# EDGAR Filing Document

**Accession Number:** 0000719269
**File Stem:** 0001145549-25-038729
**Filing Date:** 2025-6
**Character Count:** 39626
**Document Hash:** f85f25020bff64e88645eb93783f1627
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-038729.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001145549-25-038729

**CONFORMED SUBMISSION TYPE**: N-MFP3

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**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-MFP3
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03732
- **FILM NUMBER:** 251029014

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

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

# Form N-MFP3: Monthly Schedule of Portfolio Holdings

## N-MFP: Filer Information
**Submission Type:** N-MFP3
**CIK:** 0000719269

### General Information

**Report for (YYYY-MM-DD):** 2025-05-31

**Registrant Full Name:** MFS VARIABLE INSURANCE TRUST II

**CIK Number of Registrant:** 0000719269

**LEI of Registrant:** LQOFLJQP174GQBC84T87

**Name of Series:** MFS U.S. Government Money Market Portfolio

**LEI of Series:** 6281G1890F5ADRR1GL16

**EDGAR Series Identifier:** S000002643

**Total number of share classes in the series:** 2

**Is this the fund's final filing on Form N-MFP?:** No

**Has the fund acquired or merged with another fund?:** No

## Part A: Series-Level Information about the Fund

### Service Providers
| Role                          | Details                                            | File/CIK Number   |
|:---|:---|:---|
| Investment Adviser            | Massachusetts Financial Services Company           | 801-17352         |
| Independent Public Accountant | Deloitte & Touche LLP<br>City: Boston<br>State: MA |  |
| Administrator                 | Massachusetts Financial Services Company           |  |
| Transfer Agent                | MFS Service Center, Inc<br>CIK: 0000769188         | 084-01316         |

### Fund Characteristics & Assets

- **Securities Act File Number:** 002-83616

- **Is this a Feeder Fund?:** No

- **Is this a Master Fund?:** No

- **Is this series for insurance company separate accounts?:** Yes

- **Money Market Fund Category:** Government

- **Is this a Retail Money Market Fund?:** No

- **Is this a Government Money Market Fund?:** No

- **WAM:** 31 days

- **WAL:** 31 days

- **Total Value of Portfolio Securities:** $270524403.72

- **Amortized Cost of Portfolio Securities:** $270552198.26

- **Cash:** $2.33

- **Total Other Assets:** $21235.97

- **Total Liabilities:** $971589.25

- **Net Assets of Series:** $269601847.31

- **Number of Shares Outstanding (Series):** 269791966.5300

- **Does the fund seek to maintain a stable price per share?:** Yes

- **Stable Price Per Share:** $1.00

- **Is cash management vehicle an affiliated fund?:** No

- **Does the fund apply liquidity fees?:** No

### Daily & Weekly Liquid Assets
| Date       | Daily Liquid Assets ($)   | Weekly Liquid Assets ($)   | Daily Liquid Assets (%)   | Weekly Liquid Assets (%)   |
|:---|:---|:---|:---|:---|
| 2025-05-01 | $139191916.94             | $222877076.67              | 51.4200%                  | 82.3300%                   |
| 2025-05-02 | $145276466.97             | $222574618.14              | 53.6900%                  | 82.2600%                   |
| 2025-05-05 | $144979075.54             | $220568818.90              | 53.5800%                  | 81.5100%                   |
| 2025-05-06 | $144971869.66             | $220570564.90              | 53.5700%                  | 81.5100%                   |
| 2025-05-07 | $144694589.96             | $220300294.62              | 53.4700%                  | 81.4100%                   |
| 2025-05-08 | $150834426.61             | $227502062.23              | 55.7600%                  | 84.1100%                   |
| 2025-05-09 | $142601840.52             | $219278591.67              | 52.7700%                  | 81.1400%                   |
| 2025-05-12 | $142465826.49             | $224134332.97              | 52.6500%                  | 82.8300%                   |
| 2025-05-13 | $142960569.02             | $224638739.68              | 52.7900%                  | 82.9600%                   |
| 2025-05-14 | $142925999.15             | $224614387.04              | 52.7700%                  | 82.9300%                   |
| 2025-05-15 | $150292032.89             | $224840639.13              | 55.4900%                  | 83.0200%                   |
| 2025-05-16 | $158668669.61             | $224776620.57              | 58.4600%                  | 82.8100%                   |
| 2025-05-19 | $150588762.66             | $216721760.09              | 55.4400%                  | 79.7900%                   |
| 2025-05-20 | $147886015.72             | $216822491.14              | 54.4600%                  | 79.8400%                   |
| 2025-05-21 | $147783158.52             | $216728217.78              | 54.4400%                  | 79.8400%                   |
| 2025-05-22 | $137859328.05             | $206812602.15              | 50.8500%                  | 76.2800%                   |
| 2025-05-23 | $137876720.77             | $214484139.01              | 50.8300%                  | 79.0700%                   |
| 2025-05-27 | $137594838.18             | $220991063.43              | 50.7600%                  | 81.5300%                   |
| 2025-05-28 | $137423558.10             | $220830161.57              | 50.7500%                  | 81.5500%                   |
| 2025-05-29 | $145294231.61             | $230192074.76              | 53.6600%                  | 85.0200%                   |
| 2025-05-30 | $138064797.69             | $222975287.21              | 51.0300%                  | 82.4100%                   |

