# EDGAR Filing Document

**Accession Number:** 0000719269
**File Stem:** 0001193125-26-068990
**Filing Date:** 2026-2
**Character Count:** 1834674
**Document Hash:** f2b0999906690321bd398a26688c9ed7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-068990.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001193125-26-068990

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**EFFECTIVENESS DATE**: 20260225

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03732
- **FILM NUMBER:** 26674706

**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'? fefe8d07-56ad-47a7-bd4d-11f59d6a7a52

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; 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:

#### December 31, 2025

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

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Corporate Bond Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $65 | 0.63% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Corporate Bond Portfolio (fund) provided a total return of 7.56%, at net asset value. This compares with a return of 7.30% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Credit Index, generated a return of 7.83%.

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September.

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war.

* Top contributors to performance relative to the Bloomberg U.S. Credit Index:

From a quality perspective, the fund's exposure to BB-rated bonds, for which the benchmark has no exposure, helped relative performance. Additionally, the fund's overweight exposure and security selection within BBB-rated bonds also supported relative returns.

From a sector perspective, bond selection within the communications sector aided relative results.

* Top detractors from performance relative to the Bloomberg U.S. Credit Index:

From a sector perspective, bond selection within the consumer non-cyclicals sector dampened relative returns. The fund's overweight exposure to the energy sector further weakened relative results.

From a quality perspective, an underweight allocation to A-rated bonds held back relative performance.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Initial Class over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2252752.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 7.56% | (0.06)% | 3.32% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Credit Index ∆ | 7.83% | (0.05)% | 3.15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 129825675 | Average Effective Maturity (yrs): | 9.3 |
| Total Number of Holdings: | 401 | Average Effective Duration (yrs): | 6.7 |
| Total Management Fee ($)#: | 781907 |  |  |
| Portfolio Turnover Rate (%): | 39 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.6% |
| Money Market Funds | 1.4% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 70.0% |
| Canada | 3.8% |
| Australia | 3.7% |
| United Kingdom | 3.3% |
| Ireland | 2.8% |
| Japan | 2.3% |
| Switzerland | 1.7% |
| Germany | 1.4% |
| Mexico | 1.4% |
| Other Countries | 9.6% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 3.7% |
| AA | 3.4% |
| A | 30.9% |
| BBB | 50.2% |
| BB | 6.0% |
| B | 2.5% |
| U.S. Government | 1.9% |
| Not Rated | 0.0% |
| Money Market Funds | 1.4% |

---

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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Corporate Bond Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $91 | 0.88% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Corporate Bond Portfolio (fund) provided a total return of 7.30%, at net asset value. This compares with a return of 7.30% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Credit Index, generated a return of 7.83%.

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September.

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war.

* Top contributors to performance relative to the Bloomberg U.S. Credit Index:

From a quality perspective, the fund's exposure to BB-rated bonds, for which the benchmark has no exposure, helped relative performance. Additionally, the fund's overweight exposure and security selection within BBB-rated bonds also supported relative returns.

From a sector perspective, bond selection within the communications sector aided relative results.

* Top detractors from performance relative to the Bloomberg U.S. Credit Index:

From a sector perspective, bond selection within the consumer non-cyclicals sector dampened relative returns. The fund's overweight exposure to the energy sector further weakened relative results.

From a quality perspective, an underweight allocation to A-rated bonds held back relative performance.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Service Class over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2252927.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 7.30% | (0.32)% | 3.06% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Credit Index ∆ | 7.83% | (0.05)% | 3.15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 129825675 | Average Effective Maturity (yrs): | 9.3 |
| Total Number of Holdings: | 401 | Average Effective Duration (yrs): | 6.7 |
| Total Management Fee ($)#: | 781907 |  |  |
| Portfolio Turnover Rate (%): | 39 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.6% |
| Money Market Funds | 1.4% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 70.0% |
| Canada | 3.8% |
| Australia | 3.7% |
| United Kingdom | 3.3% |
| Ireland | 2.8% |
| Japan | 2.3% |
| Switzerland | 1.7% |
| Germany | 1.4% |
| Mexico | 1.4% |
| Other Countries | 9.6% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 3.7% |
| AA | 3.4% |
| A | 30.9% |
| BBB | 50.2% |
| BB | 6.0% |
| B | 2.5% |
| U.S. Government | 1.9% |
| Not Rated | 0.0% |
| Money Market Funds | 1.4% |

---

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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Core Equity Portfolio for the period of January 1, 2025 to December 31, 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.

 **This report describes certain changes to the Fund that occurred during the reporting period.** 

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $43 | 0.40% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Blended Research Core Equity Portfolio (fund) provided a total return of 16.10%, at net asset value. This compares with a return of 17.88% for the fund's benchmark, the Standard & Poor's 500 Stock Index. 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the Standard & Poor's 500 Stock Index:

Security selection within the health care, financials, and energy sectors benefited relative performance. 

* Top detractors from performance relative to the Standard & Poor's 500 Stock Index:

Security selection within the industrials, consumer discretionary, utilities, and communication services sectors held back relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Initial Class over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2252564.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 16.10% | 15.30% | 13.88% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 17.88% | 14.42% | 14.82% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 386014653 | Total Management Fee ($)#: | 1362834 |
| Total Number of Holdings: | 114 | Portfolio Turnover Rate (%): | 40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.5% |
| Money Market Funds | 0.5% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 33.8% |
| Financials | 14.2% |
| Communication Services | 10.6% |
| Consumer Discretionary | 10.4% |
| Health Care | 10.1% |
| Industrials | 7.1% |
| Consumer Staples | 4.4% |
| Energy | 3.1% |
| Utilities | 3.0% |
| Real Estate | 1.8% |
| Materials | 1.0% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.8% |
| Apple, Inc. | 6.5% |
| Microsoft Corp. | 6.0% |
| Amazon.com, Inc. | 4.5% |
| Meta Platforms, Inc., "A" | 3.4% |
| Broadcom, Inc. | 2.6% |
| Alphabet, Inc., "A" | 2.5% |
| Alphabet, Inc., "C" | 2.1% |
| Johnson & Johnson | 2.1% |
| Visa, Inc., "A" | 2.0% |

---

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.

#### MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at insurancefunds.mfs.com or upon request at 1-800-225-2606.

Effective October 1, 2025, the management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets: 0.25% up to $5 billion and 0.225% in excess of $5 billion.

#### 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Core Equity Portfolio for the period of January 1, 2025 to December 31, 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.

 **This report describes certain changes to the Fund that occurred during the reporting period.** 

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $71 | 0.66% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Blended Research Core Equity Portfolio (fund) provided a total return of 15.82%, at net asset value. This compares with a return of 17.88% for the fund's benchmark, the Standard & Poor's 500 Stock Index. 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the Standard & Poor's 500 Stock Index:

Security selection within the health care, financials, and energy sectors benefited relative performance. 

* Top detractors from performance relative to the Standard & Poor's 500 Stock Index:

Security selection within the industrials, consumer discretionary, utilities, and communication services sectors held back relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Service Class over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2252739.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 15.82% | 15.01% | 13.59% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 17.88% | 14.42% | 14.82% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 386014653 | Total Management Fee ($)#: | 1362834 |
| Total Number of Holdings: | 114 | Portfolio Turnover Rate (%): | 40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.5% |
| Money Market Funds | 0.5% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 33.8% |
| Financials | 14.2% |
| Communication Services | 10.6% |
| Consumer Discretionary | 10.4% |
| Health Care | 10.1% |
| Industrials | 7.1% |
| Consumer Staples | 4.4% |
| Energy | 3.1% |
| Utilities | 3.0% |
| Real Estate | 1.8% |
| Materials | 1.0% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.8% |
| Apple, Inc. | 6.5% |
| Microsoft Corp. | 6.0% |
| Amazon.com, Inc. | 4.5% |
| Meta Platforms, Inc., "A" | 3.4% |
| Broadcom, Inc. | 2.6% |
| Alphabet, Inc., "A" | 2.5% |
| Alphabet, Inc., "C" | 2.1% |
| Johnson & Johnson | 2.1% |
| Visa, Inc., "A" | 2.0% |

---

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.

#### MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's prospectus as amended, which is available at insurancefunds.mfs.com or upon request at 1-800-225-2606.

Effective October 1, 2025, the management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets: 0.25% up to $5 billion and 0.225% in excess of $5 billion.

#### 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Equity Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $144 | 1.23% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Emerging Markets Equity Portfolio (fund) provided a total return of 33.65%, at net asset value. This compares with a return of 33.57% for the fund's benchmark, the MSCI Emerging Markets Index (net div).

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September.

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war.

* Top contributors to performance relative to the MSCI Emerging Markets Index:

Security selection within both the consumer discretionary and financials sectors benefited relative performance.

* Top detractors from performance relative to the MSCI Emerging Markets Index:

An overweight position in the consumer staples sector weighed on relative performance.

Security selection within both the energy and information technology sectors further held back relative performance.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Initial Class over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2253128.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 33.65% | 4.37% | 7.92% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI Emerging Markets Index (net div) ∆ | 33.57% | 4.20% | 8.42% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 40225747 | Total Management Fee ($)#: | 385731 |
| Total Number of Holdings: | 93 | Portfolio Turnover Rate (%): | 40 |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.4% |
| Money Market Funds | 1.6% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.3% |
| Tencent Holdings Ltd. | 6.2% |
| Samsung Electronics Co. Ltd. | 5.3% |
| Alibaba Group Holding Ltd. | 3.0% |
| HDFC Bank Ltd. | 2.5% |
| Hon Hai Precision Industry Co. Ltd. | 1.8% |
| China Construction Bank Corp. | 1.8% |
| ASE Technology Holding Co. Ltd | 1.8% |
| Kweichow Moutai Co. Ltd., "A" | 1.8% |
| MediaTek, Inc. | 1.7% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| China | 27.9% |
| Taiwan | 17.4% |
| India | 16.2% |
| South Korea | 10.6% |
| Brazil | 5.6% |
| Indonesia | 3.0% |
| United Arab Emirates | 2.7% |
| Hong Kong | 2.6% |
| Mexico | 2.4% |
| Other Countries | 11.6% |

---

#### 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Emerging Markets Equity Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $173 | 1.48% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Emerging Markets Equity Portfolio (fund) provided a total return of 33.35%, at net asset value. This compares with a return of 33.57% for the fund's benchmark, the MSCI Emerging Markets Index (net div). 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the MSCI Emerging Markets Index:

Security selection within both the consumer discretionary and financials sectors benefited relative performance. 

* Top detractors from performance relative to the MSCI Emerging Markets Index:

An overweight position in the consumer staples sector weighed on relative performance. 

Security selection within both the energy and information technology sectors further held back relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Service Class over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2253303.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 33.35% | 4.11% | 7.65% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI Emerging Markets Index (net div) ∆ | 33.57% | 4.20% | 8.42% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 40225747 | Total Management Fee ($)#: | 385731 |
| Total Number of Holdings: | 93 | Portfolio Turnover Rate (%): | 40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.4% |
| Money Market Funds | 1.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.3% |
| Tencent Holdings Ltd. | 6.2% |
| Samsung Electronics Co. Ltd. | 5.3% |
| Alibaba Group Holding Ltd. | 3.0% |
| HDFC Bank Ltd. | 2.5% |
| Hon Hai Precision Industry Co. Ltd. | 1.8% |
| China Construction Bank Corp. | 1.8% |
| ASE Technology Holding Co. Ltd | 1.8% |
| Kweichow Moutai Co. Ltd., "A" | 1.8% |
| MediaTek, Inc. | 1.7% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| China | 27.9% |
| Taiwan | 17.4% |
| India | 16.2% |
| South Korea | 10.6% |
| Brazil | 5.6% |
| Indonesia | 3.0% |
| United Arab Emirates | 2.7% |
| Hong Kong | 2.6% |
| Mexico | 2.4% |
| Other Countries | 11.6% |

---

#### 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Intrinsic Value Portfolio for the period of January 1, 2025 to December 31, 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.

 **This report describes planned changes to the Fund since January 1, 2025 .**

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $104 | 0.89% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS International Intrinsic Value Portfolio (fund) provided a total return of 33.26%, at net asset value. This compares with a return of 31.22% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the MSCI EAFE Index:

Security selection within the materials, financials, and health care sectors aided relative performance. 

The fund's underweight position in the consumer discretionary sector also benefited relative results. 

* Top detractors from performance relative to the MSCI EAFE Index:

Security selection within the consumer staples sector held back relative performance. Not owning any stocks within the utilities sector, and the fund's overweight position in the information technology sector, also weakened relative returns. 

The fund's cash and/or cash equivalents position during the period detracted from relative performance. Under normal market conditions, the fund strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity. In a period when markets rose, as measured by the fund's benchmark, holding cash hurt performance versus the benchmark, which has no cash position. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Initial Class over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2254633.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 33.26% | 7.28% | 9.95% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 31.22% | 8.92% | 8.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 1539716259 | Total Management Fee ($)#: | 12461665 |
| Total Number of Holdings: | 88 | Portfolio Turnover Rate (%): | 18 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.3% |
| Money Market Funds | 1.7% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Franco-Nevada Corp. | 3.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.3% |
| NatWest Group PLC | 2.9% |
| Schneider Electric SE | 2.8% |
| Legrand S.A. | 2.7% |
| CaixaBank S.A. | 2.6% |
| TotalEnergies SE | 2.6% |
| Deutsche Boerse AG | 2.2% |
| AIB Group PLC | 2.2% |
| Resona Holdings, Inc. | 2.2% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 16.5% |
| France | 15.6% |
| Japan | 12.2% |
| Switzerland | 9.5% |
| United States | 7.6% |
| Canada | 7.5% |
| Germany | 7.0% |
| Ireland | 5.7% |
| Spain | 3.9% |
| Other Countries | 14.5% |

---

#### MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's prospectus, as supplemented from time to time, at insurancefunds.mfs.com or upon request at 1-800-225-2606.

Effective April 30, 2026, the MFS International Intrinsic Value Portfolio will be renamed the MFS International Intrinsic Equity Portfolio. In connection with the name change, the fund will adopt a policy to invest at least 80% of its assets in equity securities.

#### 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Intrinsic Value Portfolio for the period of January 1, 2025 to December 31, 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.

 **This report describes planned changes to the Fund since January 1, 2025 .**

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $133 | 1.14% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS International Intrinsic Value Portfolio (fund) provided a total return of 32.96%, at net asset value. This compares with a return of 31.22% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the MSCI EAFE Index:

Security selection within the materials, financials, and health care sectors aided relative performance. 

The fund's underweight position in the consumer discretionary sector also benefited relative results. 

* Top detractors from performance relative to the MSCI EAFE Index:

Security selection within the consumer staples sector held back relative performance. Not owning any stocks within the utilities sector, and the fund's overweight position in the information technology sector, also weakened relative returns. 

The fund's cash and/or cash equivalents position during the period detracted from relative performance. Under normal market conditions, the fund strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity. In a period when markets rose, as measured by the fund's benchmark, holding cash hurt performance versus the benchmark, which has no cash position. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Service Class over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2254806.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 32.96% | 7.02% | 9.68% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 31.22% | 8.92% | 8.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 1539716259 | Total Management Fee ($)#: | 12461665 |
| Total Number of Holdings: | 88 | Portfolio Turnover Rate (%): | 18 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.3% |
| Money Market Funds | 1.7% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Franco-Nevada Corp. | 3.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.3% |
| NatWest Group PLC | 2.9% |
| Schneider Electric SE | 2.8% |
| Legrand S.A. | 2.7% |
| CaixaBank S.A. | 2.6% |
| TotalEnergies SE | 2.6% |
| Deutsche Boerse AG | 2.2% |
| AIB Group PLC | 2.2% |
| Resona Holdings, Inc. | 2.2% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United Kingdom | 16.5% |
| France | 15.6% |
| Japan | 12.2% |
| Switzerland | 9.5% |
| United States | 7.6% |
| Canada | 7.5% |
| Germany | 7.0% |
| Ireland | 5.7% |
| Spain | 3.9% |
| Other Countries | 14.5% |

---

#### MATERIAL FUND CHANGES
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's prospectus, as supplemented from time to time, at insurancefunds.mfs.com or upon request at 1-800-225-2606.

Effective April 30, 2026, the MFS International Intrinsic Value Portfolio will be renamed the MFS International Intrinsic Equity Portfolio. In connection with the name change, the fund will adopt a policy to invest at least 80% of its assets in equity securities.

#### 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Growth Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $97 | 0.88% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS International Growth Portfolio (fund) provided a total return of 21.12%, at net asset value. This compares with a return of 32.39% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 25.65%. 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection within both the health care and financials sectors benefited relative performance. 

During the reporting period, the fund's relative currency exposure, resulting primarily from differences between the fund's and the benchmark's exposures to holdings of securities denominated in foreign currencies, was another contributor to relative performance. 

* Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection and an underweight position in the information technology sector detracted from relative performance. 

Security selection within the industrials sector further weakened relative results. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Initial Class over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2254445.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 21.12% | 7.07% | 9.88% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 32.39% | 7.91% | 8.41% |
| MSCI All Country World (ex-US) Growth Index (net div) ∆ | 25.65% | 4.01% | 7.92% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 361334994 | Total Management Fee ($)#: | 2846917 |
| Total Number of Holdings: | 89 | Portfolio Turnover Rate (%): | 19 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

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

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.9% |
| Schneider Electric SE | 3.6% |
| Roche Holding AG | 3.3% |
| SAP SE | 3.0% |
| Nestle S.A. | 3.0% |
| AstraZeneca PLC | 2.8% |
| AIA Group Ltd. | 2.7% |
| Tencent Holdings Ltd. | 2.4% |
| LVMH Moet Hennessy Louis Vuitton SE | 2.4% |
| Agnico Eagle Mines Ltd. | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| France | 12.2% |
| United Kingdom | 12.1% |
| Germany | 9.3% |
| Japan | 9.1% |
| Canada | 7.9% |
| Switzerland | 7.3% |
| Taiwan | 6.1% |
| United States | 5.0% |
| China | 4.3% |
| Other Countries | 26.7% |

---

#### 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.

FCIIC-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS International Growth Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $125 | 1.13% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS International Growth Portfolio (fund) provided a total return of 20.81%, at net asset value. This compares with a return of 32.39% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div). The fund's other benchmark, the MSCI All Country World (ex-US) Growth Index (net div), generated a return of 25.65%. 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection within both the health care and financials sectors benefited relative performance. 

During the reporting period, the fund's relative currency exposure, resulting primarily from differences between the fund's and the benchmark's exposures to holdings of securities denominated in foreign currencies, was another contributor to relative performance. 

* Top detractors from performance relative to the MSCI All Country World (ex-US) Growth Index:

Security selection and an underweight position in the information technology sector detracted from relative performance. 

Security selection within the industrials sector further weakened relative results. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Service Class over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2254618.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 20.81% | 6.80% | 9.60% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 32.39% | 7.91% | 8.41% |
| MSCI All Country World (ex-US) Growth Index (net div) ∆ | 25.65% | 4.01% | 7.92% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 361334994 | Total Management Fee ($)#: | 2846917 |
| Total Number of Holdings: | 89 | Portfolio Turnover Rate (%): | 19 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

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

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.9% |
| Schneider Electric SE | 3.6% |
| Roche Holding AG | 3.3% |
| SAP SE | 3.0% |
| Nestle S.A. | 3.0% |
| AstraZeneca PLC | 2.8% |
| AIA Group Ltd. | 2.7% |
| Tencent Holdings Ltd. | 2.4% |
| LVMH Moet Hennessy Louis Vuitton SE | 2.4% |
| Agnico Eagle Mines Ltd. | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| France | 12.2% |
| United Kingdom | 12.1% |
| Germany | 9.3% |
| Japan | 9.1% |
| Canada | 7.9% |
| Switzerland | 7.3% |
| Taiwan | 6.1% |
| United States | 5.0% |
| China | 4.3% |
| Other Countries | 26.7% |

---

#### 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.

FCISC-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Government Securities Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $58 | 0.56% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Government Securities Portfolio (fund) provided a total return of 6.99%, at net asset value. This compares with a return of 7.30% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Government/Mortgage Index, generated a return of 7.09%.

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September.

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war.

* Top contributors to performance relative to the Bloomberg U.S. Government/Mortgage Index:

The fund's underweight allocation to the treasury sector supported relative performance. Yield curve positioning, particularly the funds greater exposure to 2 and 5 year maturities also supported relative results.

The fund's exposure to both the collateralized loan obligations (CLO) and collateralized mortgage obligations (CMO) sectors, for which the benchmark has no exposure, also benefited relative returns.

* Top detractors from performance relative to the Bloomberg U.S. Government/Mortgage Index:

During the reporting period, the fund's cash position weakened relative performance.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Initial Class over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2254068.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 6.99% | (0.68)% | 1.29% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Government/Mortgage Index ∆ | 7.09% | (0.53)% | 1.46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 266101466 | Average Effective Maturity (yrs): | 7.1 |
| Total Number of Holdings: | 541 | Average Effective Duration (yrs): | 5.9 |
| Total Management Fee ($)#: | 1443240 |  |  |
| Portfolio Turnover Rate (%): | 101 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 85.6% |
| Money Market Funds | 14.4% |
| Purchased Options | 0.0% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 3.8% |
| AA | 1.6% |
| A | 0.4% |
| U.S. Government | 30.0% |
| Federal Agencies | 49.8% |
| Not Rated | 0.0% |
| Money Market Funds | 14.4% |

---

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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Government Securities Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $84 | 0.81% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Government Securities Portfolio (fund) provided a total return of 6.63%, at net asset value. This compares with a return of 7.30% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Government/Mortgage Index, generated a return of 7.09%.

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September.

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war.

* Top contributors to performance relative to the Bloomberg U.S. Government/Mortgage Index:

The fund's underweight allocation to the treasury sector supported relative performance. Yield curve positioning, particularly the funds greater exposure to 2 and 5 year maturities also supported relative results.

The fund's exposure to both the collateralized loan obligations (CLO) and collateralized mortgage obligations (CMO) sectors, for which the benchmark has no exposure, also benefited relative returns.

* Top detractors from performance relative to the Bloomberg U.S. Government/Mortgage Index:

During the reporting period, the fund's cash position weakened relative performance.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Service Class over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2254243.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 6.63% | (0.94)% | 1.03% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Government/Mortgage Index ∆ | 7.09% | (0.53)% | 1.46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 266101466 | Average Effective Maturity (yrs): | 7.1 |
| Total Number of Holdings: | 541 | Average Effective Duration (yrs): | 5.9 |
| Total Management Fee ($)#: | 1443240 |  |  |
| Portfolio Turnover Rate (%): | 101 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 85.6% |
| Money Market Funds | 14.4% |
| Purchased Options | 0.0% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 3.8% |
| AA | 1.6% |
| A | 0.4% |
| U.S. Government | 30.0% |
| Federal Agencies | 49.8% |
| Not Rated | 0.0% |
| Money Market Funds | 14.4% |

---

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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS High Yield Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $75 | 0.72% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS High Yield Portfolio (fund) provided a total return of 8.65%, at net asset value. This compares with a return of 7.30% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index, generated a return of 8.62%.

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September.

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war.

* Top contributors to performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a quality perspective, security selection within both CCC- and BB-rated bonds benefited relative performance.

From a sector perspective, bond selection within the consumer cyclicals and capital goods sectors also helped relative results.

* Top detractors from performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

Bond selection within the communications sector held back relative performance.

The fund's cash and/or cash equivalents position during the period also detracted from relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Initial Class over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2254257.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 8.65% | 3.87% | 5.56% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index ∆ | 8.62% | 4.50% | 6.52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 221931362 | Average Effective Maturity (yrs): | 3.4 |
| Total Number of Holdings: | 365 | Average Effective Duration (yrs): | 2.7 |
| Total Management Fee ($)#: | 1531749 |  |  |
| Portfolio Turnover Rate (%): | 50 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.7% |
| Money Market Funds | 2.2% |
| Equities | 0.1% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BB | 47.1% |
| B | 38.5% |
| CCC | 11.8% |
| CC | 0.3% |
| Not Rated | 0.0% |
| Non-Fixed Income | 0.1% |
| 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS High Yield Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $101 | 0.97% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS High Yield Portfolio (fund) provided a total return of 8.47%, at net asset value. This compares with a return of 7.30% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund's other benchmark, the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index, generated a return of 8.62%.

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September.

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war.

* Top contributors to performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

From a quality perspective, security selection within both CCC- and BB-rated bonds benefited relative performance.

From a sector perspective, bond selection within the consumer cyclicals and capital goods sectors also helped relative results.

* Top detractors from performance relative to the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index:

Bond selection within the communications sector held back relative performance.

The fund's cash and/or cash equivalents position during the period also detracted from relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Service Class over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2254430.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 8.47% | 3.63% | 5.30% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index ∆ | 8.62% | 4.50% | 6.52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 221931362 | Average Effective Maturity (yrs): | 3.4 |
| Total Number of Holdings: | 365 | Average Effective Duration (yrs): | 2.7 |
| Total Management Fee ($)#: | 1531749 |  |  |
| Portfolio Turnover Rate (%): | 50 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.7% |
| Money Market Funds | 2.2% |
| Equities | 0.1% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| BB | 47.1% |
| B | 38.5% |
| CCC | 11.8% |
| CC | 0.3% |
| Not Rated | 0.0% |
| Non-Fixed Income | 0.1% |
| 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Massachusetts Investors Growth Stock Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $76 | 0.72% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Massachusetts Investors Growth Stock Portfolio (fund) provided a total return of 9.90%, at net asset value. This compares with a return of 17.15% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Growth Index, generated a return of 18.56%. 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Growth Index:

The fund's underweight allocation to the consumer discretionary sector aided relative performance. 

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Growth Index:

Stock selection and an underweight position in the information technology sector weighed on relative performance. 

Stock selection and an overweight position in the financials sector also hindered relative results. Stock selection within both the health care and industrials sectors further weakened relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Initial Class over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2254821.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 9.90% | 10.02% | 14.27% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Growth Index ∆ | 18.56% | 15.32% | 18.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 937122383 | Total Management Fee ($)#: | 7017325 |
| Total Number of Holdings: | 54 | Portfolio Turnover Rate (%): | 21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.9% |
| Money Market Funds | 0.1% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 44.2% |
| Financials | 13.1% |
| Health Care | 10.5% |
| Industrials | 10.2% |
| Consumer Discretionary | 9.3% |
| Communication Services | 5.8% |
| Consumer Staples | 3.8% |
| Utilities | 1.9% |
| Materials | 1.0% |
| Real Estate | 0.1% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Microsoft Corp. | 13.9% |
| NVIDIA Corp. | 9.6% |
| Apple, Inc. | 5.8% |
| Alphabet, Inc., "A" | 3.8% |
| Visa, Inc., "A" | 3.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.5% |
| Amphenol Corp., "A" | 3.4% |
| Accenture PLC, "A" | 3.4% |
| Aon PLC | 2.8% |
| TransUnion | 2.6% |

---

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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Massachusetts Investors Growth Stock Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $102 | 0.97% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Massachusetts Investors Growth Stock Portfolio (fund) provided a total return of 9.61%, at net asset value. This compares with a return of 17.15% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Growth Index, generated a return of 18.56%. 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Growth Index:

The fund's underweight allocation to the consumer discretionary sector aided relative performance. 

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Growth Index:

Stock selection and an underweight position in the information technology sector weighed on relative performance. 

Stock selection and an overweight position in the financials sector also hindered relative results. Stock selection within both the health care and industrials sectors further weakened relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Service Class over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2254994.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 9.61% | 9.74% | 13.98% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Growth Index ∆ | 18.56% | 15.32% | 18.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 937122383 | Total Management Fee ($)#: | 7017325 |
| Total Number of Holdings: | 54 | Portfolio Turnover Rate (%): | 21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.9% |
| Money Market Funds | 0.1% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 44.2% |
| Financials | 13.1% |
| Health Care | 10.5% |
| Industrials | 10.2% |
| Consumer Discretionary | 9.3% |
| Communication Services | 5.8% |
| Consumer Staples | 3.8% |
| Utilities | 1.9% |
| Materials | 1.0% |
| Real Estate | 0.1% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Microsoft Corp. | 13.9% |
| NVIDIA Corp. | 9.6% |
| Apple, Inc. | 5.8% |
| Alphabet, Inc., "A" | 3.8% |
| Visa, Inc., "A" | 3.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.5% |
| Amphenol Corp., "A" | 3.4% |
| Accenture PLC, "A" | 3.4% |
| Aon PLC | 2.8% |
| TransUnion | 2.6% |

---

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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS U.S. Government Money Market Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $46 | 0.45% |

---

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 260464583 | Total Management Fee ($)#: | $1032937 |
| Total Number of Holdings: | 24 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | 63.3% |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities | 36.7% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| A-1+ | 39.4% |
| A-1 | 23.9% |

---

**Maturity breakdown**

---

| | |
|:---|:---|
| 0 - 7 days | 40.4% |
| 8 - 29 days | 13.9% |
| 30 - 59 days | 19.7% |
| 60 - 89 days | 17.3% |
| 90 - 365 days | 8.7% |

---

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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS U.S. Government Money Market Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $46 | 0.45% |

---

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 260464583 | Total Management Fee ($)#: | $1032937 |
| Total Number of Holdings: | 24 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| U.S. Treasury and U.S. Government Agency Securities and Equivalents | 63.3% |
| Repurchase Agreements, collateralized by U.S. Treasury and/or U.S. Government Agency Securities | 36.7% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| A-1+ | 39.4% |
| A-1 | 23.9% |

---

**Maturity breakdown**

---

| | |
|:---|:---|
| 0 - 7 days | 40.4% |
| 8 - 29 days | 13.9% |
| 30 - 59 days | 19.7% |
| 60 - 89 days | 17.3% |
| 90 - 365 days | 8.7% |

---

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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global Research Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $92 | 0.85% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Global Research Portfolio (fund) provided a total return of 16.36%, at net asset value. This compares with a return of 22.34% for the fund's benchmark, the MSCI All Country World Index (net div). 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the MSCI All Country World Index:

Security selection within both the financial services and health care sectors benefited relative performance. 

* Top detractors from performance relative to the MSCI All Country World Index:

Security selection within the technology, capital goods, communication services, and energy sectors weighed on relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Initial Class over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2253867.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 16.36% | 9.30% | 11.21% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World Index (net div) ∆ | 22.34% | 11.19% | 11.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 73996514 | Total Management Fee ($)#: | 544012 |
| Total Number of Holdings: | 123 | Portfolio Turnover Rate (%): | 39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.6% |
| Money Market Funds | 0.4% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Microsoft Corp. | 4.6% |
| NVIDIA Corp. | 4.0% |
| Amazon.com, Inc. | 3.3% |
| Apple, Inc. | 3.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.1% |
| Alphabet, Inc., "A" | 2.6% |
| Broadcom, Inc. | 2.4% |
| Meta Platforms, Inc., "A" | 2.3% |
| Mastercard, Inc., "A" | 2.2% |
| PNC Financial Services Group, Inc. | 1.7% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 61.3% |
| Japan | 5.5% |
| United Kingdom | 5.5% |
| France | 5.1% |
| Canada | 3.1% |
| Taiwan | 3.1% |
| Switzerland | 2.9% |
| Netherlands | 2.4% |
| China | 2.2% |
| Other Countries | 8.9% |

---

#### 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global Research Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $119 | 1.10% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Global Research Portfolio (fund) provided a total return of 16.07%, at net asset value. This compares with a return of 22.34% for the fund's benchmark, the MSCI All Country World Index (net div). 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the MSCI All Country World Index:

Security selection within both the financial services and health care sectors benefited relative performance. 

* Top detractors from performance relative to the MSCI All Country World Index:

Security selection within the technology, capital goods, communication services, and energy sectors weighed on relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Service Class over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2253694.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 16.07% | 9.03% | 10.93% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World Index (net div) ∆ | 22.34% | 11.19% | 11.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 73996514 | Total Management Fee ($)#: | 544012 |
| Total Number of Holdings: | 123 | Portfolio Turnover Rate (%): | 39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.6% |
| Money Market Funds | 0.4% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Microsoft Corp. | 4.6% |
| NVIDIA Corp. | 4.0% |
| Amazon.com, Inc. | 3.3% |
| Apple, Inc. | 3.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.1% |
| Alphabet, Inc., "A" | 2.6% |
| Broadcom, Inc. | 2.4% |
| Meta Platforms, Inc., "A" | 2.3% |
| Mastercard, Inc., "A" | 2.2% |
| PNC Financial Services Group, Inc. | 1.7% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 61.3% |
| Japan | 5.5% |
| United Kingdom | 5.5% |
| France | 5.1% |
| Canada | 3.1% |
| Taiwan | 3.1% |
| Switzerland | 2.9% |
| Netherlands | 2.4% |
| China | 2.2% |
| Other Countries | 8.9% |

---

#### 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Core Equity Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $83 | 0.78% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Core Equity Portfolio (fund) provided a total return of 12.50%, at net asset value. This compares with a return of 17.15% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the Russell 3000<sup>®</sup> Index:

Security selection within the health care sector supported relative performance. 

* Top detractors from performance relative to the Russell 3000<sup>®</sup> Index:

Security selection within the technology sector weakened relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Initial Class over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2252940.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 12.50% | 11.52% | 13.81% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 17.15% | 13.15% | 14.29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 286735830 | Total Management Fee ($)#: | 2068975 |
| Total Number of Holdings: | 174 | Portfolio Turnover Rate (%): | 50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.5% |
| Money Market Funds | 0.5% |

---

 **Global equity sectors**

---

| | |
|:---|:---|
| Technology | 32.9% |
| Financial Services | 14.1% |
| Capital Goods | 13.4% |
| Consumer Cyclicals | 10.6% |
| Health Care | 10.1% |
| Communication Services | 9.8% |
| Energy | 5.7% |
| Consumer Staples | 2.9% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.6% |
| Microsoft Corp. | 6.1% |
| Apple, Inc. | 5.2% |
| Amazon.com, Inc. | 4.6% |
| Alphabet, Inc., "A" | 4.5% |
| Broadcom, Inc. | 2.9% |
| Meta Platforms, Inc., "A" | 2.6% |
| JPMorgan Chase & Co. | 2.2% |
| Johnson & Johnson | 1.9% |
| Mastercard, Inc., "A" | 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Core Equity Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $109 | 1.03% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Core Equity Portfolio (fund) provided a total return of 12.22%, at net asset value. This compares with a return of 17.15% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the Russell 3000<sup>®</sup> Index:

Security selection within the health care sector supported relative performance. 

* Top detractors from performance relative to the Russell 3000<sup>®</sup> Index:

Security selection within the technology sector weakened relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Service Class over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2253115.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 12.22% | 11.26% | 13.53% |
| **Comparative Benchmark(s)** |  |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 17.15% | 13.15% | 14.29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 286735830 | Total Management Fee ($)#: | 2068975 |
| Total Number of Holdings: | 174 | Portfolio Turnover Rate (%): | 50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.5% |
| Money Market Funds | 0.5% |

---

 **Global equity sectors**

---

| | |
|:---|:---|
| Technology | 32.9% |
| Financial Services | 14.1% |
| Capital Goods | 13.4% |
| Consumer Cyclicals | 10.6% |
| Health Care | 10.1% |
| Communication Services | 9.8% |
| Energy | 5.7% |
| Consumer Staples | 2.9% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.6% |
| Microsoft Corp. | 6.1% |
| Apple, Inc. | 5.2% |
| Amazon.com, Inc. | 4.6% |
| Alphabet, Inc., "A" | 4.5% |
| Broadcom, Inc. | 2.9% |
| Meta Platforms, Inc., "A" | 2.6% |
| JPMorgan Chase & Co. | 2.2% |
| Johnson & Johnson | 1.9% |
| Mastercard, Inc., "A" | 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Research International Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $100 | 0.90% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Research International Portfolio (fund) provided a total return of 22.05%, at net asset value. This compares with a return of 31.22% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the MSCI EAFE Index:

Stock selection within the technology sector aided relative performance. 

* Top detractors from performance relative to the MSCI EAFE Index:

Security selection within the capital goods, health care, and communication services sectors held back relative performance. 

During the reporting period, the fund's relative currency exposure, resulting primarily from differences between the fund's and the benchmark's exposures to holdings of securities denominated in foreign currencies, held back relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Initial Class over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2255009.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 22.05% | 5.51% | 7.54% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 31.22% | 8.92% | 8.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 358479122 | Total Management Fee ($)#: | 4316378 |
| Total Number of Holdings: | 113 | Portfolio Turnover Rate (%): | 39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

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

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Roche Holding AG | 3.0% |
| Mizuho Financial Group, Inc. | 2.7% |
| Schneider Electric SE | 2.7% |
| Hitachi Ltd. | 2.5% |
| Novartis AG | 1.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.7% |
| Barclays PLC | 1.7% |
| Linde PLC | 1.6% |
| ASML Holding N.V. | 1.6% |
| ING Groep N.V. | 1.6% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 20.9% |
| United Kingdom | 15.4% |
| France | 12.4% |
| Switzerland | 8.5% |
| United States | 6.4% |
| Germany | 5.8% |
| Netherlands | 4.8% |
| Canada | 3.2% |
| Italy | 3.0% |
| Other Countries | 19.6% |

---

#### 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Research International Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $128 | 1.15% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Research International Portfolio (fund) provided a total return of 21.75%, at net asset value. This compares with a return of 31.22% for the fund's benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net div). 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the MSCI EAFE Index:

Stock selection within the technology sector aided relative performance. 

* Top detractors from performance relative to the MSCI EAFE Index:

Security selection within the capital goods, health care, and communication services sectors held back relative performance. 

During the reporting period, the fund's relative currency exposure, resulting primarily from differences between the fund's and the benchmark's exposures to holdings of securities denominated in foreign currencies, held back relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Service Class over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2255182.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 21.75% | 5.25% | 7.27% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI EAFE (Europe, Australasia, Far East) Index (net div) ∆ | 31.22% | 8.92% | 8.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 358479122 | Total Management Fee ($)#: | 4316378 |
| Total Number of Holdings: | 113 | Portfolio Turnover Rate (%): | 39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

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

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Roche Holding AG | 3.0% |
| Mizuho Financial Group, Inc. | 2.7% |
| Schneider Electric SE | 2.7% |
| Hitachi Ltd. | 2.5% |
| Novartis AG | 1.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.7% |
| Barclays PLC | 1.7% |
| Linde PLC | 1.6% |
| ASML Holding N.V. | 1.6% |
| ING Groep N.V. | 1.6% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 20.9% |
| United Kingdom | 15.4% |
| France | 12.4% |
| Switzerland | 8.5% |
| United States | 6.4% |
| Germany | 5.8% |
| Netherlands | 4.8% |
| Canada | 3.2% |
| Italy | 3.0% |
| Other Countries | 19.6% |

---

#### 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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

## MFS<sup>®</sup> Income Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Income Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $69 | 0.67% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Income Portfolio (fund) provided a total return of 7.33%, at net asset value. This compares with a return of 7.30% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index.

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September.

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war.

* Top contributors to performance relative to the Bloomberg U.S. Aggregate Bond Index:

The fund's exposure to the collateralized mortgage obligations (CMO) sector, for which the benchmark has no exposure, supported relative performance. Security selection within both the industrials and financial institutions sectors also benefited relative returns.

From a credit quality perspective, the fund's out-of-benchmark exposure to non-investment grade bonds further strengthened relative results.

* Top detractors from performance relative to the Bloomberg U.S. Aggregate Bond Index:

The fund's underweight exposure to the mortgage-backed securities (MBS) agency fixed rate sector weakened relative returns.

The fund's overweight allocation to AAA-rated credit issues further detracted from relative performance.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Initial Class over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2255197.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 7.33% | 0.66% | 3.58% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 7.30% | (0.36)% | 2.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 38363839 | Average Effective Maturity (yrs): | 8.4 |
| Total Number of Holdings: | 243 | Average Effective Duration (yrs): | 5.9 |
| Total Management Fee ($)#: | 177451 |  |  |
| Portfolio Turnover Rate (%): | 29 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 99.1% |
| Money Market Funds | 0.9% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 9.2% |
| AA | 8.3% |
| A | 14.4% |
| BBB | 28.7% |
| BB | 5.5% |
| B | 5.0% |
| CCC | 0.4% |
| C | 0.0% |
| U.S. Government | 26.0% |
| Federal Agencies | 0.0% |
| Not Rated | 1.6% |
| Money Market Funds | 0.9% |

---

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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

## MFS<sup>®</sup> Income Portfolio

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Income Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $95 | 0.92% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Income Portfolio (fund) provided a total return of 7.09%, at net asset value. This compares with a return of 7.30% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index.

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September.

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war.

* Top contributors to performance relative to the Bloomberg U.S. Aggregate Bond Index:

The fund's exposure to the collateralized mortgage obligations (CMO) sector, for which the benchmark has no exposure, supported relative performance. Security selection within both the industrials and financial institutions sectors also benefited relative returns.

From a credit quality perspective, the fund's out-of-benchmark exposure to non-investment grade bonds further strengthened relative results.

* Top detractors from performance relative to the Bloomberg U.S. Aggregate Bond Index:

The fund's underweight exposure to the mortgage-backed securities (MBS) agency fixed rate sector weakened relative returns.

The fund's overweight allocation to AAA-rated credit issues further detracted from relative performance.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Service Class over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2255370.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 7.09% | 0.41% | 3.33% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 7.30% | (0.36)% | 2.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 38363839 | Average Effective Maturity (yrs): | 8.4 |
| Total Number of Holdings: | 243 | Average Effective Duration (yrs): | 5.9 |
| Total Management Fee ($)#: | 177451 |  |  |
| Portfolio Turnover Rate (%): | 29 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 99.1% |
| Money Market Funds | 0.9% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 9.2% |
| AA | 8.3% |
| A | 14.4% |
| BBB | 28.7% |
| BB | 5.5% |
| B | 5.0% |
| CCC | 0.4% |
| C | 0.0% |
| U.S. Government | 26.0% |
| Federal Agencies | 0.0% |
| Not Rated | 1.6% |
| Money Market Funds | 0.9% |

---

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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Technology Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $89 | 0.82% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Technology Portfolio (fund) provided a total return of 16.57%, at net asset value. This compares with a return of 17.88% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the Standard & Poor's North American Technology Sector Index, generated a return of 27.82%. 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the Standard & Poor's North American Technology Sector Index:

The fund's underweight allocation to the technology hardware, storage & peripherals industry strengthened relative returns. 

* Top detractors from performance relative to the Standard & Poor's North American Technology Sector Index:

Security selection within the software industry held back relative performance. 

An underweight allocation to the semiconductors & semiconductor equipment industry further weakened relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Initial Class over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2255385.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 16.57% | 12.45% | 18.64% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 17.88% | 14.42% | 14.82% |
| Standard & Poor's North American Technology Sector Index ∆ | 27.82% | 18.02% | 22.54% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 215194460 | Total Management Fee ($)#: | 1415254 |
| Total Number of Holdings: | 51 | Portfolio Turnover Rate (%): | 69 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.9% |
| Money Market Funds | 1.1% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.9% |
| Alphabet, Inc., "A" | 9.2% |
| Apple, Inc. | 8.4% |
| Microsoft Corp. | 8.3% |
| Broadcom, Inc. | 7.7% |
| Shopify, Inc. | 5.1% |
| Meta Platforms, Inc., "A" | 4.7% |
| Advanced Micro Devices | 3.3% |
| Lam Research Corp. | 2.5% |
| Oracle Corp. | 2.3% |

---

 **Top five industries**

---

| | |
|:---|:---|
| Electronics | 32.1% |
| Computer Software | 26.9% |
| Computer Software - Systems | 22.1% |
| Interactive Media Services | 14.1% |
| Business Services | 3.0% |

---

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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Technology Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $116 | 1.07% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Technology Portfolio (fund) provided a total return of 16.28%, at net asset value. This compares with a return of 17.88% for the fund's benchmark, the Standard & Poor's 500 Stock Index. The fund's other benchmark, the Standard & Poor's North American Technology Sector Index, generated a return of 27.82%. 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the Standard & Poor's North American Technology Sector Index:

The fund's underweight allocation to the technology hardware, storage & peripherals industry strengthened relative returns. 

* Top detractors from performance relative to the Standard & Poor's North American Technology Sector Index:

Security selection within the software industry held back relative performance. 

An underweight allocation to the semiconductors & semiconductor equipment industry further weakened relative returns. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Service Class over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2255558.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 16.28% | 12.17% | 18.35% |
| **Comparative Benchmark(s)** |  |  |  |
| Standard & Poor's 500 Stock Index ∆ | 17.88% | 14.42% | 14.82% |
| Standard & Poor's North American Technology Sector Index ∆ | 27.82% | 18.02% | 22.54% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 215194460 | Total Management Fee ($)#: | 1415254 |
| Total Number of Holdings: | 51 | Portfolio Turnover Rate (%): | 69 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.9% |
| Money Market Funds | 1.1% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.9% |
| Alphabet, Inc., "A" | 9.2% |
| Apple, Inc. | 8.4% |
| Microsoft Corp. | 8.3% |
| Broadcom, Inc. | 7.7% |
| Shopify, Inc. | 5.1% |
| Meta Platforms, Inc., "A" | 4.7% |
| Advanced Micro Devices | 3.3% |
| Lam Research Corp. | 2.5% |
| Oracle Corp. | 2.3% |

---

 **Top five industries**

---

| | |
|:---|:---|
| Electronics | 32.1% |
| Computer Software | 26.9% |
| Computer Software - Systems | 22.1% |
| Interactive Media Services | 14.1% |
| Business Services | 3.0% |

---

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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global Growth Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $91 | 0.88% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Global Growth Portfolio (fund) provided a total return of 7.68%, at net asset value. This compares with a return of 22.34% for the fund's benchmark, the MSCI All Country World Index (net div). 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the MSCI All Country World Index:

Not holding any stocks within the energy sector benefited relative returns as the sector underperformed the benchmark over the period. 

The fund's underweight position in the consumer discretionary sector further supported relative results. 

* Top detractors from performance relative to the MSCI All Country World Index:

Security selection within the financials, industrials, and information technology sectors detracted from relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Initial Class over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2253504.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 7.68% | 6.77% | 11.76% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World Index (net div) ∆ | 22.34% | 11.19% | 11.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 49756012 | Total Management Fee ($)#: | 443785 |
| Total Number of Holdings: | 74 | Portfolio Turnover Rate (%): | 25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.5% |
| Money Market Funds | 0.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Microsoft Corp. | 6.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5.3% |
| Accenture PLC, "A" | 3.4% |
| Visa, Inc., "A" | 3.3% |
| NVIDIA Corp. | 3.2% |
| Tencent Holdings Ltd. | 3.0% |
| Apple, Inc. | 3.0% |
| TransUnion | 2.4% |
| Aon PLC | 2.4% |
| Amphenol Corp., "A" | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 68.6% |
| France | 6.5% |
| Taiwan | 5.3% |
| China | 5.0% |
| Japan | 3.4% |
| Canada | 2.9% |
| United Kingdom | 2.3% |
| India | 2.2% |
| Switzerland | 1.1% |
| Other Countries | 2.7% |

---

#### 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.

WGOIC-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global Growth Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $117 | 1.13% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Global Growth Portfolio (fund) provided a total return of 7.43%, at net asset value. This compares with a return of 22.34% for the fund's benchmark, the MSCI All Country World Index (net div). 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the MSCI All Country World Index:

Not holding any stocks within the energy sector benefited relative returns as the sector underperformed the benchmark over the period. 

The fund's underweight position in the consumer discretionary sector further supported relative results. 

* Top detractors from performance relative to the MSCI All Country World Index:

Security selection within the financials, industrials, and information technology sectors detracted from relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Service Class over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2253679.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 7.43% | 6.50% | 11.48% |
| **Comparative Benchmark(s)** |  |  |  |
| MSCI All Country World Index (net div) ∆ | 22.34% | 11.19% | 11.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 49756012 | Total Management Fee ($)#: | 443785 |
| Total Number of Holdings: | 74 | Portfolio Turnover Rate (%): | 25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.5% |
| Money Market Funds | 0.5% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Microsoft Corp. | 6.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5.3% |
| Accenture PLC, "A" | 3.4% |
| Visa, Inc., "A" | 3.3% |
| NVIDIA Corp. | 3.2% |
| Tencent Holdings Ltd. | 3.0% |
| Apple, Inc. | 3.0% |
| TransUnion | 2.4% |
| Aon PLC | 2.4% |
| Amphenol Corp., "A" | 2.3% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 68.6% |
| France | 6.5% |
| Taiwan | 5.3% |
| China | 5.0% |
| Japan | 3.4% |
| Canada | 2.9% |
| United Kingdom | 2.3% |
| India | 2.2% |
| Switzerland | 1.1% |
| Other Countries | 2.7% |

---

#### 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.

WGOSC-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global Governments Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $72 | 0.70% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Global Governments Portfolio (fund) provided a total return of 6.54%, at net asset value. This compares with a return of 8.17% for the fund's benchmark, the Bloomberg Global Aggregate Index. The fund's other benchmark, the JPMorgan Global Government Bond Index (Unhedged), generated a return of 6.56%.

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September.

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war.

* Top contributors to performance relative to the JPMorgan Global Government Bond Index:

The fund's overweight allocation to Italian securities supported relative performance.

The fund's out-of-benchmark allocation to both Greece and Uruguay also aided relative results.

* Top detractors from performance relative to the JPMorgan Global Government Bond Index:

Unfavorable bond selection within US government bonds weighed on relative returns.

Additionally, the fund's foreign exchange allocation decisions, most notably from its overweight exposure to the Japanese yen and an underweight exposure to the Swiss franc, further weakened relative performance.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Initial Class over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2253316.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 6.54% | (4.43)% | (0.07)% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Global Aggregate Index ∆ | 8.17% | (2.15)% | 1.26% |
| JPMorgan Global Government Bond Index (Unhedged) ∆ | 6.56% | (3.74)% | 0.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 79731956 | Average Effective Maturity (yrs): | 8.8 |
| Total Number of Holdings: | 66 | Average Effective Duration (yrs): | 6.8 |
| Total Management Fee ($)#: | 593964 |  |  |
| Portfolio Turnover Rate (%): | 83 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.4% |
| Money Market Funds | 2.6% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 45.8% |
| Japan | 14.5% |
| Italy | 10.1% |
| France | 6.8% |
| United Kingdom | 4.6% |
| Greece | 4.4% |
| Spain | 4.2% |
| Canada | 2.5% |
| Australia | 1.1% |
| Other Countries | 6.0% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 3.6% |
| AA | 6.5% |
| A | 25.6% |
| BBB | 12.8% |
| BB | 2.1% |
| U.S. Government | 42.2% |
| Federal Agencies | 0.5% |
| Not Rated | 4.1% |
| Money Market Funds | 2.6% |

---

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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global Governments Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $98 | 0.95% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Global Governments Portfolio (fund) provided a total return of 6.32%, at net asset value. This compares with a return of 8.17% for the fund's benchmark, the Bloomberg Global Aggregate Index. The fund's other benchmark, the JPMorgan Global Government Bond Index (Unhedged), generated a return of 6.56%.

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil.

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September.

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war.

* Top contributors to performance relative to the JPMorgan Global Government Bond Index:

The fund's overweight allocation to Italian securities supported relative performance.

The fund's out-of-benchmark allocation to both Greece and Uruguay also aided relative results.

* Top detractors from performance relative to the JPMorgan Global Government Bond Index:

Unfavorable bond selection within US government bonds weighed on relative returns.

Additionally, the fund's foreign exchange allocation decisions, most notably from its overweight exposure to the Japanese yen and an underweight exposure to the Swiss franc, further weakened relative performance.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Service Class over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2253491.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 6.32% | (4.67)% | (0.32)% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Global Aggregate Index ∆ | 8.17% | (2.15)% | 1.26% |
| JPMorgan Global Government Bond Index (Unhedged) ∆ | 6.56% | (3.74)% | 0.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 79731956 | Average Effective Maturity (yrs): | 8.8 |
| Total Number of Holdings: | 66 | Average Effective Duration (yrs): | 6.8 |
| Total Management Fee ($)#: | 593964 |  |  |
| Portfolio Turnover Rate (%): | 83 |  |  |

---

*#* Includes the effect of any management fee waivers, if applicable.

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 12/31/25)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.4% |
| Money Market Funds | 2.6% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| United States | 45.8% |
| Japan | 14.5% |
| Italy | 10.1% |
| France | 6.8% |
| United Kingdom | 4.6% |
| Greece | 4.4% |
| Spain | 4.2% |
| Canada | 2.5% |
| Australia | 1.1% |
| Other Countries | 6.0% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 3.6% |
| AA | 6.5% |
| A | 25.6% |
| BBB | 12.8% |
| BB | 2.1% |
| U.S. Government | 42.2% |
| Federal Agencies | 0.5% |
| Not Rated | 4.1% |
| Money Market Funds | 2.6% |

---

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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Initial Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global Tactical Allocation Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Initial Class | $84 | 0.78% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Initial Class shares of the MFS Global Tactical Allocation Portfolio (fund) provided a total return of 15.48%, at net asset value. This compares with a return of 8.17% for the fund's benchmark, the Bloomberg Global Aggregate Index. The fund's other benchmark, the MFS Global Tactical Allocation Blended Index (Blended Index), generated a return of 10.78%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the broad asset class allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth under Fund Performance. 

* The fund's investment objective is to seek total return. MFS seeks to achieve the fund's objective by generating returns from a combination of (1) individual security selection of a combination of debt instruments and equity securities and (2) a tactical asset allocation overlay primarily using derivative instruments to manage the fund's exposure to asset classes (e.g. equity and fixed income), markets (e.g. U.S. and foreign countries), and currencies (e.g. U.S. dollar and Japanese yen). Derivatives include futures, forward contracts, options, swaps and certain complex structured securities. 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the MFS Global Tactical Allocation Blended Index:

Within the equity portion of the fund, the combination of stock selection and an overweight position within the financials sector supported relative performance. Within the fixed income portion of the fund, an underweight allocation to the treasury sector, an overweight exposure and bond selection within both the financial institutions and industrials sectors, and an out of benchmark exposure to the Collateralized Loan Obligation (CLO) sector also benefited relative results. From a credit quality perspective, bond selection within both BBB-rated and A-rated securities aided to relative returns. The fund's yield curve positioning, particularly to the USD and South Korean won yield curves, was another area of relative strength. 

Within the fund's tactical overlay, long exposures to both the Spanish and Italian equity markets, via holdings of equity index futures, and a short exposure to both the Indian and Swedish equity markets, contributed to relative performance. The fund's short exposure to the fixed income market of Germany, via bond futures, and a US interest rate curve steepening trade, via holdings of interest rate swaps, also supported relative returns. From a currency perspective, the fund's long exposure to both the Swedish krona and Norwegian krone further boosted relative results. 

* Top detractors from performance relative to the MFS Global Tactical Allocation Blended Index:

Within the equity portion of the fund, stock selection and an underweight position in the communication services sector held back relative performance. Within the fixed income portion of the fund, a lesser exposure to both the Chinese yuan renminbi and Swedish krona, coupled with an overweight exposure to the Japanese yen, further weighed on relative results. 

Within the fund's tactical overlay, the fund's long exposure to the Brazilian equity market, via holdings of equity index futures, hurt relative returns. From a currency perspective, the fund's short exposure to the Swiss franc dampened relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Initial Class over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2253880.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Initial Class | 15.48% | 4.86% | 5.67% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Global Aggregate Index ∆ | 8.17% | (2.15)% | 1.26% |
| MFS Global Tactical Allocation Blended Index ∆ | 10.78% | 4.20% | 5.81% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Global Tactical Allocation Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **12/31/25** |
| Bloomberg Global Aggregate Index (USD Hedged) | 54.00% |
| MSCI World Index (net div) | 35.00% |
| Bloomberg Global Aggregate Index | 11.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/ic for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 330886670 | Total Management Fee ($)#: | 2467550 |
| Total Number of Holdings: | 1079 | Portfolio Turnover Rate (%): | 95 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 12/31/25)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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. | 29.0% | 23.8% | (13.5)% | 39.3% |
|  | Emerging Markets | 17.5% | 0.0% | 0.0% | 17.5% |
|  | North America ex-U.S. | 2.2% | 7.2% | 0.0% | 9.4% |
|  | Japan | 2.6% | 4.8% | 0.0% | 7.4% |
|  | Europe ex-U.K. | 9.1% | 0.0% | (4.5)% | 4.6% |
|  | United Kingdom | 3.6% | 0.0% | (0.4)% | 3.2% |
|  | Supranational | 2.0% | 0.0% | 0.0% | 2.0% |
|  | Asia/Pacific ex-Japan | (0.1)% | 0.0% | (1.8)% | (1.9)% |
|  | **Total** | **65.9%** | **35.8%** | **(20.2)%** | **81.5%** |
| **Equity** | Europe ex-U.K. | 7.4% | 3.8% | (3.2)% | 8.0% |
|  | United Kingdom | 3.6% | 3.8% | 0.0% | 7.4% |
|  | U.S. Large Cap | 9.5% | 0.0% | (2.2)% | 7.3% |
|  | U.S. Small/Mid Cap | 8.6% | 0.0% | (3.5)% | 5.1% |
|  | Japan | 2.6% | 0.6% | 0.0% | 3.2% |
|  | Emerging Markets | 2.3% | 4.3% | (3.9)% | 2.7% |
|  | North America ex-U.S. | 0.6% | 2.0% | 0.0% | 2.6% |
|  | Asia/Pacific ex-Japan | 0.7% | 3.7% | (3.7)% | 0.7% |
|  | **Total** | **35.3%** | **18.2%** | **(16.5)%** | **37.0%** |
| **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) |  |  |  | **3.2%** |
|  | Other (e) |  |  |  | **(22.5)%** |
|  | **Total Net Exposure Summary** | **Total Net Exposure Summary** | **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-ANN

![MFSLOGO_RED.EPS](images_1191.jpg)

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

#### MFS<sup>®</sup> Variable Insurance Trust II
![TSR_Ribbon_red](images_1196.jpg)

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about MFS Global Tactical Allocation Portfolio for the period of January 1, 2025 to December 31, 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 year?

---

| | | |
|:---|:---|:---|
| *(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 |
| Service Class | $111 | 1.03% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended December 31, 2025, Service Class shares of the MFS Global Tactical Allocation Portfolio (fund) provided a total return of 15.21%, at net asset value. This compares with a return of 8.17% for the fund's benchmark, the Bloomberg Global Aggregate Index. The fund's other benchmark, the MFS Global Tactical Allocation Blended Index (Blended Index), generated a return of 10.78%. The Blended Index reflects the blended returns of broad asset class indices, with percentage allocations to each index designed to resemble the broad asset class allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth under Fund Performance. 

* The fund's investment objective is to seek total return. MFS seeks to achieve the fund's objective by generating returns from a combination of (1) individual security selection of a combination of debt instruments and equity securities and (2) a tactical asset allocation overlay primarily using derivative instruments to manage the fund's exposure to asset classes (e.g. equity and fixed income), markets (e.g. U.S. and foreign countries), and currencies (e.g. U.S. dollar and Japanese yen). Derivatives include futures, forward contracts, options, swaps and certain complex structured securities. 

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. 

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September. 

* In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war. 

* Top contributors to performance relative to the MFS Global Tactical Allocation Blended Index:

Within the equity portion of the fund, the combination of stock selection and an overweight position within the financials sector supported relative performance. Within the fixed income portion of the fund, an underweight allocation to the treasury sector, an overweight exposure and bond selection within both the financial institutions and industrials sectors, and an out of benchmark exposure to the Collateralized Loan Obligation (CLO) sector also benefited relative results. From a credit quality perspective, bond selection within both BBB-rated and A-rated securities aided to relative returns. The fund's yield curve positioning, particularly to the USD and South Korean won yield curves, was another area of relative strength. 

Within the fund's tactical overlay, long exposures to both the Spanish and Italian equity markets, via holdings of equity index futures, and a short exposure to both the Indian and Swedish equity markets, contributed to relative performance. The fund's short exposure to the fixed income market of Germany, via bond futures, and a US interest rate curve steepening trade, via holdings of interest rate swaps, also supported relative returns. From a currency perspective, the fund's long exposure to both the Swedish krona and Norwegian krone further boosted relative results. 

* Top detractors from performance relative to the MFS Global Tactical Allocation Blended Index:

Within the equity portion of the fund, stock selection and an underweight position in the communication services sector held back relative performance. Within the fixed income portion of the fund, a lesser exposure to both the Chinese yuan renminbi and Swedish krona, coupled with an overweight exposure to the Japanese yen, further weighed on relative results. 

Within the fund's tactical overlay, the fund's long exposure to the Brazilian equity market, via holdings of equity index futures, hurt relative returns. From a currency perspective, the fund's short exposure to the Swiss franc dampened relative performance. 

#### FUND PERFORMANCE
  ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below also do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by the insurance company separate accounts through which the fund is offered. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment

This graph shows the performance of a hypothetical $10,000 investment in Service Class over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2254055.jpg)

#### Average Annual Total Returns through 12/31/25
This table shows the average annual total returns of the class of shares noted for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **1-yr** | **5-yr** | **10-yr** |
| Service Class | 15.21% | 4.60% | 5.40% |
| **Comparative Benchmark(s)** |  |  |  |
| Bloomberg Global Aggregate Index ∆ | 8.17% | (2.15)% | 1.26% |
| MFS Global Tactical Allocation Blended Index ∆ | 10.78% | 4.20% | 5.81% |

---

&nbsp;&nbsp;&nbsp;&nbsp;∆ Source: FactSet Research Systems Inc.

The MFS Global Tactical Allocation Blended Index (a custom index) was comprised of the following at the end of the reporting period:

---

| | |
|:---|:---|
|  | **12/31/25** |
| Bloomberg Global Aggregate Index (USD Hedged) | 54.00% |
| MSCI World Index (net div) | 35.00% |
| Bloomberg Global Aggregate Index | 11.00% |

---

#### Notes to Fund Performance
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/sc for more recent performance information.

FUND STATISTICS AS OF 12/31/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 330886670 | Total Management Fee ($)#: | 2467550 |
| Total Number of Holdings: | 1079 | Portfolio Turnover Rate (%): | 95 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*#* Includes the effect of any management fee waivers, if applicable.

PORTFOLIO COMPOSITION (BASED ON TOTAL NET ASSETS AS OF 12/31/25)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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. | 29.0% | 23.8% | (13.5)% | 39.3% |
|  | Emerging Markets | 17.5% | 0.0% | 0.0% | 17.5% |
|  | North America ex-U.S. | 2.2% | 7.2% | 0.0% | 9.4% |
|  | Japan | 2.6% | 4.8% | 0.0% | 7.4% |
|  | Europe ex-U.K. | 9.1% | 0.0% | (4.5)% | 4.6% |
|  | United Kingdom | 3.6% | 0.0% | (0.4)% | 3.2% |
|  | Supranational | 2.0% | 0.0% | 0.0% | 2.0% |
|  | Asia/Pacific ex-Japan | (0.1)% | 0.0% | (1.8)% | (1.9)% |
|  | **Total** | **65.9%** | **35.8%** | **(20.2)%** | **81.5%** |
| **Equity** | Europe ex-U.K. | 7.4% | 3.8% | (3.2)% | 8.0% |
|  | United Kingdom | 3.6% | 3.8% | 0.0% | 7.4% |
|  | U.S. Large Cap | 9.5% | 0.0% | (2.2)% | 7.3% |
|  | U.S. Small/Mid Cap | 8.6% | 0.0% | (3.5)% | 5.1% |
|  | Japan | 2.6% | 0.6% | 0.0% | 3.2% |
|  | Emerging Markets | 2.3% | 4.3% | (3.9)% | 2.7% |
|  | North America ex-U.S. | 0.6% | 2.0% | 0.0% | 2.6% |
|  | Asia/Pacific ex-Japan | 0.7% | 3.7% | (3.7)% | 0.7% |
|  | **Total** | **35.3%** | **18.2%** | **(16.5)%** | **37.0%** |
| **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) |  |  |  | **3.2%** |
|  | Other (e) |  |  |  | **(22.5)%** |
|  | **Total Net Exposure Summary** | **Total Net Exposure Summary** | **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-ANN

------

#### &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.
The Registrant has adopted a Code of Ethics (the "Code") pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant's principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in 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. A copy of the Code is attached hereto as EX-99.COE.

------

#### &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.
Messrs. Steven E. Buller and Clarence Otis, Jr. and Ms. Paul E. Smith, members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of "audit committee financial expert" as such term is defined in Form N-CSR. In addition, Messrs. Buller and Otis and Ms. Smith are "independent" members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes- Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

------

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

**Items 4(a) through 4(d) and 4(g):**

The Board of Trustees has appointed Deloitte & Touche LLP ("Deloitte") to serve as independent accountants to the Registrant (hereinafter the "Registrant" or the "Fund"). The tables below set forth the audit fees billed to the Fund as well as fees for non-audit services provided to the Fund and/or to the Fund's investment adviser, Massachusetts Financial Services Company ("MFS"), and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Fund ("MFS Related Entities").

For the fiscal years ended December 31, 2025 and 2024, audit fees billed to the Fund by Deloitte were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fees billed by Deloitte:** |  | **Audit Fees** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | **2024** |
| &nbsp;&nbsp;MFS Blended Research Core Equity Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58022 | 56136 |
| &nbsp;&nbsp;MFS Core Equity Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60720 | 58771 |
| &nbsp;&nbsp;MFS Corporate Bond Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68532 | 66400 |
| &nbsp;&nbsp;MFS Emerging Markets Equity Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61100 | 59142 |
| &nbsp;&nbsp;MFS Global Governments Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70580 | 68400 |
| &nbsp;&nbsp;MFS Global Growth Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74422 | 72152 |
| &nbsp;&nbsp;MFS Global Research Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59181 | 57268 |
| &nbsp;&nbsp;MFS Global Tactical Allocation Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81480 | 79045 |
| &nbsp;&nbsp;MFS Government Securities Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69341 | 67190 |
| &nbsp;&nbsp;MFS High Yield Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89790 | 87161 |
| &nbsp;&nbsp;MFS Income Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82581 | 80120 |
| &nbsp;&nbsp;MFS International Growth Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61100 | 59142 |
| &nbsp;&nbsp;MFS International Intrinsic Value Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62256 | 60271 |
| &nbsp;&nbsp;MFS Massachusetts Investors Growth Stock Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60586 | 58640 |
| &nbsp;&nbsp;MFS Research International Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58022 | 56136 |
| &nbsp;&nbsp;MFS Technology Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58156 | 56267 |
| &nbsp;&nbsp;MFS U.S. Government Money Market Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36198 | 34824 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1112067** | **1077065** |

---

For the fiscal years ended December 31, 2025 and 2024, fees billed by Deloitte for audit-related, tax and other services provided to each Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fees billed by Deloitte:** | &nbsp;&nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;To MFS Blended Research | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Core Equity Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Core Equity Portfolio | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;To MFS Corporate Bond | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Emerging Markets | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Equity Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Global Governments | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Global Growth | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Global Research | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;To MFS Global Tactical | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Allocation Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Government Securities | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS High Yield Portfolio | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;To MFS Income Portfolio | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;To MFS International Growth | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS International Intrinsic | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Value Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Massachusetts | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Investors Growth Stock |  |  |  |  |  |  |
| &nbsp;&nbsp;Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Research International | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Technology Portfolio | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;To MFS U.S. Government Money | 2400 | 2400 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Market Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total fees billed by Deloitte** |  |  |  |  |  |  |
| &nbsp;&nbsp;**To above Funds:** | **40800** | **40800** | **0** | **0** | **0** | **0** |
| &nbsp;&nbsp;**Fees billed by Deloitte:** | &nbsp;&nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | **Tax Fees<sup>2</sup>** | **Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Blended |  |  |  |  |  |  |
| &nbsp;&nbsp;Research Core Equity Portfolio\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Core Equity |  |  |  |  |  |  |
| &nbsp;&nbsp;Portfolio\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Corporate Bond Po |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Emerging |  |  |  |  |  |  |
| &nbsp;&nbsp;Markets Equity Portfolio\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Global |  |  |  |  |  |  |
| &nbsp;&nbsp;Governments Portfolio\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Global |  |  |  |  |  |  |
| &nbsp;&nbsp;Growth Portfolio\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Global |  |  |  |  |  |  |
| &nbsp;&nbsp;Research Portfolio\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Global Tactical |  |  |  |  |  |  |
| &nbsp;&nbsp;Allocation Portfolio\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Government |  |  |  |  |  |  |
| &nbsp;&nbsp;Securities Portfolio\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS High |  |  |  |  |  |  |
| &nbsp;&nbsp;Yield Portfolio\* |  |  |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Income |  |  |  |  |
| &nbsp;&nbsp;Portfolio\* |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS International |  |  |  |  |
| &nbsp;&nbsp;Growth Portfolio\* |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS International |  |  |  |  |
| &nbsp;&nbsp;Intrinsic Value Portfolio\* |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Massachusetts |  |  |  |  |
| &nbsp;&nbsp;Investors Growth Stock |  |  |  |  |
| &nbsp;&nbsp;Portfolio\* |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Research |  |  |  |  |
| &nbsp;&nbsp;International Portfolio\* |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS Technology |  |  |  |  |
| &nbsp;&nbsp;Portfolio\* |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related | 0 | 0 | 217540 | 234973 |
| &nbsp;&nbsp;Entities of MFS U.S. Government |  |  |  |  |
| &nbsp;&nbsp;Money Market Portfolio \* |  |  |  |  |
| &nbsp;&nbsp;**Fees billed by Deloitte:** |  | **Aggregate fees for non-audit services** | **Aggregate fees for non-audit services** | **Aggregate fees for non-audit services** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** |  | **2024** |
| &nbsp;&nbsp;To MFS Blended Research Core Equity Portfolio, MFS and MFS | &nbsp;&nbsp;To MFS Blended Research Core Equity Portfolio, MFS and MFS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;Related Entities<sup>#</sup> |  |  |  |  |
| &nbsp;&nbsp;To MFS Core Equity Portfolio, MFS and MFS Related Entities<sup>#</sup> | &nbsp;&nbsp;To MFS Core Equity Portfolio, MFS and MFS Related Entities<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;To MFS Corporate Bond Portfolio, MFS and MFS Related | &nbsp;&nbsp;To MFS Corporate Bond Portfolio, MFS and MFS Related | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;Entities<sup>#</sup> |  |  |  |  |
| &nbsp;&nbsp;To MFS Emerging Markets Equity Portfolio, MFS and MFS | &nbsp;&nbsp;To MFS Emerging Markets Equity Portfolio, MFS and MFS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;Related Entities<sup>#</sup> |  |  |  |  |
| &nbsp;&nbsp;To MFS Global Governments Portfolio, MFS and MFS Related | &nbsp;&nbsp;To MFS Global Governments Portfolio, MFS and MFS Related | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;Entities<sup>#</sup> |  |  |  |  |
| &nbsp;&nbsp;To MFS Global Growth Portfolio MFS and MFS Related Entities<sup>#</sup> | &nbsp;&nbsp;To MFS Global Growth Portfolio MFS and MFS Related Entities<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;To MFS Global Research Portfolio, MFS and MFS Related | &nbsp;&nbsp;To MFS Global Research Portfolio, MFS and MFS Related | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;Entities<sup>#</sup> |  |  |  |  |
| &nbsp;&nbsp;To MFS Global Tactical Allocation Portfolio, MFS and MFS | &nbsp;&nbsp;To MFS Global Tactical Allocation Portfolio, MFS and MFS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;Related Entities<sup>#</sup> |  |  |  |  |
| &nbsp;&nbsp;To MFS Government Securities Portfolio, MFS and MFS Related | &nbsp;&nbsp;To MFS Government Securities Portfolio, MFS and MFS Related | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;Entities<sup>#</sup> |  |  |  |  |
| &nbsp;&nbsp;To MFS High Yield Portfolio, MFS and MFS Related Entities<sup>#</sup> | &nbsp;&nbsp;To MFS High Yield Portfolio, MFS and MFS Related Entities<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;To MFS Income Portfolio, MFS and MFS Related Entities<sup>#</sup> | &nbsp;&nbsp;To MFS Income Portfolio, MFS and MFS Related Entities<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;To MFS International Growth Portfolio, MFS and MFS Related | &nbsp;&nbsp;To MFS International Growth Portfolio, MFS and MFS Related | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;Entities<sup>#</sup> |  |  |  |  |
| &nbsp;&nbsp;To MFS International Intrinsic Value Portfolio, MFS and MFS | &nbsp;&nbsp;To MFS International Intrinsic Value Portfolio, MFS and MFS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;Related Entities<sup>#</sup> |  |  |  |  |
| &nbsp;&nbsp;To MFS Massachusetts Investors Growth Stock Portfolio, MFS | &nbsp;&nbsp;To MFS Massachusetts Investors Growth Stock Portfolio, MFS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;and MFS Related Entities<sup>#</sup> |  |  |  |  |
| &nbsp;&nbsp;To MFS Research International Portfolio, MFS and MFS Related | &nbsp;&nbsp;To MFS Research International Portfolio, MFS and MFS Related | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;Entities<sup>#</sup> |  |  |  |  |
| &nbsp;&nbsp;To MFS Technology Portfolio, MFS and MFS Related Entities<sup>#</sup> | &nbsp;&nbsp;To MFS Technology Portfolio, MFS and MFS Related Entities<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;To MFS U.S. Government Money Market Portfolio, MFS and | &nbsp;&nbsp;To MFS U.S. Government Money Market Portfolio, MFS and | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219940 |  | 255300 |
| &nbsp;&nbsp;MFS Related Entities<sup>#</sup> |  |  |  |  |

---

\*This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Fund (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex).

# This amount reflects the aggregate fees billed by Deloitte for non-audit services rendered to the Fund and for non-audit services rendered to MFS and the MFS Related Entities. If applicable the fees are converted to USD as of the payment date.

<sup>1</sup> The fees included under "Audit-Related Fees" are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ''Audit Fees,'' including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews.

<sup>2</sup> The fees included under "Tax Fees" are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis.

<sup>3</sup> The fees included under "All Other Fees" are fees for products and services provided by Deloitte other than those reported under "Audit Fees," "Audit-Related Fees" and "Tax Fees".

**Item 4(e)(1):**

Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre-approval of audit and non-audit related services:

To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Fund and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by-engagement basis. In the event pre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 between such regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.

**Item 4(e)(2):**

None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

**Item 4(f):**

Not applicable.

**Item 4(h):**

The Registrant's Audit Committee has considered whether the provision by a Registrant's independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre- approved by the Committee (because such services were provided prior to the effectiveness of SEC rules requiring pre-approval or because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant's principal auditors.

**Item 4(i):**

Not applicable.

**Item 4(j):**

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 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 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 - 12/31/25** 

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 – 3.0% | Aerospace & Defense – 3.0% |  |
| BWX Technologies, Inc. | 2172 | &nbsp;&nbsp; $375408 |
| Curtiss-Wright Corp. | 2030 | &nbsp;&nbsp; 1119078 |
| General Dynamics Corp. | 2528 | &nbsp;&nbsp; 851077 |
| General Electric Co. | 22851 | &nbsp;&nbsp; 7038794 |
| Leidos Holdings, Inc. | 12296 | &nbsp;&nbsp; 2218198 |
|  |  | &nbsp;&nbsp; $11602555 |
| Automotive – 1.6% | Automotive – 1.6% |  |
| Aptiv PLC (a) | 20589 | &nbsp;&nbsp; $1566617 |
| Tesla, Inc. (a) | 9958 | &nbsp;&nbsp; 4478312 |
|  |  | &nbsp;&nbsp; $6044929 |
| Biotechnology – 0.8% | Biotechnology – 0.8% |  |
| Gilead Sciences, Inc. | 23567 | &nbsp;&nbsp; $2892613 |
| Illumina, Inc. (a) | 2962 | &nbsp;&nbsp; 388496 |
|  |  | &nbsp;&nbsp; $3281109 |
| Broadcasting – 2.3% | Broadcasting – 2.3% |  |
| Netflix, Inc. (a) | 46507 | &nbsp;&nbsp; $4360496 |
| Spotify Technology S.A. (a) | 5619 | &nbsp;&nbsp; 3263010 |
| TKO Group Holdings, Inc. | 6467 | &nbsp;&nbsp; 1351603 |
|  |  | &nbsp;&nbsp; $8975109 |
| Brokerage & Asset Managers – 2.2% | Brokerage & Asset Managers – 2.2% |  |
| Citigroup, Inc. | 58054 | &nbsp;&nbsp; $6774321 |
| Interactive Brokers Group, Inc. | 13901 | &nbsp;&nbsp; 893973 |
| Raymond James Financial, Inc. | 2345 | &nbsp;&nbsp; 376584 |
| XP, Inc. | 27567 | &nbsp;&nbsp; 451272 |
|  |  | &nbsp;&nbsp; $8496150 |
| Business Services – 0.9% | Business Services – 0.9% |  |
| Dropbox, Inc. (a) | 54907 | &nbsp;&nbsp; $1526415 |
| Verisk Analytics, Inc., "A" | 9395 | &nbsp;&nbsp; 2101567 |
|  |  | &nbsp;&nbsp; $3627982 |
| Chemicals – 0.2% | Chemicals – 0.2% |  |
| Eastman Chemical Co. | 11782 | &nbsp;&nbsp; $752045 |
| Computer Software – 10.0% | Computer Software – 10.0% |  |
| Guidewire Software, Inc. (a) | 6450 | &nbsp;&nbsp; $1296514 |
| Intuit, Inc. | 3167 | &nbsp;&nbsp; 2097884 |
| Microsoft Corp. | 47842 | &nbsp;&nbsp; 23137348 |
| Okta, Inc. (a) | 48034 | &nbsp;&nbsp; 4153500 |
| Palantir Technologies, Inc. (a) | 3306 | &nbsp;&nbsp; 587641 |
| Salesforce, Inc. | 19861 | &nbsp;&nbsp; 5261378 |
| VeriSign, Inc. | 1349 | &nbsp;&nbsp; 327740 |
| Zoom Communications, Inc. (a) | 20173 | &nbsp;&nbsp; 1740728 |
|  |  | &nbsp;&nbsp; $38602733 |

---

CGSFS-ANN

------

MFS Blended Research Core Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software - Systems – 7.7% | Computer Software - Systems – 7.7% |  |
| Apple, Inc. | 92568 | &nbsp;&nbsp; $25165537 |
| Arista Networks, Inc. (a) | 35007 | &nbsp;&nbsp; 4586967 |
|  |  | &nbsp;&nbsp; $29752504 |
| Construction – 0.5% | Construction – 0.5% |  |
| CRH PLC | 11386 | &nbsp;&nbsp; $1420973 |
| Mohawk Industries, Inc. (a) | 3696 | &nbsp;&nbsp; 403973 |
|  |  | &nbsp;&nbsp; $1824946 |
| Consumer Products – 0.6% | Consumer Products – 0.6% |  |
| Colgate-Palmolive Co. | 29007 | &nbsp;&nbsp; $2292133 |
| Consumer Services – 1.2% | Consumer Services – 1.2% |  |
| Booking Holdings, Inc. | 725 | &nbsp;&nbsp; $3882614 |
| Uber Technologies, Inc. (a) | 11646 | &nbsp;&nbsp; 951595 |
|  |  | &nbsp;&nbsp; $4834209 |
| Electrical Equipment – 1.3% | Electrical Equipment – 1.3% |  |
| Amphenol Corp., "A" | 18517 | &nbsp;&nbsp; $2502387 |
| Eaton Corp. PLC | 6593 | &nbsp;&nbsp; 2099937 |
| nVent Electric PLC | 3900 | &nbsp;&nbsp; 397683 |
|  |  | &nbsp;&nbsp; $5000007 |
| Electronics – 14.2% | Electronics – 14.2% |  |
| Broadcom, Inc. | 28995 | &nbsp;&nbsp; $10035170 |
| KLA Corp. | 2312 | &nbsp;&nbsp; 2809265 |
| Lam Research Corp. | 41784 | &nbsp;&nbsp; 7152585 |
| Micron Technology, Inc. | 2957 | &nbsp;&nbsp; 843957 |
| NVIDIA Corp. | 182192 | &nbsp;&nbsp; 33978808 |
|  |  | &nbsp;&nbsp; $54819785 |
| Energy - Independent – 1.7% | Energy - Independent – 1.7% |  |
| ConocoPhillips | 4158 | &nbsp;&nbsp; $389230 |
| EOG Resources, Inc. | 19656 | &nbsp;&nbsp; 2064077 |
| Phillips 66 | 27960 | &nbsp;&nbsp; 3607958 |
| Valero Energy Corp. | 3169 | &nbsp;&nbsp; 515882 |
|  |  | &nbsp;&nbsp; $6577147 |
| Energy - Integrated – 0.1% | Energy - Integrated – 0.1% |  |
| Exxon Mobil Corp. | 2522 | &nbsp;&nbsp; $303497 |
| Energy - Renewables – 0.6% | Energy - Renewables – 0.6% |  |
| AES Corp. | 26425 | &nbsp;&nbsp; $378935 |
| GE Vernova, Inc. | 3188 | &nbsp;&nbsp; 2083581 |
|  |  | &nbsp;&nbsp; $2462516 |
| Food & Beverages – 1.3% | Food & Beverages – 1.3% |  |
| General Mills, Inc. | 14090 | &nbsp;&nbsp; $655185 |
| Ingredion, Inc. | 3445 | &nbsp;&nbsp; 379845 |
| Monster Worldwide, Inc. (a) | 46519 | &nbsp;&nbsp; 3566612 |
| PepsiCo, Inc. | 1854 | &nbsp;&nbsp; 266086 |
|  |  | &nbsp;&nbsp; $4867728 |

---

------

MFS Blended Research Core Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Gaming & Lodging – 0.4% | Gaming & Lodging – 0.4% |  |
| Viking Holdings Ltd. (a) | 19316 | &nbsp;&nbsp; $1379356 |
| General Merchandise – 0.8% | General Merchandise – 0.8% |  |
| Dollar General Corp. | 22245 | &nbsp;&nbsp; $2953469 |
| Health Maintenance Organizations – 1.4% | Health Maintenance Organizations – 1.4% |  |
| Cigna Group | 16637 | &nbsp;&nbsp; $4579002 |
| Humana, Inc. | 3632 | &nbsp;&nbsp; 930264 |
|  |  | &nbsp;&nbsp; $5509266 |
| Insurance – 4.0% | Insurance – 4.0% |  |
| Ameriprise Financial, Inc. | 10166 | &nbsp;&nbsp; $4984796 |
| Berkshire Hathaway, Inc., "B" (a) | 4440 | &nbsp;&nbsp; 2231766 |
| Chubb Ltd. | 2535 | &nbsp;&nbsp; 791224 |
| Corebridge Financial, Inc. | 22231 | &nbsp;&nbsp; 670709 |
| Equitable Holdings, Inc. | 81032 | &nbsp;&nbsp; 3861175 |
| Everest Group Ltd. | 890 | &nbsp;&nbsp; 302022 |
| Hartford Insurance Group, Inc. | 13338 | &nbsp;&nbsp; 1837976 |
| Principal Financial Group, Inc. | 8007 | &nbsp;&nbsp; 706298 |
|  |  | &nbsp;&nbsp; $15385966 |
| Interactive Media Services – 8.0% | Interactive Media Services – 8.0% |  |
| Alphabet, Inc., "A" | 31040 | &nbsp;&nbsp; $9715520 |
| Alphabet, Inc., "C" | 25763 | &nbsp;&nbsp; 8084429 |
| Meta Platforms, Inc., "A" | 19740 | &nbsp;&nbsp; 13030177 |
|  |  | &nbsp;&nbsp; $30830126 |
| Leisure & Toys – 0.3% | Leisure & Toys – 0.3% |  |
| Roblox Corp., "A" (a) | 13545 | &nbsp;&nbsp; $1097551 |
| Machinery & Tools – 2.3% | Machinery & Tools – 2.3% |  |
| AGCO Corp. | 21273 | &nbsp;&nbsp; $2219199 |
| Caterpillar, Inc. | 1627 | &nbsp;&nbsp; 932059 |
| Deere & Co. | 815 | &nbsp;&nbsp; 379440 |
| Trane Technologies PLC | 1046 | &nbsp;&nbsp; 407103 |
| Wabtec Corp. | 23230 | &nbsp;&nbsp; 4958444 |
|  |  | &nbsp;&nbsp; $8896245 |
| Major Banks – 1.5% | Major Banks – 1.5% |  |
| JPMorgan Chase & Co. | 5074 | &nbsp;&nbsp; $1634944 |
| Wells Fargo & Co. | 45632 | &nbsp;&nbsp; 4252903 |
|  |  | &nbsp;&nbsp; $5887847 |
| Medical & Health Technology & Services – 1.8% | Medical & Health Technology & Services – 1.8% |  |
| IQVIA Holdings, Inc. (a) | 1619 | &nbsp;&nbsp; $364939 |
| McKesson Corp. | 7387 | &nbsp;&nbsp; 6059482 |
| Ventas, Inc., REIT | 8895 | &nbsp;&nbsp; 688295 |
|  |  | &nbsp;&nbsp; $7112716 |
| Medical Equipment – 1.1% | Medical Equipment – 1.1% |  |
| Align Technology, Inc. (a) | 5701 | &nbsp;&nbsp; $890211 |
| Boston Scientific Corp. (a) | 9693 | &nbsp;&nbsp; 924228 |
| Medtronic PLC | 19475 | &nbsp;&nbsp; 1870768 |

---

------

MFS Blended Research Core Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Medical Equipment – continued | Medical Equipment – continued |  |
| Thermo Fisher Scientific, Inc. | 666 | &nbsp;&nbsp; $385914 |
|  |  | &nbsp;&nbsp; $4071121 |
| Natural Gas - Distribution – 0.3% | Natural Gas - Distribution – 0.3% |  |
| Atmos Energy Corp. | 6026 | &nbsp;&nbsp; $1010138 |
| Network & Telecom – 0.8% | Network & Telecom – 0.8% |  |
| Qualcomm, Inc. | 18714 | &nbsp;&nbsp; $3201030 |
| Oil Services – 1.3% | Oil Services – 1.3% |  |
| TechnipFMC PLC | 111364 | &nbsp;&nbsp; $4962380 |
| Other Banks & Diversified Financials – 6.5% | Other Banks & Diversified Financials – 6.5% |  |
| American Express Co. | 3266 | &nbsp;&nbsp; $1208257 |
| Mastercard, Inc., "A" | 11329 | &nbsp;&nbsp; 6467500 |
| Northern Trust Corp. | 42782 | &nbsp;&nbsp; 5843593 |
| Popular, Inc. | 31244 | &nbsp;&nbsp; 3890503 |
| Visa, Inc., "A" | 22447 | &nbsp;&nbsp; 7872387 |
|  |  | &nbsp;&nbsp; $25282240 |
| Pharmaceuticals – 5.3% | Pharmaceuticals – 5.3% |  |
| AbbVie, Inc. | 9665 | &nbsp;&nbsp; $2208356 |
| Bristol-Myers Squibb Co. | 51079 | &nbsp;&nbsp; 2755201 |
| Eli Lilly & Co. | 1614 | &nbsp;&nbsp; 1734533 |
| Johnson & Johnson | 38959 | &nbsp;&nbsp; 8062565 |
| Pfizer, Inc. | 136882 | &nbsp;&nbsp; 3408362 |
| Vertex Pharmaceuticals, Inc. (a) | 4797 | &nbsp;&nbsp; 2174768 |
|  |  | &nbsp;&nbsp; $20343785 |
| Real Estate – 1.0% | Real Estate – 1.0% |  |
| Essential Properties Realty Trust, REIT | 10116 | &nbsp;&nbsp; $300041 |
| Jones Lang LaSalle, Inc. (a) | 3918 | &nbsp;&nbsp; 1318289 |
| W.P. Carey, Inc., REIT | 37389 | &nbsp;&nbsp; 2406356 |
|  |  | &nbsp;&nbsp; $4024686 |
| Real Estate - Office – 0.4% | Real Estate - Office – 0.4% |  |
| Cousins Properties, Inc., REIT | 54896 | &nbsp;&nbsp; $1415219 |
| Restaurants – 1.0% | Restaurants – 1.0% |  |
| Aramark | 110123 | &nbsp;&nbsp; $4059134 |
| Specialty Chemicals – 0.4% | Specialty Chemicals – 0.4% |  |
| RPM International, Inc. | 13471 | &nbsp;&nbsp; $1400984 |
| Specialty Stores – 6.3% | Specialty Stores – 6.3% |  |
| Amazon.com, Inc. (a) | 75501 | &nbsp;&nbsp; $17427141 |
| Home Depot, Inc. | 3956 | &nbsp;&nbsp; 1361259 |
| O'Reilly Automotive, Inc. (a) | 54057 | &nbsp;&nbsp; 4930539 |
| Tapestry, Inc. | 3809 | &nbsp;&nbsp; 486676 |
|  |  | &nbsp;&nbsp; $24205615 |
| Telecom - Infrastructure – 0.2% | Telecom - Infrastructure – 0.2% |  |
| American Tower Corp., REIT | 4217 | &nbsp;&nbsp; $740379 |

---

------

MFS Blended Research Core Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Tobacco – 1.7% | Tobacco – 1.7% |  |
| Altria Group, Inc. | 76273 | &nbsp;&nbsp; $4397901 |
| Philip Morris International, Inc. | 12530 | &nbsp;&nbsp; 2009812 |
|  |  | &nbsp;&nbsp; $6407713 |
| Utilities - Electric Power – 2.6% | Utilities - Electric Power – 2.6% |  |
| Edison International | 79003 | &nbsp;&nbsp; $4741760 |
| NextEra Energy, Inc. | 28759 | &nbsp;&nbsp; 2308772 |
| PG&E Corp. | 197365 | &nbsp;&nbsp; 3171656 |
|  |  | &nbsp;&nbsp; $10222188 |
| **Total Common Stocks (Identified Cost, $205,667,655)** |  | &nbsp;&nbsp; **$384516238** |
| Mutual Funds (h) – 0.5% | Mutual Funds (h) – 0.5% | Mutual Funds (h) – 0.5% |
| Money Market Funds – 0.5% | Money Market Funds – 0.5% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $1,765,411) | 1765242 | &nbsp;&nbsp; $1765595 |
| Other Assets, Less Liabilities – (0.1)% |  | &nbsp;&nbsp; (267180) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$386014653** |

---

&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 $1,765,595 and $384,516,238, 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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $205,667,655) | &nbsp;&nbsp; $384516238 |
| Investments in affiliated issuers, at value (identified cost, $1,765,411) | &nbsp;&nbsp; 1765595 |
| Cash | &nbsp;&nbsp; 995 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 68998 |
| Dividends | &nbsp;&nbsp; 294785 |
| Other assets | &nbsp;&nbsp; 1694 |
| Total assets | &nbsp;&nbsp; $386648305 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $568648 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 5046 |
| Administrative services fee | &nbsp;&nbsp; 308 |
| Shareholder servicing costs | &nbsp;&nbsp; 74 |
| Distribution and/or service fees | &nbsp;&nbsp; 1671 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 4 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 57901 |
| Total liabilities | &nbsp;&nbsp; $633652 |
| Net assets | &nbsp;&nbsp; $386014653 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $151395525 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 234619128 |
| Net assets | &nbsp;&nbsp; $386014653 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 6384035 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $265160175 | &nbsp;&nbsp;&nbsp; 4359720 | &nbsp;&nbsp;&nbsp; $60.82 |
| Service Class | &nbsp;&nbsp;&nbsp; 120854478 | &nbsp;&nbsp;&nbsp; 2024315 | &nbsp;&nbsp;&nbsp;&nbsp;59.70 |

---

**See Notes to Financial Statements**

------

MFS Blended Research Core Equity Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $4798456 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 95180 |
| Other | &nbsp;&nbsp; 10279 |
| Foreign taxes withheld | &nbsp;&nbsp; (8576)<br>|
| Total investment income | &nbsp;&nbsp; $4895339 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $1417065 |
| Distribution and/or service fees | &nbsp;&nbsp; 317765 |
| Shareholder servicing costs | &nbsp;&nbsp; 13299 |
| Administrative services fee | &nbsp;&nbsp; 61358 |
| Independent Trustees' compensation | &nbsp;&nbsp; 10089 |
| Custodian fee | &nbsp;&nbsp; 19844 |
| Shareholder communications | &nbsp;&nbsp; 14585 |
| Audit and tax fees | &nbsp;&nbsp; 69294 |
| Legal fees | &nbsp;&nbsp; 2376 |
| Miscellaneous | &nbsp;&nbsp; 29220 |
| Total expenses | &nbsp;&nbsp; $1954895 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (54231)<br>|
| Net expenses | &nbsp;&nbsp; $1900664 |
| Net investment income (loss) | &nbsp;&nbsp; $2994675 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $53579894 |
| Affiliated issuers | &nbsp;&nbsp; (41)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $53579853 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $1462532 |
| Affiliated issuers | &nbsp;&nbsp; 48 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $1462580 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $55042433 |
| Change in net assets from operations | &nbsp;&nbsp; $58037108 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $2994675 | &nbsp;&nbsp; $3845838 |
| Net realized gain (loss) | 53579853 | &nbsp;&nbsp; 69318715 |
| Net unrealized gain (loss) | 1462580 | &nbsp;&nbsp; 20263728 |
| Change in net assets from operations | $58037108 | &nbsp;&nbsp; $93428281 |
| Total distributions to shareholders | $(72967736)<br>| &nbsp;&nbsp; $(32058260)<br>|
| Change in net assets from fund share transactions | $(3542329)<br>| &nbsp;&nbsp; $(47903516)<br>|
| Total change in net assets | $(18472957)<br>| &nbsp;&nbsp; $13466505 |
| **Net assets** |  |  |
| At beginning of period | 404487610 | &nbsp;&nbsp; 391021105 |
| At end of period | $386014653 | &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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $64.19 | &nbsp;&nbsp; $55.45 | &nbsp;&nbsp; $47.48 | &nbsp;&nbsp; $68.53 | &nbsp;&nbsp; $57.28 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.53 | &nbsp;&nbsp; $0.63 | &nbsp;&nbsp; $0.56 | &nbsp;&nbsp; $0.68 | &nbsp;&nbsp; $0.63 |
| Net realized and unrealized gain (loss) | 8.98 | &nbsp;&nbsp;&nbsp;&nbsp;13.24 | &nbsp;&nbsp;&nbsp;&nbsp;12.46 | &nbsp;&nbsp; (10.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.96 |
| Total from investment operations | $9.51 | &nbsp;&nbsp; $13.87 | &nbsp;&nbsp; $13.02 | &nbsp;&nbsp; $(10.09)<br>| &nbsp;&nbsp; $16.59 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.71)<br>| &nbsp;&nbsp; $(0.66)<br>| &nbsp;&nbsp; $(0.76)<br>| &nbsp;&nbsp; $(0.68)<br>| &nbsp;&nbsp; $(0.74)<br>|
| From net realized gain | (12.17)<br>| &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (4.29)<br>| &nbsp;&nbsp; (10.28)<br>| &nbsp;&nbsp; (4.60)<br>|
| Total distributions declared to shareholders | $(12.88)<br>| &nbsp;&nbsp; $(5.13)<br>| &nbsp;&nbsp; $(5.05)<br>| &nbsp;&nbsp; $(10.96)<br>| &nbsp;&nbsp; $(5.34)<br>|
| Net asset value, end of period (x) | $60.82 | &nbsp;&nbsp; $64.19 | &nbsp;&nbsp; $55.45 | &nbsp;&nbsp; $47.48 | &nbsp;&nbsp; $68.53 |
| Total return (%) (k)(r)(s)(x) | 16.10 | &nbsp;&nbsp;&nbsp;&nbsp;25.50 | &nbsp;&nbsp;&nbsp;&nbsp;28.53 | &nbsp;&nbsp; (16.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.53 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Expenses after expense reductions | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net investment income (loss) | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Portfolio turnover rate | 40 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 51 |
| Net assets at end of period (000 omitted) | $265160 | &nbsp;&nbsp; $270651 | &nbsp;&nbsp; $251495 | &nbsp;&nbsp; $230413 | &nbsp;&nbsp; $313788 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $63.19 | &nbsp;&nbsp; $54.66 | &nbsp;&nbsp; $46.82 | &nbsp;&nbsp; $67.71 | &nbsp;&nbsp; $56.68 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.37 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $0.53 | &nbsp;&nbsp; $0.47 |
| Net realized and unrealized gain (loss) | 8.82 | &nbsp;&nbsp;&nbsp;&nbsp;13.03 | &nbsp;&nbsp;&nbsp;&nbsp;12.29 | &nbsp;&nbsp; (10.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.76 |
| Total from investment operations | $9.19 | &nbsp;&nbsp; $13.50 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $(10.09)<br>| &nbsp;&nbsp; $16.23 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.51)<br>| &nbsp;&nbsp; $(0.50)<br>| &nbsp;&nbsp; $(0.58)<br>| &nbsp;&nbsp; $(0.52)<br>| &nbsp;&nbsp; $(0.60)<br>|
| From net realized gain | (12.17)<br>| &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (4.29)<br>| &nbsp;&nbsp; (10.28)<br>| &nbsp;&nbsp; (4.60)<br>|
| Total distributions declared to shareholders | $(12.68)<br>| &nbsp;&nbsp; $(4.97)<br>| &nbsp;&nbsp; $(4.87)<br>| &nbsp;&nbsp; $(10.80)<br>| &nbsp;&nbsp; $(5.20)<br>|
| Net asset value, end of period (x) | $59.70 | &nbsp;&nbsp; $63.19 | &nbsp;&nbsp; $54.66 | &nbsp;&nbsp; $46.82 | &nbsp;&nbsp; $67.71 |
| Total return (%) (k)(r)(s)(x) | 15.82 | &nbsp;&nbsp;&nbsp;&nbsp;25.18 | &nbsp;&nbsp;&nbsp;&nbsp;28.20 | &nbsp;&nbsp; (16.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.18 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Expenses after expense reductions | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net investment income (loss) | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Portfolio turnover rate | 40 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 51 |
| Net assets at end of period (000 omitted) | $120854 | &nbsp;&nbsp; $133837 | &nbsp;&nbsp; $139526 | &nbsp;&nbsp; $132919 | &nbsp;&nbsp; $221299 |

---

**See Notes to Financial Statements**

------

MFS Blended Research Core Equity Portfolio

*Financial Highlights - continued*

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

&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;(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**

**(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.

**Segment Reporting** — 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 - 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 December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $384516238 | $— | $— | $384516238 |
| Investment Companies | 1765595 |  |  | 1765595 |
| Total | $386281833 | $— | $— | $386281833 |

---

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 - 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 two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $15179213 | &nbsp;&nbsp; $3926765 |
| Long-term capital gains | &nbsp;&nbsp; 57788523 | &nbsp;&nbsp; 28131495 |
| Total distributions | &nbsp;&nbsp; $72967736 | &nbsp;&nbsp; $32058260 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $208503017 |
| Gross appreciation | &nbsp;&nbsp; 183304894 |
| Gross depreciation | &nbsp;&nbsp; (5526078)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $177778816 |
| Undistributed ordinary income | &nbsp;&nbsp; 3167276 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 53673036 |
| Total distributable earnings (loss) | &nbsp;&nbsp; $234619128 |

---

**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:

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $49345790 | &nbsp;&nbsp; $21088097 |
| Service Class | 23621946 | &nbsp;&nbsp; 10970163 |
| Total | $72967736 | &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. For the period from January 1, 2025 through September 30, 2025, the management fee was 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% |

---

Effective October 1, 2025, 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 $5 billion | 0.25% |
| In excess of $5 billion | 0.225% |

---

------

MFS Blended Research Core Equity Portfolio

*Notes to Financial Statements - continued* 

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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $54,231, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 2025 was equivalent to an annual effective rate of 0.35% of the fund's average daily net assets.

