $935 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in 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 following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $2541580 | &nbsp;&nbsp; $26214689 | &nbsp;&nbsp; $26104006 | &nbsp;&nbsp; $(87)<br>| &nbsp;&nbsp; $3 | &nbsp;&nbsp; $2652179 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $50866 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Blended Research Core Equity Portfolio.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Blended Research Core Equity Portfolio.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Blended Research Core Equity Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Not Applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 16. CONTROLS AND PROCEDURES.
* 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 report on Form N-CSR, 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. 

* 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 period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable to the Registrant.

------

#### ITEM 19. EXHIBITS.
* Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.

* Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

* 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 as [EX-99.302CERT](99.302CERT.htm).

* Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

* Change in the registrant's independent public accountant. Not applicable.

* If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as [EX-99.906CERT](99.906CERT.htm).

------

#### 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 VARIABLE INSURANCE TRUST II

By (Signature and Title)\*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President

Date: August 15, 2025

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)\*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President (Principal Executive Officer)

Date: August 15, 2025

By (Signature and Title)\*

/S/ KASEY L. PHILLIPS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer)

Date: August 15, 2025

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

------

## Ex-99

**<u>EX-99.302CERT</u>**

**MFS VARIABLE INSURANCE TRUST II**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, David L. DiLorenzo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of MFS Variable Insurance Trust II;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: August 15, 2025

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

**<u>EX-99.302CERT</u>**

**MFS VARIABLE INSURANCE TRUST II**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Kasey L. Phillips, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of MFS Variable Insurance Trust II;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: August 15, 2025

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

------

## Exhibit 99.906

**<u>EX-99.906CERT</u>**

**MFS VARIABLE INSURANCE TRUST II**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, David L. DiLorenzo, certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Form N-CSR (the "Report") of MFS Variable Insurance Trust II (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 15, 2025

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

**<u>EX-99.906CERT</u>**

**MFS VARIABLE INSURANCE TRUST II**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, Kasey L. Phillips, certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Form N-CSR (the "Report") of MFS Variable Insurance Trust II (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 15, 2025

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

------