### 7-Day Gross Yield
| Date       | 7-Day Gross Yield   |
|:---|:---|
| 2025-05-01 | 4.3300%             |
| 2025-05-02 | 4.3200%             |
| 2025-05-05 | 4.3200%             |
| 2025-05-06 | 4.3100%             |
| 2025-05-07 | 4.3100%             |
| 2025-05-08 | 4.3100%             |
| 2025-05-09 | 4.3000%             |
| 2025-05-12 | 4.3000%             |
| 2025-05-13 | 4.3000%             |
| 2025-05-14 | 4.3000%             |
| 2025-05-15 | 4.3000%             |
| 2025-05-16 | 4.3000%             |
| 2025-05-19 | 4.3000%             |
| 2025-05-20 | 4.3000%             |
| 2025-05-21 | 4.3000%             |
| 2025-05-22 | 4.3000%             |
| 2025-05-23 | 4.3000%             |
| 2025-05-27 | 4.3000%             |
| 2025-05-28 | 4.3100%             |
| 2025-05-29 | 4.3100%             |
| 2025-05-30 | 4.3200%             |

### Daily Net Asset Value per Share (Series)
| Date       | Net Asset Value per Share   |
|:---|:---|
| 2025-05-01 | 0.9993                      |
|  |  |
| 2025-05-02 | 0.9991                      |
|  |  |
| 2025-05-05 | 0.9992                      |
|  |  |
| 2025-05-06 | 0.9993                      |
|  |  |
| 2025-05-07 | 0.9992                      |
|  |  |
| 2025-05-08 | 0.9993                      |
|  |  |
| 2025-05-09 | 0.9991                      |
|  |  |
| 2025-05-12 | 0.9992                      |
|  |  |
| 2025-05-13 | 0.9992                      |
|  |  |
| 2025-05-14 | 0.9992                      |
|  |  |
| 2025-05-15 | 0.9992                      |
|  |  |
| 2025-05-16 | 0.9991                      |
|  |  |
| 2025-05-19 | 0.9992                      |
|  |  |
| 2025-05-20 | 0.9992                      |
|  |  |
| 2025-05-21 | 0.9992                      |
|  |  |
| 2025-05-22 | 0.9992                      |
|  |  |
| 2025-05-23 | 0.9991                      |
|  |  |
| 2025-05-27 | 0.9992                      |
|  |  |
| 2025-05-28 | 0.9992                      |
|  |  |
| 2025-05-29 | 0.9992                      |
|  |  |
| 2025-05-30 | 0.9992                      |
|  |  |