**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 year ended December 31, 2025, the fee was $12,490, which equated to 0.0032% 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 year ended December 31, 2025, these costs amounted to $809.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0157% 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 year ended December 31, 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 $441,670 and $1,894,431, respectively. The sales transactions resulted in net realized gains (losses) of $(591,707).

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 year ended December 31, 2025, this reimbursement amounted to $10,216, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $157,764,740 and $230,271,064, 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 - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 72739 | &nbsp;&nbsp; $4571862 | &nbsp;&nbsp; 153751 | &nbsp;&nbsp; $9547975 |
| Service Class | 106797 | &nbsp;&nbsp; 6587409 | &nbsp;&nbsp; 171850 | &nbsp;&nbsp; 10641812 |
|  | 179536 | &nbsp;&nbsp; $11159271 | &nbsp;&nbsp; 325601 | &nbsp;&nbsp; $20189787 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 849540 | &nbsp;&nbsp; $48559700 | &nbsp;&nbsp; 339724 | &nbsp;&nbsp; $20712994 |
| Service Class | 420619 | &nbsp;&nbsp; 23621946 | &nbsp;&nbsp; 182593 | &nbsp;&nbsp; 10970163 |
|  | 1270159 | &nbsp;&nbsp; $72181646 | &nbsp;&nbsp; 522317 | &nbsp;&nbsp; $31683157 |
| Shares reacquired |  |  |  |  |
| Initial Class | (779149)<br>| &nbsp;&nbsp; $(48678238)<br>| &nbsp;&nbsp; (812803)<br>| &nbsp;&nbsp; $(50710582)<br>|
| Service Class | (621008)<br>| &nbsp;&nbsp; (38205008)<br>| &nbsp;&nbsp; (789367)<br>| &nbsp;&nbsp; (49065878)<br>|
|  | (1400157)<br>| &nbsp;&nbsp; $(86883246)<br>| &nbsp;&nbsp; (1602170)<br>| &nbsp;&nbsp; $(99776460)<br>|
| Net change |  |  |  |  |
| Initial Class | 143130 | &nbsp;&nbsp; $4453324 | &nbsp;&nbsp; (319328)<br>| &nbsp;&nbsp; $(20449613)<br>|
| Service Class | (93592)<br>| &nbsp;&nbsp; (7995653)<br>| &nbsp;&nbsp; (434924)<br>| &nbsp;&nbsp; (27453903)<br>|
|  | 49538 | &nbsp;&nbsp; $(3542329)<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 year ended December 31, 2025, the fund's commitment fee and interest expense were $1,849 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. The following were affiliated issuers for the year ended December 31, 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; $55115087 | &nbsp;&nbsp; $55891079 | &nbsp;&nbsp; $(41)<br>| &nbsp;&nbsp; $48 | &nbsp;&nbsp; $1765595 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $95180 | $— |

---

------

MFS Blended Research Core Equity Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS Blended Research Core Equity Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Blended Research Core Equity Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Blended Research Core Equity Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $63,568,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 34.93% of the ordinary income dividends paid during the fiscal year qualify for the corporate dividends received deduction.

------

**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.**

------

MFS Blended Research Core Equity Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Blended Research Core Equity Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 1st quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 1st quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

------

MFS Blended Research Core Equity Portfolio

*Board Review of Investment Advisory Agreement - continued*

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each lower than the Broadridge expense group median. The Trustees also noted that MFS has agreed in writing to amend its contractual advisory fee rate schedule effective October 1, 2025, which may not be changed without the Trustees' approval.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $1 billion and $2.5 billion. They also noted that MFS has agreed to amend its contractual advisory fee schedule to reduce the Fund's advisory fee rate to 0.25% on assets up to $5 billion and 0.225% on assets over $5 billion (replacing the existing contractual advisory fee rate schedule), effective October 1, 2025. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoint and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS Core Equity Portfolio

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

MFS Core Equity Portfolio

**Portfolio of Investments - 12/31/25** 

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 – 99.5% | Common Stocks – 99.5% | Common Stocks – 99.5% |
| Aerospace & Defense – 3.2% | Aerospace & Defense – 3.2% |  |
| BWX Technologies, Inc. | 3367 | &nbsp;&nbsp; $581952 |
| Curtiss-Wright Corp. | 1729 | &nbsp;&nbsp; 953146 |
| General Dynamics Corp. | 2578 | &nbsp;&nbsp; 867910 |
| General Electric Co. | 5921 | &nbsp;&nbsp; 1823846 |
| Howmet Aerospace, Inc. | 6208 | &nbsp;&nbsp; 1272764 |
| Leidos Holdings, Inc. | 9823 | &nbsp;&nbsp; 1772069 |
| RTX Corp. | 9992 | &nbsp;&nbsp; 1832533 |
| Standard Aero, Inc. (a) | 4865 | &nbsp;&nbsp; 139528 |
|  |  | &nbsp;&nbsp; $9243748 |
| Apparel Manufacturers – 0.5% | Apparel Manufacturers – 0.5% |  |
| Amer Sports, Inc. (a) | 10194 | &nbsp;&nbsp; $380746 |
| Birkenstock Holding PLC (a) | 15492 | &nbsp;&nbsp; 633623 |
| Columbia Sportswear Co. | 3130 | &nbsp;&nbsp; 172432 |
| Wolverine World Wide, Inc. | 9263 | &nbsp;&nbsp; 168123 |
|  |  | &nbsp;&nbsp; $1354924 |
| Automotive – 1.0% | Automotive – 1.0% |  |
| Aptiv PLC (a) | 23065 | &nbsp;&nbsp; $1755016 |
| Goodyear Tire & Rubber Co. (a) | 77677 | &nbsp;&nbsp; 680450 |
| LKQ Corp. | 18729 | &nbsp;&nbsp; 565616 |
|  |  | &nbsp;&nbsp; $3001082 |
| Biotechnology – 1.5% | Biotechnology – 1.5% |  |
| Gilead Sciences, Inc. | 28836 | &nbsp;&nbsp; $3539331 |
| Illumina, Inc. (a) | 5624 | &nbsp;&nbsp; 737644 |
|  |  | &nbsp;&nbsp; $4276975 |
| Broadcasting – 1.4% | Broadcasting – 1.4% |  |
| Omnicom Group, Inc. | 4103 | &nbsp;&nbsp; $331317 |
| Spotify Technology S.A. (a) | 3468 | &nbsp;&nbsp; 2013902 |
| Walt Disney Co. | 13997 | &nbsp;&nbsp; 1592439 |
|  |  | &nbsp;&nbsp; $3937658 |
| Brokerage & Asset Managers – 2.1% | Brokerage & Asset Managers – 2.1% |  |
| Bullish (a)(l) | 1959 | &nbsp;&nbsp; $74187 |
| Charles Schwab Corp. | 17701 | &nbsp;&nbsp; 1768507 |
| CME Group, Inc. | 4334 | &nbsp;&nbsp; 1183529 |
| KKR & Co., Inc. | 13057 | &nbsp;&nbsp; 1664506 |
| Raymond James Financial, Inc. | 3908 | &nbsp;&nbsp; 627586 |
| TPG, Inc. | 10435 | &nbsp;&nbsp; 666170 |
|  |  | &nbsp;&nbsp; $5984485 |
| Business Services – 2.0% | Business Services – 2.0% |  |
| Accenture PLC, "A" | 5960 | &nbsp;&nbsp; $1599068 |
| Fidelity National Information Services, Inc. | 9314 | &nbsp;&nbsp; 619008 |
| TransUnion | 11681 | &nbsp;&nbsp; 1001646 |
| TriNet Group, Inc. | 32475 | &nbsp;&nbsp; 1920247 |
| Verisk Analytics, Inc., "A" | 3226 | &nbsp;&nbsp; 721624 |
|  |  | &nbsp;&nbsp; $5861593 |

---

RGSFS-ANN

------

MFS Core Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software – 11.2% | Computer Software – 11.2% |  |
| Atlassian Corp. (a) | 2036 | &nbsp;&nbsp; $330117 |
| Autodesk, Inc. (a) | 6342 | &nbsp;&nbsp; 1877295 |
| Cadence Design Systems, Inc. (a) | 8603 | &nbsp;&nbsp; 2689126 |
| Guidewire Software, Inc. (a) | 7261 | &nbsp;&nbsp; 1459534 |
| HubSpot, Inc. (a) | 3169 | &nbsp;&nbsp; 1271720 |
| Intuit, Inc. | 3635 | &nbsp;&nbsp; 2407897 |
| Microsoft Corp. (s) | 35973 | &nbsp;&nbsp; 17397262 |
| MongoDB, Inc. (a) | 3200 | &nbsp;&nbsp; 1343008 |
| Netskope, Inc., "A" (a) | 16789 | &nbsp;&nbsp; 294479 |
| Okta, Inc. (a) | 8678 | &nbsp;&nbsp; 750387 |
| SentinelOne, Inc., "A" (a) | 25380 | &nbsp;&nbsp; 380700 |
| Tyler Technologies, Inc. (a) | 2755 | &nbsp;&nbsp; 1250632 |
| Vertex, Inc., "A" (a) | 28522 | &nbsp;&nbsp; 569584 |
|  |  | &nbsp;&nbsp; $32021741 |
| Computer Software - Systems – 6.5% | Computer Software - Systems – 6.5% |  |
| Apple, Inc. (s) | 54484 | &nbsp;&nbsp; $14812020 |
| Arista Networks, Inc. (a) | 12586 | &nbsp;&nbsp; 1649144 |
| Block, Inc., "A" (a) | 5785 | &nbsp;&nbsp; 376546 |
| Insight Enterprises, Inc. (a) | 11150 | &nbsp;&nbsp; 908390 |
| Seagate Technology Holdings PLC | 3255 | &nbsp;&nbsp; 896394 |
|  |  | &nbsp;&nbsp; $18642494 |
| Construction – 1.6% | Construction – 1.6% |  |
| Allegion PLC | 3292 | &nbsp;&nbsp; $524152 |
| CRH PLC | 16020 | &nbsp;&nbsp; 1999296 |
| Ferguson Enterprises, Inc. | 2591 | &nbsp;&nbsp; 576835 |
| Pulte Homes, Inc. | 5932 | &nbsp;&nbsp; 695586 |
| Sherwin-Williams Co. | 2391 | &nbsp;&nbsp; 774756 |
|  |  | &nbsp;&nbsp; $4570625 |
| Consumer Products – 0.9% | Consumer Products – 0.9% |  |
| Colgate-Palmolive Co. | 9791 | &nbsp;&nbsp; $773685 |
| e.l.f. Beauty, Inc. (a) | 4892 | &nbsp;&nbsp; 371988 |
| Kenvue, Inc. | 44926 | &nbsp;&nbsp; 774973 |
| Procter & Gamble Co. | 5385 | &nbsp;&nbsp; 771724 |
|  |  | &nbsp;&nbsp; $2692370 |
| Consumer Services – 1.0% | Consumer Services – 1.0% |  |
| Airbnb, Inc., "A" (a) | 6656 | &nbsp;&nbsp; $903352 |
| Bright Horizons Family Solutions, Inc. (a) | 4000 | &nbsp;&nbsp; 405600 |
| Grand Canyon Education, Inc. (a) | 1651 | &nbsp;&nbsp; 274578 |
| Phoenix Educations Partners, Inc. (a) | 4833 | &nbsp;&nbsp; 146440 |
| Uber Technologies, Inc. (a) | 14410 | &nbsp;&nbsp; 1177441 |
|  |  | &nbsp;&nbsp; $2907411 |
| Containers – 0.3% | Containers – 0.3% |  |
| Avery Dennison Corp. | 2913 | &nbsp;&nbsp; $529816 |
| Smurfit Westrock PLC | 10773 | &nbsp;&nbsp; 416592 |
|  |  | &nbsp;&nbsp; $946408 |
| Electrical Equipment – 2.5% | Electrical Equipment – 2.5% |  |
| AMETEK, Inc. | 7390 | &nbsp;&nbsp; $1517241 |
| Amphenol Corp., "A" | 12784 | &nbsp;&nbsp; 1727630 |
| Eaton Corp. PLC | 3293 | &nbsp;&nbsp; 1048853 |

---

------

MFS Core Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electrical Equipment – continued | Electrical Equipment – continued |  |
| Emerson Electric Co. | 13969 | &nbsp;&nbsp; $1853966 |
| W.W. Grainger, Inc. | 953 | &nbsp;&nbsp; 961624 |
|  |  | &nbsp;&nbsp; $7109314 |
| Electronics – 12.9% | Electronics – 12.9% |  |
| Advanced Energy Industries, Inc. | 2695 | &nbsp;&nbsp; $564252 |
| Broadcom, Inc. | 23894 | &nbsp;&nbsp; 8269713 |
| Coherent Corp. (a) | 1931 | &nbsp;&nbsp; 356405 |
| KLA Corp. | 1819 | &nbsp;&nbsp; 2210230 |
| Lam Research Corp. | 19798 | &nbsp;&nbsp; 3389022 |
| MACOM Technology Solutions Holdings, Inc. (a) | 2709 | &nbsp;&nbsp; 463998 |
| NVIDIA Corp. | 117275 | &nbsp;&nbsp; 21871787 |
|  |  | &nbsp;&nbsp; $37125407 |
| Energy - Independent – 1.1% | Energy - Independent – 1.1% |  |
| ConocoPhillips | 16426 | &nbsp;&nbsp; $1537638 |
| EQT Corp. | 9011 | &nbsp;&nbsp; 482989 |
| Permian Resources Corp. | 27697 | &nbsp;&nbsp; 388589 |
| Phillips 66 | 2696 | &nbsp;&nbsp; 347892 |
| Valero Energy Corp. | 2367 | &nbsp;&nbsp; 385324 |
|  |  | &nbsp;&nbsp; $3142432 |
| Energy - Integrated – 1.2% | Energy - Integrated – 1.2% |  |
| Exxon Mobil Corp. | 27760 | &nbsp;&nbsp; $3340638 |
| Energy - Renewables – 0.5% | Energy - Renewables – 0.5% |  |
| First Solar, Inc. (a) | 1533 | &nbsp;&nbsp; $400466 |
| GE Vernova, Inc. | 1658 | &nbsp;&nbsp; 1083619 |
|  |  | &nbsp;&nbsp; $1484085 |
| Engineering - Construction – 1.3% | Engineering - Construction – 1.3% |  |
| APi Group, Inc. (a) | 14795 | &nbsp;&nbsp; $566057 |
| Jacobs Solutions, Inc. | 9183 | &nbsp;&nbsp; 1216380 |
| Legence Corp., "A" (a) | 27150 | &nbsp;&nbsp; 1168536 |
| MYR Group, Inc. (a) | 3331 | &nbsp;&nbsp; 727823 |
|  |  | &nbsp;&nbsp; $3678796 |
| Entertainment – 0.1% | Entertainment – 0.1% |  |
| Live Nation Entertainment, Inc. (a) | 2573 | &nbsp;&nbsp; $366653 |
| Food & Beverages – 1.4% | Food & Beverages – 1.4% |  |
| Celsius Holdings, Inc. (a) | 5845 | &nbsp;&nbsp; $267350 |
| Coca-Cola Europacific Partners PLC | 8943 | &nbsp;&nbsp; 811130 |
| Mondelez International, Inc. | 18236 | &nbsp;&nbsp; 981644 |
| PepsiCo, Inc. | 13502 | &nbsp;&nbsp; 1937807 |
|  |  | &nbsp;&nbsp; $3997931 |
| Gaming & Lodging – 0.7% | Gaming & Lodging – 0.7% |  |
| DraftKings, Inc. (a) | 8734 | &nbsp;&nbsp; $300974 |
| Hilton Worldwide Holdings, Inc. | 4150 | &nbsp;&nbsp; 1192087 |
| Viking Holdings Ltd. (a) | 8687 | &nbsp;&nbsp; 620339 |
|  |  | &nbsp;&nbsp; $2113400 |

---

------

MFS Core Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Health Maintenance Organizations – 0.9% | Health Maintenance Organizations – 0.9% |  |
| Cigna Group | 6160 | &nbsp;&nbsp; $1695417 |
| Humana, Inc. | 2959 | &nbsp;&nbsp; 757888 |
|  |  | &nbsp;&nbsp; $2453305 |
| Insurance – 3.6% | Insurance – 3.6% |  |
| Aon PLC | 5231 | &nbsp;&nbsp; $1845915 |
| Arthur J. Gallagher & Co. | 4859 | &nbsp;&nbsp; 1257461 |
| Assurant, Inc. | 2179 | &nbsp;&nbsp; 524812 |
| Chubb Ltd. | 6194 | &nbsp;&nbsp; 1933271 |
| Everest Group Ltd. | 1344 | &nbsp;&nbsp; 456087 |
| Lincoln National Corp. | 17757 | &nbsp;&nbsp; 790719 |
| Principal Financial Group, Inc. | 7624 | &nbsp;&nbsp; 672513 |
| Progressive Corp. | 5988 | &nbsp;&nbsp; 1363587 |
| Selective Insurance Group, Inc. | 5322 | &nbsp;&nbsp; 445292 |
| Willis Towers Watson PLC | 3241 | &nbsp;&nbsp; 1064993 |
|  |  | &nbsp;&nbsp; $10354650 |
| Interactive Media Services – 7.1% | Interactive Media Services – 7.1% |  |
| Alphabet, Inc., "A" (s) | 40910 | &nbsp;&nbsp; $12804830 |
| Meta Platforms, Inc., "A" | 11451 | &nbsp;&nbsp; 7558691 |
|  |  | &nbsp;&nbsp; $20363521 |
| Leisure & Toys – 0.5% | Leisure & Toys – 0.5% |  |
| Brunswick Corp. | 2927 | &nbsp;&nbsp; $217301 |
| Hasbro, Inc. | 4639 | &nbsp;&nbsp; 380398 |
| Take-Two Interactive Software, Inc. (a) | 2748 | &nbsp;&nbsp; 703570 |
|  |  | &nbsp;&nbsp; $1301269 |
| Machinery & Tools – 2.1% | Machinery & Tools – 2.1% |  |
| Caterpillar, Inc. | 3994 | &nbsp;&nbsp; $2288043 |
| Crane Co. | 2973 | &nbsp;&nbsp; 548310 |
| Nordson Corp. | 4688 | &nbsp;&nbsp; 1127136 |
| Pentair PLC | 10041 | &nbsp;&nbsp; 1045670 |
| Trane Technologies PLC | 2804 | &nbsp;&nbsp; 1091317 |
|  |  | &nbsp;&nbsp; $6100476 |
| Major Banks – 4.6% | Major Banks – 4.6% |  |
| JPMorgan Chase & Co. (s) | 19451 | &nbsp;&nbsp; $6267501 |
| Morgan Stanley | 12311 | &nbsp;&nbsp; 2185572 |
| PNC Financial Services Group, Inc. | 11456 | &nbsp;&nbsp; 2391211 |
| Wells Fargo & Co. | 24410 | &nbsp;&nbsp; 2275012 |
|  |  | &nbsp;&nbsp; $13119296 |
| Medical & Health Technology & Services – 0.5% | Medical & Health Technology & Services – 0.5% |  |
| McKesson Corp. | 1271 | &nbsp;&nbsp; $1042588 |
| Option Care Health, Inc. (a) | 13394 | &nbsp;&nbsp; 426733 |
|  |  | &nbsp;&nbsp; $1469321 |
| Medical Equipment – 3.7% | Medical Equipment – 3.7% |  |
| Becton, Dickinson and Co. | 10731 | &nbsp;&nbsp; $2082565 |
| Bio-Techne Corp. | 14963 | &nbsp;&nbsp; 879974 |
| Boston Scientific Corp. (a) | 13997 | &nbsp;&nbsp; 1334614 |
| Masimo Corp. (a) | 2034 | &nbsp;&nbsp; 264542 |
| Medtronic PLC | 24083 | &nbsp;&nbsp; 2313413 |
| STERIS PLC | 2830 | &nbsp;&nbsp; 717462 |

---

------

MFS Core Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Medical Equipment – continued | Medical Equipment – continued |  |
| Waters Corp. (a) | 7610 | &nbsp;&nbsp; $2890506 |
|  |  | &nbsp;&nbsp; $10483076 |
| Natural Gas - Pipeline – 0.4% | Natural Gas - Pipeline – 0.4% |  |
| Cheniere Energy, Inc. | 5340 | &nbsp;&nbsp; $1038043 |
| Network & Telecom – 0.3% | Network & Telecom – 0.3% |  |
| Motorola Solutions, Inc. | 2049 | &nbsp;&nbsp; $785423 |
| Oil Services – 0.3% | Oil Services – 0.3% |  |
| Baker Hughes Co. | 10006 | &nbsp;&nbsp; $455673 |
| TechnipFMC PLC | 7563 | &nbsp;&nbsp; 337008 |
|  |  | &nbsp;&nbsp; $792681 |
| Other Banks & Diversified Financials – 3.1% | Other Banks & Diversified Financials – 3.1% |  |
| Columbia Banking System, Inc. | 15626 | &nbsp;&nbsp; $436747 |
| Hancock Whitney Corp. | 7413 | &nbsp;&nbsp; 472060 |
| Mastercard, Inc., "A" | 7355 | &nbsp;&nbsp; 4198822 |
| Moody's Corp. | 2759 | &nbsp;&nbsp; 1409435 |
| Northern Trust Corp. | 2876 | &nbsp;&nbsp; 392833 |
| Visa, Inc., "A" | 5515 | &nbsp;&nbsp; 1934166 |
|  |  | &nbsp;&nbsp; $8844063 |
| Pharmaceuticals – 3.5% | Pharmaceuticals – 3.5% |  |
| AbbVie, Inc. | 3724 | &nbsp;&nbsp; $850896 |
| Johnson & Johnson | 26103 | &nbsp;&nbsp; 5402016 |
| Pfizer, Inc. | 154822 | &nbsp;&nbsp; 3855068 |
|  |  | &nbsp;&nbsp; $10107980 |
| Pollution Control – 0.6% | Pollution Control – 0.6% |  |
| GFL Environmental, Inc. | 40142 | &nbsp;&nbsp; $1724099 |
| Real Estate – 0.6% | Real Estate – 0.6% |  |
| Federal Realty Investment Trust, REIT | 9249 | &nbsp;&nbsp; $932299 |
| NNN REIT, Inc. | 18517 | &nbsp;&nbsp; 733829 |
|  |  | &nbsp;&nbsp; $1666128 |
| Real Estate - Office – 0.1% | Real Estate - Office – 0.1% |  |
| Highwoods Properties, Inc., REIT | 12651 | &nbsp;&nbsp; $326649 |
| Real Estate - Storage – 0.4% | Real Estate - Storage – 0.4% |  |
| Extra Space Storage, Inc., REIT | 2975 | &nbsp;&nbsp; $387404 |
| Rexford Industrial Realty, Inc., REIT | 18537 | &nbsp;&nbsp; 717753 |
|  |  | &nbsp;&nbsp; $1105157 |
| Restaurants – 0.9% | Restaurants – 0.9% |  |
| Aramark | 51127 | &nbsp;&nbsp; $1884541 |
| Starbucks Corp. | 9788 | &nbsp;&nbsp; 824248 |
|  |  | &nbsp;&nbsp; $2708789 |
| Specialty Chemicals – 0.3% | Specialty Chemicals – 0.3% |  |
| Linde PLC | 2302 | &nbsp;&nbsp; $981550 |

---

------

MFS Core Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Specialty Stores – 6.8% | Specialty Stores – 6.8% |  |
| Amazon.com, Inc. (a)(s) | 56983 | &nbsp;&nbsp; $13152816 |
| BJ's Wholesale Club Holdings, Inc. (a) | 22732 | &nbsp;&nbsp; 2046562 |
| Floor & Decor Holdings, Inc., "A" (a) | 23091 | &nbsp;&nbsp; 1406011 |
| Ross Stores, Inc. | 7972 | &nbsp;&nbsp; 1436076 |
| TJX Cos., Inc. | 1657 | &nbsp;&nbsp; 254532 |
| Tractor Supply Co. | 26843 | &nbsp;&nbsp; 1342418 |
|  |  | &nbsp;&nbsp; $19638415 |
| Telecom - Infrastructure – 0.6% | Telecom - Infrastructure – 0.6% |  |
| American Tower Corp., REIT | 9102 | &nbsp;&nbsp; $1598038 |
| Telecom Services – 0.8% | Telecom Services – 0.8% |  |
| EchoStar Corp., "A" (a) | 6692 | &nbsp;&nbsp; $727420 |
| T-Mobile USA, Inc. | 7723 | &nbsp;&nbsp; 1568078 |
|  |  | &nbsp;&nbsp; $2295498 |
| Tobacco – 0.6% | Tobacco – 0.6% |  |
| Philip Morris International, Inc. | 10249 | &nbsp;&nbsp; $1643940 |
| Utilities - Electric Power – 2.3% | Utilities - Electric Power – 2.3% |  |
| Duke Energy Corp. | 8167 | &nbsp;&nbsp; $957254 |
| Evergy, Inc. | 6762 | &nbsp;&nbsp; 490177 |
| Exelon Corp. | 17272 | &nbsp;&nbsp; 752886 |
| NextEra Energy, Inc. | 10577 | &nbsp;&nbsp; 849122 |
| PG&E Corp. | 88046 | &nbsp;&nbsp; 1414899 |
| Sempra | 9120 | &nbsp;&nbsp; 805205 |
| Vistra Corp. | 4836 | &nbsp;&nbsp; 780192 |
| Xcel Energy, Inc. | 8250 | &nbsp;&nbsp; 609345 |
|  |  | &nbsp;&nbsp; $6659080 |
| **Total Common Stocks (Identified Cost, $175,799,941)** |  | &nbsp;&nbsp; **$285360617** |
| Mutual Funds (h) – 0.5% | Mutual Funds (h) – 0.5% | Mutual Funds (h) – 0.5% |
| Money Market Funds – 0.5% | Money Market Funds – 0.5% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $1,379,978) | 1379845 | &nbsp;&nbsp; $1380121 |
| Collateral for Securities Loaned – 0.0% | Collateral for Securities Loaned – 0.0% | Collateral for Securities Loaned – 0.0% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.72% (j) (Identified Cost, $68,255) | 68255 | &nbsp;&nbsp; $68255 |
| Other Assets, Less Liabilities – (0.0)% |  | &nbsp;&nbsp; (73163) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$286735830** |

---

&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 $1,380,121 and $285,428,872, 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;(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 – continued*

The following abbreviations are used in this report and are defined: <br> REIT Real Estate Investment Trust

At December 31, 2025, the fund had cash collateral of $3,798 and other liquid securities collateral with an aggregate value of $603,116.

**See Notes to Financial Statements**

------

MFS Core Equity Portfolio

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

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value, including $64,379 of securities on loan (identified cost, $175,868,196) | &nbsp;&nbsp; $285428872 |
| Investments in affiliated issuers, at value (identified cost, $1,379,978) | &nbsp;&nbsp; 1380121 |
| Cash | &nbsp;&nbsp; 4334 |
| Deposits with brokers | &nbsp;&nbsp; 3798 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 48467 |
| Interest and dividends | &nbsp;&nbsp; 153335 |
| Other assets | &nbsp;&nbsp; 1343 |
| Total assets | &nbsp;&nbsp; $287020270 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $147419 |
| Collateral for securities loaned, at value | &nbsp;&nbsp; 68255 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 3916 |
| Administrative services fee | &nbsp;&nbsp; 246 |
| Shareholder servicing costs | &nbsp;&nbsp; 83 |
| Distribution and/or service fees | &nbsp;&nbsp; 1365 |
| Payable for audit and tax fees | &nbsp;&nbsp; 38737 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 24419 |
| Total liabilities | &nbsp;&nbsp; $284440 |
| Net assets | &nbsp;&nbsp; $286735830 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $140166368 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 146569462 |
| Net assets | &nbsp;&nbsp; $286735830 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 9077993 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $187914153 | &nbsp;&nbsp;&nbsp; 5903085 | &nbsp;&nbsp;&nbsp; $31.83 |
| Service Class | &nbsp;&nbsp;&nbsp; 98821677 | &nbsp;&nbsp;&nbsp; 3174908 | &nbsp;&nbsp;&nbsp;&nbsp;31.13 |

---

**See Notes to Financial Statements**

------

MFS Core Equity Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $3364575 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 91800 |
| Other | &nbsp;&nbsp; 11939 |
| Income on securities loaned | &nbsp;&nbsp; 1178 |
| Foreign taxes withheld | &nbsp;&nbsp; (5002)<br>|
| Total investment income | &nbsp;&nbsp; $3464490 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $2107896 |
| Distribution and/or service fees | &nbsp;&nbsp; 238562 |
| Shareholder servicing costs | &nbsp;&nbsp; 14793 |
| Administrative services fee | &nbsp;&nbsp; 47150 |
| Independent Trustees' compensation | &nbsp;&nbsp; 7669 |
| Custodian fee | &nbsp;&nbsp; 16908 |
| Shareholder communications | &nbsp;&nbsp; 27479 |
| Audit and tax fees | &nbsp;&nbsp; 72360 |
| Legal fees | &nbsp;&nbsp; 1847 |
| Dividend and interest expense on securities sold short | &nbsp;&nbsp; 6726 |
| Interest expense and fees | &nbsp;&nbsp; 1355 |
| Miscellaneous | &nbsp;&nbsp; 29068 |
| Total expenses | &nbsp;&nbsp; $2571813 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (133320)<br>|
| Net expenses | &nbsp;&nbsp; $2438493 |
| Net investment income (loss) | &nbsp;&nbsp; $1025997 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $36755739 |
| Affiliated issuers | &nbsp;&nbsp; (58)<br>|
| Securities sold short | &nbsp;&nbsp; (44207)<br>|
| Foreign currency | &nbsp;&nbsp; 1 |
| Net realized gain (loss)  | &nbsp;&nbsp; $36711475 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(4311354)<br>|
| Affiliated issuers | &nbsp;&nbsp; (62)<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; $(4296749)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $32414726 |
| Change in net assets from operations | &nbsp;&nbsp; $33440723 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $1025997 | &nbsp;&nbsp; $1106911 |
| Net realized gain (loss) | 36711475 | &nbsp;&nbsp; 29084139 |
| Net unrealized gain (loss) | (4296749)<br>| &nbsp;&nbsp; 19975940 |
| Change in net assets from operations | $33440723 | &nbsp;&nbsp; $50166990 |
| Total distributions to shareholders | $(30184993)<br>| &nbsp;&nbsp; $(13573571)<br>|
| Change in net assets from fund share transactions | $321764 | &nbsp;&nbsp; $(14218783)<br>|
| Total change in net assets | $3577494 | &nbsp;&nbsp; $22374636 |
| **Net assets** |  |  |
| At beginning of period | 283158336 | &nbsp;&nbsp; 260783700 |
| At end of period | $286735830 | &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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $31.61 | &nbsp;&nbsp; $27.67 | &nbsp;&nbsp; $23.73 | &nbsp;&nbsp; $32.33 | &nbsp;&nbsp; $27.88 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.14 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.09 |
| Net realized and unrealized gain (loss) | 3.64 | &nbsp;&nbsp;&nbsp;&nbsp;5.34 | &nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.85 |
| Total from investment operations | $3.78 | &nbsp;&nbsp; $5.49 | &nbsp;&nbsp; $5.35 | &nbsp;&nbsp; $(5.35)<br>| &nbsp;&nbsp; $6.94 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.15)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.14)<br>|
| From net realized gain | (3.41)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (2.35)<br>|
| Total distributions declared to shareholders | $(3.56)<br>| &nbsp;&nbsp; $(1.55)<br>| &nbsp;&nbsp; $(1.41)<br>| &nbsp;&nbsp; $(3.25)<br>| &nbsp;&nbsp; $(2.49)<br>|
| Net asset value, end of period (x) | $31.83 | &nbsp;&nbsp; $31.61 | &nbsp;&nbsp; $27.67 | &nbsp;&nbsp; $23.73 | &nbsp;&nbsp; $32.33 |
| Total return (%) (k)(r)(s)(x) | 12.50 | &nbsp;&nbsp;&nbsp;&nbsp;20.11 | &nbsp;&nbsp;&nbsp;&nbsp;23.14 | &nbsp;&nbsp; (17.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.31 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Expenses after expense reductions | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Net investment income (loss) | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Portfolio turnover rate | 50 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 35 |
| Net assets at end of period (000 omitted) | $187914 | &nbsp;&nbsp; $188791 | &nbsp;&nbsp; $176611 | &nbsp;&nbsp; $152479 | &nbsp;&nbsp; $206060 |
| **Supplemental Ratios (%):** |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions excluding short sale <br> expenses and interest expense and fees<br>| 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |

---

**See Notes to Financial Statements**

------

MFS Core Equity Portfolio

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $30.99 | &nbsp;&nbsp; $27.15 | &nbsp;&nbsp; $23.32 | &nbsp;&nbsp; $31.84 | &nbsp;&nbsp; $27.50 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.06 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.02 |
| Net realized and unrealized gain (loss) | 3.56 | &nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp; (5.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.76 |
| Total from investment operations | $3.62 | &nbsp;&nbsp; $5.32 | &nbsp;&nbsp; $5.18 | &nbsp;&nbsp; $(5.34)<br>| &nbsp;&nbsp; $6.78 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.07)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(0.09)<br>|
| From net realized gain | (3.41)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (2.35)<br>|
| Total distributions declared to shareholders | $(3.48)<br>| &nbsp;&nbsp; $(1.48)<br>| &nbsp;&nbsp; $(1.35)<br>| &nbsp;&nbsp; $(3.18)<br>| &nbsp;&nbsp; $(2.44)<br>|
| Net asset value, end of period (x) | $31.13 | &nbsp;&nbsp; $30.99 | &nbsp;&nbsp; $27.15 | &nbsp;&nbsp; $23.32 | &nbsp;&nbsp; $31.84 |
| Total return (%) (k)(r)(s)(x) | 12.22 | &nbsp;&nbsp;&nbsp;&nbsp;19.87 | &nbsp;&nbsp;&nbsp;&nbsp;22.79 | &nbsp;&nbsp; (17.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.05 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Expenses after expense reductions | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Net investment income (loss) | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Portfolio turnover rate | 50 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 35 |
| Net assets at end of period (000 omitted) | $98822 | &nbsp;&nbsp; $94367 | &nbsp;&nbsp; $84173 | &nbsp;&nbsp; $70293 | &nbsp;&nbsp; $76684 |
| **Supplemental Ratios (%):** |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions excluding short sale <br> expenses and interest expense and fees<br>| 1.03 | &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;(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;(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**

**(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.

**Segment Reporting** — 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 - 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 December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $285360617 | $— | $— | $285360617 |
| Investment Companies | 1448376 |  |  | 1448376 |
| Total | $286808993 | $— | $— | $286808993 |

---

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 year ended December 31, 2025, this expense amounted to $6,726. At December 31, 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

------

MFS Core Equity Portfolio

*Notes to Financial Statements - continued* 

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 $64,379. The fair value of the fund's investment securities on loan and a related liability of $68,255 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 two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $4705005 | &nbsp;&nbsp; $1470538 |
| Long-term capital gains | &nbsp;&nbsp; 25479988 | &nbsp;&nbsp; 12103033 |
| Total distributions | &nbsp;&nbsp; $30184993 | &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 - continued* 

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $178543430 |
| Gross appreciation | &nbsp;&nbsp; 115376737 |
| Gross depreciation | &nbsp;&nbsp; (7111174)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $108265563 |
| Undistributed ordinary income | &nbsp;&nbsp; 3224738 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 35079161 |
| Total distributable earnings (loss) | &nbsp;&nbsp; $146569462 |

---

**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:

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $20047341 | &nbsp;&nbsp; $9162600 |
| Service Class | 10137652 | &nbsp;&nbsp; 4410971 |
| Total | $30184993 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $38,921, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 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 year ended December 31, 2025, this reduction amounted to $94,399, 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 Core Equity Portfolio

*Notes to Financial Statements - 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 year ended December 31, 2025, the fee was $13,831, which equated to 0.0049% 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 year ended December 31, 2025, these costs amounted to $962.

**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 year ended December 31, 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.

On August 19, 2024, MFS redeemed 5 shares of Service Class for an aggregate amount of $150.

During the year ended December 31, 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 $114,678 and $21,392, respectively. 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 year ended December 31, 2025, this reimbursement amounted to $9,169, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the year ended December 31, 2025, purchases and sales of investments, other than short-term obligations and short sales, aggregated $139,222,938 and $167,997,985, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 331926 | &nbsp;&nbsp; $10715596 | &nbsp;&nbsp; 234844 | &nbsp;&nbsp; $7234595 |
| Service Class | 311530 | &nbsp;&nbsp; 9584079 | &nbsp;&nbsp; 302142 | &nbsp;&nbsp; 9075096 |
|  | 643456 | &nbsp;&nbsp; $20299675 | &nbsp;&nbsp; 536986 | &nbsp;&nbsp; $16309691 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 660756 | &nbsp;&nbsp; $20047341 | &nbsp;&nbsp; 305013 | &nbsp;&nbsp; $9162600 |
| Service Class | 341335 | &nbsp;&nbsp; 10137652 | &nbsp;&nbsp; 149677 | &nbsp;&nbsp; 4410971 |
|  | 1002091 | &nbsp;&nbsp; $30184993 | &nbsp;&nbsp; 454690 | &nbsp;&nbsp; $13573571 |

---

------

MFS Core Equity Portfolio

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended**<br> **12/31/25** | **Year ended**<br> **12/31/25** | **Year ended**<br> **12/31/24** | **Year ended**<br> **12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares reacquired |  |  |  |  |
| Initial Class | (1061370)<br>| &nbsp;&nbsp; $(33702658)<br>| &nbsp;&nbsp; (951633)<br>| &nbsp;&nbsp; $(28931410)<br>|
| Service Class | (523424)<br>| &nbsp;&nbsp; (16460246)<br>| &nbsp;&nbsp; (506195)<br>| &nbsp;&nbsp; (15170635)<br>|
|  | (1584794)<br>| &nbsp;&nbsp; $(50162904)<br>| &nbsp;&nbsp; (1457828)<br>| &nbsp;&nbsp; $(44102045)<br>|
| Net change |  |  |  |  |
| Initial Class | (68688)<br>| &nbsp;&nbsp; $(2939721)<br>| &nbsp;&nbsp; (411776)<br>| &nbsp;&nbsp; $(12534215)<br>|
| Service Class | 129441 | &nbsp;&nbsp; 3261485 | &nbsp;&nbsp; (54376)<br>| &nbsp;&nbsp; (1684568)<br>|
|  | 60753 | &nbsp;&nbsp; $321764 | &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 year ended December 31, 2025, the fund's commitment fee and interest expense were $1,321 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. The following were affiliated issuers for the year ended December 31, 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; $46252025 | &nbsp;&nbsp; $46248434 | &nbsp;&nbsp; $(58)<br>| &nbsp;&nbsp; $(62)<br>| &nbsp;&nbsp; $1380121 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $91800 | $— |

---

------

MFS Core Equity Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS Core Equity Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Core Equity Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Core Equity Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $28,028,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 62.66% of the ordinary income dividends paid during the fiscal year qualify for the corporate dividends received deduction.

------

**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.**

------

MFS Core Equity Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Core Equity Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 4th quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 4th quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. The Trustees noted that the total return performance (Class I shares) of the Fund's retail counterpart, MFS Core Equity Fund, which has substantially similar investment strategies, was in the 3rd quintile relative to the

------

MFS Core Equity Portfolio

*Board Review of Investment Advisory Agreement - continued*

other funds in its Broadridge performance universe for the five-year period ended December 31, 2024. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each higher than the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $1 billion and $2.5 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

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 - 12/31/25** 

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 – 98.5% | Common Stocks – 98.5% | Common Stocks – 98.5% |
| Alcoholic Beverages – 3.5% | Alcoholic Beverages – 3.5% |  |
| Ambev S.A., ADR (l) | 98830 | &nbsp;&nbsp; $244110 |
| China Resources Beer Holdings Co. Ltd. | 131500 | &nbsp;&nbsp; 441758 |
| Kweichow Moutai Co. Ltd., "A" | 3600 | &nbsp;&nbsp; 708968 |
|  |  | &nbsp;&nbsp; $1394836 |
| Automotive – 2.0% | Automotive – 2.0% |  |
| Mahindra & Mahindra Ltd. | 11757 | &nbsp;&nbsp; $485195 |
| Maruti Suzuki India Ltd. | 897 | &nbsp;&nbsp; 166637 |
| PT Astra International Tbk | 391700 | &nbsp;&nbsp; 157385 |
|  |  | &nbsp;&nbsp; $809217 |
| Biotechnology – 0.3% | Biotechnology – 0.3% |  |
| Hugel, Inc. (a) | 831 | &nbsp;&nbsp; $132967 |
| Brokerage & Asset Managers – 1.3% | Brokerage & Asset Managers – 1.3% |  |
| B3 S.A. - Brasil Bolsa Balcao | 207700 | &nbsp;&nbsp; $540633 |
| Business Services – 2.9% | Business Services – 2.9% |  |
| Infosys Ltd. | 36425 | &nbsp;&nbsp; $654666 |
| Tata Consultancy Services Ltd. | 14589 | &nbsp;&nbsp; 520422 |
|  |  | &nbsp;&nbsp; $1175088 |
| Chemicals – 0.7% | Chemicals – 0.7% |  |
| UPL Ltd. | 33341 | &nbsp;&nbsp; $294963 |
| Computer Software – 0.8% | Computer Software – 0.8% |  |
| Kingsoft Corp. | 92000 | &nbsp;&nbsp; $336192 |
| Computer Software - Systems – 9.2% | Computer Software - Systems – 9.2% |  |
| EPAM Systems, Inc. (a) | 927 | &nbsp;&nbsp; $189924 |
| Hon Hai Precision Industry Co. Ltd. | 100000 | &nbsp;&nbsp; 726572 |
| Lenovo Group Ltd. | 280000 | &nbsp;&nbsp; 332010 |
| Samsung Electronics Co. Ltd. | 25552 | &nbsp;&nbsp; 2126747 |
| Xiaomi Corp., "B" (a) | 61600 | &nbsp;&nbsp; 311059 |
|  |  | &nbsp;&nbsp; $3686312 |
| Conglomerates – 1.3% | Conglomerates – 1.3% |  |
| KOC Holding A.S. | 60495 | &nbsp;&nbsp; $238443 |
| LG Corp. | 4896 | &nbsp;&nbsp; 272960 |
|  |  | &nbsp;&nbsp; $511403 |
| Construction – 2.6% | Construction – 2.6% |  |
| Anhui Conch Cement Co. Ltd. | 59500 | &nbsp;&nbsp; $168311 |
| Midea Group Co. Ltd., "A" | 51800 | &nbsp;&nbsp; 579291 |
| Techtronic Industries Co. Ltd. | 24500 | &nbsp;&nbsp; 281475 |
|  |  | &nbsp;&nbsp; $1029077 |

---

FCEFS-ANN

------

MFS Emerging Markets Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Consumer Products – 1.1% | Consumer Products – 1.1% |  |
| Dabur India Ltd. | 32249 | &nbsp;&nbsp; $180693 |
| Hindustan Unilever Ltd. | 9902 | &nbsp;&nbsp; 255143 |
|  |  | &nbsp;&nbsp; $435836 |
| Consumer Services – 2.0% | Consumer Services – 2.0% |  |
| MakeMyTrip Ltd. (a) | 5674 | &nbsp;&nbsp; $465949 |
| Trip.com Group Ltd. | 4550 | &nbsp;&nbsp; 326388 |
|  |  | &nbsp;&nbsp; $792337 |
| Electrical Equipment – 1.2% | Electrical Equipment – 1.2% |  |
| WEG S.A. | 52500 | &nbsp;&nbsp; $470231 |
| Electronics – 14.9% | Electronics – 14.9% |  |
| ASE Technology Holding Co. Ltd | 90000 | &nbsp;&nbsp; $713479 |
| Largan Precision Co. Ltd. | 3000 | &nbsp;&nbsp; 238220 |
| MediaTek, Inc. | 15000 | &nbsp;&nbsp; 679674 |
| SK hynix, Inc. | 508 | &nbsp;&nbsp; 229571 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 84235 | &nbsp;&nbsp; 4115164 |
|  |  | &nbsp;&nbsp; $5976108 |
| Energy - Independent – 3.1% | Energy - Independent – 3.1% |  |
| Bharat Petroleum Corp. Ltd. | 57919 | &nbsp;&nbsp; $247453 |
| PT United Tractors Tbk | 191800 | &nbsp;&nbsp; 339316 |
| Reliance Industries Ltd. | 37125 | &nbsp;&nbsp; 648659 |
|  |  | &nbsp;&nbsp; $1235428 |
| Energy - Integrated – 2.5% | Energy - Integrated – 2.5% |  |
| Galp Energia SGPS S.A., "B" | 15740 | &nbsp;&nbsp; $268140 |
| Petroleo Brasileiro S.A., ADR | 35950 | &nbsp;&nbsp; 426008 |
| Petroleo Brasileiro S.A., ADR | 12856 | &nbsp;&nbsp; 144887 |
| Petronet LNG Ltd. | 57283 | &nbsp;&nbsp; 181066 |
|  |  | &nbsp;&nbsp; $1020101 |
| Engineering - Construction – 0.4% | Engineering - Construction – 0.4% |  |
| Doosan Bobcat, Inc. | 3823 | &nbsp;&nbsp; $152375 |
| Food & Beverages – 1.8% | Food & Beverages – 1.8% |  |
| Gruma S.A.B. de C.V. | 14540 | &nbsp;&nbsp; $250501 |
| Inner Mongolia Yili Industrial Group Co. Ltd., "A" | 60041 | &nbsp;&nbsp; 245726 |
| Kwality Walls (India) Ltd. (a) | 9952 | &nbsp;&nbsp; 4230 |
| Orion Corp. | 3131 | &nbsp;&nbsp; 229119 |
|  |  | &nbsp;&nbsp; $729576 |
| Food & Drug Stores – 2.0% | Food & Drug Stores – 2.0% |  |
| BIM Birlesik Magazalar A.S. | 21225 | &nbsp;&nbsp; $265793 |
| Walmart de Mexico S.A.B. de C.V. | 168600 | &nbsp;&nbsp; 525532 |
|  |  | &nbsp;&nbsp; $791325 |
| Gaming & Lodging – 0.9% | Gaming & Lodging – 0.9% |  |
| Sands China Ltd. | 143200 | &nbsp;&nbsp; $360636 |

---

------

MFS Emerging Markets Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Insurance – 4.7% | Insurance – 4.7% |  |
| AIA Group Ltd. | 40000 | &nbsp;&nbsp; $410654 |
| DB Insurance Co. Ltd. | 1913 | &nbsp;&nbsp; 174096 |
| Hyundai Marine & Fire Insurance Co. Ltd. (a) | 12304 | &nbsp;&nbsp; 262274 |
| Ping An Insurance Co. of China Ltd., "H" | 65000 | &nbsp;&nbsp; 546770 |
| Samsung Fire & Marine Insurance Co. Ltd. | 1494 | &nbsp;&nbsp; 515441 |
|  |  | &nbsp;&nbsp; $1909235 |
| Leisure & Toys – 7.3% | Leisure & Toys – 7.3% |  |
| NetEase, Inc., ADR | 3343 | &nbsp;&nbsp; $460064 |
| Tencent Holdings Ltd. | 32500 | &nbsp;&nbsp; 2490385 |
|  |  | &nbsp;&nbsp; $2950449 |
| Machinery & Tools – 1.2% | Machinery & Tools – 1.2% |  |
| Delta Electronics, Inc. | 16000 | &nbsp;&nbsp; $486840 |
| Major Banks – 1.0% | Major Banks – 1.0% |  |
| Bandhan Bank Ltd. | 97468 | &nbsp;&nbsp; $158132 |
| National Bank of Greece S.A. | 15357 | &nbsp;&nbsp; 233912 |
|  |  | &nbsp;&nbsp; $392044 |
| Medical & Health Technology & Services – 0.5% | Medical & Health Technology & Services – 0.5% |  |
| Hangzhou Tigermed Consulting Co. Ltd., "A" | 23100 | &nbsp;&nbsp; $186959 |
| Metals & Mining – 1.6% | Metals & Mining – 1.6% |  |
| Industries Qatar Q.P.S.C. | 71087 | &nbsp;&nbsp; $232922 |
| Vale S.A., ADR | 31713 | &nbsp;&nbsp; 413220 |
|  |  | &nbsp;&nbsp; $646142 |
| Natural Gas - Distribution – 0.5% | Natural Gas - Distribution – 0.5% |  |
| China Resources Gas Group Ltd. | 69000 | &nbsp;&nbsp; $200287 |
| Natural Gas - Pipeline – 0.8% | Natural Gas - Pipeline – 0.8% |  |
| ADNOC Gas PLC | 341228 | &nbsp;&nbsp; $329824 |
| Oil Services – 1.1% | Oil Services – 1.1% |  |
| ADNOC Drilling Co. PJSC | 195266 | &nbsp;&nbsp; $283907 |
| Samsung E&A Co. Ltd. (a) | 9396 | &nbsp;&nbsp; 156418 |
|  |  | &nbsp;&nbsp; $440325 |
| Other Banks & Diversified Financials – 14.5% | Other Banks & Diversified Financials – 14.5% |  |
| Bangkok Bank Public Co. Ltd. | 59500 | &nbsp;&nbsp; $320116 |
| Bank Negara Indonesia PT | 1172600 | &nbsp;&nbsp; 307302 |
| China Construction Bank Corp. | 729670 | &nbsp;&nbsp; 719116 |
| China Merchants Bank Co. Ltd. | 94500 | &nbsp;&nbsp; 639076 |
| Credicorp Ltd. | 980 | &nbsp;&nbsp; 281260 |
| Emirates NBD Bank PJSC | 35968 | &nbsp;&nbsp; 272741 |
| Grupo Financiero Banorte S.A. de C.V. | 21660 | &nbsp;&nbsp; 200801 |
| HDFC Bank Ltd. | 89350 | &nbsp;&nbsp; 985362 |
| Kasikornbank PLC | 78600 | &nbsp;&nbsp; 485247 |
| Kotak Mahindra Bank Ltd. | 16365 | &nbsp;&nbsp; 400770 |
| PT Bank Central Asia Tbk | 800200 | &nbsp;&nbsp; 387503 |
| Saudi Awwal Bank | 32057 | &nbsp;&nbsp; 276743 |
| Saudi National Bank | 31164 | &nbsp;&nbsp; 314731 |
| Saudi Tadawul Group Holding Co. | 3990 | &nbsp;&nbsp; 149247 |
| Sberbank of Russia PJSC (a)(u) | 286804 | &nbsp;&nbsp; 0 |

---

------

MFS Emerging Markets Equity Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Other Banks & Diversified Financials – continued | Other Banks & Diversified Financials – continued |  |
| State Bank of India | 10019 | &nbsp;&nbsp; $109487 |
|  |  | &nbsp;&nbsp; $5849502 |
| Pharmaceuticals – 0.6% | Pharmaceuticals – 0.6% |  |
| WuXi AppTec Co. Ltd., "A" | 17200 | &nbsp;&nbsp; $222178 |
| Precious Metals & Minerals – 1.1% | Precious Metals & Minerals – 1.1% |  |
| Gold Fields Ltd., ADR | 10540 | &nbsp;&nbsp; $460176 |
| Real Estate – 0.7% | Real Estate – 0.7% |  |
| Emaar Properties PJSC | 50657 | &nbsp;&nbsp; $193787 |
| SM Investments Corp. | 6270 | &nbsp;&nbsp; 74548 |
|  |  | &nbsp;&nbsp; $268335 |
| Specialty Stores – 5.6% | Specialty Stores – 5.6% |  |
| Alibaba Group Holding Ltd. | 66348 | &nbsp;&nbsp; $1214261 |
| Meituan, "B" (a) | 48600 | &nbsp;&nbsp; 641310 |
| PDD Holdings, Inc., ADR (a) | 3452 | &nbsp;&nbsp; 391422 |
|  |  | &nbsp;&nbsp; $2246993 |
| Telecom Services – 1.1% | Telecom Services – 1.1% |  |
| Etihad Etisalat Co. | 13020 | &nbsp;&nbsp; $229103 |
| Hellenic Telecommunications Organization S.A. | 10315 | &nbsp;&nbsp; 204380 |
|  |  | &nbsp;&nbsp; $433483 |
| Tobacco – 1.1% | Tobacco – 1.1% |  |
| ITC Ltd. | 100719 | &nbsp;&nbsp; $451602 |
| Utilities - Electric Power – 0.6% | Utilities - Electric Power – 0.6% |  |
| NTPC Ltd. | 70412 | &nbsp;&nbsp; $258171 |
| **Total Common Stocks (Identified Cost, $26,098,127)** |  | &nbsp;&nbsp; **$39607186** |
| 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, 3.82% (v) (Identified Cost, $419,852) | 419804 | &nbsp;&nbsp; $419889 |
| Collateral for Securities Loaned – 0.6% | Collateral for Securities Loaned – 0.6% | Collateral for Securities Loaned – 0.6% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.72% (j) (Identified Cost, $244,475) | 244475 | &nbsp;&nbsp; $244475 |
| Other Assets, Less Liabilities – (0.1)% |  | &nbsp;&nbsp; (45803) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$40225747** |

---

&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 $419,889 and $39,851,661, 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;(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.

------

MFS Emerging Markets Equity Portfolio

*Portfolio of Investments – continued*

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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value, including $219,583 of securities on loan (identified cost, $26,342,602) | &nbsp;&nbsp; $39851661 |
| Investments in affiliated issuers, at value (identified cost, $419,852) | &nbsp;&nbsp; 419889 |
| Cash | &nbsp;&nbsp; 4994 |
| Foreign currency, at value (identified cost, $320) | &nbsp;&nbsp; 320 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 363818 |
| Fund shares sold | &nbsp;&nbsp; 9909 |
| Interest and dividends | &nbsp;&nbsp; 113719 |
| Receivable from investment adviser | &nbsp;&nbsp; 31897 |
| Other assets | &nbsp;&nbsp; 372 |
| Total assets | &nbsp;&nbsp; $40796579 |
| **Liabilities** |  |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; $49616 |
| Fund shares reacquired | &nbsp;&nbsp; 24540 |
| Collateral for securities loaned, at value | &nbsp;&nbsp; 244475 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 94 |
| Shareholder servicing costs | &nbsp;&nbsp; 37 |
| Distribution and/or service fees | &nbsp;&nbsp; 297 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 97 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 161787 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 89889 |
| Total liabilities | &nbsp;&nbsp; $570832 |
| Net assets | &nbsp;&nbsp; $40225747 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $22784032 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 17441715 |
| Net assets | &nbsp;&nbsp; $40225747 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 2302448 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $18596193 | &nbsp;&nbsp;&nbsp; 1053411 | &nbsp;&nbsp;&nbsp; $17.65 |
| Service Class | &nbsp;&nbsp;&nbsp; 21629554 | &nbsp;&nbsp;&nbsp; 1249037 | &nbsp;&nbsp;&nbsp;&nbsp;17.32 |

---

**See Notes to Financial Statements**

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MFS Emerging Markets Equity Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $1287650 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 22414 |
| Other | &nbsp;&nbsp; 8447 |
| Income on securities loaned | &nbsp;&nbsp; 653 |
| Foreign taxes withheld | &nbsp;&nbsp; (134174)<br>|
| Total investment income | &nbsp;&nbsp; $1184990 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $390886 |
| Distribution and/or service fees | &nbsp;&nbsp; 50639 |
| Shareholder servicing costs | &nbsp;&nbsp; 6328 |
| Administrative services fee | &nbsp;&nbsp; 17500 |
| Independent Trustees' compensation | &nbsp;&nbsp; 3021 |
| Custodian fee | &nbsp;&nbsp; 122174 |
| Shareholder communications | &nbsp;&nbsp; 8489 |
| Audit and tax fees | &nbsp;&nbsp; 123690 |
| Legal fees | &nbsp;&nbsp; 601 |
| Miscellaneous | &nbsp;&nbsp; 30717 |
| Total expenses | &nbsp;&nbsp; $754045 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (245020)<br>|
| Net expenses | &nbsp;&nbsp; $509025 |
| Net investment income (loss) | &nbsp;&nbsp; $675965 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers (includes $51,684 foreign capital gains tax) | &nbsp;&nbsp; $4654578 |
| Affiliated issuers | &nbsp;&nbsp; 6 |
| Foreign currency | &nbsp;&nbsp; (18542)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $4636042 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $32,782 increase in deferred foreign capital gains tax) | &nbsp;&nbsp; $5467673 |
| Affiliated issuers | &nbsp;&nbsp; 18 |
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 1459 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $5469150 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $10105192 |
| Change in net assets from operations | &nbsp;&nbsp; $10781157 |

---

**See Notes to Financial Statements**

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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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $675965 | &nbsp;&nbsp; $684045 |
| Net realized gain (loss) | 4636042 | &nbsp;&nbsp; 1100455 |
| Net unrealized gain (loss) | 5469150 | &nbsp;&nbsp; 2170052 |
| Change in net assets from operations | $10781157 | &nbsp;&nbsp; $3954552 |
| Total distributions to shareholders | $(1010516)<br>| &nbsp;&nbsp; $(823247)<br>|
| Change in net assets from fund share transactions | $(4263446)<br>| &nbsp;&nbsp; $(3906732)<br>|
| Total change in net assets | $5507195 | &nbsp;&nbsp; $(775427)<br>|
| **Net assets** |  |  |
| At beginning of period | 34718552 | &nbsp;&nbsp; 35493979 |
| At end of period | $40225747 | &nbsp;&nbsp; $34718552 |

---

**See Notes to Financial Statements**

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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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $13.58 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $16.03 | &nbsp;&nbsp; $17.28 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.30 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.20 |
| Net realized and unrealized gain (loss) | 4.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (1.36)<br>|
| Total from investment operations | $4.52 | &nbsp;&nbsp; $1.44 | &nbsp;&nbsp; $1.25 | &nbsp;&nbsp; $(3.13)<br>| &nbsp;&nbsp; $(1.16)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.34)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.57)<br>| &nbsp;&nbsp; $(0.09)<br>|
| From net realized gain | (0.11)<br>|  |  | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.00)(w)<br>|
| Total distributions declared to shareholders | $(0.45)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(1.51)<br>| &nbsp;&nbsp; $(0.09)<br>|
| Net asset value, end of period (x) | $17.65 | &nbsp;&nbsp; $13.58 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $16.03 |
| Total return (%) (k)(r)(s)(x) | 33.65 | &nbsp;&nbsp;&nbsp;&nbsp;11.61 | &nbsp;&nbsp;&nbsp;&nbsp;10.99 | &nbsp;&nbsp; (19.79)<br>| &nbsp;&nbsp; (6.75)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Expenses after expense reductions | 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) | 1.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Portfolio turnover rate | 40 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 41 |
| Net assets at end of period (000 omitted) | $18596 | &nbsp;&nbsp; $15512 | &nbsp;&nbsp; $15889 | &nbsp;&nbsp; $15452 | &nbsp;&nbsp; $19498 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $13.33 | &nbsp;&nbsp; $12.23 | &nbsp;&nbsp; $11.19 | &nbsp;&nbsp; $15.76 | &nbsp;&nbsp; $16.99 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.26 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.15 |
| Net realized and unrealized gain (loss) | 4.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp; (3.30)<br>| &nbsp;&nbsp; (1.33)<br>|
| Total from investment operations | $4.40 | &nbsp;&nbsp; $1.39 | &nbsp;&nbsp; $1.18 | &nbsp;&nbsp; $(3.11)<br>| &nbsp;&nbsp; $(1.18)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.30)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.52)<br>| &nbsp;&nbsp; $(0.05)<br>|
| From net realized gain | (0.11)<br>|  |  | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.00)(w)<br>|
| Total distributions declared to shareholders | $(0.41)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(1.46)<br>| &nbsp;&nbsp; $(0.05)<br>|
| Net asset value, end of period (x) | $17.32 | &nbsp;&nbsp; $13.33 | &nbsp;&nbsp; $12.23 | &nbsp;&nbsp; $11.19 | &nbsp;&nbsp; $15.76 |
| Total return (%) (k)(r)(s)(x) | 33.35 | &nbsp;&nbsp;&nbsp;&nbsp;11.40 | &nbsp;&nbsp;&nbsp;&nbsp;10.62 | &nbsp;&nbsp; (19.94)<br>| &nbsp;&nbsp; (6.97)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 2.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| Expenses after expense reductions | 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) | 1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Portfolio turnover rate | 40 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 41 |
| Net assets at end of period (000 omitted) | $21630 | &nbsp;&nbsp; $19206 | &nbsp;&nbsp; $19605 | &nbsp;&nbsp; $19230 | &nbsp;&nbsp; $24849 |

---

**See Notes to Financial Statements**

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MFS Emerging Markets Equity Portfolio

*Financial Highlights - continued*

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

&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;(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**

**(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.

**Segment Reporting** — 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 - 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 December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| China | $2323754 | $8837777 | $— | $11161531 |
| Taiwan | 238220 | 6721729 |  | 6959949 |
| India | 6464370 | 4230 |  | 6468600 |
| South Korea | 3178822 | 1073146 |  | 4251968 |
| Brazil | 1228225 | 1010864 |  | 2239089 |
| Indonesia | 1191506 |  |  | 1191506 |
| United Arab Emirates | 1080259 |  |  | 1080259 |
| Hong Kong | 771290 | 281475 |  | 1052765 |
| Mexico | 976834 |  |  | 976834 |
| Other Countries | 2413034 | 1811651 | 0 | 4224685 |
| Investment Companies | 664364 |  |  | 664364 |
| Total | $20530678 | $19740872 | $0 | $40271550 |

---

For further information regarding security characteristics, see the Portfolio of Investments. At December 31, 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.

**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

------

MFS Emerging Markets Equity Portfolio

*Notes to Financial Statements - continued* 

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 $219,583. The fair value of the fund's investment securities on loan and a related liability of $244,475 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 passive foreign investment companies and wash sale loss deferrals.

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

------

MFS Emerging Markets Equity Portfolio

*Notes to Financial Statements - continued* 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $742506 | &nbsp;&nbsp; $823247 |
| Long-term capital gains | &nbsp;&nbsp; 268010 |  |
| Total distributions | &nbsp;&nbsp; $1010516 | &nbsp;&nbsp; $823247 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $27456697 |
| Gross appreciation | &nbsp;&nbsp; 14224929 |
| Gross depreciation | &nbsp;&nbsp; (1410076)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $12814853 |
| Undistributed ordinary income | &nbsp;&nbsp; 1327869 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 3466629 |
| Other temporary differences | &nbsp;&nbsp; (167636)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $17441715 |

---

**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:

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $480754 | &nbsp;&nbsp; $375178 |
| Service Class | 529762 | &nbsp;&nbsp; 448069 |
| Total | $1010516 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $5,155, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 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 year ended December 31, 2025, this reduction amounted to $239,865, which is included in the reduction of total expenses in the Statement of Operations.

------

MFS Emerging Markets Equity Portfolio

*Notes to Financial Statements - 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 year ended December 31, 2025, the fee was $5,842, which equated to 0.0157% 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 year ended December 31, 2025, these costs amounted to $486.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0470% 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 year ended December 31, 2025, this reimbursement amounted to $8,434, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $14,733,083 and $19,328,201, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 44276 | &nbsp;&nbsp; $710154 | &nbsp;&nbsp; 89564 | &nbsp;&nbsp; $1168356 |
| Service Class | 96158 | &nbsp;&nbsp; 1501667 | &nbsp;&nbsp; 123720 | &nbsp;&nbsp; 1585736 |
|  | 140434 | &nbsp;&nbsp; $2211821 | &nbsp;&nbsp; 213284 | &nbsp;&nbsp; $2754092 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 30066 | &nbsp;&nbsp; $480754 | &nbsp;&nbsp; 27832 | &nbsp;&nbsp; $375178 |
| Service Class | 33743 | &nbsp;&nbsp; 529762 | &nbsp;&nbsp; 33842 | &nbsp;&nbsp; 448069 |
|  | 63809 | &nbsp;&nbsp; $1010516 | &nbsp;&nbsp; 61674 | &nbsp;&nbsp; $823247 |

---

------

MFS Emerging Markets Equity Portfolio

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended**<br> **12/31/25** | **Year ended**<br> **12/31/25** | **Year ended**<br> **12/31/24** | **Year ended**<br> **12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares reacquired |  |  |  |  |
| Initial Class | (163477)<br>| &nbsp;&nbsp; $(2563497)<br>| &nbsp;&nbsp; (250520)<br>| &nbsp;&nbsp; $(3324116)<br>|
| Service Class | (322158)<br>| &nbsp;&nbsp; (4922286)<br>| &nbsp;&nbsp; (318876)<br>| &nbsp;&nbsp; (4159955)<br>|
|  | (485635)<br>| &nbsp;&nbsp; $(7485783)<br>| &nbsp;&nbsp; (569396)<br>| &nbsp;&nbsp; $(7484071)<br>|
| Net change |  |  |  |  |
| Initial Class | (89135)<br>| &nbsp;&nbsp; $(1372589)<br>| &nbsp;&nbsp; (133124)<br>| &nbsp;&nbsp; $(1780582)<br>|
| Service Class | (192257)<br>| &nbsp;&nbsp; (2890857)<br>| &nbsp;&nbsp; (161314)<br>| &nbsp;&nbsp; (2126150)<br>|
|  | (281392)<br>| &nbsp;&nbsp; $(4263446)<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 year ended December 31, 2025, the fund's commitment fee and interest expense were $173 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. The following were affiliated issuers for the year ended December 31, 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; $10490178 | &nbsp;&nbsp; $10766116 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $18 | &nbsp;&nbsp; $419889 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $22414 | $— |

---

**(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.

------

MFS Emerging Markets Equity Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS Emerging Markets Equity Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Emerging Markets Equity Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Emerging Markets Equity Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $295,000 as capital gain dividends paid during the fiscal year.

Income derived from foreign sources was $1,287,649. The fund intends to pass through foreign tax credits of $186,547 for the fiscal year.

------

**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.**

------

MFS Emerging Markets Equity Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Emerging Markets Equity Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 4th quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 1st quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. The Trustees noted that the total return performance (Class I shares) of the Fund's retail counterpart, MFS Emerging Markets Equity Fund, which has substantially similar investment strategies, was in the 4th quintile relative to the other funds in its Broadridge performance universe for the five-year period ended December 31, 2024. The Trustees

------

MFS Emerging Markets Equity Portfolio

*Board Review of Investment Advisory Agreement - continued*

further noted MFS Emerging Markets Equity Fund's recent improved relative performance for the one- and three-year periods ended February 28, 2025. Taking this information into account, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was lower than the Broadridge expense group median and the Fund's total expense ratio was higher than the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to a contractual breakpoint that reduces the Fund's advisory fee rate on average daily net assets over $500 million. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoint and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS Global Governments Portfolio

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

MFS Global Governments Portfolio

**Portfolio of Investments - 12/31/25** 

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 – 96.6% | Bonds – 96.6% | Bonds – 96.6% |
| Foreign Bonds – 53.8% | Foreign Bonds – 53.8% | Foreign Bonds – 53.8% |
| Albania – 0.3% | Albania – 0.3% | Albania – 0.3% |
| Republic of Albania, 4.75%, 2/14/2035 | 202000 | &nbsp;&nbsp; $240135 |
| Australia – 1.1% | Australia – 1.1% | Australia – 1.1% |
| Commonwealth of Australia, 3.5%, 12/21/2034 | 1370000 | &nbsp;&nbsp; $835140 |
| Brazil – 0.4% | Brazil – 0.4% | Brazil – 0.4% |
| Federative Republic of Brazil, 10%, 1/01/2033 | 2000000 | &nbsp;&nbsp; $308145 |
| Canada – 2.4% | Canada – 2.4% | Canada – 2.4% |
| Government of Canada, 1.5%, 12/01/2031 | 1740000 | &nbsp;&nbsp; $1158246 |
| Government of Canada, 2.75%, 12/01/2055 | 180000 | &nbsp;&nbsp; 105574 |
| OMERS Finance Trust Anleihen, 5.5%, 11/15/2033 (n) | $250000 | &nbsp;&nbsp; 267973 |
| Province of Alberta, 4.5%, 1/24/2034 | 250000 | &nbsp;&nbsp; 252690 |
| Province of Alberta, 4.3%, 11/02/2035 | 157000 | &nbsp;&nbsp; 154746 |
|  |  | &nbsp;&nbsp; $1939229 |
| Croatia – 0.6% | Croatia – 0.6% | Croatia – 0.6% |
| Republic of Croatia, 3.25%, 2/11/2037 | 442000 | &nbsp;&nbsp; $502466 |
| Czech Republic – 1.0% | Czech Republic – 1.0% | Czech Republic – 1.0% |
| Czech Republic, 2%, 10/13/2033 | 20000000 | &nbsp;&nbsp; $817712 |
| Finland – 0.4% | Finland – 0.4% | Finland – 0.4% |
| Republic of Finland, 3.2%, 4/15/2045 | 279000 | &nbsp;&nbsp; $305838 |
| France – 6.7% | France – 6.7% | France – 6.7% |
| Republic of France, 2.75%, 2/25/2030 (n) | 2775000 | &nbsp;&nbsp; $3269780 |
| Republic of France, 1.25%, 5/25/2034 (n) | 1450000 | &nbsp;&nbsp; 1443308 |
| Republic of France, 3%, 5/25/2054 (n) | 700000 | &nbsp;&nbsp; 633550 |
|  |  | &nbsp;&nbsp; $5346638 |
| Greece – 4.3% | Greece – 4.3% | Greece – 4.3% |
| Hellenic Republic (Republic of Greece), 1.5%, 6/18/2030 (n) | 1700000 | &nbsp;&nbsp; $1904508 |
| Hellenic Republic (Republic of Greece), 3.625%, 6/15/2035 (n) | 1180000 | &nbsp;&nbsp; 1407691 |
| Hellenic Republic (Republic of Greece), 4.125%, 6/15/2054 | 125000 | &nbsp;&nbsp; 143345 |
|  |  | &nbsp;&nbsp; $3455544 |
| Guatemala – 0.5% | Guatemala – 0.5% | Guatemala – 0.5% |
| Republic of Guatemala, 6.25%, 8/15/2036 (n) | $400000 | &nbsp;&nbsp; $418000 |
| Italy – 10.1% | Italy – 10.1% | Italy – 10.1% |
| Republic of Italy, 4.1%, 2/01/2029 | 2230000 | &nbsp;&nbsp; $2746201 |
| Republic of Italy, 2.7%, 10/01/2030 (n) | 2750000 | &nbsp;&nbsp; 3222428 |
| Republic of Italy, 4.1%, 4/30/2046 (n) | 1500000 | &nbsp;&nbsp; 1758155 |
| Republic of Italy, 4.3%, 10/01/2054 (n) | 248000 | &nbsp;&nbsp; 289267 |
|  |  | &nbsp;&nbsp; $8016051 |

---

WGSFS-ANN

------

MFS Global Governments Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Foreign Bonds – continued | Foreign Bonds – continued | Foreign Bonds – continued |
| Japan – 14.4% | Japan – 14.4% | Japan – 14.4% |
| Government of Japan, 0.1%, 3/20/2026 | 720000000 | &nbsp;&nbsp; $4591103 |
| Government of Japan, 2.3%, 5/20/2030 | 488250000 | &nbsp;&nbsp; 3222251 |
| Government of Japan, 0.4%, 9/20/2040 | 540550000 | &nbsp;&nbsp; 2536002 |
| Government of Japan, 0.6%, 9/20/2050 | 196200000 | &nbsp;&nbsp; 687013 |
| Government of Japan, 0.9%, 3/20/2057 | 121800000 | &nbsp;&nbsp; 416191 |
|  |  | &nbsp;&nbsp; $11452560 |
| Norway – 0.3% | Norway – 0.3% | Norway – 0.3% |
| Kingdom of Norway, 3.75%, 6/12/2035 (n) | 2500000 | &nbsp;&nbsp; $240198 |
| Peru – 0.7% | Peru – 0.7% | Peru – 0.7% |
| Republic of Peru, 6.85%, 8/12/2035 | 1850000 | &nbsp;&nbsp; $592013 |
| Serbia – 0.3% | Serbia – 0.3% | Serbia – 0.3% |
| Republic of Serbia, 6%, 6/12/2034 (n) | $201000 | &nbsp;&nbsp; $207801 |
| South Africa – 0.6% | South Africa – 0.6% | South Africa – 0.6% |
| Republic of South Africa, 8.875%, 2/28/2035 | 7000000 | &nbsp;&nbsp; $439810 |
| Spain – 4.2% | Spain – 4.2% | Spain – 4.2% |
| Kingdom of Spain, 3.2%, 10/31/2035 (n) | 1500000 | &nbsp;&nbsp; $1751271 |
| Kingdom of Spain, 4.7%, 7/30/2041 | 615000 | &nbsp;&nbsp; 806746 |
| Kingdom of Spain, 4%, 10/31/2054 | 698000 | &nbsp;&nbsp; 803491 |
|  |  | &nbsp;&nbsp; $3361508 |
| United Kingdom – 4.6% | United Kingdom – 4.6% | United Kingdom – 4.6% |
| United Kingdom Treasury, 4%, 10/22/2031 | 1125000 | &nbsp;&nbsp; $1509553 |
| United Kingdom Treasury, 4.5%, 3/07/2035 | 400000 | &nbsp;&nbsp; 540083 |
| United Kingdom Treasury, 3.75%, 7/22/2052 | 1067000 | &nbsp;&nbsp; 1141026 |
| United Kingdom Treasury, 4%, 1/22/2060 | 275000 | &nbsp;&nbsp; 302380 |
| United Kingdom Treasury, 3.5%, 7/22/2068 | 165000 | &nbsp;&nbsp; 160978 |
|  |  | &nbsp;&nbsp; $3654020 |
| Uruguay – 0.9% | Uruguay – 0.9% | Uruguay – 0.9% |
| Oriental Republic of Uruguay, 8.25%, 5/21/2031 | 18000000 | &nbsp;&nbsp; $473550 |
| Oriental Republic of Uruguay, 8%, 10/29/2035 | 10590630 | &nbsp;&nbsp; 279212 |
|  |  | &nbsp;&nbsp; $752762 |
| **Total Foreign Bonds** |  | &nbsp;&nbsp; **$42885570** |
| U.S. Bonds – 42.8% | U.S. Bonds – 42.8% | U.S. Bonds – 42.8% |
| Asset-Backed & Securitized – 0.2% | Asset-Backed & Securitized – 0.2% | Asset-Backed & Securitized – 0.2% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", 0.993%, 11/15/2054 (i) | $1007560 | &nbsp;&nbsp; $35648 |
| Arbor Multi-Family Mortgage Securities Trust, 2021-MF3, "XA", 0.725%, 10/15/2054 (i)(n) | 3129668 | &nbsp;&nbsp; 84034 |
| SBNA Auto Receivables Trust, 2025-SF1, "B", 5.12%, 3/17/2031 (n) | 11610 | &nbsp;&nbsp; 11617 |
|  |  | &nbsp;&nbsp; $131299 |
| Consumer Services – 0.2% | Consumer Services – 0.2% | Consumer Services – 0.2% |
| Conservation Fund, 3.474%, 12/15/2029 | $158000 | &nbsp;&nbsp; $151549 |

---

------

MFS Global Governments Portfolio

*Portfolio of Investments – 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 – 0.4% | Mortgage-Backed – 0.4% | Mortgage-Backed – 0.4% |
| Freddie Mac, 0.413%, 5/25/2029 (i) | $1058163 | &nbsp;&nbsp; $14311 |
| Freddie Mac, 1.37%, 6/25/2030 (i) | 1371345 | &nbsp;&nbsp; 68846 |
| Freddie Mac, 1.168%, 9/25/2030 (i) | 329805 | &nbsp;&nbsp; 16212 |
| Freddie Mac, 0.536%, 9/25/2031 (i) | 2295212 | &nbsp;&nbsp; 62510 |
| Freddie Mac, 0.855%, 9/25/2031 (i) | 706831 | &nbsp;&nbsp; 29650 |
| Freddie Mac, 0.349%, 11/25/2031 (i) | 3422551 | &nbsp;&nbsp; 63116 |
| Freddie Mac, 0.496%, 12/25/2031 (i) | 3444413 | &nbsp;&nbsp; 87318 |
| Freddie Mac, 0.567%, 12/25/2031 (i) | 568544 | &nbsp;&nbsp; 16062 |
|  |  | &nbsp;&nbsp; $358025 |
| U.S. Government Agencies and Equivalents – 0.1% | U.S. Government Agencies and Equivalents – 0.1% | U.S. Government Agencies and Equivalents – 0.1% |
| Small Business Administration, 5.21%, 1/01/2026 | $1596 | &nbsp;&nbsp; $1596 |
| Small Business Administration, 2.22%, 3/01/2033 | 116916 | &nbsp;&nbsp; 110261 |
|  |  | &nbsp;&nbsp; $111857 |
| U.S. Treasury Obligations – 41.9% | U.S. Treasury Obligations – 41.9% | U.S. Treasury Obligations – 41.9% |
| U.S. Treasury Bonds, 3.5%, 2/15/2033 | $1954000 | &nbsp;&nbsp; $1898967 |
| U.S. Treasury Bonds, 4.5%, 8/15/2039 (f) | 3686400 | &nbsp;&nbsp; 3692736 |
| U.S. Treasury Bonds, 2.75%, 11/15/2042 | 2646000 | &nbsp;&nbsp; 2033286 |
| U.S. Treasury Bonds, 2.5%, 2/15/2045 | 755000 | &nbsp;&nbsp; 534693 |
| U.S. Treasury Bonds, 3%, 2/15/2049 | 2570000 | &nbsp;&nbsp; 1893166 |
| U.S. Treasury Bonds, 4.125%, 8/15/2053 | 2332000 | &nbsp;&nbsp; 2064367 |
| U.S. Treasury Notes, 0.75%, 3/31/2026 | 698000 | &nbsp;&nbsp; 693405 |
| U.S. Treasury Notes, 2.375%, 5/15/2027 | 6410000 | &nbsp;&nbsp; 6313349 |
| U.S. Treasury Notes, 2.875%, 8/15/2028 (f) | 6310000 | &nbsp;&nbsp; 6208695 |
| U.S. Treasury Notes, 0.625%, 8/15/2030 | 9236000 | &nbsp;&nbsp; 8036763 |
|  |  | &nbsp;&nbsp; $33369427 |
| **Total U.S. Bonds** |  | &nbsp;&nbsp; **$34122157** |
| **Total Bonds (Identified Cost, $79,083,818)** |  | &nbsp;&nbsp; **$77007727** |
| Mutual Funds (h) – 2.6% | Mutual Funds (h) – 2.6% | Mutual Funds (h) – 2.6% |
| Money Market Funds – 2.6% | Money Market Funds – 2.6% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $2,085,153) | 2084830 | &nbsp;&nbsp; $2085247 |
| Other Assets, Less Liabilities – 0.8% |  | &nbsp;&nbsp; 638982 |
| **Net Assets – 100.0%** |  | &nbsp;&nbsp; **$79731956** |

---

&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 $2,085,247 and $77,007,727, 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 $16,909,581, representing 21.2% 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.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| CPI-U | Consumer Price Index - Urban Consumers |
| <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: |

---

------

MFS Global Governments Portfolio

*Portfolio of Investments – continued*

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Nuevo Sol |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** |
| **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; 751738 | USD | 485849 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $15863 |
| AUD | &nbsp;&nbsp; 302247 | USD | 197999 | Deutsche Bank AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3721 |
| AUD | &nbsp;&nbsp; 389432 | USD | 259433 | Goldman Sachs International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 475 |
| AUD | &nbsp;&nbsp; 46419 | USD | 30735 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 245 |
| AUD | &nbsp;&nbsp; 328947 | USD | 213293 | UBS AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6247 |
| CAD | &nbsp;&nbsp; 309995 | USD | 223580 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2418 |
| CAD | &nbsp;&nbsp; 387756 | USD | 280969 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1720 |
| CAD | &nbsp;&nbsp; 112716 | USD | 81497 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 677 |
| CAD | &nbsp;&nbsp; 289754 | USD | 208666 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2576 |
| CAD | &nbsp;&nbsp; 544655 | USD | 389166 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7909 |
| CAD | &nbsp;&nbsp; 790349 | USD | 564985 | UBS AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11210 |
| CZK | &nbsp;&nbsp; 5141380 | USD | 244394 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5748 |
| DKK | &nbsp;&nbsp; 1042502 | USD | 162622 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1512 |
| EUR | &nbsp;&nbsp; 264283 | USD | 310038 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 709 |
| EUR | &nbsp;&nbsp; 59458 | USD | 69786 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
| EUR | &nbsp;&nbsp; 141761 | USD | 166648 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| EUR | &nbsp;&nbsp; 397136 | USD | 462402 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4555 |
| GBP | &nbsp;&nbsp; 1072682 | USD | 1425027 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20879 |
| GBP | &nbsp;&nbsp; 487877 | USD | 653293 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4333 |
| GBP | &nbsp;&nbsp; 259505 | USD | 346448 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3348 |
| GBP | &nbsp;&nbsp; 34619 | USD | 46198 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 466 |
| GBP | &nbsp;&nbsp; 310547 | USD | 410827 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7771 |
| HUF | &nbsp;&nbsp; 55195626 | USD | 162990 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5667 |
| INR | &nbsp;&nbsp; 9919616 | USD | 109864 | Barclays Bank PLC | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
| INR | &nbsp;&nbsp; 9919616 | USD | 109931 | Citibank N.A. | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 212 |
| NZD | &nbsp;&nbsp; 797103 | USD | 456133 | Goldman Sachs International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2983 |
| SEK | &nbsp;&nbsp; 5749875 | USD | 611876 | Goldman Sachs International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13030 |
| SEK | &nbsp;&nbsp; 7666620 | USD | 810557 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 22664 |
| SGD | &nbsp;&nbsp; 104901 | USD | 81214 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 457 |
| ZAR | &nbsp;&nbsp; 1240677 | USD | 72295 | Deutsche Bank AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2572 |
| USD | &nbsp;&nbsp; 244900 | BRL | 1343993 | Barclays Bank PLC | 2/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1484 |
| USD | &nbsp;&nbsp; 291957 | EUR | 248034 | Deutsche Bank AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 315 |
| USD | &nbsp;&nbsp; 353844 | INR | 31394000 | Barclays Bank PLC | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5259 |
| USD | &nbsp;&nbsp; 717689 | JPY | 108081560 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 27059 |

---

------

MFS Global Governments Portfolio

*Portfolio of Investments – 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>|
| **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** |
| USD | &nbsp;&nbsp; 539065 | JPY | 81295244 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $19595 |
| USD | &nbsp;&nbsp; 1228472 | JPY | 183183557 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 57948 |
| USD | &nbsp;&nbsp; 606252 | NZD | 1041548 | Deutsche Bank AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6340 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $268408 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| INR | &nbsp;&nbsp; 11554768 | USD | 129838 | Morgan Stanley Capital Services LLC | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $(1538)<br>|
| JPY | &nbsp;&nbsp; 29906630 | USD | 193561 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (2461)<br>|
| JPY | &nbsp;&nbsp; 8179538 | USD | 53685 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (1419)<br>|
| JPY | &nbsp;&nbsp; 345187405 | USD | 2294097 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (88384)<br>|
| NZD | &nbsp;&nbsp; 238568 | USD | 137640 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (230)<br>|
| NZD | &nbsp;&nbsp; 347955 | USD | 202656 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (2240)<br>|
| USD | &nbsp;&nbsp; 204605 | AUD | 315122 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (5708)<br>|
| USD | &nbsp;&nbsp; 84465 | AUD | 129028 | Deutsche Bank AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (1648)<br>|
| USD | &nbsp;&nbsp; 1378703 | CAD | 1926230 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (25592)<br>|
| USD | &nbsp;&nbsp; 385629 | CZK | 8000000 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (3594)<br>|
| USD | &nbsp;&nbsp; 1622675 | EUR | 1390664 | Deutsche Bank AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (12485)<br>|
| USD | &nbsp;&nbsp; 592278 | EUR | 508126 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (5183)<br>|
| USD | &nbsp;&nbsp; 398810 | EUR | 343369 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (4928)<br>|
| USD | &nbsp;&nbsp; 223582 | EUR | 190235 | NatWest Markets PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (99)<br>|
| USD | &nbsp;&nbsp; 184471 | EUR | 158021 | UBS AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (1331)<br>|
| USD | &nbsp;&nbsp; 238359 | GBP | 182537 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (7690)<br>|
| USD | &nbsp;&nbsp; 212522 | GBP | 160879 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (4332)<br>|
| USD | &nbsp;&nbsp; 197465 | GBP | 150542 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (5456)<br>|
| USD | &nbsp;&nbsp; 1115848 | GBP | 845874 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (24335)<br>|
| USD | &nbsp;&nbsp; 264711 | GBP | 201465 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (6852)<br>|
| USD | &nbsp;&nbsp; 39408 | NOK | 398252 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (105)<br>|
| USD | &nbsp;&nbsp; 1477436 | SEK | 14028050 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (47156)<br>|
| USD | &nbsp;&nbsp; 81004 | SGD | 104901 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (668)<br>|
| USD | &nbsp;&nbsp; 202248 | ZAR | 3543508 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (11580)<br>|
| USD | &nbsp;&nbsp; 96946 | ZAR | 1705260 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (5955)<br>|
| USD | &nbsp;&nbsp; 100330 | ZAR | 1764240 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (6130)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(277099)<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*** |  |  |
| Australian Bond 3 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; $3783715 | March - 2026 | &nbsp;&nbsp;&nbsp; $5663 |
| Canadian Treasury Bond 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 264274 | March - 2026 | &nbsp;&nbsp;&nbsp; 4013 |
| Euro-Bobl 5 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 1501624 | March - 2026 | &nbsp;&nbsp;&nbsp; 5532 |
| Euro-BTP 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 141236 | March - 2026 | &nbsp;&nbsp;&nbsp; 221 |
| Euro-Buxl 30 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 1423543 | March - 2026 | &nbsp;&nbsp;&nbsp; 9093 |
| Euro-Schatz 2 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 3764988 | March - 2026 | &nbsp;&nbsp;&nbsp; 4510 |
| Long Gilt 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 985298 | March - 2026 | &nbsp;&nbsp;&nbsp; 6226 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $35258 |
| **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 Short-Term | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; $8198724 | March - 2026 | &nbsp;&nbsp;&nbsp; $(13142)<br>|

---

------

MFS Global Governments Portfolio

*Portfolio of Investments – 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 - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** |
| ***Interest Rate Futures - continued*** | ***Interest Rate Futures - continued*** | ***Interest Rate Futures - continued*** | ***Interest Rate Futures - continued*** | ***Interest Rate Futures - continued*** |  |  |
| Euro-Bund 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; $899521 | March - 2026 | &nbsp;&nbsp;&nbsp; $(1518)<br>|
| Japan Government Bond 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 845314 | March - 2026 | &nbsp;&nbsp;&nbsp; (7159)<br>|
| U.S. Treasury Note 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 3598000 | March - 2026 | &nbsp;&nbsp;&nbsp; (28104)<br>|
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 5637305 | March - 2026 | &nbsp;&nbsp;&nbsp; (854)<br>|
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 236000 | March - 2026 | &nbsp;&nbsp;&nbsp; (1195)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(51972)<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** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |  |  |
| ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** |  |  |  |
| 2/05/27 | USD | 4400000 | centrally cleared | CPI-U / At Maturity | 2.7550% / At Maturity | $(8044)<br>| $— | $(8044)<br>|

---

At December 31, 2025, the fund had liquid securities collateral with an aggregate value of $332,313 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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $79,083,818) | &nbsp;&nbsp; $77007727 |
| Investments in affiliated issuers, at value (identified cost, $2,085,153) | &nbsp;&nbsp; 2085247 |
| Cash | &nbsp;&nbsp; 6498 |
| Foreign currency, at value (identified cost, $5) | &nbsp;&nbsp; 6 |
| Receivables for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 268408 |
| Fund shares sold | &nbsp;&nbsp; 2487 |
| Interest | &nbsp;&nbsp; 750737 |
| Receivable from investment adviser | &nbsp;&nbsp; 15025 |
| Other assets | &nbsp;&nbsp; 661 |
| Total assets | &nbsp;&nbsp; $80136796 |
| **Liabilities** |  |
| Payables for |  |
| Net daily variation margin on open cleared swap agreements | &nbsp;&nbsp; $410 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 277099 |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; 4767 |
| Fund shares reacquired | &nbsp;&nbsp; 60627 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 115 |
| Shareholder servicing costs | &nbsp;&nbsp; 9 |
| Distribution and/or service fees | &nbsp;&nbsp; 7 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 2 |
| Payable for audit and tax fees | &nbsp;&nbsp; 44239 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 17565 |
| Total liabilities | &nbsp;&nbsp; $404840 |
| Net assets | &nbsp;&nbsp; $79731956 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $96393022 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (16661066)<br>|
| Net assets | &nbsp;&nbsp; $79731956 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 9060449 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $79209756 | &nbsp;&nbsp;&nbsp; 8999587 | &nbsp;&nbsp;&nbsp; $8.80 |
| Service Class | &nbsp;&nbsp;&nbsp; 522200 | &nbsp;&nbsp;&nbsp; 60862 | &nbsp;&nbsp;&nbsp;&nbsp;8.58 |

---

**See Notes to Financial Statements**

------

MFS Global Governments Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $2703234 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 85104 |
| Other | &nbsp;&nbsp; 23 |
| Foreign taxes withheld | &nbsp;&nbsp; (2493)<br>|
| Total investment income | &nbsp;&nbsp; $2785868 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $605141 |
| Distribution and/or service fees | &nbsp;&nbsp; 1325 |
| Shareholder servicing costs | &nbsp;&nbsp; 1766 |
| Administrative services fee | &nbsp;&nbsp; 21445 |
| Independent Trustees' compensation | &nbsp;&nbsp; 3658 |
| Custodian fee | &nbsp;&nbsp; 24568 |
| Shareholder communications | &nbsp;&nbsp; 6863 |
| Audit and tax fees | &nbsp;&nbsp; 85727 |
| Legal fees | &nbsp;&nbsp; 1133 |
| Miscellaneous | &nbsp;&nbsp; 33083 |
| Total expenses | &nbsp;&nbsp; $784709 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (222060)<br>|
| Net expenses | &nbsp;&nbsp; $562649 |
| Net investment income (loss) | &nbsp;&nbsp; $2223219 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers (includes $21 foreign capital gains tax) | &nbsp;&nbsp; $(912251)<br>|
| Affiliated issuers | &nbsp;&nbsp; (908)<br>|
| Futures contracts | &nbsp;&nbsp; 138790 |
| Swap agreements | &nbsp;&nbsp; 8928 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (263953)<br>|
| Foreign currency | &nbsp;&nbsp; (18941)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $(1048335)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $4164499 |
| Affiliated issuers | &nbsp;&nbsp; (269)<br>|
| Futures contracts | &nbsp;&nbsp; (67650)<br>|
| Swap agreements | &nbsp;&nbsp; 622 |
| Forward foreign currency exchange contracts  | &nbsp;&nbsp; (134693)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 17455 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $3979964 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $2931629 |
| Change in net assets from operations | &nbsp;&nbsp; $5154848 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $2223219 | &nbsp;&nbsp; $2470339 |
| Net realized gain (loss) | (1048335)<br>| &nbsp;&nbsp; (2166203)<br>|
| Net unrealized gain (loss) | 3979964 | &nbsp;&nbsp; (4251274)<br>|
| Change in net assets from operations | $5154848 | &nbsp;&nbsp; $(3947138)<br>|
| Total distributions to shareholders | $(1451015)<br>| $— |
| Change in net assets from fund share transactions | $(7361817)<br>| &nbsp;&nbsp; $(3189783)<br>|
| Total change in net assets | $(3657984)<br>| &nbsp;&nbsp; $(7136921)<br>|
| **Net assets** |  |  |
| At beginning of period | 83389940 | &nbsp;&nbsp; 90526861 |
| At end of period | $79731956 | &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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $8.41 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $10.57 | &nbsp;&nbsp; $11.69 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.24 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.03 |
| Net realized and unrealized gain (loss) | 0.31 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (0.89)<br>|
| Total from investment operations | $0.55 | &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $(1.82)<br>| &nbsp;&nbsp; $(0.86)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.16)<br>| $— | $— | &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.26)<br>|
| Net asset value, end of period (x) | $8.80 | &nbsp;&nbsp; $8.41 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $10.57 |
| Total return (%) (k)(r)(s)(x) | 6.54 | &nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp; (17.23)<br>| &nbsp;&nbsp; (7.43)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Expenses after expense reductions | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net investment income (loss) | 2.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Portfolio turnover rate | 83 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 132 |
| Net assets at end of period (000 omitted) | $79210 | &nbsp;&nbsp; $82853 | &nbsp;&nbsp; $90034 | &nbsp;&nbsp; $92464 | &nbsp;&nbsp; $122646 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $8.20 | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $8.44 | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp; $11.46 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.21 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.01 |
| Net realized and unrealized gain (loss) | 0.31 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.00)(w)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (0.89)<br>|
| Total from investment operations | $0.52 | &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $(1.80)<br>| &nbsp;&nbsp; $(0.88)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.14)<br>| $— | $— | &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.23)<br>|
| Net asset value, end of period (x) | $8.58 | &nbsp;&nbsp; $8.20 | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $8.44 | &nbsp;&nbsp; $10.35 |
| Total return (%) (k)(r)(s)(x) | 6.32 | &nbsp;&nbsp; (4.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp; (17.38)<br>| &nbsp;&nbsp; (7.72)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Expenses after expense reductions | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Net investment income (loss) | 2.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Portfolio turnover rate | 83 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 132 |
| Net assets at end of period (000 omitted) | $522 | &nbsp;&nbsp; $537 | &nbsp;&nbsp; $493 | &nbsp;&nbsp; $532 | &nbsp;&nbsp; $777 |

---

&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;(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**

**(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.

**Segment Reporting** — 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. 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.

------

MFS Global Governments Portfolio

*Notes to Financial Statements - 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, forward foreign currency exchange contracts, and swap agreements. The following is a summary of the levels used as of December 31, 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>| $— | $33481284 | $— | $33481284 |
| Non - U.S. Sovereign Debt |  | 42210161 |  | 42210161 |
| U.S. Corporate Bonds |  | 151549 |  | 151549 |
| Residential Mortgage-Backed Securities |  | 358025 |  | 358025 |
| Commercial Mortgage-Backed Securities |  | 119682 |  | 119682 |
| Asset-Backed Securities (including CDOs) |  | 11617 |  | 11617 |
| Foreign Bonds |  | 675409 |  | 675409 |
| Investment Companies | 2085247 |  |  | 2085247 |
| Total | $2085247 | $77007727 | $— | $79092974 |

---

---

| | | |
|:---|:---|:---|
| **Other Financial Instruments** |  |  |
| Futures Contracts – Assets | $— | $35258 |
| Futures Contracts – Liabilities |  | (51972)<br>|
| Forward Foreign Currency Exchange <br> Contracts – Assets<br>| 268408 | 268408 |
| Forward Foreign Currency Exchange <br> Contracts – Liabilities<br>| (277099)<br>| (277099)<br>|
| Swap Agreements – Liabilities | (8044)<br>| (8044)<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 Global Governments Portfolio

*Notes to Financial Statements - 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, 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 December 31, 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 | $35258 | $(51972) |
| Foreign Exchange | Forward Foreign Currency Exchange Contracts | 268408 | (277099) |
| Interest Rate | Cleared Swap Agreements |  | (8044) |
| Total |  | $303666 | $(337115) |

---

(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 year ended December 31, 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 | $138790 | &nbsp;&nbsp; $8928 | &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (263953)<br>|
| Total | $138790 | &nbsp;&nbsp; $8928 | &nbsp;&nbsp; $(263953)<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 year ended December 31, 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 | $(67650)<br>| &nbsp;&nbsp; $622 | &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (134693)<br>|
| Total | $(67650)<br>| &nbsp;&nbsp; $622 | &nbsp;&nbsp; $(134693)<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 Global Governments Portfolio

*Notes to Financial Statements - 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.

**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.

------

MFS Global Governments Portfolio

*Notes to Financial Statements - continued* 

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 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.

------

MFS Global Governments Portfolio

*Notes to Financial Statements - continued* 

**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 straddle loss deferrals.

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $1451015 | $— |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $82585621 |
| Gross appreciation | &nbsp;&nbsp; 1989801 |
| Gross depreciation | &nbsp;&nbsp; (5515897)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(3526096)<br>|
| Undistributed ordinary income | &nbsp;&nbsp; 1950514 |
| Capital loss carryforwards | &nbsp;&nbsp; (15090925)<br>|
| Other temporary differences | &nbsp;&nbsp; 5441 |
| Total distributable earnings (loss) | &nbsp;&nbsp; $(16661066)<br>|

---

As of December 31, 2025, 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 | $(6572896)<br>|
| Long-Term | (8518029)<br>|
| Total | $(15090925)<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:

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $1442913 | $— |
| Service Class | 8102 |  |
| Total | $1451015 | $— |

---

------

MFS Global Governments Portfolio

*Notes to Financial Statements - continued* 

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

**(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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $11,177, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 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 0.69% 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 year ended December 31, 2025, this reduction amounted to $210,883, 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 year ended December 31, 2025, the fee was $1,586, 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 year ended December 31, 2025, these costs amounted to $180.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0266% 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.

------

MFS Global Governments Portfolio

*Notes to Financial Statements - continued* 

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

**(4) Portfolio Securities**

For the year ended December 31, 2025, purchases and sales of investments, other than short-term obligations,were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $10009885 | &nbsp;&nbsp; $13546246 |
| Non-U.S. Government securities | 55022872 | &nbsp;&nbsp; 57773177 |

---

**(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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 707707 | &nbsp;&nbsp; $6277483 | &nbsp;&nbsp; 670975 | &nbsp;&nbsp; $5743109 |
| Service Class | 4573 | &nbsp;&nbsp; 39388 | &nbsp;&nbsp; 14295 | &nbsp;&nbsp; 117641 |
|  | 712280 | &nbsp;&nbsp; $6316871 | &nbsp;&nbsp; 685270 | &nbsp;&nbsp; $5860750 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 165473 | &nbsp;&nbsp; $1442913 |  | $— |
| Service Class | 952 | &nbsp;&nbsp; 8102 |  |  |
|  | 166425 | &nbsp;&nbsp; $1451015 |  | $— |
| Shares reacquired |  |  |  |  |
| Initial Class | (1724641)<br>| &nbsp;&nbsp; $(15042387)<br>| &nbsp;&nbsp; (1039877)<br>| &nbsp;&nbsp; $(8998728)<br>|
| Service Class | (10133)<br>| &nbsp;&nbsp; (87316)<br>| &nbsp;&nbsp; (6101)<br>| &nbsp;&nbsp; (51805)<br>|
|  | (1734774)<br>| &nbsp;&nbsp; $(15129703)<br>| &nbsp;&nbsp; (1045978)<br>| &nbsp;&nbsp; $(9050533)<br>|
| Net change |  |  |  |  |
| Initial Class | (851461)<br>| &nbsp;&nbsp; $(7321991)<br>| &nbsp;&nbsp; (368902)<br>| &nbsp;&nbsp; $(3255619)<br>|
| Service Class | (4608)<br>| &nbsp;&nbsp; (39826)<br>| &nbsp;&nbsp; 8194 | &nbsp;&nbsp; 65836 |
|  | (856069)<br>| &nbsp;&nbsp; $(7361817)<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%, 23%, and 17%, 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 year ended December 31, 2025, the fund's commitment fee and interest expense were $382 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. The following were affiliated issuers for the year ended December 31, 2025:

------

MFS Global Governments Portfolio

*Notes to Financial Statements - 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; $3773068 | &nbsp;&nbsp; $40955002 | &nbsp;&nbsp; $42641646 | &nbsp;&nbsp; $(908)<br>| &nbsp;&nbsp; $(269)<br>| &nbsp;&nbsp; $2085247 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $85104 | $— |

---

------

MFS Global Governments Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS Global Governments Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Global Governments Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Global Governments Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

------

**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.**

------

MFS Global Governments Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Global Governments Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 4th quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 4th quintile for the one-year period and the 5th quintile for the three-year period ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

The Trustees expressed continued concern to MFS about the substandard investment performance of the Fund. In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year, as to MFS' efforts to improve the Fund's performance. In addition, the Trustees requested that they receive a separate update on the Fund's performance at each of their regular meetings. After reviewing these and related factors, the Trustees concluded, within the context

------

MFS Global Governments Portfolio

*Board Review of Investment Advisory Agreement - continued*

of their overall conclusions regarding the investment advisory agreement, that MFS' responses and efforts and plans to improve investment performance were sufficient to support approval of the continuance of the investment advisory agreement for an additional one-year period, but that they would continue to closely monitor the performance of the Fund.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $300 million and $1 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS Global Growth Portfolio

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

MFS Global Growth Portfolio

**Portfolio of Investments - 12/31/25** 

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 – 99.7% | Common Stocks – 99.7% | Common Stocks – 99.7% |
| Alcoholic Beverages – 2.0% | Alcoholic Beverages – 2.0% |  |
| Kweichow Moutai Co. Ltd., "A" | 5000 | &nbsp;&nbsp; $984677 |
| Apparel Manufacturers – 1.8% | Apparel Manufacturers – 1.8% |  |
| LVMH Moet Hennessy Louis Vuitton SE | 1195 | &nbsp;&nbsp; $900911 |
| Broadcasting – 0.1% | Broadcasting – 0.1% |  |
| Walt Disney Co. | 345 | &nbsp;&nbsp; $39251 |
| Brokerage & Asset Managers – 3.5% | Brokerage & Asset Managers – 3.5% |  |
| Brookfield Asset Management Ltd. | 8257 | &nbsp;&nbsp; $432537 |
| Charles Schwab Corp. | 4506 | &nbsp;&nbsp; 450194 |
| CME Group, Inc. | 1385 | &nbsp;&nbsp; 378216 |
| London Stock Exchange Group PLC | 4211 | &nbsp;&nbsp; 507066 |
|  |  | &nbsp;&nbsp; $1768013 |
| Business Services – 10.2% | Business Services – 10.2% |  |
| Accenture PLC, "A" | 6228 | &nbsp;&nbsp; $1670973 |
| CGI, Inc. | 6270 | &nbsp;&nbsp; 579149 |
| Experian PLC | 12557 | &nbsp;&nbsp; 567909 |
| OBIC Co. Ltd. | 20400 | &nbsp;&nbsp; 641016 |
| Thompson Reuters Corp. | 465 | &nbsp;&nbsp; 61364 |
| TransUnion | 14251 | &nbsp;&nbsp; 1222023 |
| Verisk Analytics, Inc., "A" | 1614 | &nbsp;&nbsp; 361036 |
|  |  | &nbsp;&nbsp; $5103470 |
| Computer Software – 10.1% | Computer Software – 10.1% |  |
| Intuit, Inc. | 1062 | &nbsp;&nbsp; $703490 |
| Microsoft Corp. | 7124 | &nbsp;&nbsp; 3445309 |
| Salesforce, Inc. | 3330 | &nbsp;&nbsp; 882150 |
|  |  | &nbsp;&nbsp; $5030949 |
| Computer Software - Systems – 4.0% | Computer Software - Systems – 4.0% |  |
| Apple, Inc. | 5453 | &nbsp;&nbsp; $1482452 |
| Cap Gemini S.A. | 2944 | &nbsp;&nbsp; 487564 |
|  |  | &nbsp;&nbsp; $1970016 |
| Construction – 3.2% | Construction – 3.2% |  |
| Otis Worldwide Corp. | 5015 | &nbsp;&nbsp; $438060 |
| Pool Corp. | 1416 | &nbsp;&nbsp; 323910 |
| Sherwin-Williams Co. | 1342 | &nbsp;&nbsp; 434848 |
| Sika AG | 1877 | &nbsp;&nbsp; 384702 |
|  |  | &nbsp;&nbsp; $1581520 |
| Consumer Products – 3.4% | Consumer Products – 3.4% |  |
| Church & Dwight Co., Inc. | 9142 | &nbsp;&nbsp; $766557 |
| L'Oréal S.A. | 2156 | &nbsp;&nbsp; 926073 |
|  |  | &nbsp;&nbsp; $1692630 |

---

WGOFS-ANN

------

MFS Global Growth Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electrical Equipment – 8.7% | Electrical Equipment – 8.7% |  |
| Amphenol Corp., "A" | 8413 | &nbsp;&nbsp; $1136933 |
| Eaton Corp. PLC | 2538 | &nbsp;&nbsp; 808378 |
| Hubbell, Inc. | 2168 | &nbsp;&nbsp; 962831 |
| Schneider Electric SE | 3414 | &nbsp;&nbsp; 935782 |
| TE Connectivity PLC | 2163 | &nbsp;&nbsp; 492104 |
|  |  | &nbsp;&nbsp; $4336028 |
| Electronics – 9.4% | Electronics – 9.4% |  |
| Analog Devices, Inc. | 1063 | &nbsp;&nbsp; $288285 |
| NVIDIA Corp. | 8638 | &nbsp;&nbsp; 1610987 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 8739 | &nbsp;&nbsp; 2655695 |
| Texas Instruments, Inc. | 710 | &nbsp;&nbsp; 123178 |
|  |  | &nbsp;&nbsp; $4678145 |
| Food & Beverages – 1.0% | Food & Beverages – 1.0% |  |
| McCormick & Co., Inc. | 2415 | &nbsp;&nbsp; $164486 |
| Nestle S.A. | 1715 | &nbsp;&nbsp; 170482 |
| PepsiCo, Inc. | 1075 | &nbsp;&nbsp; 154284 |
|  |  | &nbsp;&nbsp; $489252 |
| Gaming & Lodging – 2.2% | Gaming & Lodging – 2.2% |  |
| Hilton Worldwide Holdings, Inc. | 3775 | &nbsp;&nbsp; $1084369 |
| General Merchandise – 0.4% | General Merchandise – 0.4% |  |
| B&M European Value Retail S.A. | 21006 | &nbsp;&nbsp; $47796 |
| Dollarama, Inc. | 1089 | &nbsp;&nbsp; 162761 |
|  |  | &nbsp;&nbsp; $210557 |
| Insurance – 2.7% | Insurance – 2.7% |  |
| Aon PLC | 3333 | &nbsp;&nbsp; $1176149 |
| Marsh & McLennan Cos., Inc. | 798 | &nbsp;&nbsp; 148045 |
|  |  | &nbsp;&nbsp; $1324194 |
| Interactive Media Services – 2.4% | Interactive Media Services – 2.4% |  |
| Alphabet, Inc., "A" | 3375 | &nbsp;&nbsp; $1056375 |
| NAVER Corp. | 754 | &nbsp;&nbsp; 126344 |
|  |  | &nbsp;&nbsp; $1182719 |
| Leisure & Toys – 3.0% | Leisure & Toys – 3.0% |  |
| Tencent Holdings Ltd. | 19800 | &nbsp;&nbsp; $1517219 |
| Machinery & Tools – 3.5% | Machinery & Tools – 3.5% |  |
| Atlas Copco AB, "A" | 20534 | &nbsp;&nbsp; $367882 |
| Daikin Industries Ltd. | 5500 | &nbsp;&nbsp; 705056 |
| Graco, Inc. | 3740 | &nbsp;&nbsp; 306568 |
| Keyence Corp. | 1000 | &nbsp;&nbsp; 361849 |
|  |  | &nbsp;&nbsp; $1741355 |
| Medical & Health Technology & Services – 0.2% | Medical & Health Technology & Services – 0.2% |  |
| ICON PLC (a) | 232 | &nbsp;&nbsp; $42275 |
| Veeva Systems, Inc. (a) | 275 | &nbsp;&nbsp; 61388 |
|  |  | &nbsp;&nbsp; $103663 |

---

------

MFS Global Growth Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Medical Equipment – 10.8% | Medical Equipment – 10.8% |  |
| Agilent Technologies, Inc. | 7266 | &nbsp;&nbsp; $988684 |
| Becton, Dickinson and Co. | 3811 | &nbsp;&nbsp; 739601 |
| Boston Scientific Corp. (a) | 4185 | &nbsp;&nbsp; 399040 |
| Danaher Corp. | 3709 | &nbsp;&nbsp; 849064 |
| Mettler-Toledo International, Inc. (a) | 464 | &nbsp;&nbsp; 646904 |
| STERIS PLC | 3596 | &nbsp;&nbsp; 911658 |
| Stryker Corp. | 861 | &nbsp;&nbsp; 302616 |
| Thermo Fisher Scientific, Inc. | 944 | &nbsp;&nbsp; 547001 |
|  |  | &nbsp;&nbsp; $5384568 |
| Other Banks & Diversified Financials – 9.2% | Other Banks & Diversified Financials – 9.2% |  |
| Credicorp Ltd. | 1165 | &nbsp;&nbsp; $334355 |
| HDFC Bank Ltd. | 100885 | &nbsp;&nbsp; 1112571 |
| Mastercard, Inc., "A" | 1455 | &nbsp;&nbsp; 830631 |
| Moody's Corp. | 1238 | &nbsp;&nbsp; 632432 |
| Visa, Inc., "A" | 4713 | &nbsp;&nbsp; 1652896 |
|  |  | &nbsp;&nbsp; $4562885 |
| Printing & Publishing – 0.3% | Printing & Publishing – 0.3% |  |
| Wolters Kluwer N.V. | 1340 | &nbsp;&nbsp; $139115 |
| Railroad & Shipping – 0.4% | Railroad & Shipping – 0.4% |  |
| Canadian Pacific Kansas City Ltd. | 2769 | &nbsp;&nbsp; $203882 |
| Restaurants – 0.3% | Restaurants – 0.3% |  |
| Starbucks Corp. | 1820 | &nbsp;&nbsp; $153262 |
| Specialty Stores – 4.2% | Specialty Stores – 4.2% |  |
| Amazon.com, Inc. (a) | 4022 | &nbsp;&nbsp; $928358 |
| Ross Stores, Inc. | 3433 | &nbsp;&nbsp; 618421 |
| TJX Cos., Inc. | 3495 | &nbsp;&nbsp; 536867 |
|  |  | &nbsp;&nbsp; $2083646 |
| Telecom - Infrastructure – 0.9% | Telecom - Infrastructure – 0.9% |  |
| American Tower Corp., REIT | 637 | &nbsp;&nbsp; $111838 |
| Cellnex Telecom S.A. | 10977 | &nbsp;&nbsp; 353092 |
|  |  | &nbsp;&nbsp; $464930 |
| Utilities - Electric Power – 1.8% | Utilities - Electric Power – 1.8% |  |
| CMS Energy Corp. | 12522 | &nbsp;&nbsp; $875663 |
| **Total Common Stocks (Identified Cost, $28,264,190)** |  | &nbsp;&nbsp; **$49606889** |
| Mutual Funds (h) – 0.5% | Mutual Funds (h) – 0.5% | Mutual Funds (h) – 0.5% |
| Money Market Funds – 0.5% | Money Market Funds – 0.5% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $253,705) | 253694 | &nbsp;&nbsp; $253745 |
| Other Assets, Less Liabilities – (0.2)% |  | &nbsp;&nbsp; (104622) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$49756012** |

---

&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 $253,745 and $49,606,889, 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 Growth Portfolio

*Portfolio of Investments – continued*

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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $28,264,190) | &nbsp;&nbsp; $49606889 |
| Investments in affiliated issuers, at value (identified cost, $253,705) | &nbsp;&nbsp; 253745 |
| Cash | &nbsp;&nbsp; 3096 |
| Foreign currency, at value (identified cost, $7) | &nbsp;&nbsp; 7 |
| Receivables for |  |
| Dividends | &nbsp;&nbsp; 60966 |
| Receivable from investment adviser | &nbsp;&nbsp; 16716 |
| Other assets | &nbsp;&nbsp; 427 |
| Total assets | &nbsp;&nbsp; $49941846 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $5906 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 96 |
| Shareholder servicing costs | &nbsp;&nbsp; 17 |
| Distribution and/or service fees | &nbsp;&nbsp; 145 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 99 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 118610 |
| Payable for audit and tax fees | &nbsp;&nbsp; 46963 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 13998 |
| Total liabilities | &nbsp;&nbsp; $185834 |
| Net assets | &nbsp;&nbsp; $49756012 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $25432139 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 24323873 |
| Net assets | &nbsp;&nbsp; $49756012 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 1906159 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $39252449 | &nbsp;&nbsp;&nbsp; 1500332 | &nbsp;&nbsp;&nbsp; $26.16 |
| Service Class | &nbsp;&nbsp;&nbsp; 10503563 | &nbsp;&nbsp;&nbsp; 405827 | &nbsp;&nbsp;&nbsp;&nbsp;25.88 |

---

**See Notes to Financial Statements**

------

MFS Global Growth Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $655628 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 20973 |
| Income on securities loaned | &nbsp;&nbsp; 49 |
| Other | &nbsp;&nbsp; 16 |
| Foreign taxes withheld | &nbsp;&nbsp; (35239)<br>|
| Total investment income | &nbsp;&nbsp; $641427 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $450723 |
| Distribution and/or service fees | &nbsp;&nbsp; 24726 |
| Shareholder servicing costs | &nbsp;&nbsp; 3027 |
| Administrative services fee | &nbsp;&nbsp; 17578 |
| Independent Trustees' compensation | &nbsp;&nbsp; 3142 |
| Custodian fee | &nbsp;&nbsp; 12851 |
| Shareholder communications | &nbsp;&nbsp; 7802 |
| Audit and tax fees | &nbsp;&nbsp; 91428 |
| Legal fees | &nbsp;&nbsp; 674 |
| Miscellaneous | &nbsp;&nbsp; 30939 |
| Total expenses | &nbsp;&nbsp; $642890 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (177286)<br>|
| Net expenses | &nbsp;&nbsp; $465604 |
| Net investment income (loss) | &nbsp;&nbsp; $175823 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers (includes $4,854 foreign capital gains tax) | &nbsp;&nbsp; $3089519 |
| Affiliated issuers | &nbsp;&nbsp; (19)<br>|
| Foreign currency | &nbsp;&nbsp; (2373)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $3087127 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $65,925 increase in deferred foreign capital gains tax) | &nbsp;&nbsp; $443126 |
| Affiliated issuers | &nbsp;&nbsp; (44)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 5031 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $448113 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $3535240 |
| Change in net assets from operations | &nbsp;&nbsp; $3711063 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $175823 | &nbsp;&nbsp; $153480 |
| Net realized gain (loss) | 3087127 | &nbsp;&nbsp; 6053320 |
| Net unrealized gain (loss) | 448113 | &nbsp;&nbsp; (776032)<br>|
| Change in net assets from operations | $3711063 | &nbsp;&nbsp; $5430768 |
| Total distributions to shareholders | $(6201007)<br>| &nbsp;&nbsp; $(3975997)<br>|
| Change in net assets from fund share transactions | $1087775 | &nbsp;&nbsp; $(1465823)<br>|
| Total change in net assets | $(1402169)<br>| &nbsp;&nbsp; $(11052)<br>|
| **Net assets** |  |  |
| At beginning of period | 51158181 | &nbsp;&nbsp; 51169233 |
| At end of period | $49756012 | &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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $27.74 | &nbsp;&nbsp; $27.04 | &nbsp;&nbsp; $23.52 | &nbsp;&nbsp; $32.85 | &nbsp;&nbsp; $31.23 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.11 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.06 |
| Net realized and unrealized gain (loss) | 1.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp; (6.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.57 |
| Total from investment operations | $2.03 | &nbsp;&nbsp; $2.97 | &nbsp;&nbsp; $4.84 | &nbsp;&nbsp; $(6.09)<br>| &nbsp;&nbsp; $5.63 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.10)<br>| &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.03)<br>|
| From net realized gain | (3.51)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; (3.98)<br>|
| Total distributions declared to shareholders | $(3.61)<br>| &nbsp;&nbsp; $(2.27)<br>| &nbsp;&nbsp; $(1.32)<br>| &nbsp;&nbsp; $(3.24)<br>| &nbsp;&nbsp; $(4.01)<br>|
| Net asset value, end of period (x) | $26.16 | &nbsp;&nbsp; $27.74 | &nbsp;&nbsp; $27.04 | &nbsp;&nbsp; $23.52 | &nbsp;&nbsp; $32.85 |
| Total return (%) (k)(r)(s)(x) | 7.68 | &nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;&nbsp;&nbsp;20.99 | &nbsp;&nbsp; (19.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.52 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Expenses after expense reductions | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Net investment income (loss) | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Portfolio turnover rate | 25 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 19 |
| Net assets at end of period (000 omitted) | $39252 | &nbsp;&nbsp; $41768 | &nbsp;&nbsp; $42714 | &nbsp;&nbsp; $40380 | &nbsp;&nbsp; $55501 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $27.48 | &nbsp;&nbsp; $26.82 | &nbsp;&nbsp; $23.36 | &nbsp;&nbsp; $32.67 | &nbsp;&nbsp; $31.13 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.04 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(0.03)<br>|
| Net realized and unrealized gain (loss) | 1.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp; (6.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.55 |
| Total from investment operations | $1.94 | &nbsp;&nbsp; $2.87 | &nbsp;&nbsp; $4.74 | &nbsp;&nbsp; $(6.12)<br>| &nbsp;&nbsp; $5.52 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.03)<br>| &nbsp;&nbsp; $(0.04)<br>| $— | $— | $— |
| From net realized gain | (3.51)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; (3.98)<br>|
| Total distributions declared to shareholders | $(3.54)<br>| &nbsp;&nbsp; $(2.21)<br>| &nbsp;&nbsp; $(1.28)<br>| &nbsp;&nbsp; $(3.19)<br>| &nbsp;&nbsp; $(3.98)<br>|
| Net asset value, end of period (x) | $25.88 | &nbsp;&nbsp; $27.48 | &nbsp;&nbsp; $26.82 | &nbsp;&nbsp; $23.36 | &nbsp;&nbsp; $32.67 |
| Total return (%) (k)(r)(s)(x) | 7.43 | &nbsp;&nbsp;&nbsp;&nbsp;10.78 | &nbsp;&nbsp;&nbsp;&nbsp;20.69 | &nbsp;&nbsp; (19.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.21 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| Expenses after expense reductions | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Net investment income (loss) | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.10)<br>|
| Portfolio turnover rate | 25 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 19 |
| Net assets at end of period (000 omitted) | $10504 | &nbsp;&nbsp; $9390 | &nbsp;&nbsp; $8455 | &nbsp;&nbsp; $6464 | &nbsp;&nbsp; $7110 |

---

**See Notes to Financial Statements**

------

MFS Global Growth Portfolio

*Financial Highlights - continued*

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

&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;(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**

**(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.

**Segment Reporting** — 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 - 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 December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $33940040 | $— | $— | $33940040 |
| France |  | 3250330 |  | 3250330 |
| Taiwan | 2655695 |  |  | 2655695 |
| China |  | 2501896 |  | 2501896 |
| Japan | 1707921 |  |  | 1707921 |
| Canada | 1439693 |  |  | 1439693 |
| United Kingdom | 47796 | 1074975 |  | 1122771 |
| India | 1112571 |  |  | 1112571 |
| Switzerland | 170482 | 384702 |  | 555184 |
| Other Countries | 473470 | 847318 |  | 1320788 |
| Investment Companies | 253745 |  |  | 253745 |
| Total | $41801413 | $8059221 | $— | $49860634 |

---

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.

------

MFS Global Growth Portfolio

*Notes to Financial Statements - continued* 

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 December 31, 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 two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $606013 | &nbsp;&nbsp; $388491 |
| Long-term capital gains | &nbsp;&nbsp; 5594994 | &nbsp;&nbsp; 3587506 |
| Total distributions | &nbsp;&nbsp; $6201007 | &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 - continued* 

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $28697976 |
| Gross appreciation | &nbsp;&nbsp; 21997313 |
| Gross depreciation | &nbsp;&nbsp; (834655)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $21162658 |
| Undistributed ordinary income | &nbsp;&nbsp; 287786 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 2988548 |
| Other temporary differences | &nbsp;&nbsp; (115119)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $24323873 |

---

**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:

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $4950337 | &nbsp;&nbsp; $3289984 |
| Service Class | 1250670 | &nbsp;&nbsp; 686013 |
| Total | $6201007 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $6,938, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 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 year ended December 31, 2025, this reduction amounted to $170,348, 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 Global Growth Portfolio

*Notes to Financial Statements - 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 year ended December 31, 2025, the fee was $2,824, which equated to 0.0056% 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 year ended December 31, 2025, these costs amounted to $203.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0351% 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 year ended December 31, 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 year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $12,403,389 and $16,974,712, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 58975 | &nbsp;&nbsp; $1583123 | &nbsp;&nbsp; 32062 | &nbsp;&nbsp; $919568 |
| Service Class | 48270 | &nbsp;&nbsp; 1311396 | &nbsp;&nbsp; 22697 | &nbsp;&nbsp; 637371 |
|  | 107245 | &nbsp;&nbsp; $2894519 | &nbsp;&nbsp; 54759 | &nbsp;&nbsp; $1556939 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 194360 | &nbsp;&nbsp; $4950337 | &nbsp;&nbsp; 119636 | &nbsp;&nbsp; $3289984 |
| Service Class | 49590 | &nbsp;&nbsp; 1250670 | &nbsp;&nbsp; 25156 | &nbsp;&nbsp; 686013 |
|  | 243950 | &nbsp;&nbsp; $6201007 | &nbsp;&nbsp; 144792 | &nbsp;&nbsp; $3975997 |
| Shares reacquired |  |  |  |  |
| Initial Class | (258933)<br>| &nbsp;&nbsp; $(7098626)<br>| &nbsp;&nbsp; (225664)<br>| &nbsp;&nbsp; $(6396950)<br>|
| Service Class | (33757)<br>| &nbsp;&nbsp; (909125)<br>| &nbsp;&nbsp; (21402)<br>| &nbsp;&nbsp; (601809)<br>|
|  | (292690)<br>| &nbsp;&nbsp; $(8007751)<br>| &nbsp;&nbsp; (247066)<br>| &nbsp;&nbsp; $(6998759)<br>|

---

------

MFS Global Growth Portfolio

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended**<br> **12/31/25** | **Year ended**<br> **12/31/25** | **Year ended**<br> **12/31/24** | **Year ended**<br> **12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net change |  |  |  |  |
| Initial Class | (5598)<br>| &nbsp;&nbsp; $(565166)<br>| &nbsp;&nbsp; (73966)<br>| &nbsp;&nbsp; $(2187398)<br>|
| Service Class | 64103 | &nbsp;&nbsp; 1652941 | &nbsp;&nbsp; 26451 | &nbsp;&nbsp; 721575 |
|  | 58505 | &nbsp;&nbsp; $1087775 | &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 year ended December 31, 2025, the fund's commitment fee and interest expense were $237 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. The following were affiliated issuers for the year ended December 31, 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; $8628702 | &nbsp;&nbsp; $8945936 | &nbsp;&nbsp; $(19)<br>| &nbsp;&nbsp; $(44)<br>| &nbsp;&nbsp; $253745 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $20973 | $— |

---

------

MFS Global Growth Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS Global Growth Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Global Growth Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Global Growth Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $6,155,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 46.16% of the ordinary income dividends paid during the fiscal year qualify for the corporate dividends received deduction.

------

**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.**

------

MFS Global Growth Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Global Growth Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 4th quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 4th quintile for the one-year period and the 1st quintile for the three-year period ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

The Trustees expressed concern to MFS about the substandard investment performance of the Fund and the Fund's retail counterpart, MFS Global Growth Fund, which has substantially similar investment strategies and experienced substantially similar investment performance as the Fund. In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year as to MFS' efforts to improve the performance of the Fund and the Fund's

------

MFS Global Growth Portfolio

*Board Review of Investment Advisory Agreement - continued*

retail counterpart. In addition, the Trustees requested that they receive a separate update on the Fund's retail counterpart at each of their regular meetings. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that MFS' responses and efforts and plans to improve investment performance were sufficient to support approval of the continuance of the investment advisory agreement for an additional one-year period, but that they would continue to closely monitor the performance of the Fund's retail counterpart.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was lower than the Broadridge expense group median and the Fund's total expense ratio was higher than the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $1 billion and $2 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

------

MFS Global Growth Portfolio

*Board Review of Investment Advisory Agreement - continued*

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS Global Research Portfolio

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

MFS Global Research Portfolio

**Portfolio of Investments - 12/31/25** 

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 – 3.1% | Aerospace & Defense – 3.1% |  |
| Babcock International Group PLC | 21845 | &nbsp;&nbsp; $363617 |
| General Dynamics Corp. | 1427 | &nbsp;&nbsp; 480414 |
| Howmet Aerospace, Inc. | 3262 | &nbsp;&nbsp; 668775 |
| RTX Corp. | 4170 | &nbsp;&nbsp; 764778 |
|  |  | &nbsp;&nbsp; $2277584 |
| Alcoholic Beverages – 0.8% | Alcoholic Beverages – 0.8% |  |
| China Resources Beer Holdings Co. Ltd. | 33500 | &nbsp;&nbsp; $112539 |
| Kweichow Moutai Co. Ltd., "A" | 900 | &nbsp;&nbsp; 177242 |
| Pernod Ricard S.A. | 3319 | &nbsp;&nbsp; 284136 |
|  |  | &nbsp;&nbsp; $573917 |
| Apparel Manufacturers – 1.7% | Apparel Manufacturers – 1.7% |  |
| Compagnie Financiere Richemont S.A. | 2780 | &nbsp;&nbsp; $599969 |
| LVMH Moet Hennessy Louis Vuitton SE | 901 | &nbsp;&nbsp; 679264 |
|  |  | &nbsp;&nbsp; $1279233 |
| Biotechnology – 0.6% | Biotechnology – 0.6% |  |
| Gilead Sciences, Inc. | 3625 | &nbsp;&nbsp; $444932 |
| Broadcasting – 1.0% | Broadcasting – 1.0% |  |
| Spotify Technology S.A. (a) | 834 | &nbsp;&nbsp; $484312 |
| Tencent Music Entertainment Group, ADR | 15763 | &nbsp;&nbsp; 276326 |
|  |  | &nbsp;&nbsp; $760638 |
| Brokerage & Asset Managers – 5.2% | Brokerage & Asset Managers – 5.2% |  |
| B3 S.A. - Brasil Bolsa Balcao | 209600 | &nbsp;&nbsp; $545578 |
| Barclays PLC | 160034 | &nbsp;&nbsp; 1015904 |
| Charles Schwab Corp. | 7185 | &nbsp;&nbsp; 717853 |
| CME Group, Inc. | 1361 | &nbsp;&nbsp; 371662 |
| Euronext N.V. | 4411 | &nbsp;&nbsp; 662061 |
| London Stock Exchange Group PLC | 4141 | &nbsp;&nbsp; 498637 |
|  |  | &nbsp;&nbsp; $3811695 |
| Business Services – 1.6% | Business Services – 1.6% |  |
| Accenture PLC, "A" | 2830 | &nbsp;&nbsp; $759289 |
| TransUnion | 4757 | &nbsp;&nbsp; 407913 |
|  |  | &nbsp;&nbsp; $1167202 |
| Chemicals – 0.4% | Chemicals – 0.4% |  |
| FUJIFILM Holdings Corp. | 15500 | &nbsp;&nbsp; $330899 |
| Computer Software – 8.6% | Computer Software – 8.6% |  |
| Atlassian Corp. (a) | 2649 | &nbsp;&nbsp; $429509 |
| Autodesk, Inc. (a) | 1146 | &nbsp;&nbsp; 339228 |
| Cadence Design Systems, Inc. (a) | 1732 | &nbsp;&nbsp; 541389 |
| Constellation Software, Inc. | 235 | &nbsp;&nbsp; 565246 |
| Guidewire Software, Inc. (a) | 588 | &nbsp;&nbsp; 118194 |
| Microsoft Corp. | 7057 | &nbsp;&nbsp; 3412906 |
| Salesforce, Inc. | 2040 | &nbsp;&nbsp; 540416 |

---

RESFS-ANN

------

MFS Global Research Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software – continued | Computer Software – continued |  |
| Tyler Technologies, Inc. (a) | 854 | &nbsp;&nbsp; $387673 |
|  |  | &nbsp;&nbsp; $6334561 |
| Computer Software - Systems – 6.4% | Computer Software - Systems – 6.4% |  |
| Apple, Inc. | 8453 | &nbsp;&nbsp; $2298033 |
| Arista Networks, Inc. (a) | 3873 | &nbsp;&nbsp; 507479 |
| EPAM Systems, Inc. (a) | 2783 | &nbsp;&nbsp; 570181 |
| Hitachi Ltd. | 34600 | &nbsp;&nbsp; 1073418 |
| Shopify, Inc. (a) | 1830 | &nbsp;&nbsp; 294575 |
|  |  | &nbsp;&nbsp; $4743686 |
| Construction – 2.1% | Construction – 2.1% |  |
| CRH PLC | 4577 | &nbsp;&nbsp; $571210 |
| James Hardie Industries PLC, GDR (a) | 16296 | &nbsp;&nbsp; 335824 |
| Sherwin-Williams Co. | 1152 | &nbsp;&nbsp; 373282 |
| Techtronic Industries Co. Ltd. | 22000 | &nbsp;&nbsp; 252753 |
|  |  | &nbsp;&nbsp; $1533069 |
| Consumer Products – 1.2% | Consumer Products – 1.2% |  |
| Beiersdorf AG | 2047 | &nbsp;&nbsp; $225360 |
| Haleon PLC | 62824 | &nbsp;&nbsp; 317394 |
| Kenvue, Inc. | 10080 | &nbsp;&nbsp; 173880 |
| Uni-Charm Corp. | 29500 | &nbsp;&nbsp; 169082 |
|  |  | &nbsp;&nbsp; $885716 |
| Electrical Equipment – 3.5% | Electrical Equipment – 3.5% |  |
| Amphenol Corp., "A" | 3749 | &nbsp;&nbsp; $506640 |
| Eaton Corp. PLC | 1270 | &nbsp;&nbsp; 404508 |
| Emerson Electric Co. | 4200 | &nbsp;&nbsp; 557424 |
| Schneider Electric SE | 2807 | &nbsp;&nbsp; 769402 |
| W.W. Grainger, Inc. | 380 | &nbsp;&nbsp; 383439 |
|  |  | &nbsp;&nbsp; $2621413 |
| Electronics – 11.9% | Electronics – 11.9% |  |
| ASML Holding N.V. | 727 | &nbsp;&nbsp; $777102 |
| Broadcom, Inc. | 5119 | &nbsp;&nbsp; 1771686 |
| Lam Research Corp. | 5648 | &nbsp;&nbsp; 966825 |
| NVIDIA Corp. | 15957 | &nbsp;&nbsp; 2975980 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 47000 | &nbsp;&nbsp; 2296109 |
|  |  | &nbsp;&nbsp; $8787702 |
| Energy - Independent – 1.3% | Energy - Independent – 1.3% |  |
| ConocoPhillips | 6033 | &nbsp;&nbsp; $564749 |
| Valero Energy Corp. | 2226 | &nbsp;&nbsp; 362371 |
|  |  | &nbsp;&nbsp; $927120 |
| Energy - Integrated – 1.4% | Energy - Integrated – 1.4% |  |
| Galp Energia SGPS S.A., "B" | 20440 | &nbsp;&nbsp; $348208 |
| TotalEnergies SE | 11039 | &nbsp;&nbsp; 719498 |
|  |  | &nbsp;&nbsp; $1067706 |

---

------

MFS Global Research Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Food & Beverages – 1.0% | Food & Beverages – 1.0% |  |
| Mondelez International, Inc. | 5534 | &nbsp;&nbsp; $297895 |
| PepsiCo, Inc. | 3098 | &nbsp;&nbsp; 444625 |
|  |  | &nbsp;&nbsp; $742520 |
| Food & Drug Stores – 1.3% | Food & Drug Stores – 1.3% |  |
| Alimentation Couche-Tard, Inc. | 9388 | &nbsp;&nbsp; $512713 |
| Jeronimo Martins SGPS S.A. | 18386 | &nbsp;&nbsp; 437763 |
|  |  | &nbsp;&nbsp; $950476 |
| Gaming & Lodging – 0.8% | Gaming & Lodging – 0.8% |  |
| Accor S.A. | 6180 | &nbsp;&nbsp; $350209 |
| Flutter Entertainment PLC (a) | 1105 | &nbsp;&nbsp; 237619 |
|  |  | &nbsp;&nbsp; $587828 |
| Health Maintenance Organizations – 0.7% | Health Maintenance Organizations – 0.7% |  |
| Cigna Group | 1922 | &nbsp;&nbsp; $528992 |
| Insurance – 2.8% | Insurance – 2.8% |  |
| AIA Group Ltd. | 47800 | &nbsp;&nbsp; $490732 |
| Aon PLC | 2063 | &nbsp;&nbsp; 727992 |
| Chubb Ltd. | 1710 | &nbsp;&nbsp; 533725 |
| Sompo Holdings, Inc. | 9300 | &nbsp;&nbsp; 316808 |
|  |  | &nbsp;&nbsp; $2069257 |
| Interactive Media Services – 4.9% | Interactive Media Services – 4.9% |  |
| Alphabet, Inc., "A" | 6046 | &nbsp;&nbsp; $1892398 |
| Meta Platforms, Inc., "A" | 2581 | &nbsp;&nbsp; 1703692 |
|  |  | &nbsp;&nbsp; $3596090 |
| Leisure & Toys – 1.6% | Leisure & Toys – 1.6% |  |
| Sony Group Corp. | 14400 | &nbsp;&nbsp; $368066 |
| Tencent Holdings Ltd. | 10500 | &nbsp;&nbsp; 804586 |
|  |  | &nbsp;&nbsp; $1172652 |
| Machinery & Tools – 3.8% | Machinery & Tools – 3.8% |  |
| Atlas Copco AB, "A" | 30566 | &nbsp;&nbsp; $547613 |
| Caterpillar, Inc. | 1008 | &nbsp;&nbsp; 577453 |
| Daikin Industries Ltd. | 3800 | &nbsp;&nbsp; 487130 |
| GEA Group AG | 4456 | &nbsp;&nbsp; 302681 |
| Keyence Corp. | 800 | &nbsp;&nbsp; 289479 |
| Nordson Corp. | 1706 | &nbsp;&nbsp; 410173 |
| Spirax Group PLC | 2279 | &nbsp;&nbsp; 208421 |
|  |  | &nbsp;&nbsp; $2822950 |
| Major Banks – 7.2% | Major Banks – 7.2% |  |
| Banco Bradesco S.A., ADR | 112873 | &nbsp;&nbsp; $375867 |
| Bank of Ireland Group PLC | 19930 | &nbsp;&nbsp; 381288 |
| BNP Paribas S.A. | 3475 | &nbsp;&nbsp; 328824 |
| Eurobank S.A. | 80094 | &nbsp;&nbsp; 322383 |
| ING Groep N.V. | 13737 | &nbsp;&nbsp; 386163 |
| Mizuho Financial Group, Inc. | 14400 | &nbsp;&nbsp; 522889 |
| PNC Financial Services Group, Inc. | 6177 | &nbsp;&nbsp; 1289325 |
| Toronto-Dominion Bank | 9880 | &nbsp;&nbsp; 931170 |

---

------

MFS Global Research Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Major Banks – continued | Major Banks – continued |  |
| UBS Group AG | 16999 | &nbsp;&nbsp; $785814 |
|  |  | &nbsp;&nbsp; $5323723 |
| Medical Equipment – 4.2% | Medical Equipment – 4.2% |  |
| Becton, Dickinson and Co. | 2592 | &nbsp;&nbsp; $503029 |
| Boston Scientific Corp. (a) | 4167 | &nbsp;&nbsp; 397324 |
| Medtronic PLC | 6053 | &nbsp;&nbsp; 581451 |
| STERIS PLC | 1402 | &nbsp;&nbsp; 355435 |
| Thermo Fisher Scientific, Inc. | 1324 | &nbsp;&nbsp; 767192 |
| Waters Corp. (a) | 1343 | &nbsp;&nbsp; 510112 |
|  |  | &nbsp;&nbsp; $3114543 |
| Metals & Mining – 0.8% | Metals & Mining – 0.8% |  |
| Glencore PLC | 112422 | &nbsp;&nbsp; $611546 |
| Natural Gas - Distribution – 0.3% | Natural Gas - Distribution – 0.3% |  |
| China Resources Gas Group Ltd. | 80900 | &nbsp;&nbsp; $234830 |
| Natural Gas - Pipeline – 0.4% | Natural Gas - Pipeline – 0.4% |  |
| Cheniere Energy, Inc. | 1339 | &nbsp;&nbsp; $260288 |
| Oil Services – 0.4% | Oil Services – 0.4% |  |
| TechnipFMC PLC | 6776 | &nbsp;&nbsp; $301939 |
| Other Banks & Diversified Financials – 3.1% | Other Banks & Diversified Financials – 3.1% |  |
| HDFC Bank Ltd. | 39514 | &nbsp;&nbsp; $435765 |
| Mastercard, Inc., "A" | 2828 | &nbsp;&nbsp; 1614449 |
| Moody's Corp. | 517 | &nbsp;&nbsp; 264109 |
|  |  | &nbsp;&nbsp; $2314323 |
| Pharmaceuticals – 3.4% | Pharmaceuticals – 3.4% |  |
| AbbVie, Inc. | 984 | &nbsp;&nbsp; $224834 |
| Daiichi Sankyo Co. Ltd. | 9100 | &nbsp;&nbsp; 193809 |
| Johnson & Johnson | 4543 | &nbsp;&nbsp; 940174 |
| Pfizer, Inc. | 15224 | &nbsp;&nbsp; 379077 |
| Roche Holding AG | 1814 | &nbsp;&nbsp; 749668 |
|  |  | &nbsp;&nbsp; $2487562 |
| Precious Metals & Minerals – 0.4% | Precious Metals & Minerals – 0.4% |  |
| Northern Star Resources Ltd. Co. | 17642 | &nbsp;&nbsp; $312941 |
| Printing & Publishing – 0.3% | Printing & Publishing – 0.3% |  |
| Wolters Kluwer N.V. | 2045 | &nbsp;&nbsp; $212306 |
| Railroad & Shipping – 0.5% | Railroad & Shipping – 0.5% |  |
| Union Pacific Corp. | 1715 | &nbsp;&nbsp; $396714 |
| Restaurants – 0.7% | Restaurants – 0.7% |  |
| Aramark | 14791 | &nbsp;&nbsp; $545196 |
| Specialty Chemicals – 1.4% | Specialty Chemicals – 1.4% |  |
| Croda International PLC | 9206 | &nbsp;&nbsp; $333625 |
| Linde PLC | 1590 | &nbsp;&nbsp; 677960 |
|  |  | &nbsp;&nbsp; $1011585 |

---

------

MFS Global Research Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Specialty Stores – 3.9% | Specialty Stores – 3.9% |  |
| Amazon.com, Inc. (a) | 10604 | &nbsp;&nbsp; $2447615 |
| BJ's Wholesale Club Holdings, Inc. (a) | 4955 | &nbsp;&nbsp; 446099 |
|  |  | &nbsp;&nbsp; $2893714 |
| Telecom - Infrastructure – 0.6% | Telecom - Infrastructure – 0.6% |  |
| Cellnex Telecom S.A. | 13633 | &nbsp;&nbsp; $438527 |
| Telecom Services – 1.4% | Telecom Services – 1.4% |  |
| Advanced Info Service Public Co. Ltd. | 34600 | &nbsp;&nbsp; $342650 |
| KDDI Corp. | 19900 | &nbsp;&nbsp; 344096 |
| Koninklijke KPN N.V. | 81024 | &nbsp;&nbsp; 379043 |
|  |  | &nbsp;&nbsp; $1065789 |
| Tobacco – 0.5% | Tobacco – 0.5% |  |
| Philip Morris International, Inc. | 2393 | &nbsp;&nbsp; $383837 |
| Utilities - Electric Power – 2.4% | Utilities - Electric Power – 2.4% |  |
| Duke Energy Corp. | 4750 | &nbsp;&nbsp; $556748 |
| National Grid PLC | 44936 | &nbsp;&nbsp; 692514 |
| PG&E Corp. | 30917 | &nbsp;&nbsp; 496836 |
|  |  | &nbsp;&nbsp; $1746098 |
| **Total Common Stocks (Identified Cost, $46,353,486)** |  | &nbsp;&nbsp; **$73673299** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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) – 0.4% | 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, 3.82% (v) (Identified Cost, $318,586) | 318549 | &nbsp;&nbsp; $318613 |
| Other Assets, Less Liabilities – 0.0% |  | &nbsp;&nbsp; 4602 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$73996514** |

---

&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 $318,613 and $73,673,299, 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 – 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 |
| 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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $46,353,486) | &nbsp;&nbsp; $73673299 |
| Investments in affiliated issuers, at value (identified cost, $318,586) | &nbsp;&nbsp; 318613 |
| Foreign currency, at value (identified cost, $23) | &nbsp;&nbsp; 23 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 11352 |
| Dividends | &nbsp;&nbsp; 164528 |
| Receivable from investment adviser | &nbsp;&nbsp; 6431 |
| Other assets | &nbsp;&nbsp; 554 |
| Total assets | &nbsp;&nbsp; $74174800 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $56139 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 111 |
| Shareholder servicing costs | &nbsp;&nbsp; 17 |
| Distribution and/or service fees | &nbsp;&nbsp; 89 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 96 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 61195 |
| Payable for audit and tax fees | &nbsp;&nbsp; 41572 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 19067 |
| Total liabilities | &nbsp;&nbsp; $178286 |
| Net assets | &nbsp;&nbsp; $73996514 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $35529388 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 38467126 |
| Net assets | &nbsp;&nbsp; $73996514 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 2122237 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $67539467 | &nbsp;&nbsp;&nbsp; 1935922 | &nbsp;&nbsp;&nbsp; $34.89 |
| Service Class | &nbsp;&nbsp;&nbsp; 6457047 | &nbsp;&nbsp;&nbsp; 186315 | &nbsp;&nbsp;&nbsp;&nbsp;34.66 |

---

**See Notes to Financial Statements**

------

MFS Global Research Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $1323465 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 22458 |
| Interest | &nbsp;&nbsp; 53 |
| Income on securities loaned | &nbsp;&nbsp; 36 |
| Other | &nbsp;&nbsp; 34 |
| Foreign taxes withheld | &nbsp;&nbsp; (77822)<br>|
| Total investment income | &nbsp;&nbsp; $1268224 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $554250 |
| Distribution and/or service fees | &nbsp;&nbsp; 15852 |
| Shareholder servicing costs | &nbsp;&nbsp; 2862 |
| Administrative services fee | &nbsp;&nbsp; 20575 |
| Independent Trustees' compensation | &nbsp;&nbsp; 3621 |
| Custodian fee | &nbsp;&nbsp; 33354 |
| Shareholder communications | &nbsp;&nbsp; 6930 |
| Audit and tax fees | &nbsp;&nbsp; 78368 |
| Legal fees | &nbsp;&nbsp; 794 |
| Miscellaneous | &nbsp;&nbsp; 31549 |
| Total expenses | &nbsp;&nbsp; $748155 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (103295)<br>|
| Net expenses | &nbsp;&nbsp; $644860 |
| Net investment income (loss) | &nbsp;&nbsp; $623364 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers (includes $10,445 foreign capital gains tax) | &nbsp;&nbsp; $10707687 |
| Affiliated issuers | &nbsp;&nbsp; 28 |
| Foreign currency | &nbsp;&nbsp; (595)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $10707120 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $28,317 increase in deferred foreign capital gains tax) | &nbsp;&nbsp; $(155478)<br>|
| Affiliated issuers | &nbsp;&nbsp; (9)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 10303 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $(145184)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $10561936 |
| Change in net assets from operations | &nbsp;&nbsp; $11185300 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $623364 | &nbsp;&nbsp; $686705 |
| Net realized gain (loss) | 10707120 | &nbsp;&nbsp; 8713782 |
| Net unrealized gain (loss) | (145184)<br>| &nbsp;&nbsp; 1493764 |
| Change in net assets from operations | $11185300 | &nbsp;&nbsp; $10894251 |
| Total distributions to shareholders | $(9374009)<br>| &nbsp;&nbsp; $(4697740)<br>|
| Change in net assets from fund share transactions | $(2978523)<br>| &nbsp;&nbsp; $(7251984)<br>|
| Total change in net assets | $(1167232)<br>| &nbsp;&nbsp; $(1055473)<br>|
| **Net assets** |  |  |
| At beginning of period | 75163746 | &nbsp;&nbsp; 76219219 |
| At end of period | $73996514 | &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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $34.38 | &nbsp;&nbsp; $31.79 | &nbsp;&nbsp; $28.39 | &nbsp;&nbsp; $38.03 | &nbsp;&nbsp; $34.70 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.30 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.18 |
| Net realized and unrealized gain (loss) | 5.03 | &nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp; (6.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.17 |
| Total from investment operations | $5.33 | &nbsp;&nbsp; $4.78 | &nbsp;&nbsp; $5.31 | &nbsp;&nbsp; $(6.58)<br>| &nbsp;&nbsp; $6.35 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.35)<br>| &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.22)<br>|
| From net realized gain | (4.47)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (2.80)<br>|
| Total distributions declared to shareholders | $(4.82)<br>| &nbsp;&nbsp; $(2.19)<br>| &nbsp;&nbsp; $(1.91)<br>| &nbsp;&nbsp; $(3.06)<br>| &nbsp;&nbsp; $(3.02)<br>|
| Net asset value, end of period (x) | $34.89 | &nbsp;&nbsp; $34.38 | &nbsp;&nbsp; $31.79 | &nbsp;&nbsp; $28.39 | &nbsp;&nbsp; $38.03 |
| Total return (%) (k)(r)(s)(x) | 16.36 | &nbsp;&nbsp;&nbsp;&nbsp;15.21 | &nbsp;&nbsp;&nbsp;&nbsp;19.28 | &nbsp;&nbsp; (17.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.51 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Expenses after expense reductions | 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) | 0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Portfolio turnover rate | 39 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 15 |
| Net assets at end of period (000 omitted) | $67539 | &nbsp;&nbsp; $69071 | &nbsp;&nbsp; $70207 | &nbsp;&nbsp; $67891 | &nbsp;&nbsp; $92642 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $34.18 | &nbsp;&nbsp; $31.61 | &nbsp;&nbsp; $28.23 | &nbsp;&nbsp; $37.82 | &nbsp;&nbsp; $34.54 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.21 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.09 |
| Net realized and unrealized gain (loss) | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.13 |
| Total from investment operations | $5.21 | &nbsp;&nbsp; $4.68 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $(6.62)<br>| &nbsp;&nbsp; $6.22 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.26)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.14)<br>|
| From net realized gain | (4.47)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (2.80)<br>|
| Total distributions declared to shareholders | $(4.73)<br>| &nbsp;&nbsp; $(2.11)<br>| &nbsp;&nbsp; $(1.83)<br>| &nbsp;&nbsp; $(2.97)<br>| &nbsp;&nbsp; $(2.94)<br>|
| Net asset value, end of period (x) | $34.66 | &nbsp;&nbsp; $34.18 | &nbsp;&nbsp; $31.61 | &nbsp;&nbsp; $28.23 | &nbsp;&nbsp; $37.82 |
| Total return (%) (k)(r)(s)(x) | 16.07 | &nbsp;&nbsp;&nbsp;&nbsp;14.95 | &nbsp;&nbsp;&nbsp;&nbsp;18.97 | &nbsp;&nbsp; (17.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.20 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Expenses after expense reductions | 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) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Portfolio turnover rate | 39 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 15 |
| Net assets at end of period (000 omitted) | $6457 | &nbsp;&nbsp; $6093 | &nbsp;&nbsp; $6012 | &nbsp;&nbsp; $6306 | &nbsp;&nbsp; $8028 |

---

**See Notes to Financial Statements**

------

MFS Global Research Portfolio

*Financial Highlights - continued*

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

&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;(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**

**(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.

**Segment Reporting** — 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 - 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 December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $45066925 | $— | $— | $45066925 |
| Japan | 1768412 | 2327264 |  | 4095676 |
| United Kingdom | 317394 | 3724264 |  | 4041658 |
| France | 350209 | 3443185 |  | 3793394 |
| Canada | 2303704 | 0 |  | 2303704 |
| Taiwan |  | 2296109 |  | 2296109 |
| Switzerland |  | 2135451 |  | 2135451 |
| Netherlands | 212306 | 1542308 |  | 1754614 |
| China | 276326 | 1329197 |  | 1605523 |
| Other Countries | 3753337 | 2826908 |  | 6580245 |
| Investment Companies | 318613 |  |  | 318613 |
| Total | $54367226 | $19624686 | $— | $73991912 |

---

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

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MFS Global Research Portfolio

*Notes to Financial Statements - 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 December 31, 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 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 two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $1406008 | &nbsp;&nbsp; $785244 |
| Long-term capital gains | &nbsp;&nbsp; 7968001 | &nbsp;&nbsp; 3912496 |
| Total distributions | &nbsp;&nbsp; $9374009 | &nbsp;&nbsp; $4697740 |

---

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

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MFS Global Research Portfolio

*Notes to Financial Statements - continued* 

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $46816178 |
| Gross appreciation | &nbsp;&nbsp; 28383880 |
| Gross depreciation | &nbsp;&nbsp; (1208146)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $27175734 |
| Undistributed ordinary income | &nbsp;&nbsp; 873415 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 10470830 |
| Other temporary differences | &nbsp;&nbsp; (52853)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $38467126 |

---

**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:

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $8570827 | &nbsp;&nbsp; $4328300 |
| Service Class | 803182 | &nbsp;&nbsp; 369440 |
| Total | $9374009 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $10,238, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 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 year ended December 31, 2025, this reduction amounted to $93,057, 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 Global Research Portfolio

*Notes to Financial Statements - 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 year ended December 31, 2025, the fee was $2,727, which equated to 0.0037% 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 year ended December 31, 2025, these costs amounted to $135.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0278% 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 year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $28,782,766 and $40,436,971, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 39267 | &nbsp;&nbsp; $1388869 | &nbsp;&nbsp; 12404 | &nbsp;&nbsp; $422916 |
| Service Class | 9307 | &nbsp;&nbsp; 295738 | &nbsp;&nbsp; 2932 | &nbsp;&nbsp; 100482 |
|  | 48574 | &nbsp;&nbsp; $1684607 | &nbsp;&nbsp; 15336 | &nbsp;&nbsp; $523398 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 260353 | &nbsp;&nbsp; $8570827 | &nbsp;&nbsp; 128857 | &nbsp;&nbsp; $4328300 |
| Service Class | 24532 | &nbsp;&nbsp; 803182 | &nbsp;&nbsp; 11054 | &nbsp;&nbsp; 369440 |
|  | 284885 | &nbsp;&nbsp; $9374009 | &nbsp;&nbsp; 139911 | &nbsp;&nbsp; $4697740 |
| Shares reacquired |  |  |  |  |
| Initial Class | (372668)<br>| &nbsp;&nbsp; $(13131448)<br>| &nbsp;&nbsp; (341078)<br>| &nbsp;&nbsp; $(11596027)<br>|
| Service Class | (25789)<br>| &nbsp;&nbsp; (905691)<br>| &nbsp;&nbsp; (25916)<br>| &nbsp;&nbsp; (877095)<br>|
|  | (398457)<br>| &nbsp;&nbsp; $(14037139)<br>| &nbsp;&nbsp; (366994)<br>| &nbsp;&nbsp; $(12473122)<br>|
| Net change |  |  |  |  |
| Initial Class | (73048)<br>| &nbsp;&nbsp; $(3171752)<br>| &nbsp;&nbsp; (199817)<br>| &nbsp;&nbsp; $(6844811)<br>|
| Service Class | 8050 | &nbsp;&nbsp; 193229 | &nbsp;&nbsp; (11930)<br>| &nbsp;&nbsp; (407173)<br>|
|  | (64998)<br>| &nbsp;&nbsp; $(2978523)<br>| &nbsp;&nbsp; (211747)<br>| &nbsp;&nbsp; $(7251984)<br>|

---

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MFS Global Research Portfolio

*Notes to Financial Statements - 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 year ended December 31, 2025, the fund's commitment fee and interest expense were $350 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. The following were affiliated issuers for the year ended December 31, 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; $446020 | &nbsp;&nbsp; $15713683 | &nbsp;&nbsp; $15841109 | &nbsp;&nbsp; $28 | &nbsp;&nbsp; $(9)<br>| &nbsp;&nbsp; $318613 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $22458 | $— |

---

------

MFS Global Research Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS Global Research Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Global Research Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

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MFS Global Research Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $8,765,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 35.10% of the ordinary income dividends paid during the fiscal year qualify for the corporate dividends received deduction.

------

**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.**

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MFS Global Research Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Global Research Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 2nd quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

------

MFS Global Research Portfolio

*Board Review of Investment Advisory Agreement - continued*

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was lower than the Broadridge expense group median and the total expense ratio was approximately at the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to a contractual breakpoint that reduces the Fund's advisory fee rate on average daily net assets over $300 million. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoint and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

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 - 12/31/25** 

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 – 60.4% | Bonds – 60.4% | Bonds – 60.4% |
| Aerospace & Defense – 0.2% | Aerospace & Defense – 0.2% | Aerospace & Defense – 0.2% |
| Boeing Co., 6.388%, 5/01/2031  | $88000 | &nbsp;&nbsp; $95497 |
| Boeing Co., 5.805%, 5/01/2050  | 314000 | &nbsp;&nbsp; 308849 |
| Huntington Ingalls Industries, Inc., 4.2%, 5/01/2030  | 148000 | &nbsp;&nbsp; 146591 |
| Huntington Ingalls Industries, Inc., 5.749%, 1/15/2035  | 191000 | &nbsp;&nbsp; 201965 |
|  |  | &nbsp;&nbsp; $752902 |
| Asset-Backed & Securitized – 3.6% | Asset-Backed & Securitized – 3.6% | Asset-Backed & Securitized – 3.6% |
| AA Bond Co. Ltd., 6.85%, 7/31/2031  | 150000 | &nbsp;&nbsp; $215856 |
| AA Bond Co. Ltd., 5.5%, 7/31/2032  | 134000 | &nbsp;&nbsp; 179906 |
| Angel Oak Mortgage Trust, 2024-12, "A1", 5.653%, 10/25/2069 (n) | $541844 | &nbsp;&nbsp; 546466 |
| Angel Oak Mortgage Trust, 2024-13, "A1", 5.464%, 12/26/2069 (n) | 185607 | &nbsp;&nbsp; 186814 |
| Angel Oak Mortgage Trust, 2024-9, "A1", 5.138%, 9/25/2069 (n) | 465458 | &nbsp;&nbsp; 466727 |
| Angel Oak Mortgage Trust, 2025-1, "A2", 5.844%, 1/25/2070 (n) | 233472 | &nbsp;&nbsp; 235341 |
| AREIT 2022-CRE6 Trust, "B", FLR, 5.786% (SOFR - 30 day + 1.85%), 1/20/2037 (n) | 289000 | &nbsp;&nbsp; 287530 |
| AREIT 2022-CRE6 Trust, "C", FLR, 6.087% (SOFR - 30 day + 2.15%), 1/20/2037 (n) | 119000 | &nbsp;&nbsp; 117624 |
| AREIT 2022-CRE6 Trust, "D", FLR, 6.787% (SOFR - 30 day + 2.85%), 1/20/2037 (n) | 100000 | &nbsp;&nbsp; 98004 |
| Bain Capital Credit CLO Ltd., 2021-7A, "BR", FLR, 5.357% (SOFR - 3mo. + 1.5%), 1/22/2035 (n) | 633790 | &nbsp;&nbsp; 633469 |
| BBCMS Mortgage Trust, 2020-C7, "XA", 1.592%, 4/15/2053 (i) | 949838 | &nbsp;&nbsp; 41145 |
| BBCMS Mortgage Trust, 2021-C10, "XA", 1.207%, 7/15/2054 (i) | 2684032 | &nbsp;&nbsp; 129510 |
| BBCMS Mortgage Trust, 2021-C9, "XA", 1.553%, 2/15/2054 (i) | 6311764 | &nbsp;&nbsp; 389515 |
| Benchmark 2021-B24 Mortgage Trust, "XA", 1.129%, 3/15/2054 (i) | 2004261 | &nbsp;&nbsp; 80280 |
| Benchmark 2021-B26 Mortgage Trust, "XA", 0.844%, 6/15/2054 (i) | 5400997 | &nbsp;&nbsp; 171924 |
| Benchmark 2021-B27 Mortgage Trust, "XA", 1.232%, 7/15/2054 (i) | 6541828 | &nbsp;&nbsp; 304920 |
| Benchmark 2021-B28 Mortgage Trust, "XA", 1.237%, 8/15/2054 (i) | 5118931 | &nbsp;&nbsp; 248397 |
| BMP Commercial Mortgage Trust, 2024-MF23, "C", FLR, 5.591% (SOFR - 1mo. + 1.8413%), 6/15/2041 (n) | 235440 | &nbsp;&nbsp; 235731 |
| Business Jet Securities LLC, 2024-1A, "A", 6.197%, 5/15/2039 (n) | 183711 | &nbsp;&nbsp; 188012 |
| BX Trust, 2024-PURE, "A", FLR, 4.146% (CORRA + 1.9%), 11/15/2041 (n) | 438373 | &nbsp;&nbsp; 320170 |
| CF Hippolyta Issuer LLC, 2020-1, "A1", 1.69%, 7/15/2060 (n) | $194918 | &nbsp;&nbsp; 164001 |
| Chesapeake Funding II LLC, 2023-1A, "A1", 5.65%, 5/15/2035 (n) | 75186 | &nbsp;&nbsp; 75536 |
| Colt Funding LLC, 2024-1, "A1", 5.835%, 2/25/2069 (n) | 171732 | &nbsp;&nbsp; 172922 |
| Colt Funding LLC, 2024-6, "A1", 5.39%, 11/25/2069 (n) | 152077 | &nbsp;&nbsp; 152923 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN32, "XA", 0.758%, 4/15/2054 (i) | 1225211 | &nbsp;&nbsp; 34670 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN34, "XA", 0.958%, 6/15/2063 (i) | 2934433 | &nbsp;&nbsp; 106826 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN35, "XA", 1.025%, 6/15/2064 (i) | 2891742 | &nbsp;&nbsp; 116678 |
| Commercial Mortgage Pass-Through Certificates, 2022-BNK41, "AS", 3.789%, 4/15/2065  | 592000 | &nbsp;&nbsp; 553643 |
| ELM Trust, 2024-ELM, "B10", 6.195%, 6/10/2039 (n) | 334396 | &nbsp;&nbsp; 336150 |
| ELM Trust, 2024-ELM, "C10", 6.396%, 6/10/2039 (n) | 100000 | &nbsp;&nbsp; 100452 |
| Empire District Bondco LLC, 4.943%, 1/01/2033  | 296371 | &nbsp;&nbsp; 301267 |
| Enterprise Fleet Financing 2024-3 LLC, "A2", 5.31%, 4/20/2027 (n) | 62598 | &nbsp;&nbsp; 62821 |
| Enterprise Fleet Financing 2025-1 LLC, "A2", 4.65%, 10/20/2027 (n) | 58641 | &nbsp;&nbsp; 58888 |
| Enterprise Fleet Financing 2025-4 LLC, "A2", 4.05%, 8/20/2028 (n) | 184000 | &nbsp;&nbsp; 184290 |
| EQT Trust, 2024-EXTR, "B", 5.654%, 7/05/2041 (n) | 169941 | &nbsp;&nbsp; 173487 |
| EQT Trust, 2024-EXTR, "C", 6.046%, 7/05/2041 (n) | 100000 | &nbsp;&nbsp; 102229 |
| Fortress CBO Investments Ltd., 2022-FL3, "AS", FLR, 6.158% (SOFR - 30 day + 2.25%), 2/23/2039 (n) | 184005 | &nbsp;&nbsp; 183805 |
| MF1 2022-FL8 Ltd., "A", FLR, 5.081% (SOFR - 1mo. + 1.35%), 2/19/2037 (n) | 162328 | &nbsp;&nbsp; 162328 |
| MF1 2022-FL8 Ltd., "B", FLR, 5.681% (SOFR - 30 day + 1.95%), 2/19/2037 (n) | 281312 | &nbsp;&nbsp; 280270 |
| Morgan Stanley Capital I Trust, 2021-L5, "XA", 1.261%, 5/15/2054 (i) | 2207398 | &nbsp;&nbsp; 96500 |
| Morgan Stanley Capital I Trust, 2021-L6, "XA", 1.141%, 6/15/2054 (i) | 4490372 | &nbsp;&nbsp; 166092 |
| New Residential Mortgage Loan Trust, 2024-NQM3, "A-1", 5.53%, 5/25/2065 (n) | 151639 | &nbsp;&nbsp; 153293 |
| OBX Trust, 2024-NQM1, "A1", 5.928%, 11/25/2063 (n) | 217708 | &nbsp;&nbsp; 219089 |
| OBX Trust, 2024-NQM2, "A1", 5.878%, 12/25/2063 (n) | 376742 | &nbsp;&nbsp; 379228 |

---

WTSFS-ANN

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MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| OBX Trust, 2024-NQM3, "A1", 6.129%, 12/25/2063 (n) | $81816 | &nbsp;&nbsp; $82615 |
| PMT Loan Trust, 2025-INV10, "A36", FLR, 5.224% (SOFR - 1mo. + 1.35%), 10/01/2056 (n) | 252123 | &nbsp;&nbsp; 252080 |
| Starwood Commercial Mortgage, 2021-FL2, "B", FLR, 5.648% ((SOFR - 1mo. + 0.11448%) + 1.8%), 4/18/2038 (n) | 534500 | &nbsp;&nbsp; 532706 |
| TCW Gem Ltd., 2020-1A, "BR3", FLR, 5.484% (SOFR - 3mo. + 1.6%), 4/20/2034 (n) | 780000 | &nbsp;&nbsp; 774588 |
| TPG Real Estate Finance, 2025-FL7, "AS", FLR, 5.73% (SOFR - 1mo. + 1.7%), 6/18/2043 (n) | 206416 | &nbsp;&nbsp; 206416 |
| Verus Securitization Trust, 2014-1, "A1", 5.712%, 1/25/2069 (n) | 187115 | &nbsp;&nbsp; 188023 |
| Volvo Financial Equipment LLC, 2024-1A, "A2", 4.56%, 5/17/2027 (n) | 110821 | &nbsp;&nbsp; 110996 |
| Wells Fargo Commercial Mortgage Trust, 2021-C60, "XA", 1.492%, 8/15/2054 (i) | 4790666 | &nbsp;&nbsp; 287219 |
|  |  | &nbsp;&nbsp; $11849372 |
| Automotive – 0.3% | Automotive – 0.3% | Automotive – 0.3% |
| Ford Motor Credit Co. LLC, 6.95%, 6/10/2026  | $228000 | &nbsp;&nbsp; $229985 |
| Forvia SE, 5.375%, 3/15/2031  | 100000 | &nbsp;&nbsp; 120765 |
| Hyundai Capital America, 5.25%, 1/08/2027 (n) | $112000 | &nbsp;&nbsp; 113276 |
| Hyundai Capital America, 6.375%, 4/08/2030 (n) | 157000 | &nbsp;&nbsp; 167541 |
| Hyundai Capital America, 4.5%, 9/18/2030 (n) | 82000 | &nbsp;&nbsp; 82007 |
| Volkswagen Bank GmbH, 3.75%, 12/10/2032  | 100000 | &nbsp;&nbsp; 116762 |
|  |  | &nbsp;&nbsp; $830336 |
| Broadcasting – 0.2% | Broadcasting – 0.2% | Broadcasting – 0.2% |
| Arqiva Broadcast Finance PLC, 8.625%, 7/01/2030  | 236000 | &nbsp;&nbsp; $327613 |
| Prosus N.V., 4.343%, 7/15/2035  | 101000 | &nbsp;&nbsp; 118965 |
| WMG Acquisition Corp., 3.75%, 12/01/2029 (n) | $145000 | &nbsp;&nbsp; 139572 |
| WMG Acquisition Corp., 3.875%, 7/15/2030 (n) | 194000 | &nbsp;&nbsp; 186070 |
|  |  | &nbsp;&nbsp; $772220 |
| Brokerage & Asset Managers – 0.7% | Brokerage & Asset Managers – 0.7% | Brokerage & Asset Managers – 0.7% |
| Charles Schwab Corp., 4.914% to 11/14/2035, FLR (SOFR - 1 day + 1.23%) to 11/14/2036  | $352000 | &nbsp;&nbsp; $349636 |
| Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n) | 324000 | &nbsp;&nbsp; 329690 |
| Low Income Investment Fund, 3.386%, 7/01/2026  | 150000 | &nbsp;&nbsp; 149124 |
| Low Income Investment Fund, 3.711%, 7/01/2029  | 140000 | &nbsp;&nbsp; 134945 |
| LPL Holdings, Inc., 4%, 3/15/2029 (n) | 412000 | &nbsp;&nbsp; 405118 |
| LPL Holdings, Inc., 5.75%, 6/15/2035  | 116000 | &nbsp;&nbsp; 119358 |
| LSEG Netherlands B.V., 3%, 11/06/2031  | 210000 | &nbsp;&nbsp; 243164 |
| Osaic Holdings, Inc., 6.75%, 8/01/2032 (n) | $43000 | &nbsp;&nbsp; 44919 |
| The Carlyle Group, Inc., 5.05%, 9/19/2035  | 383000 | &nbsp;&nbsp; 377583 |
|  |  | &nbsp;&nbsp; $2153537 |
| Building – 0.2% | Building – 0.2% | Building – 0.2% |
| Ferguson Enterprises, Inc., 5%, 10/03/2034  | $317000 | &nbsp;&nbsp; $319736 |
| JH North America Holdings, Inc., 5.875%, 1/31/2031 (n) | 113000 | &nbsp;&nbsp; 115342 |
| JH North America Holdings, Inc., 6.125%, 7/31/2032 (n) | 112000 | &nbsp;&nbsp; 114975 |
| Vulcan Materials Co., 5.7%, 12/01/2054  | 142000 | &nbsp;&nbsp; 141383 |
|  |  | &nbsp;&nbsp; $691436 |
| Business Services – 0.4% | Business Services – 0.4% | Business Services – 0.4% |
| Accenture Capital, Inc., 4.25%, 10/04/2031  | $206000 | &nbsp;&nbsp; $206162 |
| Accenture Capital, Inc., 4.5%, 10/04/2034  | 123000 | &nbsp;&nbsp; 121249 |
| ams-OSRAM AG, 10.5%, 3/30/2029  | 140000 | &nbsp;&nbsp; 171323 |
| Fiserv, Inc., 4.4%, 7/01/2049  | $238000 | &nbsp;&nbsp; 186738 |
| Iron Mountain, Inc., 4.75%, 1/15/2034  | 100000 | &nbsp;&nbsp; 114279 |
| Mastercard, Inc., 3.85%, 3/26/2050  | $102000 | &nbsp;&nbsp; 79849 |
| Paychex, Inc., 5.1%, 4/15/2030  | 75000 | &nbsp;&nbsp; 77214 |
| Paychex, Inc., 5.35%, 4/15/2032  | 185000 | &nbsp;&nbsp; 191583 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Business Services – continued | Business Services – continued | Business Services – continued |
| Visa, Inc., 3.875%, 5/15/2044  | 130000 | &nbsp;&nbsp; $148524 |
|  |  | &nbsp;&nbsp; $1296921 |
| Cable TV – 0.3% | Cable TV – 0.3% | Cable TV – 0.3% |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.65%, 2/01/2034  | $77000 | &nbsp;&nbsp; $81115 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035  | 170000 | &nbsp;&nbsp; 175449 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.484%, 10/23/2045  | 158000 | &nbsp;&nbsp; 148546 |
| Comcast Corp., 6.05%, 5/15/2055  | 193000 | &nbsp;&nbsp; 190623 |
| Videotron Ltd., 3.625%, 6/15/2029 (n) | 288000 | &nbsp;&nbsp; 280113 |
|  |  | &nbsp;&nbsp; $875846 |
| Chemicals – 0.1% | Chemicals – 0.1% | Chemicals – 0.1% |
| Maxam Prill S.à r.l., 6%, 7/15/2030  | 168000 | &nbsp;&nbsp; $201715 |
| Computer Software – 0.2% | Computer Software – 0.2% | Computer Software – 0.2% |
| Microsoft Corp., 2.525%, 6/01/2050  | $378000 | &nbsp;&nbsp; $230787 |
| Oracle Corp., 4.8%, 9/26/2032  | 109000 | &nbsp;&nbsp; 105231 |
| Oracle Corp., 4%, 7/15/2046  | 106000 | &nbsp;&nbsp; 73478 |
| Sage Group PLC, 2.875%, 2/08/2034  | 191000 | &nbsp;&nbsp; 219109 |
|  |  | &nbsp;&nbsp; $628605 |
| Conglomerates – 0.3% | Conglomerates – 0.3% | Conglomerates – 0.3% |
| Assa Abloy AB, 3.371%, 9/09/2032  | 120000 | &nbsp;&nbsp; $140787 |
| Regal Rexnord Corp., 6.05%, 4/15/2028  | $187000 | &nbsp;&nbsp; 193445 |
| Regal Rexnord Corp., 6.3%, 2/15/2030  | 112000 | &nbsp;&nbsp; 118705 |
| Smiths Group PLC, 3.625%, 11/13/2033  | 260000 | &nbsp;&nbsp; 299497 |
| Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/2034  | $339000 | &nbsp;&nbsp; 355973 |
|  |  | &nbsp;&nbsp; $1108407 |
| Consumer Products – 0.2% | Consumer Products – 0.2% | Consumer Products – 0.2% |
| L'Oréal S.A., 5%, 5/20/2035 (n) | $200000 | &nbsp;&nbsp; $204428 |
| Unilever Capital Corp., 2.875%, 10/31/2032  | 340000 | &nbsp;&nbsp; 391549 |
|  |  | &nbsp;&nbsp; $595977 |
| Consumer Services – 0.2% | Consumer Services – 0.2% | Consumer Services – 0.2% |
| Eurofins Scientific SE, 3.875%, 2/05/2033  | 100000 | &nbsp;&nbsp; $117258 |
| Pluxee N.V., 3.75%, 9/04/2032  | 200000 | &nbsp;&nbsp; 233578 |
| Service Corp. International, 5.75%, 10/15/2032  | $233000 | &nbsp;&nbsp; 237133 |
|  |  | &nbsp;&nbsp; $587969 |
| Electronics – 0.2% | Electronics – 0.2% | Electronics – 0.2% |
| Broadcom, Inc., 4.55%, 2/15/2032  | $262000 | &nbsp;&nbsp; $262730 |
| Broadcom, Inc., 5.2%, 7/15/2035  | 159000 | &nbsp;&nbsp; 162906 |
| Intel Corp., 5.7%, 2/10/2053  | 143000 | &nbsp;&nbsp; 133127 |
|  |  | &nbsp;&nbsp; $558763 |
| Emerging Market Quasi-Sovereign – 1.0% | Emerging Market Quasi-Sovereign – 1.0% | Emerging Market Quasi-Sovereign – 1.0% |
| Bank Gospodarstwa Krajowego (Republic of Poland), 6.25%, 10/31/2028 (n) | $253000 | &nbsp;&nbsp; $267961 |
| Bank Gospodarstwa Krajowego (Republic of Poland), 5.375%, 5/22/2033 (n) | 208000 | &nbsp;&nbsp; 213722 |
| CEZ A.S. (Czech Republic), 4.125%, 4/30/2033  | 238000 | &nbsp;&nbsp; 281205 |
| Chile Electricity Lux MPC II S.à r.l., 5.58%, 10/20/2035 (n) | $218961 | &nbsp;&nbsp; 224395 |
| Czech Republic, 3.75%, 7/28/2030  | 133000 | &nbsp;&nbsp; 159576 |
| Development Bank of Kazakhstan JSC, 5.625%, 4/07/2030 (n) | $335000 | &nbsp;&nbsp; 346641 |
| Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n) | 208000 | &nbsp;&nbsp; 213857 |
| PT Perusahaan Listrik Negara (Republic of Indonesia), 4%, 6/30/2050 (n) | 333000 | &nbsp;&nbsp; 246079 |