## Part B: Class-Level Information about the Fund

### Class: Initial Class

- **Minimum Initial Investment:** $1.00

- **Net Assets of Class:** $178256295.86

- **Number of Shares Outstanding:** 178381825.4700

- **Expense Reimbursement/Waiver:** 2123.00

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-05-01 | 0.9993          |
|  |  |
| 2025-05-02 | 0.9991          |
|  |  |
| 2025-05-05 | 0.9993          |
|  |  |
| 2025-05-06 | 0.9993          |
|  |  |
| 2025-05-07 | 0.9992          |
|  |  |
| 2025-05-08 | 0.9993          |
|  |  |
| 2025-05-09 | 0.9991          |
|  |  |
| 2025-05-12 | 0.9992          |
|  |  |
| 2025-05-13 | 0.9992          |
|  |  |
| 2025-05-14 | 0.9992          |
|  |  |
| 2025-05-15 | 0.9992          |
|  |  |
| 2025-05-16 | 0.9991          |
|  |  |
| 2025-05-19 | 0.9992          |
|  |  |
| 2025-05-20 | 0.9992          |
|  |  |
| 2025-05-21 | 0.9993          |
|  |  |
| 2025-05-22 | 0.9993          |
|  |  |
| 2025-05-23 | 0.9991          |
|  |  |
| 2025-05-27 | 0.9992          |
|  |  |
| 2025-05-28 | 0.9992          |
|  |  |
| 2025-05-29 | 0.9992          |
|  |  |
| 2025-05-30 | 0.9992          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-05-01 | $565348.52                | $227117.92              |
| 2025-05-02 | $35882.83                 | $3465.04                |
| 2025-05-05 | $53749.20                 | $57115.28               |
| 2025-05-06 | $40184.17                 | $195061.71              |
| 2025-05-07 | $258458.74                | $3282.47                |
| 2025-05-08 | $645.79                   | $331601.26              |
| 2025-05-09 | $25134.36                 | $72133.28               |
| 2025-05-12 | $480603.51                | $5037.73                |
| 2025-05-13 | $180597.39                | $8421.25                |
| 2025-05-14 | $13352.76                 | $54300.90               |
| 2025-05-15 | $132.52                   | $21343.05               |
| 2025-05-16 | $608387.92                | $228.41                 |
| 2025-05-19 | $172499.39                | $12413.18               |
| 2025-05-20 | $25309.84                 | $89407.52               |
| 2025-05-21 | $4443.16                  | $364153.78              |
| 2025-05-22 | $147.37                   | $5269.61                |
| 2025-05-23 | $0.00                     | $19416.64               |
| 2025-05-27 | $110506.07                | $1829.54                |
| 2025-05-28 | $5705.15                  | $137362.98              |
| 2025-05-29 | $288.75                   | $12861.57               |
| 2025-05-30 | $0.00                     | $9531.44                |

**Total Gross Subscriptions (Month):** $2581377.44

**Total Gross Redemptions (Month):** $1631354.56

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-05-01 | 3.8800%           |
| 2025-05-02 | 3.8800%           |
| 2025-05-05 | 3.8700%           |
| 2025-05-06 | 3.8700%           |
| 2025-05-07 | 3.8700%           |
| 2025-05-08 | 3.8600%           |
| 2025-05-09 | 3.8600%           |
| 2025-05-12 | 3.8500%           |
| 2025-05-13 | 3.8500%           |
| 2025-05-14 | 3.8500%           |
| 2025-05-15 | 3.8600%           |
| 2025-05-16 | 3.8500%           |
| 2025-05-19 | 3.8600%           |
| 2025-05-20 | 3.8600%           |
| 2025-05-21 | 3.8600%           |
| 2025-05-22 | 3.8600%           |
| 2025-05-23 | 3.8600%           |
| 2025-05-27 | 3.8600%           |
| 2025-05-28 | 3.8600%           |
| 2025-05-29 | 3.8700%           |
| 2025-05-30 | 3.8700%           |

**Beneficial/Record Owner Categories**
| Category          | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Insurance company |  | 64.8700%         | 0.0000%              |
| Insurance company |  | 6.9700%          | 0.0000%              |
| Insurance company |  | 22.3300%         | 0.0000%              |