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------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – 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 |
| Qatar Petroleum, 3.125%, 7/12/2041  | $236000 | &nbsp;&nbsp; $181733 |
| Republic of Hungary, 4.375%, 6/27/2030  | 437000 | &nbsp;&nbsp; 524273 |
| Saudi Arabian Oil Co., 5.75%, 7/17/2054 (n) | $317000 | &nbsp;&nbsp; 309240 |
| Saudi Arabian Oil Co., 6.375%, 6/02/2055  | 203000 | &nbsp;&nbsp; 212268 |
|  |  | &nbsp;&nbsp; $3180950 |
| Emerging Market Sovereign – 12.5% | Emerging Market Sovereign – 12.5% | Emerging Market Sovereign – 12.5% |
| Czech Republic, 4.9%, 4/14/2034  | 16290000 | &nbsp;&nbsp; $814684 |
| Czech Republic, 3.5%, 5/30/2035  | 18300000 | &nbsp;&nbsp; 821202 |
| Eagle Funding LuxCo S.à r.l. (United Mexican States), 5.5%, 8/17/2030 (n) | $345000 | &nbsp;&nbsp; 351414 |
| Federative Republic of Brazil, 10%, 1/01/2035  | 14918000 | &nbsp;&nbsp; 2234210 |
| Hellenic Republic (Republic of Greece), 3.625%, 6/15/2035 (n) | 2121000 | &nbsp;&nbsp; 2530266 |
| Hellenic Republic (Republic of Greece), 4.125%, 6/15/2054  | 482000 | &nbsp;&nbsp; 552738 |
| Kingdom of Saudi Arabia, 5.125%, 1/13/2028 (n) | $249000 | &nbsp;&nbsp; 254287 |
| Kingdom of Thailand, 3.45%, 6/17/2043  | 16600000 | &nbsp;&nbsp; 614410 |
| Oriental Republic of Uruguay, 8.25%, 5/21/2031  | 35193000 | &nbsp;&nbsp; 925869 |
| Oriental Republic of Uruguay, 9.75%, 7/20/2033  | 22117000 | &nbsp;&nbsp; 633128 |
| Oriental Republic of Uruguay, 8%, 10/29/2035  | 16812625 | &nbsp;&nbsp; 443249 |
| People's Republic of China, 3.13%, 11/21/2029  | 16970000 | &nbsp;&nbsp; 2583305 |
| People's Republic of China, 1.43%, 1/25/2030  | 14800000 | &nbsp;&nbsp; 2106300 |
| People's Republic of China, 2.88%, 2/25/2033  | 28910000 | &nbsp;&nbsp; 4458124 |
| People's Republic of China, 2.27%, 5/25/2034  | 4700000 | &nbsp;&nbsp; 694967 |
| People's Republic of China, 1.83%, 8/25/2035  | 3300000 | &nbsp;&nbsp; 470810 |
| People's Republic of China, 1.92%, 7/15/2045  | 2000000 | &nbsp;&nbsp; 267185 |
| People's Republic of China, 2.15%, 8/25/2055  | 2400000 | &nbsp;&nbsp; 333491 |
| Republic of Albania, 4.75%, 2/14/2035 (n) | 423000 | &nbsp;&nbsp; 502856 |
| Republic of Costa Rica, 7.158%, 3/12/2045  | $600000 | &nbsp;&nbsp; 663300 |
| Republic of Cote d'Ivoire, 8.25%, 1/30/2037 (n) | 200000 | &nbsp;&nbsp; 217358 |
| Republic of Hungary, 4%, 7/25/2029  | 879000 | &nbsp;&nbsp; 1060477 |
| Republic of Korea, 1.875%, 6/10/2029  | 5060190000 | &nbsp;&nbsp; 3372634 |
| Republic of Korea, 1.375%, 6/10/2030  | 7450400000 | &nbsp;&nbsp; 4770663 |
| Republic of Korea, 2.5%, 9/10/2030  | 3325000000 | &nbsp;&nbsp; 2236473 |
| Republic of Paraguay, 6%, 2/09/2036 (n) | $200000 | &nbsp;&nbsp; 214298 |
| Republic of Peru, 5.375%, 2/08/2035  | 810000 | &nbsp;&nbsp; 827415 |
| Republic of Peru, 6.85%, 8/12/2035  | 6262000 | &nbsp;&nbsp; 2003883 |
| Republic of Poland, 3.625%, 1/11/2034  | 500000 | &nbsp;&nbsp; 596898 |
| Republic of Romania, 6%, 5/25/2034  | $532000 | &nbsp;&nbsp; 539622 |
| Republic of South Africa, 8.75%, 2/28/2048  | 28300000 | &nbsp;&nbsp; 1642747 |
| State of Kuwait, 4.016%, 10/09/2028 (n) | $256000 | &nbsp;&nbsp; 256319 |
| United Mexican States, 5.85%, 7/02/2032  | 238000 | &nbsp;&nbsp; 244524 |
| United Mexican States, 7.5%, 5/26/2033  | 16000000 | &nbsp;&nbsp; 826385 |
| United Mexican States, 6.625%, 1/29/2038  | $200000 | &nbsp;&nbsp; 208700 |
|  |  | &nbsp;&nbsp; $41274191 |
| Energy - Independent – 0.1% | Energy - Independent – 0.1% | Energy - Independent – 0.1% |
| Occidental Petroleum Corp., 6.45%, 9/15/2036  | $158000 | &nbsp;&nbsp; $168384 |
| Santos Finance Ltd., 5.75%, 11/13/2035 (n) | 193000 | &nbsp;&nbsp; 191928 |
|  |  | &nbsp;&nbsp; $360312 |
| Energy - Integrated – 0.2% | Energy - Integrated – 0.2% | Energy - Integrated – 0.2% |
| BP Capital Markets B.V., 0.933%, 12/04/2040  | 180000 | &nbsp;&nbsp; $133771 |
| BP Capital Markets PLC, 6%, 2/19/2173  | 190000 | &nbsp;&nbsp; 262748 |
| Exxon Mobil Corp., 1.408%, 6/26/2039  | 250000 | &nbsp;&nbsp; 211292 |
|  |  | &nbsp;&nbsp; $607811 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Entertainment – 0.1% | Entertainment – 0.1% | Entertainment – 0.1% |
| Royal Caribbean Cruises Ltd., 6%, 2/01/2033 (n) | $259000 | &nbsp;&nbsp; $266109 |
| Royal Caribbean Cruises Ltd., 5.375%, 1/15/2036  | 93000 | &nbsp;&nbsp; 93389 |
|  |  | &nbsp;&nbsp; $359498 |
| Financial Institutions – 0.6% | Financial Institutions – 0.6% | Financial Institutions – 0.6% |
| Avolon Holdings Funding Ltd., 4.95%, 10/15/2032 (n) | $388000 | &nbsp;&nbsp; $383773 |
| Fastighets AB Balder, 4%, 2/19/2032  | 280000 | &nbsp;&nbsp; 327634 |
| Heimstaden Bostad AB, 8.375%, 1/29/2030  | 156000 | &nbsp;&nbsp; 194991 |
| Macquarie AirFinance Holdings Ltd., 5.15%, 3/17/2030 (n) | $64000 | &nbsp;&nbsp; 64878 |
| Macquarie AirFinance Holdings Ltd., 6.5%, 3/26/2031 (n) | 107000 | &nbsp;&nbsp; 114434 |
| Rocket Cos., Inc., 6.125%, 8/01/2030 (n) | 98000 | &nbsp;&nbsp; 101301 |
| Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031 (n) | 138000 | &nbsp;&nbsp; 131044 |
| Shurgard Luxembourg S.à r.l., 4%, 5/27/2035  | 200000 | &nbsp;&nbsp; 232346 |
| SMBC Aviation Capital Finance DAC, 5.25%, 11/26/2035 (n) | $410000 | &nbsp;&nbsp; 409392 |
|  |  | &nbsp;&nbsp; $1959793 |
| Food & Beverages – 1.0% | Food & Beverages – 1.0% | Food & Beverages – 1.0% |
| Anheuser-Busch InBev S.A., 4.125%, 5/19/2045  | 100000 | &nbsp;&nbsp; $113186 |
| Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038  | $161000 | &nbsp;&nbsp; 153135 |
| Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049  | 160000 | &nbsp;&nbsp; 159650 |
| Bacardi Ltd., 5.15%, 5/15/2038 (n) | 335000 | &nbsp;&nbsp; 318619 |
| Flowers Foods, Inc., 5.75%, 3/15/2035  | 121000 | &nbsp;&nbsp; 121308 |
| Flowers Foods, Inc., 6.2%, 3/15/2055  | 64000 | &nbsp;&nbsp; 60070 |
| Heineken N.V., 3.505%, 5/03/2034  | 340000 | &nbsp;&nbsp; 397263 |
| JBS USA Holding S.à r.l./JBS USA Food Co./JBS USA Foods Group Holdings, Inc., 5.5%, 1/15/2036 (n) | $198000 | &nbsp;&nbsp; 201199 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.5%, 12/01/2052  | 106000 | &nbsp;&nbsp; 109279 |
| Kraft Heinz Foods Co., 4.375%, 6/01/2046  | 227000 | &nbsp;&nbsp; 187529 |
| Magnum ICC Finance B.V., 3.75%, 11/26/2034  | 210000 | &nbsp;&nbsp; 244547 |
| Magnum ICC Finance B.V., 4%, 11/26/2037  | 160000 | &nbsp;&nbsp; 184527 |
| Mars, Inc., 4.8%, 3/01/2030 (n) | $168000 | &nbsp;&nbsp; 171690 |
| Mars, Inc., 5.2%, 3/01/2035 (n) | 261000 | &nbsp;&nbsp; 268264 |
| Mars, Inc., 5.7%, 5/01/2055 (n) | 259000 | &nbsp;&nbsp; 257997 |
| Pernod Richard S.A., 3.25%, 2/04/2033  | 300000 | &nbsp;&nbsp; 345943 |
|  |  | &nbsp;&nbsp; $3294206 |
| Forest & Paper Products – 0.1% | Forest & Paper Products – 0.1% | Forest & Paper Products – 0.1% |
| Graphic Packaging International LLC, 1.512%, 4/15/2026 (n) | $359000 | &nbsp;&nbsp; $355724 |
| Smurfit Kappa Treasury Co., 3.489%, 11/24/2031  | 100000 | &nbsp;&nbsp; 117404 |
|  |  | &nbsp;&nbsp; $473128 |
| Gaming & Lodging – 0.3% | Gaming & Lodging – 0.3% | Gaming & Lodging – 0.3% |
| Flutter Treasury DAC, 6.375%, 4/29/2029 (n) | $349000 | &nbsp;&nbsp; $360274 |
| Flutter Treasury DAC, 5.875%, 6/04/2031 (n) | 200000 | &nbsp;&nbsp; 202780 |
| Marriott International, Inc., 2.85%, 4/15/2031  | 175000 | &nbsp;&nbsp; 162240 |
| Sands China Ltd., 4.375%, 6/18/2030  | 226000 | &nbsp;&nbsp; 222655 |
|  |  | &nbsp;&nbsp; $947949 |
| Industrial – 0.1% | Industrial – 0.1% | Industrial – 0.1% |
| Trustees of the University of Pennsylvania, 2.396%, 10/01/2050  | $409000 | &nbsp;&nbsp; $240263 |
| WSP Global, Inc., 5.548%, 11/22/2030  | 304000 | &nbsp;&nbsp; 236941 |
|  |  | &nbsp;&nbsp; $477204 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Insurance – 0.6% | Insurance – 0.6% | Insurance – 0.6% |
| Allianz SE, 3.2% to 4/30/2028, FLR (CMT - 5yr. + 2.165%) to 4/30/2171 (n) | $200000 | &nbsp;&nbsp; $188457 |
| Aviva PLC, 4.625%, 8/28/2056  | 166000 | &nbsp;&nbsp; 200075 |
| Corebridge Financial, Inc., 4.35%, 4/05/2042  | $132000 | &nbsp;&nbsp; 112863 |
| Corebridge Financial, Inc., 6.875% to 12/01/2030, FLR (CMT - 5yr. + 3.181%) to 6/01/2174  | 206000 | &nbsp;&nbsp; 211701 |
| Corebridge Global Funding, 4.9%, 8/21/2032 (n) | 280000 | &nbsp;&nbsp; 281685 |
| Legal and General Group PLC, 4.375%, 9/04/2055  | 160000 | &nbsp;&nbsp; 190512 |
| Northwestern Mutual Life Insurance Co., 6.17%, 5/29/2055 (n) | $364000 | &nbsp;&nbsp; 386316 |
| Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) | 235000 | &nbsp;&nbsp; 257317 |
|  |  | &nbsp;&nbsp; $1828926 |
| Insurance - Health – 0.3% | Insurance - Health – 0.3% | Insurance - Health – 0.3% |
| Bupa Finance PLC, 6.625%, 11/18/2045  | 100000 | &nbsp;&nbsp; $134857 |
| Elevance Health, Inc., 5.375%, 6/15/2034  | $183000 | &nbsp;&nbsp; 189115 |
| Humana, Inc., 5.375%, 4/15/2031  | 125000 | &nbsp;&nbsp; 129235 |
| Humana, Inc., 5.55%, 5/01/2035  | 341000 | &nbsp;&nbsp; 348144 |
| UnitedHealth Group, Inc., 5.15%, 7/15/2034  | 332000 | &nbsp;&nbsp; 340051 |
|  |  | &nbsp;&nbsp; $1141402 |
| 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; $254024 |
| Arthur J. Gallagher & Co., 6.5%, 2/15/2034  | 75000 | &nbsp;&nbsp; 82573 |
| Arthur J. Gallagher & Co., 5.75%, 3/02/2053  | 161000 | &nbsp;&nbsp; 157944 |
| Asurion LLC, 8%, 12/31/2032 (n) | 163000 | &nbsp;&nbsp; 169131 |
| Fairfax Financial Holdings Ltd., 4.25%, 12/06/2027  | 456000 | &nbsp;&nbsp; 337458 |
| Fairfax Financial Holdings Ltd., 5.75%, 5/20/2035  | $282000 | &nbsp;&nbsp; 292564 |
| Fairfax Financial Holdings Ltd., 6.35%, 3/22/2054  | 242000 | &nbsp;&nbsp; 250650 |
| Liberty Mutual Group, Inc., 3.875%, 9/26/2035  | 290000 | &nbsp;&nbsp; 334744 |
| Marsh & McLennan Cos., Inc., 5.4%, 3/15/2055  | $221000 | &nbsp;&nbsp; 212779 |
|  |  | &nbsp;&nbsp; $2091867 |
| International Market Quasi-Sovereign – 0.5% | International Market Quasi-Sovereign – 0.5% | International Market Quasi-Sovereign – 0.5% |
| EnBW International Finance B.V. (Federal Republic of Germany), 3.75%, 11/20/2035  | 200000 | &nbsp;&nbsp; $234345 |
| Landsbankinn hf. (Republic of Iceland), 3.75%, 10/08/2029  | 272000 | &nbsp;&nbsp; 323644 |
| Landsbankinn hf. (Republic of Iceland), 3.625%, 11/03/2032  | 140000 | &nbsp;&nbsp; 161755 |
| Logicor Financing S.à r.l. (Grand Duchy of Luxembourg), 3.75%, 7/14/2032  | 130000 | &nbsp;&nbsp; 150943 |
| Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n) | $317000 | &nbsp;&nbsp; 284279 |
| P3 Group S.à r.l. (Grand Duchy of Luxembourg), 3.75%, 4/02/2033  | 100000 | &nbsp;&nbsp; 115581 |
| Swisscom Finance B.V., 3.625%, 11/17/2037  | 370000 | &nbsp;&nbsp; 424926 |
|  |  | &nbsp;&nbsp; $1695473 |
| International Market Sovereign – 13.2% | International Market Sovereign – 13.2% | International Market Sovereign – 13.2% |
| Commonwealth of Australia, 2.75%, 5/21/2041  | 4828000 | &nbsp;&nbsp; $2448823 |
| Federal Republic of Germany, 2.2%, 2/15/2034  | 300000 | &nbsp;&nbsp; 338555 |
| Federal Republic of Germany, 2.6%, 8/15/2035  | 334000 | &nbsp;&nbsp; 384191 |
| Federal Republic of Germany, 2.5%, 8/15/2054  | 460000 | &nbsp;&nbsp; 445600 |
| Government of Bermuda, 5%, 7/15/2032 (n) | $716000 | &nbsp;&nbsp; 722802 |
| Government of Canada, 2%, 6/01/2032  | 602000 | &nbsp;&nbsp; 409222 |
| Government of Canada, 3.25%, 12/01/2034  | 2023000 | &nbsp;&nbsp; 1462727 |
| Government of Canada, 3.25%, 6/01/2035  | 1159000 | &nbsp;&nbsp; 835167 |
| Government of Canada, 2.75%, 12/01/2055  | 438000 | &nbsp;&nbsp; 256896 |
| Government of Japan, 1.3%, 9/20/2030  | 502850000 | &nbsp;&nbsp; 3175043 |
| Government of Japan, 0.3%, 12/20/2039  | 311800000 | &nbsp;&nbsp; 1476332 |
| Government of Japan, 2.3%, 3/20/2040  | 114950000 | &nbsp;&nbsp; 713748 |
| Government of Japan, 0.4%, 3/20/2050  | 199600000 | &nbsp;&nbsp; 671522 |
| Government of Japan, 0.7%, 12/20/2051  | 141650000 | &nbsp;&nbsp; 488929 |
| Government of Japan, 3.2%, 9/20/2055  | 163600000 | &nbsp;&nbsp; 1012975 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – 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 New Zealand, 2%, 5/15/2032  | 1411000 | &nbsp;&nbsp; $719223 |
| Kingdom of Spain, 3.45%, 10/31/2034 (n) | 918000 | &nbsp;&nbsp; 1100815 |
| Kingdom of Spain, 3.15%, 4/30/2035 (n) | 961000 | &nbsp;&nbsp; 1121762 |
| Kingdom of Spain, 3.9%, 7/30/2039 (n) | 2640000 | &nbsp;&nbsp; 3197881 |
| Republic of Finland, 3%, 9/15/2035 (n) | 417000 | &nbsp;&nbsp; 483394 |
| Republic of France, 2.7%, 2/25/2031 (n) | 1395000 | &nbsp;&nbsp; 1627797 |
| Republic of France, 3.5%, 11/25/2035 (n) | 2860000 | &nbsp;&nbsp; 3344603 |
| Republic of France, 3.25%, 5/25/2055 (n) | 1284000 | &nbsp;&nbsp; 1214879 |
| Republic of Iceland, 5%, 11/15/2028  | 67100000 | &nbsp;&nbsp; 510311 |
| Republic of Iceland, 6.5%, 1/24/2031  | 84000000 | &nbsp;&nbsp; 665661 |
| Republic of Italy, 1.45%, 3/01/2036  | 4035000 | &nbsp;&nbsp; 3913517 |
| Republic of Italy, 4.15%, 10/01/2039 (n) | 2621000 | &nbsp;&nbsp; 3186697 |
| Republic of Italy, 4.3%, 10/01/2054 (n) | 648000 | &nbsp;&nbsp; 755828 |
| United Kingdom Treasury, 4%, 10/22/2031  | 1794000 | &nbsp;&nbsp; 2407235 |
| United Kingdom Treasury, 4.25%, 6/07/2032  | 552000 | &nbsp;&nbsp; 750994 |
| United Kingdom Treasury, 1.25%, 10/22/2041  | 2338000 | &nbsp;&nbsp; 1885135 |
| United Kingdom Treasury, 1.5%, 7/22/2047  | 929000 | &nbsp;&nbsp; 661538 |
| United Kingdom Treasury, 3.75%, 7/22/2052  | 1242000 | &nbsp;&nbsp; 1328167 |
|  |  | &nbsp;&nbsp; $43717969 |
| Internet – 0.1% | Internet – 0.1% | Internet – 0.1% |
| Alphabet, Inc., 3.125%, 11/06/2034  | 220000 | &nbsp;&nbsp; $252022 |
| Alphabet, Inc., 4%, 5/06/2054  | 126000 | &nbsp;&nbsp; 137343 |
|  |  | &nbsp;&nbsp; $389365 |
| Local Authorities – 0.5% | Local Authorities – 0.5% | Local Authorities – 0.5% |
| Alliander N.V., 3.5%, 5/06/2037  | 190000 | &nbsp;&nbsp; $217738 |
| Province of Alberta, 1.65%, 6/01/2031  | 180000 | &nbsp;&nbsp; 121017 |
| Province of British Columbia, 2.95%, 6/18/2050  | 300000 | &nbsp;&nbsp; 164427 |
| Province of Ontario, 3.25%, 7/03/2035  | 680000 | &nbsp;&nbsp; 790769 |
| Province of Ontario, 4.45%, 11/20/2035  | $308000 | &nbsp;&nbsp; 306159 |
|  |  | &nbsp;&nbsp; $1600110 |
| Major Banks – 2.4% | Major Banks – 2.4% | Major Banks – 2.4% |
| Bank of America Corp., 5.202% to 4/25/2028, FLR (SOFR - 1 day + 1.63%) to 4/25/2029  | $154000 | &nbsp;&nbsp; $157944 |
| Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032  | 312000 | &nbsp;&nbsp; 286308 |
| Bank of America Corp., 5.464% to 5/09/2035, FLR (SOFR - 1 day + 1.64%) to 5/09/2036  | 205000 | &nbsp;&nbsp; 213409 |
| Bankinter S.A., 3.25% to 11/03/2032, FLR (EUR ICE Swap Rate - 1yr. + 0.8%) to 11/03/2033  | 200000 | &nbsp;&nbsp; 231285 |
| BNP Paribas, 6.875% to 12/15/2033, FLR (CMT - 5yr. + 2.853%) to 6/15/2174 (n) | $200000 | &nbsp;&nbsp; 200858 |
| Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n) | 235000 | &nbsp;&nbsp; 214002 |
| Danske Bank A.S., 4.613% to 10/02/2029, FLR (CMT - 1yr. + 1.1%) to 10/02/2030 (n) | 273000 | &nbsp;&nbsp; 275272 |
| Deutsche Bank AG, 5.373% to 1/10/2028, FLR (SOFR - 1 day + 1.21%) to 1/10/2029  | 300000 | &nbsp;&nbsp; 306141 |
| Deutsche Bank AG, 4.95% to 8/04/2030, FLR (SOFR - 1 day + 1.3%) to 8/04/2031  | 308000 | &nbsp;&nbsp; 311114 |
| Goldman Sachs Group, Inc., 4.692% to 10/23/2029, FLR (SOFR - 1 day + 1.135%) to 10/23/2030  | 112000 | &nbsp;&nbsp; 113528 |
| Goldman Sachs Group, Inc., 5.016% to 10/23/2034, FLR (SOFR - 1 day + 1.42%) to 10/23/2035  | 342000 | &nbsp;&nbsp; 343831 |
| HSBC Holdings PLC, 5.13% to 3/03/2030, FLR (SOFR - 1 day + 1.29%) to 3/03/2031  | 234000 | &nbsp;&nbsp; 239814 |
| JPMorgan Chase & Co., 5.581% to 4/22/2029, FLR (SOFR - 1 day + 1.16%) to 4/22/2030  | 267000 | &nbsp;&nbsp; 278542 |
| JPMorgan Chase & Co., 1.953% to 2/04/2031, FLR (SOFR - 1 day + 1.065%) to 2/04/2032  | 548000 | &nbsp;&nbsp; 488651 |
| JPMorgan Chase & Co., 5.502% to 1/24/2035, FLR (SOFR - 1 day + 1.315%) to 1/24/2036  | 196000 | &nbsp;&nbsp; 204843 |
| mBank S.A., 4.034% to 9/27/2029, FLR (EURIBOR - 3mo. + 1.75%) to 9/27/2030  | 300000 | &nbsp;&nbsp; 361787 |
| Mitsubishi UFJ Financial Group, Inc., 5.188%, 9/12/2036  | $261000 | &nbsp;&nbsp; 265178 |
| Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031  | 262000 | &nbsp;&nbsp; 254566 |
| Morgan Stanley, 3.149%, 11/07/2031  | 300000 | &nbsp;&nbsp; 349408 |
| Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034  | $306000 | &nbsp;&nbsp; 318337 |
| Nationwide Building Society, 4.351%, 9/30/2030 (n) | 267000 | &nbsp;&nbsp; 267100 |
| NatWest Group PLC, 3.632%, 9/03/2034  | 130000 | &nbsp;&nbsp; 151967 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Major Banks – continued | Major Banks – continued | Major Banks – continued |
| PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%) to 1/22/2035  | $281000 | &nbsp;&nbsp; $296210 |
| PNC Financial Services Group, Inc., 5.575% to 1/29/2035, FLR (SOFR - 1 day + 1.394%) to 1/29/2036  | 121000 | &nbsp;&nbsp; 126157 |
| UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) to 2/11/2033 (n) | 448000 | &nbsp;&nbsp; 401735 |
| UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n) | 365000 | &nbsp;&nbsp; 334730 |
| Unicaja Banco S.A., 4.875% to 5/18/2027, FLR (EUR Swap Rate - 5yr. + 5.02%) to 2/18/2174  | 200000 | &nbsp;&nbsp; 236803 |
| UniCredit S.p.A., 3.725%, 6/10/2035  | 160000 | &nbsp;&nbsp; 187537 |
| Wells Fargo & Co., 5.244% to 1/24/2030, FLR (SOFR - 1 day + 1.11%) to 1/24/2031  | $228000 | &nbsp;&nbsp; 236098 |
| Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033  | 260000 | &nbsp;&nbsp; 242668 |
|  |  | &nbsp;&nbsp; $7895823 |
| Medical & Health Technology & Services – 0.5% | Medical & Health Technology & Services – 0.5% | Medical & Health Technology & Services – 0.5% |
| Baxter International, Inc., 4.9%, 12/15/2030  | $68000 | &nbsp;&nbsp; $68521 |
| Baxter International, Inc., 5.65%, 12/15/2035  | 87000 | &nbsp;&nbsp; 88046 |
| Becton, Dickinson and Co., 4.874%, 2/08/2029  | 261000 | &nbsp;&nbsp; 266183 |
| HCA, Inc., 4.9%, 11/15/2035  | 195000 | &nbsp;&nbsp; 192334 |
| HCA, Inc., 5.7%, 11/15/2055  | 142000 | &nbsp;&nbsp; 135316 |
| New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050  | 255000 | &nbsp;&nbsp; 155842 |
| ProMedica Toledo Hospital, "B", AGM, 6.015%, 11/15/2048  | 153000 | &nbsp;&nbsp; 149735 |
| Thermo Fisher Scientific Finance I B.V., 3.628%, 12/01/2035  | 310000 | &nbsp;&nbsp; 362973 |
| Thermo Fisher Scientific, Inc., 4.473%, 10/07/2032  | $365000 | &nbsp;&nbsp; 366163 |
|  |  | &nbsp;&nbsp; $1785113 |
| Medical Equipment – 0.1% | Medical Equipment – 0.1% | Medical Equipment – 0.1% |
| Stryker Corp., 5.2%, 2/10/2035  | $229000 | &nbsp;&nbsp; $235128 |
| Metals & Mining – 0.2% | Metals & Mining – 0.2% | Metals & Mining – 0.2% |
| BHP Billiton Finance Ltd., 3.643%, 9/04/2035  | 390000 | &nbsp;&nbsp; $451018 |
| Rio Tinto Finance (USA) PLC, 5%, 3/14/2032  | $230000 | &nbsp;&nbsp; 237486 |
|  |  | &nbsp;&nbsp; $688504 |
| Midstream – 0.8% | Midstream – 0.8% | Midstream – 0.8% |
| Cheniere Energy Partners LP, 5.55%, 10/30/2035 (n) | $267000 | &nbsp;&nbsp; $272975 |
| Columbia Pipelines Operating Co. LLC, 6.544%, 11/15/2053 (n) | 265000 | &nbsp;&nbsp; 282176 |
| Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054  | 266000 | &nbsp;&nbsp; 257310 |
| Energy Transfer LP, 5.95%, 5/15/2054  | 167000 | &nbsp;&nbsp; 158258 |
| Pembina Pipeline Corp., 4.81%, 3/25/2044  | 425000 | &nbsp;&nbsp; 294126 |
| Plains All American Pipeline LP, 5.7%, 9/15/2034  | $281000 | &nbsp;&nbsp; 289775 |
| Plains All American Pipeline LP, 5.6%, 1/15/2036  | 174000 | &nbsp;&nbsp; 176012 |
| Rockies Express Pipeline LLC, 4.95%, 7/15/2029 (n) | 41000 | &nbsp;&nbsp; 40910 |
| Rockies Express Pipeline LLC, 7.5%, 7/15/2038 (n) | 130000 | &nbsp;&nbsp; 141427 |
| Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n) | 58000 | &nbsp;&nbsp; 59959 |
| Targa Resources Corp., 4.95%, 4/15/2052  | 287000 | &nbsp;&nbsp; 245308 |
| Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n) | 312000 | &nbsp;&nbsp; 283912 |
| Venture Global Plaquemines LNG LLC, 6.5%, 1/15/2034 (n) | 72000 | &nbsp;&nbsp; 73745 |
|  |  | &nbsp;&nbsp; $2575893 |
| Mortgage-Backed – 6.1% | Mortgage-Backed – 6.1% |  |
| Fannie Mae, 4.5%, 3/01/2034 - 2/01/2046  | $1783415 | &nbsp;&nbsp; $1790780 |
| Fannie Mae, 5%, 3/01/2036 - 8/01/2040  | 600114 | &nbsp;&nbsp; 616322 |
| Fannie Mae, 5.5%, 11/01/2036 - 4/01/2037  | 48482 | &nbsp;&nbsp; 50678 |
| Fannie Mae, 6%, 9/01/2037 - 6/01/2038  | 78915 | &nbsp;&nbsp; 83256 |
| Fannie Mae, 4%, 11/01/2040 - 12/01/2040  | 426610 | &nbsp;&nbsp; 416124 |
| Fannie Mae, 3.5%, 5/01/2043 - 12/01/2046  | 997034 | &nbsp;&nbsp; 943676 |
| Fannie Mae, 2.5%, 2/25/2051 (i) | 123659 | &nbsp;&nbsp; 17833 |
| Fannie Mae, 4.574%, 9/25/2052  | 1072631 | &nbsp;&nbsp; 1054854 |
| Fannie Mae, 4.674%, 10/25/2052  | 518516 | &nbsp;&nbsp; 511781 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Mortgage-Backed – continued | Mortgage-Backed – continued |  |
| Fannie Mae, 5.274%, 12/25/2054  | $261004 | &nbsp;&nbsp; $262973 |
| Fannie Mae, UMBS, 2.5%, 1/01/2050 - 4/01/2052  | 929079 | &nbsp;&nbsp; 792601 |
| Fannie Mae, UMBS, 2%, 2/01/2051 - 2/01/2052  | 660382 | &nbsp;&nbsp; 539360 |
| Fannie Mae, UMBS, 3%, 12/01/2051 - 7/01/2052  | 703023 | &nbsp;&nbsp; 624199 |
| Fannie Mae, UMBS, 6%, 12/01/2052 - 11/01/2053  | 395432 | &nbsp;&nbsp; 406506 |
| Fannie Mae, UMBS, 5.5%, 11/01/2053  | 61917 | &nbsp;&nbsp; 63184 |
| Freddie Mac, 1.372%, 3/25/2027 (i) | 809000 | &nbsp;&nbsp; 11750 |
| Freddie Mac, 0.57%, 1/25/2030 (i) | 1004408 | &nbsp;&nbsp; 21521 |
| Freddie Mac, 1.797%, 4/25/2030 (i) | 1420926 | &nbsp;&nbsp; 96376 |
| Freddie Mac, 1.838%, 4/25/2030 (i) | 1365340 | &nbsp;&nbsp; 96563 |
| Freddie Mac, 1.666%, 5/25/2030 (i) | 1747943 | &nbsp;&nbsp; 114443 |
| Freddie Mac, 1.798%, 5/25/2030 (i) | 3920368 | &nbsp;&nbsp; 278093 |
| Freddie Mac, 1.341%, 6/25/2030 (i) | 1615349 | &nbsp;&nbsp; 86244 |
| Freddie Mac, 1.597%, 8/25/2030 (i) | 1436842 | &nbsp;&nbsp; 93630 |
| Freddie Mac, 1.168%, 9/25/2030 (i) | 905456 | &nbsp;&nbsp; 44507 |
| Freddie Mac, 1.079%, 11/25/2030 (i) | 1823916 | &nbsp;&nbsp; 85837 |
| Freddie Mac, 0.32%, 1/25/2031 (i) | 6659599 | &nbsp;&nbsp; 83280 |
| Freddie Mac, 0.509%, 3/25/2031 (i) | 8069450 | &nbsp;&nbsp; 174580 |
| Freddie Mac, 0.937%, 7/25/2031 (i) | 1499257 | &nbsp;&nbsp; 70317 |
| Freddie Mac, 0.536%, 9/25/2031 (i) | 6201367 | &nbsp;&nbsp; 168894 |
| Freddie Mac, 0.855%, 9/25/2031 (i) | 1902494 | &nbsp;&nbsp; 79806 |
| Freddie Mac, 0.567%, 12/25/2031 (i) | 1517361 | &nbsp;&nbsp; 42868 |
| Freddie Mac, 5.5%, 5/01/2034 - 7/01/2037  | 10298 | &nbsp;&nbsp; 10584 |
| Freddie Mac, 0.905%, 9/25/2034 (i) | 1094107 | &nbsp;&nbsp; 74673 |
| Freddie Mac, 5%, 10/01/2036 - 7/01/2041  | 175355 | &nbsp;&nbsp; 180621 |
| Freddie Mac, 4.5%, 12/01/2039 - 5/01/2042  | 344774 | &nbsp;&nbsp; 347619 |
| Freddie Mac, 5.174%, 8/25/2054  | 517631 | &nbsp;&nbsp; 520660 |
| Freddie Mac, 7.824%, 9/25/2055  | 109839 | &nbsp;&nbsp; 114861 |
| Freddie Mac, UMBS, 3.5%, 1/01/2047 - 11/01/2049  | 477503 | &nbsp;&nbsp; 448103 |
| Freddie Mac, UMBS, 3%, 6/01/2050 - 6/01/2053  | 1365446 | &nbsp;&nbsp; 1212396 |
| Freddie Mac, UMBS, 2.5%, 10/01/2051 - 6/01/2052  | 1253784 | &nbsp;&nbsp; 1063809 |
| Freddie Mac, UMBS, 2%, 1/01/2052 - 2/01/2052  | 1778145 | &nbsp;&nbsp; 1442213 |
| Freddie Mac, UMBS, 4%, 5/01/2052  | 37622 | &nbsp;&nbsp; 36055 |
| Freddie Mac, UMBS, 6%, 11/01/2052 - 2/01/2055  | 238353 | &nbsp;&nbsp; 247746 |
| Freddie Mac, UMBS, 6.5%, 8/01/2053 - 11/01/2054  | 367236 | &nbsp;&nbsp; 382833 |
| Freddie Mac, UMBS, 5.5%, 4/01/2054 - 11/01/2054  | 1606431 | &nbsp;&nbsp; 1629821 |
| Ginnie Mae, 5%, 5/15/2040 - 4/20/2053  | 80619 | &nbsp;&nbsp; 81325 |
| Ginnie Mae, 3.5%, 6/20/2043  | 330558 | &nbsp;&nbsp; 311504 |
| Ginnie Mae, 4.148%, 10/20/2045  | 94981 | &nbsp;&nbsp; 93001 |
| Ginnie Mae, 2.5%, 8/20/2051 - 8/20/2052  | 996548 | &nbsp;&nbsp; 862059 |
| Ginnie Mae, 2%, 1/20/2052  | 295623 | &nbsp;&nbsp; 244907 |
| Ginnie Mae, 3%, 4/20/2052 - 11/20/2052  | 351217 | &nbsp;&nbsp; 316090 |
| Ginnie Mae, 4%, 8/20/2052  | 116168 | &nbsp;&nbsp; 110507 |
| Ginnie Mae, 5.5%, 2/20/2053 - 10/20/2053  | 476266 | &nbsp;&nbsp; 483748 |
| Ginnie Mae, 4.967%, 10/20/2054  | 202917 | &nbsp;&nbsp; 203155 |
| UMBS, TBA, 2.5%, 1/01/2056  | 75000 | &nbsp;&nbsp; 63393 |
|  |  | &nbsp;&nbsp; $20204519 |
| Municipals – 0.5% | Municipals – 0.5% | Municipals – 0.5% |
| Iowa Student Loan Liquidity Corp. Rev., Taxable, "A", 5.08%, 12/01/2039  | $120000 | &nbsp;&nbsp; $115026 |
| Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, "A", 2.641%, 7/01/2037  | 260000 | &nbsp;&nbsp; 228119 |
| Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, "A", 4.949%, 7/01/2038  | 530000 | &nbsp;&nbsp; 514802 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, "226", 5.562%, 12/01/2052  | 440000 | &nbsp;&nbsp; 453063 |
| Michigan Finance Authority, Hospital Rev., Taxable (Trinity Health Credit Group), 3.384%, 12/01/2040  | 200000 | &nbsp;&nbsp; 169085 |
| National Finance Authority, NH, Utility Refunding Rev., Taxable (Wheeling Power Co. Project), "A", 6.89%, 4/01/2034  | 275000 | &nbsp;&nbsp; 290597 |
|  |  | &nbsp;&nbsp; $1770692 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Natural Gas - Distribution – 0.2% | Natural Gas - Distribution – 0.2% | Natural Gas - Distribution – 0.2% |
| Boston Gas Co., 5.843%, 1/10/2035 (n) | $357000 | &nbsp;&nbsp; $376251 |
| Engie S.A., 3.25%, 1/11/2032  | 100000 | &nbsp;&nbsp; 116896 |
| Sempra, 6.875% to 10/01/2029, FLR (CMT - 5yr. + 2.789%) to 10/01/2054  | $138000 | &nbsp;&nbsp; 141972 |
| Vier Gas Transport GmbH, 3.625%, 9/08/2033  | 100000 | &nbsp;&nbsp; 116263 |
|  |  | &nbsp;&nbsp; $751382 |
| Network & Telecom – 0.3% | Network & Telecom – 0.3% | Network & Telecom – 0.3% |
| NTT Finance Corp., 5.171%, 7/16/2032 (n) | $346000 | &nbsp;&nbsp; $355008 |
| NTT Finance Corp., 3.678%, 7/16/2033  | 110000 | &nbsp;&nbsp; 129987 |
| NTT Finance Corp., 4.091%, 7/16/2037  | 100000 | &nbsp;&nbsp; 118947 |
| Orange S.A., 3.125%, 11/13/2031  | 200000 | &nbsp;&nbsp; 233245 |
|  |  | &nbsp;&nbsp; $837187 |
| Oils – 0.1% | Oils – 0.1% | Oils – 0.1% |
| Raizen Fuels Finance S.A., 6.45%, 3/05/2034 (n) | $325000 | &nbsp;&nbsp; $265082 |
| Other Banks & Diversified Financials – 0.9% | Other Banks & Diversified Financials – 0.9% | Other Banks & Diversified Financials – 0.9% |
| AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n) | $400000 | &nbsp;&nbsp; $424786 |
| AIB Group PLC, 3.75% to 3/20/2032, FLR (EUR ICE Swap Rate - 1yr. + 1.25%) to 3/20/2033  | 130000 | &nbsp;&nbsp; 154836 |
| AIB Group PLC, 5.871% to 3/28/2034, FLR (SOFR - 1 day + 1.91%) to 3/28/2035 (n) | $200000 | &nbsp;&nbsp; 211070 |
| BPCE S.A., 2.277% to 1/20/2031, FLR (SOFR - 1 day + 1.312%) to 1/20/2032 (n) | 300000 | &nbsp;&nbsp; 265811 |
| CaixaBank S.A., 3.375%, 6/26/2035  | 300000 | &nbsp;&nbsp; 345976 |
| CBQ Finance Ltd., 4.625%, 9/10/2030  | $400000 | &nbsp;&nbsp; 400546 |
| Deutsche Bank AG, 3%, 2/07/2031  | 200000 | &nbsp;&nbsp; 233613 |
| M&T Bank Corp., 6.082% to 3/13/2031, FLR (SOFR - 1 day + 2.26%) to 3/13/2032  | $227000 | &nbsp;&nbsp; 241136 |
| Macquarie Bank Ltd., 5.642% to 8/13/2035, FLR (CMT - 1yr. + 1.45%) to 8/13/2036 (n) | 245000 | &nbsp;&nbsp; 248323 |
| SNB Funding Ltd., 6% to 6/24/2030, FLR (CMT - 5yr. + 2%) to 6/24/2035  | 315000 | &nbsp;&nbsp; 324226 |
|  |  | &nbsp;&nbsp; $2850323 |
| Pharmaceuticals – 0.4% | Pharmaceuticals – 0.4% | Pharmaceuticals – 0.4% |
| AbbVie, Inc., 4.875%, 3/15/2030  | $78000 | &nbsp;&nbsp; $80365 |
| AbbVie, Inc., 5.35%, 3/15/2044  | 184000 | &nbsp;&nbsp; 181833 |
| AbbVie, Inc., 5.4%, 3/15/2054  | 131000 | &nbsp;&nbsp; 127354 |
| BMS Ireland Capital Funding DAC, 3.363%, 11/10/2033  | 180000 | &nbsp;&nbsp; 209046 |
| Eli Lilly & Co., 5.5%, 2/12/2055  | $283000 | &nbsp;&nbsp; 283241 |
| Merck & Co. Inc., 4.75%, 12/04/2035  | 274000 | &nbsp;&nbsp; 272976 |
| Sandoz Finance B.V., 4%, 3/26/2035  | 140000 | &nbsp;&nbsp; 166152 |
|  |  | &nbsp;&nbsp; $1320967 |
| Pollution Control – 0.1% | Pollution Control – 0.1% | Pollution Control – 0.1% |
| Biffa Group Holdings Ltd., 7.375%, 6/15/2031  | 170000 | &nbsp;&nbsp; $231127 |
| GFL Environmental, Inc., 3.5%, 9/01/2028 (n) | $182000 | &nbsp;&nbsp; 178968 |
|  |  | &nbsp;&nbsp; $410095 |
| 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) | $217000 | &nbsp;&nbsp; $229702 |
| Printing & Publishing – 0.1% | Printing & Publishing – 0.1% | Printing & Publishing – 0.1% |
| News Corp., 3.875%, 5/15/2029 (n) | $352000 | &nbsp;&nbsp; $341534 |
| Railroad & Shipping – 0.2% | Railroad & Shipping – 0.2% | Railroad & Shipping – 0.2% |
| Burlington Northern Sante Fe LLC, 5.5%, 3/15/2055  | $366000 | &nbsp;&nbsp; $359920 |
| Union Pacific Corp., 3.25%, 2/05/2050  | 517000 | &nbsp;&nbsp; 357958 |
|  |  | &nbsp;&nbsp; $717878 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Real Estate - Office – 0.2% | Real Estate - Office – 0.2% | Real Estate - Office – 0.2% |
| Boston Properties LP, REIT, 2.75%, 10/01/2026  | $194000 | &nbsp;&nbsp; $191974 |
| COPT Defense Properties, 4.5%, 10/15/2030  | 118000 | &nbsp;&nbsp; 117427 |
| Corporate Office Property LP, REIT, 2.25%, 3/15/2026  | 95000 | &nbsp;&nbsp; 94580 |
| Cousins Properties, Inc., REIT, 5.875%, 10/01/2034  | 142000 | &nbsp;&nbsp; 148248 |
| Highwoods Realty LP, 5.35%, 1/15/2033  | 237000 | &nbsp;&nbsp; 236822 |
|  |  | &nbsp;&nbsp; $789051 |
| Real Estate - Retail – 0.5% | Real Estate - Retail – 0.5% | Real Estate - Retail – 0.5% |
| Choice Properties, REIT, 5.03%, 2/28/2031  | 433000 | &nbsp;&nbsp; $331402 |
| Hammerson PLC, 3.5%, 4/15/2032  | 260000 | &nbsp;&nbsp; 300210 |
| Hammerson PLC, 5.875%, 10/08/2036  | 100000 | &nbsp;&nbsp; 135218 |
| Klepierre S.A., 3.75%, 9/30/2037  | 100000 | &nbsp;&nbsp; 116196 |
| STORE Capital Corp., REIT, 2.75%, 11/18/2030  | $501000 | &nbsp;&nbsp; 456118 |
| WEA Finance LLC, REIT, 2.875%, 1/15/2027 (n) | 169000 | &nbsp;&nbsp; 166334 |
|  |  | &nbsp;&nbsp; $1505478 |
| Retailers – 0.1% | Retailers – 0.1% | Retailers – 0.1% |
| El Corte Inglés S.A., 3.5%, 7/24/2033  | 100000 | &nbsp;&nbsp; $115383 |
| Home Depot, Inc., 4.875%, 2/15/2044  | $178000 | &nbsp;&nbsp; 166282 |
| Home Depot, Inc., 3.625%, 4/15/2052  | 109000 | &nbsp;&nbsp; 79555 |
|  |  | &nbsp;&nbsp; $361220 |
| Specialty Chemicals – 0.1% | Specialty Chemicals – 0.1% | Specialty Chemicals – 0.1% |
| Linde PLC, 3.4%, 2/14/2036  | 200000 | &nbsp;&nbsp; $229001 |
| Linde PLC, 3.75%, 11/20/2038  | 100000 | &nbsp;&nbsp; 115367 |
|  |  | &nbsp;&nbsp; $344368 |
| Specialty Stores – 0.1% | Specialty Stores – 0.1% | Specialty Stores – 0.1% |
| DICK'S Sporting Goods, 4.1%, 1/15/2052  | $309000 | &nbsp;&nbsp; $225773 |
| Supermarkets – 0.2% | Supermarkets – 0.2% | Supermarkets – 0.2% |
| Eroski Sociedad Cooperativa, 5.75%, 5/15/2031  | 100000 | &nbsp;&nbsp; $121835 |
| Kroger Co., 5.5%, 9/15/2054  | $167000 | &nbsp;&nbsp; 159034 |
| Tesco Corporate Treasury Services PLC, 3.375%, 5/06/2032  | 140000 | &nbsp;&nbsp; 163942 |
| Tesco Corporate Treasury Services PLC, 5.125%, 5/22/2034  | 160000 | &nbsp;&nbsp; 211541 |
|  |  | &nbsp;&nbsp; $656352 |
| Supranational – 1.3% | Supranational – 1.3% | Supranational – 1.3% |
| African Development Bank, 5.875% to 8/07/2035, FLR (CMT - 5yr. + 1.653%) to 8/07/2174  | $200000 | &nbsp;&nbsp; $199555 |
| Corporacion Andina de Fomento, 6.75%, 12/17/2173 (n) | 200000 | &nbsp;&nbsp; 205500 |
| European Union, 3.125%, 12/05/2028  | 630000 | &nbsp;&nbsp; 756361 |
| European Union, 2.75%, 12/13/2032  | 2640000 | &nbsp;&nbsp; 3077571 |
|  |  | &nbsp;&nbsp; $4238987 |
| Telecommunications - Wireless – 0.3% | Telecommunications - Wireless – 0.3% | Telecommunications - Wireless – 0.3% |
| America Movil B.V., 3%, 9/30/2030  | 300000 | &nbsp;&nbsp; $350304 |
| American Tower Corp., 3.625%, 5/30/2032  | 210000 | &nbsp;&nbsp; 248319 |
| T-Mobile USA, Inc., 5.05%, 7/15/2033  | $246000 | &nbsp;&nbsp; 251031 |
|  |  | &nbsp;&nbsp; $849654 |
| Telephone Services – 0.0% | Telephone Services – 0.0% | Telephone Services – 0.0% |
| Deutsche Telekom AG, 3.625%, 2/03/2045  | 150000 | &nbsp;&nbsp; $161984 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Tobacco – 0.1% | Tobacco – 0.1% | Tobacco – 0.1% |
| B.A.T. International Finance PLC, 4.125%, 4/12/2032  | 167000 | &nbsp;&nbsp; $201597 |
| Japan Tobacco, Inc., 5.25%, 6/15/2030 (n) | $267000 | &nbsp;&nbsp; 277024 |
|  |  | &nbsp;&nbsp; $478621 |
| Transportation - Services – 0.3% | Transportation - Services – 0.3% | Transportation - Services – 0.3% |
| Aeroporti Di Roma S.p.A, 3.625%, 6/15/2032  | 136000 | &nbsp;&nbsp; $160001 |
| DSV Finance B.V., 3.375%, 11/06/2034  | 100000 | &nbsp;&nbsp; 115041 |
| Element Fleet Management Corp., 6.271%, 6/26/2026 (n) | $78000 | &nbsp;&nbsp; 78691 |
| Element Fleet Management Corp., 5.037%, 3/25/2030 (n) | 268000 | &nbsp;&nbsp; 273900 |
| Heathrow Funding Ltd., 3.875%, 1/16/2038  | 136000 | &nbsp;&nbsp; 157562 |
| Heathrow Funding Ltd., 5.875%, 5/13/2041  | 110000 | &nbsp;&nbsp; 146348 |
| Transurban Finance Co. Pty Ltd., 4.033%, 11/26/2037  | 100000 | &nbsp;&nbsp; 116699 |
|  |  | &nbsp;&nbsp; $1048242 |
| 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  | $3148 | &nbsp;&nbsp; $3149 |
| U.S. Treasury Obligations – 2.5% | U.S. Treasury Obligations – 2.5% | U.S. Treasury Obligations – 2.5% |
| U.S. Treasury Bonds, 3.875%, 5/15/2043 (f) | $2619000 | &nbsp;&nbsp; $2349427 |
| U.S. Treasury Bonds, 4.875%, 8/15/2045  | 236000 | &nbsp;&nbsp; 238286 |
| U.S. Treasury Bonds, 4.75%, 11/15/2053 (f) | 739000 | &nbsp;&nbsp; 725461 |
| U.S. Treasury Notes, 4%, 3/31/2030 (f) | 2577000 | &nbsp;&nbsp; 2609817 |
| U.S. Treasury Notes, 2.75%, 8/15/2032 (f) | 1063000 | &nbsp;&nbsp; 990874 |
| U.S. Treasury Notes, 4.25%, 5/15/2035 (f) | 1324000 | &nbsp;&nbsp; 1334965 |
| U.S. Treasury Notes, 4.625%, 11/15/2045  | 87000 | &nbsp;&nbsp; 85015 |
|  |  | &nbsp;&nbsp; $8333845 |
| Utilities - Electric Power – 2.2% | Utilities - Electric Power – 2.2% | Utilities - Electric Power – 2.2% |
| Adani Electricity Mumbai Ltd., 3.949%, 2/12/2030 (n) | $422000 | &nbsp;&nbsp; $393064 |
| AEP Texas, Inc., 5.7%, 5/15/2034  | 277000 | &nbsp;&nbsp; 288731 |
| AEP Transmission Co. LLC, 5.375%, 6/15/2035  | 218000 | &nbsp;&nbsp; 224840 |
| Amprion GmbH, 3.875%, 6/05/2036  | 200000 | &nbsp;&nbsp; 234163 |
| Berkshire Hathaway Energy Co., 5.15%, 11/15/2043  | $79000 | &nbsp;&nbsp; 75851 |
| Berkshire Hathaway Energy Co., 4.6%, 5/01/2053  | 76000 | &nbsp;&nbsp; 63989 |
| Bruce Power LP, 2.68%, 12/21/2028  | 187000 | &nbsp;&nbsp; 134124 |
| Bruce Power LP, 4.27%, 12/21/2034  | 410000 | &nbsp;&nbsp; 297146 |
| Duke Energy Florida LLC, 6.2%, 11/15/2053  | $278000 | &nbsp;&nbsp; 297428 |
| E.ON International Finance B.V., 3.5%, 9/03/2035  | 450000 | &nbsp;&nbsp; 520474 |
| E.ON International Finance B.V., 5.875%, 10/30/2037  | 200000 | &nbsp;&nbsp; 273423 |
| Elia Transmission Belgium S.A., 3.5%, 10/08/2035  | 100000 | &nbsp;&nbsp; 115452 |
| Emera U.S. Finance LP, 2.639%, 6/15/2031  | $449000 | &nbsp;&nbsp; 405750 |
| Enel Finance International N.V., 2.5%, 7/12/2031 (n) | 230000 | &nbsp;&nbsp; 206889 |
| EPH Financing International A.S., 4.625%, 7/02/2032  | 273000 | &nbsp;&nbsp; 326446 |
| Eversource Energy, 4.45%, 12/15/2030  | $110000 | &nbsp;&nbsp; 109384 |
| Eversource Energy, 5.5%, 1/01/2034  | 253000 | &nbsp;&nbsp; 260030 |
| Georgia Power Co., 4.95%, 5/17/2033  | 247000 | &nbsp;&nbsp; 251831 |
| Hydro One, Inc., 4.25%, 1/04/2035  | 493000 | &nbsp;&nbsp; 363273 |
| Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | $184000 | &nbsp;&nbsp; 165281 |
| Jersey Central Power & Light Co., 5.1%, 1/15/2035  | 74000 | &nbsp;&nbsp; 74831 |
| National Grid North America, Inc., 3.917%, 6/03/2035  | 250000 | &nbsp;&nbsp; 294355 |
| Northern States Power Co. of Minnesota, 5.05%, 5/15/2035  | $225000 | &nbsp;&nbsp; 229251 |
| Oncor Electric Delivery Co. LLC, 5.35%, 4/01/2035 (n) | 179000 | &nbsp;&nbsp; 184543 |
| Pacific Gas & Electric Co., 6.1%, 1/15/2029  | 68000 | &nbsp;&nbsp; 71119 |
| Pacific Gas & Electric Co., 6.4%, 6/15/2033  | 53000 | &nbsp;&nbsp; 57155 |
| PPL Electric Utilities Corp. 1st Mortgage, 5.25%, 5/15/2053  | 337000 | &nbsp;&nbsp; 322878 |
| PSEG Power LLC, 5.2%, 5/15/2030 (n) | 320000 | &nbsp;&nbsp; 327273 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Utilities - Electric Power – continued | Utilities - Electric Power – continued | Utilities - Electric Power – continued |
| Terna Rete Elettrica Nazionale S.p.A., 3%, 7/22/2031  | 260000 | &nbsp;&nbsp; $301992 |
| Xcel Energy, Inc., 5.5%, 3/15/2034  | $155000 | &nbsp;&nbsp; 159824 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 73000 | &nbsp;&nbsp; 74797 |
| XPLR Infrastructure Operating Partners LP, 8.375%, 1/15/2031 (n) | 155000 | &nbsp;&nbsp; 162693 |
| XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/2033 (n) | 35000 | &nbsp;&nbsp; 36820 |
|  |  | &nbsp;&nbsp; $7305100 |
| Utilities - Gas – 0.5% | Utilities - Gas – 0.5% | Utilities - Gas – 0.5% |
| APA Infrastructure Ltd., 5.125%, 9/16/2034 (n) | $124000 | &nbsp;&nbsp; $124959 |
| APA Infrastructure Ltd., 2.5%, 3/15/2036  | 390000 | &nbsp;&nbsp; 398254 |
| APA Infrastructure Ltd., 5.75%, 9/16/2044 (n) | $102000 | &nbsp;&nbsp; 101325 |
| EP Infrastructure A.S., 2.045%, 10/09/2028  | 333000 | &nbsp;&nbsp; 377933 |
| EP Infrastructure A.S., 4.125%, 2/27/2033  | 367000 | &nbsp;&nbsp; 425738 |
| Spire, Inc., 6.25%, 6/01/2056  | $314000 | &nbsp;&nbsp; 312439 |
|  |  | &nbsp;&nbsp; $1740648 |
| Utilities - Other – 0.1% | Utilities - Other – 0.1% | Utilities - Other – 0.1% |
| Severn Trent Utilities Finance PLC, 3.875%, 8/04/2035  | 230000 | &nbsp;&nbsp; $269382 |
| Severn Trent Utilities Finance PLC, 3.875%, 8/04/2037  | 190000 | &nbsp;&nbsp; 218982 |
|  |  | &nbsp;&nbsp; $488364 |
| **Total Bonds (Identified Cost, $197,798,075)** |  | &nbsp;&nbsp; **$199714818** |
| Common Stocks – 34.5% | Common Stocks – 34.5% | Common Stocks – 34.5% |
| Aerospace & Defense – 0.6% | Aerospace & Defense – 0.6% |  |
| Boeing Co. (a) | 911 | &nbsp;&nbsp; $197796 |
| General Dynamics Corp. (f) | 2767 | &nbsp;&nbsp; 931538 |
| L3Harris Technologies, Inc. | 1924 | &nbsp;&nbsp; 564829 |
| Leidos Holdings, Inc. | 2309 | &nbsp;&nbsp; 416544 |
|  |  | &nbsp;&nbsp; $2110707 |
| Airlines – 0.1% | Airlines – 0.1% |  |
| Ryanair Holdings PLC | 5103 | &nbsp;&nbsp; $177213 |
| Alcoholic Beverages – 0.7% | Alcoholic Beverages – 0.7% |  |
| Ambev S.A. | 301800 | &nbsp;&nbsp; $759787 |
| Diageo PLC | 28201 | &nbsp;&nbsp; 607469 |
| Heineken N.V. | 7691 | &nbsp;&nbsp; 629135 |
| Kirin Holdings Co. Ltd. | 11800 | &nbsp;&nbsp; 177482 |
|  |  | &nbsp;&nbsp; $2173873 |
| Apparel Manufacturers – 0.1% | Apparel Manufacturers – 0.1% |  |
| Chow Tai Fook Jewellery Group  | 66800 | &nbsp;&nbsp; $106198 |
| Compagnie Financiere Richemont S.A. | 970 | &nbsp;&nbsp; 209342 |
|  |  | &nbsp;&nbsp; $315540 |
| Automotive – 0.8% | Automotive – 0.8% |  |
| Aptiv PLC (a) | 10220 | &nbsp;&nbsp; $777640 |
| Compagnie Generale des Etablissements Michelin | 19735 | &nbsp;&nbsp; 654489 |
| Lear Corp. | 5411 | &nbsp;&nbsp; 620100 |
| LKQ Corp. (f) | 16645 | &nbsp;&nbsp; 502679 |
| PT Astra International Tbk | 398900 | &nbsp;&nbsp; 160278 |
|  |  | &nbsp;&nbsp; $2715186 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Broadcasting – 0.5% | Broadcasting – 0.5% |  |
| Omnicom Group, Inc. (f) | 15815 | &nbsp;&nbsp; $1277061 |
| Publicis Groupe S.A. | 4707 | &nbsp;&nbsp; 488310 |
|  |  | &nbsp;&nbsp; $1765371 |
| Brokerage & Asset Managers – 1.0% | Brokerage & Asset Managers – 1.0% |  |
| Charles Schwab Corp. (f) | 24866 | &nbsp;&nbsp; $2484362 |
| CME Group, Inc. | 2763 | &nbsp;&nbsp; 754520 |
| IG Group Holdings PLC | 6056 | &nbsp;&nbsp; 107346 |
|  |  | &nbsp;&nbsp; $3346228 |
| Business Services – 0.6% | Business Services – 0.6% |  |
| Accenture PLC, "A" | 1259 | &nbsp;&nbsp; $337790 |
| Cognizant Technology Solutions Corp., "A" | 2215 | &nbsp;&nbsp; 183845 |
| Fidelity National Information Services, Inc. | 4225 | &nbsp;&nbsp; 280793 |
| Fiserv, Inc. (a) | 4023 | &nbsp;&nbsp; 270225 |
| Sodexo | 10821 | &nbsp;&nbsp; 554362 |
| Tata Consultancy Services Ltd. | 5161 | &nbsp;&nbsp; 184104 |
| Verisk Analytics, Inc., "A" | 545 | &nbsp;&nbsp; 121911 |
|  |  | &nbsp;&nbsp; $1933030 |
| Chemicals – 0.3% | Chemicals – 0.3% |  |
| FUJIFILM Holdings Corp. | 14600 | &nbsp;&nbsp; $311686 |
| PPG Industries, Inc. | 5922 | &nbsp;&nbsp; 606768 |
|  |  | &nbsp;&nbsp; $918454 |
| Computer Software – 0.4% | Computer Software – 0.4% |  |
| Microsoft Corp. (f) | 2371 | &nbsp;&nbsp; $1146663 |
| Computer Software - Systems – 1.7% | Computer Software - Systems – 1.7% |  |
| Amadeus IT Group S.A. | 8809 | &nbsp;&nbsp; $646129 |
| Cap Gemini S.A. | 6003 | &nbsp;&nbsp; 994173 |
| Hitachi Ltd. | 31700 | &nbsp;&nbsp; 983449 |
| Hon Hai Precision Industry Co. Ltd. | 88000 | &nbsp;&nbsp; 639384 |
| Lenovo Group Ltd. | 78000 | &nbsp;&nbsp; 92488 |
| NEC Corp. | 23000 | &nbsp;&nbsp; 775539 |
| Samsung Electronics Co. Ltd. | 15553 | &nbsp;&nbsp; 1294509 |
| Seagate Technology Holdings PLC | 900 | &nbsp;&nbsp; 247851 |
|  |  | &nbsp;&nbsp; $5673522 |
| Conglomerates – 0.1% | Conglomerates – 0.1% |  |
| Honeywell International, Inc. (f) | 2102 | &nbsp;&nbsp; $410079 |
| Construction – 0.7% | Construction – 0.7% |  |
| Anhui Conch Cement Co. Ltd. | 67500 | &nbsp;&nbsp; $190941 |
| Compagnie de Saint-Gobain S.A. | 4696 | &nbsp;&nbsp; 476705 |
| Masco Corp. (f) | 13209 | &nbsp;&nbsp; 838243 |
| Midea Group Co. Ltd., "A" | 21300 | &nbsp;&nbsp; 238203 |
| Techtronic Industries Co. Ltd. | 52500 | &nbsp;&nbsp; 603161 |
|  |  | &nbsp;&nbsp; $2347253 |
| Consumer Products – 1.2% | Consumer Products – 1.2% |  |
| Colgate-Palmolive Co. | 13227 | &nbsp;&nbsp; $1045197 |
| Haleon PLC | 83904 | &nbsp;&nbsp; 423893 |
| Kenvue, Inc. (f) | 73911 | &nbsp;&nbsp; 1274965 |
| Kimberly-Clark Corp. (f) | 7369 | &nbsp;&nbsp; 743458 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Consumer Products – continued | Consumer Products – continued |  |
| Reckitt Benckiser Group PLC | 5752 | &nbsp;&nbsp; $465360 |
|  |  | &nbsp;&nbsp; $3952873 |
| Consumer Services – 0.1% | Consumer Services – 0.1% |  |
| Airbnb, Inc., "A" (a) | 1657 | &nbsp;&nbsp; $224888 |
| Containers – 0.1% | Containers – 0.1% |  |
| Smurfit Westrock PLC | 8289 | &nbsp;&nbsp; $320536 |
| Electrical Equipment – 1.0% | Electrical Equipment – 1.0% |  |
| Amphenol Corp., "A" | 876 | &nbsp;&nbsp; $118383 |
| Eaton Corp. PLC | 1164 | &nbsp;&nbsp; 370745 |
| Johnson Controls International PLC | 3447 | &nbsp;&nbsp; 412778 |
| Legrand S.A. | 2952 | &nbsp;&nbsp; 438685 |
| Mitsubishi Electric Corp. | 35000 | &nbsp;&nbsp; 1024483 |
| Schneider Electric SE | 3740 | &nbsp;&nbsp; 1025139 |
|  |  | &nbsp;&nbsp; $3390213 |
| Electronics – 0.9% | Electronics – 0.9% |  |
| Intel Corp. (a) | 18556 | &nbsp;&nbsp; $684717 |
| Kyocera Corp. | 53600 | &nbsp;&nbsp; 751611 |
| Lam Research Corp. | 2202 | &nbsp;&nbsp; 376938 |
| MediaTek, Inc. | 4000 | &nbsp;&nbsp; 181246 |
| NVIDIA Corp. | 1064 | &nbsp;&nbsp; 198436 |
| NXP Semiconductors N.V. | 4057 | &nbsp;&nbsp; 880613 |
|  |  | &nbsp;&nbsp; $3073561 |
| Energy - Independent – 0.6% | Energy - Independent – 0.6% |  |
| ConocoPhillips (f) | 10553 | &nbsp;&nbsp; $987866 |
| Phillips 66 | 7116 | &nbsp;&nbsp; 918249 |
| Woodside Energy Group Ltd. | 12800 | &nbsp;&nbsp; 200431 |
|  |  | &nbsp;&nbsp; $2106546 |
| Energy - Integrated – 1.8% | Energy - Integrated – 1.8% |  |
| Cenovus Energy, Inc. | 24609 | &nbsp;&nbsp; $416321 |
| Chevron Corp. | 3642 | &nbsp;&nbsp; 555077 |
| Eni S.p.A. | 82062 | &nbsp;&nbsp; 1556530 |
| Exxon Mobil Corp. (f) | 7194 | &nbsp;&nbsp; 865726 |
| PetroChina Co. Ltd. | 488000 | &nbsp;&nbsp; 524304 |
| Suncor Energy, Inc. | 19687 | &nbsp;&nbsp; 873798 |
| TotalEnergies SE | 19520 | &nbsp;&nbsp; 1272272 |
|  |  | &nbsp;&nbsp; $6064028 |
| Engineering - Construction – 0.1% | Engineering - Construction – 0.1% |  |
| Doosan Bobcat, Inc. | 4328 | &nbsp;&nbsp; $172503 |
| Food & Beverages – 0.5% | Food & Beverages – 0.5% |  |
| Danone S.A. | 7204 | &nbsp;&nbsp; $650030 |
| General Mills, Inc. (f) | 9246 | &nbsp;&nbsp; 429939 |
| Inner Mongolia Yili Industrial Group Co. Ltd., "A" | 21300 | &nbsp;&nbsp; 87173 |
| PepsiCo, Inc. | 1788 | &nbsp;&nbsp; 256614 |
| WH Group Ltd. | 160000 | &nbsp;&nbsp; 178242 |
|  |  | &nbsp;&nbsp; $1601998 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Food & Drug Stores – 0.8% | Food & Drug Stores – 0.8% |  |
| Albertsons Cos., Inc., "A" | 10456 | &nbsp;&nbsp; $179529 |
| Seven & I Holdings Co. Ltd. | 48500 | &nbsp;&nbsp; 696816 |
| Tesco PLC | 314227 | &nbsp;&nbsp; 1871299 |
|  |  | &nbsp;&nbsp; $2747644 |
| Gaming & Lodging – 0.1% | Gaming & Lodging – 0.1% |  |
| Brightstar Lottery PLC | 9587 | &nbsp;&nbsp; $148407 |
| FDJ United | 3607 | &nbsp;&nbsp; 100124 |
| OPAP S.A. | 1793 | &nbsp;&nbsp; 40246 |
|  |  | &nbsp;&nbsp; $288777 |
| Health Maintenance Organizations – 0.8% | Health Maintenance Organizations – 0.8% |  |
| Cigna Group (f) | 7782 | &nbsp;&nbsp; $2141840 |
| Humana, Inc. | 1851 | &nbsp;&nbsp; 474096 |
|  |  | &nbsp;&nbsp; $2615936 |
| Insurance – 1.8% | Insurance – 1.8% |  |
| Aon PLC (s) | 4028 | &nbsp;&nbsp; $1421401 |
| Chubb Ltd. | 3689 | &nbsp;&nbsp; 1151411 |
| Corebridge Financial, Inc. | 7643 | &nbsp;&nbsp; 230589 |
| DB Insurance Co. Ltd. | 892 | &nbsp;&nbsp; 81178 |
| Equitable Holdings, Inc. | 7022 | &nbsp;&nbsp; 334598 |
| Hartford Insurance Group, Inc. | 2595 | &nbsp;&nbsp; 357591 |
| Manulife Financial Corp. | 16550 | &nbsp;&nbsp; 600963 |
| MetLife, Inc. | 6187 | &nbsp;&nbsp; 488402 |
| Sompo Holdings, Inc. | 8100 | &nbsp;&nbsp; 275930 |
| Willis Towers Watson PLC | 2967 | &nbsp;&nbsp; 974956 |
|  |  | &nbsp;&nbsp; $5917019 |
| Interactive Media Services – 0.1% | Interactive Media Services – 0.1% |  |
| Baidu, Inc., ADR (a) | 1780 | &nbsp;&nbsp; $232575 |
| Leisure & Toys – 0.3% | Leisure & Toys – 0.3% |  |
| Electronic Arts, Inc. | 2868 | &nbsp;&nbsp; $586018 |
| NetEase, Inc. | 14300 | &nbsp;&nbsp; 394308 |
|  |  | &nbsp;&nbsp; $980326 |
| Machinery & Tools – 0.4% | Machinery & Tools – 0.4% |  |
| AGCO Corp. | 1732 | &nbsp;&nbsp; $180682 |
| Daikin Industries Ltd. | 1700 | &nbsp;&nbsp; 217926 |
| Finning International, Inc. | 5557 | &nbsp;&nbsp; 301100 |
| GEA Group AG | 1840 | &nbsp;&nbsp; 124985 |
| Regal Rexnord Corp. | 2920 | &nbsp;&nbsp; 409734 |
| Wabtec Corp. | 940 | &nbsp;&nbsp; 200643 |
|  |  | &nbsp;&nbsp; $1435070 |
| Major Banks – 4.3% | Major Banks – 4.3% |  |
| ABN AMRO Group N.V., GDR | 25347 | &nbsp;&nbsp; $884737 |
| Banca Mediolanum S.p.A. | 4821 | &nbsp;&nbsp; 109775 |
| Bank of America Corp. (s) | 29041 | &nbsp;&nbsp; 1597255 |
| BNP Paribas S.A. | 21148 | &nbsp;&nbsp; 2001142 |
| DBS Group Holdings Ltd. | 8850 | &nbsp;&nbsp; 387315 |
| Goldman Sachs Group, Inc. (s) | 799 | &nbsp;&nbsp; 702321 |
| JPMorgan Chase & Co. (f) | 2137 | &nbsp;&nbsp; 688584 |
| Mitsubishi UFJ Financial Group, Inc. | 74500 | &nbsp;&nbsp; 1183082 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Major Banks – continued | Major Banks – continued |  |
| National Bank of Greece S.A. | 17353 | &nbsp;&nbsp; $264314 |
| NatWest Group PLC | 332092 | &nbsp;&nbsp; 2896494 |
| PNC Financial Services Group, Inc. | 2579 | &nbsp;&nbsp; 538315 |
| Regions Financial Corp. | 5090 | &nbsp;&nbsp; 137939 |
| UBS Group AG | 49910 | &nbsp;&nbsp; 2307193 |
| Wells Fargo & Co. | 4679 | &nbsp;&nbsp; 436083 |
|  |  | &nbsp;&nbsp; $14134549 |
| Medical & Health Technology & Services – 0.2% | Medical & Health Technology & Services – 0.2% |  |
| Fresenius Medical Care AG | 2723 | &nbsp;&nbsp; $130435 |
| ICON PLC (a) | 3737 | &nbsp;&nbsp; 680956 |
|  |  | &nbsp;&nbsp; $811391 |
| Medical Equipment – 1.5% | Medical Equipment – 1.5% |  |
| Agilent Technologies, Inc. | 3391 | &nbsp;&nbsp; $461413 |
| Becton, Dickinson and Co. (f) | 10910 | &nbsp;&nbsp; 2117304 |
| Medtronic PLC (f) | 22031 | &nbsp;&nbsp; 2116298 |
| Waters Corp. (a) | 788 | &nbsp;&nbsp; 299306 |
|  |  | &nbsp;&nbsp; $4994321 |
| Metals & Mining – 0.9% | Metals & Mining – 0.9% |  |
| Glencore PLC | 145019 | &nbsp;&nbsp; $788865 |
| Rio Tinto PLC | 12874 | &nbsp;&nbsp; 1027151 |
| Toyota Tsusho Corp. | 25300 | &nbsp;&nbsp; 851840 |
| Vale S.A. | 20600 | &nbsp;&nbsp; 269345 |
|  |  | &nbsp;&nbsp; $2937201 |
| Natural Gas - Distribution – 0.2% | Natural Gas - Distribution – 0.2% |  |
| Atmos Energy Corp. | 3708 | &nbsp;&nbsp; $621572 |
| Natural Gas - Pipeline – 0.0% | Natural Gas - Pipeline – 0.0% |  |
| APA Group | 18847 | &nbsp;&nbsp; $112821 |
| Network & Telecom – 0.2% | Network & Telecom – 0.2% |  |
| LM Ericsson Telephone Co., "B" | 54813 | &nbsp;&nbsp; $535094 |
| Oil Services – 0.1% | Oil Services – 0.1% |  |
| Tenaris S.A. | 23116 | &nbsp;&nbsp; $445912 |
| Other Banks & Diversified Financials – 1.3% | Other Banks & Diversified Financials – 1.3% |  |
| China Construction Bank Corp. | 760000 | &nbsp;&nbsp; $749007 |
| Grupo Financiero Banorte S.A. de C.V. | 12891 | &nbsp;&nbsp; 119507 |
| Julius Baer Group Ltd. | 8837 | &nbsp;&nbsp; 690865 |
| Kasikornbank PLC | 31900 | &nbsp;&nbsp; 196939 |
| M&T Bank Corp. | 931 | &nbsp;&nbsp; 187578 |
| Northern Trust Corp. (f) | 14830 | &nbsp;&nbsp; 2025630 |
| Popular, Inc. | 2099 | &nbsp;&nbsp; 261367 |
| Sberbank of Russia PJSC (a)(u) | 137348 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; $4230893 |
| Pharmaceuticals – 3.0% | Pharmaceuticals – 3.0% |  |
| AbbVie, Inc. (f) | 4821 | &nbsp;&nbsp; $1101550 |
| Johnson & Johnson (f) | 11703 | &nbsp;&nbsp; 2421936 |
| Pfizer, Inc. (f) | 96358 | &nbsp;&nbsp; 2399314 |
| Roche Holding AG | 6764 | &nbsp;&nbsp; 2795345 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Pharmaceuticals – continued | Pharmaceuticals – continued |  |
| Sandoz Group AG | 3915 | &nbsp;&nbsp; $285331 |
| Sanofi S.A. | 10121 | &nbsp;&nbsp; 981917 |
|  |  | &nbsp;&nbsp; $9985393 |
| Printing & Publishing – 0.2% | Printing & Publishing – 0.2% |  |
| Informa PLC | 51394 | &nbsp;&nbsp; $609627 |
| Wolters Kluwer N.V. | 1772 | &nbsp;&nbsp; 183964 |
|  |  | &nbsp;&nbsp; $793591 |
| Railroad & Shipping – 0.3% | Railroad & Shipping – 0.3% |  |
| Union Pacific Corp. | 3038 | &nbsp;&nbsp; $702750 |
| Yangzijian Shipbuilding Holdings Ltd. | 73900 | &nbsp;&nbsp; 200072 |
|  |  | &nbsp;&nbsp; $902822 |
| Real Estate – 0.0% | Real Estate – 0.0% |  |
| NNN REIT, Inc. | 3077 | &nbsp;&nbsp; $121942 |
| Real Estate - Office – 0.1% | Real Estate - Office – 0.1% |  |
| Cousins Properties, Inc., REIT | 4418 | &nbsp;&nbsp; $113896 |
| Highwoods Properties, Inc., REIT | 8148 | &nbsp;&nbsp; 210381 |
|  |  | &nbsp;&nbsp; $324277 |
| Restaurants – 0.2% | Restaurants – 0.2% |  |
| Aramark | 17504 | &nbsp;&nbsp; $645197 |
| Specialty Chemicals – 0.4% | Specialty Chemicals – 0.4% |  |
| Akzo Nobel N.V. | 6739 | &nbsp;&nbsp; $468049 |
| Axalta Coating Systems Ltd. (a) | 8016 | &nbsp;&nbsp; 258997 |
| Nitto Denko Corp. | 10000 | &nbsp;&nbsp; 237610 |
| Shin-Etsu Chemical Co. Ltd. | 7600 | &nbsp;&nbsp; 236433 |
|  |  | &nbsp;&nbsp; $1201089 |
| Specialty Stores – 0.3% | Specialty Stores – 0.3% |  |
| Bath & Body Works, Inc. | 4372 | &nbsp;&nbsp; $87790 |
| Home Depot, Inc. | 1026 | &nbsp;&nbsp; 353047 |
| Shimamura Co. Ltd. | 2600 | &nbsp;&nbsp; 169637 |
| Tapestry, Inc. | 3329 | &nbsp;&nbsp; 425346 |
| Vipshop Holdings Ltd., ADR | 4463 | &nbsp;&nbsp; 78951 |
|  |  | &nbsp;&nbsp; $1114771 |
| Telecom Services – 0.8% | Telecom Services – 0.8% |  |
| Comcast Corp., "A" | 36241 | &nbsp;&nbsp; $1083244 |
| Hellenic Telecommunications Organization S.A. | 15450 | &nbsp;&nbsp; 306124 |
| KDDI Corp. | 51500 | &nbsp;&nbsp; 890499 |
| Koninklijke KPN N.V. | 102397 | &nbsp;&nbsp; 479029 |
|  |  | &nbsp;&nbsp; $2758896 |
| Tobacco – 1.0% | Tobacco – 1.0% |  |
| Altria Group, Inc. | 5587 | &nbsp;&nbsp; $322146 |
| British American Tobacco PLC | 28815 | &nbsp;&nbsp; 1633167 |
| Philip Morris International, Inc. | 7960 | &nbsp;&nbsp; 1276784 |
|  |  | &nbsp;&nbsp; $3232097 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Utilities - Electric Power – 1.3% | Utilities - Electric Power – 1.3% |  |
| CLP Holdings Ltd. | 25000 | &nbsp;&nbsp; $223374 |
| Duke Energy Corp. | 3551 | &nbsp;&nbsp; 416213 |
| E.ON SE | 44426 | &nbsp;&nbsp; 841877 |
| Edison International (f) | 8455 | &nbsp;&nbsp; 507469 |
| National Grid PLC | 89308 | &nbsp;&nbsp; 1376336 |
| PG&E Corp. (f) | 49638 | &nbsp;&nbsp; 797683 |
| Xcel Energy, Inc. | 1090 | &nbsp;&nbsp; 80508 |
|  |  | &nbsp;&nbsp; $4243460 |
| **Total Common Stocks (Identified Cost, $74,750,912)** |  | &nbsp;&nbsp; **$114304901** |
| Preferred Stocks – 0.5% | Preferred Stocks – 0.5% | Preferred Stocks – 0.5% |
| Computer Software - Systems – 0.1% |  |  |
| Samsung Electronics Co. Ltd. | 4506 | &nbsp;&nbsp; $276526 |
| Consumer Products – 0.4% |  |  |
| Henkel AG & Co. KGaA | 15134 | &nbsp;&nbsp; $1237514 |
| **Total Preferred Stocks (Identified Cost, $1,100,877)** |  | &nbsp;&nbsp; **$1514040** |
| 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%, 10/15/2027 | 4275 | &nbsp;&nbsp; $295231 |
| Utilities - Electric Power – 0.2% | Utilities - Electric Power – 0.2% |  |
| NextEra Energy, Inc., 7.234%, 11/01/2027 | 10149 | &nbsp;&nbsp; $494764 |
| PG&E Corp., 6%, 12/01/2027 | 6840 | &nbsp;&nbsp; 280440 |
|  |  | &nbsp;&nbsp; $775204 |
| **Total Convertible Preferred Stocks (Identified Cost, $991,710)** | **Total Convertible Preferred Stocks (Identified Cost, $991,710)** | &nbsp;&nbsp; **$1070435** |
| 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; $99677 |
| Mutual Funds (h) – 2.9% | Mutual Funds (h) – 2.9% | Mutual Funds (h) – 2.9% |
| Money Market Funds – 2.9% | Money Market Funds – 2.9% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $9,456,753) | 9456348 | &nbsp;&nbsp; $9458239 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Underlying/Expiration Date/Exercise Price (Rate)** | **Put/Call** | **Counterparty** | **Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Par Amount/** <br>**Number of** <br>**Contracts**<br>|  |
| Purchased Options – 0.0% | Purchased Options – 0.0% | Purchased Options – 0.0% | Purchased Options – 0.0% | Purchased Options – 0.0% |  |
| Market Index Securities – 0.0% | Market Index Securities – 0.0% | Market Index Securities – 0.0% | Market Index Securities – 0.0% | Market Index Securities – 0.0% |  |
| Euro Stoxx 50 Index – 6/19/2026 @ EUR 4,900 | Put | Goldman Sachs International | &nbsp;&nbsp; $6806065 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; $58760 |
| Euro Stoxx 50 Index – 2/20/2026 @ EUR 4,800 | Put | Goldman Sachs International | &nbsp;&nbsp; 5172609 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 5269 |
| iShares MSCI Emerging Market ETF – 6/18/2026 @ $43 | Put | Merrill Lynch International | &nbsp;&nbsp; 10394900 | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1900 |
| S&P 500 Index – 9/18/2026 @ $6,050 | Put | Merrill Lynch International | &nbsp;&nbsp; 4791850 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 102340 |
|  |  |  |  |  | &nbsp;&nbsp; $168269 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Underlying/Expiration Date/Exercise Price (Rate)** | **Put/Call** | **Counterparty** | **Notional**<br> **Amount**<br>| &nbsp;&nbsp; **Par Amount/**<br> **Number of**<br> **Contracts**<br>| **Value ($)** |
| Purchased Options – continued | Purchased Options – continued | Purchased Options – continued | Purchased Options – continued | Purchased Options – continued |  |
| OTC Swaptions – 0.0% | OTC Swaptions – 0.0% | OTC Swaptions – 0.0% | OTC Swaptions – 0.0% | OTC Swaptions – 0.0% |  |
| iTraxx Europe Main Series 44 Index Credit Default Swap - Fund <br> pays 1%, Fund receives notional amount upon a defined credit <br> event of an index constituent – 1/21/2026 @ 0.6%<br>| Put | BNP Paribas | &nbsp;&nbsp; $30870000 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $4199 |
| **Total Purchased Options** <br>**(Premiums Paid, $775,478)** | **Total Purchased Options** <br>**(Premiums Paid, $775,478)** | **Total Purchased Options** <br>**(Premiums Paid, $775,478)** | **Total Purchased Options** <br>**(Premiums Paid, $775,478)** |  | &nbsp;&nbsp; **$172468** |
| 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, $49,526)** | **(Premiums Received, $49,526)** | **(Premiums Received, $49,526)** | **(Premiums Received, $49,526)** | **(Premiums Received, $49,526)** | &nbsp;&nbsp; **$(1481)**<br>|
| Other Assets, Less Liabilities – 1.4% | Other Assets, Less Liabilities – 1.4% | Other Assets, Less Liabilities – 1.4% | Other Assets, Less Liabilities – 1.4% | Other Assets, Less Liabilities – 1.4% | &nbsp;&nbsp; 4553573 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$330886670** |

---

&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 $9,458,239 and $316,876,339, 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 $47,404,246, representing 14.3% 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.

---

| | |
|:---|:---|
| 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 |
| ETF | Exchange-Traded Fund |
| 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 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – continued*

---

| | |
|:---|:---|
| 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 |
| ISK | Icelandic Krona |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Nuevo Sol |
| 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 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** |
| **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** |
| ***OTC Swaptions*** | ***OTC Swaptions*** | ***OTC Swaptions*** | ***OTC Swaptions*** | ***OTC Swaptions*** |  |  |  |
| iTraxx Europe Main Series 44 Index Credit Default Swap - Fund pays <br> 1%, Fund receives notional amount upon a defined credit event of <br> an index constituent<br>| &nbsp;&nbsp; Put | BNP Paribas | N/A | &nbsp;&nbsp; $(30870000)<br>| 0.7% | 1/21/2026 | &nbsp;&nbsp; $(1481)<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; 2492327 | USD | 1627782 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $35600 |
| AUD | &nbsp;&nbsp; 467696 | USD | 310405 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1736 |
| AUD | &nbsp;&nbsp; 5532000 | USD | 3565833 | Deutsche Bank AG | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 126556 |
| AUD | &nbsp;&nbsp; 11505000 | USD | 7636835 | HSBC Bank | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 42293 |
| AUD | &nbsp;&nbsp; 2058431 | USD | 1361804 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11996 |
| AUD | &nbsp;&nbsp; 2609000 | USD | 1724561 | Morgan Stanley Capital Services LLC | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16842 |
| AUD | &nbsp;&nbsp; 2251340 | USD | 1484415 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18133 |
| AUD | &nbsp;&nbsp; 200989 | USD | 130323 | UBS AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3817 |
| CAD | &nbsp;&nbsp; 5485607 | USD | 3949878 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 49340 |
| CAD | &nbsp;&nbsp; 104809 | USD | 76146 | Goldman Sachs International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
| CAD | &nbsp;&nbsp; 545525 | USD | 395289 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2420 |
| CAD | &nbsp;&nbsp; 7161000 | USD | 5185163 | HSBC Bank | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 41674 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – 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** |
| CAD | &nbsp;&nbsp; 1201088 | USD | 866600 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $9038 |
| CAD | &nbsp;&nbsp; 3499503 | USD | 2514436 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 36836 |
| CAD | &nbsp;&nbsp; 1781144 | USD | 1268484 | UBS AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30039 |
| CHF | &nbsp;&nbsp; 425838 | USD | 536937 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1252 |
| CHF | &nbsp;&nbsp; 726441 | USD | 912912 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5189 |
| CLP | &nbsp;&nbsp; 801900875 | USD | 859159 | JPMorgan Chase Bank N.A. | 2/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 32386 |
| CNH | &nbsp;&nbsp; 7042000 | USD | 999355 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10776 |
| CNH | &nbsp;&nbsp; 3022000 | USD | 430396 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3090 |
| CNH | &nbsp;&nbsp; 68507572 | USD | 9642895 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 184087 |
| CNY | &nbsp;&nbsp; 4241000 | USD | 601341 | Citibank N.A. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6625 |
| COP | &nbsp;&nbsp; 1149784960 | USD | 278621 | Citibank N.A. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20294 |
| CZK | &nbsp;&nbsp; 22358923 | USD | 1062826 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24998 |
| DKK | &nbsp;&nbsp; 3062524 | USD | 477730 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4442 |
| EUR | &nbsp;&nbsp; 892488 | USD | 1038611 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10788 |
| EUR | &nbsp;&nbsp; 1455446 | USD | 1689280 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 22053 |
| EUR | &nbsp;&nbsp; 1640362 | USD | 1908988 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19769 |
| EUR | &nbsp;&nbsp; 533000 | USD | 622503 | HSBC Bank | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5004 |
| EUR | &nbsp;&nbsp; 2619815 | USD | 3056423 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23988 |
| EUR | &nbsp;&nbsp; 902692 | USD | 1047429 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13968 |
| EUR | &nbsp;&nbsp; 365014 | USD | 427478 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1710 |
| EUR | &nbsp;&nbsp; 831543 | USD | 971590 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6149 |
| GBP | &nbsp;&nbsp; 222876 | USD | 290233 | Goldman Sachs International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10189 |
| GBP | &nbsp;&nbsp; 1227817 | USD | 1643403 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11615 |
| GBP | &nbsp;&nbsp; 110679 | USD | 145467 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3722 |
| GBP | &nbsp;&nbsp; 76729 | USD | 102738 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 687 |
| GBP | &nbsp;&nbsp; 1200000 | USD | 1616367 | Morgan Stanley Capital Services LLC | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1071 |
| GBP | &nbsp;&nbsp; 2377092 | USD | 3174664 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 29503 |
| HUF | &nbsp;&nbsp; 54010339 | USD | 159490 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5546 |
| IDR | &nbsp;&nbsp; 17525797000 | USD | 1045692 | JPMorgan Chase Bank N.A. | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5067 |
| ILS | &nbsp;&nbsp; 1037395 | USD | 318079 | HSBC Bank | 1/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7656 |
| ILS | &nbsp;&nbsp; 139194 | USD | 42034 | State Street Corp. | 1/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1672 |
| JPY | &nbsp;&nbsp; 280138363 | USD | 1789513 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 543 |
| KRW | &nbsp;&nbsp; 361982000 | USD | 246826 | Barclays Bank PLC | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4802 |
| KRW | &nbsp;&nbsp; 3055119495 | USD | 2087620 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 33929 |
| MXN | &nbsp;&nbsp; 8557115 | USD | 457820 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16888 |
| MXN | &nbsp;&nbsp; 9384310 | USD | 501878 | Goldman Sachs International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18719 |
| MYR | &nbsp;&nbsp; 3771020 | USD | 898397 | Barclays Bank PLC | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 31136 |
| NOK | &nbsp;&nbsp; 10045000 | USD | 980557 | Deutsche Bank AG | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16011 |
| NOK | &nbsp;&nbsp; 152639623 | USD | 14970050 | HSBC Bank | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 173387 |
| PLN | &nbsp;&nbsp; 2249751 | USD | 610001 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16636 |
| PLN | &nbsp;&nbsp; 228928 | USD | 62547 | UBS AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1218 |
| RON | &nbsp;&nbsp; 1057543 | USD | 239091 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4794 |
| SEK | &nbsp;&nbsp; 39158000 | USD | 4198753 | Citibank N.A. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 63118 |
| SEK | &nbsp;&nbsp; 8436328 | USD | 888290 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 28585 |
| SEK | &nbsp;&nbsp; 127609497 | USD | 13499083 | State Street Corp. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 389653 |
| SGD | &nbsp;&nbsp; 817672 | USD | 633127 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3476 |
| THB | &nbsp;&nbsp; 79402429 | USD | 2443152 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 79892 |
| ZAR | &nbsp;&nbsp; 3209823 | USD | 186845 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6848 |
| ZAR | &nbsp;&nbsp; 5485541 | USD | 313015 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18002 |
| ZAR | &nbsp;&nbsp; 2891559 | USD | 164081 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10406 |
| USD | &nbsp;&nbsp; 547422 | BRL | 3004208 | Barclays Bank PLC | 2/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3316 |
| USD | &nbsp;&nbsp; 769684 | CHF | 606000 | Morgan Stanley Capital Services LLC | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1572 |
| USD | &nbsp;&nbsp; 4105408 | CHF | 3217000 | State Street Corp. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 27825 |

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – 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** |
| USD | &nbsp;&nbsp; 521962 | DKK | 3297300 | State Street Corp. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $1999 |
| USD | &nbsp;&nbsp; 480738 | EUR | 408574 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 332 |
| USD | &nbsp;&nbsp; 23564148 | EUR | 20000000 | HSBC Bank | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17901 |
| USD | &nbsp;&nbsp; 102929 | EUR | 87406 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
| USD | &nbsp;&nbsp; 103067 | EUR | 87572 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
| USD | &nbsp;&nbsp; 103168 | EUR | 87399 | NatWest Markets PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 403 |
| USD | &nbsp;&nbsp; 31786173 | EUR | 26978800 | State Street Corp. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23699 |
| USD | &nbsp;&nbsp; 989527 | GBP | 731346 | HSBC Bank | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3771 |
| USD | &nbsp;&nbsp; 796384 | IDR | 12966131000 | Citibank N.A. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19119 |
| USD | &nbsp;&nbsp; 559178 | JPY | 87244745 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1693 |
| USD | &nbsp;&nbsp; 17242533 | JPY | 2502085490 | Deutsche Bank AG | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1216629 |
| USD | &nbsp;&nbsp; 496277 | JPY | 75664663 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12788 |
| USD | &nbsp;&nbsp; 567242 | JPY | 88233000 | HSBC Bank | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2108 |
| USD | &nbsp;&nbsp; 1076463 | JPY | 162010441 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 41233 |
| USD | &nbsp;&nbsp; 2501138 | JPY | 388539611 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18409 |
| USD | &nbsp;&nbsp; 3109135 | JPY | 465822000 | Morgan Stanley Capital Services LLC | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125537 |
| USD | &nbsp;&nbsp; 288961 | JPY | 44869662 | NatWest Markets PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2248 |
| USD | &nbsp;&nbsp; 210128 | JPY | 32793402 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 581 |
| USD | &nbsp;&nbsp; 103879 | JPY | 16217222 | UBS AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
| USD | &nbsp;&nbsp; 6228274 | KRW | 8854747844 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 79321 |
| USD | &nbsp;&nbsp; 517841 | KRW | 745536231 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
| USD | &nbsp;&nbsp; 2296921 | KRW | 3156538970 | JPMorgan Chase Bank N.A. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 102690 |
| USD | &nbsp;&nbsp; 1391914 | KRW | 1964533699 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 27694 |
| USD | &nbsp;&nbsp; 2340511 | NOK | 23331000 | Goldman Sachs International | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25834 |
| USD | &nbsp;&nbsp; 225343 | NZD | 388031 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1844 |
| USD | &nbsp;&nbsp; 3094858 | NZD | 5343000 | HSBC Bank | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14170 |
| USD | &nbsp;&nbsp; 243687 | NZD | 422327 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 434 |
| USD | &nbsp;&nbsp; 8483590 | NZD | 14383032 | State Street Corp. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 190564 |
| USD | &nbsp;&nbsp; 404547 | SGD | 512722 | State Street Corp. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4657 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $3786925 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| CHF | &nbsp;&nbsp; 2731000 | USD | 3463398 | Citibank N.A. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $(1826)<br>|
| EUR | &nbsp;&nbsp; 79325 | USD | 93319 | Goldman Sachs International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (48)<br>|
| EUR | &nbsp;&nbsp; 6680000 | USD | 7905777 | Merrill Lynch International | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (41330)<br>|
| EUR | &nbsp;&nbsp; 571171 | USD | 672430 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (840)<br>|
| EUR | &nbsp;&nbsp; 368000 | USD | 433277 | Morgan Stanley Capital Services LLC | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (26)<br>|
| INR | &nbsp;&nbsp; 64196969 | USD | 721460 | JPMorgan Chase Bank N.A. | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (8646)<br>|
| JPY | &nbsp;&nbsp; 315793826 | USD | 2028644 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (10754)<br>|
| JPY | &nbsp;&nbsp; 1558429297 | USD | 10356068 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (397861)<br>|
| JPY | &nbsp;&nbsp; 391790000 | USD | 2708879 | JPMorgan Chase Bank N.A. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (199456)<br>|
| JPY | &nbsp;&nbsp; 134881690 | USD | 889082 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (27202)<br>|
| NOK | &nbsp;&nbsp; 2326303 | USD | 233096 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (2288)<br>|
| NOK | &nbsp;&nbsp; 14934000 | USD | 1493476 | Goldman Sachs International | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (11868)<br>|
| NOK | &nbsp;&nbsp; 10656893 | USD | 1058117 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (775)<br>|
| NZD | &nbsp;&nbsp; 169747 | USD | 97934 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (163)<br>|
| NZD | &nbsp;&nbsp; 7305000 | USD | 4248012 | HSBC Bank | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (36066)<br>|
| USD | &nbsp;&nbsp; 1486562 | AUD | 2300109 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (48535)<br>|
| USD | &nbsp;&nbsp; 8423704 | AUD | 12810767 | HSBC Bank | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (126970)<br>|
| USD | &nbsp;&nbsp; 210014 | AUD | 324772 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (6739)<br>|
| USD | &nbsp;&nbsp; 1303346 | AUD | 1998465 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (30435)<br>|
| USD | &nbsp;&nbsp; 1252462 | BRL | 7002000 | JPMorgan Chase Bank N.A. | 2/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (15702)<br>|
| USD | &nbsp;&nbsp; 2532905 | CAD | 3510000 | JPMorgan Chase Bank N.A. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (29055)<br>|
| USD | &nbsp;&nbsp; 104336 | CAD | 146980 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (2818)<br>|

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – 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; 9434738 | CAD | 13166410 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $(164080)<br>|
| USD | &nbsp;&nbsp; 7800050 | CAD | 10732830 | State Street Corp. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (33876)<br>|
| USD | &nbsp;&nbsp; 353096 | CAD | 492033 | UBS AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (5615)<br>|
| USD | &nbsp;&nbsp; 13909383 | CHF | 10990692 | HSBC Bank | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (21439)<br>|
| USD | &nbsp;&nbsp; 213548 | CHF | 169334 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (463)<br>|
| USD | &nbsp;&nbsp; 104013 | CNH | 736890 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (1689)<br>|
| USD | &nbsp;&nbsp; 1083865 | CNH | 7690000 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (19217)<br>|
| USD | &nbsp;&nbsp; 103802 | CNH | 731502 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (1127)<br>|
| USD | &nbsp;&nbsp; 371230 | CNH | 2611478 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (3370)<br>|
| USD | &nbsp;&nbsp; 18475328 | CNY | 130880675 | Citibank N.A. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (286995)<br>|
| USD | &nbsp;&nbsp; 279937 | COP | 1149784960 | Citibank N.A. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (18978)<br>|
| USD | &nbsp;&nbsp; 723419 | CZK | 15149469 | Deutsche Bank AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (13646)<br>|
| USD | &nbsp;&nbsp; 1195055 | CZK | 24808558 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (11951)<br>|
| USD | &nbsp;&nbsp; 375575 | CZK | 7843822 | Morgan Stanley Capital Services LLC | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (6214)<br>|
| USD | &nbsp;&nbsp; 52360 | DKK | 339031 | NatWest Markets PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (1018)<br>|
| USD | &nbsp;&nbsp; 76117 | EUR | 64881 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (171)<br>|
| USD | &nbsp;&nbsp; 848357 | EUR | 733633 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (14257)<br>|
| USD | &nbsp;&nbsp; 1352517 | EUR | 1162159 | Deutsche Bank AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (13965)<br>|
| USD | &nbsp;&nbsp; 204355 | EUR | 173834 | Goldman Sachs International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>|
| USD | &nbsp;&nbsp; 4083707 | EUR | 3489000 | Goldman Sachs International | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (23936)<br>|
| USD | &nbsp;&nbsp; 1534166 | EUR | 1318091 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (15660)<br>|
| USD | &nbsp;&nbsp; 874910 | EUR | 754118 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (11791)<br>|
| USD | &nbsp;&nbsp; 1415797 | EUR | 1210421 | Morgan Stanley Capital Services LLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (7431)<br>|
| USD | &nbsp;&nbsp; 5032443 | EUR | 4317476 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (44098)<br>|
| USD | &nbsp;&nbsp; 574727 | EUR | 495299 | UBS AG | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (7652)<br>|
| USD | &nbsp;&nbsp; 885339 | GBP | 675800 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (25595)<br>|
| USD | &nbsp;&nbsp; 1030970 | GBP | 777378 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (16887)<br>|
| USD | &nbsp;&nbsp; 8012734 | GBP | 6016000 | HSBC Bank | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (96021)<br>|
| USD | &nbsp;&nbsp; 4983332 | GBP | 3745651 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (65563)<br>|
| USD | &nbsp;&nbsp; 1705423 | GBP | 1291000 | JPMorgan Chase Bank N.A. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (34670)<br>|
| USD | &nbsp;&nbsp; 957416 | GBP | 734371 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (32468)<br>|
| USD | &nbsp;&nbsp; 185063 | IDR | 3087582854 | Morgan Stanley Capital Services LLC | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (54)<br>|
| USD | &nbsp;&nbsp; 392424 | ILS | 1321342 | State Street Corp. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (22485)<br>|
| USD | &nbsp;&nbsp; 718600 | INR | 64939905 | JPMorgan Chase Bank N.A. | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (2463)<br>|
| USD | &nbsp;&nbsp; 496762 | JPY | 77995246 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (1620)<br>|
| USD | &nbsp;&nbsp; 101652 | JPY | 15974533 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (423)<br>|
| USD | &nbsp;&nbsp; 1295227 | KRW | 1888743000 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (16362)<br>|
| USD | &nbsp;&nbsp; 934289 | KRW | 1369200000 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (16517)<br>|
| USD | &nbsp;&nbsp; 512469 | MXN | 9652536 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (23008)<br>|
| USD | &nbsp;&nbsp; 619110 | MXN | 11854487 | State Street Corp. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (36774)<br>|
| USD | &nbsp;&nbsp; 63059 | MYR | 262169 | Barclays Bank PLC | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (1564)<br>|
| USD | &nbsp;&nbsp; 725409 | NOK | 7399959 | Citibank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (8791)<br>|
| USD | &nbsp;&nbsp; 388345 | NOK | 3924560 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (1037)<br>|
| USD | &nbsp;&nbsp; 802056 | NOK | 8146000 | HSBC Bank | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (6112)<br>|
| USD | &nbsp;&nbsp; 426401 | PLN | 1555778 | Goldman Sachs International | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (6858)<br>|
| USD | &nbsp;&nbsp; 195532 | RON | 857000 | Deutsche Bank AG | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (1821)<br>|
| USD | &nbsp;&nbsp; 2754934 | SEK | 25635000 | Barclays Bank PLC | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (35123)<br>|
| USD | &nbsp;&nbsp; 3174615 | SEK | 29469000 | HSBC Bank | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (32726)<br>|
| USD | &nbsp;&nbsp; 5075438 | SEK | 48227000 | State Street Corp. | 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (173482)<br>|
| USD | &nbsp;&nbsp; 191785 | SGD | 246740 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (315)<br>|
| USD | &nbsp;&nbsp; 1618509 | THB | 52602625 | Barclays Bank PLC | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (52961)<br>|
| USD | &nbsp;&nbsp; 615425 | THB | 19909000 | JPMorgan Chase Bank N.A. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (17191)<br>|
| USD | &nbsp;&nbsp; 807791 | ZAR | 14208880 | Merrill Lynch International | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (49624)<br>|

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – 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; 835992 | ZAR | 14700328 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $(51079)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(2557678)<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*** |  |  |
| CAC 40 Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; $1341561 | January – 2026 | &nbsp;&nbsp;&nbsp; $4031 |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 12461978 | March – 2026 | &nbsp;&nbsp;&nbsp; 287954 |
| FTSE MIB Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 3441508 | March – 2026 | &nbsp;&nbsp;&nbsp; 43819 |
| FTSE/JSE Top 40 Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 4754174 | March – 2026 | &nbsp;&nbsp;&nbsp; 90321 |
| IBEX 35 Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 7716610 | January – 2026 | &nbsp;&nbsp;&nbsp; 88923 |
| KOSPI 200 Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 422061 | March – 2026 | &nbsp;&nbsp;&nbsp; 13718 |
| Mini Ibovespa | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp; 3080918 | February – 2026 | &nbsp;&nbsp;&nbsp; 6352 |
| MSCI Singapore Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 416135 | January – 2026 | &nbsp;&nbsp;&nbsp; 2354 |
| NSE IFSC NIFTY 50 Index | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 2995407 | January – 2026 | &nbsp;&nbsp;&nbsp; 8969 |
| Russell 2000 Index | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 11365900 | March – 2026 | &nbsp;&nbsp;&nbsp; 525437 |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 6203250 | March – 2026 | &nbsp;&nbsp;&nbsp; 66688 |
| S&P/TSX 60 Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 6511326 | March – 2026 | &nbsp;&nbsp;&nbsp; 16577 |
| Topix Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 1961281 | March – 2026 | &nbsp;&nbsp;&nbsp; 24043 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $1179186 |
| ***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; 83 | &nbsp;&nbsp;&nbsp; $6064328 | March – 2026 | &nbsp;&nbsp;&nbsp; $2544 |
| Australian Bond 3 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 5815710 | March – 2026 | &nbsp;&nbsp;&nbsp; 8705 |
| Euro-Bund 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; 25786285 | March – 2026 | &nbsp;&nbsp;&nbsp; 214232 |
| Euro-Buxl 30 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 2329434 | March – 2026 | &nbsp;&nbsp;&nbsp; 14084 |
| Euro-Schatz 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 6400480 | March – 2026 | &nbsp;&nbsp;&nbsp; 4371 |
| Japan Government Bond 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 845314 | March – 2026 | &nbsp;&nbsp;&nbsp; 6630 |
| U.S. Treasury Note 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; 23949188 | March – 2026 | &nbsp;&nbsp;&nbsp; 156611 |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 17329492 | March – 2026 | &nbsp;&nbsp;&nbsp; 4238 |
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 236000 | March – 2026 | &nbsp;&nbsp;&nbsp; 5617 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $417032 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $1596218 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability 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; 396 | &nbsp;&nbsp;&nbsp; $1178534 | February – 2026 | &nbsp;&nbsp;&nbsp; $(23201)<br>|
| DAX Index | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 7979314 | March – 2026 | &nbsp;&nbsp;&nbsp; (10999)<br>|
| FTSE Taiwan Index | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 6069760 | January – 2026 | &nbsp;&nbsp;&nbsp; (140905)<br>|
| Hang Seng Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 11863852 | January – 2026 | &nbsp;&nbsp;&nbsp; (158040)<br>|
| Mexbol Index | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp; 7924255 | March – 2026 | &nbsp;&nbsp;&nbsp; (96558)<br>|
| OMX 30 Index | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 1792530 | January – 2026 | &nbsp;&nbsp;&nbsp; (21080)<br>|
| S&P/ASX 200 Index | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 12158851 | March – 2026 | &nbsp;&nbsp;&nbsp; (770)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(451553)<br>|
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| Canadian Treasury Bond 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp; $22903792 | March – 2026 | &nbsp;&nbsp;&nbsp; $(23790)<br>|
| Canadian Treasury Bond 5 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 1073017 | March – 2026 | &nbsp;&nbsp;&nbsp; (2512)<br>|

---

------

MFS Global Tactical Allocation Portfolio

*Portfolio of Investments – 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 - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** |
| ***Interest Rate Futures - continued*** | ***Interest Rate Futures - continued*** | ***Interest Rate Futures - continued*** | ***Interest Rate Futures - continued*** | ***Interest Rate Futures - continued*** |  |  |
| Euro-Bobl 5 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; $2730225 | March – 2026 | &nbsp;&nbsp;&nbsp; $(1341)<br>|
| Japan Government Bond 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 16906282 | March – 2026 | &nbsp;&nbsp;&nbsp; (143195)<br>|
| Long Gilt 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 1601109 | March – 2026 | &nbsp;&nbsp;&nbsp; (5807)<br>|
| U.S. Treasury Bond 30 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 1618312 | March – 2026 | &nbsp;&nbsp;&nbsp; (24116)<br>|
| U.S. Treasury Note 5 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 9509508 | March – 2026 | &nbsp;&nbsp;&nbsp; (8967)<br>|
| U.S. Treasury Ultra Note 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 7591031 | March – 2026 | &nbsp;&nbsp;&nbsp; (15243)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(224971)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(676524)<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** <br>**Unamortized** <br>**Upfront** <br>**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*** |  |  |  |
| 10/14/26 | USD | 17100000 | centrally cleared | 3.17% / At Maturity | CPI-U / At Maturity | $98054 | $— | $98054 |
| 6/15/30 | EUR | 1900000 | centrally cleared | HICP / At Maturity | 1.8312% / At Maturity | 1413 |  | 1413 |
|  |  |  |  |  |  | $99467 | $— | $99467 |
| ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** |  |  |  |
| 11/18/29 | CNY | 33500000 | centrally cleared | 1.6445% / Quarterly | CFRR / Quarterly | $18234 | $— | $18234 |
| 11/26/30 | CNY | 9200000 | centrally cleared | 1.5772% / Quarterly | CFRR / Quarterly | 112 |  | 112 |
| 3/19/36 | USD | 8000000 | centrally cleared | 1-day SOFR / Annually | 3.775% / Annually | 22941 | 4524 | 27465 |
| 3/15/56 | USD | 11700000 | centrally cleared | 1-day SOFR / Annually | 4.115% / Annually | 94651 | 16470 | 111121 |
|  |  |  |  |  |  | $135938 | $20994 | $156932 |
|  |  |  |  |  |  | $235405 | $20994 | $256399 |
| **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*** |  |  |  |
| 3/15/28 | USD | 34900000 | centrally cleared | 3.252% / Annually | 1-day SOFR / Annually | $(3764)<br>| $(10267)<br>| $(14031)<br>|
| 12/13/29 | CNY | 20400000 | centrally cleared | 1.49% / Quarterly | CFRR / Quarterly | (6694)<br>| 38 | (6656)<br>|
| 3/19/31 | USD | 44100000 | centrally cleared | 3.422% / Annually | 1-day SOFR / Annually | (72084)<br>| (25717)<br>| (97801)<br>|
|  |  |  |  |  |  | $(82542)<br>| $(35946)<br>| $(118488)<br>|
| ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** |  |  |  |
| 10/14/28 | USD | 17100000 | centrally cleared | CPI-U / At Maturity | 2.74% / At Maturity | $(152948)<br>| $— | $(152948)<br>|
|  |  |  |  |  |  | $(235490)<br>| $(35946)<br>| $(271436)<br>|

---

At December 31, 2025, the fund had cash collateral of $964,662 and other liquid securities collateral with an aggregate value of $19,875,553 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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $275,514,052) | &nbsp;&nbsp; $316876339 |
| Investments in affiliated issuers, at value (identified cost, $9,456,753) | &nbsp;&nbsp; 9458239 |
| Cash | &nbsp;&nbsp; 22099 |
| Foreign currency, at value (identified cost, $28,758) | &nbsp;&nbsp; 28750 |
| Restricted cash for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 310000 |
| Deposits with brokers for |  |
| Futures contracts | &nbsp;&nbsp; 649615 |
| Exchange-traded options | &nbsp;&nbsp; 5047 |
| Receivables for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 3786925 |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; 32420 |
| Investments sold | &nbsp;&nbsp; 93255 |
| TBA sale commitments | &nbsp;&nbsp; 482946 |
| Fund shares sold | &nbsp;&nbsp; 9955 |
| Interest and dividends | &nbsp;&nbsp; 2783415 |
| Receivable from investment adviser | &nbsp;&nbsp; 21369 |
| Other assets | &nbsp;&nbsp; 1445 |
| Total assets | &nbsp;&nbsp; $334561819 |
| **Liabilities** |  |
| Payables for |  |
| Net daily variation margin on open cleared swap agreements | &nbsp;&nbsp; $14412 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 2557678 |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; 154142 |
| TBA purchase commitments | &nbsp;&nbsp; 547001 |
| Fund shares reacquired | &nbsp;&nbsp; 272942 |
| Written options (premiums received, $49,526) | &nbsp;&nbsp; 1481 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 272 |
| Shareholder servicing costs | &nbsp;&nbsp; 60 |
| Distribution and/or service fees | &nbsp;&nbsp; 4173 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 42 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 6680 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 116266 |
| Total liabilities | &nbsp;&nbsp; $3675149 |
| Net assets | &nbsp;&nbsp; $330886670 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $261024714 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 69861956 |
| Net assets | &nbsp;&nbsp; $330886670 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 23290779 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $27228918 | &nbsp;&nbsp;&nbsp; 1874491 | &nbsp;&nbsp;&nbsp; $14.53 |
| Service Class | &nbsp;&nbsp;&nbsp; 303657752 | &nbsp;&nbsp;&nbsp; 21416288 | &nbsp;&nbsp;&nbsp;&nbsp;14.18 |

---

**See Notes to Financial Statements**

------

MFS Global Tactical Allocation Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $9286778 |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; 3765050 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 542663 |
| Other | &nbsp;&nbsp; 944 |
| Income on securities loaned | &nbsp;&nbsp; 586 |
| Foreign taxes withheld | &nbsp;&nbsp; (186130)<br>|
| Total investment income | &nbsp;&nbsp; $13409891 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $2514543 |
| Distribution and/or service fees | &nbsp;&nbsp; 780645 |
| Shareholder servicing costs | &nbsp;&nbsp; 10055 |
| Administrative services fee | &nbsp;&nbsp; 54619 |
| Independent Trustees' compensation | &nbsp;&nbsp; 9029 |
| Custodian fee | &nbsp;&nbsp; 133670 |
| Shareholder communications | &nbsp;&nbsp; 13091 |
| Audit and tax fees | &nbsp;&nbsp; 103365 |
| Legal fees | &nbsp;&nbsp; 2467 |
| Miscellaneous | &nbsp;&nbsp; 151286 |
| Total expenses | &nbsp;&nbsp; $3772770 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (360268)<br>|
| Net expenses | &nbsp;&nbsp; $3412502 |
| Net investment income (loss) | &nbsp;&nbsp; $9997389 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers (includes $3,152 foreign capital gains tax) | &nbsp;&nbsp; $10795048 |
| Affiliated issuers | &nbsp;&nbsp; (829)<br>|
| Written options | &nbsp;&nbsp; 243485 |
| Futures contracts | &nbsp;&nbsp; 11363281 |
| Swap agreements | &nbsp;&nbsp; 1937051 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (1955423)<br>|
| Foreign currency | &nbsp;&nbsp; (1136398)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $21246215 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $6,619 increase in deferred foreign capital gains tax) | &nbsp;&nbsp; $18568531 |
| Affiliated issuers | &nbsp;&nbsp; 658 |
| Written options | &nbsp;&nbsp; (160146)<br>|
| Futures contracts | &nbsp;&nbsp; 305617 |
| Swap agreements | &nbsp;&nbsp; (294263)<br>|
| Forward foreign currency exchange contracts  | &nbsp;&nbsp; (1580535)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 126028 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $16965890 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $38212105 |
| Change in net assets from operations | &nbsp;&nbsp; $48209494 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $9997389 | &nbsp;&nbsp; $11400890 |
| Net realized gain (loss) | 21246215 | &nbsp;&nbsp; 20694900 |
| Net unrealized gain (loss) | 16965890 | &nbsp;&nbsp; (14379500)<br>|
| Change in net assets from operations | $48209494 | &nbsp;&nbsp; $17716290 |
| Total distributions to shareholders | $(37217095)<br>| &nbsp;&nbsp; $(3880033)<br>|
| Change in net assets from fund share transactions | $(22562343)<br>| &nbsp;&nbsp; $(56054153)<br>|
| Total change in net assets | $(11569944)<br>| &nbsp;&nbsp; $(42217896)<br>|
| **Net assets** |  |  |
| At beginning of period | 342456614 | &nbsp;&nbsp; 384674510 |
| At end of period | $330886670 | &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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $14.13 | &nbsp;&nbsp; $13.63 | &nbsp;&nbsp; $12.98 | &nbsp;&nbsp; $15.35 | &nbsp;&nbsp; $15.79 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.47 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.25 |
| Net realized and unrealized gain (loss) | 1.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Total from investment operations | $2.12 | &nbsp;&nbsp; $0.68 | &nbsp;&nbsp; $1.21 | &nbsp;&nbsp; $(1.12)<br>| &nbsp;&nbsp; $0.44 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.94)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.16)<br>|
| From net realized gain | (0.78)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.72)<br>|
| Total distributions declared to shareholders | $(1.72)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $(1.25)<br>| &nbsp;&nbsp; $(0.88)<br>|
| Net asset value, end of period (x) | $14.53 | &nbsp;&nbsp; $14.13 | &nbsp;&nbsp; $13.63 | &nbsp;&nbsp; $12.98 | &nbsp;&nbsp; $15.35 |
| Total return (%) (k)(r)(s)(x) | 15.48 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.63 | &nbsp;&nbsp; (7.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.79 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Expenses after expense reductions | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net investment income (loss) | 3.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Portfolio turnover rate | 95 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 132 |
| Net assets at end of period (000 omitted) | $27229 | &nbsp;&nbsp; $26922 | &nbsp;&nbsp; $32096 | &nbsp;&nbsp; $32846 | &nbsp;&nbsp; $39123 |
| **Supplemental Ratios (%):** |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and excluding <br> 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 |

---

**See Notes to Financial Statements**

------

MFS Global Tactical Allocation Portfolio

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $13.82 | &nbsp;&nbsp; $13.34 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $15.05 | &nbsp;&nbsp; $15.49 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.42 | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $0.37 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.21 |
| Net realized and unrealized gain (loss) | 1.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Total from investment operations | $2.04 | &nbsp;&nbsp; $0.62 | &nbsp;&nbsp; $1.15 | &nbsp;&nbsp; $(1.13)<br>| &nbsp;&nbsp; $0.40 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.90)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.12)<br>|
| From net realized gain | (0.78)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.72)<br>|
| Total distributions declared to shareholders | $(1.68)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.52)<br>| &nbsp;&nbsp; $(1.21)<br>| &nbsp;&nbsp; $(0.84)<br>|
| Net asset value, end of period (x) | $14.18 | &nbsp;&nbsp; $13.82 | &nbsp;&nbsp; $13.34 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $15.05 |
| Total return (%) (k)(r)(s)(x) | 15.21 | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp; (7.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.58 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Expenses after expense reductions | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Net investment income (loss) | 2.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Portfolio turnover rate | 95 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 132 |
| Net assets at end of period (000 omitted) | $303658 | &nbsp;&nbsp; $315535 | &nbsp;&nbsp; $352578 | &nbsp;&nbsp; $377941 | &nbsp;&nbsp; $483621 |
| **Supplemental Ratios (%):** |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and excluding <br> 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;&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;(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**

**(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.

**Segment Reporting** — 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 - 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 December 31, 2025 in valuing the fund's assets and liabilities:

------

MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $60184808 | $— | $— | $60184808 |
| United Kingdom | 2867898 | 8939109 |  | 11807007 |
| France | 750154 | 8887194 |  | 9637348 |
| Japan | 5426861 | 3357162 |  | 8784023 |
| Switzerland |  | 6288076 |  | 6288076 |
| China | 1031210 | 1662938 |  | 2694148 |
| Netherlands | 183964 | 2460950 |  | 2644914 |
| Germany | 2334811 |  |  | 2334811 |
| Canada | 2192182 |  |  | 2192182 |
| Other Countries | 4410824 | 5911235 | 0 | 10322059 |
| U.S. Treasury Bonds & U.S. Government <br> Agencies & Equivalents<br>|  | 8336994 |  | 8336994 |
| Non - U.S. Sovereign Debt |  | 94107570 |  | 94107570 |
| Municipal Bonds |  | 1770692 |  | 1770692 |
| U.S. Corporate Bonds |  | 33458209 |  | 33458209 |
| Residential Mortgage-Backed Securities |  | 23240040 |  | 23240040 |
| Commercial Mortgage-Backed Securities |  | 4498696 |  | 4498696 |
| Asset-Backed Securities (including CDOs) |  | 4315155 |  | 4315155 |
| Foreign Bonds |  | 30087139 |  | 30087139 |
| Purchased Options |  | 172468 |  | 172468 |
| Investment Companies | 9458239 |  |  | 9458239 |
| Total | $88840951 | $237493627 | $0 | $326334578 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts – Assets | $1131376 | $464842 | $— | $1596218 |
| Futures Contracts – Liabilities | (462434)<br>| (214090)<br>|  | (676524)<br>|
| Forward Foreign Currency Exchange <br> Contracts – Assets<br>|  | 3786925 |  | 3786925 |
| Forward Foreign Currency Exchange <br> Contracts – Liabilities<br>|  | (2557678)<br>|  | (2557678)<br>|
| Swap Agreements – Assets |  | 256399 |  | 256399 |
| Swap Agreements – Liabilities |  | (271436)<br>|  | (271436)<br>|
| Written Options - Liabilities |  | (1481)<br>|  | (1481)<br>|

---

For further information regarding security characteristics, see the Portfolio of Investments. At December 31, 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 - 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 December 31, 2025 as reported in the Statement of Assets and Liabilities:

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| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value (a)** | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Credit | Written Option Contracts | $— | $(1481) |
| Equity | Purchased Option Contracts | 168269 |  |
| Credit | Purchased Option Contracts | 4199 |  |
| Equity | Futures Contracts | 1179186 | (451553) |
| Interest Rate | Futures Contracts | 417032 | (224971) |
| Foreign Exchange | Forward Foreign Currency Exchange Contracts | 3786925 | (2557678) |
| Interest Rate | Cleared Swap Agreements | 256399 | (271436) |
| Total |  | $5812010 | $(3507119) |

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(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 year ended December 31, 2025 as reported in the Statement of Operations:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | $2717239 | &nbsp;&nbsp; $1922130 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (1955423)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Equity | 8646042 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (26611)<br>| &nbsp;&nbsp; 222591 |
| Credit |  | &nbsp;&nbsp; 14921 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1085081)<br>| &nbsp;&nbsp; 20894 |
| Total | $11363281 | &nbsp;&nbsp; $1937051 | &nbsp;&nbsp; $(1955423)<br>| &nbsp;&nbsp; $(1111692)<br>| &nbsp;&nbsp; $243485 |

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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 year ended December 31, 2025 as reported in the Statement of Operations:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | $(16670)<br>| &nbsp;&nbsp; $(295016)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (1580535)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Equity | 322287 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 410935 | &nbsp;&nbsp; (208191)<br>|
| Credit |  | &nbsp;&nbsp; 753 | &nbsp;&nbsp; — | &nbsp;&nbsp; (82562)<br>| &nbsp;&nbsp; 48045 |
| Total | $305617 | &nbsp;&nbsp; $(294263)<br>| &nbsp;&nbsp; $(1580535)<br>| &nbsp;&nbsp; $328373 | &nbsp;&nbsp; $(160146)<br>|

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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 - 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 December 31, 2025:

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| | | |
|:---|:---|:---|
| **Gross Amounts of:** | **Derivative Assets** | **Derivative Liabilities** |
| Futures Contracts (a) | $32420 | $(154142) |
| Cleared Swap Agreements (a) |  | (14412) |
| Forward Foreign Currency Exchange Contracts | 3786925 | (2557678) |
| Purchased Options (a) | 172468 |  |
| Written Options |  | (1481) |
| Total Gross Amount of Derivative Assets <br>and Liabilities Presented in the <br>Statement of Assets & Liabilities<br>| $3991813 | $(2727713) |
| Less: Derivative Assets and Liabilities Not Subject <br>to a Master Netting Agreement or <br>Similar Arrangement<br>| 1526912 | (1203177) |
| Total Gross Amount of Derivative Assets and <br>Liabilities Subject to a Master Netting Agreement or <br>Similar Arrangement<br>| $2464901 | $(1524536) |

---

(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 December 31, 2025:

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MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements - 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 | $187020 | $(157004) | $— | $— | $30016 |
| BNP Paribas | 4199 | (1481) |  |  | 2718 |
| Citibank N.A. | 224437 | (224437) |  |  |  |
| Deutsche Bank AG | 1359196 | (29432) |  | (1250000) | 79764 |
| Goldman Sachs International | 119035 | (42752) |  | (76283) |  |
| JPMorgan Chase Bank N.A. | 310012 | (310012) |  |  |  |
| Merrill Lynch International | 63274 | (63274) |  |  |  |
| Morgan Stanley Capital Services, Inc. | 197728 | (18510) |  |  | 179218 |
| Total | $2464901 | $(846902) | $— | $(1326283) | $291716 |

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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 December 31, 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 | $(157004) | $157004 | $— | $— | $— |
| BNP Paribas | (1481) | 1481 |  |  |  |
| Citibank N.A. | (358294) | 224437 |  |  | (133857) |
| Deutsche Bank AG | (29432) | 29432 |  |  |  |
| Goldman Sachs International | (42752) | 42752 |  |  |  |
| JPMorgan Chase Bank N.A. | (789600) | 310012 |  | 290000 | (189588) |
| Merrill Lynch International | (127463) | 63274 |  |  | (64189) |
| Morgan Stanley Capital Services, Inc. | (18510) | 18510 |  |  |  |
| Total | $(1524536) | $846902 | $— | $290000 | $(387634) |

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(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.

A written swaption represents an option that if exercised by the buyer, obligates the fund as option writer to enter into a pre-defined interest rate or credit default swap agreement with the counterparty at a specified rate at a specified date or within a specified period of time. The fund enters into swaptions primarily to preserve a return or spread on a particular investment or portion of the fund's investments, to adjust the fund's sensitivity to underlying risk factors or to protect against an increase or decrease in the price of securities.

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MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements - continued* 

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 call option is exercised, the premium received is offset against the proceeds to determine the realized gain or loss. When a written put option is exercised, the premium reduces the cost basis of the security purchased by the fund.

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 buy and 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.

A purchased swaption represents an option that gives the fund as purchaser the right, but not the obligation, to enter into a pre-defined interest rate or credit default swap agreement with the counterparty at a specified rate at a specified date or within a specified period of time. The fund enters into swaptions primarily to preserve a return or spread on a particular investment or portion of the fund's investments, to adjust the fund's sensitivity to underlying risk factors or to protect against an increase or decrease in the price of securities.

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.

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MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements - continued* 

**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 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

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MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements - continued* 

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 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 December 31, 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.

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MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements - continued* 

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.

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.

------

MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements - continued* 

Book/tax differences primarily relate to amortization of premium and accretion of discount of debt securities, passive foreign investment companies, wash sale loss deferrals, straddle loss deferrals, and derivative transactions.

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $25262034 | &nbsp;&nbsp; $3880033 |
| Long-term capital gains | &nbsp;&nbsp; 11955061 |  |
| Total distributions | &nbsp;&nbsp; $37217095 | &nbsp;&nbsp; $3880033 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $289468204 |
| Gross appreciation | &nbsp;&nbsp; 46324415 |
| Gross depreciation | &nbsp;&nbsp; (7325618)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $38998797 |
| Undistributed ordinary income | &nbsp;&nbsp; 19633806 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 11218218 |
| Other temporary differences | &nbsp;&nbsp; 11135 |
| Total distributable earnings (loss) | &nbsp;&nbsp; $69861956 |

---

**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:

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $2914035 | &nbsp;&nbsp; $373232 |
| Service Class | 34303060 | &nbsp;&nbsp; 3506801 |
| Total | $37217095 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $46,993, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 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 as interest expenses on cash collateral held at the brokers), 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

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MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements - continued* 

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 year ended December 31, 2025, this reduction amounted to $313,275, 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 year ended December 31, 2025, the fee was $9,782, 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 year ended December 31, 2025, these costs amounted to $273.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0161% 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 year ended December 31, 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 year ended December 31, 2025, purchases and sales of investments, other than short-term obligations and purchased options with an expiration date of less than one year from the time of purchase, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $58676044 | &nbsp;&nbsp; $59175495 |
| Non-U.S. Government securities | 248182400 | &nbsp;&nbsp; 290819391 |

---

**(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:

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MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 111468 | &nbsp;&nbsp; $1604247 | &nbsp;&nbsp; 55209 | &nbsp;&nbsp; $780365 |
| Service Class | 415913 | &nbsp;&nbsp; 5960013 | &nbsp;&nbsp; 410517 | &nbsp;&nbsp; 5677373 |
|  | 527381 | &nbsp;&nbsp; $7564260 | &nbsp;&nbsp; 465726 | &nbsp;&nbsp; $6457738 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 208443 | &nbsp;&nbsp; $2914035 | &nbsp;&nbsp; 26100 | &nbsp;&nbsp; $373232 |
| Service Class | 2511205 | &nbsp;&nbsp; 34303060 | &nbsp;&nbsp; 250486 | &nbsp;&nbsp; 3506801 |
|  | 2719648 | &nbsp;&nbsp; $37217095 | &nbsp;&nbsp; 276586 | &nbsp;&nbsp; $3880033 |
| Shares reacquired |  |  |  |  |
| Initial Class | (351172)<br>| &nbsp;&nbsp; $(5170537)<br>| &nbsp;&nbsp; (530651)<br>| &nbsp;&nbsp; $(7485591)<br>|
| Service Class | (4339997)<br>| &nbsp;&nbsp; (62173161)<br>| &nbsp;&nbsp; (4270750)<br>| &nbsp;&nbsp; (58906333)<br>|
|  | (4691169)<br>| &nbsp;&nbsp; $(67343698)<br>| &nbsp;&nbsp; (4801401)<br>| &nbsp;&nbsp; $(66391924)<br>|
| Net change |  |  |  |  |
| Initial Class | (31261)<br>| &nbsp;&nbsp; $(652255)<br>| &nbsp;&nbsp; (449342)<br>| &nbsp;&nbsp; $(6331994)<br>|
| Service Class | (1412879)<br>| &nbsp;&nbsp; (21910088)<br>| &nbsp;&nbsp; (3609747)<br>| &nbsp;&nbsp; (49722159)<br>|
|  | (1444140)<br>| &nbsp;&nbsp; $(22562343)<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 year ended December 31, 2025, the fund's commitment fee and interest expense were $1,608 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. The following were affiliated issuers for the year ended December 31, 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; $200258641 | &nbsp;&nbsp; $198173781 | &nbsp;&nbsp; $(829)<br>| &nbsp;&nbsp; $658 | &nbsp;&nbsp; $9458239 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $542663 | $— |

---

------

MFS Global Tactical Allocation Portfolio

*Notes to Financial Statements - continued* 

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

**(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.

------

MFS Global Tactical Allocation Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS Global Tactical Allocation Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Global Tactical Allocation Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Global Tactical Allocation Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $13,151,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 5.87% of the ordinary income dividends paid during the fiscal year qualify for the corporate dividends received deduction.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

------

**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.**

------

MFS Global Tactical Allocation Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Global Tactical Allocation Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 4th quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 5th quintile for the one-year period and the 1st quintile for the three-year period ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

The Trustees expressed continued concern to MFS about the substandard investment performance of the Fund. In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year, as to MFS' efforts to improve the Fund's performance. In addition, the Trustees requested that they receive a separate update on the Fund's performance at each of their regular meetings. After reviewing these and related factors, the Trustees concluded, within the context

------

MFS Global Tactical Allocation Portfolio

*Board Review of Investment Advisory Agreement - continued*

of their overall conclusions regarding the investment advisory agreement, that MFS' responses and efforts and plans to improve investment performance were sufficient to support approval of the continuance of the investment advisory agreement for an additional one-year period, but that they would continue to closely monitor the performance of the Fund.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was higher than the Broadridge expense group median and the Fund's total expense ratio was approximately at the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $300 million and $2.5 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS Government Securities Portfolio

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

MFS Government Securities Portfolio

**Portfolio of Investments - 12/31/25** 

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 – 86.4% | Bonds – 86.4% | Bonds – 86.4% |
| Asset-Backed & Securitized – 5.7% | Asset-Backed & Securitized – 5.7% | Asset-Backed & Securitized – 5.7% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", 0.993%, 11/15/2054 (i) | $3509805 | &nbsp;&nbsp; $124177 |
| ACREC 2021-FL1 Ltd., "AS", FLR, 5.348% ((SOFR - 1mo. + 0.11448%) + 1.5%), 10/16/2036 (n) | 1293000 | &nbsp;&nbsp; 1293525 |
| Alinea CLO Ltd., 2018-1A, "AR", FLR, 4.784% (SOFR - 3mo. + 0.9%), 7/20/2031 (n) | 14873 | &nbsp;&nbsp; 14873 |
| AREIT 2022-CRE6 Trust, "AS", FLR, 5.586% (SOFR - 30 day + 1.65%), 1/20/2037 (n) | 1405000 | &nbsp;&nbsp; 1399715 |
| ARI Fleet Lease Trust, 2023-B, "A2", 6.05%, 7/15/2032 (n) | 83690 | &nbsp;&nbsp; 84329 |
| ARI Fleet Lease Trust, 2025-A, "A2", 4.38%, 1/17/2034 (n) | 258831 | &nbsp;&nbsp; 259678 |
| Babson CLO Ltd., 2021-3A, "B1R", FLR, 5.514% (SOFR - 3mo. + 1.63%), 1/18/2035 (n) | 800000 | &nbsp;&nbsp; 801494 |
| BBCMS Mortgage Trust, 2021-C10, "XA", 1.207%, 7/15/2054 (i) | 3346811 | &nbsp;&nbsp; 161491 |
| BBCMS Mortgage Trust, 2021-C9, "XA", 1.553%, 2/15/2054 (i) | 2260083 | &nbsp;&nbsp; 139476 |
| BBCMS Mortgage Trust, 2022-C18, "XA", 0.479%, 12/15/2055 (i) | 3401390 | &nbsp;&nbsp; 112269 |
| BDS 2024-FL13 Ltd., "A", FLR, 5.307% (SOFR - 1mo. + 1.5762%), 9/19/2039 (n) | 220000 | &nbsp;&nbsp; 220459 |
| Benchmark 2021-B23 Mortgage Trust, "XA", 1.255%, 2/15/2054 (i) | 7498542 | &nbsp;&nbsp; 340198 |
| Benchmark 2021-B24 Mortgage Trust, "XA", 1.129%, 3/15/2054 (i) | 4460476 | &nbsp;&nbsp; 178663 |
| Benchmark 2021-B26 Mortgage Trust, "XA", 0.844%, 6/15/2054 (i) | 6268842 | &nbsp;&nbsp; 199549 |
| Benchmark 2021-B27 Mortgage Trust, "XA", 1.232%, 7/15/2054 (i) | 5613406 | &nbsp;&nbsp; 261645 |
| Benchmark 2021-B28 Mortgage Trust, "XA", 1.237%, 8/15/2054 (i) | 6566408 | &nbsp;&nbsp; 318636 |
| Benchmark 2021-B29 Mortgage Trust, "XA", 1.012%, 9/15/2054 (i) | 7447156 | &nbsp;&nbsp; 257548 |
| Bridgecrest Lending Auto Securitization Trust, 2025-1, "A2", 4.71%, 9/15/2027  | 98979 | &nbsp;&nbsp; 99016 |
| Business Jet Securities LLC, 2024-1A, "A", 6.197%, 5/15/2039 (n) | 139095 | &nbsp;&nbsp; 142352 |
| BXMT 2021-FL4 Ltd., "AS", FLR, 5.15% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n) | 1344000 | &nbsp;&nbsp; 1336574 |
| Chesapeake Funding II LLC, 2023-2A, "A2", FLR, 5.083% (SOFR - 30 day + 1.1%), 10/15/2035 (n) | 215546 | &nbsp;&nbsp; 216427 |
| Citigroup Commercial Mortgage Trust, 2019-XA, "C7", 0.816%, 12/15/2072 (i)(n) | 3956936 | &nbsp;&nbsp; 112306 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN31, "XA", 1.279%, 2/15/2054 (i) | 5646379 | &nbsp;&nbsp; 286253 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN32, "XA", 0.758%, 4/15/2054 (i) | 3271703 | &nbsp;&nbsp; 92579 |
| Commercial Mortgage Pass-Through Certificates, 2024-CBM, "A2", 5.867%, 12/10/2041 (n) | 187919 | &nbsp;&nbsp; 191285 |
| EQT Trust, 2024-EXTR, "B", 5.654%, 7/05/2041 (n) | 213086 | &nbsp;&nbsp; 217532 |
| LoanCore 2021-CRE5 Ltd., "AS", FLR, 5.614% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n) | 631346 | &nbsp;&nbsp; 630640 |
| MF1 2021-FL7 Ltd., "A", FLR, 4.928% ((SOFR - 1mo. + 0.11448%) + 1.08%), 10/16/2036 (n) | 319579 | &nbsp;&nbsp; 319479 |
| Morgan Stanley Capital I Trust, 2018-H4, "XA", 0.799%, 12/15/2051 (i) | 5402737 | &nbsp;&nbsp; 107004 |
| Morgan Stanley Capital I Trust, 2021-L5, "XA", 1.261%, 5/15/2054 (i) | 2809493 | &nbsp;&nbsp; 122821 |
| Morgan Stanley Capital I Trust, 2021-L6, "XA", 1.141%, 6/15/2054 (i) | 3261905 | &nbsp;&nbsp; 120653 |
| Morgan Stanley Capital I Trust, 2021-L7, "XA", 1.072%, 10/15/2054 (i) | 13149067 | &nbsp;&nbsp; 512042 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM3, "A1", 5.044%, 7/25/2069 (n) | 210563 | &nbsp;&nbsp; 210417 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM3, "A1", 5.53%, 5/25/2070 (n) | 338342 | &nbsp;&nbsp; 340718 |
| OBX Trust, 2024-NQM1, "A2", 6.253%, 11/25/2063 (n) | 59897 | &nbsp;&nbsp; 60268 |
| OBX Trust, 2025-NQM8, "A1", 5.472%, 3/25/2065 (n) | 288379 | &nbsp;&nbsp; 290800 |
| Palmer Square Loan Funding 2025-2A Ltd., "A2", FLR, 5.687% (SOFR - 3mo. + 1.4%), 7/15/2033 (n) | 1125000 | &nbsp;&nbsp; 1124229 |
| PFS Financing Corp., 2023-C, "B", 5.91%, 10/15/2028 (n) | 177000 | &nbsp;&nbsp; 178988 |
| PMT Loan Trust, 2025-INV10, "A36", FLR, 5.224% (SOFR - 1mo. + 1.35%), 10/01/2056 (n) | 336164 | &nbsp;&nbsp; 336106 |
| Provident Funding Mortgage Trust, 2024-1, "A3", 5.5%, 12/25/2054 (n) | 335638 | &nbsp;&nbsp; 337378 |
| RCKT Trust, 2025-1A,"A", 4.9%, 7/25/2034 (n) | 148938 | &nbsp;&nbsp; 149344 |
| ReadyCap Commercial Mortgage Trust, 2021-FL7, "A", FLR, 5.046% ((SOFR - 1mo. + 0.11448%) + 1.2%), 11/25/2036 (n) | 73211 | &nbsp;&nbsp; 73193 |
| ReadyCap Commercial Mortgage Trust, 2021-FL7, "AS", FLR, 5.346% ((SOFR - 1mo. + 0.11448%) + 1.5%), 11/25/2036 (n) | 206000 | &nbsp;&nbsp; 206006 |
| SBNA Auto Receivables Trust, 2025-SF1, "B", 5.12%, 3/17/2031 (n) | 40401 | &nbsp;&nbsp; 40426 |
| Shackleton 2019-14A CLO Ltd., "BRR", FLR, 5.434% (SOFR - 3mo. + 1.55%), 7/20/2034 (n) | 880478 | &nbsp;&nbsp; 880449 |
| Verus Securitization Trust, 2024-1, "A2", 5.915%, 1/25/2069 (n) | 129703 | &nbsp;&nbsp; 130245 |
| Wells Fargo Commercial Mortgage Trust, 2018-C48, "XA", 0.928%, 1/15/2052 (i)(n) | 3036000 | &nbsp;&nbsp; 66160 |
| Wells Fargo Commercial Mortgage Trust, 2021-C60, "XA", 1.492%, 8/15/2054 (i) | 1277966 | &nbsp;&nbsp; 76619 |
|  |  | &nbsp;&nbsp; $15176034 |

---

GSSFS-ANN

------

MFS Government Securities Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Consumer Services – 0.2% | Consumer Services – 0.2% | Consumer Services – 0.2% |
| Conservation Fund, 3.474%, 12/15/2029  | $563000 | &nbsp;&nbsp; $540012 |
| Mortgage-Backed – 49.8% | Mortgage-Backed – 49.8% |  |
| Fannie Mae, 3%, 11/01/2028 - 9/01/2046  | $1347620 | &nbsp;&nbsp; $1271166 |
| Fannie Mae, 6.5%, 9/01/2031 - 10/01/2037  | 157545 | &nbsp;&nbsp; 165170 |
| Fannie Mae, 2.5%, 11/01/2031 - 10/01/2046  | 492618 | &nbsp;&nbsp; 457117 |
| Fannie Mae, 3.5%, 12/25/2031 - 2/25/2036 (i) | 140313 | &nbsp;&nbsp; 9707 |
| Fannie Mae, 3%, 2/25/2033 (i) | 179860 | &nbsp;&nbsp; 12114 |
| Fannie Mae, 5.5%, 10/01/2033 - 5/01/2054  | 2092872 | &nbsp;&nbsp; 2173260 |
| Fannie Mae, 5%, 11/01/2033 - 3/01/2041  | 1376173 | &nbsp;&nbsp; 1408814 |
| Fannie Mae, 4.5%, 3/01/2034 - 11/25/2042  | 1362439 | &nbsp;&nbsp; 1366603 |
| Fannie Mae, 6%, 8/01/2034 - 7/01/2037  | 207839 | &nbsp;&nbsp; 218381 |
| Fannie Mae, 3.5%, 4/01/2038 - 7/01/2046  | 2454927 | &nbsp;&nbsp; 2345421 |
| Fannie Mae, 4%, 9/01/2040 - 2/01/2045  | 5155069 | &nbsp;&nbsp; 5036426 |
| Fannie Mae, 4.338%, 3/25/2041  | 36316 | &nbsp;&nbsp; 36171 |
| Fannie Mae, 4.488%, 7/25/2041 - 12/25/2049  | 738338 | &nbsp;&nbsp; 728742 |
| Fannie Mae, 2.75%, 9/25/2042  | 149605 | &nbsp;&nbsp; 145534 |
| Fannie Mae, 2%, 8/25/2044 - 4/25/2046  | 324344 | &nbsp;&nbsp; 304374 |
| Fannie Mae, 4.288%, 12/25/2045  | 72922 | &nbsp;&nbsp; 71956 |
| Fannie Mae, 2.011%, 9/25/2046 (i) | 212024 | &nbsp;&nbsp; 23385 |
| Fannie Mae, 4.438%, 11/25/2046  | 765942 | &nbsp;&nbsp; 760113 |
| Fannie Mae, 4%, 9/25/2050 (i) | 386667 | &nbsp;&nbsp; 74846 |
| Fannie Mae, 2.5%, 2/25/2051 (i) | 240336 | &nbsp;&nbsp; 34659 |
| Fannie Mae, 4.574%, 9/25/2052  | 1730049 | &nbsp;&nbsp; 1701378 |
| Fannie Mae, 5.324%, 11/25/2053  | 541880 | &nbsp;&nbsp; 549011 |
| Fannie Mae, 4.774%, 12/25/2053  | 690082 | &nbsp;&nbsp; 692299 |
| Fannie Mae, 6.874%, 7/25/2054  | 398478 | &nbsp;&nbsp; 413624 |
| Fannie Mae, 5.024%, 10/25/2054  | 441850 | &nbsp;&nbsp; 443174 |
| Fannie Mae, 5.274%, 12/25/2054  | 522007 | &nbsp;&nbsp; 525946 |
| Fannie Mae, 6.314%, 3/25/2055  | 567154 | &nbsp;&nbsp; 567954 |
| Fannie Mae, UMBS, 5%, 6/01/2038 - 10/01/2053  | 1375185 | &nbsp;&nbsp; 1378109 |
| Fannie Mae, UMBS, 1.5%, 2/01/2042  | 54930 | &nbsp;&nbsp; 46297 |
| Fannie Mae, UMBS, 2%, 2/01/2042 - 3/01/2052  | 6373960 | &nbsp;&nbsp; 5240567 |
| Fannie Mae, UMBS, 2.5%, 3/01/2042 - 5/01/2053  | 15095689 | &nbsp;&nbsp; 12953523 |
| Fannie Mae, UMBS, 3%, 5/01/2051 - 7/01/2052  | 3102228 | &nbsp;&nbsp; 2770390 |
| Fannie Mae, UMBS, 4%, 8/01/2051  | 393429 | &nbsp;&nbsp; 380016 |
| Fannie Mae, UMBS, 4.5%, 8/01/2052 - 9/01/2052  | 483769 | &nbsp;&nbsp; 475058 |
| Fannie Mae, UMBS, 6%, 6/01/2053 - 10/01/2054  | 4313685 | &nbsp;&nbsp; 4436284 |
| Fannie Mae, UMBS, 6.5%, 8/01/2053 - 7/01/2054  | 543059 | &nbsp;&nbsp; 564187 |
| Fannie Mae, UMBS, 5.5%, 9/01/2054  | 1019542 | &nbsp;&nbsp; 1034337 |
| Freddie Mac, 2.745%, 1/25/2026  | 158342 | &nbsp;&nbsp; 157932 |
| Freddie Mac, 2.57%, 7/25/2026  | 3928898 | &nbsp;&nbsp; 3900849 |
| Freddie Mac, 3.12%, 9/25/2026  | 1711015 | &nbsp;&nbsp; 1700441 |
| Freddie Mac, 2.525%, 10/25/2026  | 291560 | &nbsp;&nbsp; 288671 |
| Freddie Mac, 2.797%, 12/25/2026  | 92569 | &nbsp;&nbsp; 92195 |
| Freddie Mac, 3.413%, 12/25/2026  | 2288229 | &nbsp;&nbsp; 2277237 |
| Freddie Mac, 1.372%, 3/25/2027 (i) | 1030000 | &nbsp;&nbsp; 14960 |
| Freddie Mac, 3.243%, 4/25/2027  | 1379961 | &nbsp;&nbsp; 1369772 |
| Freddie Mac, 3.117%, 6/25/2027  | 2875686 | &nbsp;&nbsp; 2848979 |
| Freddie Mac, 0.561%, 7/25/2027 (i) | 27823805 | &nbsp;&nbsp; 192324 |
| Freddie Mac, 0.404%, 8/25/2027 (i) | 22622000 | &nbsp;&nbsp; 136689 |
| Freddie Mac, 3.286%, 11/25/2027  | 958543 | &nbsp;&nbsp; 948930 |
| Freddie Mac, 0.362%, 12/25/2027 (i) | 179189 | &nbsp;&nbsp; 1152 |
| Freddie Mac, 1.603%, 12/25/2027  | 1146334 | &nbsp;&nbsp; 1101252 |
| Freddie Mac, 0.293%, 1/25/2028 (i) | 38323237 | &nbsp;&nbsp; 213706 |
| Freddie Mac, 0.3%, 1/25/2028 (i) | 16057699 | &nbsp;&nbsp; 90223 |
| Freddie Mac, 0.128%, 2/25/2028 - 8/25/2033 (i) | 57035045 | &nbsp;&nbsp; 262726 |

---

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MFS Government Securities Portfolio

*Portfolio of Investments – continued*

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| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Mortgage-Backed – continued | Mortgage-Backed – continued |  |
| Freddie Mac, 0.114%, 4/25/2028 (i) | $30487160 | &nbsp;&nbsp; $88968 |
| Freddie Mac, 3.9%, 4/25/2028  | 255290 | &nbsp;&nbsp; 255563 |
| Freddie Mac, 0.413%, 5/25/2029 (i) | 5881758 | &nbsp;&nbsp; 79548 |
| Freddie Mac, 0.816%, 7/25/2029 (i) | 4437394 | &nbsp;&nbsp; 120435 |
| Freddie Mac, 1.082%, 7/25/2029 (i) | 4279807 | &nbsp;&nbsp; 144366 |
| Freddie Mac, 1.135%, 8/25/2029 (i) | 7470124 | &nbsp;&nbsp; 261839 |
| Freddie Mac, 0.57%, 1/25/2030 (i) | 2606303 | &nbsp;&nbsp; 55843 |
| Freddie Mac, 1.314%, 1/25/2030 (i) | 3596084 | &nbsp;&nbsp; 166196 |
| Freddie Mac, 1.797%, 4/25/2030 (i) | 1602831 | &nbsp;&nbsp; 108714 |
| Freddie Mac, 1.838%, 4/25/2030 (i) | 4034514 | &nbsp;&nbsp; 285339 |
| Freddie Mac, 1.666%, 5/25/2030 (i) | 2174913 | &nbsp;&nbsp; 142399 |
| Freddie Mac, 1.798%, 5/25/2030 (i) | 4905689 | &nbsp;&nbsp; 347987 |
| Freddie Mac, 4.361%, 5/25/2030  | 840136 | &nbsp;&nbsp; 849852 |
| Freddie Mac, 1.11%, 6/25/2030 (i) | 2713049 | &nbsp;&nbsp; 113891 |
| Freddie Mac, 1.341%, 6/25/2030 (i) | 1983331 | &nbsp;&nbsp; 105891 |
| Freddie Mac, 1.597%, 8/25/2030 (i) | 1814781 | &nbsp;&nbsp; 118258 |
| Freddie Mac, 1.168%, 9/25/2030 (i) | 1149690 | &nbsp;&nbsp; 56512 |
| Freddie Mac, 1.079%, 11/25/2030 (i) | 2249951 | &nbsp;&nbsp; 105887 |
| Freddie Mac, 0.32%, 1/25/2031 (i) | 8647516 | &nbsp;&nbsp; 108139 |
| Freddie Mac, 0.779%, 1/25/2031 (i) | 3359280 | &nbsp;&nbsp; 119499 |
| Freddie Mac, 0.935%, 1/25/2031 (i) | 2545825 | &nbsp;&nbsp; 106161 |
| Freddie Mac, 0.355%, 2/25/2031 (i) | 2806836 | &nbsp;&nbsp; 56706 |
| Freddie Mac, 0.509%, 3/25/2031 (i) | 6868565 | &nbsp;&nbsp; 148599 |
| Freddie Mac, 0.731%, 3/25/2031 (i) | 2967667 | &nbsp;&nbsp; 102470 |
| Freddie Mac, 1.214%, 5/25/2031 - 7/25/2031 (i) | 4662866 | &nbsp;&nbsp; 273466 |
| Freddie Mac, 0.937%, 7/25/2031 (i) | 1944368 | &nbsp;&nbsp; 91193 |
| Freddie Mac, 0.506%, 8/25/2031 (i) | 2455865 | &nbsp;&nbsp; 59679 |
| Freddie Mac, 0.536%, 9/25/2031 (i) | 8016720 | &nbsp;&nbsp; 218335 |
| Freddie Mac, 0.855%, 9/25/2031 (i) | 7432958 | &nbsp;&nbsp; 311798 |
| Freddie Mac, 0.349%, 11/25/2031 (i) | 11978818 | &nbsp;&nbsp; 220904 |
| Freddie Mac, 0.496%, 12/25/2031 (i) | 11887771 | &nbsp;&nbsp; 301361 |
| Freddie Mac, 0.567%, 12/25/2031 (i) | 1981491 | &nbsp;&nbsp; 55980 |
| Freddie Mac, 0.321%, 6/25/2032 (i) | 15889873 | &nbsp;&nbsp; 308562 |
| Freddie Mac, 6.5%, 8/01/2032 - 5/01/2037  | 94605 | &nbsp;&nbsp; 98910 |
| Freddie Mac, 4.448%, 10/15/2032  | 23655 | &nbsp;&nbsp; 23640 |
| Freddie Mac, 0.154%, 11/25/2032 (i) | 10140098 | &nbsp;&nbsp; 125537 |
| Freddie Mac, 0.266%, 5/25/2033 (i) | 2500000 | &nbsp;&nbsp; 51215 |
| Freddie Mac, 3.5%, 8/15/2033 - 10/25/2058  | 6609639 | &nbsp;&nbsp; 6342427 |
| Freddie Mac, 0.176%, 10/25/2033 (i) | 10455272 | &nbsp;&nbsp; 167815 |
| Freddie Mac, 5%, 5/01/2034 - 3/01/2055  | 1244104 | &nbsp;&nbsp; 1263233 |
| Freddie Mac, 6%, 8/01/2034 - 10/01/2038  | 768091 | &nbsp;&nbsp; 800401 |
| Freddie Mac, 0.905%, 9/25/2034 (i) | 1372219 | &nbsp;&nbsp; 93655 |
| Freddie Mac, 0.055%, 1/25/2035 (i) | 16586619 | &nbsp;&nbsp; 149222 |
| Freddie Mac, 0.246%, 1/25/2035 (i) | 6578625 | &nbsp;&nbsp; 149054 |
| Freddie Mac, 4.298%, 4/15/2035  | 14215 | &nbsp;&nbsp; 14127 |
| Freddie Mac, 5.5%, 8/01/2035 - 6/01/2041  | 505264 | &nbsp;&nbsp; 527970 |
| Freddie Mac, 5.5%, 2/15/2036 (i) | 52411 | &nbsp;&nbsp; 8060 |
| Freddie Mac, 4%, 8/01/2037 - 4/01/2044  | 547017 | &nbsp;&nbsp; 533943 |
| Freddie Mac, 3%, 1/01/2038 - 2/25/2059  | 3918916 | &nbsp;&nbsp; 3627519 |
| Freddie Mac, 4.798%, 5/15/2039  | 23658 | &nbsp;&nbsp; 23706 |
| Freddie Mac, 4.5%, 7/01/2040 - 7/01/2055  | 973971 | &nbsp;&nbsp; 968485 |
| Freddie Mac, 4.5%, 12/15/2040 (i) | 7602 | &nbsp;&nbsp; 705 |
| Freddie Mac, 1.75%, 8/15/2041  | 121405 | &nbsp;&nbsp; 115983 |
| Freddie Mac, 4.498%, 8/15/2046  | 36978 | &nbsp;&nbsp; 36628 |
| Freddie Mac, 2.5%, 3/25/2051 (i) | 689148 | &nbsp;&nbsp; 110395 |
| Freddie Mac, 4.694%, 9/25/2052  | 633890 | &nbsp;&nbsp; 626084 |
| Freddie Mac, 5.324%, 10/25/2053  | 60503 | &nbsp;&nbsp; 61299 |

---

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MFS Government Securities Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Mortgage-Backed – continued | Mortgage-Backed – continued |  |
| Freddie Mac, 6.104%, 12/25/2053  | $403079 | &nbsp;&nbsp; $404736 |
| Freddie Mac, 5.174%, 12/25/2054  | 530038 | &nbsp;&nbsp; 533171 |
| Freddie Mac, 6.324%, 1/25/2055  | 312002 | &nbsp;&nbsp; 315883 |
| Freddie Mac, 7.424%, 8/25/2055  | 11885 | &nbsp;&nbsp; 11899 |
| Freddie Mac, 7.824%, 9/25/2055  | 131614 | &nbsp;&nbsp; 137631 |
| Freddie Mac, 3.25%, 11/25/2061  | 630413 | &nbsp;&nbsp; 592584 |
| Freddie Mac, UMBS, 6.5%, 8/01/2032 - 11/01/2054  | 336223 | &nbsp;&nbsp; 350866 |
| Freddie Mac, UMBS, 2%, 2/01/2042 - 3/01/2052  | 7359071 | &nbsp;&nbsp; 6014338 |
| Freddie Mac, UMBS, 3.5%, 12/01/2046 - 5/01/2052  | 239649 | &nbsp;&nbsp; 224789 |
| Freddie Mac, UMBS, 3%, 7/01/2050 - 9/01/2053  | 3044284 | &nbsp;&nbsp; 2701809 |
| Freddie Mac, UMBS, 1.5%, 5/01/2051 - 10/01/2051  | 461859 | &nbsp;&nbsp; 356685 |
| Freddie Mac, UMBS, 2.5%, 7/01/2051 - 9/01/2052  | 1946469 | &nbsp;&nbsp; 1665458 |
| Freddie Mac, UMBS, 4%, 5/01/2052  | 583146 | &nbsp;&nbsp; 558850 |
| Freddie Mac, UMBS, 5%, 3/01/2053 - 8/01/2053  | 97766 | &nbsp;&nbsp; 97791 |
| Freddie Mac, UMBS, 5.5%, 4/01/2053 - 5/01/2053  | 289178 | &nbsp;&nbsp; 296920 |
| Freddie Mac, UMBS, 6%, 3/01/2054  | 186488 | &nbsp;&nbsp; 191630 |
| Ginnie Mae, 3.5%, 8/20/2029 - 1/20/2043 (i) | 789772 | &nbsp;&nbsp; 88586 |
| Ginnie Mae, 5.5%, 7/15/2033 - 2/20/2053  | 1790772 | &nbsp;&nbsp; 1829110 |
| Ginnie Mae, 5.656%, 8/20/2034  | 116241 | &nbsp;&nbsp; 118919 |
| Ginnie Mae, 4%, 5/16/2039 - 9/20/2055  | 826457 | &nbsp;&nbsp; 796248 |
| Ginnie Mae, 4.5%, 8/15/2039 - 11/20/2055  | 3277530 | &nbsp;&nbsp; 3242879 |
| Ginnie Mae, 4%, 12/20/2039 - 8/16/2042 (i) | 180925 | &nbsp;&nbsp; 25629 |
| Ginnie Mae, 1.551%, 5/20/2041 (i) | 362970 | &nbsp;&nbsp; 33953 |
| Ginnie Mae, 3.948%, 9/20/2041  | 916599 | &nbsp;&nbsp; 899541 |
| Ginnie Mae, 3.5%, 12/15/2041 - 6/20/2043  | 1598555 | &nbsp;&nbsp; 1501986 |
| Ginnie Mae, 2.5%, 6/20/2042 - 11/20/2051  | 3684805 | &nbsp;&nbsp; 3181176 |
| Ginnie Mae, 3%, 4/20/2045 - 10/20/2052  | 3754459 | &nbsp;&nbsp; 3401808 |
| Ginnie Mae, 4.148%, 10/20/2045  | 955542 | &nbsp;&nbsp; 935623 |
| Ginnie Mae, 4.298%, 7/20/2046  | 369024 | &nbsp;&nbsp; 363572 |
| Ginnie Mae, 2.301%, 4/20/2047 (i) | 63452 | &nbsp;&nbsp; 7772 |
| Ginnie Mae, 4.098%, 10/20/2047  | 72532 | &nbsp;&nbsp; 70553 |
| Ginnie Mae, 4.248%, 12/20/2048  | 806024 | &nbsp;&nbsp; 788674 |
| Ginnie Mae, 2.5%, 2/20/2051 (i) | 360928 | &nbsp;&nbsp; 49825 |
| Ginnie Mae, 2%, 3/20/2052  | 153889 | &nbsp;&nbsp; 127488 |
| Ginnie Mae, 5%, 1/20/2053 - 4/20/2053  | 1105805 | &nbsp;&nbsp; 1107400 |
| Ginnie Mae, 4.967%, 10/20/2054  | 526176 | &nbsp;&nbsp; 526792 |
| Ginnie Mae, 5.699%, 6/20/2055  | 571466 | &nbsp;&nbsp; 578553 |
| Ginnie Mae, 5.773%, 6/20/2055  | 505491 | &nbsp;&nbsp; 498348 |
| Ginnie Mae, 1.432%, 7/20/2055  | 1031916 | &nbsp;&nbsp; 48925 |
| Ginnie Mae, 6%, 11/20/2055  | 352500 | &nbsp;&nbsp; 364493 |
| Ginnie Mae, 2.142%, 12/20/2062 (i) | 552588 | &nbsp;&nbsp; 25158 |
| Ginnie Mae, 5.067%, 3/20/2064  | 135283 | &nbsp;&nbsp; 135668 |
| Ginnie Mae, 4.794%, 7/20/2064  | 65360 | &nbsp;&nbsp; 65491 |
| Ginnie Mae, 2.188%, 3/20/2066 (i) | 223050 | &nbsp;&nbsp; 5696 |
| Ginnie Mae, 4.864%, 10/20/2066  | 116296 | &nbsp;&nbsp; 116642 |
| Ginnie Mae, 4.884%, 10/20/2066  | 314327 | &nbsp;&nbsp; 315356 |
| Ginnie Mae, 5.249%, 1/20/2067  | 301045 | &nbsp;&nbsp; 302485 |
| Ginnie Mae, 5.127%, 2/20/2067  | 214324 | &nbsp;&nbsp; 215291 |
| Ginnie Mae, 5.173%, 3/20/2067  | 493271 | &nbsp;&nbsp; 496001 |
| Ginnie Mae, 5.28%, 7/20/2067  | 590062 | &nbsp;&nbsp; 595646 |
| Ginnie Mae, 4.564%, 11/20/2067  | 182060 | &nbsp;&nbsp; 181956 |
| Ginnie Mae, 4.991%, 4/20/2068  | 960631 | &nbsp;&nbsp; 963524 |
| Ginnie Mae, 4.614%, 11/20/2068 - 3/20/2070  | 806557 | &nbsp;&nbsp; 806102 |
| Ginnie Mae, 4.317%, 12/20/2071  | 330687 | &nbsp;&nbsp; 329229 |
| Ginnie Mae, 4.567%, 8/20/2074  | 665711 | &nbsp;&nbsp; 666077 |
| Ginnie Mae, 3.917%, 11/20/2074  | 426592 | &nbsp;&nbsp; 423210 |
| UMBS, TBA, 2.5%, 1/01/2056  | 550000 | &nbsp;&nbsp; 464879 |

---

------

MFS Government Securities Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Mortgage-Backed – continued | Mortgage-Backed – continued |  |
| UMBS, TBA, 2%, 1/25/2056  | $4050000 | &nbsp;&nbsp; $3272890 |
|  |  | &nbsp;&nbsp; $132648698 |
| 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  | $190154 | &nbsp;&nbsp; $179846 |
| Small Business Administration, 2.22%, 3/01/2033  | 295123 | &nbsp;&nbsp; 278324 |
| Small Business Administration, 3.15%, 7/01/2033  | 286807 | &nbsp;&nbsp; 277830 |
| Small Business Administration, 3.16%, 8/01/2033  | 175406 | &nbsp;&nbsp; 169794 |
| Small Business Administration, 3.62%, 9/01/2033  | 86229 | &nbsp;&nbsp; 85181 |
|  |  | &nbsp;&nbsp; $990975 |
| U.S. Treasury Obligations – 30.3% | U.S. Treasury Obligations – 30.3% | U.S. Treasury Obligations – 30.3% |
| U.S. Treasury Bonds, 6%, 2/15/2026  | $2699000 | &nbsp;&nbsp; $2706121 |
| U.S. Treasury Bonds, 6.375%, 8/15/2027  | 326000 | &nbsp;&nbsp; 340746 |
| U.S. Treasury Bonds, 3.5%, 9/30/2027  | 8369400 | &nbsp;&nbsp; 8371035 |
| U.S. Treasury Bonds, 4.5%, 8/15/2039  | 512500 | &nbsp;&nbsp; 513381 |
| U.S. Treasury Bonds, 3.125%, 2/15/2043  | 8176700 | &nbsp;&nbsp; 6613226 |
| U.S. Treasury Bonds, 2.875%, 5/15/2043 (f) | 12227500 | &nbsp;&nbsp; 9492075 |
| U.S. Treasury Bonds, 2.5%, 2/15/2045 (f) | 14059000 | &nbsp;&nbsp; 9956628 |
| U.S. Treasury Bonds, 4.75%, 8/15/2055  | 5807000 | &nbsp;&nbsp; 5709007 |
| U.S. Treasury Notes, 3.375%, 11/30/2027  | 5576000 | &nbsp;&nbsp; 5565327 |
| U.S. Treasury Notes, 3.625%, 3/31/2028  | 9593000 | &nbsp;&nbsp; 9618481 |
| U.S. Treasury Notes, 1.5%, 2/15/2030  | 3800000 | &nbsp;&nbsp; 3490359 |
| U.S. Treasury Notes, 4.125%, 8/31/2030  | 5164000 | &nbsp;&nbsp; 5254773 |
| U.S. Treasury Notes, 4.625%, 4/30/2031  | 2444000 | &nbsp;&nbsp; 2543956 |
| U.S. Treasury Notes, 1.625%, 5/15/2031  | 6239000 | &nbsp;&nbsp; 5589510 |
| U.S. Treasury Notes, 1.375%, 11/15/2031  | 2119500 | &nbsp;&nbsp; 1846200 |
| U.S. Treasury Notes, 4.25%, 8/15/2035  | 2974000 | &nbsp;&nbsp; 2995376 |
|  |  | &nbsp;&nbsp; $80606201 |
| **Total Bonds (Identified Cost, $242,215,009)** |  | &nbsp;&nbsp; **$229961920** |
| Mutual Funds (h) – 14.6% | Mutual Funds (h) – 14.6% | Mutual Funds (h) – 14.6% |
| Money Market Funds – 14.6% | Money Market Funds – 14.6% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $38,689,570) | 38683977 | &nbsp;&nbsp; $38691714 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Underlying/Expiration Date/Exercise Price (Rate)** | **Put/Call** | **Counterparty** | **Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Par Amount/** <br>**Number of** <br>**Contracts**<br>|  |
| Purchased Options – 0.0% | Purchased Options – 0.0% | Purchased Options – 0.0% | Purchased Options – 0.0% | Purchased Options – 0.0% |  |
| OTC Swaptions – 0.0% | OTC Swaptions – 0.0% | OTC Swaptions – 0.0% | OTC Swaptions – 0.0% | OTC Swaptions – 0.0% |  |
| 1 Year Interest Rate Swap with Fund to pay 3.085% annually and <br> receive 1-day SOFR annually – 8/30/2027 @ 3.085%<br>| Put | Merill Lynch International | &nbsp;&nbsp; $6700000 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $33989 |
| 1 Year Interest Rate Swap with Fund to receive 3.085% annually and <br> pay 1-day SOFR annually – 8/30/2027 @ 3.085%<br>| Call | Merill Lynch International | &nbsp;&nbsp; 6700000 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 19359 |
| **Total Purchased Options** <br>**(Premiums Paid, $62,812)** | **Total Purchased Options** <br>**(Premiums Paid, $62,812)** | **Total Purchased Options** <br>**(Premiums Paid, $62,812)** | **Total Purchased Options** <br>**(Premiums Paid, $62,812)** |  | &nbsp;&nbsp; **$53348** |
| Other Assets, Less Liabilities – (1.0)% | Other Assets, Less Liabilities – (1.0)% | Other Assets, Less Liabilities – (1.0)% | Other Assets, Less Liabilities – (1.0)% | Other Assets, Less Liabilities – (1.0)% | &nbsp;&nbsp; (2605516**)**<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$266101466** |

---

------

MFS Government Securities Portfolio

*Portfolio of Investments – 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 $38,691,714 and $230,015,268, 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 $11,665,395, representing 4.4% 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: |
| CLO | Collateralized Loan Obligation |
| 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 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** |
| **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; 141 | &nbsp;&nbsp;&nbsp; $15853687 | March – 2026 | &nbsp;&nbsp;&nbsp; $(123840)<br>|
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 66812500 | March – 2026 | &nbsp;&nbsp;&nbsp; (29863)<br>|
| U.S. Treasury Note 5 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp; 43940485 | March – 2026 | &nbsp;&nbsp;&nbsp; (177153)<br>|
| U.S. Treasury Ultra Note 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 3220437 | March – 2026 | &nbsp;&nbsp;&nbsp; (3478)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(334334)<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** <br>**Unamortized** <br>**Upfront** <br>**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 | 1-day SOFR / Annually | 3.5595% / Annually | $14319 | $— | $14319 |
| 11/26/27 | USD | 13345000 | centrally cleared | 1-day SOFR / Annually | 3.2845% / Annually | 16649 |  | 16649 |
|  |  |  |  |  |  | $30968 | $— | $30968 |
| **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*** |  |  |  |
| 11/03/27 | USD | 13453000 | centrally cleared | 1-day SOFR / Annually | 3.389% / Annually | $(3850)<br>| $— | $(3850)<br>|
| 11/05/27 | USD | 13351000 | centrally cleared | 1-day SOFR / Annually | 3.387% / Annually | (4056)<br>|  | (4056)<br>|
|  |  |  |  |  |  | $(7906)<br>| $— | $(7906)<br>|

---

At December 31, 2025, the fund had liquid securities collateral with an aggregate value of $2,190,715 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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $242,277,821) | &nbsp;&nbsp; $230015268 |
| Investments in affiliated issuers, at value (identified cost, $38,689,570) | &nbsp;&nbsp; 38691714 |
| Cash | &nbsp;&nbsp; 10299 |
| Receivables for |  |
| Net daily variation margin on open cleared swap agreements | &nbsp;&nbsp; 22115 |
| Fund shares sold | &nbsp;&nbsp; 14 |
| Interest | &nbsp;&nbsp; 1467751 |
| Receivable from investment adviser | &nbsp;&nbsp; 10831 |
| Other assets | &nbsp;&nbsp; 1323 |
| Total assets | &nbsp;&nbsp; $270219315 |
| **Liabilities** |  |
| Payables for |  |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; $116313 |
| TBA purchase commitments | &nbsp;&nbsp; 3745898 |
| Fund shares reacquired | &nbsp;&nbsp; 179892 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 232 |
| Shareholder servicing costs | &nbsp;&nbsp; 38 |
| Distribution and/or service fees | &nbsp;&nbsp; 1375 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 20 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 74081 |
| Total liabilities | &nbsp;&nbsp; $4117849 |
| Net assets | &nbsp;&nbsp; $266101466 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $323433114 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (57331648)<br>|
| Net assets | &nbsp;&nbsp; $266101466 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 24646833 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $165969618 | &nbsp;&nbsp;&nbsp; 15343773 | &nbsp;&nbsp;&nbsp; $10.82 |
| Service Class | &nbsp;&nbsp;&nbsp; 100131848 | &nbsp;&nbsp;&nbsp; 9303060 | &nbsp;&nbsp;&nbsp;&nbsp;10.76 |

---

**See Notes to Financial Statements**

------

MFS Government Securities Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $10405382 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 908782 |
| Other | &nbsp;&nbsp; 49 |
| Total investment income | &nbsp;&nbsp; $11314213 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $1480529 |
| Distribution and/or service fees | &nbsp;&nbsp; 253800 |
| Shareholder servicing costs | &nbsp;&nbsp; 6711 |
| Administrative services fee | &nbsp;&nbsp; 45649 |
| Independent Trustees' compensation | &nbsp;&nbsp; 7544 |
| Custodian fee | &nbsp;&nbsp; 44231 |
| Shareholder communications | &nbsp;&nbsp; 16681 |
| Audit and tax fees | &nbsp;&nbsp; 80609 |
| Legal fees | &nbsp;&nbsp; 2057 |
| Miscellaneous | &nbsp;&nbsp; 52658 |
| Total expenses | &nbsp;&nbsp; $1990469 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (222288)<br>|
| Net expenses | &nbsp;&nbsp; $1768181 |
| Net investment income (loss) | &nbsp;&nbsp; $9546032 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(264721)<br>|
| Affiliated issuers | &nbsp;&nbsp; (1541)<br>|
| Futures contracts | &nbsp;&nbsp; 1705251 |
| Swap agreements | &nbsp;&nbsp; (282138)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $1156851 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $7291609 |
| Affiliated issuers | &nbsp;&nbsp; (338)<br>|
| Futures contracts | &nbsp;&nbsp; (135687)<br>|
| Swap agreements | &nbsp;&nbsp; 181486 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $7337070 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $8493921 |
| Change in net assets from operations | &nbsp;&nbsp; $18039953 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $9546032 | &nbsp;&nbsp; $10501720 |
| Net realized gain (loss) | 1156851 | &nbsp;&nbsp; (1536464)<br>|
| Net unrealized gain (loss) | 7337070 | &nbsp;&nbsp; (6872145)<br>|
| Change in net assets from operations | $18039953 | &nbsp;&nbsp; $2093111 |
| Total distributions to shareholders | $(11347028)<br>| &nbsp;&nbsp; $(10094071)<br>|
| Change in net assets from fund share transactions | $(23213168)<br>| &nbsp;&nbsp; $(16427953)<br>|
| Total change in net assets | $(16520243)<br>| &nbsp;&nbsp; $(24428913)<br>|
| **Net assets** |  |  |
| At beginning of period | 282621709 | &nbsp;&nbsp; 307050622 |
| At end of period | $266101466 | &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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $10.57 | &nbsp;&nbsp; $10.87 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $12.34 | &nbsp;&nbsp; $12.86 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.39 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.16 |
| Net realized and unrealized gain (loss) | 0.34 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (0.40)<br>|
| Total from investment operations | $0.73 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $(1.50)<br>| &nbsp;&nbsp; $(0.24)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.48)<br>| &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.28)<br>|
| Net asset value, end of period (x) | $10.82 | &nbsp;&nbsp; $10.57 | &nbsp;&nbsp; $10.87 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $12.34 |
| Total return (%) (k)(r)(s)(x) | 6.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp; (12.26)<br>| &nbsp;&nbsp; (1.89)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Expenses after expense reductions | 0.56 | &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) | 3.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Portfolio turnover rate | 101 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 314 |
| Net assets at end of period (000 omitted) | $165970 | &nbsp;&nbsp; $177335 | &nbsp;&nbsp; $196873 | &nbsp;&nbsp; $208332 | &nbsp;&nbsp; $276951 |
| **Supplemental Rate:** |  |  |  |  |  |
| Portfolio turnover rate (excluding TBA transactions) (e) | 49 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $10.52 | &nbsp;&nbsp; $10.82 | &nbsp;&nbsp; $10.55 | &nbsp;&nbsp; $12.27 | &nbsp;&nbsp; $12.79 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.36 | &nbsp;&nbsp; $0.37 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.13 |
| Net realized and unrealized gain (loss) | 0.33 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (0.40)<br>|
| Total from investment operations | $0.69 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $(1.52)<br>| &nbsp;&nbsp; $(0.27)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.45)<br>| &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.25)<br>|
| Net asset value, end of period (x) | $10.76 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $10.82 | &nbsp;&nbsp; $10.55 | &nbsp;&nbsp; $12.27 |
| Total return (%) (k)(r)(s)(x) | 6.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp; (12.45)<br>| &nbsp;&nbsp; (2.14)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Expenses after expense reductions | 0.81 | &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) | 3.39 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Portfolio turnover rate | 101 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 314 |
| Net assets at end of period (000 omitted) | $100132 | &nbsp;&nbsp; $105287 | &nbsp;&nbsp; $110177 | &nbsp;&nbsp; $112873 | &nbsp;&nbsp; $152301 |
| **Supplemental Rate:** |  |  |  |  |  |
| Portfolio turnover rate (excluding TBA transactions) (e) | 49 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

**See Notes to Financial Statements**

------

MFS Government Securities Portfolio

*Financial Highlights - continued*

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

&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;(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**

**(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.

**Segment Reporting** — 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. 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.

------

MFS Government Securities Portfolio

*Notes to Financial Statements - 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 swap agreements. The following is a summary of the levels used as of December 31, 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>| $— | $81597176 | $— | $81597176 |
| U.S. Corporate Bonds |  | 540012 |  | 540012 |
| Residential Mortgage-Backed Securities |  | 134354630 |  | 134354630 |
| Commercial Mortgage-Backed Securities |  | 7234853 |  | 7234853 |
| Asset-Backed Securities (including CDOs) |  | 6235249 |  | 6235249 |
| Purchased Options |  | 53348 |  | 53348 |
| Investment Companies | 38691714 |  |  | 38691714 |
| Total | $38691714 | $230015268 | $— | $268706982 |

---

---

| | | |
|:---|:---|:---|
| **Other Financial Instruments** |  |  |
| Futures Contracts – Assets | $— | $(334334)<br>|
| Swap Agreements – Assets | 30968 | 30968 |
| Swap Agreements – Liabilities | (7906)<br>| (7906)<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 purchased options, 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

------

MFS Government Securities Portfolio

*Notes to Financial Statements - continued* 

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 December 31, 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 | Purchased Option Contracts | $53348 | $— |
| Interest Rate | Futures Contracts |  | (334334) |
| Interest Rate | Cleared Swap Agreements | 30968 | (7906) |
| Total |  | $84316 | $(342240) |

---

(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 year ended December 31, 2025 as reported in the Statement of Operations:

---

| | | |
|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>|
| Interest Rate | $1705251 | &nbsp;&nbsp; $(282138)<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 year ended December 31, 2025 as reported in the Statement of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>| **Unaffiliated Issuers** <br>**(Purchased** <br>**Options)**<br>|
| Interest Rate | $(135687)<br>| &nbsp;&nbsp; $181486 | &nbsp;&nbsp; $(9464)<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.

------

MFS Government Securities Portfolio

*Notes to Financial Statements - continued* 

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

A purchased swaption represents an option that gives the fund as purchaser the right, but not the obligation, to enter into a pre-defined interest rate or credit default swap agreement with the counterparty at a specified rate at a specified date or within a specified period of time. The fund enters into swaptions primarily to preserve a return or spread on a particular investment or portion of the fund's investments, to adjust the fund's sensitivity to underlying risk factors or to protect against an increase or decrease in the price of securities.

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 call and 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 call option, the premium paid is added to the cost of the security or financial instrument purchased. 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, 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 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.

------

MFS Government Securities Portfolio

*Notes to Financial Statements - continued* 

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.

**Stripped Mortgage-Backed Securities** — The fund may invest in stripped mortgage-backed securities which are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities result when a mortgaged-backed security is stripped into two distinct classes, one which receives the principal cash flows only (POs) and one which receives the interest cash flows only (IOs) on a pool of mortgage assets. A faster than anticipated rate of prepayments on the underlying pool of mortgage assets, which is more likely to occur in a declining interest rate environment, increases the risk of loss on the IO.

**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 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

------

MFS Government Securities Portfolio

*Notes to Financial Statements - continued* 

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.

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 two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $11347028 | &nbsp;&nbsp; $10094071 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $282700704 |
| Gross appreciation | &nbsp;&nbsp; 1350551 |
| Gross depreciation | &nbsp;&nbsp; (15655545)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(14304994)<br>|
| Undistributed ordinary income | &nbsp;&nbsp; 10246902 |
| Capital loss carryforwards | &nbsp;&nbsp; (53273556)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $(57331648)<br>|

---

------

MFS Government Securities Portfolio

*Notes to Financial Statements - continued* 

As of December 31, 2025, 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 | $(18003090)<br>|
| Long-Term | (35270466)<br>|
| Total | $(53273556)<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:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br>**12/31/25**<br>| **Year ended** <br>**12/31/24**<br>|
| Initial Class | $7253954 | &nbsp;&nbsp; $6472411 |
| Service Class | 4093074 | &nbsp;&nbsp; 3621660 |
| Total | $11347028 | &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:

---

| | |
|:---|:---|
| 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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $37,289, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 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 year ended December 31, 2025, this reduction amounted to $184,999, 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.

------

MFS Government Securities Portfolio

*Notes to Financial Statements - continued* 

**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 year ended December 31, 2025, the fee was $6,194, 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 year ended December 31, 2025, these costs amounted to $517.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0170% 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 year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $248302529 | &nbsp;&nbsp; $272817185 |
| Non-U.S. Government securities | 7321705 | &nbsp;&nbsp; 15813596 |

---

**(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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 1201209 | &nbsp;&nbsp; $13097791 | &nbsp;&nbsp; 1038945 | &nbsp;&nbsp; $11139305 |
| Service Class | 815942 | &nbsp;&nbsp; 8777410 | &nbsp;&nbsp; 1248254 | &nbsp;&nbsp; 13323814 |
|  | 2017151 | &nbsp;&nbsp; $21875201 | &nbsp;&nbsp; 2287199 | &nbsp;&nbsp; $24463119 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 688231 | &nbsp;&nbsp; $7253954 | &nbsp;&nbsp; 598743 | &nbsp;&nbsp; $6472411 |
| Service Class | 389817 | &nbsp;&nbsp; 4093074 | &nbsp;&nbsp; 336585 | &nbsp;&nbsp; 3621660 |
|  | 1078048 | &nbsp;&nbsp; $11347028 | &nbsp;&nbsp; 935328 | &nbsp;&nbsp; $10094071 |
| Shares reacquired |  |  |  |  |
| Initial Class | (3321426)<br>| &nbsp;&nbsp; $(35882251)<br>| &nbsp;&nbsp; (2977469)<br>| &nbsp;&nbsp; $(32107500)<br>|
| Service Class | (1911950)<br>| &nbsp;&nbsp; (20553146)<br>| &nbsp;&nbsp; (1761464)<br>| &nbsp;&nbsp; (18877643)<br>|
|  | (5233376)<br>| &nbsp;&nbsp; $(56435397)<br>| &nbsp;&nbsp; (4738933)<br>| &nbsp;&nbsp; $(50985143)<br>|
| Net change |  |  |  |  |
| Initial Class | (1431986)<br>| &nbsp;&nbsp; $(15530506)<br>| &nbsp;&nbsp; (1339781)<br>| &nbsp;&nbsp; $(14495784)<br>|
| Service Class | (706191)<br>| &nbsp;&nbsp; (7682662)<br>| &nbsp;&nbsp; (176625)<br>| &nbsp;&nbsp; (1932169)<br>|
|  | (2138177)<br>| &nbsp;&nbsp; $(23213168)<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 31% and 9%, respectively, of the value of outstanding voting shares of the fund.

------

MFS Government Securities Portfolio

*Notes to Financial Statements - 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 year ended December 31, 2025, the fund's commitment fee and interest expense were $1,275 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. The following were affiliated issuers for the year ended December 31, 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; $195051279 | &nbsp;&nbsp; $185694359 | &nbsp;&nbsp; $(1541)<br>| &nbsp;&nbsp; $(338)<br>| &nbsp;&nbsp; $38691714 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $908782 | $— |

---

------

MFS Government Securities Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS Government Securities Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Government Securities Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Government Securities Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

------

**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.**

------

MFS Government Securities Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Government Securities Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 4th quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 3rd quintile for the one-year period and the 4th quintile for the three-year period ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. The Trustees noted that the total return performance (Class I shares) of the Fund's retail counterpart, Government Securities Fund, which has substantially similar investment strategies, was in the 3rd quintile relative

------

MFS Government Securities Portfolio

*Board Review of Investment Advisory Agreement - continued*

to the other funds in its Broadridge performance universe for the five-year period ended December 31, 2024. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to a contractual breakpoint that reduces the Fund's advisory fee rate on average daily net assets over $1 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoint and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS High Yield Portfolio

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

MFS High Yield Portfolio

**Portfolio of Investments - 12/31/25** 

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 – 96.1% | Bonds – 96.1% | Bonds – 96.1% |
| Aerospace & Defense – 3.1% | Aerospace & Defense – 3.1% | Aerospace & Defense – 3.1% |
| Axon Enterprise, Inc., 6.125%, 3/15/2030 (n) | $796000 | &nbsp;&nbsp; $821746 |
| Axon Enterprise, Inc., 6.25%, 3/15/2033 (n) | 255000 | &nbsp;&nbsp; 265283 |
| Bombardier, Inc., 7.5%, 2/01/2029 (n) | 236000 | &nbsp;&nbsp; 246138 |
| Bombardier, Inc., 8.75%, 11/15/2030 (n) | 118000 | &nbsp;&nbsp; 127488 |
| Bombardier, Inc., 7.25%, 7/01/2031 (n) | 444000 | &nbsp;&nbsp; 473148 |
| Bombardier, Inc., 7%, 6/01/2032 (n) | 235000 | &nbsp;&nbsp; 248311 |
| Bombardier, Inc., 6.75%, 6/15/2033 (n) | 536000 | &nbsp;&nbsp; 566544 |
| TransDigm, Inc., 6.75%, 8/15/2028 (n) | 354000 | &nbsp;&nbsp; 360236 |
| TransDigm, Inc., 4.625%, 1/15/2029  | 678000 | &nbsp;&nbsp; 673505 |
| TransDigm, Inc., 6.375%, 3/01/2029 (n) | 352000 | &nbsp;&nbsp; 363007 |
| TransDigm, Inc., 6.875%, 12/15/2030 (n) | 1264000 | &nbsp;&nbsp; 1322784 |
| TransDigm, Inc., 6.375%, 5/31/2033 (n) | 1274000 | &nbsp;&nbsp; 1307286 |
|  |  | &nbsp;&nbsp; $6775476 |
| 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, 5.42% ((SOFR - 3mo. + 0.26161%) + 1.3% Cash or <br> PIK), 4/26/2050 (a)(n)(p)<br>| $1600967 | &nbsp;&nbsp; $160 |
| Automotive – 2.9% | Automotive – 2.9% | Automotive – 2.9% |
| Allison Transmission, Inc., 3.75%, 1/30/2031 (n) | $1214000 | &nbsp;&nbsp; $1143117 |
| Allison Transmission, Inc., 5.875%, 12/01/2033 (n) | 168000 | &nbsp;&nbsp; 170446 |
| American Axle & Manufacturing, Inc., 6.375%, 10/15/2032 (n) | 319000 | &nbsp;&nbsp; 324888 |
| American Axle & Manufacturing, Inc., 7.75%, 10/15/2033 (n) | 572000 | &nbsp;&nbsp; 582627 |
| Clarios Global LP/Clarios US Finance Co., 6.75%, 2/15/2030 (n) | 427000 | &nbsp;&nbsp; 445707 |
| Clarios Global LP/Clarios US Finance Co., 4.75%, 6/15/2031 (n) | 372000 | &nbsp;&nbsp; 443399 |
| Clarios Global LP/Clarios US Finance Co., 6.75%, 9/15/2032 (n) | $193000 | &nbsp;&nbsp; 200140 |
| Dealer Tire LLC/DT Issuer LLC, 8%, 2/01/2028 (n) | 631000 | &nbsp;&nbsp; 631500 |
| Forvia SE, 6.75%, 9/15/2033 (n) | 561000 | &nbsp;&nbsp; 579275 |
| J.B. Poindexter & Co., Inc., 8.75%, 12/15/2031 (n) | 378000 | &nbsp;&nbsp; 395946 |
| New Flyer Holdings, Inc., 9.25%, 7/01/2030 (n) | 586000 | &nbsp;&nbsp; 629846 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n) | 590000 | &nbsp;&nbsp; 255287 |
| Wabash National Corp., 4.5%, 10/15/2028 (n) | 739000 | &nbsp;&nbsp; 691191 |
|  |  | &nbsp;&nbsp; $6493369 |
| Broadcasting – 2.8% | Broadcasting – 2.8% | Broadcasting – 2.8% |
| Banijay Group S.A.S., 8.125%, 5/01/2029 (n) | $800000 | &nbsp;&nbsp; $831181 |
| Dotdash Meredith, Inc., 7.625%, 6/15/2032 (n) | 586000 | &nbsp;&nbsp; 527905 |
| Gray Media, Inc., 9.625%, 7/15/2032 (n) | 517000 | &nbsp;&nbsp; 536526 |
| Gray Media, Inc., 7.25%, 8/15/2033 (n) | 385000 | &nbsp;&nbsp; 393404 |
| Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n) | 762000 | &nbsp;&nbsp; 743063 |
| Scripps Escrow II, Inc., 3.875%, 1/15/2029 (n) | 286000 | &nbsp;&nbsp; 263160 |
| Sinclair Television Group, Inc., 8.125%, 2/15/2033 (n) | 697000 | &nbsp;&nbsp; 727968 |
| Univision Communications, Inc., 8%, 8/15/2028 (n) | 397000 | &nbsp;&nbsp; 411163 |
| Univision Communications, Inc., 8.5%, 7/31/2031 (n) | 861000 | &nbsp;&nbsp; 899425 |
| Versant Media Group, Inc., 7.25%, 1/30/2031 (n) | 383000 | &nbsp;&nbsp; 395137 |
| WarnerMedia Holdings, Inc., 5.05%, 3/15/2042  | 693000 | &nbsp;&nbsp; 487699 |
|  |  | &nbsp;&nbsp; $6216631 |

---

HYSFS-ANN

------

MFS High Yield Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Brokerage & Asset Managers – 1.7% | Brokerage & Asset Managers – 1.7% | Brokerage & Asset Managers – 1.7% |
| Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n) | $463000 | &nbsp;&nbsp; $499643 |
| Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n) | 179000 | &nbsp;&nbsp; 179782 |
| Hightower Holding LLC, 6.75%, 4/15/2029 (n) | 504000 | &nbsp;&nbsp; 501965 |
| Hightower Holding LLC, 9.125%, 1/31/2030 (n) | 307000 | &nbsp;&nbsp; 325198 |
| Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n) | 1544000 | &nbsp;&nbsp; 1571113 |
| Osaic Holdings, Inc., 6.75%, 8/01/2032 (n) | 122000 | &nbsp;&nbsp; 127444 |
| Osaic Holdings, Inc., 8%, 8/01/2033 (n) | 622000 | &nbsp;&nbsp; 646691 |
|  |  | &nbsp;&nbsp; $3851836 |
| Building – 3.2% | Building – 3.2% | Building – 3.2% |
| AmeriTex Holdco Intermediate LLC, 7.625%, 8/15/2033 (n) | $705000 | &nbsp;&nbsp; $742826 |
| Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 (n) | 592000 | &nbsp;&nbsp; 296535 |
| Cornerstone Building Brands, Inc., 9.5%, 8/15/2029 (n) | 297000 | &nbsp;&nbsp; 219780 |
| Knife River Corp., 7.75%, 5/01/2031 (n) | 493000 | &nbsp;&nbsp; 516414 |
| LBM Acquisition LLC, 6.25%, 1/15/2029 (n) | 383000 | &nbsp;&nbsp; 344696 |
| LBM Acquisition LLC, 9.5%, 6/15/2031 (n) | 583000 | &nbsp;&nbsp; 607742 |
| Miter Brands Acquisition Holdco, Inc., 6.75%, 4/01/2032 (n) | 220000 | &nbsp;&nbsp; 225542 |
| MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n) | 640000 | &nbsp;&nbsp; 619908 |
| New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n) | 270000 | &nbsp;&nbsp; 272025 |
| Patrick Industries, Inc., 6.375%, 11/01/2032 (n) | 1004000 | &nbsp;&nbsp; 1030053 |
| Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n) | 1473000 | &nbsp;&nbsp; 1533216 |
| White Cap Supply Holding Co., 7.375%, 11/15/2030 (n) | 695000 | &nbsp;&nbsp; 718924 |
|  |  | &nbsp;&nbsp; $7127661 |
| Business Services – 2.7% | Business Services – 2.7% | Business Services – 2.7% |
| ams-OSRAM AG, 10.5%, 3/30/2029  | 344000 | &nbsp;&nbsp; $420964 |
| athenahealth, Inc., 6.5%, 2/15/2030 (n) | $747000 | &nbsp;&nbsp; 744752 |
| CACI International, Inc., 6.375%, 6/15/2033 (n) | 915000 | &nbsp;&nbsp; 946731 |
| ION Platform Finance US, Inc., 7.875%, 9/30/2032 (n) | 640000 | &nbsp;&nbsp; 607269 |
| Iron Mountain, Inc., 5.25%, 3/15/2028 (n) | 583000 | &nbsp;&nbsp; 584314 |
| Iron Mountain, Inc., 5.625%, 7/15/2032 (n) | 835000 | &nbsp;&nbsp; 821868 |
| Iron Mountain, Inc., 6.25%, 1/15/2033 (n) | 620000 | &nbsp;&nbsp; 625187 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/2032 (n) | 177000 | &nbsp;&nbsp; 182751 |
| Wulf Compute LLC, 7.75%, 10/15/2030 (n) | 952000 | &nbsp;&nbsp; 980796 |
|  |  | &nbsp;&nbsp; $5914632 |
| Cable TV – 4.2% | Cable TV – 4.2% | Cable TV – 4.2% |
| Cable One, Inc., 4%, 11/15/2030 (n) | $522000 | &nbsp;&nbsp; $402425 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n) | 2007000 | &nbsp;&nbsp; 1916782 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | 1419000 | &nbsp;&nbsp; 1336005 |
| CSC Holdings LLC, 5.375%, 2/01/2028 (n) | 900000 | &nbsp;&nbsp; 652973 |
| CSC Holdings LLC, 5.75%, 1/15/2030 (n) | 495000 | &nbsp;&nbsp; 183016 |
| CSC Holdings LLC, 4.125%, 12/01/2030 (n) | 400000 | &nbsp;&nbsp; 245282 |
| DIRECTV Financing LLC, 8.875%, 2/01/2030 (n) | 325000 | &nbsp;&nbsp; 329368 |
| DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 10%, 2/15/2031 (n) | 203000 | &nbsp;&nbsp; 207477 |
| DISH DBS Corp., 5.125%, 6/01/2029  | 661000 | &nbsp;&nbsp; 586640 |
| DISH Network Corp., 11.75%, 11/15/2027 (n) | 545000 | &nbsp;&nbsp; 567225 |
| EchoStar Corp., 10.75%, 11/30/2029  | 685723 | &nbsp;&nbsp; 758273 |
| EchoStar Corp., 6.75% (6.75% Cash or 6.75% PIK) to 5/30/2027, 6.75% Cash to 11/30/2030 (p) | 573287 | &nbsp;&nbsp; 587315 |
| Virgin Media Finance PLC, 5%, 7/15/2030 (n) | 627000 | &nbsp;&nbsp; 552768 |
| Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n) | 1116000 | &nbsp;&nbsp; 996321 |
|  |  | &nbsp;&nbsp; $9321870 |

---

------

MFS High Yield Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Chemicals – 2.7% | Chemicals – 2.7% | Chemicals – 2.7% |
| Cerdia Finanz GmbH, 9.375%, 10/03/2031 (n) | $733000 | &nbsp;&nbsp; $757739 |
| Chemours Co., 4.625%, 11/15/2029 (n) | 843000 | &nbsp;&nbsp; 762265 |
| Consolidated Energy Finance S.A., 6.5%, 5/15/2026 (n) | 150000 | &nbsp;&nbsp; 144943 |
| Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n) | 672000 | &nbsp;&nbsp; 436800 |
| Maxam Prill S.à r.l., 6%, 7/15/2030 (n) | 677000 | &nbsp;&nbsp; 812862 |
| Qnity Electronics, Inc., 5.75%, 8/15/2032 (n) | $570000 | &nbsp;&nbsp; 582794 |
| Qnity Electronics, Inc., 6.25%, 8/15/2033 (n) | 314000 | &nbsp;&nbsp; 325477 |
| SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n) | 860000 | &nbsp;&nbsp; 863698 |
| SNF Group SACA, 3.375%, 3/15/2030 (n) | 1041000 | &nbsp;&nbsp; 972786 |
| Tronox, Inc., 4.625%, 3/15/2029 (n) | 191000 | &nbsp;&nbsp; 133711 |
| Tronox, Inc., 9.125%, 9/30/2030 (n) | 256000 | &nbsp;&nbsp; 254542 |
|  |  | &nbsp;&nbsp; $6047617 |
| Computer Software – 2.2% | Computer Software – 2.2% | Computer Software – 2.2% |
| Amentum Escrow Corp., 7.25%, 8/01/2032 (n) | $870000 | &nbsp;&nbsp; $917053 |
| Cloud Software Group, Inc., 9%, 9/30/2029 (n) | 194000 | &nbsp;&nbsp; 202053 |
| Cloud Software Group, Inc., 8.25%, 6/30/2032 (n) | 859000 | &nbsp;&nbsp; 897690 |
| Cloud Software Group, Inc., 6.625%, 8/15/2033 (n) | 514000 | &nbsp;&nbsp; 509403 |
| Fair Isaac Corp., 6%, 5/15/2033 (n) | 1111000 | &nbsp;&nbsp; 1141160 |
| Flash Compute LLC, 7.25%, 12/31/2030 (n) | 191000 | &nbsp;&nbsp; 189236 |
| Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n) | 793000 | &nbsp;&nbsp; 794355 |
| Neptune Bidco U.S., Inc., 10.375%, 5/15/2031 (n) | 257000 | &nbsp;&nbsp; 263513 |
|  |  | &nbsp;&nbsp; $4914463 |
| Computer Software - Systems – 1.1% | Computer Software - Systems – 1.1% | Computer Software - Systems – 1.1% |
| Sabre GLBL, Inc., 10.75%, 11/15/2029 (n) | $89000 | &nbsp;&nbsp; $75679 |
| Sabre GLBL, Inc., 10.75%, 3/15/2030 (n) | 112000 | &nbsp;&nbsp; 92101 |
| SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n) | 805000 | &nbsp;&nbsp; 805727 |
| SS&C Technologies Holdings, Inc., 6.5%, 6/01/2032 (n) | 241000 | &nbsp;&nbsp; 250740 |
| Virtusa Corp., 7.125%, 12/15/2028 (n) | 436000 | &nbsp;&nbsp; 429644 |
| Zebra Technologies Corp., "A", 6.5%, 6/01/2032 (n) | 819000 | &nbsp;&nbsp; 846620 |
|  |  | &nbsp;&nbsp; $2500511 |
| Conglomerates – 1.3% | Conglomerates – 1.3% | Conglomerates – 1.3% |
| Amsted Industries, Inc., 6.375%, 3/15/2033 (n) | $510000 | &nbsp;&nbsp; $525293 |
| Emerald Debt Merger, 6.625%, 12/15/2030 (n) | 721000 | &nbsp;&nbsp; 750930 |
| Gates Corp., 6.875%, 7/01/2029 (n) | 65000 | &nbsp;&nbsp; 67501 |
| Husky Injection Molding Systems Ltd., 9%, 2/15/2029 (n) | 659000 | &nbsp;&nbsp; 691113 |
| SPX Flow, Inc., 8.75%, 4/01/2030 (n) | 787000 | &nbsp;&nbsp; 811914 |
|  |  | &nbsp;&nbsp; $2846751 |
| Construction – 1.2% | Construction – 1.2% | Construction – 1.2% |
| Empire Communities Corp., 9.75%, 5/01/2029 (n) | $631000 | &nbsp;&nbsp; $650854 |
| Mattamy Group Corp., 4.625%, 3/01/2030 (n) | 390000 | &nbsp;&nbsp; 378612 |
| Mattamy Group Corp., 6%, 12/15/2033 (n) | 335000 | &nbsp;&nbsp; 332024 |
| New Home Co., 8.5%, 11/01/2030 (n) | 660000 | &nbsp;&nbsp; 679703 |
| Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n) | 589000 | &nbsp;&nbsp; 580863 |
|  |  | &nbsp;&nbsp; $2622056 |
| Consumer Products – 3.3% | Consumer Products – 3.3% | Consumer Products – 3.3% |
| Acushnet Co., 5.625%, 12/01/2033 (n) | $794000 | &nbsp;&nbsp; $802921 |
| Amer Sports Co., 6.75%, 2/16/2031 (n) | 620000 | &nbsp;&nbsp; 649827 |
| CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.5%, 10/15/2029 (n) | 584000 | &nbsp;&nbsp; 476314 |
| Champ Acquisition Corp., 8.375%, 12/01/2031 (n) | 606000 | &nbsp;&nbsp; 654543 |
| Energizer Holdings, Inc., 4.375%, 3/31/2029 (n) | 530000 | &nbsp;&nbsp; 506418 |
| Energizer Holdings, Inc., 6%, 9/15/2033 (n) | 246000 | &nbsp;&nbsp; 235964 |

---

------

MFS High Yield Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Consumer Products – continued | Consumer Products – continued | Consumer Products – continued |
| MajorDrive Holdings IV LLC, 6.375%, 6/01/2029 (n) | $291000 | &nbsp;&nbsp; $208872 |
| Newell Brands, Inc., 6.375%, 5/15/2030  | 695000 | &nbsp;&nbsp; 678710 |
| Newell Brands, Inc., 6.625%, 5/15/2032  | 417000 | &nbsp;&nbsp; 404557 |
| Opal Bidco S.A.S., 5.5%, 3/31/2032 (n) | 325000 | &nbsp;&nbsp; 394003 |
| Opal Bidco S.A.S., 6.5%, 3/31/2032 (n) | $345000 | &nbsp;&nbsp; 353356 |
| Perrigo Finance Unlimited Co., 6.125%, 9/30/2032  | 765000 | &nbsp;&nbsp; 745161 |
| Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n) | 573000 | &nbsp;&nbsp; 572317 |
| Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n) | 645000 | &nbsp;&nbsp; 602263 |
|  |  | &nbsp;&nbsp; $7285226 |
| Consumer Services – 2.9% | Consumer Services – 2.9% | Consumer Services – 2.9% |
| Allied Universal Holdco LLC, 6.875%, 6/15/2030 (n) | $315000 | &nbsp;&nbsp; $327971 |
| Allied Universal Holdco LLC, 7.875%, 2/15/2031 (n) | 621000 | &nbsp;&nbsp; 654459 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 4/15/2030 (n) | 258000 | &nbsp;&nbsp; 280000 |
| Arches Buyer, Inc., 6.125%, 12/01/2028 (n) | 804000 | &nbsp;&nbsp; 784295 |
| Garda World Security Corp., 6.5%, 1/15/2031 (n) | 322000 | &nbsp;&nbsp; 329498 |
| Garda World Security Corp., 8.375%, 11/15/2032 (n) | 792000 | &nbsp;&nbsp; 806741 |
| Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 (n) | 859000 | &nbsp;&nbsp; 885063 |
| Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n) | 221000 | &nbsp;&nbsp; 205871 |
| Service Corp. International, 5.75%, 10/15/2032  | 1345000 | &nbsp;&nbsp; 1368860 |
| TriNet Group, Inc., 3.5%, 3/01/2029 (n) | 595000 | &nbsp;&nbsp; 562252 |
| TriNet Group, Inc., 7.125%, 8/15/2031 (n) | 245000 | &nbsp;&nbsp; 252544 |
|  |  | &nbsp;&nbsp; $6457554 |
| Containers – 1.0% | Containers – 1.0% | Containers – 1.0% |
| Ball Corp., 6%, 6/15/2029  | $510000 | &nbsp;&nbsp; $524223 |
| Ball Corp., 2.875%, 8/15/2030  | 1035000 | &nbsp;&nbsp; 956967 |
| Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/2030 (n) | 704000 | &nbsp;&nbsp; 715742 |
|  |  | &nbsp;&nbsp; $2196932 |
| Electronics – 0.3% | Electronics – 0.3% | Electronics – 0.3% |
| Diebold Nixdorf, Inc., 7.75%, 3/31/2030 (n) | $529000 | &nbsp;&nbsp; $562944 |
| Energy - Independent – 3.8% | Energy - Independent – 3.8% | Energy - Independent – 3.8% |
| Chord Energy Corp., 6%, 10/01/2030 (n) | $192000 | &nbsp;&nbsp; $194355 |
| Chord Energy Corp., 6.75%, 3/15/2033 (n) | 682000 | &nbsp;&nbsp; 705268 |
| Civitas Resources, Inc., 8.375%, 7/01/2028 (n) | 145000 | &nbsp;&nbsp; 149407 |
| Civitas Resources, Inc., 8.625%, 11/01/2030 (n) | 236000 | &nbsp;&nbsp; 247342 |
| Civitas Resources, Inc., 8.75%, 7/01/2031 (n) | 548000 | &nbsp;&nbsp; 568496 |
| CNX Resources Corp., 7.25%, 3/01/2032 (n) | 779000 | &nbsp;&nbsp; 813198 |
| Comstock Resources, Inc., 6.75%, 3/01/2029 (n) | 1002000 | &nbsp;&nbsp; 1004225 |
| Gulfport Energy Corp., 6.75%, 9/01/2029 (n) | 821000 | &nbsp;&nbsp; 847831 |
| Kraken Oil & Gas Partners LLC, 7.625%, 8/15/2029 (n) | 458000 | &nbsp;&nbsp; 452174 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.875%, 12/01/2032 (n) | 857000 | &nbsp;&nbsp; 880802 |
| Matador Resources Co., 6.875%, 4/15/2028 (n) | 503000 | &nbsp;&nbsp; 514009 |
| Matador Resources Co., 6.5%, 4/15/2032 (n) | 254000 | &nbsp;&nbsp; 257598 |
| Permian Resources Operating LLC, 5.875%, 7/01/2029 (n) | 523000 | &nbsp;&nbsp; 526065 |
| Permian Resources Operating LLC, 7%, 1/15/2032 (n) | 494000 | &nbsp;&nbsp; 514914 |
| Permian Resources Operating LLC, 6.25%, 2/01/2033 (n) | 215000 | &nbsp;&nbsp; 220540 |
| Wildfire Intermediate Holdings LLC, 7.5%, 10/15/2029 (n) | 527000 | &nbsp;&nbsp; 531966 |
|  |  | &nbsp;&nbsp; $8428190 |
| Entertainment – 2.3% | Entertainment – 2.3% | Entertainment – 2.3% |
| Kingpin Intermediate Holdings LLC, 7.25%, 10/15/2032 (n) | $643000 | &nbsp;&nbsp; $607861 |
| Life Time, Inc., 6%, 11/15/2031 (n) | 506000 | &nbsp;&nbsp; 518403 |
| Lindblad Expeditions Holdings, Inc., 7%, 9/15/2030 (n) | 575000 | &nbsp;&nbsp; 599829 |