### Class: Service Class

- **Minimum Initial Investment:** $1.00

- **Net Assets of Class:** $91345551.45

- **Number of Shares Outstanding:** 91410141.0600

- **Expense Reimbursement/Waiver:** 20655.00

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-05-01 | 0.9993          |
|  |  |
| 2025-05-02 | 0.9991          |
|  |  |
| 2025-05-05 | 0.9992          |
|  |  |
| 2025-05-06 | 0.9992          |
|  |  |
| 2025-05-07 | 0.9992          |
|  |  |
| 2025-05-08 | 0.9992          |
|  |  |
| 2025-05-09 | 0.9991          |
|  |  |
| 2025-05-12 | 0.9992          |
|  |  |
| 2025-05-13 | 0.9992          |
|  |  |
| 2025-05-14 | 0.9992          |
|  |  |
| 2025-05-15 | 0.9992          |
|  |  |
| 2025-05-16 | 0.9991          |
|  |  |
| 2025-05-19 | 0.9992          |
|  |  |
| 2025-05-20 | 0.9992          |
|  |  |
| 2025-05-21 | 0.9992          |
|  |  |
| 2025-05-22 | 0.9992          |
|  |  |
| 2025-05-23 | 0.9991          |
|  |  |
| 2025-05-27 | 0.9992          |
|  |  |
| 2025-05-28 | 0.9992          |
|  |  |
| 2025-05-29 | 0.9992          |
|  |  |
| 2025-05-30 | 0.9992          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-05-01 | $301512.24                | $117728.24              |
| 2025-05-02 | $63725.02                 | $0.00                   |
| 2025-05-05 | $44148.75                 | $67142.71               |
| 2025-05-06 | $0.00                     | $139447.43              |
| 2025-05-07 | $0.00                     | $128256.56              |
| 2025-05-08 | $0.00                     | $18989.66               |
| 2025-05-09 | $0.00                     | $124351.98              |
| 2025-05-12 | $2491.40                  | $0.00                   |
| 2025-05-13 | $1345.81                  | $224850.72              |
| 2025-05-14 | $242759.63                | $0.00                   |
| 2025-05-15 | $1159.34                  | $83398.51               |
| 2025-05-16 | $0.00                     | $9989.50                |
| 2025-05-19 | $0.00                     | $77312.85               |
| 2025-05-20 | $0.00                     | $56198.26               |
| 2025-05-21 | $0.00                     | $7431.01                |
| 2025-05-22 | $0.00                     | $12267.87               |
| 2025-05-23 | $793.58                   | $309161.48              |
| 2025-05-27 | $0.00                     | $296182.23              |
| 2025-05-28 | $0.00                     | $21385.32               |
| 2025-05-29 | $0.00                     | $53822.81               |
| 2025-05-30 | $0.00                     | $25679.44               |

**Total Gross Subscriptions (Month):** $657935.77

**Total Gross Redemptions (Month):** $1773596.58

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-05-01 | 3.8800%           |
| 2025-05-02 | 3.8800%           |
| 2025-05-05 | 3.8700%           |
| 2025-05-06 | 3.8700%           |
| 2025-05-07 | 3.8700%           |
| 2025-05-08 | 3.8600%           |
| 2025-05-09 | 3.8600%           |
| 2025-05-12 | 3.8500%           |
| 2025-05-13 | 3.8500%           |
| 2025-05-14 | 3.8500%           |
| 2025-05-15 | 3.8600%           |
| 2025-05-16 | 3.8500%           |
| 2025-05-19 | 3.8600%           |
| 2025-05-20 | 3.8600%           |
| 2025-05-21 | 3.8600%           |
| 2025-05-22 | 3.8600%           |
| 2025-05-23 | 3.8600%           |
| 2025-05-27 | 3.8600%           |
| 2025-05-28 | 3.8600%           |
| 2025-05-29 | 3.8700%           |
| 2025-05-30 | 3.8700%           |

**Beneficial/Record Owner Categories**
| Category          | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Insurance company |  | 5.1400%          | 0.0000%              |
| Insurance company |  | 90.1600%         | 0.0000%              |