---

------

MFS High Yield Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Entertainment – continued | Entertainment – continued | Entertainment – continued |
| NCL Corp. Ltd., 6.25%, 3/01/2030 (n) | $825000 | &nbsp;&nbsp; $837634 |
| NCL Corp. Ltd., 6.75%, 2/01/2032 (n) | 319000 | &nbsp;&nbsp; 326631 |
| Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n) | 906000 | &nbsp;&nbsp; 913623 |
| Viking Cruises Ltd. Co., 5.875%, 10/15/2033 (n) | 541000 | &nbsp;&nbsp; 549365 |
| Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n) | 808000 | &nbsp;&nbsp; 809282 |
|  |  | &nbsp;&nbsp; $5162628 |
| Financial Institutions – 7.6% | Financial Institutions – 7.6% | Financial Institutions – 7.6% |
| Azorra Finance Ltd., 7.75%, 4/15/2030 (n) | $1046000 | &nbsp;&nbsp; $1104491 |
| Azorra Finance Ltd., 7.25%, 1/15/2031 (n) | 272000 | &nbsp;&nbsp; 285010 |
| Bread Financial Holdings, Inc., 6.75%, 5/15/2031 (n) | 694000 | &nbsp;&nbsp; 718509 |
| Credit Acceptance Corp., 9.25%, 12/15/2028 (n) | 335000 | &nbsp;&nbsp; 350128 |
| Credit Acceptance Corp., 6.625%, 3/15/2030 (n) | 537000 | &nbsp;&nbsp; 538059 |
| CrossCountry Intermediate HoldCo LLC, 6.5%, 10/01/2030 (n) | 445000 | &nbsp;&nbsp; 453898 |
| CrossCountry Intermediate HoldCo LLC, 6.75%, 12/01/2032 (n) | 252000 | &nbsp;&nbsp; 256089 |
| Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n) | 591000 | &nbsp;&nbsp; 619869 |
| Freedom Mortgage Holdings LLC, 6.875%, 5/01/2031 (n) | 318000 | &nbsp;&nbsp; 318191 |
| Freedom Mortgage Holdings LLC, 9.125%, 5/15/2031 (n) | 262000 | &nbsp;&nbsp; 281403 |
| FTAI Aviation Ltd., 5.5%, 5/01/2028 (n) | 788000 | &nbsp;&nbsp; 788689 |
| FTAI Aviation Ltd., 7.875%, 12/01/2030 (n) | 504000 | &nbsp;&nbsp; 535956 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 9/01/2027 (n) | 640000 | &nbsp;&nbsp; 663711 |
| goeasy Ltd., 6.875%, 2/15/2031 (n) | 569000 | &nbsp;&nbsp; 532237 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/2029  | 638000 | &nbsp;&nbsp; 636048 |
| Icahn Enterprises LP/Ichan Enterprises Finance Corp., 10%, 11/15/2029 (n) | 264000 | &nbsp;&nbsp; 263814 |
| Jefferson Capital Holdings LLC, 8.25%, 5/15/2030 (n) | 781000 | &nbsp;&nbsp; 821383 |
| LFS TopCo LLC, 8.75%, 7/15/2030 (n) | 518000 | &nbsp;&nbsp; 521348 |
| OneMain Finance Corp., 6.625%, 5/15/2029  | 675000 | &nbsp;&nbsp; 699127 |
| OneMain Finance Corp., 5.375%, 11/15/2029  | 388000 | &nbsp;&nbsp; 388262 |
| OneMain Finance Corp., 7.5%, 5/15/2031  | 391000 | &nbsp;&nbsp; 411390 |
| OneMain Finance Corp., 6.75%, 9/15/2033  | 437000 | &nbsp;&nbsp; 442519 |
| PennyMac Financial Services, Inc., 6.875%, 2/15/2033 (n) | 1510000 | &nbsp;&nbsp; 1576369 |
| Phoenix Aviation Capital, 9.25%, 7/15/2030 (n) | 458000 | &nbsp;&nbsp; 487914 |
| Rocket Cos., Inc., 6.5%, 8/01/2029 (n) | 557000 | &nbsp;&nbsp; 574483 |
| Rocket Cos., Inc., 6.125%, 8/01/2030 (n) | 447000 | &nbsp;&nbsp; 462055 |
| Rocket Cos., Inc., 6.375%, 8/01/2033 (n) | 856000 | &nbsp;&nbsp; 892482 |
| Rocket Cos., Inc., 4%, 10/15/2033 (n) | 211000 | &nbsp;&nbsp; 196039 |
| TrueNoord Capital DAC, 8.75%, 3/01/2030 (n) | 507000 | &nbsp;&nbsp; 535511 |
| Walker & Dunlop, Inc., 6.625%, 4/01/2033 (n) | 603000 | &nbsp;&nbsp; 618632 |
|  |  | &nbsp;&nbsp; $16973616 |
| Food & Beverages – 2.5% | Food & Beverages – 2.5% | Food & Beverages – 2.5% |
| Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n) | $359000 | &nbsp;&nbsp; $374402 |
| Fiesta Purchaser, Inc., 9.625%, 9/15/2032 (n) | 448000 | &nbsp;&nbsp; 469511 |
| Performance Food Group Co., 5.5%, 10/15/2027 (n) | 601000 | &nbsp;&nbsp; 601888 |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | 450000 | &nbsp;&nbsp; 463909 |
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 1275000 | &nbsp;&nbsp; 1241549 |
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | 524000 | &nbsp;&nbsp; 526908 |
| U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n) | 1069000 | &nbsp;&nbsp; 1062997 |
| U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n) | 304000 | &nbsp;&nbsp; 309653 |
| Viking Baked Goods Acquisition Corp., 8.625%, 11/01/2031 (n) | 559000 | &nbsp;&nbsp; 560795 |
|  |  | &nbsp;&nbsp; $5611612 |
| Forest & Paper Products – 0.3% | Forest & Paper Products – 0.3% | Forest & Paper Products – 0.3% |
| Veritiv Operating Co., 10.5%, 11/30/2030 (n) | $613000 | &nbsp;&nbsp; $659106 |

---

------

MFS High Yield Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Gaming & Lodging – 3.2% | Gaming & Lodging – 3.2% | Gaming & Lodging – 3.2% |
| CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n) | $1426000 | &nbsp;&nbsp; $1439888 |
| Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030  | 1389000 | &nbsp;&nbsp; 1393684 |
| Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n) | 638000 | &nbsp;&nbsp; 592243 |
| Hilton Domestic Operating Co., Inc., 5.875%, 3/15/2033 (n) | 323000 | &nbsp;&nbsp; 332298 |
| Rivers Enterprise Lender LLC, 6.25%, 10/15/2030 (n) | 508000 | &nbsp;&nbsp; 518530 |
| Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n) | 909000 | &nbsp;&nbsp; 896402 |
| Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 860000 | &nbsp;&nbsp; 859613 |
| Wynn Macau Ltd., 6.75%, 2/15/2034 (n) | 273000 | &nbsp;&nbsp; 276513 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n) | 641000 | &nbsp;&nbsp; 644798 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/2031 (n) | 212000 | &nbsp;&nbsp; 229403 |
|  |  | &nbsp;&nbsp; $7183372 |
| Industrial – 1.2% | Industrial – 1.2% | Industrial – 1.2% |
| AECOM, 6%, 8/01/2033 (n) | $975000 | &nbsp;&nbsp; $999239 |
| APi Escrow Corp., 4.75%, 10/15/2029 (n) | 1180000 | &nbsp;&nbsp; 1156105 |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.5%, 2/01/2032 (n) | 524000 | &nbsp;&nbsp; 534752 |
|  |  | &nbsp;&nbsp; $2690096 |
| Insurance - Health – 0.4% | Insurance - Health – 0.4% | Insurance - Health – 0.4% |
| Molina Healthcare, Inc., 6.5%, 2/15/2031 (n) | $820000 | &nbsp;&nbsp; $842165 |
| Insurance - Property & Casualty – 3.5% | Insurance - Property & Casualty – 3.5% | Insurance - Property & Casualty – 3.5% |
| Acrisure LLC/Acrisure Finance, Inc., 7.5%, 11/06/2030 (n) | $229000 | &nbsp;&nbsp; $238537 |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, 7/01/2032 (n) | 839000 | &nbsp;&nbsp; 864261 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | 350000 | &nbsp;&nbsp; 349692 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n) | 582000 | &nbsp;&nbsp; 603811 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.5%, 10/01/2031 (n) | 478000 | &nbsp;&nbsp; 492668 |
| AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n) | 256000 | &nbsp;&nbsp; 251762 |
| Amynta Agency Borrower, Inc., 7.5%, 7/15/2033 (n) | 635000 | &nbsp;&nbsp; 642428 |
| Asurion LLC, 8%, 12/31/2032 (n) | 703000 | &nbsp;&nbsp; 729441 |
| Baldwin Insurance Group Holdings LLC, 7.125%, 5/15/2031 (n) | 865000 | &nbsp;&nbsp; 896224 |
| Hub International Ltd., 5.625%, 12/01/2029 (n) | 261000 | &nbsp;&nbsp; 260956 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 789000 | &nbsp;&nbsp; 828391 |
| Hub International Ltd., 7.375%, 1/31/2032 (n) | 348000 | &nbsp;&nbsp; 365245 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 1256000 | &nbsp;&nbsp; 1301527 |
|  |  | &nbsp;&nbsp; $7824943 |
| Interactive Media Services – 0.5% | Interactive Media Services – 0.5% | Interactive Media Services – 0.5% |
| Snap, Inc., 6.875%, 3/01/2033 (n) | $829000 | &nbsp;&nbsp; $859047 |
| Snap, Inc., 6.875%, 3/15/2034 (n) | 194000 | &nbsp;&nbsp; 199747 |
|  |  | &nbsp;&nbsp; $1058794 |
| Machinery & Tools – 0.9% | Machinery & Tools – 0.9% | Machinery & Tools – 0.9% |
| Manitowoc Co., Inc., 9.25%, 10/01/2031 (n) | $540000 | &nbsp;&nbsp; $580014 |
| Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n) | 1338000 | &nbsp;&nbsp; 1398832 |
|  |  | &nbsp;&nbsp; $1978846 |
| Medical & Health Technology & Services – 3.7% | Medical & Health Technology & Services – 3.7% | Medical & Health Technology & Services – 3.7% |
| Acadia Healthcare Co., Inc., 7.375%, 3/15/2033 (n) | $649000 | &nbsp;&nbsp; $655493 |
| Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n) | 599000 | &nbsp;&nbsp; 625206 |
| CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n) | 410000 | &nbsp;&nbsp; 328504 |
| CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n) | 1606000 | &nbsp;&nbsp; 1508344 |
| Concentra, Inc., 6.875%, 7/15/2032 (n) | 652000 | &nbsp;&nbsp; 681864 |
| Encompass Health Corp., 4.75%, 2/01/2030  | 803000 | &nbsp;&nbsp; 800339 |
| Encompass Health Corp., 4.625%, 4/01/2031  | 286000 | &nbsp;&nbsp; 280094 |

---

------

MFS High Yield Portfolio

*Portfolio of Investments – 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 |
| IQVIA, Inc., 5%, 5/15/2027 (n) | $485000 | &nbsp;&nbsp; $484867 |
| IQVIA, Inc., 6.5%, 5/15/2030 (n) | 722000 | &nbsp;&nbsp; 748996 |
| IQVIA, Inc., 6.25%, 6/01/2032 (n) | 363000 | &nbsp;&nbsp; 379305 |
| Prime Healthcare Services, Inc., 9.375%, 9/01/2029 (n) | 508000 | &nbsp;&nbsp; 533400 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/2032 (n) | 758000 | &nbsp;&nbsp; 766693 |
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/2029 (n) | 484000 | &nbsp;&nbsp; 487589 |
|  |  | &nbsp;&nbsp; $8280694 |
| Medical Equipment – 1.3% | Medical Equipment – 1.3% | Medical Equipment – 1.3% |
| Insulet Corp., 6.5%, 4/01/2033 (n) | $790000 | &nbsp;&nbsp; $823486 |
| Medline Borrower LP, 3.875%, 4/01/2029 (n) | 363000 | &nbsp;&nbsp; 354400 |
| Medline Borrower LP, 5.25%, 10/01/2029 (n) | 890000 | &nbsp;&nbsp; 894811 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/2029 (n) | 687000 | &nbsp;&nbsp; 710194 |
|  |  | &nbsp;&nbsp; $2782891 |
| Metals & Mining – 2.3% | Metals & Mining – 2.3% | Metals & Mining – 2.3% |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n) | $749000 | &nbsp;&nbsp; $659366 |
| First Quantum Minerals Ltd., 8%, 3/01/2033 (n) | 265000 | &nbsp;&nbsp; 283006 |
| Fortescue Treasury Pty Ltd., 4.375%, 4/01/2031 (n) | 1234000 | &nbsp;&nbsp; 1193431 |
| Mineral Resources Ltd., 9.25%, 10/01/2028 (n) | 918000 | &nbsp;&nbsp; 963441 |
| Mineral Resources Ltd., 7%, 4/01/2031 (n) | 191000 | &nbsp;&nbsp; 199176 |
| Novelis, Inc., 4.75%, 1/30/2030 (n) | 344000 | &nbsp;&nbsp; 332304 |
| Novelis, Inc., 6.875%, 1/30/2030 (n) | 399000 | &nbsp;&nbsp; 414302 |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2030 (z) | 398903 | &nbsp;&nbsp; 231585 |
| Taseko Mines Ltd., 8.25%, 5/01/2030 (n) | 673000 | &nbsp;&nbsp; 714883 |
|  |  | &nbsp;&nbsp; $4991494 |
| Midstream – 6.8% | Midstream – 6.8% | Midstream – 6.8% |
| Antero Midstream Corp., 5.75%, 7/01/2034 (n) | $1281000 | &nbsp;&nbsp; $1290685 |
| Buckeye Partners LP, 6.75%, 2/01/2030 (n) | 525000 | &nbsp;&nbsp; 551119 |
| Buckeye Partners LP, 5.85%, 11/15/2043  | 226000 | &nbsp;&nbsp; 211938 |
| Delek Logistics Partners LP/Delek Logistics Corp., 8.625%, 3/15/2029 (n) | 838000 | &nbsp;&nbsp; 878362 |
| Delek Logistics Partners LP/Delek Logistics Corp., 7.375%, 6/30/2033 (n) | 355000 | &nbsp;&nbsp; 362259 |
| Genesis Energy LP/Genesis Energy Finance Corp., 8.25%, 1/15/2029  | 993000 | &nbsp;&nbsp; 1036575 |
| NuStar Logistics LP, 6.375%, 10/01/2030  | 774000 | &nbsp;&nbsp; 814633 |
| Prairie Acquiror LP, 9%, 8/01/2029 (n) | 604000 | &nbsp;&nbsp; 627811 |
| Rockies Express Pipeline LLC, 6.75%, 3/15/2033 (n) | 347000 | &nbsp;&nbsp; 366196 |
| Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n) | 680000 | &nbsp;&nbsp; 702962 |
| Sunoco LP, 4.625%, 5/01/2030 (n) | 783000 | &nbsp;&nbsp; 760668 |
| Sunoco LP, 7.25%, 5/01/2032 (n) | 930000 | &nbsp;&nbsp; 983323 |
| Sunoco LP, 6.625%, 8/15/2032 (n) | 318000 | &nbsp;&nbsp; 326846 |
| Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n) | 1114000 | &nbsp;&nbsp; 1114600 |
| Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n) | 305000 | &nbsp;&nbsp; 315237 |
| Tallgrass Energy Partners LP, 6.75%, 3/15/2034 (n) | 165000 | &nbsp;&nbsp; 164996 |
| TransMontaigne Partners LLC, 8.5%, 6/15/2030 (n) | 458000 | &nbsp;&nbsp; 462390 |
| Venture Global LNG, Inc., 8.125%, 6/01/2028 (n) | 331000 | &nbsp;&nbsp; 335271 |
| Venture Global LNG, Inc., 9.5%, 2/01/2029 (n) | 692000 | &nbsp;&nbsp; 717242 |
| Venture Global LNG, Inc., 8.375%, 6/01/2031 (n) | 792000 | &nbsp;&nbsp; 787585 |
| Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + 5.44%) to 3/30/2173 (n) | 862000 | &nbsp;&nbsp; 680748 |
| Venture Global Plaquemines LNG LLC, 7.5%, 5/01/2033 (n) | 231000 | &nbsp;&nbsp; 249596 |
| Venture Global Plaquemines LNG LLC, 6.5%, 1/15/2034 (n) | 613000 | &nbsp;&nbsp; 627859 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/2036 (n) | 613000 | &nbsp;&nbsp; 627890 |
|  |  | &nbsp;&nbsp; $14996791 |

---

------

MFS High Yield Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| 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; $225316 |
| Frontier Communications Holdings LLC, 6.75%, 5/01/2029 (n) | 666000 | &nbsp;&nbsp; 671044 |
| Iliad Holding S.A.S., 7%, 10/15/2028 (n) | 827000 | &nbsp;&nbsp; 837283 |
| Iliad Holding S.A.S., 5.375%, 4/15/2030 (n) | 165000 | &nbsp;&nbsp; 200177 |
| Iliad Holding S.A.S., 6.875%, 4/15/2031 (n) | 334000 | &nbsp;&nbsp; 418698 |
| Windstream Services LLC/Windstream Escrow, 8.25%, 10/01/2031 (n) | $273000 | &nbsp;&nbsp; 286587 |
|  |  | &nbsp;&nbsp; $2639105 |
| Oil Services – 1.0% | Oil Services – 1.0% | Oil Services – 1.0% |
| Nabors Industries, Inc., 8.875%, 8/15/2031 (n) | $647000 | &nbsp;&nbsp; $627650 |
| U.S.A. Compression Partners LP/Finance Co., 7.125%, 3/15/2029 (n) | 972000 | &nbsp;&nbsp; 1006128 |
| Valaris Ltd., 8.375%, 4/30/2030 (n) | 615000 | &nbsp;&nbsp; 639885 |
|  |  | &nbsp;&nbsp; $2273663 |
| Oils – 0.1% | Oils – 0.1% | Oils – 0.1% |
| PBF Holding Co. LLC, 7.875%, 9/15/2030 (n) | $316000 | &nbsp;&nbsp; $304320 |
| Pharmaceuticals – 1.3% | Pharmaceuticals – 1.3% | Pharmaceuticals – 1.3% |
| 1261229 B.C. Ltd., 10%, 4/15/2032 (n) | $1048000 | &nbsp;&nbsp; $1089937 |
| Bausch Health Co., Inc., 4.875%, 6/01/2028 (n) | 158000 | &nbsp;&nbsp; 141410 |
| Bausch Health Co., Inc., 5.25%, 1/30/2030 (n) | 304000 | &nbsp;&nbsp; 212800 |
| Genmab A.S., 6.25%, 12/15/2032 (n) | 835000 | &nbsp;&nbsp; 855747 |
| Grifols S.A., 7.125%, 5/01/2030  | 427000 | &nbsp;&nbsp; 526473 |
|  |  | &nbsp;&nbsp; $2826367 |
| Pollution Control – 1.0% | Pollution Control – 1.0% | Pollution Control – 1.0% |
| Clean Harbors, Inc., 5.75%, 10/15/2033 (n) | $947000 | &nbsp;&nbsp; $971436 |
| GFL Environmental, Inc., 4%, 8/01/2028 (n) | 641000 | &nbsp;&nbsp; 632282 |
| GFL Environmental, Inc., 6.75%, 1/15/2031 (n) | 358000 | &nbsp;&nbsp; 375604 |
| Wrangler Holdco Corp., 6.625%, 4/01/2032 (n) | 323000 | &nbsp;&nbsp; 338576 |
|  |  | &nbsp;&nbsp; $2317898 |
| 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; $820838 |
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | 531000 | &nbsp;&nbsp; 528056 |
| New Gold, Inc., 6.875%, 4/01/2032 (n) | 530000 | &nbsp;&nbsp; 562458 |
|  |  | &nbsp;&nbsp; $1911352 |
| Printing & Publishing – 0.3% | Printing & Publishing – 0.3% | Printing & Publishing – 0.3% |
| Graham Holdings Co., 5.625%, 12/01/2033 (n) | $704000 | &nbsp;&nbsp; $710771 |
| Real Estate - Healthcare – 0.3% | Real Estate - Healthcare – 0.3% | Real Estate - Healthcare – 0.3% |
| MPT Operating Partnership LP/MPT Finance Corp., REIT, 8.5%, 2/15/2032 (n) | $474000 | &nbsp;&nbsp; $506200 |
| MPT Operating Partnership LP/MPT Financial Corp., REIT, 4.625%, 8/01/2029  | 285000 | &nbsp;&nbsp; 238770 |
|  |  | &nbsp;&nbsp; $744970 |
| Real Estate - Other – 1.7% | Real Estate - Other – 1.7% | Real Estate - Other – 1.7% |
| Park Intermediate Holdings LLC, 4.875%, 5/15/2029 (n) | $690000 | &nbsp;&nbsp; $673773 |
| RHP Hotel Properties LP/RHP Finance Corp., 7.25%, 7/15/2028 (n) | 1087000 | &nbsp;&nbsp; 1120932 |
| RHP Hotel Properties LP/RHP Finance Corp., 6.5%, 4/01/2032 (n) | 128000 | &nbsp;&nbsp; 132747 |
| Starwood Property Trust, Inc., 5.75%, 1/15/2031 (n) | 1015000 | &nbsp;&nbsp; 1025910 |
| XHR LP, REIT, 4.875%, 6/01/2029 (n) | 850000 | &nbsp;&nbsp; 838051 |
|  |  | &nbsp;&nbsp; $3791413 |

---

------

MFS High Yield Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Restaurants – 1.2% | Restaurants – 1.2% | Restaurants – 1.2% |
| 1011778 B.C. ULC/New Red Finance, Inc., 6.125%, 6/15/2029 (n) | $822000 | &nbsp;&nbsp; $843850 |
| 1011778 B.C. ULC/New Red Finance, Inc., 5.625%, 9/15/2029 (n) | 469000 | &nbsp;&nbsp; 477529 |
| 1011778 B.C. ULC/New Red Finance, Inc., 4%, 10/15/2030 (n) | 627000 | &nbsp;&nbsp; 597158 |
| Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n) | 786000 | &nbsp;&nbsp; 747309 |
|  |  | &nbsp;&nbsp; $2665846 |
| Retailers – 1.5% | Retailers – 1.5% | Retailers – 1.5% |
| Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% PIK), 7/15/2033 (n)(p) | $849000 | &nbsp;&nbsp; $937112 |
| Macy's Retail Holdings LLC, 5.875%, 3/15/2030 (n) | 43000 | &nbsp;&nbsp; 43218 |
| Macy's Retail Holdings LLC, 7.375%, 8/01/2033 (n) | 657000 | &nbsp;&nbsp; 696391 |
| Mavis Tire Express Services Corp., 6.5%, 5/15/2029 (n) | 539000 | &nbsp;&nbsp; 533653 |
| Maxeda DIY Holding B.V., 5.875%, 10/01/2026  | 300000 | &nbsp;&nbsp; 295639 |
| Penske Automotive Group Co., 3.75%, 6/15/2029  | $732000 | &nbsp;&nbsp; 709360 |
|  |  | &nbsp;&nbsp; $3215373 |
| Specialty Stores – 1.2% | Specialty Stores – 1.2% | Specialty Stores – 1.2% |
| Carvana Co., 9%, 6/01/2031 (n) | $1339380 | &nbsp;&nbsp; $1511395 |
| Michael Cos., Inc., 5.25%, 5/01/2028 (n) | 336000 | &nbsp;&nbsp; 323016 |
| Michael Cos., Inc., 7.875%, 5/01/2029 (n) | 478000 | &nbsp;&nbsp; 441240 |
| PetSmart LLC / PetSmart Finance Corp., 7.5%, 9/15/2032 (n) | 325000 | &nbsp;&nbsp; 330748 |
|  |  | &nbsp;&nbsp; $2606399 |
| Supermarkets – 1.2% | Supermarkets – 1.2% | Supermarkets – 1.2% |
| Albertsons Cos. LLC/Safeway, Inc., 5.5%, 3/31/2031 (n) | $244000 | &nbsp;&nbsp; $246573 |
| Albertsons Cos. LLC/Safeway, Inc., 6.25%, 3/15/2033 (n) | 1421000 | &nbsp;&nbsp; 1460761 |
| KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n) | 932000 | &nbsp;&nbsp; 978319 |
|  |  | &nbsp;&nbsp; $2685653 |
| Telecommunications - Wireless – 0.9% | Telecommunications - Wireless – 0.9% | Telecommunications - Wireless – 0.9% |
| Altice France S.A., 9.5%, 11/01/2029 (n) | $296488 | &nbsp;&nbsp; $304956 |
| Altice France S.A., 6.875%, 10/15/2030 (n) | 678458 | &nbsp;&nbsp; 657963 |
| Altice France S.A., 6.5%, 4/15/2032 (n) | 207927 | &nbsp;&nbsp; 199336 |
| Zegona Finance PLC, 6.75%, 7/15/2029 (n) | 90000 | &nbsp;&nbsp; 111147 |
| Zegona Finance PLC, 8.625%, 7/15/2029 (n) | $657000 | &nbsp;&nbsp; 696868 |
|  |  | &nbsp;&nbsp; $1970270 |
| Telephone Services – 0.8% | Telephone Services – 0.8% | Telephone Services – 0.8% |
| Level 3 Financing, Inc., 6.875%, 6/30/2033 (n) | $345186 | &nbsp;&nbsp; $353221 |
| Level 3 Financing, Inc., 7%, 3/31/2034 (n) | 326902 | &nbsp;&nbsp; 336896 |
| Uniti Group/CSL Capital Co., 6.5%, 2/15/2029 (n) | 660000 | &nbsp;&nbsp; 633809 |
| Uniti Group/CSL Capital Co., 8.625%, 6/15/2032 (n) | 473000 | &nbsp;&nbsp; 465925 |
|  |  | &nbsp;&nbsp; $1789851 |
| Tobacco – 0.4% | Tobacco – 0.4% | Tobacco – 0.4% |
| Turning Point Brands, Inc., 7.625%, 3/15/2032 (n) | $814000 | &nbsp;&nbsp; $866350 |
| 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; $745211 |
| Utilities - Electric Power – 3.9% | Utilities - Electric Power – 3.9% | Utilities - Electric Power – 3.9% |
| Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n) | $850000 | &nbsp;&nbsp; $793804 |
| ContourGlobal Power Holdings S.A., 6.75%, 2/28/2030 (n) | 200000 | &nbsp;&nbsp; 206222 |
| Hawaiian Electric Co., Inc., 6%, 10/01/2033 (n) | 557000 | &nbsp;&nbsp; 564761 |
| NRG Energy, Inc., 5.75%, 1/15/2034 (n) | 961000 | &nbsp;&nbsp; 970773 |
| NRG Energy, Inc., 6%, 1/15/2036 (n) | 966000 | &nbsp;&nbsp; 978793 |

---

------

MFS High Yield Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Utilities - Electric Power – continued | Utilities - Electric Power – continued | Utilities - Electric Power – continued |
| PG&E Corp., 5.25%, 7/01/2030  | 1156000 | &nbsp;&nbsp; $1147813 |
| PG&E Corp., 7.375% to 3/15/2030, FLR (CMT - 5yr. + 3.883%) to 3/15/2055  | 341000 | &nbsp;&nbsp; 355149 |
| Talen Energy Supply LLC, 6.25%, 2/01/2034 (n) | 692000 | &nbsp;&nbsp; 705780 |
| Talen Energy Supply LLC, 6.5%, 2/01/2036 (n) | 318000 | &nbsp;&nbsp; 328841 |
| TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 205000 | &nbsp;&nbsp; 203540 |
| TerraForm Power Operating LLC, 5%, 1/31/2028 (n) | 791000 | &nbsp;&nbsp; 790274 |
| TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n) | 164000 | &nbsp;&nbsp; 159340 |
| XPLR Infrastructure Operating Partners LP, 4.5%, 9/15/2027 (n) | 432000 | &nbsp;&nbsp; 426314 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 615000 | &nbsp;&nbsp; 630136 |
| XPLR Infrastructure Operating Partners LP, 8.375%, 1/15/2031 (n) | 157000 | &nbsp;&nbsp; 164792 |
| XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/2033 (n) | 157000 | &nbsp;&nbsp; 165166 |
|  |  | &nbsp;&nbsp; $8591498 |
| **Total Bonds (Identified Cost, $212,164,554)** |  | &nbsp;&nbsp; **$213257237** |
| Common Stocks – 0.1% | Common Stocks – 0.1% | Common Stocks – 0.1% |
| Oil Services – 0.1% | Oil Services – 0.1% |  |
| LTRI Holdings LP (a)(u) (Identified Cost, $220,047) | 1115 | &nbsp;&nbsp; $208104 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $3370 |

---

---

| | | |
|:---|:---|:---|
| 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, 3.82% (v) (Identified Cost, $4,865,234) | 4865305 | &nbsp;&nbsp; $4866278 |
| Other Assets, Less Liabilities – 1.6% |  | &nbsp;&nbsp; 3596373 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$221931362** |

---

&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 $4,866,278 and $213,468,711, 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 $194,444,965, representing 87.6% 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;(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 – continued*

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2030 | 3/09/21-7/26/21 | $396744 | $231585 |
| % 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 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** |
| **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>|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| USD | &nbsp;&nbsp; 4427729 | EUR | 3796064 | State Street Corp. | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $(35731)<br>|

---

**See Notes to Financial Statements**

------

MFS High Yield Portfolio

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

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $212,384,601) | &nbsp;&nbsp; $213468711 |
| Investments in affiliated issuers, at value (identified cost, $4,865,234) | &nbsp;&nbsp; 4866278 |
| Cash | &nbsp;&nbsp; 19348 |
| Foreign currency, at value (identified cost, $583) | &nbsp;&nbsp; 588 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 116439 |
| Fund shares sold | &nbsp;&nbsp; 77028 |
| Interest | &nbsp;&nbsp; 3758268 |
| Receivable from investment adviser | &nbsp;&nbsp; 10733 |
| Other assets | &nbsp;&nbsp; 1072 |
| Total assets | &nbsp;&nbsp; $222318465 |
| **Liabilities** |  |
| Payables for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $35731 |
| Investments purchased | &nbsp;&nbsp; 41692 |
| Fund shares reacquired | &nbsp;&nbsp; 216092 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 203 |
| Shareholder servicing costs | &nbsp;&nbsp; 63 |
| Distribution and/or service fees | &nbsp;&nbsp; 327 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 7 |
| Payable for audit and tax fees | &nbsp;&nbsp; 53272 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 39716 |
| Total liabilities | &nbsp;&nbsp; $387103 |
| Net assets | &nbsp;&nbsp; $221931362 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $276244667 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (54313305)<br>|
| Net assets | &nbsp;&nbsp; $221931362 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 43650674 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $198084610 | &nbsp;&nbsp;&nbsp; 38897642 | &nbsp;&nbsp;&nbsp; $5.09 |
| Service Class | &nbsp;&nbsp;&nbsp; 23846752 | &nbsp;&nbsp;&nbsp; 4753032 | &nbsp;&nbsp;&nbsp;&nbsp;5.02 |

---

**See Notes to Financial Statements**

------

MFS High Yield Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $15287333 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 230553 |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; 37255 |
| Income on securities loaned | &nbsp;&nbsp; 328 |
| Other | &nbsp;&nbsp; 53 |
| Total investment income | &nbsp;&nbsp; $15555522 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $1562674 |
| Distribution and/or service fees | &nbsp;&nbsp; 60429 |
| Shareholder servicing costs | &nbsp;&nbsp; 11604 |
| Administrative services fee | &nbsp;&nbsp; 39741 |
| Independent Trustees' compensation | &nbsp;&nbsp; 6606 |
| Custodian fee | &nbsp;&nbsp; 27737 |
| Shareholder communications | &nbsp;&nbsp; 21847 |
| Audit and tax fees | &nbsp;&nbsp; 101054 |
| Legal fees | &nbsp;&nbsp; 1543 |
| Miscellaneous | &nbsp;&nbsp; 40470 |
| Total expenses | &nbsp;&nbsp; $1873705 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (204235)<br>|
| Net expenses | &nbsp;&nbsp; $1669470 |
| Net investment income (loss) | &nbsp;&nbsp; $13886052 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(832886)<br>|
| Affiliated issuers | &nbsp;&nbsp; (635)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (61593)<br>|
| Foreign currency | &nbsp;&nbsp; 4101 |
| Net realized gain (loss)  | &nbsp;&nbsp; $(891013)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $5706156 |
| Affiliated issuers | &nbsp;&nbsp; 664 |
| Forward foreign currency exchange contracts  | &nbsp;&nbsp; (205207)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 3484 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $5505097 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $4614084 |
| Change in net assets from operations | &nbsp;&nbsp; $18500136 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $13886052 | &nbsp;&nbsp; $14216186 |
| Net realized gain (loss) | (891013)<br>| &nbsp;&nbsp; (3924117)<br>|
| Net unrealized gain (loss) | 5505097 | &nbsp;&nbsp; 5352259 |
| Change in net assets from operations | $18500136 | &nbsp;&nbsp; $15644328 |
| Total distributions to shareholders | $(14873560)<br>| &nbsp;&nbsp; $(14515992)<br>|
| Change in net assets from fund share transactions | $(11407180)<br>| &nbsp;&nbsp; $(17278791)<br>|
| Total change in net assets | $(7780604)<br>| &nbsp;&nbsp; $(16150455)<br>|
| **Net assets** |  |  |
| At beginning of period | 229711966 | &nbsp;&nbsp; 245862421 |
| At end of period | $221931362 | &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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $5.02 | &nbsp;&nbsp; $5.00 | &nbsp;&nbsp; $4.72 | &nbsp;&nbsp; $5.59 | &nbsp;&nbsp; $5.68 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.32 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.23 |
| Net realized and unrealized gain (loss) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.03)<br>|
| Total from investment operations | $0.42 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.57 | &nbsp;&nbsp; $(0.58)<br>| &nbsp;&nbsp; $0.20 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.35)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.29)<br>|
| Net asset value, end of period (x) | $5.09 | &nbsp;&nbsp; $5.02 | &nbsp;&nbsp; $5.00 | &nbsp;&nbsp; $4.72 | &nbsp;&nbsp; $5.59 |
| Total return (%) (k)(r)(s)(x) | 8.65 | &nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;&nbsp;&nbsp;12.41 | &nbsp;&nbsp; (10.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.49 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Expenses after expense reductions | 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) | 6.25 | &nbsp;&nbsp;&nbsp;&nbsp;5.99 | &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.13 |
| Portfolio turnover rate | 50 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 63 |
| Net assets at end of period (000 omitted) | $198085 | &nbsp;&nbsp; $204391 | &nbsp;&nbsp; $218731 | &nbsp;&nbsp; $224472 | &nbsp;&nbsp; $298460 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $4.95 | &nbsp;&nbsp; $4.94 | &nbsp;&nbsp; $4.65 | &nbsp;&nbsp; $5.51 | &nbsp;&nbsp; $5.61 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.30 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.22 |
| Net realized and unrealized gain (loss) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.05)<br>|
| Total from investment operations | $0.41 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.56 | &nbsp;&nbsp; $(0.59)<br>| &nbsp;&nbsp; $0.17 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.34)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.27)<br>|
| Net asset value, end of period (x) | $5.02 | &nbsp;&nbsp; $4.95 | &nbsp;&nbsp; $4.94 | &nbsp;&nbsp; $4.65 | &nbsp;&nbsp; $5.51 |
| Total return (%) (k)(r)(s)(x) | 8.47 | &nbsp;&nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;&nbsp;12.48 | &nbsp;&nbsp; (10.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.08 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Expenses after expense reductions | 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) | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 |
| Portfolio turnover rate | 50 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 63 |
| Net assets at end of period (000 omitted) | $23847 | &nbsp;&nbsp; $25321 | &nbsp;&nbsp; $27131 | &nbsp;&nbsp; $28563 | &nbsp;&nbsp; $38430 |

---

&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;(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**

**(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.

**Segment Reporting** — 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 - 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 December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $— | $— | $208104 | $208104 |
| United Kingdom |  | 3370 |  | 3370 |
| U.S. Corporate Bonds |  | 180612676 |  | 180612676 |
| Commercial Mortgage-Backed Securities |  | 160 |  | 160 |
| Foreign Bonds |  | 32644401 |  | 32644401 |
| Investment Companies | 4866278 |  |  | 4866278 |
| Total | $4866278 | $213260607 | $208104 | $218334989 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange <br> Contracts – Liabilities<br>| $— | $(35731)<br>| $— | $(35731)<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 - continued* 

---

| | |
|:---|:---|
|  | **Equity** <br>**Securities**<br>|
| Balance as of 12/31/24 | $253741 |
| Change in unrealized appreciation or depreciation | 135716 |
| Partial liquidation proceeds | (181353) |
| Balance as of 12/31/25 | $208104 |

---

The net change in unrealized appreciation or depreciation from investments held as level 3 at December 31, 2025 is $135,716. At December 31, 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 December 31, 2025 as reported in the Statement of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  |  | **Fair Value** |
| **Risk** | **Derivative Contracts** | **Liability Derivatives** |
| Foreign Exchange | Forward Foreign Currency Exchange Contracts | $(35731) |

---

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the year ended December 31, 2025 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Foreign Exchange | $(61593)<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 year ended December 31, 2025 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Foreign Exchange | $(205207)<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 - 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 December 31, 2025, there were no securities on loan or collateral outstanding.

------

MFS High Yield Portfolio

*Notes to Financial Statements - 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.

**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 two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $14873560 | &nbsp;&nbsp; $14515992 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $218072278 |
| Gross appreciation | &nbsp;&nbsp; 5200084 |
| Gross depreciation | &nbsp;&nbsp; (4973104)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $226980 |
| Undistributed ordinary income | &nbsp;&nbsp; 13941759 |
| Capital loss carryforwards | &nbsp;&nbsp; (68484111)<br>|
| Other temporary differences | &nbsp;&nbsp; 2067 |
| Total distributable earnings (loss) | &nbsp;&nbsp; $(54313305)<br>|

---

As of December 31, 2025, 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:

------

MFS High Yield Portfolio

*Notes to Financial Statements - continued* 

---

| | |
|:---|:---|
| Short-Term | $(2379847)<br>|
| Long-Term | (66104264)<br>|
| Total | $(68484111)<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:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br>**12/31/25**<br>| **Year ended** <br>**12/31/24**<br>|
| Initial Class | $13315624 | &nbsp;&nbsp; $12959403 |
| Service Class | 1557936 | &nbsp;&nbsp; 1556589 |
| Total | $14873560 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $30,925, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 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 year ended December 31, 2025, this reduction amounted to $173,310, 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 year ended December 31, 2025, the fee was $10,506, which equated to 0.0047% 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 year ended December 31, 2025, these costs amounted to $1,098.

------

MFS High Yield Portfolio

*Notes to Financial Statements - 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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0178% 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 year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $106,895,051 and $122,337,826, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 1885043 | &nbsp;&nbsp; $9642272 | &nbsp;&nbsp; 1473263 | &nbsp;&nbsp; $7447861 |
| Service Class | 237428 | &nbsp;&nbsp; 1194507 | &nbsp;&nbsp; 214582 | &nbsp;&nbsp; 1068309 |
|  | 2122471 | &nbsp;&nbsp; $10836779 | &nbsp;&nbsp; 1687845 | &nbsp;&nbsp; $8516170 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 2690025 | &nbsp;&nbsp; $13315624 | &nbsp;&nbsp; 2623361 | &nbsp;&nbsp; $12959403 |
| Service Class | 319249 | &nbsp;&nbsp; 1557936 | &nbsp;&nbsp; 319628 | &nbsp;&nbsp; 1556589 |
|  | 3009274 | &nbsp;&nbsp; $14873560 | &nbsp;&nbsp; 2942989 | &nbsp;&nbsp; $14515992 |
| Shares reacquired |  |  |  |  |
| Initial Class | (6414378)<br>| &nbsp;&nbsp; $(32514998)<br>| &nbsp;&nbsp; (7087517)<br>| &nbsp;&nbsp; $(35744057)<br>|
| Service Class | (918185)<br>| &nbsp;&nbsp; (4602521)<br>| &nbsp;&nbsp; (917192)<br>| &nbsp;&nbsp; (4566896)<br>|
|  | (7332563)<br>| &nbsp;&nbsp; $(37117519)<br>| &nbsp;&nbsp; (8004709)<br>| &nbsp;&nbsp; $(40310953)<br>|
| Net change |  |  |  |  |
| Initial Class | (1839310)<br>| &nbsp;&nbsp; $(9557102)<br>| &nbsp;&nbsp; (2990893)<br>| &nbsp;&nbsp; $(15336793)<br>|
| Service Class | (361508)<br>| &nbsp;&nbsp; (1850078)<br>| &nbsp;&nbsp; (382982)<br>| &nbsp;&nbsp; (1941998)<br>|
|  | (2200818)<br>| &nbsp;&nbsp; $(11407180)<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%, 8%, and 5%, respectively, of the value of outstanding voting shares of the fund.

------

MFS High Yield Portfolio

*Notes to Financial Statements - 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 year ended December 31, 2025, the fund's commitment fee and interest expense were $1,058 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. The following were affiliated issuers for the year ended December 31, 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; $57762233 | &nbsp;&nbsp; $55554466 | &nbsp;&nbsp; $(635)<br>| &nbsp;&nbsp; $664 | &nbsp;&nbsp; $4866278 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $230553 | $— |

---

------

MFS High Yield Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS High Yield Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS High Yield Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS High Yield Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

------

**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.**

------

MFS High Yield Portfolio

**Board Review of Investment Advisory Agreement**

**MFS High Yield Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 4th quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 4th quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

The Trustees expressed concern to MFS about the substandard investment performance of the Fund and the Fund's retail counterpart, High Income Fund, which has substantially similar investment strategies and experienced substantially similar investment performance as the Fund. In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year as to MFS' efforts to improve the performance of the Fund and the Fund's retail counterpart.

------

MFS High Yield Portfolio

*Board Review of Investment Advisory Agreement - continued*

In addition, the Trustees requested that they receive a separate update on the Fund's retail counterpart at each of their regular meetings. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that MFS' responses and efforts and plans to improve investment performance were sufficient to support approval of the continuance of the investment advisory agreement for an additional one-year period, but that they would continue to closely monitor the performance of the Fund's retail counterpart.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to a contractual breakpoint that reduces the Fund's advisory fee rate on average daily net assets over $1 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoint and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

------

MFS High Yield Portfolio

*Board Review of Investment Advisory Agreement - continued*

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS International Growth Portfolio

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

MFS International Growth Portfolio

**Portfolio of Investments - 12/31/25** 

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 – 98.4% | Common Stocks – 98.4% | Common Stocks – 98.4% |
| Aerospace & Defense – 2.4% | Aerospace & Defense – 2.4% |  |
| Rolls-Royce Holdings PLC | 504829 | &nbsp;&nbsp; $7846631 |
| Singapore Technologies Engineering Ltd. | 130500 | &nbsp;&nbsp; 851430 |
|  |  | &nbsp;&nbsp; $8698061 |
| Alcoholic Beverages – 3.5% | Alcoholic Beverages – 3.5% |  |
| Diageo PLC | 143429 | &nbsp;&nbsp; $3089562 |
| Heineken N.V. | 92775 | &nbsp;&nbsp; 7589126 |
| Pernod Ricard S.A. | 25034 | &nbsp;&nbsp; 2143134 |
|  |  | &nbsp;&nbsp; $12821822 |
| Apparel Manufacturers – 2.7% | Apparel Manufacturers – 2.7% |  |
| Burberry Group PLC (a) | 69490 | &nbsp;&nbsp; $1184333 |
| LVMH Moet Hennessy Louis Vuitton SE | 11385 | &nbsp;&nbsp; 8583153 |
|  |  | &nbsp;&nbsp; $9767486 |
| Brokerage & Asset Managers – 4.0% | Brokerage & Asset Managers – 4.0% |  |
| B3 S.A. - Brasil Bolsa Balcao | 1147200 | &nbsp;&nbsp; $2986104 |
| Banco BTG Pactual S.A. | 201523 | &nbsp;&nbsp; 1923158 |
| Deutsche Boerse AG | 22992 | &nbsp;&nbsp; 6039105 |
| London Stock Exchange Group PLC | 17738 | &nbsp;&nbsp; 2135913 |
| XP, Inc. | 82877 | &nbsp;&nbsp; 1356697 |
|  |  | &nbsp;&nbsp; $14440977 |
| Business Services – 4.2% | Business Services – 4.2% |  |
| Compass Group PLC | 97080 | &nbsp;&nbsp; $3088601 |
| Experian PLC | 93413 | &nbsp;&nbsp; 4224743 |
| Nomura Research Institute Ltd. | 100700 | &nbsp;&nbsp; 3870753 |
| OBIC Co. Ltd. | 95900 | &nbsp;&nbsp; 3013405 |
| Sodexo | 15760 | &nbsp;&nbsp; 807387 |
|  |  | &nbsp;&nbsp; $15004889 |
| Chemicals – 0.6% | Chemicals – 0.6% |  |
| UPL Ltd. | 227443 | &nbsp;&nbsp; $2012155 |
| Computer Software – 5.9% | Computer Software – 5.9% |  |
| Dassault Systemes SE | 153045 | &nbsp;&nbsp; $4274598 |
| Kingsoft Corp. | 236000 | &nbsp;&nbsp; 862405 |
| Oracle Corp. Japan | 22600 | &nbsp;&nbsp; 1903052 |
| SAP SE | 44656 | &nbsp;&nbsp; 10934152 |
| Totvs S.A. | 267500 | &nbsp;&nbsp; 2038089 |
| Wisetech Global Ltd. | 29781 | &nbsp;&nbsp; 1349750 |
|  |  | &nbsp;&nbsp; $21362046 |
| Computer Software - Systems – 5.2% | Computer Software - Systems – 5.2% |  |
| Amadeus IT Group S.A. | 91662 | &nbsp;&nbsp; $6723290 |
| Cap Gemini S.A. | 33459 | &nbsp;&nbsp; 5541234 |
| Hitachi Ltd. | 205400 | &nbsp;&nbsp; 6372257 |
|  |  | &nbsp;&nbsp; $18636781 |

---

FCIFS-ANN

------

MFS International Growth Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Construction – 1.4% | Construction – 1.4% |  |
| James Hardie Industries PLC, GDR (a) | 107082 | &nbsp;&nbsp; $2206721 |
| Kingspan Group PLC | 13092 | &nbsp;&nbsp; 1131283 |
| Sika AG | 8550 | &nbsp;&nbsp; 1752371 |
|  |  | &nbsp;&nbsp; $5090375 |
| Consumer Products – 3.1% | Consumer Products – 3.1% |  |
| AmorePacific Corp. | 19265 | &nbsp;&nbsp; $1594242 |
| Haleon PLC | 705366 | &nbsp;&nbsp; 3563593 |
| Reckitt Benckiser Group PLC | 76017 | &nbsp;&nbsp; 6150078 |
|  |  | &nbsp;&nbsp; $11307913 |
| Electrical Equipment – 3.6% | Electrical Equipment – 3.6% |  |
| Schneider Electric SE | 47247 | &nbsp;&nbsp; $12950469 |
| Electronics – 6.1% | Electronics – 6.1% |  |
| ASML Holding N.V. | 4150 | &nbsp;&nbsp; $4436002 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 361000 | &nbsp;&nbsp; 17636069 |
|  |  | &nbsp;&nbsp; $22072071 |
| Energy - Independent – 1.3% | Energy - Independent – 1.3% |  |
| Canadian Natural Resources Ltd. (l) | 54153 | &nbsp;&nbsp; $1834230 |
| Reliance Industries Ltd. | 164290 | &nbsp;&nbsp; 2870525 |
|  |  | &nbsp;&nbsp; $4704755 |
| Food & Beverages – 3.0% | Food & Beverages – 3.0% |  |
| Nestle S.A. | 109265 | &nbsp;&nbsp; $10861667 |
| Food & Drug Stores – 0.5% | Food & Drug Stores – 0.5% |  |
| Sugi Holdings Co. Ltd. | 72000 | &nbsp;&nbsp; $1697616 |
| Gaming & Lodging – 2.4% | Gaming & Lodging – 2.4% |  |
| Aristocrat Leisure Ltd. | 67609 | &nbsp;&nbsp; $2625016 |
| Flutter Entertainment PLC (a) | 17610 | &nbsp;&nbsp; 3786854 |
| Lottery Corp. Ltd. | 170780 | &nbsp;&nbsp; 587133 |
| Sands China Ltd. | 672400 | &nbsp;&nbsp; 1693376 |
|  |  | &nbsp;&nbsp; $8692379 |
| Insurance – 2.7% | Insurance – 2.7% |  |
| AIA Group Ltd. | 952600 | &nbsp;&nbsp; $9779735 |
| Interactive Media Services – 1.1% | Interactive Media Services – 1.1% |  |
| LY Corp. | 546400 | &nbsp;&nbsp; $1455299 |
| NAVER Corp. | 15153 | &nbsp;&nbsp; 2539112 |
|  |  | &nbsp;&nbsp; $3994411 |
| Internet – 0.4% | Internet – 0.4% |  |
| Mercadolibre, Inc. (a) | 733 | &nbsp;&nbsp; $1476453 |
| Leisure & Toys – 2.4% | Leisure & Toys – 2.4% |  |
| Tencent Holdings Ltd. | 113500 | &nbsp;&nbsp; $8697191 |

---

------

MFS International Growth Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Machinery & Tools – 7.3% | Machinery & Tools – 7.3% |  |
| Assa Abloy AB | 188359 | &nbsp;&nbsp; $7302578 |
| Atlas Copco AB, "A" | 163991 | &nbsp;&nbsp; 2938023 |
| Delta Electronics, Inc. | 146000 | &nbsp;&nbsp; 4442414 |
| GEA Group AG | 72927 | &nbsp;&nbsp; 4953680 |
| RB Global, Inc. | 66190 | &nbsp;&nbsp; 6814549 |
|  |  | &nbsp;&nbsp; $26451244 |
| Major Banks – 1.5% | Major Banks – 1.5% |  |
| DBS Group Holdings Ltd. | 127490 | &nbsp;&nbsp; $5579519 |
| Medical Equipment – 3.3% | Medical Equipment – 3.3% |  |
| EssilorLuxottica | 10470 | &nbsp;&nbsp; $3310342 |
| QIAGEN N.V. | 72852 | &nbsp;&nbsp; 3326597 |
| Sonova Holding AG | 7718 | &nbsp;&nbsp; 1991368 |
| Terumo Corp. | 217200 | &nbsp;&nbsp; 3164459 |
|  |  | &nbsp;&nbsp; $11792766 |
| Metals & Mining – 0.6% | Metals & Mining – 0.6% |  |
| Glencore PLC | 398911 | &nbsp;&nbsp; $2169971 |
| Natural Gas - Distribution – 0.3% | Natural Gas - Distribution – 0.3% |  |
| China Resources Gas Group Ltd. | 352000 | &nbsp;&nbsp; $1021756 |
| Oil Services – 0.4% | Oil Services – 0.4% |  |
| Tenaris S.A. | 81393 | &nbsp;&nbsp; $1570085 |
| Other Banks & Diversified Financials – 5.8% | Other Banks & Diversified Financials – 5.8% |  |
| Credicorp Ltd. | 16587 | &nbsp;&nbsp; $4760469 |
| Element Fleet Management Corp. | 159963 | &nbsp;&nbsp; 4201425 |
| Grupo Financiero Banorte S.A. de C.V. | 302655 | &nbsp;&nbsp; 2805788 |
| HDFC Bank Ltd. | 543008 | &nbsp;&nbsp; 5988352 |
| Kasikornbank PLC | 253700 | &nbsp;&nbsp; 1566248 |
| Kotak Mahindra Bank Ltd. | 61037 | &nbsp;&nbsp; 1494765 |
|  |  | &nbsp;&nbsp; $20817047 |
| Pharmaceuticals – 8.4% | Pharmaceuticals – 8.4% |  |
| AstraZeneca PLC | 55781 | &nbsp;&nbsp; $10274412 |
| Daiichi Sankyo Co. Ltd. | 175200 | &nbsp;&nbsp; 3731349 |
| Merck KGaA | 15211 | &nbsp;&nbsp; 2183403 |
| Novo Nordisk A.S., "B" | 44782 | &nbsp;&nbsp; 2282664 |
| Roche Holding AG | 28507 | &nbsp;&nbsp; 11781033 |
|  |  | &nbsp;&nbsp; $30252861 |
| Precious Metals & Minerals – 4.9% | Precious Metals & Minerals – 4.9% |  |
| Agnico Eagle Mines Ltd. | 48240 | &nbsp;&nbsp; $8180644 |
| Franco-Nevada Corp. | 35557 | &nbsp;&nbsp; 7370458 |
| Northern Star Resources Ltd. Co. | 125750 | &nbsp;&nbsp; 2230607 |
|  |  | &nbsp;&nbsp; $17781709 |
| Restaurants – 0.5% | Restaurants – 0.5% |  |
| Yum China Holdings, Inc. | 27850 | &nbsp;&nbsp; $1329559 |
| Yum China Holdings, Inc. | 12000 | &nbsp;&nbsp; 568337 |
|  |  | &nbsp;&nbsp; $1897896 |

---

------

MFS International Growth Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Specialty Chemicals – 6.4% | Specialty Chemicals – 6.4% |  |
| Air Liquide S.A. | 34142 | &nbsp;&nbsp; $6425006 |
| Akzo Nobel N.V. | 25525 | &nbsp;&nbsp; 1772809 |
| Linde PLC | 17593 | &nbsp;&nbsp; 7501479 |
| Resonac Holdings Corp. | 81100 | &nbsp;&nbsp; 3378822 |
| Symrise AG | 48895 | &nbsp;&nbsp; 3957941 |
|  |  | &nbsp;&nbsp; $23036057 |
| Specialty Stores – 2.5% | Specialty Stores – 2.5% |  |
| Alibaba Group Holding Ltd. | 159500 | &nbsp;&nbsp; $2919073 |
| Nitori Co. Ltd. | 121300 | &nbsp;&nbsp; 2123757 |
| Pan Pacific International Holdings Corp. | 348500 | &nbsp;&nbsp; 2074224 |
| Zalando SE (a) | 70649 | &nbsp;&nbsp; 2097640 |
|  |  | &nbsp;&nbsp; $9214694 |
| **Total Common Stocks (Identified Cost, $243,714,607)** |  | &nbsp;&nbsp; **$355654857** |
| Mutual Funds (h) – 1.4% | Mutual Funds (h) – 1.4% | Mutual Funds (h) – 1.4% |
| Money Market Funds – 1.4% | Money Market Funds – 1.4% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $5,200,371) | 5200151 | &nbsp;&nbsp; $5201191 |
| Collateral for Securities Loaned – 0.5% | Collateral for Securities Loaned – 0.5% | Collateral for Securities Loaned – 0.5% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.72% (j) (Identified Cost, $1,711,200) | 1711200 | &nbsp;&nbsp; $1711200 |
| Other Assets, Less Liabilities – (0.3)% |  | &nbsp;&nbsp; (1232254) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$361334994** |

---

&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 $5,201,191 and $357,366,057, 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> GDR Global Depositary Receipt

**See Notes to Financial Statements**

------

MFS International Growth Portfolio

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

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value, including $1,624,800 of securities on loan (identified cost, $245,425,807) | &nbsp;&nbsp; $357366057 |
| Investments in affiliated issuers, at value (identified cost, $5,200,371) | &nbsp;&nbsp; 5201191 |
| Foreign currency, at value (identified cost, $7,133) | &nbsp;&nbsp; 7133 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 566478 |
| Interest and dividends | &nbsp;&nbsp; 936498 |
| Receivable from investment adviser | &nbsp;&nbsp; 26697 |
| Other assets | &nbsp;&nbsp; 1593 |
| Total assets | &nbsp;&nbsp; $364105647 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp; $44 |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; 243808 |
| Collateral for securities loaned, at value | &nbsp;&nbsp; 1711200 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 292 |
| Shareholder servicing costs | &nbsp;&nbsp; 89 |
| Distribution and/or service fees | &nbsp;&nbsp; 2941 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 733576 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 78703 |
| Total liabilities | &nbsp;&nbsp; $2770653 |
| Net assets | &nbsp;&nbsp; $361334994 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $233382978 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 127952016 |
| Net assets | &nbsp;&nbsp; $361334994 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 20374794 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $147214794 | &nbsp;&nbsp;&nbsp; 8207717 | &nbsp;&nbsp;&nbsp; $17.94 |
| Service Class | &nbsp;&nbsp;&nbsp; 214120200 | &nbsp;&nbsp;&nbsp; 12167077 | &nbsp;&nbsp;&nbsp;&nbsp;17.60 |

---

**See Notes to Financial Statements**

------

MFS International Growth Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $6246696 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 243931 |
| Income on securities loaned | &nbsp;&nbsp; 497 |
| Interest | &nbsp;&nbsp; 417 |
| Other | &nbsp;&nbsp; 53 |
| Foreign taxes withheld | &nbsp;&nbsp; (626890)<br>|
| Total investment income | &nbsp;&nbsp; $5864704 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $2891398 |
| Distribution and/or service fees | &nbsp;&nbsp; 460845 |
| Shareholder servicing costs | &nbsp;&nbsp; 16464 |
| Administrative services fee | &nbsp;&nbsp; 52202 |
| Independent Trustees' compensation | &nbsp;&nbsp; 8560 |
| Custodian fee | &nbsp;&nbsp; 86772 |
| Shareholder communications | &nbsp;&nbsp; 19000 |
| Audit and tax fees | &nbsp;&nbsp; 92134 |
| Legal fees | &nbsp;&nbsp; 2075 |
| Miscellaneous | &nbsp;&nbsp; 36126 |
| Total expenses | &nbsp;&nbsp; $3665576 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (372437)<br>|
| Net expenses | &nbsp;&nbsp; $3293139 |
| Net investment income (loss) | &nbsp;&nbsp; $2571565 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers (includes $67,389 foreign capital gains tax) | &nbsp;&nbsp; $16989659 |
| Affiliated issuers | &nbsp;&nbsp; 218 |
| Foreign currency | &nbsp;&nbsp; (40761)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $16949116 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $382,728 increase in deferred foreign capital gains tax) | &nbsp;&nbsp; $39555748 |
| Affiliated issuers | &nbsp;&nbsp; 86 |
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 88011 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $39643845 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $56592961 |
| Change in net assets from operations | &nbsp;&nbsp; $59164526 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $2571565 | &nbsp;&nbsp; $2107755 |
| Net realized gain (loss) | 16949116 | &nbsp;&nbsp; 17972595 |
| Net unrealized gain (loss) | 39643845 | &nbsp;&nbsp; 1755387 |
| Change in net assets from operations | $59164526 | &nbsp;&nbsp; $21835737 |
| Total distributions to shareholders | $(20469588)<br>| &nbsp;&nbsp; $(3280042)<br>|
| Change in net assets from fund share transactions | $45146400 | &nbsp;&nbsp; $19201299 |
| Total change in net assets | $83841338 | &nbsp;&nbsp; $37756994 |
| **Net assets** |  |  |
| At beginning of period | 277493656 | &nbsp;&nbsp; 239736662 |
| At end of period | $361334994 | &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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $15.79 | &nbsp;&nbsp; $14.67 | &nbsp;&nbsp; $13.35 | &nbsp;&nbsp; $16.78 | &nbsp;&nbsp; $16.09 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.17 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.09 |
| Net realized and unrealized gain (loss) | 3.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| Total from investment operations | $3.28 | &nbsp;&nbsp; $1.33 | &nbsp;&nbsp; $1.93 | &nbsp;&nbsp; $(2.52)<br>| &nbsp;&nbsp; $1.48 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.09)<br>|
| From net realized gain | (0.97)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.70)<br>|
| Total distributions declared to shareholders | $(1.13)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.61)<br>| &nbsp;&nbsp; $(0.91)<br>| &nbsp;&nbsp; $(0.79)<br>|
| Net asset value, end of period (x) | $17.94 | &nbsp;&nbsp; $15.79 | &nbsp;&nbsp; $14.67 | &nbsp;&nbsp; $13.35 | &nbsp;&nbsp; $16.78 |
| Total return (%) (k)(r)(s)(x) | 21.12 | &nbsp;&nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;&nbsp;14.72 | &nbsp;&nbsp; (14.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.27 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Expenses after expense reductions | 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) | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Portfolio turnover rate | 19 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 14 |
| Net assets at end of period (000 omitted) | $147215 | &nbsp;&nbsp; $129657 | &nbsp;&nbsp; $118996 | &nbsp;&nbsp; $103798 | &nbsp;&nbsp; $124671 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $15.52 | &nbsp;&nbsp; $14.43 | &nbsp;&nbsp; $13.15 | &nbsp;&nbsp; $16.55 | &nbsp;&nbsp; $15.90 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.12 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.04 |
| Net realized and unrealized gain (loss) | 3.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Total from investment operations | $3.18 | &nbsp;&nbsp; $1.27 | &nbsp;&nbsp; $1.86 | &nbsp;&nbsp; $(2.52)<br>| &nbsp;&nbsp; $1.42 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.13)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.07)<br>|
| From net realized gain | (0.97)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.70)<br>|
| Total distributions declared to shareholders | $(1.10)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.58)<br>| &nbsp;&nbsp; $(0.88)<br>| &nbsp;&nbsp; $(0.77)<br>|
| Net asset value, end of period (x) | $17.60 | &nbsp;&nbsp; $15.52 | &nbsp;&nbsp; $14.43 | &nbsp;&nbsp; $13.15 | &nbsp;&nbsp; $16.55 |
| Total return (%) (k)(r)(s)(x) | 20.81 | &nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp;&nbsp;14.39 | &nbsp;&nbsp; (15.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.99 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Expenses after expense reductions | 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) | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Portfolio turnover rate | 19 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 14 |
| Net assets at end of period (000 omitted) | $214120 | &nbsp;&nbsp; $147836 | &nbsp;&nbsp; $120740 | &nbsp;&nbsp; $83325 | &nbsp;&nbsp; $87545 |

---

**See Notes to Financial Statements**

------

MFS International Growth Portfolio

*Financial Highlights - continued*

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

&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;(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**

**(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.

**Segment Reporting** — 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 - 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 December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| France | $— | $44035323 | $— | $44035323 |
| United Kingdom | 9713671 | 34014166 |  | 43727837 |
| Germany | 23172370 | 10320148 |  | 33492518 |
| Japan | 17819312 | 14965681 |  | 32784993 |
| Canada | 28401306 |  |  | 28401306 |
| Switzerland | 10861667 | 15524772 |  | 26386439 |
| Taiwan |  | 22078483 |  | 22078483 |
| China | 2760301 | 12638020 |  | 15398321 |
| Netherlands |  | 13797937 |  | 13797937 |
| Other Countries | 50358385 | 45193315 |  | 95551700 |
| Investment Companies | 6912391 |  |  | 6912391 |
| Total | $149999403 | $212567845 | $— | $362567248 |

---

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.

------

MFS International Growth Portfolio

*Notes to Financial Statements - continued* 

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 $1,624,800. The fair value of the fund's investment securities on loan and a related liability of $1,711,200 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** — 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 passive foreign investment companies and wash sale loss deferrals.

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

------

MFS International Growth Portfolio

*Notes to Financial Statements - continued* 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $4858026 | &nbsp;&nbsp; $3076742 |
| Long-term capital gains | &nbsp;&nbsp; 15611562 | &nbsp;&nbsp; 203300 |
| Total distributions | &nbsp;&nbsp; $20469588 | &nbsp;&nbsp; $3280042 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $254240344 |
| Gross appreciation | &nbsp;&nbsp; 124136249 |
| Gross depreciation | &nbsp;&nbsp; (15809345)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $108326904 |
| Undistributed ordinary income | &nbsp;&nbsp; 5356352 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 14960108 |
| Other temporary differences | &nbsp;&nbsp; (691348)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $127952016 |

---

**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:

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $8728321 | &nbsp;&nbsp; $1669193 |
| Service Class | 11741267 | &nbsp;&nbsp; 1610849 |
| Total | $20469588 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $44,481, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 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 year ended December 31, 2025, this reduction amounted to $327,956, which is included in the reduction of total expenses in the Statement of Operations.

------

MFS International Growth Portfolio

*Notes to Financial Statements - 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 year ended December 31, 2025, the fee was $15,106, which equated to 0.0047% 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 year ended December 31, 2025, these costs amounted to $1,358.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0162% 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 year ended December 31, 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 $63,644.

**(4) Portfolio Securities**

For the year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $87,848,407 and $59,714,957, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 1667930 | &nbsp;&nbsp; $28954726 | &nbsp;&nbsp; 2197012 | &nbsp;&nbsp; $33520513 |
| Service Class | 3884444 | &nbsp;&nbsp; 66111166 | &nbsp;&nbsp; 2877677 | &nbsp;&nbsp; 44264905 |
|  | 5552374 | &nbsp;&nbsp; $95065892 | &nbsp;&nbsp; 5074689 | &nbsp;&nbsp; $77785418 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 506871 | &nbsp;&nbsp; $8728321 | &nbsp;&nbsp; 103037 | &nbsp;&nbsp; $1669193 |
| Service Class | 694339 | &nbsp;&nbsp; 11741267 | &nbsp;&nbsp; 101057 | &nbsp;&nbsp; 1610849 |
|  | 1201210 | &nbsp;&nbsp; $20469588 | &nbsp;&nbsp; 204094 | &nbsp;&nbsp; $3280042 |

---

------

MFS International Growth Portfolio

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended**<br> **12/31/25** | **Year ended**<br> **12/31/25** | **Year ended**<br> **12/31/24** | **Year ended**<br> **12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares reacquired |  |  |  |  |
| Initial Class | (2179328)<br>| &nbsp;&nbsp; $(37504206)<br>| &nbsp;&nbsp; (2200202)<br>| &nbsp;&nbsp; $(33838892)<br>|
| Service Class | (1937625)<br>| &nbsp;&nbsp; (32884874)<br>| &nbsp;&nbsp; (1818153)<br>| &nbsp;&nbsp; (28025269)<br>|
|  | (4116953)<br>| &nbsp;&nbsp; $(70389080)<br>| &nbsp;&nbsp; (4018355)<br>| &nbsp;&nbsp; $(61864161)<br>|
| Net change |  |  |  |  |
| Initial Class | (4527)<br>| &nbsp;&nbsp; $178841 | &nbsp;&nbsp; 99847 | &nbsp;&nbsp; $1350814 |
| Service Class | 2641158 | &nbsp;&nbsp; 44967559 | &nbsp;&nbsp; 1160581 | &nbsp;&nbsp; 17850485 |
|  | 2636631 | &nbsp;&nbsp; $45146400 | &nbsp;&nbsp; 1260428 | &nbsp;&nbsp; $19201299 |

---

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 7%, 5%, and 1%, 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 year ended December 31, 2025, the fund's commitment fee and interest expense were $1,480 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. The following were affiliated issuers for the year ended December 31, 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; $73268562 | &nbsp;&nbsp; $73487904 | &nbsp;&nbsp; $218 | &nbsp;&nbsp; $86 | &nbsp;&nbsp; $5201191 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $243931 | $— |

---

------

MFS International Growth Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS International Growth Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS International Growth Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS International Growth Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $17,173,000 as capital gain dividends paid during the fiscal year.

Income derived from foreign sources was $6,217,809. The fund intends to pass through foreign tax credits of $684,183 for the fiscal year.

------

**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.**

------

MFS International Growth Portfolio

**Board Review of Investment Advisory Agreement**

**MFS International Growth Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 1st quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 1st quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

------

MFS International Growth Portfolio

*Board Review of Investment Advisory Agreement - continued*

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $1 billion and $2 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

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 - 12/31/25** 

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 – 98.7% | Common Stocks – 98.7% | Common Stocks – 98.7% |
| Airlines – 1.3% | Airlines – 1.3% |  |
| Ryanair Holdings PLC, ADR | 278430 | &nbsp;&nbsp; $20099862 |
| Alcoholic Beverages – 1.7% | Alcoholic Beverages – 1.7% |  |
| Diageo PLC | 658236 | &nbsp;&nbsp; $14178867 |
| Pernod Ricard S.A. | 140398 | &nbsp;&nbsp; 12019323 |
|  |  | &nbsp;&nbsp; $26198190 |
| Apparel Manufacturers – 0.8% | Apparel Manufacturers – 0.8% |  |
| Compagnie Financiere Richemont S.A. | 59865 | &nbsp;&nbsp; $12919837 |
| Automotive – 0.5% | Automotive – 0.5% |  |
| Shimano, Inc. | 74100 | &nbsp;&nbsp; $7822035 |
| Brokerage & Asset Managers – 5.4% | Brokerage & Asset Managers – 5.4% |  |
| Deutsche Boerse AG | 131843 | &nbsp;&nbsp; $34630035 |
| Euronext N.V. | 162967 | &nbsp;&nbsp; 24460232 |
| London Stock Exchange Group PLC | 194831 | &nbsp;&nbsp; 23460481 |
|  |  | &nbsp;&nbsp; $82550748 |
| Business Services – 1.5% | Business Services – 1.5% |  |
| Experian PLC | 497042 | &nbsp;&nbsp; $22479469 |
| Computer Software – 4.2% | Computer Software – 4.2% |  |
| Cadence Design Systems, Inc. (a) | 22788 | &nbsp;&nbsp; $7123073 |
| Check Point Software Technologies Ltd. (a) | 56610 | &nbsp;&nbsp; 10504552 |
| Dassault Systemes SE | 584636 | &nbsp;&nbsp; 16329080 |
| SAP SE | 128810 | &nbsp;&nbsp; 31539504 |
|  |  | &nbsp;&nbsp; $65496209 |
| Computer Software - Systems – 3.6% | Computer Software - Systems – 3.6% |  |
| Amadeus IT Group S.A. | 266730 | &nbsp;&nbsp; $19564304 |
| Cap Gemini S.A. | 50992 | &nbsp;&nbsp; 8444920 |
| Samsung Electronics Co. Ltd. | 323924 | &nbsp;&nbsp; 26960875 |
|  |  | &nbsp;&nbsp; $54970099 |
| Construction – 3.6% | Construction – 3.6% |  |
| Compagnie de Saint-Gobain S.A. | 217751 | &nbsp;&nbsp; $22104564 |
| CRH PLC | 189466 | &nbsp;&nbsp; 23645357 |
| Sika AG | 51628 | &nbsp;&nbsp; 10581450 |
|  |  | &nbsp;&nbsp; $56331371 |
| Consumer Products – 5.1% | Consumer Products – 5.1% |  |
| Beiersdorf AG | 85380 | &nbsp;&nbsp; $9399718 |
| Haleon PLC | 6359296 | &nbsp;&nbsp; 32127917 |
| Kenvue, Inc. | 705297 | &nbsp;&nbsp; 12166373 |
| KOSE Corp. | 29600 | &nbsp;&nbsp; 990194 |
| Lion Corp. | 120400 | &nbsp;&nbsp; 1270924 |
| Reckitt Benckiser Group PLC | 145775 | &nbsp;&nbsp; 11793779 |

---

FCGFS-ANN

------

MFS International Intrinsic Value Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Consumer Products – continued | Consumer Products – continued |  |
| ROHTO Pharmaceutical Co. Ltd. | 654900 | &nbsp;&nbsp; $10987469 |
|  |  | &nbsp;&nbsp; $78736374 |
| Electrical Equipment – 7.4% | Electrical Equipment – 7.4% |  |
| Legrand S.A. | 283717 | &nbsp;&nbsp; $42162037 |
| Mitsubishi Electric Corp. | 971900 | &nbsp;&nbsp; 28448426 |
| Schneider Electric SE | 156333 | &nbsp;&nbsp; 42851093 |
|  |  | &nbsp;&nbsp; $113461556 |
| Electronics – 4.4% | Electronics – 4.4% |  |
| ASML Holding N.V. | 10435 | &nbsp;&nbsp; $11154138 |
| Hirose Electric Co. Ltd. | 64600 | &nbsp;&nbsp; 7132642 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 165514 | &nbsp;&nbsp; 50298050 |
|  |  | &nbsp;&nbsp; $68584830 |
| Energy - Integrated – 4.1% | Energy - Integrated – 4.1% |  |
| Aker BP ASA | 504941 | &nbsp;&nbsp; $12848547 |
| Galp Energia SGPS S.A., "B" | 278327 | &nbsp;&nbsp; 4741468 |
| Petroleo Brasileiro S.A., ADR | 507382 | &nbsp;&nbsp; 5718195 |
| TotalEnergies SE | 604009 | &nbsp;&nbsp; 39368019 |
|  |  | &nbsp;&nbsp; $62676229 |
| Engineering - Construction – 0.7% | Engineering - Construction – 0.7% |  |
| Taisei Corp. | 107100 | &nbsp;&nbsp; $10143185 |
| Food & Beverages – 2.9% | Food & Beverages – 2.9% |  |
| Chocoladefabriken Lindt & Sprungli AG | 344 | &nbsp;&nbsp; $5033405 |
| Ezaki Glico Co. Ltd. | 165000 | &nbsp;&nbsp; 5710323 |
| Kerry Group PLC | 123107 | &nbsp;&nbsp; 11284677 |
| Novozymes A.S. | 44481 | &nbsp;&nbsp; 2848557 |
| Toyo Suisan Kaisha Ltd. | 286900 | &nbsp;&nbsp; 19644624 |
|  |  | &nbsp;&nbsp; $44521586 |
| Forest & Paper Products – 0.7% | Forest & Paper Products – 0.7% |  |
| Svenska Cellulosa Aktiebolaget (l) | 784597 | &nbsp;&nbsp; $10421708 |
| Insurance – 2.7% | Insurance – 2.7% |  |
| Hiscox Ltd. | 487191 | &nbsp;&nbsp; $9288754 |
| Samsung Fire & Marine Insurance Co. Ltd. | 28633 | &nbsp;&nbsp; 9878589 |
| Willis Towers Watson PLC | 68252 | &nbsp;&nbsp; 22427607 |
|  |  | &nbsp;&nbsp; $41594950 |
| Machinery & Tools – 4.6% | Machinery & Tools – 4.6% |  |
| Assa Abloy AB | 578169 | &nbsp;&nbsp; $22415302 |
| IMI PLC | 698652 | &nbsp;&nbsp; 23292223 |
| Knorr-Bremse AG | 93999 | &nbsp;&nbsp; 10510994 |
| Schindler Holding AG | 22876 | &nbsp;&nbsp; 8621062 |
| Spirax Group PLC | 64313 | &nbsp;&nbsp; 5881594 |
|  |  | &nbsp;&nbsp; $70721175 |
| Major Banks – 10.9% | Major Banks – 10.9% |  |
| Bank of Ireland Group PLC | 1184870 | &nbsp;&nbsp; $22668176 |
| BPER Banca S.p.A. | 621201 | &nbsp;&nbsp; 8400189 |
| Lloyds Banking Group PLC | 13559052 | &nbsp;&nbsp; 17868698 |
| National Bank of Greece S.A. | 667024 | &nbsp;&nbsp; 10159852 |

---

------

MFS International Intrinsic Value Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Major Banks – continued | Major Banks – continued |  |
| NatWest Group PLC | 5037029 | &nbsp;&nbsp; $43932777 |
| Resona Holdings, Inc. | 3510000 | &nbsp;&nbsp; 33280779 |
| UBS Group AG | 694626 | &nbsp;&nbsp; 32110520 |
|  |  | &nbsp;&nbsp; $168420991 |
| Medical & Health Technology & Services – 0.7% | Medical & Health Technology & Services – 0.7% |  |
| M3, Inc. | 749500 | &nbsp;&nbsp; $10149883 |
| Medical Equipment – 6.7% | Medical Equipment – 6.7% |  |
| Agilent Technologies, Inc. | 143463 | &nbsp;&nbsp; $19521010 |
| Alcon, Inc. | 160060 | &nbsp;&nbsp; 12714119 |
| Coloplast, "B" | 58969 | &nbsp;&nbsp; 5061675 |
| EssilorLuxottica | 51561 | &nbsp;&nbsp; 16302249 |
| Olympus Corp. | 489700 | &nbsp;&nbsp; 6237909 |
| Shimadzu Corp. | 446000 | &nbsp;&nbsp; 11867518 |
| Smith & Nephew PLC | 948865 | &nbsp;&nbsp; 15796299 |
| Waters Corp. (a) | 40628 | &nbsp;&nbsp; 15431733 |
|  |  | &nbsp;&nbsp; $102932512 |
| Metals & Mining – 2.4% | Metals & Mining – 2.4% |  |
| ArcelorMittal S.A. | 351885 | &nbsp;&nbsp; $16025685 |
| Glencore PLC | 3955327 | &nbsp;&nbsp; 21515942 |
|  |  | &nbsp;&nbsp; $37541627 |
| Oil Services – 0.5% | Oil Services – 0.5% |  |
| Tenaris S.A. | 420787 | &nbsp;&nbsp; $8117054 |
| Other Banks & Diversified Financials – 6.5% | Other Banks & Diversified Financials – 6.5% |  |
| AIB Group PLC | 3187134 | &nbsp;&nbsp; $34247929 |
| CaixaBank S.A. | 3282624 | &nbsp;&nbsp; 40088188 |
| Chiba Bank Ltd. | 1317100 | &nbsp;&nbsp; 14642872 |
| Julius Baer Group Ltd. | 138680 | &nbsp;&nbsp; 10841818 |
|  |  | &nbsp;&nbsp; $99820807 |
| Pharmaceuticals – 3.5% | Pharmaceuticals – 3.5% |  |
| Roche Holding AG | 73930 | &nbsp;&nbsp; $30552908 |
| Sandoz Group AG | 319317 | &nbsp;&nbsp; 23272268 |
|  |  | &nbsp;&nbsp; $53825176 |
| Precious Metals & Minerals – 8.4% | Precious Metals & Minerals – 8.4% |  |
| Agnico Eagle Mines Ltd. | 160748 | &nbsp;&nbsp; $27259994 |
| Franco-Nevada Corp. | 273176 | &nbsp;&nbsp; 56625481 |
| Northern Star Resources Ltd. Co. | 803757 | &nbsp;&nbsp; 14257383 |
| Wheaton Precious Metals Corp. | 260734 | &nbsp;&nbsp; 30652463 |
|  |  | &nbsp;&nbsp; $128795321 |
| Printing & Publishing – 1.1% | Printing & Publishing – 1.1% |  |
| RELX PLC | 211145 | &nbsp;&nbsp; $8540449 |
| Wolters Kluwer N.V. | 80014 | &nbsp;&nbsp; 8306827 |
|  |  | &nbsp;&nbsp; $16847276 |

---

------

MFS International Intrinsic Value Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Specialty Chemicals – 2.3% | Specialty Chemicals – 2.3% |  |
| Croda International PLC | 85722 | &nbsp;&nbsp; $3106563 |
| Nitto Denko Corp. | 465300 | &nbsp;&nbsp; 11055976 |
| Symrise AG | 266160 | &nbsp;&nbsp; 21545060 |
|  |  | &nbsp;&nbsp; $35707599 |
| Specialty Stores – 0.5% | Specialty Stores – 0.5% |  |
| Nitori Co. Ltd. | 429700 | &nbsp;&nbsp; $7523316 |
| **Total Common Stocks (Identified Cost, $962,827,755)** |  | &nbsp;&nbsp; **$1519410975** |
| Mutual Funds (h) – 1.1% | Mutual Funds (h) – 1.1% | Mutual Funds (h) – 1.1% |
| Money Market Funds – 1.1% | Money Market Funds – 1.1% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $16,363,545) | 16363339 | &nbsp;&nbsp; $16366611 |
| Collateral for Securities Loaned – 0.6% | Collateral for Securities Loaned – 0.6% | Collateral for Securities Loaned – 0.6% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.72% (j) (Identified Cost, $9,885,918) | 9885918 | &nbsp;&nbsp; $9885918 |
| Other Assets, Less Liabilities – (0.4)% |  | &nbsp;&nbsp; (5947245) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$1539716259** |

---

&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 $16,366,611 and $1,529,296,893, 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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value, including $9,410,391 of securities on loan (identified cost, $972,713,673) | &nbsp;&nbsp; $1529296893 |
| Investments in affiliated issuers, at value (identified cost, $16,363,545) | &nbsp;&nbsp; 16366611 |
| Cash | &nbsp;&nbsp; 55787 |
| Foreign currency, at value (identified cost, $10) | &nbsp;&nbsp; 10 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 809020 |
| Interest and dividends | &nbsp;&nbsp; 5063809 |
| Other assets | &nbsp;&nbsp; 4924 |
| Total assets | &nbsp;&nbsp; $1551597054 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $1800056 |
| Collateral for securities loaned, at value | &nbsp;&nbsp; 9885918 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 72125 |
| Administrative services fee | &nbsp;&nbsp; 1033 |
| Shareholder servicing costs | &nbsp;&nbsp; 225 |
| Distribution and/or service fees | &nbsp;&nbsp; 16549 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 118 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 104771 |
| Total liabilities | &nbsp;&nbsp; $11880795 |
| Net assets | &nbsp;&nbsp; $1539716259 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $839344332 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 700371927 |
| Net assets | &nbsp;&nbsp; $1539716259 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 42388620 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $337115423 | &nbsp;&nbsp;&nbsp; 9118492 | &nbsp;&nbsp;&nbsp; $36.97 |
| Service Class | &nbsp;&nbsp;&nbsp; 1202600836 | &nbsp;&nbsp;&nbsp; 33270128 | &nbsp;&nbsp;&nbsp;&nbsp;36.15 |

---

**See Notes to Financial Statements**

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MFS International Intrinsic Value Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $38204691 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 1121462 |
| Income on securities loaned | &nbsp;&nbsp; 42830 |
| Interest | &nbsp;&nbsp; 3766 |
| Other | &nbsp;&nbsp; 572 |
| Foreign taxes withheld | &nbsp;&nbsp; (3280319)<br>|
| Total investment income | &nbsp;&nbsp; $36093002 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $12663594 |
| Distribution and/or service fees | &nbsp;&nbsp; 2859828 |
| Shareholder servicing costs | &nbsp;&nbsp; 38077 |
| Administrative services fee | &nbsp;&nbsp; 197955 |
| Independent Trustees' compensation | &nbsp;&nbsp; 32216 |
| Custodian fee | &nbsp;&nbsp; 150947 |
| Audit and tax fees | &nbsp;&nbsp; 76551 |
| Legal fees | &nbsp;&nbsp; 7785 |
| Miscellaneous | &nbsp;&nbsp; 22107 |
| Total expenses | &nbsp;&nbsp; $16049060 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (201929)<br>|
| Net expenses | &nbsp;&nbsp; $15847131 |
| Net investment income (loss) | &nbsp;&nbsp; $20245871 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $131067807 |
| Affiliated issuers | &nbsp;&nbsp; 940 |
| Foreign currency | &nbsp;&nbsp; 100714 |
| Net realized gain (loss)  | &nbsp;&nbsp; $131169461 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $261731647 |
| Affiliated issuers | &nbsp;&nbsp; (885)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 448697 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $262179459 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $393348920 |
| Change in net assets from operations | &nbsp;&nbsp; $413594791 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $20245871 | &nbsp;&nbsp; $20161159 |
| Net realized gain (loss) | 131169461 | &nbsp;&nbsp; 84610884 |
| Net unrealized gain (loss) | 262179459 | &nbsp;&nbsp; (10396774)<br>|
| Change in net assets from operations | $413594791 | &nbsp;&nbsp; $94375269 |
| Total distributions to shareholders | $(102401056)<br>| &nbsp;&nbsp; $(78131162)<br>|
| Change in net assets from fund share transactions | $(119734559)<br>| &nbsp;&nbsp; $(22773852)<br>|
| Total change in net assets | $191459176 | &nbsp;&nbsp; $(6529745)<br>|
| **Net assets** |  |  |
| At beginning of period | 1348257083 | &nbsp;&nbsp; 1354786828 |
| At end of period | $1539716259 | &nbsp;&nbsp; $1348257083 |

---

**See Notes to Financial Statements**

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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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $29.79 | &nbsp;&nbsp; $29.40 | &nbsp;&nbsp; $27.24 | &nbsp;&nbsp; $37.62 | &nbsp;&nbsp; $35.05 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.54 | &nbsp;&nbsp; $0.51 | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.16 |
| Net realized and unrealized gain (loss) | 9.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp; (9.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.51 |
| Total from investment operations | $9.72 | &nbsp;&nbsp; $2.22 | &nbsp;&nbsp; $4.62 | &nbsp;&nbsp; $(8.86)<br>| &nbsp;&nbsp; $3.67 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.55)<br>| &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.12)<br>|
| From net realized gain | (1.99)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (0.98)<br>|
| Total distributions declared to shareholders | $(2.54)<br>| &nbsp;&nbsp; $(1.83)<br>| &nbsp;&nbsp; $(2.46)<br>| &nbsp;&nbsp; $(1.52)<br>| &nbsp;&nbsp; $(1.10)<br>|
| Net asset value, end of period (x) | $36.97 | &nbsp;&nbsp; $29.79 | &nbsp;&nbsp; $29.40 | &nbsp;&nbsp; $27.24 | &nbsp;&nbsp; $37.62 |
| Total return (%) (k)(r)(s)(x) | 33.26 | &nbsp;&nbsp;&nbsp;&nbsp;7.25 | &nbsp;&nbsp;&nbsp;&nbsp;17.66 | &nbsp;&nbsp; (23.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.55 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Expenses after expense reductions | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Net investment income (loss) | 1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Portfolio turnover rate | 18 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 13 |
| Net assets at end of period (000 omitted) | $337115 | &nbsp;&nbsp; $290217 | &nbsp;&nbsp; $277965 | &nbsp;&nbsp; $253911 | &nbsp;&nbsp; $344052 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $29.17 | &nbsp;&nbsp; $28.83 | &nbsp;&nbsp; $26.75 | &nbsp;&nbsp; $36.96 | &nbsp;&nbsp; $34.47 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.45 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.07 |
| Net realized and unrealized gain (loss) | 8.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp; (8.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.45 |
| Total from investment operations | $9.44 | &nbsp;&nbsp; $2.10 | &nbsp;&nbsp; $4.46 | &nbsp;&nbsp; $(8.77)<br>| &nbsp;&nbsp; $3.52 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.47)<br>| &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.05)<br>|
| From net realized gain | (1.99)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (0.98)<br>|
| Total distributions declared to shareholders | $(2.46)<br>| &nbsp;&nbsp; $(1.76)<br>| &nbsp;&nbsp; $(2.38)<br>| &nbsp;&nbsp; $(1.44)<br>| &nbsp;&nbsp; $(1.03)<br>|
| Net asset value, end of period (x) | $36.15 | &nbsp;&nbsp; $29.17 | &nbsp;&nbsp; $28.83 | &nbsp;&nbsp; $26.75 | &nbsp;&nbsp; $36.96 |
| Total return (%) (k)(r)(s)(x) | 32.96 | &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;&nbsp;17.37 | &nbsp;&nbsp; (23.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.28 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Expenses after expense reductions | 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Net investment income (loss) | 1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Portfolio turnover rate | 18 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 13 |
| Net assets at end of period (000 omitted) | $1202601 | &nbsp;&nbsp; $1058041 | &nbsp;&nbsp; $1076821 | &nbsp;&nbsp; $1006259 | &nbsp;&nbsp; $1318997 |

---

**See Notes to Financial Statements**

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MFS International Intrinsic Value Portfolio

*Financial Highlights - continued*

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

&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;(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**

**(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.

**Segment Reporting** — 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 - 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 December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United Kingdom | $43921696 | $209342116 | $— | $253263812 |
| France |  | 240067202 |  | 240067202 |
| Japan | 90625108 | 96282967 |  | 186908075 |
| Switzerland | 5033405 | 141613982 |  | 146647387 |
| Canada | 114537938 |  |  | 114537938 |
| Germany | 72995276 | 34630035 |  | 107625311 |
| United States | 100315153 |  |  | 100315153 |
| Ireland | 31384539 | 56916105 |  | 88300644 |
| Spain |  | 59652492 |  | 59652492 |
| Other Countries | 111667088 | 110425873 |  | 222092961 |
| Investment Companies | 26252529 |  |  | 26252529 |
| Total | $596732732 | $948930772 | $— | $1545663504 |

---

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 International Intrinsic Value Portfolio

*Notes to Financial Statements - 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. 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 $9,410,391. The fair value of the fund's investment securities on loan and a related liability of $9,885,918 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** — 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 two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $24587916 | &nbsp;&nbsp; $17869368 |
| Long-term capital gains | &nbsp;&nbsp; 77813140 | &nbsp;&nbsp; 60261794 |
| Total distributions | &nbsp;&nbsp; $102401056 | &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 - continued* 

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $996105504 |
| Gross appreciation | &nbsp;&nbsp; 587113616 |
| Gross depreciation | &nbsp;&nbsp; (37555616)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $549558000 |
| Undistributed ordinary income | &nbsp;&nbsp; 24371114 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 126261120 |
| Other temporary differences | &nbsp;&nbsp; 181693 |
| Total distributable earnings (loss) | &nbsp;&nbsp; $700371927 |

---

**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:

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $22105089 | &nbsp;&nbsp; $16703644 |
| Service Class | 80295967 | &nbsp;&nbsp; 61427518 |
| Total | $102401056 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $201,929, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 2025 was equivalent to an annual effective rate of 0.85% 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 year ended December 31, 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

------

MFS International Intrinsic Value Portfolio

*Notes to Financial Statements - 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 year ended December 31, 2025, the fee was $35,977, which equated to 0.0025% 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 year ended December 31, 2025, these costs amounted to $2,100.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0136% 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 year ended December 31, 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 year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $260,893,236 and $448,883,763, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 1533460 | &nbsp;&nbsp; $51697888 | &nbsp;&nbsp; 1832695 | &nbsp;&nbsp; $56488740 |
| Service Class | 3541589 | &nbsp;&nbsp; 117254184 | &nbsp;&nbsp; 3420863 | &nbsp;&nbsp; 103535681 |
|  | 5075049 | &nbsp;&nbsp; $168952072 | &nbsp;&nbsp; 5253558 | &nbsp;&nbsp; $160024421 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 634072 | &nbsp;&nbsp; $21843766 | &nbsp;&nbsp; 523783 | &nbsp;&nbsp; $16394418 |
| Service Class | 2381963 | &nbsp;&nbsp; 80295967 | &nbsp;&nbsp; 2002201 | &nbsp;&nbsp; 61427518 |
|  | 3016035 | &nbsp;&nbsp; $102139733 | &nbsp;&nbsp; 2525984 | &nbsp;&nbsp; $77821936 |
| Shares reacquired |  |  |  |  |
| Initial Class | (2792219)<br>| &nbsp;&nbsp; $(94471685)<br>| &nbsp;&nbsp; (2067278)<br>| &nbsp;&nbsp; $(63785141)<br>|
| Service Class | (8922876)<br>| &nbsp;&nbsp; (296354679)<br>| &nbsp;&nbsp; (6500365)<br>| &nbsp;&nbsp; (196835068)<br>|
|  | (11715095)<br>| &nbsp;&nbsp; $(390826364)<br>| &nbsp;&nbsp; (8567643)<br>| &nbsp;&nbsp; $(260620209)<br>|

---

------

MFS International Intrinsic Value Portfolio

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended**<br> **12/31/25** | **Year ended**<br> **12/31/25** | **Year ended**<br> **12/31/24** | **Year ended**<br> **12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net change |  |  |  |  |
| Initial Class | (624687)<br>| &nbsp;&nbsp; $(20930031)<br>| &nbsp;&nbsp; 289200 | &nbsp;&nbsp; $9098017 |
| Service Class | (2999324)<br>| &nbsp;&nbsp; (98804528)<br>| &nbsp;&nbsp; (1077301)<br>| &nbsp;&nbsp; (31871869)<br>|
|  | (3624011)<br>| &nbsp;&nbsp; $(119734559)<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 year ended December 31, 2025, the fund's commitment fee and interest expense were $6,803 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. The following were affiliated issuers for the year ended December 31, 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; $236312395 | &nbsp;&nbsp; $249371183 | &nbsp;&nbsp; $940 | &nbsp;&nbsp; $(885)<br>| &nbsp;&nbsp; $16366611 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $1121462 | $— |

---

------

MFS International Intrinsic Value Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS International Intrinsic Value Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS International Intrinsic Value Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS International Intrinsic Value Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $85,595,000 as capital gain dividends paid during the fiscal year.

Income derived from foreign sources was $37,400,587. The fund intends to pass through foreign tax credits of $2,871,569 for the fiscal year.