## Part C: Schedule of Portfolio Securities

### Security 1: Bank of America NA

- **C.1 - Title:** Bank of America NA 4.340000%
- **C.6 - Investment Category:** U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash
- **Identifiers:** C.3 - CUSIP: 03199T002, C.3 - LEI: 549300HN4UKV1E2R3U73, C.5 - Other ID: 03199T002_4.34_0602
- **C.18 - Value (incl. sponsor support):** $42452000.00
- **C.18.a - Value (excl. sponsor support):** $42452000.00
- **C.19 - Percentage of Net Assets:** 15.7500%
- **C.17 - Yield as of Reporting Date:** 4.3400%
- **C.11 - Maturity Date (WAM):** 2025-06-02
- **C.12 - Maturity Date (WAL):** 2025-06-02
- **C.13 - Final Legal Maturity Date:** 2025-06-02
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

**C.8 - Repurchase Agreement Details:**

- **Is Open?:** No

- **Is Cleared?:** No

- **Is Tri-party?:** No

**Collateral:**
| Issuer Name        | Maturity Date   | Coupon   | Yield   | Principal Amount   | Collateral Value   | Category                           |
|:---|:---|:---|:---|:---|:---|:---|
| U.S. Treasury Note | 2029-09-30      | 3.8750%  | 0.0000% | $44219000.00       | $43403712.19       | U.S. Treasuries (including strips) |

### Security 2: Federal Farm Credit Bank

- **C.1 - Title:** Federal Farm Credit Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313313GL6, C.4 - ISIN: US313313GL65, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $4847167.45
- **C.18.a - Value (excl. sponsor support):** $4847167.45
- **C.19 - Percentage of Net Assets:** 1.8000%
- **C.17 - Yield as of Reporting Date:** 4.2100%
- **C.11 - Maturity Date (WAM):** 2025-06-04
- **C.12 - Maturity Date (WAL):** 2025-06-04
- **C.13 - Final Legal Maturity Date:** 2025-06-04
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 3: Federal Farm Credit Bank

- **C.1 - Title:** Federal Farm Credit Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313313HA9, C.4 - ISIN: US313313HA91, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $7682911.31
- **C.18.a - Value (excl. sponsor support):** $7682911.31
- **C.19 - Percentage of Net Assets:** 2.8500%
- **C.17 - Yield as of Reporting Date:** 4.2100%
- **C.11 - Maturity Date (WAM):** 2025-06-18
- **C.12 - Maturity Date (WAL):** 2025-06-18
- **C.13 - Final Legal Maturity Date:** 2025-06-18
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 4: Federal Farm Credit Bank

- **C.1 - Title:** Federal Farm Credit Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313313JE9, C.4 - ISIN: US313313JE95, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $8204870.19
- **C.18.a - Value (excl. sponsor support):** $8204870.19
- **C.19 - Percentage of Net Assets:** 3.0400%
- **C.17 - Yield as of Reporting Date:** 4.1900%
- **C.11 - Maturity Date (WAM):** 2025-07-16
- **C.12 - Maturity Date (WAL):** 2025-07-16
- **C.13 - Final Legal Maturity Date:** 2025-07-16
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 5: Federal Farm Credit Bank

- **C.1 - Title:** Federal Farm Credit Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313313JW9, C.4 - ISIN: US313313JW93, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $5508916.13
- **C.18.a - Value (excl. sponsor support):** $5508916.13
- **C.19 - Percentage of Net Assets:** 2.0400%
- **C.17 - Yield as of Reporting Date:** 4.2300%
- **C.11 - Maturity Date (WAM):** 2025-08-01
- **C.12 - Maturity Date (WAL):** 2025-08-01
- **C.13 - Final Legal Maturity Date:** 2025-08-01
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 6: Federal Farm Credit Bank