------

**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.**

------

MFS International Intrinsic Value Portfolio

**Board Review of Investment Advisory Agreement**

**MFS International Intrinsic Value Portfolio** 

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 1st quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 1st quintile for the one-year period and the 5th quintile for the three-year period ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

------

MFS International Intrinsic Value Portfolio

*Board Review of Investment Advisory Agreement - continued*

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each higher than the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $1 billion and $2 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

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 - 12/31/25** 

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 – 100.0% | Common Stocks – 100.0% | Common Stocks – 100.0% |
| Apparel Manufacturers – 1.3% | Apparel Manufacturers – 1.3% |  |
| LVMH Moet Hennessy Louis Vuitton SE | 16049 | &nbsp;&nbsp; $12099344 |
| Broadcasting – 0.1% | Broadcasting – 0.1% |  |
| Walt Disney Co. | 5703 | &nbsp;&nbsp; $648830 |
| Brokerage & Asset Managers – 2.7% | Brokerage & Asset Managers – 2.7% |  |
| Brookfield Asset Management Ltd. | 165617 | &nbsp;&nbsp; $8675722 |
| Charles Schwab Corp. | 100756 | &nbsp;&nbsp; 10066532 |
| CME Group, Inc. | 25444 | &nbsp;&nbsp; 6948247 |
|  |  | &nbsp;&nbsp; $25690501 |
| Business Services – 7.0% | Business Services – 7.0% |  |
| Accenture PLC, "A" | 117235 | &nbsp;&nbsp; $31454150 |
| TransUnion | 279902 | &nbsp;&nbsp; 24001597 |
| Verisk Analytics, Inc., "A" | 43760 | &nbsp;&nbsp; 9788674 |
|  |  | &nbsp;&nbsp; $65244421 |
| Computer Software – 16.6% | Computer Software – 16.6% |  |
| Intuit, Inc. | 17232 | &nbsp;&nbsp; $11414821 |
| Microsoft Corp. | 268636 | &nbsp;&nbsp; 129917742 |
| Salesforce, Inc. | 52961 | &nbsp;&nbsp; 14029899 |
|  |  | &nbsp;&nbsp; $155362462 |
| Computer Software - Systems – 5.8% | Computer Software - Systems – 5.8% |  |
| Apple, Inc. | 200251 | &nbsp;&nbsp; $54440237 |
| Construction – 2.5% | Construction – 2.5% |  |
| Otis Worldwide Corp. | 100264 | &nbsp;&nbsp; $8758060 |
| Pool Corp. | 25710 | &nbsp;&nbsp; 5881163 |
| Sherwin-Williams Co. | 28793 | &nbsp;&nbsp; 9329796 |
|  |  | &nbsp;&nbsp; $23969019 |
| Consumer Products – 3.3% | Consumer Products – 3.3% |  |
| Church & Dwight Co., Inc. | 198309 | &nbsp;&nbsp; $16628210 |
| L'Oréal S.A. | 32801 | &nbsp;&nbsp; 14089120 |
|  |  | &nbsp;&nbsp; $30717330 |
| Electrical Equipment – 9.5% | Electrical Equipment – 9.5% |  |
| Amphenol Corp., "A" | 238962 | &nbsp;&nbsp; $32293325 |
| Eaton Corp. PLC | 56398 | &nbsp;&nbsp; 17963327 |
| Hubbell, Inc. | 47640 | &nbsp;&nbsp; 21157400 |
| Schneider Electric SE | 30608 | &nbsp;&nbsp; 8389696 |
| TE Connectivity PLC | 40885 | &nbsp;&nbsp; 9301746 |
|  |  | &nbsp;&nbsp; $89105494 |
| Electronics – 14.1% | Electronics – 14.1% |  |
| Analog Devices, Inc. | 25521 | &nbsp;&nbsp; $6921295 |
| NVIDIA Corp. | 484908 | &nbsp;&nbsp; 90435342 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 108914 | &nbsp;&nbsp; 33097876 |

---

MISFS-ANN

------

MFS Massachusetts Investors Growth Stock Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electronics – continued | Electronics – continued |  |
| Texas Instruments, Inc. | 12362 | &nbsp;&nbsp; $2144683 |
|  |  | &nbsp;&nbsp; $132599196 |
| Food & Beverages – 0.5% | Food & Beverages – 0.5% |  |
| McCormick & Co., Inc. | 33711 | &nbsp;&nbsp; $2296056 |
| PepsiCo, Inc. | 15316 | &nbsp;&nbsp; 2198153 |
|  |  | &nbsp;&nbsp; $4494209 |
| Gaming & Lodging – 2.3% | Gaming & Lodging – 2.3% |  |
| Hilton Worldwide Holdings, Inc. | 73777 | &nbsp;&nbsp; $21192443 |
| Insurance – 3.1% | Insurance – 3.1% |  |
| Aon PLC | 73024 | &nbsp;&nbsp; $25768709 |
| Marsh & McLennan Cos., Inc. | 16033 | &nbsp;&nbsp; 2974442 |
|  |  | &nbsp;&nbsp; $28743151 |
| Interactive Media Services – 3.8% | Interactive Media Services – 3.8% |  |
| Alphabet, Inc., "A" | 114140 | &nbsp;&nbsp; $35725820 |
| Leisure & Toys – 1.9% | Leisure & Toys – 1.9% |  |
| Tencent Holdings Ltd. | 236400 | &nbsp;&nbsp; $18114679 |
| Machinery & Tools – 0.6% | Machinery & Tools – 0.6% |  |
| Graco, Inc. | 69610 | &nbsp;&nbsp; $5705932 |
| Medical & Health Technology & Services – 0.2% | Medical & Health Technology & Services – 0.2% |  |
| ICON PLC (a) | 3255 | &nbsp;&nbsp; $593126 |
| Veeva Systems, Inc. (a) | 4518 | &nbsp;&nbsp; 1008553 |
|  |  | &nbsp;&nbsp; $1601679 |
| Medical Equipment – 10.3% | Medical Equipment – 10.3% |  |
| Agilent Technologies, Inc. | 139407 | &nbsp;&nbsp; $18969110 |
| Becton, Dickinson and Co. | 77780 | &nbsp;&nbsp; 15094764 |
| Boston Scientific Corp. (a) | 85046 | &nbsp;&nbsp; 8109136 |
| Danaher Corp. | 62855 | &nbsp;&nbsp; 14388767 |
| Mettler-Toledo International, Inc. (a) | 7800 | &nbsp;&nbsp; 10874682 |
| STERIS PLC | 59519 | &nbsp;&nbsp; 15089257 |
| Stryker Corp. | 9947 | &nbsp;&nbsp; 3496072 |
| Thermo Fisher Scientific, Inc. | 18468 | &nbsp;&nbsp; 10701283 |
|  |  | &nbsp;&nbsp; $96723071 |
| Other Banks & Diversified Financials – 7.3% | Other Banks & Diversified Financials – 7.3% |  |
| Mastercard, Inc., "A" | 38082 | &nbsp;&nbsp; $21740252 |
| Moody's Corp. | 23470 | &nbsp;&nbsp; 11989650 |
| Visa, Inc., "A" | 99659 | &nbsp;&nbsp; 34951408 |
|  |  | &nbsp;&nbsp; $68681310 |
| Restaurants – 0.2% | Restaurants – 0.2% |  |
| Starbucks Corp. | 18664 | &nbsp;&nbsp; $1571695 |

---

------

MFS Massachusetts Investors Growth Stock Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Specialty Stores – 4.9% | Specialty Stores – 4.9% |  |
| Amazon.com, Inc. (a) | 85018 | &nbsp;&nbsp; $19623855 |
| Ross Stores, Inc. | 83251 | &nbsp;&nbsp; 14996835 |
| TJX Cos., Inc. | 73703 | &nbsp;&nbsp; 11321518 |
|  |  | &nbsp;&nbsp; $45942208 |
| Telecom - Infrastructure – 0.1% | Telecom - Infrastructure – 0.1% |  |
| American Tower Corp., REIT | 4773 | &nbsp;&nbsp; $837996 |
| Utilities - Electric Power – 1.9% | Utilities - Electric Power – 1.9% |  |
| CMS Energy Corp. | 255886 | &nbsp;&nbsp; $17894108 |
| **Total Common Stocks (Identified Cost, $426,533,903)** |  | &nbsp;&nbsp; **$937105135** |
| Mutual Funds (h) – 0.1% | Mutual Funds (h) – 0.1% | Mutual Funds (h) – 0.1% |
| Money Market Funds – 0.1% | Money Market Funds – 0.1% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $871,124) | 871121 | &nbsp;&nbsp; $871295 |
| Other Assets, Less Liabilities – (0.1)% |  | &nbsp;&nbsp; (854047) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$937122383** |

---

&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 $871,295 and $937,105,135, 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> 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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $426,533,903) | &nbsp;&nbsp; $937105135 |
| Investments in affiliated issuers, at value (identified cost, $871,124) | &nbsp;&nbsp; 871295 |
| Cash | &nbsp;&nbsp; 62082 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 47135 |
| Dividends | &nbsp;&nbsp; 296906 |
| Receivable from investment adviser | &nbsp;&nbsp; 10327 |
| Other assets | &nbsp;&nbsp; 3226 |
| Total assets | &nbsp;&nbsp; $938396106 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $1177460 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 656 |
| Shareholder servicing costs | &nbsp;&nbsp; 165 |
| Distribution and/or service fees | &nbsp;&nbsp; 5564 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 49 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 89829 |
| Total liabilities | &nbsp;&nbsp; $1273723 |
| Net assets | &nbsp;&nbsp; $937122383 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $338105428 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 599016955 |
| Net assets | &nbsp;&nbsp; $937122383 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 42111858 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $534390654 | &nbsp;&nbsp;&nbsp; 23698994 | &nbsp;&nbsp;&nbsp; $22.55 |
| Service Class | &nbsp;&nbsp;&nbsp; 402731729 | &nbsp;&nbsp;&nbsp; 18412864 | &nbsp;&nbsp;&nbsp;&nbsp;21.87 |

---

**See Notes to Financial Statements**

------

MFS Massachusetts Investors Growth Stock Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $9511978 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 264975 |
| Income on securities loaned | &nbsp;&nbsp; 459 |
| Other | &nbsp;&nbsp; 135 |
| Interest | &nbsp;&nbsp; 73 |
| Foreign taxes withheld | &nbsp;&nbsp; (187625)<br>|
| Total investment income | &nbsp;&nbsp; $9589995 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $7149386 |
| Distribution and/or service fees | &nbsp;&nbsp; 1019346 |
| Shareholder servicing costs | &nbsp;&nbsp; 29717 |
| Administrative services fee | &nbsp;&nbsp; 133502 |
| Independent Trustees' compensation | &nbsp;&nbsp; 21572 |
| Custodian fee | &nbsp;&nbsp; 49288 |
| Shareholder communications | &nbsp;&nbsp; 23899 |
| Audit and tax fees | &nbsp;&nbsp; 72255 |
| Legal fees | &nbsp;&nbsp; 5214 |
| Miscellaneous | &nbsp;&nbsp; 37866 |
| Total expenses | &nbsp;&nbsp; $8542045 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (656360)<br>|
| Net expenses | &nbsp;&nbsp; $7885685 |
| Net investment income (loss) | &nbsp;&nbsp; $1704310 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $89451120 |
| Affiliated issuers | &nbsp;&nbsp; (907)<br>|
| Foreign currency | &nbsp;&nbsp; (15125)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $89435088 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(2307111)<br>|
| Affiliated issuers | &nbsp;&nbsp; (37)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 6919 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $(2300229)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $87134859 |
| Change in net assets from operations | &nbsp;&nbsp; $88839169 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $1704310 | &nbsp;&nbsp; $1682093 |
| Net realized gain (loss) | 89435088 | &nbsp;&nbsp; 136017028 |
| Net unrealized gain (loss) | (2300229)<br>| &nbsp;&nbsp; 13046262 |
| Change in net assets from operations | $88839169 | &nbsp;&nbsp; $150745383 |
| Total distributions to shareholders | $(138418612)<br>| &nbsp;&nbsp; $(90811774)<br>|
| Change in net assets from fund share transactions | $(6486303)<br>| &nbsp;&nbsp; $(44909961)<br>|
| Total change in net assets | $(56065746)<br>| &nbsp;&nbsp; $15023648 |
| **Net assets** |  |  |
| At beginning of period | 993188129 | &nbsp;&nbsp; 978164481 |
| At end of period | $937122383 | &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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $23.95 | &nbsp;&nbsp; $22.63 | &nbsp;&nbsp; $19.29 | &nbsp;&nbsp; $27.57 | &nbsp;&nbsp; $25.06 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.07 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.06 | &nbsp;&nbsp; $0.04 |
| Net realized and unrealized gain (loss) | 2.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp; (5.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.24 |
| Total from investment operations | $2.23 | &nbsp;&nbsp; $3.62 | &nbsp;&nbsp; $4.52 | &nbsp;&nbsp; $(5.08)<br>| &nbsp;&nbsp; $6.28 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.07)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(0.07)<br>|
| From net realized gain | (3.56)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.70)<br>|
| Total distributions declared to shareholders | $(3.63)<br>| &nbsp;&nbsp; $(2.30)<br>| &nbsp;&nbsp; $(1.18)<br>| &nbsp;&nbsp; $(3.20)<br>| &nbsp;&nbsp; $(3.77)<br>|
| Net asset value, end of period (x) | $22.55 | &nbsp;&nbsp; $23.95 | &nbsp;&nbsp; $22.63 | &nbsp;&nbsp; $19.29 | &nbsp;&nbsp; $27.57 |
| Total return (%) (k)(r)(s)(x) | 9.90 | &nbsp;&nbsp;&nbsp;&nbsp;16.27 | &nbsp;&nbsp;&nbsp;&nbsp;24.01 | &nbsp;&nbsp; (19.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.97 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Expenses after expense reductions | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net investment income (loss) | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Portfolio turnover rate | 21 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 |
| Net assets at end of period (000 omitted) | $534391 | &nbsp;&nbsp; $573217 | &nbsp;&nbsp; $569547 | &nbsp;&nbsp; $517839 | &nbsp;&nbsp; $714524 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $23.33 | &nbsp;&nbsp; $22.10 | &nbsp;&nbsp; $18.86 | &nbsp;&nbsp; $27.07 | &nbsp;&nbsp; $24.67 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.01 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $(0.03)<br>|
| Net realized and unrealized gain (loss) | 2.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.14 |
| Total from investment operations | $2.10 | &nbsp;&nbsp; $3.47 | &nbsp;&nbsp; $4.37 | &nbsp;&nbsp; $(5.03)<br>| &nbsp;&nbsp; $6.11 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.00)(w)<br>| &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.01)<br>| $— | &nbsp;&nbsp; $(0.01)<br>|
| From net realized gain | (3.56)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.70)<br>|
| Total distributions declared to shareholders | $(3.56)<br>| &nbsp;&nbsp; $(2.24)<br>| &nbsp;&nbsp; $(1.13)<br>| &nbsp;&nbsp; $(3.18)<br>| &nbsp;&nbsp; $(3.71)<br>|
| Net asset value, end of period (x) | $21.87 | &nbsp;&nbsp; $23.33 | &nbsp;&nbsp; $22.10 | &nbsp;&nbsp; $18.86 | &nbsp;&nbsp; $27.07 |
| Total return (%) (k)(r)(s)(x) | 9.61 | &nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;23.70 | &nbsp;&nbsp; (19.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.66 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Expenses after expense reductions | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Net investment income (loss) | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.10)<br>|
| Portfolio turnover rate | 21 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 |
| Net assets at end of period (000 omitted) | $402732 | &nbsp;&nbsp; $419971 | &nbsp;&nbsp; $408618 | &nbsp;&nbsp; $361330 | &nbsp;&nbsp; $475478 |

---

**See Notes to Financial Statements**

------

MFS Massachusetts Investors Growth Stock Portfolio

*Financial Highlights - continued*

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

&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;(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**

**(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.

**Segment Reporting** — 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 - 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 December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $842638698 | $— | $— | $842638698 |
| France |  | 34578160 |  | 34578160 |
| Taiwan | 33097876 |  |  | 33097876 |
| China |  | 18114679 |  | 18114679 |
| Canada | 8675722 |  |  | 8675722 |
| Investment Companies | 871295 |  |  | 871295 |
| Total | $885283591 | $52692839 | $— | $937976430 |

---

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 Massachusetts Investors Growth Stock Portfolio

*Notes to Financial Statements - 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 December 31, 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 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 two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $10402939 | &nbsp;&nbsp; $8395642 |
| Long-term capital gains | &nbsp;&nbsp; 128015673 | &nbsp;&nbsp; 82416132 |
| Total distributions | &nbsp;&nbsp; $138418612 | &nbsp;&nbsp; $90811774 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $429092304 |
| Gross appreciation | &nbsp;&nbsp; 515977713 |
| Gross depreciation | &nbsp;&nbsp; (7093587)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $508884126 |
| Undistributed ordinary income | &nbsp;&nbsp; 2003319 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 88126421 |
| Other temporary differences | &nbsp;&nbsp; 3089 |
| Total distributable earnings (loss) | &nbsp;&nbsp; $599016955 |

---

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MFS Massachusetts Investors Growth Stock Portfolio

*Notes to Financial Statements - 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:

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $78786391 | &nbsp;&nbsp; $52482119 |
| Service Class | 59632221 | &nbsp;&nbsp; 38329655 |
| Total | $138418612 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $132,061, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 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 year ended December 31, 2025, this reduction amounted to $524,299, 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 year ended December 31, 2025, the fee was $27,875, 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 year ended December 31, 2025, these costs amounted to $1,842.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0140% of the fund's average daily net assets.

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MFS Massachusetts Investors Growth Stock Portfolio

*Notes to Financial Statements - continued* 

**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 year ended December 31, 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 year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $195,901,413 and $330,514,987, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 562033 | &nbsp;&nbsp; $12861408 | &nbsp;&nbsp; 302717 | &nbsp;&nbsp; $7206834 |
| Service Class | 657757 | &nbsp;&nbsp; 14856833 | &nbsp;&nbsp; 715435 | &nbsp;&nbsp; 16849090 |
|  | 1219790 | &nbsp;&nbsp; $27718241 | &nbsp;&nbsp; 1018152 | &nbsp;&nbsp; $24055924 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 3630709 | &nbsp;&nbsp; $78786391 | &nbsp;&nbsp; 2254387 | &nbsp;&nbsp; $52482119 |
| Service Class | 2830196 | &nbsp;&nbsp; 59632221 | &nbsp;&nbsp; 1689275 | &nbsp;&nbsp; 38329655 |
|  | 6460905 | &nbsp;&nbsp; $138418612 | &nbsp;&nbsp; 3943662 | &nbsp;&nbsp; $90811774 |
| Shares reacquired |  |  |  |  |
| Initial Class | (4424552)<br>| &nbsp;&nbsp; $(102913036)<br>| &nbsp;&nbsp; (3794812)<br>| &nbsp;&nbsp; $(91546310)<br>|
| Service Class | (3074922)<br>| &nbsp;&nbsp; (69710120)<br>| &nbsp;&nbsp; (2895003)<br>| &nbsp;&nbsp; (68231349)<br>|
|  | (7499474)<br>| &nbsp;&nbsp; $(172623156)<br>| &nbsp;&nbsp; (6689815)<br>| &nbsp;&nbsp; $(159777659)<br>|
| Net change |  |  |  |  |
| Initial Class | (231810)<br>| &nbsp;&nbsp; $(11265237)<br>| &nbsp;&nbsp; (1237708)<br>| &nbsp;&nbsp; $(31857357)<br>|
| Service Class | 413031 | &nbsp;&nbsp; 4778934 | &nbsp;&nbsp; (490293)<br>| &nbsp;&nbsp; (13052604)<br>|
|  | 181221 | &nbsp;&nbsp; $(6486303)<br>| &nbsp;&nbsp; (1728001)<br>| &nbsp;&nbsp; $(44909961)<br>|

---

------

MFS Massachusetts Investors Growth Stock Portfolio

*Notes to Financial Statements - 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 year ended December 31, 2025, the fund's commitment fee and interest expense were $4,497 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. The following were affiliated issuers for the year ended December 31, 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; $142628185 | &nbsp;&nbsp; $150316383 | &nbsp;&nbsp; $(907)<br>| &nbsp;&nbsp; $(37)<br>| &nbsp;&nbsp; $871295 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $264975 | $— |

---

------

MFS Massachusetts Investors Growth Stock Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS Massachusetts Investors Growth Stock Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Massachusetts Investors Growth Stock Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

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MFS Massachusetts Investors Growth Stock Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $140,818,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 66.87% of the ordinary income dividends paid during the fiscal year qualify for the corporate dividends received deduction.

------

**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.**

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MFS Massachusetts Investors Growth Stock Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Massachusetts Investors Growth Stock Portfolio** 

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 5th quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 5th quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

The Trustees expressed concern to MFS about the substandard investment performance of the Fund and the Fund's retail counterpart, Massachusetts Investors Growth Stock Fund, which has substantially similar investment strategies and experienced substantially similar investment performance as the Fund. In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year as to MFS' efforts to improve the performance of the

------

MFS Massachusetts Investors Growth Stock Portfolio

*Board Review of Investment Advisory Agreement - continued*

Fund and the Fund's retail counterpart. In addition, the Trustees requested that they receive a separate update on the Fund's retail counterpart at each of their regular meetings. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that MFS' responses and efforts and plans to improve investment performance were sufficient to support approval of the continuance of the investment advisory agreement for an additional one-year period, but that they would continue to closely monitor the performance of the Fund's retail counterpart.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were higher than the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to a contractual breakpoint that reduces the Fund's advisory fee rate on average daily net assets over $1 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoint and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

------

MFS Massachusetts Investors Growth Stock Portfolio

*Board Review of Investment Advisory Agreement - continued*

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS Technology Portfolio

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

MFS Technology Portfolio

**Portfolio of Investments - 12/31/25** 

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 – 98.9% | Common Stocks – 98.9% | Common Stocks – 98.9% |
| Business Services – 2.9% | Business Services – 2.9% |  |
| Accenture PLC, "A" | 15570 | &nbsp;&nbsp; $4177431 |
| Verisk Analytics, Inc., "A" | 6727 | &nbsp;&nbsp; 1504763 |
| Zscaler, Inc. (a) | 2931 | &nbsp;&nbsp; 659240 |
|  |  | &nbsp;&nbsp; $6341434 |
| Computer Software – 26.6% | Computer Software – 26.6% |  |
| Atlassian Corp. (a) | 5878 | &nbsp;&nbsp; $953059 |
| Autodesk, Inc. (a) | 5164 | &nbsp;&nbsp; 1528596 |
| Cadence Design Systems, Inc. (a) | 8559 | &nbsp;&nbsp; 2675372 |
| Constellation Software, Inc. | 1134 | &nbsp;&nbsp; 2727615 |
| CrowdStrike Holdings, Inc. (a) | 8743 | &nbsp;&nbsp; 4098369 |
| Datadog, Inc., "A" (a) | 15731 | &nbsp;&nbsp; 2139259 |
| Figma, Inc. (a) | 353 | &nbsp;&nbsp; 13192 |
| Guidewire Software, Inc. (a) | 675 | &nbsp;&nbsp; 135682 |
| HubSpot, Inc. (a) | 3506 | &nbsp;&nbsp; 1406958 |
| Intuit, Inc. | 5858 | &nbsp;&nbsp; 3880456 |
| JFrog Ltd. (a) | 32630 | &nbsp;&nbsp; 2038070 |
| Microsoft Corp. (s) | 37040 | &nbsp;&nbsp; 17913285 |
| MongoDB, Inc. (a) | 4424 | &nbsp;&nbsp; 1856709 |
| Oracle Corp. | 25867 | &nbsp;&nbsp; 5041737 |
| Palantir Technologies, Inc. (a) | 10487 | &nbsp;&nbsp; 1864064 |
| Pegasystems, Inc. | 49517 | &nbsp;&nbsp; 2957155 |
| ServiceTitan, Inc., "A" (a) | 12575 | &nbsp;&nbsp; 1339237 |
| Snowflake, Inc., "A" (a) | 11268 | &nbsp;&nbsp; 2471748 |
| Tyler Technologies, Inc. (a) | 4210 | &nbsp;&nbsp; 1911129 |
| Vertex, Inc., "A" (a) | 17469 | &nbsp;&nbsp; 348856 |
|  |  | &nbsp;&nbsp; $57300548 |
| Computer Software - Systems – 21.9% | Computer Software - Systems – 21.9% |  |
| Apple, Inc. (s) | 66716 | &nbsp;&nbsp; $18137412 |
| Arista Networks, Inc. (a) | 19293 | &nbsp;&nbsp; 2527962 |
| CDW Corp. | 5344 | &nbsp;&nbsp; 727853 |
| Cisco Systems, Inc. | 25389 | &nbsp;&nbsp; 1955715 |
| EPAM Systems, Inc. (a) | 12176 | &nbsp;&nbsp; 2494619 |
| Hitachi Ltd. | 136400 | &nbsp;&nbsp; 4231625 |
| International Business Machines Corp. | 15488 | &nbsp;&nbsp; 4587700 |
| Seagate Technology Holdings PLC | 5252 | &nbsp;&nbsp; 1446348 |
| Shopify, Inc. (a) | 67748 | &nbsp;&nbsp; 10905395 |
|  |  | &nbsp;&nbsp; $47014629 |
| Electrical Equipment – 1.3% | Electrical Equipment – 1.3% |  |
| Amphenol Corp., "A" | 11541 | &nbsp;&nbsp; $1559651 |
| Corning, Inc. | 14805 | &nbsp;&nbsp; 1296326 |
|  |  | &nbsp;&nbsp; $2855977 |
| Electronics – 31.8% | Electronics – 31.8% |  |
| Advanced Micro Devices (a) | 32765 | &nbsp;&nbsp; $7016952 |
| Analog Devices, Inc. | 2841 | &nbsp;&nbsp; 770479 |
| Applied Materials, Inc. | 14845 | &nbsp;&nbsp; 3815017 |
| Broadcom, Inc. | 48024 | &nbsp;&nbsp; 16621106 |
| Coherent Corp. (a) | 10282 | &nbsp;&nbsp; 1897749 |

---

TKSFS-ANN

------

MFS Technology Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electronics – continued | Electronics – continued |  |
| Globalwafers Co. Ltd. | 119000 | &nbsp;&nbsp; $1527570 |
| Intel Corp. (a) | 16579 | &nbsp;&nbsp; 611765 |
| KLA Corp. | 2515 | &nbsp;&nbsp; 3055926 |
| Lam Research Corp. | 31728 | &nbsp;&nbsp; 5431199 |
| NVIDIA Corp. (s) | 114385 | &nbsp;&nbsp; 21332803 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 78000 | &nbsp;&nbsp; 3810563 |
| Teradyne, Inc. | 12621 | &nbsp;&nbsp; 2442921 |
|  |  | &nbsp;&nbsp; $68334050 |
| Insurance – 0.5% | Insurance – 0.5% |  |
| Aon PLC | 2914 | &nbsp;&nbsp; $1028292 |
| Interactive Media Services – 13.9% | Interactive Media Services – 13.9% |  |
| Alphabet, Inc., "A" (s) | 63398 | &nbsp;&nbsp; $19843574 |
| Meta Platforms, Inc., "A" (s) | 15353 | &nbsp;&nbsp; 10134362 |
|  |  | &nbsp;&nbsp; $29977936 |
| **Total Common Stocks (Identified Cost, $129,314,679)** |  | &nbsp;&nbsp; **$212852866** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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) – 1.1% | Mutual Funds (h) – 1.1% | Mutual Funds (h) – 1.1% |
| Money Market Funds – 1.1% | Money Market Funds – 1.1% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $2,440,515) | 2440234 | &nbsp;&nbsp; $2440722 |
| Other Assets, Less Liabilities – (0.0)% |  | &nbsp;&nbsp; (99128) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$215194460** |

---

&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 $2,440,722 and $212,852,866, 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.

---

| | |
|:---|:---|
| 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 December 31, 2025, the fund had cash collateral of $5,268 and other liquid securities collateral with an aggregate value of $601,484. 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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $129,314,679) | &nbsp;&nbsp; $212852866 |
| Investments in affiliated issuers, at value (identified cost, $2,440,515) | &nbsp;&nbsp; 2440722 |
| Cash | &nbsp;&nbsp; 7 |
| Foreign currency, at value (identified cost, $6) | &nbsp;&nbsp; 6 |
| Deposits with brokers | &nbsp;&nbsp; 5268 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 63955 |
| Dividends | &nbsp;&nbsp; 32864 |
| Other assets | &nbsp;&nbsp; 1123 |
| Total assets | &nbsp;&nbsp; $215396811 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $135808 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 8783 |
| Administrative services fee | &nbsp;&nbsp; 201 |
| Shareholder servicing costs | &nbsp;&nbsp; 47 |
| Distribution and/or service fees | &nbsp;&nbsp; 2527 |
| Payable for audit and tax fees | &nbsp;&nbsp; 40324 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 14661 |
| Total liabilities | &nbsp;&nbsp; $202351 |
| Net assets | &nbsp;&nbsp; $215194460 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $106925965 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 108268495 |
| Net assets | &nbsp;&nbsp; $215194460 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 5585690 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $32823766 | &nbsp;&nbsp;&nbsp; 780828 | &nbsp;&nbsp;&nbsp; $42.04 |
| Service Class | &nbsp;&nbsp;&nbsp; 182370694 | &nbsp;&nbsp;&nbsp; 4804862 | &nbsp;&nbsp;&nbsp;&nbsp;37.96 |

---

**See Notes to Financial Statements**

------

MFS Technology Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $1044847 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 153699 |
| Other | &nbsp;&nbsp; 4791 |
| Income on securities loaned | &nbsp;&nbsp; 3922 |
| Foreign taxes withheld | &nbsp;&nbsp; (12901)<br>|
| Total investment income | &nbsp;&nbsp; $1194358 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $1441875 |
| Distribution and/or service fees | &nbsp;&nbsp; 404460 |
| Shareholder servicing costs | &nbsp;&nbsp; 8544 |
| Administrative services fee | &nbsp;&nbsp; 35729 |
| Independent Trustees' compensation | &nbsp;&nbsp; 5787 |
| Custodian fee | &nbsp;&nbsp; 13776 |
| Audit and tax fees | &nbsp;&nbsp; 74016 |
| Legal fees | &nbsp;&nbsp; 1377 |
| Miscellaneous | &nbsp;&nbsp; 23169 |
| Total expenses | &nbsp;&nbsp; $2008733 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (26621)<br>|
| Net expenses | &nbsp;&nbsp; $1982112 |
| Net investment income (loss) | &nbsp;&nbsp; $(787754)<br>|
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $25670447 |
| Affiliated issuers | &nbsp;&nbsp; 509 |
| Foreign currency | &nbsp;&nbsp; (3328)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $25667628 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $5985089 |
| Affiliated issuers | &nbsp;&nbsp; (288)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; (6)<br>|
| Net unrealized gain (loss) | &nbsp;&nbsp; $5984795 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $31652423 |
| Change in net assets from operations | &nbsp;&nbsp; $30864669 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $(787754)<br>| &nbsp;&nbsp; $(640499)<br>|
| Net realized gain (loss) | 25667628 | &nbsp;&nbsp; 26972696 |
| Net unrealized gain (loss) | 5984795 | &nbsp;&nbsp; 22750628 |
| Change in net assets from operations | $30864669 | &nbsp;&nbsp; $49082825 |
| Total distributions to shareholders | $(26247496)<br>| &nbsp;&nbsp; $(1721497)<br>|
| Change in net assets from fund share transactions | $29782236 | &nbsp;&nbsp; $(4117716)<br>|
| Total change in net assets | $34399409 | &nbsp;&nbsp; $43243612 |
| **Net assets** |  |  |
| At beginning of period | 180795051 | &nbsp;&nbsp; 137551439 |
| At end of period | $215194460 | &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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $41.22 | &nbsp;&nbsp; $30.43 | &nbsp;&nbsp; $19.73 | &nbsp;&nbsp; $33.58 | &nbsp;&nbsp; $31.10 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.08)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.21)<br>|
| Net realized and unrealized gain (loss) | 6.31 | &nbsp;&nbsp;&nbsp;&nbsp;11.23 | &nbsp;&nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp; (11.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.47 |
| Total from investment operations | $6.23 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $10.70 | &nbsp;&nbsp; $(11.63)<br>| &nbsp;&nbsp; $4.26 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net realized gain | $(5.41)<br>| &nbsp;&nbsp; $(0.37)<br>| $— | &nbsp;&nbsp; $(2.22)<br>| &nbsp;&nbsp; $(1.78)<br>|
| Net asset value, end of period (x) | $42.04 | &nbsp;&nbsp; $41.22 | &nbsp;&nbsp; $30.43 | &nbsp;&nbsp; $19.73 | &nbsp;&nbsp; $33.58 |
| Total return (%) (k)(r)(s)(x) | 16.57 | &nbsp;&nbsp;&nbsp;&nbsp;36.80 | &nbsp;&nbsp;&nbsp;&nbsp;54.23 | &nbsp;&nbsp; (35.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.68 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Expenses after expense reductions | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Net investment income (loss) | (0.20)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.62)<br>|
| Portfolio turnover rate | 69 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 44 |
| Net assets at end of period (000 omitted) | $32824 | &nbsp;&nbsp; $30905 | &nbsp;&nbsp; $24700 | &nbsp;&nbsp; $17106 | &nbsp;&nbsp; $28740 |
| **Supplemental Ratios (%):** |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and excluding <br> 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 |

---

**See Notes to Financial Statements**

------

MFS Technology Portfolio

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $37.81 | &nbsp;&nbsp; $28.01 | &nbsp;&nbsp; $18.21 | &nbsp;&nbsp; $31.29 | &nbsp;&nbsp; $29.15 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $(0.17)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.27)<br>|
| Net realized and unrealized gain (loss) | 5.73 | &nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp; (10.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.19 |
| Total from investment operations | $5.56 | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $9.80 | &nbsp;&nbsp; $(10.86)<br>| &nbsp;&nbsp; $3.92 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net realized gain | $(5.41)<br>| &nbsp;&nbsp; $(0.37)<br>| $— | &nbsp;&nbsp; $(2.22)<br>| &nbsp;&nbsp; $(1.78)<br>|
| Net asset value, end of period (x) | $37.96 | &nbsp;&nbsp; $37.81 | &nbsp;&nbsp; $28.01 | &nbsp;&nbsp; $18.21 | &nbsp;&nbsp; $31.29 |
| Total return (%) (k)(r)(s)(x) | 16.28 | &nbsp;&nbsp;&nbsp;&nbsp;36.45 | &nbsp;&nbsp;&nbsp;&nbsp;53.82 | &nbsp;&nbsp; (35.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.43 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Expenses after expense reductions | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Net investment income (loss) | (0.45)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.87)<br>|
| Portfolio turnover rate | 69 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 44 |
| Net assets at end of period (000 omitted) | $182371 | &nbsp;&nbsp; $149890 | &nbsp;&nbsp; $112852 | &nbsp;&nbsp; $80955 | &nbsp;&nbsp; $105624 |
| **Supplemental Ratios (%):** |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and excluding <br> 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;(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;(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**

**(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. 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.

**Segment Reporting** — 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 Technology Portfolio

*Notes to Financial Statements - 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 December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| United States | $189650098 | $— | $— | $189650098 |
| Canada | 13633010 | 0 |  | 13633010 |
| Taiwan |  | 5338133 |  | 5338133 |
| Japan |  | 4231625 |  | 4231625 |
| Investment Companies | 2440722 |  |  | 2440722 |
| Total | $205723830 | $9569758 | $— | $215293588 |

---

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

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MFS Technology Portfolio

*Notes to Financial Statements - 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 December 31, 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 net operating losses and wash sale loss deferrals.

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $4673489 | $— |
| Long-term capital gains | &nbsp;&nbsp; 21574007 | &nbsp;&nbsp; 1721497 |
| Total distributions | &nbsp;&nbsp; $26247496 | &nbsp;&nbsp; $1721497 |

---

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

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MFS Technology Portfolio

*Notes to Financial Statements - continued* 

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $132271519 |
| Gross appreciation | &nbsp;&nbsp; 86972430 |
| Gross depreciation | &nbsp;&nbsp; (3950361)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $83022069 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 25246481 |
| Other temporary differences | &nbsp;&nbsp; (55)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $108268495 |

---

**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:

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $3811198 | &nbsp;&nbsp; $281328 |
| Service Class | 22436298 | &nbsp;&nbsp; 1440169 |
| Total | $26247496 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $26,621, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 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 year ended December 31, 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

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MFS Technology Portfolio

*Notes to Financial Statements - 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 year ended December 31, 2025, the fee was $7,993, which equated to 0.0042% 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 year ended December 31, 2025, these costs amounted to $551.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0186% 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 year ended December 31, 2025, this reimbursement amounted to $4,528, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $136,189,055 and $131,274,946, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 58355 | &nbsp;&nbsp; $2347944 | &nbsp;&nbsp; 88994 | &nbsp;&nbsp; $3265893 |
| Service Class | 979918 | &nbsp;&nbsp; 35717692 | &nbsp;&nbsp; 748171 | &nbsp;&nbsp; 25258318 |
|  | 1038273 | &nbsp;&nbsp; $38065636 | &nbsp;&nbsp; 837165 | &nbsp;&nbsp; $28524211 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 100692 | &nbsp;&nbsp; $3811198 | &nbsp;&nbsp; 7544 | &nbsp;&nbsp; $281328 |
| Service Class | 655840 | &nbsp;&nbsp; 22436298 | &nbsp;&nbsp; 42073 | &nbsp;&nbsp; 1440169 |
|  | 756532 | &nbsp;&nbsp; $26247496 | &nbsp;&nbsp; 49617 | &nbsp;&nbsp; $1721497 |
| Shares reacquired |  |  |  |  |
| Initial Class | (127937)<br>| &nbsp;&nbsp; $(5259699)<br>| &nbsp;&nbsp; (158389)<br>| &nbsp;&nbsp; $(5728987)<br>|
| Service Class | (795219)<br>| &nbsp;&nbsp; (29271197)<br>| &nbsp;&nbsp; (855011)<br>| &nbsp;&nbsp; (28634437)<br>|
|  | (923156)<br>| &nbsp;&nbsp; $(34530896)<br>| &nbsp;&nbsp; (1013400)<br>| &nbsp;&nbsp; $(34363424)<br>|
| Net change |  |  |  |  |
| Initial Class | 31110 | &nbsp;&nbsp; $899443 | &nbsp;&nbsp; (61851)<br>| &nbsp;&nbsp; $(2181766)<br>|
| Service Class | 840539 | &nbsp;&nbsp; 28882793 | &nbsp;&nbsp; (64767)<br>| &nbsp;&nbsp; (1935950)<br>|
|  | 871649 | &nbsp;&nbsp; $29782236 | &nbsp;&nbsp; (126618)<br>| &nbsp;&nbsp; $(4117716)<br>|

---

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MFS Technology Portfolio

*Notes to Financial Statements - 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 year ended December 31, 2025, the fund's commitment fee and interest expense were $875 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. The following were affiliated issuers for the year ended December 31, 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; $52506473 | &nbsp;&nbsp; $54658963 | &nbsp;&nbsp; $509 | &nbsp;&nbsp; $(288)<br>| &nbsp;&nbsp; $2440722 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $153699 | $— |

---

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MFS Technology Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS Technology Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Technology Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

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MFS Technology Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $23,732,000 as capital gain dividends paid during the fiscal year.

For corporate shareholders, 16.16% of the ordinary income dividends paid during the fiscal year qualify for the corporate dividends received deduction.

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**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.**

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MFS Technology Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Technology Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 3rd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 2nd quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

------

MFS Technology Portfolio

*Board Review of Investment Advisory Agreement - continued*

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was approximately at the Broadridge expense group median and the Fund's total expense ratio was lower than the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to a contractual breakpoint that reduces the Fund's advisory fee rate on average daily net assets over $1 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoint and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

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 - 12/31/25** 

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) – 63.5% | U.S. Government Agencies and Equivalents (y) – 63.5% | U.S. Government Agencies and Equivalents (y) – 63.5% |
| Fannie Mae, 3.57%, due 2/02/2026 | $8250000 | &nbsp;&nbsp; $8223930 |
| Fannie Mae, 3.6%, due 3/18/2026 | 7250000 | &nbsp;&nbsp; 7195359 |
| Federal Farm Credit Bank, 3.84%, due 2/06/2026 | 6500000 | &nbsp;&nbsp; 6475430 |
| Federal Farm Credit Bank, 3.62%, due 2/19/2026 | 7300000 | &nbsp;&nbsp; 7264230 |
| Federal Farm Credit Bank, 3.83%, due 3/05/2026 | 5450000 | &nbsp;&nbsp; 5414044 |
| Federal Farm Credit Bank, 3.79%, due 4/20/2026 | 6000000 | &nbsp;&nbsp; 5932238 |
| Federal Home Loan Bank, 3.86%, due 1/12/2026 | 12850000 | &nbsp;&nbsp; 12834982 |
| Federal Home Loan Bank, 3.86%, due 2/06/2026 | 13500000 | &nbsp;&nbsp; 13448598 |
| Federal Home Loan Bank, 3.63%, due 3/30/2026 | 5600000 | &nbsp;&nbsp; 5550857 |
| Freddie Mac, 3.81%, due 1/20/2026 | 7200000 | &nbsp;&nbsp; 7185674 |
| Freddie Mac, 3.79%, due 1/26/2026 | 8000000 | &nbsp;&nbsp; 7979167 |
| U.S. Treasury Bill, 3.82%, due 1/02/2026 | 9800000 | &nbsp;&nbsp; 9798963 |
| U.S. Treasury Bill, 3.86%, due 1/15/2026 | 8450000 | &nbsp;&nbsp; 8437431 |
| U.S. Treasury Bill, 3.76%, due 2/05/2026 | 9800000 | &nbsp;&nbsp; 9764442 |
| U.S. Treasury Bill, 3.8%, due 2/24/2026 | 6300000 | &nbsp;&nbsp; 6264458 |
| U.S. Treasury Bill, 3.8%, due 3/10/2026 | 11300000 | &nbsp;&nbsp; 11219830 |
| U.S. Treasury Bill, 3.78%, due 3/19/2026 | 8600000 | &nbsp;&nbsp; 8531711 |
| U.S. Treasury Bill, 3.58%, due 3/26/2026 | 7300000 | &nbsp;&nbsp; 7239523 |
| U.S. Treasury Bill, 3.66%, due 4/07/2026 | 8400000 | &nbsp;&nbsp; 8318990 |
| U.S. Treasury Bill, 3.64%, due 5/28/2026 | 8400000 | &nbsp;&nbsp; 8277206 |
| **Total U.S. Government Agencies and Equivalents, at Amortized Cost and Value** |  | &nbsp;&nbsp; **$165357063** |
| Repurchase Agreements – 36.7% | Repurchase Agreements – 36.7% |  |
| BofA Securities, Inc. Repurchase Agreement, 3.79%, dated 12/31/2025, due 1/02/2026, total to be received $47,848,073 (secured by <br> U.S. Treasury and/or U.S. Government Agency Securities valued at $48,920,832) | $47838000 | &nbsp;&nbsp; $47838000 |
| Fixed Income Clearing Corp. – State Street Bank & Trust Co. Repurchase Agreement, 3.78%, dated 12/31/2025, due 1/02/2026, total to <br> be received $47,847,274 (secured by U.S. Treasury and/or U.S. Government Agency Securities valued at $48,794,064) | 47837228 | &nbsp;&nbsp; 47837228 |
| **Total Repurchase Agreements, at Cost and Value** |  | &nbsp;&nbsp; **$95675228** |
| Other Assets, Less Liabilities – (0.2)% |  | &nbsp;&nbsp; (567708) |
| **Net Assets – 100.0%** |  | &nbsp;&nbsp; **$260464583** |

---

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

**See Notes to Financial Statements**

MKSFS-ANN

------

MFS U.S. Government Money Market Portfolio

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

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at cost and value | &nbsp;&nbsp; $165357063 |
| Investments in unaffiliated repurchase agreements, at cost and value | &nbsp;&nbsp; 95675228 |
| Cash | &nbsp;&nbsp; 1 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 4345 |
| Interest | &nbsp;&nbsp; 10059 |
| Other assets | &nbsp;&nbsp; 1324 |
| Total assets | &nbsp;&nbsp; $261048020 |
| **Liabilities** |  |
| Payables for |  |
| Distributions | &nbsp;&nbsp; $3 |
| Fund shares reacquired | &nbsp;&nbsp; 529125 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 5508 |
| Administrative services fee | &nbsp;&nbsp; 227 |
| Shareholder servicing costs | &nbsp;&nbsp; 38 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 30 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 48506 |
| Total liabilities | &nbsp;&nbsp; $583437 |
| Net assets | &nbsp;&nbsp; $260464583 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $260464583 |
| Net assets | &nbsp;&nbsp; $260464583 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 260654588 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $172466389 | &nbsp;&nbsp;&nbsp; 172592169 | &nbsp;&nbsp;&nbsp; $1.00 |
| Service Class | &nbsp;&nbsp;&nbsp; 87998194 | &nbsp;&nbsp;&nbsp; 88062419 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |

---

**See Notes to Financial Statements**

------

MFS U.S. Government Money Market Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $11343374 |
| Other | &nbsp;&nbsp; 48 |
| Total investment income | &nbsp;&nbsp; $11343422 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $1070000 |
| Distribution and/or service fees | &nbsp;&nbsp; 230267 |
| Shareholder servicing costs | &nbsp;&nbsp; 6797 |
| Administrative services fee | &nbsp;&nbsp; 45416 |
| Independent Trustees' compensation | &nbsp;&nbsp; 7568 |
| Custodian fee | &nbsp;&nbsp; 9663 |
| Shareholder communications | &nbsp;&nbsp; 11136 |
| Audit and tax fees | &nbsp;&nbsp; 46106 |
| Legal fees | &nbsp;&nbsp; 1786 |
| Miscellaneous | &nbsp;&nbsp; 39714 |
| Total expenses | &nbsp;&nbsp; $1468453 |
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (267330)<br>|
| Net expenses | &nbsp;&nbsp; $1201123 |
| Net investment income (loss) | &nbsp;&nbsp; $10142299 |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $114 |
| Change in net assets from operations | &nbsp;&nbsp; $10142413 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $10142299 | &nbsp;&nbsp; $13107250 |
| Net realized gain (loss) | 114 | &nbsp;&nbsp; 0 |
| Change in net assets from operations | $10142413 | &nbsp;&nbsp; $13107250 |
| Total distributions to shareholders | $(10142299)<br>| &nbsp;&nbsp; $(13107250)<br>|
| Change in net assets from fund share transactions | $(13155023)<br>| &nbsp;&nbsp; $(6673216)<br>|
| Total change in net assets | $(13154909)<br>| &nbsp;&nbsp; $(6673216)<br>|
| **Net assets** |  |  |
| At beginning of period | 273619492 | &nbsp;&nbsp; 280292708 |
| At end of period | $260464583 | &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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $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) | $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.00 |
| 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>|
| Total from investment operations | $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.00<br> (w)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.01)<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 |
| Total return (%) (k)(r) | 3.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Expenses after expense reductions | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net investment income (loss) | 3.79 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Net assets at end of period (000 omitted) | $172466 | &nbsp;&nbsp; $175092 | &nbsp;&nbsp; $175408 | &nbsp;&nbsp; $159395 | &nbsp;&nbsp; $149896 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $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) | $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.00 |
| 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>|
| Total from investment operations | $0.04 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.00<br> (w)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.04)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.01)<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 |
| Total return (%) (k)(r) | 3.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Expenses after expense reductions | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net investment income (loss) | 3.79 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Net assets at end of period (000 omitted) | $87998 | &nbsp;&nbsp; $98528 | &nbsp;&nbsp; $104885 | &nbsp;&nbsp; $100221 | &nbsp;&nbsp; $105117 |

---

&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;(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**

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MFS U.S. Government Money Market Portfolio

**Notes to Financial Statements**

**(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.

**Segment Reporting** — 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 December 31, 2025 in valuing the fund's assets and liabilities:

------

MFS U.S. Government Money Market Portfolio

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Short-Term Securities | $— | $261032291 | $— | $261032291 |

---

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 December 31, 2025, the fund had investments in repurchase agreements with a gross value of $95,675,228 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, 2025, there were no significant adjustments due to differences between book and tax accounting.

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

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $10142299 | &nbsp;&nbsp; $13107250 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $261032291 |

---

**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 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 U.S. Government Money Market Portfolio

*Notes to Financial Statements - continued* 

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br>**12/31/25**<br>| **Year ended** <br>**12/31/24**<br>|
| Initial Class | $6648574 | &nbsp;&nbsp; $8315461 |
| Service Class | 3493725 | &nbsp;&nbsp; 4791789 |
| Total | $10142299 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $37,063, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 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 year ended December 31, 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 year ended December 31, 2025, this waiver amounted to $230,267, which is included in the reduction of total expenses in the Statement of Operations. The distribution and/or service fees incurred for the year ended December 31, 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 year ended December 31, 2025, the fee was $6,429, 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 year ended December 31, 2025, these costs amounted to $368.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0170% of the fund's average daily net assets.

------

MFS U.S. Government Money Market Portfolio

*Notes to Financial Statements - continued* 

**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:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br>**12/31/25**<br>| **Year ended** <br>**12/31/24**<br>|
| Shares sold |  |  |
| Initial Class | 23291749 | &nbsp;&nbsp; 27313327 |
| Service Class | 16848105 | &nbsp;&nbsp; 16663407 |
|  | 40139854 | &nbsp;&nbsp; 43976734 |
| Shares issued to shareholders in <br>reinvestment of distributions<br>|  |  |
| Initial Class | 6648574 | &nbsp;&nbsp; 8315461 |
| Service Class | 3493725 | &nbsp;&nbsp; 4791789 |
|  | 10142299 | &nbsp;&nbsp; 13107250 |
| Shares reacquired |  |  |
| Initial Class | (32561289)<br>| &nbsp;&nbsp; (35942681)<br>|
| Service Class | (30875887)<br>| &nbsp;&nbsp; (27814519)<br>|
|  | (63437176)<br>| &nbsp;&nbsp; (63757200)<br>|
| Net change |  |  |
| Initial Class | (2620966)<br>| &nbsp;&nbsp; (313893)<br>|
| Service Class | (10534057)<br>| &nbsp;&nbsp; (6359323)<br>|
|  | (13155023)<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 year ended December 31, 2025, the fund's commitment fee and interest expense were $1,280 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

------

MFS U.S. Government Money Market Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS U.S. Government Money Market Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS U.S. Government Money Market Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS U.S. Government Money Market Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

------

**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.**

------

MFS U.S. Government Money Market Portfolio

**Board Review of Investment Advisory Agreement**

**MFS U.S. Government Money Market Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 3rd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 3rd quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. In addition, the Trustees noted the market conditions affecting all money market funds, in particular the low interest rate environment during portions of the three- and five-year periods, and MFS' voluntary waiver

------

MFS U.S. Government Money Market Portfolio

*Board Review of Investment Advisory Agreement - continued*

of all or a portion of its fees to ensure that the Fund avoided a negative yield during certain periods. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each higher than the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to a contractual breakpoint that reduces the Fund's advisory fee rate on average daily net assets over $1 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoint and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS Income Portfolio

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

MFS Income Portfolio

**Portfolio of Investments - 12/31/25** 

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 – 98.2% | Bonds – 98.2% | Bonds – 98.2% |
| Aerospace & Defense – 1.4% | Aerospace & Defense – 1.4% | Aerospace & Defense – 1.4% |
| Boeing Co., 6.528%, 5/01/2034  | $17000 | &nbsp;&nbsp; $18808 |
| Boeing Co., 5.705%, 5/01/2040  | 34000 | &nbsp;&nbsp; 34706 |
| Boeing Co., 5.805%, 5/01/2050  | 159000 | &nbsp;&nbsp; 156392 |
| Boeing Co., 6.858%, 5/01/2054  | 32000 | &nbsp;&nbsp; 35940 |
| Bombardier, Inc., 7.5%, 2/01/2029 (n) | 100000 | &nbsp;&nbsp; 104296 |
| TransDigm, Inc., 4.625%, 1/15/2029  | 175000 | &nbsp;&nbsp; 173840 |
| TransDigm, Inc., 6.375%, 5/31/2033 (n) | 25000 | &nbsp;&nbsp; 25653 |
|  |  | &nbsp;&nbsp; $549635 |
| Asset-Backed & Securitized – 26.8% | Asset-Backed & Securitized – 26.8% | Asset-Backed & Securitized – 26.8% |
| ACREC 2025-FL3 LLC, "C", FLR, 6.025% (SOFR - 1mo. + 2.291%), 8/18/2042 (n) | $40373 | &nbsp;&nbsp; $40250 |
| Affirm Asset Securitization Trust, 2024-X2, "A", 5.22%, 12/17/2029 (n) | 5489 | &nbsp;&nbsp; 5491 |
| Affirm, Inc., 2025-X1, "A", 5.08%, 4/15/2030 (n) | 35599 | &nbsp;&nbsp; 35651 |
| AGL CLO 1 Ltd., 2019-1A, "BRR", FLR, 5.534% (SOFR - 3mo. + 1.65%), 10/20/2034 (n) | 250000 | &nbsp;&nbsp; 249681 |
| American Credit Acceptance Receivables Trust, 2024-2, "B", 6.1%, 12/13/2027 (n) | 3957 | &nbsp;&nbsp; 3959 |
| American Credit Acceptance Receivables Trust, 2024-2, "C", 6.24%, 4/12/2030 (n) | 64000 | &nbsp;&nbsp; 64528 |
| Angel Oak Mortgage Trust, 2024-10, "A1", 5.348%, 10/25/2069 (n) | 98149 | &nbsp;&nbsp; 98615 |
| Angel Oak Mortgage Trust, 2024-12, "A1", 5.653%, 10/25/2069 (n) | 86329 | &nbsp;&nbsp; 87065 |
| Angel Oak Mortgage Trust, 2024-9, "A1", 5.138%, 9/25/2069 (n) | 52181 | &nbsp;&nbsp; 52323 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "A", FLR, 5.214% ((SOFR - 1mo. + 0.11448%) + 1.35%), 11/15/2036 (n) | 113777 | &nbsp;&nbsp; 113778 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "D", FLR, 6.764% ((SOFR - 1mo. + 0.11448%) + 2.9%), 11/15/2036 (n) | 256500 | &nbsp;&nbsp; 256708 |
| AREIT 2025-CRE10 Ltd., "B", FLR, 5.8% (SOFR - 1mo. + 1.8419%), 1/17/2030 (n) | 100000 | &nbsp;&nbsp; 99875 |
| ARI Fleet Lease Trust, 2023-B, "A2", 6.05%, 7/15/2032 (n) | 32019 | &nbsp;&nbsp; 32264 |
| Bain Capital Credit CLO Ltd., 2020-3A, "CRR", FLR, 5.759% (SOFR - 3mo. + 1.9%), 10/23/2034 (n) | 200000 | &nbsp;&nbsp; 199742 |
| Bain Capital Credit CLO Ltd., 2021-4A, "CR", FLR, 5.834% (SOFR - 3mo. + 1.95%), 10/20/2034 (n) | 197222 | &nbsp;&nbsp; 197256 |
| Bank5, 2025-5YR17, "AS", 5.626%, 11/15/2058  | 65849 | &nbsp;&nbsp; 67889 |
| Bayview Financial Revolving Mortgage Loan Trust, FLR, 5.441% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n) | 22263 | &nbsp;&nbsp; 51295 |
| BDS 2024-FL13 Ltd., "A", FLR, 5.307% (SOFR - 1mo. + 1.5762%), 9/19/2039 (n) | 100000 | &nbsp;&nbsp; 100209 |
| BDS 2025-FL16 Ltd., "B", FLR, 5.85% (SOFR - 1mo. + 1.85%), 7/19/2043 (n) | 110335 | &nbsp;&nbsp; 110335 |
| Black Diamond CLO Ltd., 2019-2A, "BR", FLR, 6.609% (SOFR - 3mo. + 2.75%), 7/23/2032 (n) | 250000 | &nbsp;&nbsp; 250056 |
| BMP Commercial Mortgage Trust, 2024-MF23, "C", FLR, 5.591% (SOFR - 1mo. + 1.8413%), 6/15/2041 (n) | 100000 | &nbsp;&nbsp; 100124 |
| BMP Commercial Mortgage Trust, 2024-MF23, "D", FLR, 6.14% (SOFR - 1mo. + 2.3905%), 6/15/2041 (n) | 100000 | &nbsp;&nbsp; 100247 |
| BSPRT 2024-FL11 Issuer Ltd., "AS", FLR, 5.845% (SOFR - 1mo. + 2.095%), 7/15/2039 (n) | 100000 | &nbsp;&nbsp; 100250 |
| Business Jet Securities LLC, 2024-2A, "A", 5.364%, 9/15/2039 (n) | 81462 | &nbsp;&nbsp; 82102 |
| BX Trust, 2025-BCAT, "C", FLR, 5.65% (SOFR - 1mo. + 1.9%), 8/15/2042 (n) | 95829 | &nbsp;&nbsp; 95948 |
| BX Trust, 2025-BCAT, "D", FLR, 6.4% (SOFR - 1mo. + 2.65%), 8/15/2042 (n) | 95828 | &nbsp;&nbsp; 96067 |
| Cathedral Lake VI Ltd., FLR, 5.707% (SOFR - 3mo. + 1.85%), 4/25/2034 (n) | 115086 | &nbsp;&nbsp; 114896 |
| Colt Funding LLC, 2025-1, "A1", 5.699%, 1/25/2070 (n) | 84004 | &nbsp;&nbsp; 84804 |
| Colt Funding LLC, 2024-1, "A1", 5.835%, 2/25/2069 (n) | 77998 | &nbsp;&nbsp; 78539 |
| Colt Funding LLC, 2024-2, "A1", 6.125%, 4/25/2069 (n) | 56586 | &nbsp;&nbsp; 57124 |
| Colt Funding LLC, 2024-5, "A1", 5.123%, 8/25/2069 (n) | 81622 | &nbsp;&nbsp; 81779 |
| Commercial Mortgage Pass-Through Certificates, 2023-BNK46, "B", 6.774%, 8/15/2056  | 93513 | &nbsp;&nbsp; 98774 |
| Commercial Mortgage Pass-Through Certificates, 2024-CBM, "B", 6.511%, 12/10/2041 (n) | 187500 | &nbsp;&nbsp; 191783 |
| Consumers 2023 Securitization Funding LLC, 5.55%, 3/01/2028  | 40926 | &nbsp;&nbsp; 41367 |
| Crest Ltd., CDO, 7% (0.001% Cash or 7% PIK), 1/28/2040 (a)(d)(p) | 933316 | &nbsp;&nbsp; 9 |
| Dryden Senior Loan Fund CLO Ltd., 2022-113A, "BR3", FLR, 5.354% (SOFR - 3mo. + 1.45%), 10/15/2037 (n) | 250000 | &nbsp;&nbsp; 250244 |
| Dryden Senior Loan Fund, 2022-104A, "BR", FLR, 5.638% (SOFR - 3mo. + 1.75%), 8/20/2034 (n) | 250000 | &nbsp;&nbsp; 250045 |
| Dwight 2025-FL1 Issuer LLC, FLR, 6.02% (SOFR - 1mo. + 2.286%), 6/18/2042 (n) | 111500 | &nbsp;&nbsp; 111779 |
| ELM Trust, 2024-ELM, "D10", 6.847%, 6/10/2039 (n) | 100000 | &nbsp;&nbsp; 100211 |
| EQT Trust, 2024-EXTR, "B", 5.654%, 7/05/2041 (n) | 100000 | &nbsp;&nbsp; 102086 |
| EQT Trust, 2024-EXTR, "C", 6.046%, 7/05/2041 (n) | 100000 | &nbsp;&nbsp; 102229 |

---

SISFS-ANN

------

MFS Income Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| Exeter Automobile Receivables Trust, 2025-1A, "A", 4.7%, 9/15/2027  | $6684 | &nbsp;&nbsp; $6685 |
| Invesco CLO 2022-2A Ltd., "BR", 5.564%, 7/20/2035 (n) | 250000 | &nbsp;&nbsp; 249516 |
| KREF 2021-FL2 Ltd., "D", FLR, 6.05% ((SOFR - 1mo. + 0.11448%) + 2.2%), 2/15/2039 (n) | 163000 | &nbsp;&nbsp; 159954 |
| LoanCore 2025-CRE8 Ltd., "B", FLR, 5.576% (SOFR - 1mo. + 1.8412%), 8/17/2042 (n) | 117500 | &nbsp;&nbsp; 116693 |
| LRECS 2025-CRE1 LLC, "B", FLR, 6% (SOFR - 1mo. + 2%), 8/19/2043 (n) | 100000 | &nbsp;&nbsp; 99999 |
| MF1 2024-FL14 LLC, "C", FLR, 7.02% (SOFR - 1mo. + 3.289%), 3/19/2039 (n) | 100000 | &nbsp;&nbsp; 100211 |
| MF1 2024-FL15 LLC, "B", FLR, 6.225% (SOFR - 1mo. + 2.491%), 8/18/2041 (n) | 100000 | &nbsp;&nbsp; 100080 |
| MF1 2024-FL15 LLC, "C", FLR, 6.674% (SOFR - 1mo. + 2.94%), 8/18/2041 (n) | 100000 | &nbsp;&nbsp; 100084 |
| MF1 2024-FL16 LLC, "B", FLR, 5.876% (SOFR - 1mo. + 2.142%), 11/18/2039 (n) | 100000 | &nbsp;&nbsp; 100000 |
| MF1 2024-FL16 LLC, "C", FLR, 6.276% (SOFR - 1mo. + 2.542%), 11/18/2039 (n) | 120000 | &nbsp;&nbsp; 120075 |
| MF1 2025-FL17 LLC, "B", FLR, 5.526% (SOFR - 1mo. + 1.792%), 2/18/2040 (n) | 100000 | &nbsp;&nbsp; 100062 |
| MF1 2025-FL17 LLC, "C", FLR, 5.826% (SOFR - 1mo. + 2.092%), 2/18/2040 (n) | 100000 | &nbsp;&nbsp; 100062 |
| MF1 Multi-Family Housing Mortgage Loan Trust, 2025-FL20, "C", FLR, 5.884% (SOFR - 1mo. + 2.15%), 2/18/2043 (n) | 121403 | &nbsp;&nbsp; 121555 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, "A1", 6.152%, 12/25/2068 (n) | 73290 | &nbsp;&nbsp; 73896 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM5, "A-1", 5.439%, 7/25/2070 (n) | 89533 | &nbsp;&nbsp; 90246 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM9, "A1", 5.016%, 9/25/2070 (n) | 98055 | &nbsp;&nbsp; 98229 |
| MSWF Commercial Mortgage Trust, 2023-2, "A5", 6.014%, 12/15/2056  | 73785 | &nbsp;&nbsp; 79606 |
| MSWF Commercial Mortgage Trust, 2023-2, "AS", 6.491%, 12/15/2056  | 50728 | &nbsp;&nbsp; 55158 |
| New Residential Mortgage Loan Trust, 2024-NQMI, "A-1", 6.129%, 3/25/2064 (n) | 138323 | &nbsp;&nbsp; 139757 |
| Northwoods Capital Ltd., 2018-14BA, "BR", FLR, 5.691% (SOFR - 3mo. + 1.85%), 11/13/2031 (n) | 250000 | &nbsp;&nbsp; 250133 |
| OBX Trust, 2024-NQM14, "A1", 4.944%, 9/25/2064 (n) | 70230 | &nbsp;&nbsp; 70243 |
| OBX Trust, 2024-NQM3, "A1", 6.129%, 12/25/2063 (n) | 57175 | &nbsp;&nbsp; 57733 |
| OBX Trust, 2025-NQM1, "A1", 5.547%, 12/25/2064 (n) | 84059 | &nbsp;&nbsp; 84747 |
| OBX Trust, 2025-NQM13, "A1", 5.441%, 5/25/2065 (n) | 86884 | &nbsp;&nbsp; 87640 |
| OBX Trust, 2025-NQM14, "A1", 5.162%, 7/25/2065 (n) | 90890 | &nbsp;&nbsp; 91298 |
| OBX Trust, 2025-NQM16, "A1", 4.905%, 8/25/2065 (n) | 101642 | &nbsp;&nbsp; 101706 |
| Octagon 57 Ltd., 2021-1A, "CR", FLR, 5.741% (SOFR - 3mo. + 1.85%), 10/15/2034 (n) | 250000 | &nbsp;&nbsp; 250090 |
| Palmer Square Loan Funding, 2024-3A Ltd., "A-2", FLR, 5.515% (SOFR - 3mo. + 1.65%), 8/08/2032 (n) | 250000 | &nbsp;&nbsp; 250179 |
| PFP III 2024-11 Ltd., "AS", FLR, 5.966% (SOFR - 1mo. + 2.18957%), 9/17/2039 (n) | 271725 | &nbsp;&nbsp; 272404 |
| PMT Loan Trust, 2025-INV10, "A36", FLR, 5.224% (SOFR - 1mo. + 1.35%), 10/01/2056 (n) | 97991 | &nbsp;&nbsp; 97975 |
| Provident Funding Mortgage Trust, 2025-5, "A4", 5.5%, 11/25/2055 (n) | 185705 | &nbsp;&nbsp; 186526 |
| ReadyCap Commercial Mortgage Trust, 2021-FL7, "D", FLR, 6.796% ((SOFR - 1mo. + 0.11448%) + 2.95%), 11/25/2036 (n) | 120000 | &nbsp;&nbsp; 119888 |
| Santander Drive Auto Receivables Trust, 2025-1, "A3", 4.74%, 1/16/2029  | 55000 | &nbsp;&nbsp; 55120 |
| Shackleton 2015-7RA CLO Ltd., "B", FLR, 5.554% (SOFR - 3mo. + 1.65%), 7/15/2031 (n) | 250000 | &nbsp;&nbsp; 250015 |
| SHR Trust, 2024-LXRY, "B", 6.2%, 10/15/2041 (n) | 159636 | &nbsp;&nbsp; 160031 |
| Stellantis Finance US, Inc., 4.63%, 7/20/2027 (n) | 59244 | &nbsp;&nbsp; 59445 |
| STORE Master Funding LLC, 2024-1A, "A3", 5.93%, 5/20/2054 (n) | 99167 | &nbsp;&nbsp; 100241 |
| STORE Master Funding LLC, 2024-1A, "A4", 5.94%, 5/20/2054 (n) | 99167 | &nbsp;&nbsp; 101471 |
| Taco Bell Funding LLC, 2025-1A, "A2I", 4.821%, 8/25/2055 (n) | 117037 | &nbsp;&nbsp; 116381 |
| TPG Real Estate Finance, 2025-FL7, "B" , FLR, 6.033% (SOFR - 1mo. + 1.95%), 6/18/2043 (n) | 100000 | &nbsp;&nbsp; 100000 |
| Trinitas CLO Ltd., 2021-15A, "CR", FLR, 5.907% (SOFR - 3mo. + 2.05%), 4/22/2034 (n) | 250000 | &nbsp;&nbsp; 250128 |
| UBS Commercial Mortgage Trust, 2017-C7, "A4", 3.679%, 12/15/2050  | 155000 | &nbsp;&nbsp; 153721 |
| Venture CLO 43 Ltd., 2021-43A, "CR", FLR, 6.154% (SOFR - 3mo. + 2.25%), 4/15/2034 (n) | 194468 | &nbsp;&nbsp; 194461 |
| Verus Securitization Trust, 2014-1, "A1", 5.712%, 1/25/2069 (n) | 53064 | &nbsp;&nbsp; 53321 |
| Verus Securitization Trust, 2024-2, "A1", 6.095%, 2/25/2069 (n) | 51971 | &nbsp;&nbsp; 52413 |
| Verus Securitization Trust, 2024-8, "A1", 5.364%, 10/25/2069 (n) | 79222 | &nbsp;&nbsp; 79637 |
| Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027  | 25492 | &nbsp;&nbsp; 25662 |
| Voya CLO 2012-4A Ltd., "C1R3", FLR, 7.466% ((SOFR - 3mo. + 0.26161%) + 3.3%), 10/15/2030 (n) | 250000 | &nbsp;&nbsp; 251056 |
|  |  | &nbsp;&nbsp; $10292910 |
| Automotive – 0.6% | Automotive – 0.6% | Automotive – 0.6% |
| Hyundai Capital America, 5.35%, 3/19/2029 (n) | $37000 | &nbsp;&nbsp; $38065 |
| LKQ Corp., 6.25%, 6/15/2033  | 123000 | &nbsp;&nbsp; 131719 |
| Wabash National Corp., 4.5%, 10/15/2028 (n) | 82000 | &nbsp;&nbsp; 76695 |
|  |  | &nbsp;&nbsp; $246479 |

---

------

MFS Income Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Brokerage & Asset Managers – 1.5% | Brokerage & Asset Managers – 1.5% | Brokerage & Asset Managers – 1.5% |
| Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034  | $155000 | &nbsp;&nbsp; $168946 |
| Charles Schwab Corp., 5% to 6/01/2027, FLR (CMT - 5yr. + 3.256%) to 6/01/2170  | 86000 | &nbsp;&nbsp; 86554 |
| Jane Street Group/JSG Finance, Inc., 6.75%, 5/01/2033 (n) | 103000 | &nbsp;&nbsp; 107511 |
| LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 141000 | &nbsp;&nbsp; 137104 |
| LPL Holdings, Inc., 5.75%, 6/15/2035  | 89000 | &nbsp;&nbsp; 91577 |
|  |  | &nbsp;&nbsp; $591692 |
| Building – 0.9% | Building – 0.9% | Building – 0.9% |
| Ferguson Enterprises, Inc., 5%, 10/03/2034  | $34000 | &nbsp;&nbsp; $34293 |
| Patrick Industries, Inc., 4.75%, 5/01/2029 (n) | 175000 | &nbsp;&nbsp; 173235 |
| Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n) | 126000 | &nbsp;&nbsp; 131151 |
|  |  | &nbsp;&nbsp; $338679 |
| Business Services – 0.3% | Business Services – 0.3% | Business Services – 0.3% |
| Global Payments, Inc., 2.9%, 5/15/2030  | $120000 | &nbsp;&nbsp; $111318 |
| Cable TV – 0.8% | Cable TV – 0.8% | Cable TV – 0.8% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | $150000 | &nbsp;&nbsp; $141227 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.9%, 6/01/2052  | 176000 | &nbsp;&nbsp; 113594 |
| Time Warner Cable, Inc., 4.5%, 9/15/2042  | 77000 | &nbsp;&nbsp; 59215 |
|  |  | &nbsp;&nbsp; $314036 |
| Chemicals – 0.3% | Chemicals – 0.3% | Chemicals – 0.3% |
| Chemours Co., 5.75%, 11/15/2028 (n) | $60000 | &nbsp;&nbsp; $58350 |
| Chemours Co., 8%, 1/15/2033 (n) | 60000 | &nbsp;&nbsp; 58087 |
|  |  | &nbsp;&nbsp; $116437 |
| Computer Software – 0.6% | Computer Software – 0.6% | Computer Software – 0.6% |
| Dell International LLC/EMC Corp., 5.3%, 10/01/2029  | $130000 | &nbsp;&nbsp; $134146 |
| Oracle Corp., 5.2%, 9/26/2035  | 50000 | &nbsp;&nbsp; 47904 |
| Oracle Corp., 5.95%, 9/26/2055  | 37000 | &nbsp;&nbsp; 32782 |
|  |  | &nbsp;&nbsp; $214832 |
| Conglomerates – 1.5% | Conglomerates – 1.5% | Conglomerates – 1.5% |
| Emerald Debt Merger, 6.625%, 12/15/2030 (n) | $35000 | &nbsp;&nbsp; $36453 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.75%, 7/15/2031 (n) | 54000 | &nbsp;&nbsp; 56917 |
| Regal Rexnord Corp., 6.4%, 4/15/2033  | 166000 | &nbsp;&nbsp; 178555 |
| Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028  | 304000 | &nbsp;&nbsp; 307724 |
|  |  | &nbsp;&nbsp; $579649 |
| Consumer Services – 0.3% | Consumer Services – 0.3% | Consumer Services – 0.3% |
| CBRE Group, Inc., 5.95%, 8/15/2034  | $105000 | &nbsp;&nbsp; $112185 |
| Electrical Equipment – 0.3% | Electrical Equipment – 0.3% | Electrical Equipment – 0.3% |
| Arrow Electronics, Inc., 5.875%, 4/10/2034  | $116000 | &nbsp;&nbsp; $121007 |
| Electronics – 0.3% | Electronics – 0.3% | Electronics – 0.3% |
| Broadcom, Inc., 4.3%, 11/15/2032  | $96000 | &nbsp;&nbsp; $94696 |
| Emerging Market Sovereign – 1.9% | Emerging Market Sovereign – 1.9% | Emerging Market Sovereign – 1.9% |
| Dominican Republic, 4.875%, 9/23/2032 (n) | $150000 | &nbsp;&nbsp; $144180 |
| Eagle Funding LuxCo S.à r.l. (United Mexican States), 5.5%, 8/17/2030 (n) | 250000 | &nbsp;&nbsp; 254647 |
| Federal Republic of Nigeria, 7.375%, 9/28/2033  | 200000 | &nbsp;&nbsp; 203405 |

---

------

MFS Income Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Emerging Market Sovereign – continued | Emerging Market Sovereign – continued | Emerging Market Sovereign – continued |
| Republic of Turkey, 6.875%, 3/17/2036  | $107000 | &nbsp;&nbsp; $110012 |
|  |  | &nbsp;&nbsp; $712244 |
| Energy - Independent – 1.2% | Energy - Independent – 1.2% | Energy - Independent – 1.2% |
| EQT Corp., 5%, 1/15/2029  | $190000 | &nbsp;&nbsp; $192477 |
| Santos Finance Ltd., 6.875%, 9/19/2033 (n) | 102000 | &nbsp;&nbsp; 111564 |
| Santos Finance Ltd., 5.75%, 11/13/2035 (n) | 171000 | &nbsp;&nbsp; 170050 |
|  |  | &nbsp;&nbsp; $474091 |
| Energy - Integrated – 0.5% | Energy - Integrated – 0.5% | Energy - Integrated – 0.5% |
| Eni S.p.A., 5.5%, 5/15/2034 (n) | $200000 | &nbsp;&nbsp; $206135 |
| Entertainment – 0.3% | Entertainment – 0.3% | Entertainment – 0.3% |
| NCL Corp. Ltd., 6.75%, 2/01/2032 (n) | $110000 | &nbsp;&nbsp; $112632 |
| 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; $193747 |
| Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n) | 48000 | &nbsp;&nbsp; 47467 |
| Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 194000 | &nbsp;&nbsp; 187875 |
| Macquarie AirFinance Holdings Ltd., 6.5%, 3/26/2031 (n) | 125000 | &nbsp;&nbsp; 133684 |
|  |  | &nbsp;&nbsp; $562773 |
| Food & Beverages – 1.8% | Food & Beverages – 1.8% | Food & Beverages – 1.8% |
| Bacardi Ltd., 5.15%, 5/15/2038 (n) | $115000 | &nbsp;&nbsp; $109377 |
| Central American Bottling Corp., 5.25%, 4/27/2029 (n) | 199000 | &nbsp;&nbsp; 197196 |
| Constellation Brands, Inc., 4.8%, 5/01/2030  | 31000 | &nbsp;&nbsp; 31518 |
| JBS USA Holding Lux S.à r.l., 5.95%, 4/20/2035 (n) | 58000 | &nbsp;&nbsp; 60986 |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | 116000 | &nbsp;&nbsp; 119585 |
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 100000 | &nbsp;&nbsp; 97376 |
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | 78000 | &nbsp;&nbsp; 78433 |
|  |  | &nbsp;&nbsp; $694471 |
| Gaming & Lodging – 0.3% | Gaming & Lodging – 0.3% | Gaming & Lodging – 0.3% |
| Las Vegas Sands Corp., 5.625%, 6/15/2028  | $58000 | &nbsp;&nbsp; $59467 |
| Marriott International, Inc., 2.85%, 4/15/2031  | 61000 | &nbsp;&nbsp; 56552 |
|  |  | &nbsp;&nbsp; $116019 |
| Insurance – 1.2% | Insurance – 1.2% | Insurance – 1.2% |
| Corebridge Financial, Inc., 4.35%, 4/05/2042  | $20000 | &nbsp;&nbsp; $17100 |
| Corebridge Financial, Inc., 4.4%, 4/05/2052  | 60000 | &nbsp;&nbsp; 48676 |
| Corebridge Financial, Inc., 6.875% to 12/15/2027, FLR (CMT - 5yr. + 3.846%) to 12/15/2052  | 150000 | &nbsp;&nbsp; 153605 |
| Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) | 210000 | &nbsp;&nbsp; 229943 |
|  |  | &nbsp;&nbsp; $449324 |
| Insurance - Health – 0.5% | Insurance - Health – 0.5% | Insurance - Health – 0.5% |
| Humana, Inc., 5.875%, 3/01/2033  | $196000 | &nbsp;&nbsp; $205882 |
| Insurance - Property & Casualty – 2.4% | Insurance - Property & Casualty – 2.4% | Insurance - Property & Casualty – 2.4% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | $150000 | &nbsp;&nbsp; $149868 |
| AmWINS Group Benefits, Inc., 6.375%, 2/15/2029 (n) | 100000 | &nbsp;&nbsp; 102841 |
| Aon Corp., 4.5%, 12/15/2028  | 115000 | &nbsp;&nbsp; 116371 |
| Fairfax Financial Holdings Ltd., 4.85%, 4/17/2028  | 283000 | &nbsp;&nbsp; 286765 |
| Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031  | 15000 | &nbsp;&nbsp; 14159 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 150000 | &nbsp;&nbsp; 157489 |

---

------

MFS Income Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Insurance - Property & Casualty – continued | Insurance - Property & Casualty – continued | Insurance - Property & Casualty – continued |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | $100000 | &nbsp;&nbsp; $103625 |
|  |  | &nbsp;&nbsp; $931118 |
| Interactive Media Services – 0.4% | Interactive Media Services – 0.4% | Interactive Media Services – 0.4% |
| Snap, Inc., 6.875%, 3/01/2033 (n) | $136000 | &nbsp;&nbsp; $140929 |
| Machinery & Tools – 1.1% | Machinery & Tools – 1.1% | Machinery & Tools – 1.1% |
| Ashtead Capital, Inc., 5.5%, 8/11/2032 (n) | $200000 | &nbsp;&nbsp; $206509 |
| Ashtead Capital, Inc., 5.55%, 5/30/2033 (n) | 200000 | &nbsp;&nbsp; 206353 |
|  |  | &nbsp;&nbsp; $412862 |
| Major Banks – 7.1% | Major Banks – 7.1% | Major Banks – 7.1% |
| Bank of America Corp., 4.271% to 7/23/2028, FLR ((SOFR - 3mo. + 0.26161%) + 1.31%) to 7/23/2029  | $61000 | &nbsp;&nbsp; $61280 |
| Bank of America Corp., 2.572% to 10/20/2031, FLR (SOFR - 1 day + 1.21%) to 10/20/2032  | 415000 | &nbsp;&nbsp; 374290 |
| Bank of America Corp., 3.846% to 3/08/2032, FLR (CMT - 1yr. + 2%) to 3/08/2037  | 215000 | &nbsp;&nbsp; 202473 |
| Barclays PLC, 7.437% to 11/02/2032, FLR (CMT - 1yr. + 3.5%) to 11/02/2033  | 200000 | &nbsp;&nbsp; 228691 |
| Capital One Financial Corp., 6.7%, 11/29/2032  | 161000 | &nbsp;&nbsp; 178177 |
| Citigroup, Inc., 6.875% to 8/15/2030, FLR (CMT - 5yr. + 2.89%) to 11/15/2173  | 182000 | &nbsp;&nbsp; 189117 |
| Goldman Sachs Group, Inc., 3.102% to 2/24/2032, FLR (SOFR - 1 day + 1.41%) to 2/24/2033  | 148000 | &nbsp;&nbsp; 136341 |
| HSBC Holdings PLC, 4.7% to 9/09/2031, FLR (CMT - 1yr. + 3.25%) to 9/09/2169  | 200000 | &nbsp;&nbsp; 189974 |
| JPMorgan Chase & Co., 2.956% to 5/13/2030, FLR (SOFR - 1 day + 2.515%) to 5/13/2031  | 81000 | &nbsp;&nbsp; 76412 |
| Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029  | 25000 | &nbsp;&nbsp; 25799 |
| Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034  | 59000 | &nbsp;&nbsp; 61379 |
| UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n) | 200000 | &nbsp;&nbsp; 183414 |
| UBS Group AG, 7% to 8/05/2035, FLR (USD SOFR ICE Swap Rate - 5yr. + 3.296%) to 8/05/2172 (n) | 200000 | &nbsp;&nbsp; 204141 |
| Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033  | 429000 | &nbsp;&nbsp; 400402 |
| Wells Fargo & Co., 3.9% to 3/15/2026, FLR (CMT - 1yr. + 3.453%) to 3/15/2071  | 215000 | &nbsp;&nbsp; 214331 |
|  |  | &nbsp;&nbsp; $2726221 |
| Medical & Health Technology & Services – 1.4% | Medical & Health Technology & Services – 1.4% | Medical & Health Technology & Services – 1.4% |
| Alcon Finance Corp., 5.75%, 12/06/2052 (n) | $200000 | &nbsp;&nbsp; $201922 |
| ProMedica Toledo Hospital, "B", 5.325%, 11/15/2028  | 239000 | &nbsp;&nbsp; 242333 |
| ProMedica Toledo Hospital, "B", AGM, 5.75%, 11/15/2038  | 89000 | &nbsp;&nbsp; 90254 |
|  |  | &nbsp;&nbsp; $534509 |
| Metals & Mining – 0.6% | Metals & Mining – 0.6% | Metals & Mining – 0.6% |
| Fortescue Treasury Pty Ltd., 4.375%, 4/01/2031 (n) | $96000 | &nbsp;&nbsp; $92844 |
| Glencore Funding LLC, 2.85%, 4/27/2031 (n) | 88000 | &nbsp;&nbsp; 81173 |
| Novelis, Inc., 3.875%, 8/15/2031 (n) | 50000 | &nbsp;&nbsp; 45573 |
|  |  | &nbsp;&nbsp; $219590 |
| Midstream – 3.1% | Midstream – 3.1% | Midstream – 3.1% |
| Cheniere Energy Partners LP, 5.75%, 8/15/2034  | $143000 | &nbsp;&nbsp; $149309 |
| Enbridge, Inc., 3.125%, 11/15/2029  | 150000 | &nbsp;&nbsp; 143633 |
| Enbridge, Inc., 2.5%, 8/01/2033  | 170000 | &nbsp;&nbsp; 145998 |
| Enbridge, Inc., 5.625%, 4/05/2034  | 109000 | &nbsp;&nbsp; 113788 |
| Plains All American Pipeline LP, 3.8%, 9/15/2030  | 135000 | &nbsp;&nbsp; 131042 |
| Targa Resources Corp., 5.4%, 7/30/2036  | 114000 | &nbsp;&nbsp; 114131 |
| Targa Resources Corp., 4.95%, 4/15/2052  | 82000 | &nbsp;&nbsp; 70088 |
| Targa Resources Partners LP/Targa Resources Finance Corp., 4.875%, 2/01/2031  | 65000 | &nbsp;&nbsp; 65397 |
| Targa Resources Partners LP/Targa Resources Finance Corp., 4%, 1/15/2032  | 67000 | &nbsp;&nbsp; 63931 |
| Venture Global LNG, Inc., 7%, 1/15/2030 (n) | 205000 | &nbsp;&nbsp; 197298 |
|  |  | &nbsp;&nbsp; $1194615 |

---

------

MFS Income Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Mortgage-Backed – 0.0% | Mortgage-Backed – 0.0% |  |
| Fannie Mae, 6.5%, 4/01/2032  | $4464 | &nbsp;&nbsp; $4650 |
| Fannie Mae, 3%, 2/25/2033 (i) | 17477 | &nbsp;&nbsp; 1177 |
| Fannie Mae, 5.5%, 9/01/2034  | 1934 | &nbsp;&nbsp; 1962 |
| Freddie Mac, 1.11%, 6/25/2030 (i) | 109276 | &nbsp;&nbsp; 4587 |
|  |  | &nbsp;&nbsp; $12376 |
| Municipals – 3.5% | Municipals – 3.5% | Municipals – 3.5% |
| Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), "A-4", 7%, 6/30/2039  | $189000 | &nbsp;&nbsp; $152150 |
| Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), Convertible Capital Appreciation, "B-2", 0% to <br> 11/15/2029, 8% to 6/30/2044 <br>| 99000 | &nbsp;&nbsp; 50557 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 195000 | &nbsp;&nbsp; 182388 |
| Escambia County, FL, Health Facilities Authority Rev., Taxable (Baptist Health Care Corp.), "B", AGM, 3.607%, 8/15/2040  | 270000 | &nbsp;&nbsp; 223414 |
| National Finance Authority, NH, Utility Refunding Rev., Taxable (Wheeling Power Co. Project), "A", 6.89%, 4/01/2034  | 245000 | &nbsp;&nbsp; 258895 |
| Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), "C", 5.45%, 8/15/2028  | 34000 | &nbsp;&nbsp; 33804 |
| 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; 223117 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Taxable, "A-2", 4.55%, 7/01/2040  | 174000 | &nbsp;&nbsp; 151261 |
| Wisconsin Public Finance Authority, Senior Lien Rev., Taxable (E-470 Public Highway Authority Service Areas Project), <br> 7.087%, 7/01/2060 <br>| 65000 | &nbsp;&nbsp; 65449 |
|  |  | &nbsp;&nbsp; $1341035 |
| Network & Telecom – 0.5% | Network & Telecom – 0.5% | Network & Telecom – 0.5% |
| NTT Finance Corp., 5.502%, 7/16/2035 (n) | $200000 | &nbsp;&nbsp; $207088 |
| 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; $102158 |
| Truist Financial Corp., 5.711% to 1/24/2034, FLR (SOFR - 1 day + 1.922%) to 1/24/2035  | 160000 | &nbsp;&nbsp; 168307 |
|  |  | &nbsp;&nbsp; $270465 |
| 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; $172541 |
| 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; $77515 |
| 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; $182326 |
| Boston Properties LP, REIT, 5.75%, 1/15/2035  | 122000 | &nbsp;&nbsp; 125465 |
|  |  | &nbsp;&nbsp; $307791 |
| Retailers – 0.7% | Retailers – 0.7% | Retailers – 0.7% |
| Alimentation Couche-Tard, Inc., 2.95%, 1/25/2030 (n) | $65000 | &nbsp;&nbsp; $61579 |
| Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% PIK), 7/15/2033 (n)(p) | 200000 | &nbsp;&nbsp; 220757 |
|  |  | &nbsp;&nbsp; $282336 |
| Specialty Stores – 0.7% | Specialty Stores – 0.7% | Specialty Stores – 0.7% |
| DICK'S Sporting Goods, 3.15%, 1/15/2032  | $274000 | &nbsp;&nbsp; $251849 |
| Telecommunications - Wireless – 0.5% | Telecommunications - Wireless – 0.5% | Telecommunications - Wireless – 0.5% |
| Cellnex Finance Co. S.A., 3.875%, 7/07/2041 (n) | $200000 | &nbsp;&nbsp; $158657 |
| Rogers Communications, Inc., 4.55%, 3/15/2052  | 58000 | &nbsp;&nbsp; 46155 |
|  |  | &nbsp;&nbsp; $204812 |

---

------

MFS Income Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Tobacco – 1.5% | Tobacco – 1.5% | Tobacco – 1.5% |
| B.A.T. Capital Corp., 3.215%, 9/06/2026  | $231000 | &nbsp;&nbsp; $229828 |
| B.A.T. Capital Corp., 6.343%, 8/02/2030  | 18000 | &nbsp;&nbsp; 19468 |
| Japan Tobacco, Inc., 5.85%, 6/15/2035 (n) | 150000 | &nbsp;&nbsp; 159926 |
| Philip Morris International, Inc., 5.75%, 11/17/2032  | 146000 | &nbsp;&nbsp; 156035 |
|  |  | &nbsp;&nbsp; $565257 |
| 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; $45658 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2029 (n) | 132000 | &nbsp;&nbsp; 109456 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2031 (n) | 46000 | &nbsp;&nbsp; 32351 |
|  |  | &nbsp;&nbsp; $187465 |
| U.S. Treasury Obligations – 25.8% | U.S. Treasury Obligations – 25.8% | U.S. Treasury Obligations – 25.8% |
| U.S. Treasury Bonds, 2.375%, 2/15/2042  | $1550000 | &nbsp;&nbsp; $1140945 |
| U.S. Treasury Bonds, 4.375%, 8/15/2043  | 817000 | &nbsp;&nbsp; 780395 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043  | 950000 | &nbsp;&nbsp; 950111 |
| U.S. Treasury Bonds, 4.5%, 2/15/2044  | 1635000 | &nbsp;&nbsp; 1581735 |
| U.S. Treasury Bonds, 5%, 5/15/2045  | 250000 | &nbsp;&nbsp; 256641 |
| U.S. Treasury Bonds, 4.875%, 8/15/2045  | 100000 | &nbsp;&nbsp; 100969 |
| U.S. Treasury Bonds, 2.25%, 2/15/2052  | 60000 | &nbsp;&nbsp; 36403 |
| U.S. Treasury Bonds, 4.125%, 8/15/2053  | 60000 | &nbsp;&nbsp; 53114 |
| U.S. Treasury Bonds, 4.75%, 11/15/2053  | 300000 | &nbsp;&nbsp; 294504 |
| U.S. Treasury Bonds, 4.25%, 2/15/2054  | 1250000 | &nbsp;&nbsp; 1130078 |
| U.S. Treasury Bonds, 4.5%, 11/15/2054  | 400000 | &nbsp;&nbsp; 377281 |
| U.S. Treasury Notes, 4.125%, 7/31/2028 (f) | 1380000 | &nbsp;&nbsp; 1400592 |
| U.S. Treasury Notes, 4.25%, 6/30/2029  | 250000 | &nbsp;&nbsp; 255283 |
| U.S. Treasury Notes, 3.875%, 4/30/2030  | 1230000 | &nbsp;&nbsp; 1239610 |
| U.S. Treasury Notes, 4.25%, 11/15/2034  | 300000 | &nbsp;&nbsp; 303152 |
|  |  | &nbsp;&nbsp; $9900813 |
| Utilities - Electric Power – 1.4% | Utilities - Electric Power – 1.4% | Utilities - Electric Power – 1.4% |
| Enel Finance International N.V., 7.5%, 10/14/2032 (n) | $200000 | &nbsp;&nbsp; $230410 |
| Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 34000 | &nbsp;&nbsp; 30541 |
| Pacific Gas & Electric Co., 3.5%, 8/01/2050  | 250000 | &nbsp;&nbsp; 168575 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 100000 | &nbsp;&nbsp; 102461 |
|  |  | &nbsp;&nbsp; $531987 |
| **Total Bonds (Identified Cost, $38,306,136)** |  | &nbsp;&nbsp; **$37690300** |
| Mutual Funds (h) – 0.9% | Mutual Funds (h) – 0.9% | Mutual Funds (h) – 0.9% |
| Money Market Funds – 0.9% | Money Market Funds – 0.9% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $346,188) | 346136 | &nbsp;&nbsp; $346205 |
| Other Assets, Less Liabilities – 0.9% |  | &nbsp;&nbsp; 327334 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$38363839** |

---

------

MFS Income Portfolio

*Portfolio of Investments – continued*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) In default.

&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 $346,205 and $37,690,300, 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 $17,045,472, representing 44.4% 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>|
| ICE | Intercontinental Exchange |
| NPFG | National Public Finance Guarantee Corp. |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** |
| **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>|
| **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 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; $3758203 | March – 2026 | &nbsp;&nbsp;&nbsp; $(2641)<br>|
| U.S. Treasury Note 5 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 1202352 | March – 2026 | &nbsp;&nbsp;&nbsp; (4765)<br>|
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 590000 | March – 2026 | &nbsp;&nbsp;&nbsp; (14082)<br>|
| U.S. Treasury Ultra Note 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 230031 | March – 2026 | &nbsp;&nbsp;&nbsp; (1421)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(22909)<br>|

---

At December 31, 2025, the fund had liquid securities collateral with an aggregate value of $69,015 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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $38,306,136) | &nbsp;&nbsp; $37690300 |
| Investments in affiliated issuers, at value (identified cost, $346,188) | &nbsp;&nbsp; 346205 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 1544 |
| Interest | &nbsp;&nbsp; 415707 |
| Receivable from investment adviser | &nbsp;&nbsp; 8778 |
| Other assets | &nbsp;&nbsp; 390 |
| Total assets | &nbsp;&nbsp; $38462924 |
| **Liabilities** |  |
| Payables for |  |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; $4756 |
| Fund shares reacquired | &nbsp;&nbsp; 22187 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 94 |
| Shareholder servicing costs | &nbsp;&nbsp; 43 |
| Distribution and/or service fees | &nbsp;&nbsp; 157 |
| Payable for audit and tax fees | &nbsp;&nbsp; 49667 |
| Payable for shareholder communications | &nbsp;&nbsp; 10547 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 11634 |
| Total liabilities | &nbsp;&nbsp; $99085 |
| Net assets | &nbsp;&nbsp; $38363839 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $42615526 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (4251687)<br>|
| Net assets | &nbsp;&nbsp; $38363839 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 4502734 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $26953196 | &nbsp;&nbsp;&nbsp; 3154480 | &nbsp;&nbsp;&nbsp; $8.54 |
| Service Class | &nbsp;&nbsp;&nbsp; 11410643 | &nbsp;&nbsp;&nbsp; 1348254 | &nbsp;&nbsp;&nbsp;&nbsp;8.46 |

---

**See Notes to Financial Statements**

------

MFS Income Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $1919447 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 16912 |
| Other | &nbsp;&nbsp; 404 |
| Total investment income | &nbsp;&nbsp; $1936763 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $182506 |
| Distribution and/or service fees | &nbsp;&nbsp; 25468 |
| Shareholder servicing costs | &nbsp;&nbsp; 7851 |
| Administrative services fee | &nbsp;&nbsp; 17500 |
| Independent Trustees' compensation | &nbsp;&nbsp; 2922 |
| Custodian fee | &nbsp;&nbsp; 15524 |
| Shareholder communications | &nbsp;&nbsp; 6906 |
| Audit and tax fees | &nbsp;&nbsp; 93838 |
| Legal fees | &nbsp;&nbsp; 1159 |
| Miscellaneous | &nbsp;&nbsp; 34753 |
| Total expenses | &nbsp;&nbsp; $388427 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (117948)<br>|
| Net expenses | &nbsp;&nbsp; $270479 |
| Net investment income (loss) | &nbsp;&nbsp; $1666284 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(2586)<br>|
| Affiliated issuers | &nbsp;&nbsp; 101 |
| Futures contracts | &nbsp;&nbsp; 36002 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (2035)<br>|
| Foreign currency | &nbsp;&nbsp; 4417 |
| Net realized gain (loss)  | &nbsp;&nbsp; $35899 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $832426 |
| Affiliated issuers | &nbsp;&nbsp; (19)<br>|
| Futures contracts | &nbsp;&nbsp; 18961 |
| Forward foreign currency exchange contracts  | &nbsp;&nbsp; (5081)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 204 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $846491 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $882390 |
| Change in net assets from operations | &nbsp;&nbsp; $2548674 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $1666284 | &nbsp;&nbsp; $1532474 |
| Net realized gain (loss) | 35899 | &nbsp;&nbsp; (480463)<br>|
| Net unrealized gain (loss) | 846491 | &nbsp;&nbsp; 29411 |
| Change in net assets from operations | $2548674 | &nbsp;&nbsp; $1081422 |
| Total distributions to shareholders | $(1560983)<br>| &nbsp;&nbsp; $(1340494)<br>|
| Change in net assets from fund share transactions | $2266326 | &nbsp;&nbsp; $2808107 |
| Total change in net assets | $3254017 | &nbsp;&nbsp; $2549035 |
| **Net assets** |  |  |
| At beginning of period | 35109822 | &nbsp;&nbsp; 32560787 |
| At end of period | $38363839 | &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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $8.31 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $8.08 | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp; $10.51 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.39 | &nbsp;&nbsp; $0.38 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.23 |
| Net realized and unrealized gain (loss) | 0.21 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (0.17)<br>|
| Total from investment operations | $0.60 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.60 | &nbsp;&nbsp; $(1.33)<br>| &nbsp;&nbsp; $0.06 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.37)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.33)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.43)<br>|
| Total distributions declared to shareholders | $(0.37)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $(0.76)<br>|
| Net asset value, end of period (x) | $8.54 | &nbsp;&nbsp; $8.31 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $8.08 | &nbsp;&nbsp; $9.81 |
| Total return (%) (k)(r)(s)(x) | 7.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;7.59 | &nbsp;&nbsp; (13.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (h) | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Expenses after expense reductions (h) | 0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net investment income (loss) | 4.64 | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 |
| Portfolio turnover rate | 29 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 72 |
| Net assets at end of period (000 omitted) | $26953 | &nbsp;&nbsp; $25939 | &nbsp;&nbsp; $27815 | &nbsp;&nbsp; $28129 | &nbsp;&nbsp; $36163 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $8.24 | &nbsp;&nbsp; $8.32 | &nbsp;&nbsp; $8.03 | &nbsp;&nbsp; $9.72 | &nbsp;&nbsp; $10.43 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.37 | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.21 |
| Net realized and unrealized gain (loss) | 0.21 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (0.19)<br>|
| Total from investment operations | $0.58 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.58 | &nbsp;&nbsp; $(1.33)<br>| &nbsp;&nbsp; $0.02 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.36)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.30)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.43)<br>|
| Total distributions declared to shareholders | $(0.36)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(0.73)<br>|
| Net asset value, end of period (x) | $8.46 | &nbsp;&nbsp; $8.24 | &nbsp;&nbsp; $8.32 | &nbsp;&nbsp; $8.03 | &nbsp;&nbsp; $9.72 |
| Total return (%) (k)(r)(s)(x) | 7.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;7.36 | &nbsp;&nbsp; (13.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (h) | 1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Expenses after expense reductions (h) | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Net investment income (loss) | 4.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| Portfolio turnover rate | 29 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 72 |
| Net assets at end of period (000 omitted) | $11411 | &nbsp;&nbsp; $9171 | &nbsp;&nbsp; $4746 | &nbsp;&nbsp; $2705 | &nbsp;&nbsp; $5547 |

---

**See Notes to Financial Statements**

------

MFS Income Portfolio

*Financial Highlights - continued*

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

&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;(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**

**(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.

**Segment Reporting** — 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 - 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. The following is a summary of the levels used as of December 31, 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>| $— | $9900813 | $— | $9900813 |
| Non - U.S. Sovereign Debt |  | 712244 |  | 712244 |
| Municipal Bonds |  | 1341035 |  | 1341035 |
| U.S. Corporate Bonds |  | 10484279 |  | 10484279 |
| Residential Mortgage-Backed Securities |  | 1969287 |  | 1969287 |
| Commercial Mortgage-Backed Securities |  | 1996375 |  | 1996375 |
| Asset-Backed Securities (including CDOs) |  | 6339624 |  | 6339624 |
| Foreign Bonds |  | 4946643 |  | 4946643 |
| Investment Companies | 346205 |  |  | 346205 |
| Total | $346205 | $37690300 | $— | $38036505 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Other Financial Instruments** |  |  |  |
| Futures Contracts – Liabilities | $(22909)<br>| $— | $(22909)<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.