- **C.1 - Title:** Federal Farm Credit Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313313KC1, C.4 - ISIN: US313313KC11, C.3 - LEI: 254900C5LP6DN9OP9V83
- **C.18 - Value (incl. sponsor support):** $7191220.63
- **C.18.a - Value (excl. sponsor support):** $7191220.63
- **C.19 - Percentage of Net Assets:** 2.6700%
- **C.17 - Yield as of Reporting Date:** 4.2300%
- **C.11 - Maturity Date (WAM):** 2025-08-07
- **C.12 - Maturity Date (WAL):** 2025-08-07
- **C.13 - Final Legal Maturity Date:** 2025-08-07
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 7: Federal Home Loan Bank

- **C.1 - Title:** Federal Home Loan Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313385GT7, C.4 - ISIN: US313385GT78, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $7189907.98
- **C.18.a - Value (excl. sponsor support):** $7189907.98
- **C.19 - Percentage of Net Assets:** 2.6700%
- **C.17 - Yield as of Reporting Date:** 4.2100%
- **C.11 - Maturity Date (WAM):** 2025-06-11
- **C.12 - Maturity Date (WAL):** 2025-06-11
- **C.13 - Final Legal Maturity Date:** 2025-06-11
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 8: Federal Home Loan Bank

- **C.1 - Title:** Federal Home Loan Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313385GV2, C.4 - ISIN: US313385GV25, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $7986917.76
- **C.18.a - Value (excl. sponsor support):** $7986917.76
- **C.19 - Percentage of Net Assets:** 2.9600%
- **C.17 - Yield as of Reporting Date:** 4.2100%
- **C.11 - Maturity Date (WAM):** 2025-06-13
- **C.12 - Maturity Date (WAL):** 2025-06-13
- **C.13 - Final Legal Maturity Date:** 2025-06-13
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 9: Federal Home Loan Bank

- **C.1 - Title:** Federal Home Loan Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313385HC3, C.4 - ISIN: US313385HC35, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $7481603.10
- **C.18.a - Value (excl. sponsor support):** $7481603.10
- **C.19 - Percentage of Net Assets:** 2.7800%
- **C.17 - Yield as of Reporting Date:** 4.2100%
- **C.11 - Maturity Date (WAM):** 2025-06-20
- **C.12 - Maturity Date (WAL):** 2025-06-20
- **C.13 - Final Legal Maturity Date:** 2025-06-20
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 10: Federal Home Loan Bank

- **C.1 - Title:** Federal Home Loan Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313385HQ2, C.4 - ISIN: US313385HQ21, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $5478875.44
- **C.18.a - Value (excl. sponsor support):** $5478875.44
- **C.19 - Percentage of Net Assets:** 2.0300%
- **C.17 - Yield as of Reporting Date:** 4.1900%
- **C.11 - Maturity Date (WAM):** 2025-07-02
- **C.12 - Maturity Date (WAL):** 2025-07-02
- **C.13 - Final Legal Maturity Date:** 2025-07-02
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 11: Federal Home Loan Bank

- **C.1 - Title:** Federal Home Loan Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313385HV1, C.4 - ISIN: US313385HV16, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $7068598.26
- **C.18.a - Value (excl. sponsor support):** $7068598.26
- **C.19 - Percentage of Net Assets:** 2.6200%
- **C.17 - Yield as of Reporting Date:** 4.1900%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2025-07-07
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 12: Federal Home Loan Bank

- **C.1 - Title:** Federal Home Loan Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313385HY5, C.4 - ISIN: US313385HY54, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $4976140.30
- **C.18.a - Value (excl. sponsor support):** $4976140.30
- **C.19 - Percentage of Net Assets:** 1.8500%
- **C.17 - Yield as of Reporting Date:** 4.1900%
- **C.11 - Maturity Date (WAM):** 2025-07-10
- **C.12 - Maturity Date (WAL):** 2025-07-10
- **C.13 - Final Legal Maturity Date:** 2025-07-10
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 13: Federal Home Loan Bank

- **C.1 - Title:** Federal Farm Credit Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313385JM9, C.4 - ISIN: US313385JM98, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $6757262.00
- **C.18.a - Value (excl. sponsor support):** $6757262.00
- **C.19 - Percentage of Net Assets:** 2.5100%
- **C.17 - Yield as of Reporting Date:** 4.1900%
- **C.11 - Maturity Date (WAM):** 2025-07-23
- **C.12 - Maturity Date (WAL):** 2025-07-23
- **C.13 - Final Legal Maturity Date:** 2025-07-23
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 14: Federal Home Loan Bank

- **C.1 - Title:** Federal Home Loan Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313385KD7, C.4 - ISIN: US313385KD70, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $7934200.00
- **C.18.a - Value (excl. sponsor support):** $7934200.00
- **C.19 - Percentage of Net Assets:** 2.9400%
- **C.17 - Yield as of Reporting Date:** 4.2300%
- **C.11 - Maturity Date (WAM):** 2025-08-08
- **C.12 - Maturity Date (WAL):** 2025-08-08
- **C.13 - Final Legal Maturity Date:** 2025-08-08
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 15: Federal Home Loan Bank

- **C.1 - Title:** Federal Home Loan Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313385KY1, C.4 - ISIN: US313385KY18, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $6926797.50
- **C.18.a - Value (excl. sponsor support):** $6926797.50
- **C.19 - Percentage of Net Assets:** 2.5700%
- **C.17 - Yield as of Reporting Date:** 4.2300%
- **C.11 - Maturity Date (WAM):** 2025-08-27
- **C.12 - Maturity Date (WAL):** 2025-08-27
- **C.13 - Final Legal Maturity Date:** 2025-08-27
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 16: Federal Home Loan Bank

- **C.1 - Title:** Federal Home Loan Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313385LM6, C.4 - ISIN: US313385LM60, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $6867590.38
- **C.18.a - Value (excl. sponsor support):** $6867590.38
- **C.19 - Percentage of Net Assets:** 2.5500%
- **C.17 - Yield as of Reporting Date:** 4.1900%
- **C.11 - Maturity Date (WAM):** 2025-09-09
- **C.12 - Maturity Date (WAL):** 2025-09-09
- **C.13 - Final Legal Maturity Date:** 2025-09-09
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 17: Federal Home Loan Bank

- **C.1 - Title:** Federal Home Loan Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313385MC7, C.4 - ISIN: US313385MC79, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $4389474.44
- **C.18.a - Value (excl. sponsor support):** $4389474.44
- **C.19 - Percentage of Net Assets:** 1.6300%
- **C.17 - Yield as of Reporting Date:** 4.1900%
- **C.11 - Maturity Date (WAM):** 2025-09-24
- **C.12 - Maturity Date (WAL):** 2025-09-24
- **C.13 - Final Legal Maturity Date:** 2025-09-24
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 18: Federal Home Loan Bank

- **C.1 - Title:** Federal Home Loan Bank
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313385PD2, C.4 - ISIN: US313385PD26, C.3 - LEI: 2549001DPIFGXC1TOL40
- **C.18 - Value (incl. sponsor support):** $8730919.76
- **C.18.a - Value (excl. sponsor support):** $8730919.76
- **C.19 - Percentage of Net Assets:** 3.2400%
- **C.17 - Yield as of Reporting Date:** 4.1200%
- **C.11 - Maturity Date (WAM):** 2025-11-12
- **C.12 - Maturity Date (WAL):** 2025-11-12
- **C.13 - Final Legal Maturity Date:** 2025-11-12
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 19: Federal Home Loan Mortgage Corp.

- **C.1 - Title:** Federal Home Loan Mortgage Corp.
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313397JL6, C.4 - ISIN: US313397JL61, C.3 - LEI: S6XOOCT0IEG5ABCC6L87
- **C.18 - Value (incl. sponsor support):** $7652501.70
- **C.18.a - Value (excl. sponsor support):** $7652501.70
- **C.19 - Percentage of Net Assets:** 2.8400%
- **C.17 - Yield as of Reporting Date:** 4.1900%
- **C.11 - Maturity Date (WAM):** 2025-07-22
- **C.12 - Maturity Date (WAL):** 2025-07-22
- **C.13 - Final Legal Maturity Date:** 2025-07-22
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 20: Federal Home Loan Mortgage Corp.

- **C.1 - Title:** Federal Home Loan Mortgage Corp.
- **C.6 - Investment Category:** U.S. Government Agency Debt (if categorized as no-coupon discount notes)
- **Identifiers:** C.3 - CUSIP: 313397JS1, C.4 - ISIN: US313397JS15, C.3 - LEI: S6XOOCT0IEG5ABCC6L87
- **C.18 - Value (incl. sponsor support):** $9583734.03
- **C.18.a - Value (excl. sponsor support):** $9583734.03
- **C.19 - Percentage of Net Assets:** 3.5500%
- **C.17 - Yield as of Reporting Date:** 4.1900%
- **C.11 - Maturity Date (WAM):** 2025-07-28
- **C.12 - Maturity Date (WAL):** 2025-07-28
- **C.13 - Final Legal Maturity Date:** 2025-07-28
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 21: Fixed Income Clearing Corp. - State Street Bank & Trust Co.

- **C.1 - Title:** Fixed Income Clearing Corp. - State Street Bank & Trust Co. 4.310000%
- **C.6 - Investment Category:** U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash
- **Identifiers:** C.3 - CUSIP: 85748R009, C.3 - LEI: 549300H47WTHXPU08X20, C.5 - Other ID: 85748R009_4.31_0602
- **C.18 - Value (incl. sponsor support):** $42451733.00
- **C.18.a - Value (excl. sponsor support):** $42451733.00
- **C.19 - Percentage of Net Assets:** 15.7500%
- **C.17 - Yield as of Reporting Date:** 4.3100%
- **C.11 - Maturity Date (WAM):** 2025-06-02
- **C.12 - Maturity Date (WAL):** 2025-06-02
- **C.13 - Final Legal Maturity Date:** 2025-06-02
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

**C.8 - Repurchase Agreement Details:**

- **Is Open?:** No

- **Is Cleared?:** Yes

- **Name of CCP:** Fixed Income Clearing Corp.

- **Is Tri-party?:** No

**Collateral:**
| Issuer Name                           | Maturity Date   | Coupon   | Yield   | Principal Amount   | Collateral Value   | Category                           |
|:---|:---|:---|:---|:---|:---|:---|
| U.S. Treasury Inflation Indexed Bonds | 2027-05-15      | 1.7500%  | 0.0000% | $27981500.00       | $43300848.84       | U.S. Treasuries (including strips) |

### Security 22: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797LN5, C.4 - ISIN: US912797LN52, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $18178582.60
- **C.18.a - Value (excl. sponsor support):** $18178582.60
- **C.19 - Percentage of Net Assets:** 6.7400%
- **C.17 - Yield as of Reporting Date:** 4.3000%
- **C.11 - Maturity Date (WAM):** 2025-06-12
- **C.12 - Maturity Date (WAL):** 2025-06-12
- **C.13 - Final Legal Maturity Date:** 2025-06-12
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 23: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797PL5, C.4 - ISIN: US912797PL50, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $18597813.76
- **C.18.a - Value (excl. sponsor support):** $18597813.76
- **C.19 - Percentage of Net Assets:** 6.9000%
- **C.17 - Yield as of Reporting Date:** 4.2900%
- **C.11 - Maturity Date (WAM):** 2025-06-03
- **C.12 - Maturity Date (WAL):** 2025-06-03
- **C.13 - Final Legal Maturity Date:** 2025-06-03
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 24: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797PR2, C.4 - ISIN: US912797PR21, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $16384666.00
- **C.18.a - Value (excl. sponsor support):** $16384666.00
- **C.19 - Percentage of Net Assets:** 6.0800%
- **C.17 - Yield as of Reporting Date:** 4.2700%
- **C.11 - Maturity Date (WAM):** 2025-06-10
- **C.12 - Maturity Date (WAL):** 2025-06-10
- **C.13 - Final Legal Maturity Date:** 2025-06-10
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

## N-MFP: Signatures

**Registrant:** MFS VARIABLE INSURANCE TRUST II

**Date:** 2025-06-06

**By:** James Byrne

**Name of Signing Officer:** James Byrne

**Title of Signing Officer:** Assistant Treasurer