------

MFS Income Portfolio

*Notes to Financial Statements - continued* 

**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 December 31, 2025 as reported in the Statement of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  |  | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Liability Derivatives** |
| Interest Rate | Futures Contracts | $(22909) |

---

(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 year ended December 31, 2025 as reported in the Statement of Operations:

---

| | | |
|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Interest Rate | $36002 | &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; (2035)<br>|
| Total | $36002 | &nbsp;&nbsp; $(2035)<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 year ended December 31, 2025 as reported in the Statement of Operations:

---

| | | |
|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Interest Rate | $18961 | &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; (5081)<br>|
| Total | $18961 | &nbsp;&nbsp; $(5081)<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

------

MFS Income Portfolio

*Notes to Financial Statements - continued* 

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. Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than the contractual coupon when the collection of all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.

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.

------

MFS Income Portfolio

*Notes to Financial Statements - continued* 

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 two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $1560983 | &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 - continued* 

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $39249885 |
| Gross appreciation | &nbsp;&nbsp; 656103 |
| Gross depreciation | &nbsp;&nbsp; (1892392)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(1236289)<br>|
| Undistributed ordinary income | &nbsp;&nbsp; 1673645 |
| Capital loss carryforwards | &nbsp;&nbsp; (4689043)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $(4251687)<br>|

---

As of December 31, 2025, 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 | $(1154815)<br>|
| Long-Term | (3534228)<br>|
| Total | $(4689043)<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:

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $1126166 | &nbsp;&nbsp; $1056752 |
| Service Class | 434817 | &nbsp;&nbsp; 283742 |
| Total | $1560983 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $5,055, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 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 year ended December 31, 2025, this reduction amounted to $112,893, 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 Income Portfolio

*Notes to Financial Statements - 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 year ended December 31, 2025, the fee was $7,256, which equated to 0.0199% 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 year ended December 31, 2025, these costs amounted to $595.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0479% 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 year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $6218774 | &nbsp;&nbsp; $6282662 |
| Non-U.S. Government securities | 6503856 | &nbsp;&nbsp; 4091945 |

---

**(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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 339754 | &nbsp;&nbsp; $2893188 | &nbsp;&nbsp; 295488 | &nbsp;&nbsp; $2469606 |
| Service Class | 313547 | &nbsp;&nbsp; 2647924 | &nbsp;&nbsp; 634023 | &nbsp;&nbsp; 5281587 |
|  | 653301 | &nbsp;&nbsp; $5541112 | &nbsp;&nbsp; 929511 | &nbsp;&nbsp; $7751193 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 135356 | &nbsp;&nbsp; $1126166 | &nbsp;&nbsp; 125804 | &nbsp;&nbsp; $1056752 |
| Service Class | 52705 | &nbsp;&nbsp; 434817 | &nbsp;&nbsp; 34063 | &nbsp;&nbsp; 283742 |
|  | 188061 | &nbsp;&nbsp; $1560983 | &nbsp;&nbsp; 159867 | &nbsp;&nbsp; $1340494 |
| Shares reacquired |  |  |  |  |
| Initial Class | (440953)<br>| &nbsp;&nbsp; $(3741656)<br>| &nbsp;&nbsp; (623758)<br>| &nbsp;&nbsp; $(5231120)<br>|
| Service Class | (130509)<br>| &nbsp;&nbsp; (1094113)<br>| &nbsp;&nbsp; (126201)<br>| &nbsp;&nbsp; (1052460)<br>|
|  | (571462)<br>| &nbsp;&nbsp; $(4835769)<br>| &nbsp;&nbsp; (749959)<br>| &nbsp;&nbsp; $(6283580)<br>|

---

------

MFS Income Portfolio

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended**<br> **12/31/25** | **Year ended**<br> **12/31/25** | **Year ended**<br> **12/31/24** | **Year ended**<br> **12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net change |  |  |  |  |
| Initial Class | 34157 | &nbsp;&nbsp; $277698 | &nbsp;&nbsp; (202466)<br>| &nbsp;&nbsp; $(1704762)<br>|
| Service Class | 235743 | &nbsp;&nbsp; 1988628 | &nbsp;&nbsp; 541885 | &nbsp;&nbsp; 4512869 |
|  | 269900 | &nbsp;&nbsp; $2266326 | &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 year ended December 31, 2025, the fund's commitment fee and interest expense were $172 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. The following were affiliated issuers for the year ended December 31, 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; $10310748 | &nbsp;&nbsp; $10375682 | &nbsp;&nbsp; $101 | &nbsp;&nbsp; $(19)<br>| &nbsp;&nbsp; $346205 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $16912 | $— |

---

------

MFS Income Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS Income Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Income Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Income Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

------

**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.**

------

MFS Income Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Income Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 1st quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 1st quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

------

MFS Income Portfolio

*Board Review of Investment Advisory Agreement - continued*

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was lower than the Broadridge expense group median and the Fund's total expense ratio was higher than the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to a contractual breakpoint that reduces the Fund's advisory fee rate on average daily net assets over $1 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoint and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS Research International Portfolio

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

MFS Research International Portfolio

**Portfolio of Investments - 12/31/25** 

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 – 98.7% | Common Stocks – 98.7% | Common Stocks – 98.7% |
| Aerospace & Defense – 2.7% | Aerospace & Defense – 2.7% |  |
| Babcock International Group PLC | 105330 | &nbsp;&nbsp; $1753251 |
| MTU Aero Engines Holding AG | 10609 | &nbsp;&nbsp; 4425197 |
| Thales S.A. | 12837 | &nbsp;&nbsp; 3466772 |
|  |  | &nbsp;&nbsp; $9645220 |
| Airlines – 0.8% | Airlines – 0.8% |  |
| Qantas Airways Ltd. | 204988 | &nbsp;&nbsp; $1414197 |
| Ryanair Holdings PLC, ADR | 18932 | &nbsp;&nbsp; 1366701 |
|  |  | &nbsp;&nbsp; $2780898 |
| Alcoholic Beverages – 1.4% | Alcoholic Beverages – 1.4% |  |
| Davide Campari-Milano N.V. | 321920 | &nbsp;&nbsp; $2090156 |
| Pernod Ricard S.A. | 35413 | &nbsp;&nbsp; 3031669 |
|  |  | &nbsp;&nbsp; $5121825 |
| Apparel Manufacturers – 2.8% | Apparel Manufacturers – 2.8% |  |
| Burberry Group PLC (a) | 50102 | &nbsp;&nbsp; $853899 |
| Compagnie Financiere Richemont S.A. | 18170 | &nbsp;&nbsp; 3921381 |
| LVMH Moet Hennessy Louis Vuitton SE | 6800 | &nbsp;&nbsp; 5126521 |
|  |  | &nbsp;&nbsp; $9901801 |
| Automotive – 2.0% | Automotive – 2.0% |  |
| Compagnie Generale des Etablissements Michelin | 60085 | &nbsp;&nbsp; $1992652 |
| Suzuki Motor Corp. | 217600 | &nbsp;&nbsp; 3231783 |
| Toyota Industries Corp. | 15900 | &nbsp;&nbsp; 1805479 |
|  |  | &nbsp;&nbsp; $7029914 |
| Biotechnology – 0.7% | Biotechnology – 0.7% |  |
| CSL Ltd. | 23162 | &nbsp;&nbsp; $2668679 |
| Broadcasting – 0.8% | Broadcasting – 0.8% |  |
| Spotify Technology S.A. (a) | 4853 | &nbsp;&nbsp; $2818186 |
| Brokerage & Asset Managers – 4.6% | Brokerage & Asset Managers – 4.6% |  |
| B3 S.A. - Brasil Bolsa Balcao | 914300 | &nbsp;&nbsp; $2379877 |
| Barclays PLC | 945864 | &nbsp;&nbsp; 6004395 |
| Euronext N.V. | 30309 | &nbsp;&nbsp; 4549174 |
| London Stock Exchange Group PLC | 29167 | &nbsp;&nbsp; 3512130 |
|  |  | &nbsp;&nbsp; $16445576 |
| Business Services – 0.8% | Business Services – 0.8% |  |
| Fujitsu Ltd. | 104100 | &nbsp;&nbsp; $2854172 |
| Chemicals – 0.4% | Chemicals – 0.4% |  |
| FUJIFILM Holdings Corp. | 70900 | &nbsp;&nbsp; $1513596 |

---

RSSFS-ANN

------

MFS Research International Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software – 1.9% | Computer Software – 1.9% |  |
| Cadence Design Systems, Inc. (a) | 9852 | &nbsp;&nbsp; $3079538 |
| Constellation Software, Inc. | 1351 | &nbsp;&nbsp; 3249566 |
| SAP SE | 2185 | &nbsp;&nbsp; 535003 |
|  |  | &nbsp;&nbsp; $6864107 |
| Computer Software - Systems – 4.3% | Computer Software - Systems – 4.3% |  |
| Amadeus IT Group S.A. | 38811 | &nbsp;&nbsp; $2846737 |
| Hitachi Ltd. | 292100 | &nbsp;&nbsp; 9062007 |
| Samsung Electronics Co. Ltd. | 40428 | &nbsp;&nbsp; 3364907 |
|  |  | &nbsp;&nbsp; $15273651 |
| Construction – 1.7% | Construction – 1.7% |  |
| James Hardie Industries PLC, GDR (a) | 94233 | &nbsp;&nbsp; $1941932 |
| Sika AG | 8826 | &nbsp;&nbsp; 1808938 |
| Techtronic Industries Co. Ltd. | 204500 | &nbsp;&nbsp; 2349456 |
|  |  | &nbsp;&nbsp; $6100326 |
| Consumer Products – 2.9% | Consumer Products – 2.9% |  |
| Beiersdorf AG | 29463 | &nbsp;&nbsp; $3243662 |
| Haleon PLC | 992353 | &nbsp;&nbsp; 5013485 |
| Uni-Charm Corp. | 364700 | &nbsp;&nbsp; 2090310 |
|  |  | &nbsp;&nbsp; $10347457 |
| Electrical Equipment – 4.9% | Electrical Equipment – 4.9% |  |
| Legrand S.A. | 30140 | &nbsp;&nbsp; $4478984 |
| Mitsubishi Electric Corp. | 117400 | &nbsp;&nbsp; 3436408 |
| Schneider Electric SE | 34700 | &nbsp;&nbsp; 9511318 |
|  |  | &nbsp;&nbsp; $17426710 |
| Electronics – 4.6% | Electronics – 4.6% |  |
| ASML Holding N.V. | 5337 | &nbsp;&nbsp; $5704805 |
| DISCO Corp. | 2600 | &nbsp;&nbsp; 801816 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 125804 | &nbsp;&nbsp; 6145950 |
| Tokyo Electron Ltd. | 18000 | &nbsp;&nbsp; 3943820 |
|  |  | &nbsp;&nbsp; $16596391 |
| Energy - Independent – 0.5% | Energy - Independent – 0.5% |  |
| Reliance Industries Ltd. | 110859 | &nbsp;&nbsp; $1936962 |
| Energy - Integrated – 3.3% | Energy - Integrated – 3.3% |  |
| Eni S.p.A. | 188491 | &nbsp;&nbsp; $3575246 |
| Galp Energia SGPS S.A., "B" | 173783 | &nbsp;&nbsp; 2960498 |
| TotalEnergies SE | 82292 | &nbsp;&nbsp; 5363617 |
|  |  | &nbsp;&nbsp; $11899361 |
| Engineering - Construction – 0.8% | Engineering - Construction – 0.8% |  |
| Taisei Corp. | 29800 | &nbsp;&nbsp; $2822287 |
| Food & Beverages – 0.9% | Food & Beverages – 0.9% |  |
| Ajinomoto Co., Inc. | 68300 | &nbsp;&nbsp; $1446317 |
| Novozymes A.S. | 27809 | &nbsp;&nbsp; 1780885 |
|  |  | &nbsp;&nbsp; $3227202 |

---

------

MFS Research International Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Food & Drug Stores – 0.8% | Food & Drug Stores – 0.8% |  |
| Alimentation Couche-Tard, Inc. | 17231 | &nbsp;&nbsp; $941048 |
| Jeronimo Martins SGPS S.A. | 86427 | &nbsp;&nbsp; 2057788 |
|  |  | &nbsp;&nbsp; $2998836 |
| Gaming & Lodging – 1.2% | Gaming & Lodging – 1.2% |  |
| Accor S.A. | 32770 | &nbsp;&nbsp; $1857015 |
| Aristocrat Leisure Ltd. | 40207 | &nbsp;&nbsp; 1561094 |
| Sands China Ltd. | 324800 | &nbsp;&nbsp; 817978 |
|  |  | &nbsp;&nbsp; $4236087 |
| Insurance – 5.8% | Insurance – 5.8% |  |
| AIA Group Ltd. | 367000 | &nbsp;&nbsp; $3767754 |
| Aon PLC | 10278 | &nbsp;&nbsp; 3626901 |
| Beazley PLC | 356682 | &nbsp;&nbsp; 3984566 |
| Hiscox Ltd. | 156297 | &nbsp;&nbsp; 2979949 |
| Samsung Fire & Marine Insurance Co. Ltd. | 4184 | &nbsp;&nbsp; 1443510 |
| Sompo Holdings, Inc. | 69700 | &nbsp;&nbsp; 2374356 |
| Willis Towers Watson PLC | 7784 | &nbsp;&nbsp; 2557822 |
|  |  | &nbsp;&nbsp; $20734858 |
| Leisure & Toys – 1.4% | Leisure & Toys – 1.4% |  |
| Capcom Co. Ltd. | 35000 | &nbsp;&nbsp; $815788 |
| Sony Group Corp. | 157700 | &nbsp;&nbsp; 4030837 |
|  |  | &nbsp;&nbsp; $4846625 |
| Machinery & Tools – 5.1% | Machinery & Tools – 5.1% |  |
| Atlas Copco AB, "A" | 192496 | &nbsp;&nbsp; $3448712 |
| Daikin Industries Ltd. | 21200 | &nbsp;&nbsp; 2717671 |
| GEA Group AG | 36584 | &nbsp;&nbsp; 2485025 |
| Keyence Corp. | 7400 | &nbsp;&nbsp; 2677681 |
| RB Global, Inc. | 23762 | &nbsp;&nbsp; 2446401 |
| Spirax Group PLC | 23099 | &nbsp;&nbsp; 2112465 |
| Weir Group PLC | 64841 | &nbsp;&nbsp; 2474766 |
|  |  | &nbsp;&nbsp; $18362721 |
| Major Banks – 14.2% | Major Banks – 14.2% |  |
| Banco Bilbao Vizcaya Argentaria S.A. | 196538 | &nbsp;&nbsp; $4597051 |
| Banco Bradesco S.A., ADR | 785920 | &nbsp;&nbsp; 2617114 |
| Bank of Ireland Group PLC | 236033 | &nbsp;&nbsp; 4515633 |
| BNP Paribas S.A. | 50891 | &nbsp;&nbsp; 4815591 |
| BPER Banca S.p.A. | 363022 | &nbsp;&nbsp; 4908964 |
| ING Groep N.V. | 197544 | &nbsp;&nbsp; 5553197 |
| Mizuho Financial Group, Inc. | 269000 | &nbsp;&nbsp; 9767847 |
| NatWest Group PLC | 471988 | &nbsp;&nbsp; 4116661 |
| Toronto-Dominion Bank | 52327 | &nbsp;&nbsp; 4931712 |
| UBS Group AG | 111079 | &nbsp;&nbsp; 5134856 |
|  |  | &nbsp;&nbsp; $50958626 |
| Medical Equipment – 2.4% | Medical Equipment – 2.4% |  |
| Alcon, Inc. | 26797 | &nbsp;&nbsp; $2128578 |
| ConvaTec Group PLC | 713738 | &nbsp;&nbsp; 2332106 |
| QIAGEN N.V. | 60488 | &nbsp;&nbsp; 2762027 |
| Terumo Corp. | 96200 | &nbsp;&nbsp; 1401570 |
|  |  | &nbsp;&nbsp; $8624281 |

---

------

MFS Research International Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Metals & Mining – 2.8% | Metals & Mining – 2.8% |  |
| Glencore PLC | 614826 | &nbsp;&nbsp; $3344493 |
| Mitsui & Co. Ltd. | 128100 | &nbsp;&nbsp; 3786085 |
| Rio Tinto PLC | 37997 | &nbsp;&nbsp; 3031587 |
|  |  | &nbsp;&nbsp; $10162165 |
| Natural Gas - Distribution – 0.3% | Natural Gas - Distribution – 0.3% |  |
| China Resources Gas Group Ltd. | 310800 | &nbsp;&nbsp; $902164 |
| Natural Gas - Pipeline – 0.3% | Natural Gas - Pipeline – 0.3% |  |
| APA Group | 171604 | &nbsp;&nbsp; $1027244 |
| Other Banks & Diversified Financials – 2.2% | Other Banks & Diversified Financials – 2.2% |  |
| HDFC Bank Ltd. | 324625 | &nbsp;&nbsp; $3580001 |
| Mastercard, Inc., "A" | 7283 | &nbsp;&nbsp; 4157719 |
|  |  | &nbsp;&nbsp; $7737720 |
| Pharmaceuticals – 6.9% | Pharmaceuticals – 6.9% |  |
| Daiichi Sankyo Co. Ltd. | 194800 | &nbsp;&nbsp; $4148783 |
| Merck KGaA | 21880 | &nbsp;&nbsp; 3140679 |
| Novartis AG | 47252 | &nbsp;&nbsp; 6527307 |
| Roche Holding AG | 26327 | &nbsp;&nbsp; 10880108 |
|  |  | &nbsp;&nbsp; $24696877 |
| Printing & Publishing – 0.6% | Printing & Publishing – 0.6% |  |
| Wolters Kluwer N.V. | 21619 | &nbsp;&nbsp; $2244423 |
| Specialty Chemicals – 3.8% | Specialty Chemicals – 3.8% |  |
| Akzo Nobel N.V. | 18318 | &nbsp;&nbsp; $1272255 |
| Croda International PLC | 46717 | &nbsp;&nbsp; 1693023 |
| Linde PLC | 13679 | &nbsp;&nbsp; 5832589 |
| Shin-Etsu Chemical Co. Ltd. | 91300 | &nbsp;&nbsp; 2840302 |
| Symrise AG | 22216 | &nbsp;&nbsp; 1798336 |
|  |  | &nbsp;&nbsp; $13436505 |
| Specialty Stores – 1.6% | Specialty Stores – 1.6% |  |
| NEXT PLC | 12202 | &nbsp;&nbsp; $2244982 |
| Nitori Co. Ltd. | 52000 | &nbsp;&nbsp; 910431 |
| Pan Pacific International Holdings Corp. | 439300 | &nbsp;&nbsp; 2614654 |
|  |  | &nbsp;&nbsp; $5770067 |
| Telecom - Infrastructure – 0.6% | Telecom - Infrastructure – 0.6% |  |
| Cellnex Telecom S.A. | 70060 | &nbsp;&nbsp; $2253589 |
| Telecom Services – 2.3% | Telecom Services – 2.3% |  |
| Advanced Info Service Public Co. Ltd. | 212800 | &nbsp;&nbsp; $2107399 |
| Hellenic Telecommunications Organization S.A. | 12748 | &nbsp;&nbsp; 252587 |
| KDDI Corp. | 204800 | &nbsp;&nbsp; 3541246 |
| Koninklijke KPN N.V. | 523807 | &nbsp;&nbsp; 2450451 |
|  |  | &nbsp;&nbsp; $8351683 |
| Tobacco – 1.4% | Tobacco – 1.4% |  |
| British American Tobacco PLC | 90298 | &nbsp;&nbsp; $5117880 |

---

------

MFS Research International Portfolio

*Portfolio of Investments – 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. | 124500 | &nbsp;&nbsp; $1112404 |
| E.ON SE | 123440 | &nbsp;&nbsp; 2339200 |
| National Grid PLC | 285036 | &nbsp;&nbsp; 4392724 |
|  |  | &nbsp;&nbsp; $7844328 |
| **Total Common Stocks (Identified Cost, $248,754,391)** |  | &nbsp;&nbsp; **$353581000** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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) – 1.0% | 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, 3.82% (v) (Identified Cost, $3,663,455) | 3662778 | &nbsp;&nbsp; $3663510 |
| Other Assets, Less Liabilities – 0.3% |  | &nbsp;&nbsp; 1234612 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$358479122** |

---

&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 $3,663,510 and $353,581,000, 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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $248,754,391) | &nbsp;&nbsp; $353581000 |
| Investments in affiliated issuers, at value (identified cost, $3,663,455) | &nbsp;&nbsp; 3663510 |
| Foreign currency, at value (identified cost, $13,343) | &nbsp;&nbsp; 13587 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 209536 |
| Dividends | &nbsp;&nbsp; 2076822 |
| Receivable from investment adviser | &nbsp;&nbsp; 10330 |
| Other assets | &nbsp;&nbsp; 1946 |
| Total assets | &nbsp;&nbsp; $359556731 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $293915 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 290 |
| Shareholder servicing costs | &nbsp;&nbsp; 82 |
| Distribution and/or service fees | &nbsp;&nbsp; 2045 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 545 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 681540 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 99192 |
| Total liabilities | &nbsp;&nbsp; $1077609 |
| Net assets | &nbsp;&nbsp; $358479122 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $186751177 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 171727945 |
| Net assets | &nbsp;&nbsp; $358479122 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 17514588 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $209524161 | &nbsp;&nbsp;&nbsp; 10165927 | &nbsp;&nbsp;&nbsp; $20.61 |
| Service Class | &nbsp;&nbsp;&nbsp; 148954961 | &nbsp;&nbsp;&nbsp; 7348661 | &nbsp;&nbsp;&nbsp;&nbsp;20.27 |

---

**See Notes to Financial Statements**

------

MFS Research International Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $13800372 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 372966 |
| Income on securities loaned | &nbsp;&nbsp; 2416 |
| Other | &nbsp;&nbsp; 216 |
| Foreign taxes withheld | &nbsp;&nbsp; (1251895)<br>|
| Total investment income | &nbsp;&nbsp; $12924075 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $4383918 |
| Distribution and/or service fees | &nbsp;&nbsp; 377317 |
| Shareholder servicing costs | &nbsp;&nbsp; 18316 |
| Administrative services fee | &nbsp;&nbsp; 73603 |
| Independent Trustees' compensation | &nbsp;&nbsp; 12630 |
| Custodian fee | &nbsp;&nbsp; 90083 |
| Shareholder communications | &nbsp;&nbsp; 17400 |
| Audit and tax fees | &nbsp;&nbsp; 77672 |
| Legal fees | &nbsp;&nbsp; 3049 |
| Miscellaneous | &nbsp;&nbsp; 60940 |
| Total expenses | &nbsp;&nbsp; $5114928 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (372076)<br>|
| Net expenses | &nbsp;&nbsp; $4742852 |
| Net investment income (loss) | &nbsp;&nbsp; $8181223 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers (includes $86,238 foreign capital gains tax) | &nbsp;&nbsp; $72875531 |
| Affiliated issuers | &nbsp;&nbsp; 478 |
| Foreign currency | &nbsp;&nbsp; 16477 |
| Net realized gain (loss)  | &nbsp;&nbsp; $72892486 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $268,753 increase in deferred foreign capital gains tax) | &nbsp;&nbsp; $13978103 |
| Affiliated issuers | &nbsp;&nbsp; (1333)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 176831 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $14153601 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $87046087 |
| Change in net assets from operations | &nbsp;&nbsp; $95227310 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $8181223 | &nbsp;&nbsp; $6841161 |
| Net realized gain (loss) | 72892486 | &nbsp;&nbsp; 6687901 |
| Net unrealized gain (loss) | 14153601 | &nbsp;&nbsp; 480550 |
| Change in net assets from operations | $95227310 | &nbsp;&nbsp; $14009612 |
| Total distributions to shareholders | $(7231441)<br>| &nbsp;&nbsp; $(7366093)<br>|
| Change in net assets from fund share transactions | $(192291897)<br>| &nbsp;&nbsp; $(7258604)<br>|
| Total change in net assets | $(104296028)<br>| &nbsp;&nbsp; $(615085)<br>|
| **Net assets** |  |  |
| At beginning of period | 462775150 | &nbsp;&nbsp; 463390235 |
| At end of period | $358479122 | &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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $17.13 | &nbsp;&nbsp; $16.88 | &nbsp;&nbsp; $15.10 | &nbsp;&nbsp; $19.13 | &nbsp;&nbsp; $18.14 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.34 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.18 |
| Net realized and unrealized gain (loss) | 3.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.91 |
| Total from investment operations | $3.76 | &nbsp;&nbsp; $0.54 | &nbsp;&nbsp; $1.95 | &nbsp;&nbsp; $(3.37)<br>| &nbsp;&nbsp; $2.09 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.28)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.16)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.94)<br>|
| Total distributions declared to shareholders | $(0.28)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.66)<br>| &nbsp;&nbsp; $(1.10)<br>|
| Net asset value, end of period (x) | $20.61 | &nbsp;&nbsp; $17.13 | &nbsp;&nbsp; $16.88 | &nbsp;&nbsp; $15.10 | &nbsp;&nbsp; $19.13 |
| Total return (%) (k)(r)(s)(x) | 22.05 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;13.01 | &nbsp;&nbsp; (17.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.57 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Expenses after expense reductions | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Net investment income (loss) | 1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Portfolio turnover rate | 39 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 |
| Net assets at end of period (000 omitted) | $209524 | &nbsp;&nbsp; $335657 | &nbsp;&nbsp; $346485 | &nbsp;&nbsp; $314093 | &nbsp;&nbsp; $387370 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $16.86 | &nbsp;&nbsp; $16.63 | &nbsp;&nbsp; $14.86 | &nbsp;&nbsp; $18.84 | &nbsp;&nbsp; $17.90 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.27 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.13 |
| Net realized and unrealized gain (loss) | 3.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.88 |
| Total from investment operations | $3.66 | &nbsp;&nbsp; $0.48 | &nbsp;&nbsp; $1.90 | &nbsp;&nbsp; $(3.36)<br>| &nbsp;&nbsp; $2.01 |
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.25)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.13)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.94)<br>|
| Total distributions declared to shareholders | $(0.25)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.62)<br>| &nbsp;&nbsp; $(1.07)<br>|
| Net asset value, end of period (x) | $20.27 | &nbsp;&nbsp; $16.86 | &nbsp;&nbsp; $16.63 | &nbsp;&nbsp; $14.86 | &nbsp;&nbsp; $18.84 |
| Total return (%) (k)(r)(s)(x) | 21.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;12.83 | &nbsp;&nbsp; (17.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.27 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Expenses after expense reductions | 1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Net investment income (loss) | 1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Portfolio turnover rate | 39 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 |
| Net assets at end of period (000 omitted) | $148955 | &nbsp;&nbsp; $127118 | &nbsp;&nbsp; $116905 | &nbsp;&nbsp; $128267 | &nbsp;&nbsp; $141471 |

---

**See Notes to Financial Statements**

------

MFS Research International Portfolio

*Financial Highlights - continued*

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

&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;(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**

**(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.

**Segment Reporting** — 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 - 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 December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| Japan | $31654557 | $42980689 | $— | $74635246 |
| United Kingdom | 5013485 | 49948877 |  | 54962362 |
| France | 5323787 | 38869526 |  | 44193313 |
| Switzerland |  | 30401168 |  | 30401168 |
| Germany | 13163253 | 7565876 |  | 20729129 |
| United States | 19254569 |  |  | 19254569 |
| Netherlands | 2244423 | 14980708 |  | 17225131 |
| Canada | 11568727 | 0 |  | 11568727 |
| Italy | 3575246 | 6999120 |  | 10574366 |
| Other Countries | 33329836 | 36707153 |  | 70036989 |
| Investment Companies | 3663510 |  |  | 3663510 |
| Total | $128791393 | $228453117 | $— | $357244510 |

---

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 - 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 December 31, 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 two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $7231441 | &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 - continued* 

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $255864038 |
| Gross appreciation | &nbsp;&nbsp; 108563119 |
| Gross depreciation | &nbsp;&nbsp; (7182647)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $101380472 |
| Undistributed ordinary income | &nbsp;&nbsp; 19810260 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 51135903 |
| Other temporary differences | &nbsp;&nbsp; (598690)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $171727945 |

---

**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:

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $5186187 | &nbsp;&nbsp; $5579441 |
| Service Class | 2045254 | &nbsp;&nbsp; 1786652 |
| Total | $7231441 | &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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $67,540, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 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 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 year ended December 31, 2025, this reduction amounted to $304,536, 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 Research International Portfolio

*Notes to Financial Statements - 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 year ended December 31, 2025, the fee was $16,759, which equated to 0.0034% 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 year ended December 31, 2025, these costs amounted to $1,557.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0151% 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 year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, aggregated $182,183,713 and $364,175,635, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 1018621 | &nbsp;&nbsp; $18902209 | &nbsp;&nbsp; 912185 | &nbsp;&nbsp; $16066342 |
| Service Class | 2463000 | &nbsp;&nbsp; 45889500 | &nbsp;&nbsp; 1556742 | &nbsp;&nbsp; 27208780 |
|  | 3481621 | &nbsp;&nbsp; $64791709 | &nbsp;&nbsp; 2468927 | &nbsp;&nbsp; $43275122 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class | 262981 | &nbsp;&nbsp; $5159693 | &nbsp;&nbsp; 304721 | &nbsp;&nbsp; $5579441 |
| Service Class | 105917 | &nbsp;&nbsp; 2045254 | &nbsp;&nbsp; 99093 | &nbsp;&nbsp; 1786652 |
|  | 368898 | &nbsp;&nbsp; $7204947 | &nbsp;&nbsp; 403814 | &nbsp;&nbsp; $7366093 |
| Shares reacquired |  |  |  |  |
| Initial Class | (10715971)<br>| &nbsp;&nbsp; $(211242364)<br>| &nbsp;&nbsp; (2140127)<br>| &nbsp;&nbsp; $(37979483)<br>|
| Service Class | (2761489)<br>| &nbsp;&nbsp; (53046189)<br>| &nbsp;&nbsp; (1146261)<br>| &nbsp;&nbsp; (19920336)<br>|
|  | (13477460)<br>| &nbsp;&nbsp; $(264288553)<br>| &nbsp;&nbsp; (3286388)<br>| &nbsp;&nbsp; $(57899819)<br>|
| Net change |  |  |  |  |
| Initial Class | (9434369)<br>| &nbsp;&nbsp; $(187180462)<br>| &nbsp;&nbsp; (923221)<br>| &nbsp;&nbsp; $(16333700)<br>|
| Service Class | (192572)<br>| &nbsp;&nbsp; (5111435)<br>| &nbsp;&nbsp; 509574 | &nbsp;&nbsp; 9075096 |
|  | (9626941)<br>| &nbsp;&nbsp; $(192291897)<br>| &nbsp;&nbsp; (413647)<br>| &nbsp;&nbsp; $(7258604)<br>|

---

------

MFS Research International Portfolio

*Notes to Financial Statements - 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 20%, 10%, and 3%, 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 year ended December 31, 2025, the fund's commitment fee and interest expense were $2,395 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. The following were affiliated issuers for the year ended December 31, 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; $121210286 | &nbsp;&nbsp; $131177211 | &nbsp;&nbsp; $478 | &nbsp;&nbsp; $(1333)<br>| &nbsp;&nbsp; $3663510 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $372966 | $— |

---

------

MFS Research International Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS Research International Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Research International Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Research International Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

Income derived from foreign sources was $13,744,759. The fund intends to pass through foreign tax credits of $1,267,719 for the fiscal year.

------

**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.**

------

MFS Research International Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Research International Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 4th quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 4th quintile for the one-year period and the 5th quintile for the three-year period ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. The Trustees noted that the total return performance (Class I shares) of the Fund's retail counterpart, MFS Research International Fund, which has substantially similar investment strategies, was in the 3rd quintile

------

MFS Research International Portfolio

*Board Review of Investment Advisory Agreement - continued*

relative to the other funds in its Broadridge performance universe for the five-year period ended December 31, 2024. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was higher than the Broadridge expense group median and the Fund's total expense ratio was approximately at the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $1 billion and $2 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

MFS Corporate Bond Portfolio

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

MFS Corporate Bond Portfolio

**Portfolio of Investments - 12/31/25** 

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 – 1.8% | Aerospace & Defense – 1.8% | Aerospace & Defense – 1.8% |
| Boeing Co., 2.196%, 2/04/2026  | $288000 | &nbsp;&nbsp; $287452 |
| Boeing Co., 5.15%, 5/01/2030  | 473000 | &nbsp;&nbsp; 486012 |
| Boeing Co., 5.805%, 5/01/2050  | 990000 | &nbsp;&nbsp; 973759 |
| Huntington Ingalls Industries, Inc., 5.749%, 1/15/2035  | 131000 | &nbsp;&nbsp; 138521 |
| TransDigm, Inc., 6.875%, 12/15/2030 (n) | 474000 | &nbsp;&nbsp; 496044 |
|  |  | &nbsp;&nbsp; $2381788 |
| Asset-Backed & Securitized – 3.5% | Asset-Backed & Securitized – 3.5% | Asset-Backed & Securitized – 3.5% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", 0.993%, 11/15/2054 (i) | $3767341 | &nbsp;&nbsp; $133288 |
| ACREC 2021-FL1 Ltd., "A", FLR, 4.998% ((SOFR - 1mo. + 0.11448%) + 1.15%), 10/16/2036 (n) | 120333 | &nbsp;&nbsp; 120334 |
| Angel Oak Mortgage Trust, 2024-13, "A1", 5.464%, 12/26/2069 (n) | 307233 | &nbsp;&nbsp; 309231 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "AS", FLR, 5.564% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n) | 175000 | &nbsp;&nbsp; 175008 |
| ARDN Mortgage Trust, 2025-ARCP, "A", FLR, 5.5% (SOFR - 1mo. + 1.75%), 6/15/2035 (n) | 486000 | &nbsp;&nbsp; 486756 |
| ARI Fleet Lease Trust, 2023-A, "A2", 5.41%, 2/17/2032 (n) | 4483 | &nbsp;&nbsp; 4485 |
| Bayview Financial Revolving Mortgage Loan Trust, FLR, 5.441% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n) | 20927 | &nbsp;&nbsp; 48217 |
| Benchmark 2021-B27 Mortgage Trust, "XA", 1.232%, 7/15/2054 (i) | 6815293 | &nbsp;&nbsp; 317666 |
| Colt Funding LLC, 2024-6, "A1", 5.39%, 11/25/2069 (n) | 242672 | &nbsp;&nbsp; 244022 |
| ELM Trust, 2024-ELM, "A10", 5.994%, 6/10/2039 (n) | 345127 | &nbsp;&nbsp; 346939 |
| ELM Trust, 2024-ELM, "D10", 6.847%, 6/10/2039 (n) | 151693 | &nbsp;&nbsp; 152013 |
| KREF 2018-FT1 Ltd., "A", FLR, 4.92% ((SOFR - 1mo. + 0.11448%) + 1.07%), 2/15/2039 (n) | 107389 | &nbsp;&nbsp; 107344 |
| KREF 2018-FT1 Ltd., "AS", FLR, 5.15% ((SOFR - 1mo. + 0.11448%) + 1.3%), 2/15/2039 (n) | 316500 | &nbsp;&nbsp; 315812 |
| MF1 2024-FL5 LLC, "A", FLR, 5.422% (SOFR - 1mo. + 1.688%), 8/18/2041 (n) | 453000 | &nbsp;&nbsp; 454101 |
| MF1 2022-FL8 Ltd., "A", FLR, 5.081% (SOFR - 1mo. + 1.35%), 2/19/2037 (n) | 322613 | &nbsp;&nbsp; 322611 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM3, "A1", 5.044%, 7/25/2069 (n) | 116890 | &nbsp;&nbsp; 116809 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM3, "A1", 5.53%, 5/25/2070 (n) | 116725 | &nbsp;&nbsp; 117544 |
| OBX Trust, 2024-NQM1, "A1", 5.928%, 11/25/2063 (n) | 86953 | &nbsp;&nbsp; 87505 |
| OBX Trust, 2024-NQM15, "A1", 5.316%, 10/25/2064 (n) | 72558 | &nbsp;&nbsp; 72979 |
| OBX Trust, 2024-NQM3, "A1", 6.129%, 12/25/2063 (n) | 109476 | &nbsp;&nbsp; 110546 |
| Provident Funding Mortgage Trust, 2025-3, "A4", 5.5%, 8/25/2055 (n) | 452006 | &nbsp;&nbsp; 454318 |
| Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027  | 82247 | &nbsp;&nbsp; 82795 |
|  |  | &nbsp;&nbsp; $4580323 |
| Automotive – 1.5% | Automotive – 1.5% | Automotive – 1.5% |
| Cummins, Inc., 5.45%, 2/20/2054  | $234000 | &nbsp;&nbsp; $230557 |
| Ford Motor Credit Co. LLC, 5.8%, 3/05/2027  | 263000 | &nbsp;&nbsp; 266276 |
| Ford Motor Credit Co. LLC, 4.95%, 5/28/2027  | 260000 | &nbsp;&nbsp; 260944 |
| Ford Motor Credit Co. LLC, 5.8%, 3/08/2029  | 295000 | &nbsp;&nbsp; 301415 |
| Ford Motor Credit Co. LLC, 5.113%, 5/03/2029  | 260000 | &nbsp;&nbsp; 260401 |
| Hyundai Capital America, 4.5%, 9/18/2030 (n) | 178000 | &nbsp;&nbsp; 178016 |
| Volkswagen Group of America Finance LLC, 4.45%, 9/11/2027 (n) | 200000 | &nbsp;&nbsp; 200578 |
| Volkswagen Group of America Finance LLC, 6.2%, 11/16/2028 (n) | 252000 | &nbsp;&nbsp; 263973 |
|  |  | &nbsp;&nbsp; $1962160 |
| Broadcasting – 1.1% | Broadcasting – 1.1% | Broadcasting – 1.1% |
| Walt Disney Co., 3.5%, 5/13/2040  | $442000 | &nbsp;&nbsp; $370040 |
| Walt Disney Co., 4.75%, 9/15/2044  | 72000 | &nbsp;&nbsp; 65685 |
| Walt Disney Co., 3.6%, 1/13/2051  | 430000 | &nbsp;&nbsp; 319390 |
| WMG Acquisition Corp., 3.75%, 12/01/2029 (n) | 344000 | &nbsp;&nbsp; 331123 |
| WMG Acquisition Corp., 3.875%, 7/15/2030 (n) | 323000 | &nbsp;&nbsp; 309796 |
|  |  | &nbsp;&nbsp; $1396034 |

---

BDSFS-ANN

------

MFS Corporate Bond Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Brokerage & Asset Managers – 2.7% | Brokerage & Asset Managers – 2.7% | Brokerage & Asset Managers – 2.7% |
| Charles Schwab Corp., 4.914% to 11/14/2035, FLR (SOFR - 1 day + 1.23%) to 11/14/2036  | $791000 | &nbsp;&nbsp; $785689 |
| Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n) | 546000 | &nbsp;&nbsp; 555588 |
| Jane Street Group/JSG Finance, Inc., 6.75%, 5/01/2033 (n) | 112000 | &nbsp;&nbsp; 116905 |
| LPL Holdings, Inc., 4.625%, 11/15/2027 (n) | 323000 | &nbsp;&nbsp; 322989 |
| LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 530000 | &nbsp;&nbsp; 515356 |
| LPL Holdings, Inc., 5.65%, 3/15/2035  | 466000 | &nbsp;&nbsp; 477650 |
| Osaic Holdings, Inc., 6.75%, 8/01/2032 (n) | 73000 | &nbsp;&nbsp; 76257 |
| The Carlyle Group, Inc., 5.05%, 9/19/2035  | 655000 | &nbsp;&nbsp; 645737 |
|  |  | &nbsp;&nbsp; $3496171 |
| Building – 1.3% | Building – 1.3% | Building – 1.3% |
| Ferguson Enterprises, Inc., 5%, 10/03/2034  | $494000 | &nbsp;&nbsp; $498264 |
| JH North America Holdings, Inc., 5.875%, 1/31/2031 (n) | 255000 | &nbsp;&nbsp; 260285 |
| JH North America Holdings, Inc., 6.125%, 7/31/2032 (n) | 233000 | &nbsp;&nbsp; 239188 |
| Vulcan Materials Co., 3.5%, 6/01/2030  | 141000 | &nbsp;&nbsp; 136585 |
| Vulcan Materials Co., 4.5%, 6/15/2047  | 322000 | &nbsp;&nbsp; 275486 |
| Vulcan Materials Co., 5.7%, 12/01/2054  | 235000 | &nbsp;&nbsp; 233979 |
|  |  | &nbsp;&nbsp; $1643787 |
| Business Services – 1.4% | Business Services – 1.4% | Business Services – 1.4% |
| Accenture Capital, Inc., 4.25%, 10/04/2031  | $285000 | &nbsp;&nbsp; $285224 |
| Accenture Capital, Inc., 4.5%, 10/04/2034  | 190000 | &nbsp;&nbsp; 187295 |
| Fiserv, Inc., 4.4%, 7/01/2049  | 315000 | &nbsp;&nbsp; 247153 |
| Mastercard, Inc., 4.55%, 1/15/2035  | 265000 | &nbsp;&nbsp; 264955 |
| Paychex, Inc., 5.1%, 4/15/2030  | 165000 | &nbsp;&nbsp; 169870 |
| Paychex, Inc., 5.35%, 4/15/2032  | 356000 | &nbsp;&nbsp; 368669 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/2032 (n) | 283000 | &nbsp;&nbsp; 292195 |
|  |  | &nbsp;&nbsp; $1815361 |
| Cable TV – 1.7% | Cable TV – 1.7% | Cable TV – 1.7% |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.1%, 6/01/2029  | $125000 | &nbsp;&nbsp; $130460 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035  | 226000 | &nbsp;&nbsp; 233244 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.375%, 5/01/2047  | 530000 | &nbsp;&nbsp; 436585 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.834%, 10/23/2055  | 129000 | &nbsp;&nbsp; 123821 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.7%, 12/01/2055  | 204000 | &nbsp;&nbsp; 195593 |
| Comcast Corp., 2.887%, 11/01/2051  | 310000 | &nbsp;&nbsp; 181286 |
| Videotron Ltd., 3.625%, 6/15/2029 (n) | 472000 | &nbsp;&nbsp; 459073 |
| Videotron Ltd., 5.7%, 1/15/2035 (n) | 447000 | &nbsp;&nbsp; 456956 |
|  |  | &nbsp;&nbsp; $2217018 |
| Chemicals – 1.0% | Chemicals – 1.0% | Chemicals – 1.0% |
| Maxam Prill S.à r.l., 7.75%, 7/15/2030 (n) | $691000 | &nbsp;&nbsp; $715045 |
| SCIH Salt Holdings, Inc., 4.875%, 5/01/2028 (n) | 579000 | &nbsp;&nbsp; 579140 |
|  |  | &nbsp;&nbsp; $1294185 |
| Computer Software – 0.9% | Computer Software – 0.9% | Computer Software – 0.9% |
| Microsoft Corp., 2.525%, 6/01/2050  | $124000 | &nbsp;&nbsp; $75708 |
| Microsoft Corp., 2.5%, 9/15/2050  | 487000 | &nbsp;&nbsp; 294984 |
| Oracle Corp., 4.8%, 9/26/2032  | 237000 | &nbsp;&nbsp; 228805 |
| Oracle Corp., 5.2%, 9/26/2035  | 264000 | &nbsp;&nbsp; 252934 |
| Oracle Corp., 4%, 7/15/2046  | 122000 | &nbsp;&nbsp; 84569 |
| Oracle Corp., 5.55%, 2/06/2053  | 248000 | &nbsp;&nbsp; 205810 |
|  |  | &nbsp;&nbsp; $1142810 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| 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; $234648 |
| Conglomerates – 1.3% | Conglomerates – 1.3% | Conglomerates – 1.3% |
| nVent Finance S.à r.l., 5.65%, 5/15/2033  | $165000 | &nbsp;&nbsp; $172070 |
| Regal Rexnord Corp., 6.05%, 4/15/2028  | 248000 | &nbsp;&nbsp; 256547 |
| Regal Rexnord Corp., 6.3%, 2/15/2030  | 490000 | &nbsp;&nbsp; 519333 |
| Regal Rexnord Corp., 6.4%, 4/15/2033  | 323000 | &nbsp;&nbsp; 347430 |
| Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028  | 233000 | &nbsp;&nbsp; 235854 |
| Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/2034  | 157000 | &nbsp;&nbsp; 164861 |
|  |  | &nbsp;&nbsp; $1696095 |
| Consumer Products – 1.0% | Consumer Products – 1.0% | Consumer Products – 1.0% |
| Haleon US Capital LLC, 3.625%, 3/24/2032  | $378000 | &nbsp;&nbsp; $359589 |
| HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 1/15/2029 (n) | 195000 | &nbsp;&nbsp; 192146 |
| HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.625%, 7/15/2030 (n) | 161000 | &nbsp;&nbsp; 164926 |
| L'Oréal S.A., 5%, 5/20/2035 (n) | 297000 | &nbsp;&nbsp; 303576 |
| Mattel, Inc., 3.75%, 4/01/2029 (n) | 216000 | &nbsp;&nbsp; 210528 |
|  |  | &nbsp;&nbsp; $1230765 |
| Consumer Services – 0.7% | Consumer Services – 0.7% | Consumer Services – 0.7% |
| CBRE Group, Inc., 5.95%, 8/15/2034  | $431000 | &nbsp;&nbsp; $460493 |
| Rentokil Terminix LLC, 5%, 4/28/2030 (n) | 200000 | &nbsp;&nbsp; 203465 |
| Service Corp. International, 5.75%, 10/15/2032  | 180000 | &nbsp;&nbsp; 183193 |
|  |  | &nbsp;&nbsp; $847151 |
| Electrical Equipment – 0.4% | Electrical Equipment – 0.4% | Electrical Equipment – 0.4% |
| Arrow Electronics, Inc., 5.875%, 4/10/2034  | $458000 | &nbsp;&nbsp; $477770 |
| Electronics – 1.6% | Electronics – 1.6% | Electronics – 1.6% |
| Broadcom, Inc., 5.05%, 7/12/2029  | $277000 | &nbsp;&nbsp; $285193 |
| Broadcom, Inc., 5.2%, 7/15/2035  | 373000 | &nbsp;&nbsp; 382163 |
| Broadcom, Inc., 4.8%, 2/15/2036  | 329000 | &nbsp;&nbsp; 324640 |
| Intel Corp., 5.7%, 2/10/2053  | 231000 | &nbsp;&nbsp; 215051 |
| NXP B.V./NXP Funding LLC/NXP USA, Inc., 5%, 1/15/2033  | 108000 | &nbsp;&nbsp; 109710 |
| NXP B.V./NXP Funding LLC/NXP USA, Inc., 5.25%, 8/19/2035  | 625000 | &nbsp;&nbsp; 634235 |
| NXP B.V./NXP Funding LLC/NXP USA, Inc., 3.125%, 2/15/2042  | 183000 | &nbsp;&nbsp; 133514 |
|  |  | &nbsp;&nbsp; $2084506 |
| 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; $222467 |
| Emerging Market Sovereign – 1.4% | Emerging Market Sovereign – 1.4% | Emerging Market Sovereign – 1.4% |
| Eagle Funding LuxCo S.à r.l. (United Mexican States), 5.5%, 8/17/2030 (n) | $561000 | &nbsp;&nbsp; $571429 |
| Kingdom of Saudi Arabia, 5.125%, 1/13/2028 (n) | 397000 | &nbsp;&nbsp; 405429 |
| United Mexican States, 5.85%, 7/02/2032  | 405000 | &nbsp;&nbsp; 416101 |
| United Mexican States, 6.625%, 1/29/2038  | 400000 | &nbsp;&nbsp; 417400 |
|  |  | &nbsp;&nbsp; $1810359 |
| Energy - Independent – 1.5% | Energy - Independent – 1.5% | Energy - Independent – 1.5% |
| Occidental Petroleum Corp., 6.125%, 1/01/2031  | $245000 | &nbsp;&nbsp; $258947 |
| Occidental Petroleum Corp., 4.4%, 4/15/2046  | 531000 | &nbsp;&nbsp; 419397 |
| Pioneer Natural Resources Co., 1.9%, 8/15/2030  | 94000 | &nbsp;&nbsp; 85135 |
| Pioneer Natural Resources Co., 2.15%, 1/15/2031  | 592000 | &nbsp;&nbsp; 536909 |
| Santos Finance Ltd., 6.875%, 9/19/2033 (n) | 417000 | &nbsp;&nbsp; 456098 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Energy - Independent – continued | Energy - Independent – continued | Energy - Independent – continued |
| Santos Finance Ltd., 5.75%, 11/13/2035 (n) | $145000 | &nbsp;&nbsp; $144195 |
|  |  | &nbsp;&nbsp; $1900681 |
| Energy - Integrated – 0.2% | Energy - Integrated – 0.2% | Energy - Integrated – 0.2% |
| BP Capital Markets America, Inc., 3.001%, 3/17/2052  | $305000 | &nbsp;&nbsp; $195093 |
| Entertainment – 1.5% | Entertainment – 1.5% | Entertainment – 1.5% |
| Carnival Corp., 5.75%, 8/01/2032 (n) | $438000 | &nbsp;&nbsp; $449511 |
| Royal Caribbean Cruises Ltd., 4.25%, 7/01/2026 (n) | 566000 | &nbsp;&nbsp; 565925 |
| Royal Caribbean Cruises Ltd., 5.625%, 9/30/2031 (n) | 207000 | &nbsp;&nbsp; 211620 |
| Royal Caribbean Cruises Ltd., 6%, 2/01/2033 (n) | 261000 | &nbsp;&nbsp; 268163 |
| Royal Caribbean Cruises Ltd., 5.375%, 1/15/2036  | 153000 | &nbsp;&nbsp; 153641 |
| Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n) | 266000 | &nbsp;&nbsp; 268238 |
|  |  | &nbsp;&nbsp; $1917098 |
| Financial Institutions – 2.4% | Financial Institutions – 2.4% | Financial Institutions – 2.4% |
| Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n) | $208000 | &nbsp;&nbsp; $208064 |
| Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 381000 | &nbsp;&nbsp; 368972 |
| Avolon Holdings Funding Ltd., 4.95%, 10/15/2032 (n) | 401000 | &nbsp;&nbsp; 396631 |
| FTAI Aviation Investors LLC, 7%, 5/01/2031 (n) | 307000 | &nbsp;&nbsp; 323298 |
| Macquarie AirFinance Holdings Ltd., 5.15%, 3/17/2030 (n) | 132000 | &nbsp;&nbsp; 133811 |
| Macquarie AirFinance Holdings Ltd., 6.5%, 3/26/2031 (n) | 237000 | &nbsp;&nbsp; 253465 |
| Rocket Cos., Inc., 6.125%, 8/01/2030 (n) | 162000 | &nbsp;&nbsp; 167456 |
| Rocket Cos., Inc., 6.375%, 8/01/2033 (n) | 162000 | &nbsp;&nbsp; 168904 |
| Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031 (n) | 238000 | &nbsp;&nbsp; 226004 |
| SMBC Aviation Capital Finance DAC, 5.3%, 4/03/2029 (n) | 525000 | &nbsp;&nbsp; 539339 |
| SMBC Aviation Capital Finance DAC, 5.25%, 11/26/2035 (n) | 364000 | &nbsp;&nbsp; 363460 |
|  |  | &nbsp;&nbsp; $3149404 |
| Food & Beverages – 4.0% | Food & Beverages – 4.0% | Food & Beverages – 4.0% |
| Anheuser-Busch InBev Worldwide, Inc., 4.439%, 10/06/2048  | $505000 | &nbsp;&nbsp; $434450 |
| Bacardi-Martini B.V., 5.4%, 6/15/2033 (n) | 569000 | &nbsp;&nbsp; 575266 |
| Flowers Foods, Inc., 5.75%, 3/15/2035  | 366000 | &nbsp;&nbsp; 366932 |
| Flowers Foods, Inc., 6.2%, 3/15/2055  | 107000 | &nbsp;&nbsp; 100430 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/2031  | 417000 | &nbsp;&nbsp; 395989 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032  | 170000 | &nbsp;&nbsp; 159081 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.5%, 12/01/2052  | 179000 | &nbsp;&nbsp; 184536 |
| Kraft Heinz Foods Co., 4.875%, 10/01/2049  | 75000 | &nbsp;&nbsp; 64526 |
| Kraft Heinz Foods Co., 5.5%, 6/01/2050  | 419000 | &nbsp;&nbsp; 391992 |
| Mars, Inc., 4.55%, 4/20/2028 (n) | 123000 | &nbsp;&nbsp; 124528 |
| Mars, Inc., 5%, 3/01/2032 (n) | 587000 | &nbsp;&nbsp; 605047 |
| Mars, Inc., 5.2%, 3/01/2035 (n) | 102000 | &nbsp;&nbsp; 104839 |
| Mars, Inc., 3.95%, 4/01/2049 (n) | 307000 | &nbsp;&nbsp; 242169 |
| Mars, Inc., 5.7%, 5/01/2055 (n) | 415000 | &nbsp;&nbsp; 413393 |
| Primo Water Holdings, Inc./Triton Water Holdings, 4.375%, 4/30/2029 (n) | 523000 | &nbsp;&nbsp; 508818 |
| SYSCO Corp., 4.45%, 3/15/2048  | 320000 | &nbsp;&nbsp; 270898 |
| U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n) | 263000 | &nbsp;&nbsp; 267890 |
|  |  | &nbsp;&nbsp; $5210784 |
| Gaming & Lodging – 2.0% | Gaming & Lodging – 2.0% | Gaming & Lodging – 2.0% |
| Flutter Treasury DAC, 6.375%, 4/29/2029 (n) | $418000 | &nbsp;&nbsp; $431503 |
| Flutter Treasury DAC, 5.875%, 6/04/2031 (n) | 482000 | &nbsp;&nbsp; 488700 |
| Las Vegas Sands Corp., 5.9%, 6/01/2027  | 198000 | &nbsp;&nbsp; 201949 |
| Las Vegas Sands Corp., 6.2%, 8/15/2034  | 289000 | &nbsp;&nbsp; 303742 |
| Marriott International, Inc., 2.85%, 4/15/2031  | 213000 | &nbsp;&nbsp; 197469 |
| Sands China Ltd., 2.85%, 3/08/2029  | 400000 | &nbsp;&nbsp; 378992 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Gaming & Lodging – continued | Gaming & Lodging – continued | Gaming & Lodging – continued |
| VICI Properties LP/VICI Note Co., Inc., 4.25%, 12/01/2026 (n) | $266000 | &nbsp;&nbsp; $265955 |
| Wynn Macau Ltd., 5.5%, 10/01/2027 (n) | 256000 | &nbsp;&nbsp; 255747 |
|  |  | &nbsp;&nbsp; $2524057 |
| Industrial – 0.3% | Industrial – 0.3% | Industrial – 0.3% |
| Booz Allen Hamilton, Inc., 5.95%, 4/15/2035  | $331000 | &nbsp;&nbsp; $342944 |
| Insurance – 2.1% | Insurance – 2.1% | Insurance – 2.1% |
| Corebridge Financial, Inc., 6.875% to 12/15/2027, FLR (CMT - 5yr. + 3.846%) to 12/15/2052  | $275000 | &nbsp;&nbsp; $281610 |
| Corebridge Financial, Inc., 6.875% to 12/01/2030, FLR (CMT - 5yr. + 3.181%) to 6/01/2174  | 356000 | &nbsp;&nbsp; 365852 |
| Corebridge Global Funding, 4.9%, 8/21/2032 (n) | 285000 | &nbsp;&nbsp; 286715 |
| Lincoln National Corp., 5.852%, 3/15/2034  | 305000 | &nbsp;&nbsp; 319708 |
| Northwestern Mutual Life Insurance Co., 6.17%, 5/29/2055 (n) | 592000 | &nbsp;&nbsp; 628294 |
| Pacific Life Insurance Co., 5.95%, 9/15/2055 (n) | 506000 | &nbsp;&nbsp; 507084 |
| Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) | 358000 | &nbsp;&nbsp; 391998 |
|  |  | &nbsp;&nbsp; $2781261 |
| Insurance - Health – 1.6% | Insurance - Health – 1.6% | Insurance - Health – 1.6% |
| Elevance Health, Inc., 5.65%, 6/15/2054  | $439000 | &nbsp;&nbsp; $426952 |
| Humana, Inc., 5.375%, 4/15/2031  | 265000 | &nbsp;&nbsp; 273979 |
| Humana, Inc., 5.55%, 5/01/2035  | 266000 | &nbsp;&nbsp; 271573 |
| Humana, Inc., 4.95%, 10/01/2044  | 232000 | &nbsp;&nbsp; 204743 |
| UnitedHealth Group, Inc., 5.3%, 2/15/2030  | 262000 | &nbsp;&nbsp; 273151 |
| UnitedHealth Group, Inc., 5.5%, 7/15/2044  | 348000 | &nbsp;&nbsp; 345415 |
| UnitedHealth Group, Inc., 5.875%, 2/15/2053  | 335000 | &nbsp;&nbsp; 337796 |
|  |  | &nbsp;&nbsp; $2133609 |
| Insurance - Property & Casualty – 3.5% | Insurance - Property & Casualty – 3.5% | Insurance - Property & Casualty – 3.5% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 4/15/2028 (n) | $391000 | &nbsp;&nbsp; $398107 |
| American International Group, Inc., 4.85%, 5/07/2030  | 241000 | &nbsp;&nbsp; 246992 |
| American International Group, Inc., 5.125%, 3/27/2033  | 499000 | &nbsp;&nbsp; 513189 |
| Arthur J. Gallagher & Co., 6.5%, 2/15/2034  | 337000 | &nbsp;&nbsp; 371028 |
| Arthur J. Gallagher & Co., 6.75%, 2/15/2054  | 378000 | &nbsp;&nbsp; 417657 |
| Asurion LLC, 8%, 12/31/2032 (n) | 300000 | &nbsp;&nbsp; 311283 |
| Brown & Brown, Inc., 5.25%, 6/23/2032  | 82000 | &nbsp;&nbsp; 83856 |
| Brown & Brown, Inc., 6.25%, 6/23/2055  | 105000 | &nbsp;&nbsp; 109181 |
| Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031  | 345000 | &nbsp;&nbsp; 325659 |
| Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032  | 189000 | &nbsp;&nbsp; 197166 |
| Fairfax Financial Holdings Ltd., 6.35%, 3/22/2054  | 349000 | &nbsp;&nbsp; 361475 |
| Fairfax Financial Holdings Ltd., 6.5%, 5/20/2055  | 223000 | &nbsp;&nbsp; 235670 |
| Marsh & McLennan Cos., Inc., 4.85%, 11/15/2031  | 506000 | &nbsp;&nbsp; 519030 |
| Marsh & McLennan Cos., Inc., 5.4%, 3/15/2055  | 365000 | &nbsp;&nbsp; 351423 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 131000 | &nbsp;&nbsp; 135748 |
|  |  | &nbsp;&nbsp; $4577464 |
| International Market Quasi-Sovereign – 0.8% | International Market Quasi-Sovereign – 0.8% | International Market Quasi-Sovereign – 0.8% |
| NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n) | $499000 | &nbsp;&nbsp; $520609 |
| Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n) | 499000 | &nbsp;&nbsp; 447492 |
|  |  | &nbsp;&nbsp; $968101 |
| 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; $790438 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Machinery & Tools – 1.0% | Machinery & Tools – 1.0% | Machinery & Tools – 1.0% |
| AGCO Corp., 5.8%, 3/21/2034  | $236000 | &nbsp;&nbsp; $247038 |
| Ashtead Capital, Inc., 5.55%, 5/30/2033 (n) | 200000 | &nbsp;&nbsp; 206353 |
| Ashtead Capital, Inc., 5.95%, 10/15/2033 (n) | 200000 | &nbsp;&nbsp; 211606 |
| CNH Industrial Capital LLC, 5.5%, 1/12/2029  | 326000 | &nbsp;&nbsp; 336267 |
| CNH Industrial N.V., 3.85%, 11/15/2027  | 328000 | &nbsp;&nbsp; 326769 |
|  |  | &nbsp;&nbsp; $1328033 |
| Major Banks – 14.9% | Major Banks – 14.9% | Major Banks – 14.9% |
| Bank of America Corp., 4.376% to 4/27/2027, FLR (SOFR - 1 day + 1.58%) to 4/27/2028  | $392000 | &nbsp;&nbsp; $393564 |
| Bank of America Corp., 5.819% to 9/15/2028, FLR (SOFR - 1 day + 1.57%) to 9/15/2029  | 199000 | &nbsp;&nbsp; 207574 |
| Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032  | 452000 | &nbsp;&nbsp; 414780 |
| Bank of America Corp., 5.872% to 9/15/2033, FLR (SOFR - 1 day + 1.84%) to 9/15/2034  | 261000 | &nbsp;&nbsp; 278527 |
| Barclays PLC, 2.894% to 11/24/2031, FLR (CMT - 1yr. + 1.3%) to 11/24/2032  | 451000 | &nbsp;&nbsp; 410950 |
| BNP Paribas, 6.875% to 12/15/2033, FLR (CMT - 5yr. + 2.853%) to 6/15/2174 (n) | 339000 | &nbsp;&nbsp; 340455 |
| Commonwealth Bank of Australia, 3.61% to 9/12/2029, FLR (CMT - 1yr. + 2.05%) to 9/12/2034 (n) | 631000 | &nbsp;&nbsp; 608583 |
| Commonwealth Bank of Australia, 3.305%, 3/11/2041 (n) | 280000 | &nbsp;&nbsp; 215015 |
| Credit Agricole S.A., 1.247% to 1/26/2026, FLR (SOFR - 1 day + 0.89162%) to 1/26/2027 (n) | 488000 | &nbsp;&nbsp; 486976 |
| Danske Bank A.S., 5.705% to 3/01/2029, FLR (CMT - 1yr. + 1.4%) to 3/01/2030 (n) | 499000 | &nbsp;&nbsp; 518461 |
| Deutsche Bank AG, 5.706% to 2/08/2027, FLR (SOFR - 1 day + 1.594%) to 2/08/2028  | 362000 | &nbsp;&nbsp; 367681 |
| Deutsche Bank AG, 5.373% to 1/10/2028, FLR (SOFR - 1 day + 1.21%) to 1/10/2029  | 436000 | &nbsp;&nbsp; 444925 |
| Deutsche Bank AG, 4.95% to 8/04/2030, FLR (SOFR - 1 day + 1.3%) to 8/04/2031  | 213000 | &nbsp;&nbsp; 215153 |
| Deutsche Bank AG, 7.079% to 2/10/2033, FLR (SOFR - 1 day + 3.65%) to 2/10/2034  | 283000 | &nbsp;&nbsp; 310923 |
| Goldman Sachs Group, Inc., 4.692% to 10/23/2029, FLR (SOFR - 1 day + 1.135%) to 10/23/2030  | 282000 | &nbsp;&nbsp; 285848 |
| Goldman Sachs Group, Inc., 5.016% to 10/23/2034, FLR (SOFR - 1 day + 1.42%) to 10/23/2035  | 389000 | &nbsp;&nbsp; 391082 |
| HSBC Holdings PLC, 5.13% to 3/03/2030, FLR (SOFR - 1 day + 1.29%) to 3/03/2031  | 350000 | &nbsp;&nbsp; 358696 |
| HSBC Holdings PLC, 2.871% to 11/22/2031, FLR (SOFR - 1 day + 1.41%) to 11/22/2032  | 908000 | &nbsp;&nbsp; 824781 |
| JPMorgan Chase & Co., 6.07% to 10/22/2026, FLR (SOFR - 1 day + 1.33%) to 10/22/2027  | 624000 | &nbsp;&nbsp; 633811 |
| JPMorgan Chase & Co., 4.323% to 4/26/2027, FLR (SOFR - 1 day + 1.56%) to 4/26/2028  | 512000 | &nbsp;&nbsp; 514083 |
| JPMorgan Chase & Co., 5.581% to 4/22/2029, FLR (SOFR - 1 day + 1.16%) to 4/22/2030  | 298000 | &nbsp;&nbsp; 310882 |
| JPMorgan Chase & Co., 2.545% to 11/08/2031, FLR (SOFR - 1 day + 1.18%) to 11/08/2032  | 1166000 | &nbsp;&nbsp; 1052195 |
| JPMorgan Chase & Co., 5.336% to 1/23/2034, FLR (SOFR - 1 day + 1.62%) to 1/23/2035  | 246000 | &nbsp;&nbsp; 254959 |
| JPMorgan Chase & Co., 4.946% to 10/22/2034, FLR (SOFR - 1 day + 1.34%) to 10/22/2035  | 593000 | &nbsp;&nbsp; 598846 |
| Mitsubishi UFJ Financial Group, Inc., 1.64% to 10/13/2026, FLR (CMT - 1yr. + 0.67%) to 10/13/2027  | 423000 | &nbsp;&nbsp; 415179 |
| Mitsubishi UFJ Financial Group, Inc., 5.159%, 4/24/2031  | 200000 | &nbsp;&nbsp; 206121 |
| Mitsubishi UFJ Financial Group, Inc., 5.188%, 9/12/2036  | 463000 | &nbsp;&nbsp; 470412 |
| Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029  | 235000 | &nbsp;&nbsp; 242508 |
| Morgan Stanley, 4.431% to 1/23/2029, FLR ((SOFR - 3mo. + 0.26161%) + 1.628%) to 1/23/2030  | 277000 | &nbsp;&nbsp; 278535 |
| Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031  | 150000 | &nbsp;&nbsp; 145744 |
| Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034  | 339000 | &nbsp;&nbsp; 352667 |
| National Australia Bank Ltd., 3.347% to 1/12/2032, FLR (CMT - 5yr. + 1.7%) to 1/12/2037 (n) | 673000 | &nbsp;&nbsp; 615177 |
| Nationwide Building Society, 4.351%, 9/30/2030 (n) | 461000 | &nbsp;&nbsp; 461173 |
| Nordea Bank Abp, 1.5%, 9/30/2026 (n) | 721000 | &nbsp;&nbsp; 708403 |
| PNC Financial Services Group, Inc., 5.3% to 1/21/2027, FLR (SOFR - 1 day + 1.342%) to 1/21/2028  | 200000 | &nbsp;&nbsp; 202585 |
| PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%) to 1/22/2035  | 266000 | &nbsp;&nbsp; 280398 |
| PNC Financial Services Group, Inc., 5.575% to 1/29/2035, FLR (SOFR - 1 day + 1.394%) to 1/29/2036  | 302000 | &nbsp;&nbsp; 314871 |
| Sumitomo Mitsui Financial Group, Inc., 1.71%, 1/12/2031  | 854000 | &nbsp;&nbsp; 751032 |
| Toronto-Dominion Bank, 4.108%, 6/08/2027  | 336000 | &nbsp;&nbsp; 336944 |
| UBS Group AG, 3.126% to 8/13/2029, FLR (LIBOR - 3mo. + 1.468%) to 8/13/2030 (n) | 1128000 | &nbsp;&nbsp; 1080765 |
| UBS Group AG, 5.58%, 5/09/2036 (n) | 492000 | &nbsp;&nbsp; 511605 |
| UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n) | 300000 | &nbsp;&nbsp; 275120 |
| UBS Group AG, 7% to 8/05/2035, FLR (USD SOFR ICE Swap Rate - 5yr. + 3.296%) to 8/05/2172 (n) | 269000 | &nbsp;&nbsp; 274570 |
| UniCredit S.p.A., 1.982% to 6/03/2026, FLR (CMT - 1yr. + 1.2%) to 6/03/2027 (n) | 201000 | &nbsp;&nbsp; 199147 |
| Wells Fargo & Co., 5.574% to 7/25/2028, FLR (SOFR - 1 day + 1.74%) to 7/25/2029  | 267000 | &nbsp;&nbsp; 276579 |
| Wells Fargo & Co., 5.244% to 1/24/2030, FLR (SOFR - 1 day + 1.11%) to 1/24/2031  | 356000 | &nbsp;&nbsp; 368645 |
| Wells Fargo & Co., 5.389% to 4/24/2033, FLR (SOFR - 1 day + 2.02%) to 4/24/2034  | 127000 | &nbsp;&nbsp; 132135 |
|  |  | &nbsp;&nbsp; $19339065 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Medical & Health Technology & Services – 2.5% | Medical & Health Technology & Services – 2.5% | Medical & Health Technology & Services – 2.5% |
| Alcon Finance Corp., 2.6%, 5/27/2030 (n) | $366000 | &nbsp;&nbsp; $340284 |
| Alcon Finance Corp., 3.8%, 9/23/2049 (n) | 230000 | &nbsp;&nbsp; 175660 |
| Baxter International, Inc., 4.9%, 12/15/2030  | 115000 | &nbsp;&nbsp; 115880 |
| Baxter International, Inc., 5.65%, 12/15/2035  | 163000 | &nbsp;&nbsp; 164959 |
| Becton, Dickinson and Co., 4.685%, 12/15/2044  | 186000 | &nbsp;&nbsp; 164773 |
| CommonSpirit Health, 5.662%, 9/01/2055  | 213000 | &nbsp;&nbsp; 205559 |
| HCA, Inc., 4.9%, 11/15/2035  | 362000 | &nbsp;&nbsp; 357050 |
| HCA, Inc., 5.7%, 11/15/2055  | 243000 | &nbsp;&nbsp; 231563 |
| ICON Investments Six DAC, 5.809%, 5/08/2027  | 360000 | &nbsp;&nbsp; 367325 |
| ICON Investments Six DAC, 5.849%, 5/08/2029  | 315000 | &nbsp;&nbsp; 328740 |
| Marin General Hospital, 7.242%, 8/01/2045  | 272000 | &nbsp;&nbsp; 295987 |
| Thermo Fisher Scientific, Inc., 4.473%, 10/07/2032  | 476000 | &nbsp;&nbsp; 477517 |
|  |  | &nbsp;&nbsp; $3225297 |
| Medical Equipment – 0.6% | Medical Equipment – 0.6% | Medical Equipment – 0.6% |
| Danaher Corp., 2.6%, 10/01/2050  | $518000 | &nbsp;&nbsp; $316156 |
| Stryker Corp., 4.625%, 9/11/2034  | 480000 | &nbsp;&nbsp; 477161 |
|  |  | &nbsp;&nbsp; $793317 |
| Metals & Mining – 0.7% | Metals & Mining – 0.7% | Metals & Mining – 0.7% |
| Fortescue Treasury Pty Ltd., 4.375%, 4/01/2031 (n) | $313000 | &nbsp;&nbsp; $302710 |
| Novelis, Inc., 4.75%, 1/30/2030 (n) | 230000 | &nbsp;&nbsp; 222180 |
| Rio Tinto Finance (USA) PLC, 4.875%, 3/14/2030  | 216000 | &nbsp;&nbsp; 221906 |
| Vale Overseas Ltd., 6.4%, 6/28/2054  | 198000 | &nbsp;&nbsp; 202059 |
|  |  | &nbsp;&nbsp; $948855 |
| Midstream – 4.8% | Midstream – 4.8% | Midstream – 4.8% |
| Cheniere Energy Partners LP, 5.55%, 10/30/2035 (n) | $436000 | &nbsp;&nbsp; $445757 |
| Columbia Pipelines Holdings Co. LLC, 6.055%, 8/15/2026 (n) | 105000 | &nbsp;&nbsp; 105965 |
| Columbia Pipelines Operating Co. LLC, 6.497%, 8/15/2043 (n) | 258000 | &nbsp;&nbsp; 272553 |
| Columbia Pipelines Operating Co. LLC, 6.544%, 11/15/2053 (n) | 257000 | &nbsp;&nbsp; 273657 |
| Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054  | 542000 | &nbsp;&nbsp; 524294 |
| Energy Transfer LP, 6.5% to 2/15/2031, FLR (CMT - 5yr. + 2.676%) to 2/15/2056  | 328000 | &nbsp;&nbsp; 326915 |
| Energy Transfer LP, 7.125% to 5/15/2030, FLR (CMT - 5yr. + 5.306%) to 5/15/2171  | 194000 | &nbsp;&nbsp; 198647 |
| Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/2027 (n) | 222878 | &nbsp;&nbsp; 217327 |
| Plains All American Pipeline LP, 5.95%, 6/15/2035  | 292000 | &nbsp;&nbsp; 304098 |
| Plains All American Pipeline LP, 5.6%, 1/15/2036  | 216000 | &nbsp;&nbsp; 218498 |
| Plains All American Pipeline LP, 4.9%, 2/15/2045  | 425000 | &nbsp;&nbsp; 371725 |
| Rockies Express Pipeline LLC, 4.95%, 7/15/2029 (n) | 454000 | &nbsp;&nbsp; 453008 |
| Rockies Express Pipeline LLC, 7.5%, 7/15/2038 (n) | 119000 | &nbsp;&nbsp; 129460 |
| Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n) | 92000 | &nbsp;&nbsp; 95107 |
| Sunoco LP, 6.625%, 8/15/2032 (n) | 532000 | &nbsp;&nbsp; 546798 |
| Targa Resources Corp., 4.2%, 2/01/2033  | 220000 | &nbsp;&nbsp; 210619 |
| Targa Resources Corp., 4.95%, 4/15/2052  | 551000 | &nbsp;&nbsp; 470958 |
| Targa Resources Corp., 6.25%, 7/01/2052  | 200000 | &nbsp;&nbsp; 200812 |
| Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n) | 140000 | &nbsp;&nbsp; 141738 |
| Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n) | 264000 | &nbsp;&nbsp; 240233 |
| Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + 5.44%) to 3/30/2173 (n) | 326000 | &nbsp;&nbsp; 257452 |
| Venture Global Plaquemines LNG LLC, 6.5%, 1/15/2034 (n) | 101000 | &nbsp;&nbsp; 103448 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/2036 (n) | 90000 | &nbsp;&nbsp; 92186 |
|  |  | &nbsp;&nbsp; $6201255 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Municipals – 0.6% | Municipals – 0.6% | Municipals – 0.6% |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B", 2.746%, 6/01/2034  | $225000 | &nbsp;&nbsp; $200062 |
| Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, "A", 6.352%, 7/01/2049  | 290000 | &nbsp;&nbsp; 299959 |
| National Finance Authority, NH, Utility Refunding Rev., Taxable (Wheeling Power Co. Project), "A", 6.89%, 4/01/2034  | 285000 | &nbsp;&nbsp; 301164 |
|  |  | &nbsp;&nbsp; $801185 |
| Natural Gas - Distribution – 0.6% | Natural Gas - Distribution – 0.6% | Natural Gas - Distribution – 0.6% |
| Boston Gas Co., 5.843%, 1/10/2035 (n) | $540000 | &nbsp;&nbsp; $569119 |
| Sempra, 6.875% to 10/01/2029, FLR (CMT - 5yr. + 2.789%) to 10/01/2054  | 227000 | &nbsp;&nbsp; 233534 |
|  |  | &nbsp;&nbsp; $802653 |
| Network & Telecom – 0.5% | Network & Telecom – 0.5% | Network & Telecom – 0.5% |
| NTT Finance Corp., 5.171%, 7/16/2032 (n) | $463000 | &nbsp;&nbsp; $475053 |
| NTT Finance Corp., 5.502%, 7/16/2035 (n) | 200000 | &nbsp;&nbsp; 207088 |
|  |  | &nbsp;&nbsp; $682141 |
| Oils – 0.9% | Oils – 0.9% | Oils – 0.9% |
| Marathon Petroleum Corp., 5.7%, 3/01/2035  | $373000 | &nbsp;&nbsp; $383831 |
| MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031  | 449460 | &nbsp;&nbsp; 394159 |
| Raizen Fuels Finance S.A., 6.25%, 7/08/2032 (n) | 491000 | &nbsp;&nbsp; 412440 |
|  |  | &nbsp;&nbsp; $1190430 |
| Other Banks & Diversified Financials – 3.1% | Other Banks & Diversified Financials – 3.1% | Other Banks & Diversified Financials – 3.1% |
| AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n) | $578000 | &nbsp;&nbsp; $613816 |
| AIB Group PLC, 5.871% to 3/28/2034, FLR (SOFR - 1 day + 1.91%) to 3/28/2035 (n) | 200000 | &nbsp;&nbsp; 211070 |
| BBVA Bancomer S.A. (Texas), 8.125%, 1/08/2039 (n) | 332000 | &nbsp;&nbsp; 359170 |
| BPCE S.A., 5.716% to 1/18/2029, FLR (CMT - 1yr. + 1.959%) to 1/18/2030 (n) | 406000 | &nbsp;&nbsp; 420319 |
| CaixaBank S.A., 5.673% to 3/15/2029, FLR (SOFR - 1 day + 1.78%) to 3/15/2030 (n) | 200000 | &nbsp;&nbsp; 207605 |
| CaixaBank S.A., 6.84% to 9/13/2033, FLR (SOFR - 1 day + 2.77%) to 9/13/2034 (n) | 610000 | &nbsp;&nbsp; 680318 |
| M&T Bank Corp., 7.413% to 10/30/2028, FLR (SOFR - 1 day + 2.80%) to 10/30/2029  | 153000 | &nbsp;&nbsp; 165992 |
| M&T Bank Corp., 5.053% to 1/27/2033, FLR (SOFR - 1 day + 1.850%) to 1/27/2034  | 267000 | &nbsp;&nbsp; 268701 |
| Macquarie Bank Ltd., 5.642% to 8/13/2035, FLR (CMT - 1yr. + 1.45%) to 8/13/2036 (n) | 399000 | &nbsp;&nbsp; 404411 |
| Manufacturers and Traders Trust Co., 4.7%, 1/27/2028  | 265000 | &nbsp;&nbsp; 268493 |
| Truist Financial Corp., 7.161% to 10/30/2028, FLR (SOFR - 1 day + 2.446%) to 10/30/2029  | 388000 | &nbsp;&nbsp; 418565 |
|  |  | &nbsp;&nbsp; $4018460 |
| Pharmaceuticals – 1.4% | Pharmaceuticals – 1.4% | Pharmaceuticals – 1.4% |
| AbbVie, Inc., 5.35%, 3/15/2044  | $468000 | &nbsp;&nbsp; $462487 |
| AbbVie, Inc., 5.4%, 3/15/2054  | 271000 | &nbsp;&nbsp; 263459 |
| Eli Lilly & Co., 5.5%, 2/12/2055  | 181000 | &nbsp;&nbsp; 181154 |
| Merck & Co. Inc., 4.75%, 12/04/2035  | 471000 | &nbsp;&nbsp; 469239 |
| Pfizer Investment Enterprises Pte. Ltd., 5.3%, 5/19/2053  | 285000 | &nbsp;&nbsp; 269860 |
| Pfizer, Inc., 2.55%, 5/28/2040  | 188000 | &nbsp;&nbsp; 138012 |
|  |  | &nbsp;&nbsp; $1784211 |
| Pollution Control – 0.2% | Pollution Control – 0.2% | Pollution Control – 0.2% |
| GFL Environmental, Inc., 3.5%, 9/01/2028 (n) | $222000 | &nbsp;&nbsp; $218302 |
| Precious Metals & Minerals – 0.7% | Precious Metals & Minerals – 0.7% | Precious Metals & Minerals – 0.7% |
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | $437000 | &nbsp;&nbsp; $434577 |
| Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n) | 496000 | &nbsp;&nbsp; 525033 |
|  |  | &nbsp;&nbsp; $959610 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| 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; $463968 |
| Burlington Northern Sante Fe LLC, 5.5%, 3/15/2055  | 192000 | &nbsp;&nbsp; 188810 |
| Canadian Pacific Railway Co., 3.1%, 12/02/2051  | 649000 | &nbsp;&nbsp; 430552 |
|  |  | &nbsp;&nbsp; $1083330 |
| 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; $172517 |
| American Homes 4 Rent LP, REIT, 5.25%, 3/15/2035  | 637000 | &nbsp;&nbsp; 646093 |
| American Homes 4 Rent LP, REIT, 4.3%, 4/15/2052  | 171000 | &nbsp;&nbsp; 135844 |
|  |  | &nbsp;&nbsp; $954454 |
| Real Estate - Office – 1.4% | Real Estate - Office – 1.4% | Real Estate - Office – 1.4% |
| Boston Properties LP, REIT, 2.75%, 10/01/2026  | $300000 | &nbsp;&nbsp; $296867 |
| COPT Defense Properties, 4.5%, 10/15/2030  | 153000 | &nbsp;&nbsp; 152257 |
| Corporate Office Property LP, REIT, 2%, 1/15/2029  | 286000 | &nbsp;&nbsp; 267111 |
| Corporate Office Property LP, REIT, 2.75%, 4/15/2031  | 365000 | &nbsp;&nbsp; 332930 |
| Cousins Properties, Inc., REIT, 5.875%, 10/01/2034  | 232000 | &nbsp;&nbsp; 242208 |
| Highwoods Realty LP, 5.35%, 1/15/2033  | 526000 | &nbsp;&nbsp; 525606 |
|  |  | &nbsp;&nbsp; $1816979 |
| Real Estate - Other – 0.6% | Real Estate - Other – 0.6% | Real Estate - Other – 0.6% |
| Lexington Realty Trust Co., 2.375%, 10/01/2031  | $423000 | &nbsp;&nbsp; $369770 |
| Prologis LP, REIT, 5.125%, 1/15/2034  | 420000 | &nbsp;&nbsp; 431156 |
|  |  | &nbsp;&nbsp; $800926 |
| Real Estate - Retail – 0.8% | Real Estate - Retail – 0.8% | Real Estate - Retail – 0.8% |
| NNN REIT, Inc., 5.6%, 10/15/2033  | $303000 | &nbsp;&nbsp; $316474 |
| STORE Capital Corp., REIT, 4.625%, 3/15/2029  | 233000 | &nbsp;&nbsp; 232141 |
| STORE Capital Corp., REIT, 2.7%, 12/01/2031  | 591000 | &nbsp;&nbsp; 521941 |
|  |  | &nbsp;&nbsp; $1070556 |
| Retailers – 0.9% | Retailers – 0.9% | Retailers – 0.9% |
| Alimentation Couche-Tard, Inc., 3.8%, 1/25/2050 (n) | $360000 | &nbsp;&nbsp; $268511 |
| Amazon.com, Inc., 3.6%, 4/13/2032  | 381000 | &nbsp;&nbsp; 369413 |
| Home Depot, Inc., 4.85%, 6/25/2031  | 137000 | &nbsp;&nbsp; 141664 |
| Home Depot, Inc., 3.3%, 4/15/2040  | 416000 | &nbsp;&nbsp; 339706 |
| Home Depot, Inc., 3.9%, 6/15/2047  | 83000 | &nbsp;&nbsp; 66000 |
|  |  | &nbsp;&nbsp; $1185294 |
| Specialty Stores – 0.2% | Specialty Stores – 0.2% | Specialty Stores – 0.2% |
| DICK'S Sporting Goods, 4.1%, 1/15/2052  | $365000 | &nbsp;&nbsp; $266690 |
| Supermarkets – 0.2% | Supermarkets – 0.2% | Supermarkets – 0.2% |
| Kroger Co., 5.5%, 9/15/2054  | $272000 | &nbsp;&nbsp; $259026 |
| Telecommunications - Wireless – 2.2% | Telecommunications - Wireless – 2.2% | Telecommunications - Wireless – 2.2% |
| American Tower Corp., 5.2%, 2/15/2029  | $359000 | &nbsp;&nbsp; $369468 |
| American Tower Corp., 5.45%, 2/15/2034  | 292000 | &nbsp;&nbsp; 303300 |
| American Tower Corp., 3.7%, 10/15/2049  | 190000 | &nbsp;&nbsp; 141073 |
| Cellnex Finance Co. S.A., 3.875%, 7/07/2041 (n) | 565000 | &nbsp;&nbsp; 448205 |
| Crown Castle, Inc., REIT, 4.45%, 2/15/2026  | 238000 | &nbsp;&nbsp; 237956 |
| Rogers Communications, Inc., 4.5%, 3/15/2042  | 288000 | &nbsp;&nbsp; 246163 |
| Rogers Communications, Inc., 4.55%, 3/15/2052  | 63000 | &nbsp;&nbsp; 50134 |
| T-Mobile USA, Inc., 5.05%, 7/15/2033  | 204000 | &nbsp;&nbsp; 208172 |
| T-Mobile USA, Inc., 3%, 2/15/2041  | 553000 | &nbsp;&nbsp; 412067 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Telecommunications - Wireless – continued | Telecommunications - Wireless – continued | Telecommunications - Wireless – continued |
| Vodafone Group PLC, 5.625%, 2/10/2053  | $480000 | &nbsp;&nbsp; $459550 |
|  |  | &nbsp;&nbsp; $2876088 |
| Tobacco – 0.9% | Tobacco – 0.9% | Tobacco – 0.9% |
| B.A.T. Capital Corp., 6.343%, 8/02/2030  | $389000 | &nbsp;&nbsp; $420730 |
| Imperial Brands Finance PLC, 5.5%, 2/01/2030 (n) | 325000 | &nbsp;&nbsp; 336668 |
| Japan Tobacco, Inc., 5.25%, 6/15/2030 (n) | 442000 | &nbsp;&nbsp; 458594 |
|  |  | &nbsp;&nbsp; $1215992 |
| 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; $594824 |
| Element Fleet Management Corp., 5.037%, 3/25/2030 (n) | 326000 | &nbsp;&nbsp; 333177 |
|  |  | &nbsp;&nbsp; $928001 |
| U.S. Treasury Obligations – 1.9% | U.S. Treasury Obligations – 1.9% | U.S. Treasury Obligations – 1.9% |
| U.S. Treasury Bonds, 4.75%, 5/15/2055  | $127000 | &nbsp;&nbsp; $124797 |
| U.S. Treasury Bonds, 4.75%, 2/15/2045 (f) | 386000 | &nbsp;&nbsp; 384040 |
| U.S. Treasury Bonds, 5%, 5/15/2045  | 875000 | &nbsp;&nbsp; 898242 |
| U.S. Treasury Bonds, 4.875%, 8/15/2045  | 253000 | &nbsp;&nbsp; 255451 |
| U.S. Treasury Notes, 3.5%, 10/15/2028  | 367600 | &nbsp;&nbsp; 367227 |
| U.S. Treasury Notes, 4.625%, 11/15/2045  | 398000 | &nbsp;&nbsp; 388921 |
|  |  | &nbsp;&nbsp; $2418678 |
| Utilities - Electric Power – 8.6% | Utilities - Electric Power – 8.6% | Utilities - Electric Power – 8.6% |
| Adani Electricity Mumbai Ltd., 3.949%, 2/12/2030 (n) | $200000 | &nbsp;&nbsp; $186286 |
| Adani Electricity Mumbai Ltd., 3.867%, 7/22/2031 (n) | 200000 | &nbsp;&nbsp; 179843 |
| Adani Transmission Step-One Ltd., 4%, 8/03/2026  | 415000 | &nbsp;&nbsp; 411729 |
| Adani Transmission Step-One Ltd., 4.25%, 5/21/2036  | 140315 | &nbsp;&nbsp; 126261 |
| AEP Transmission Co. LLC, 5.375%, 6/15/2035  | 296000 | &nbsp;&nbsp; 305288 |
| AEP Transmission Co. LLC, 5.4%, 3/15/2053  | 216000 | &nbsp;&nbsp; 210014 |
| Algonquin Power & Utilities Corp., 5.365%, 6/15/2026  | 181000 | &nbsp;&nbsp; 181854 |
| American Transmission Systems, Inc., 2.65%, 1/15/2032 (n) | 181000 | &nbsp;&nbsp; 162862 |
| Berkshire Hathaway Energy Co., 5.15%, 11/15/2043  | 120000 | &nbsp;&nbsp; 115216 |
| Berkshire Hathaway Energy Co., 4.6%, 5/01/2053  | 100000 | &nbsp;&nbsp; 84197 |
| DTE Energy Co., 4.95%, 7/01/2027  | 373000 | &nbsp;&nbsp; 377912 |
| Duke Energy Carolinas LLC, 2.45%, 2/01/2030  | 460000 | &nbsp;&nbsp; 431371 |
| Duke Energy Florida LLC, 3.4%, 10/01/2046  | 158000 | &nbsp;&nbsp; 115255 |
| Duke Energy Florida LLC, 6.2%, 11/15/2053  | 272000 | &nbsp;&nbsp; 291009 |
| Enel Finance International N.V., 4.625%, 6/15/2027 (n) | 400000 | &nbsp;&nbsp; 402738 |
| Enel Finance International N.V., 7.75%, 10/14/2052 (n) | 296000 | &nbsp;&nbsp; 359548 |
| Eversource Energy, 4.45%, 12/15/2030  | 185000 | &nbsp;&nbsp; 183964 |
| Eversource Energy, 5.5%, 1/01/2034  | 373000 | &nbsp;&nbsp; 383365 |
| FirstEnergy Corp., 3.9%, 7/15/2027  | 262000 | &nbsp;&nbsp; 260955 |
| FirstEnergy Corp., 3.4%, 3/01/2050  | 533000 | &nbsp;&nbsp; 367622 |
| Florida Power & Light Co., 2.45%, 2/03/2032  | 204000 | &nbsp;&nbsp; 184089 |
| Florida Power & Light Co., 3.95%, 3/01/2048  | 287000 | &nbsp;&nbsp; 229320 |
| Georgia Power Co., 4.7%, 5/15/2032  | 139000 | &nbsp;&nbsp; 140891 |
| Georgia Power Co., 4.95%, 5/17/2033  | 130000 | &nbsp;&nbsp; 132543 |
| Georgia Power Co., 5.125%, 5/15/2052  | 362000 | &nbsp;&nbsp; 337684 |
| Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 645000 | &nbsp;&nbsp; 579382 |
| MidAmerican Energy Co., 5.85%, 9/15/2054  | 470000 | &nbsp;&nbsp; 483492 |
| Northern States Power Co. of Minnesota, 5.05%, 5/15/2035  | 474000 | &nbsp;&nbsp; 482955 |
| Oncor Electric Delivery Co. LLC, 5.35%, 4/01/2035 (n) | 312000 | &nbsp;&nbsp; 321661 |
| Pacific Gas & Electric Co., 5.45%, 6/15/2027  | 192000 | &nbsp;&nbsp; 195194 |
| Pacific Gas & Electric Co., 2.5%, 2/01/2031  | 302000 | &nbsp;&nbsp; 271788 |
| Pacific Gas & Electric Co., 4%, 12/01/2046  | 264000 | &nbsp;&nbsp; 197737 |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Utilities - Electric Power – continued | Utilities - Electric Power – continued | Utilities - Electric Power – continued |
| PPL Electric Utilities Corp., 4.85%, 2/15/2034  | $367000 | &nbsp;&nbsp; $370880 |
| PSEG Power LLC, 5.2%, 5/15/2030 (n) | 383000 | &nbsp;&nbsp; 391705 |
| PSEG Power LLC, 5.75%, 5/15/2035 (n) | 301000 | &nbsp;&nbsp; 312398 |
| Public Service Electric & Gas Co., 5.5%, 3/01/2055  | 231000 | &nbsp;&nbsp; 226513 |
| Southern California Edison Co., 4.5%, 9/01/2040  | 130000 | &nbsp;&nbsp; 113682 |
| Xcel Energy, Inc., 5.5%, 3/15/2034  | 528000 | &nbsp;&nbsp; 544432 |
| Xcel Energy, Inc., 5.6%, 4/15/2035  | 65000 | &nbsp;&nbsp; 67312 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 118000 | &nbsp;&nbsp; 120904 |
| XPLR Infrastructure Operating Partners LP, 8.375%, 1/15/2031 (n) | 274000 | &nbsp;&nbsp; 287599 |
| XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/2033 (n) | 59000 | &nbsp;&nbsp; 62069 |
|  |  | &nbsp;&nbsp; $11191519 |
| Utilities - Gas – 0.9% | Utilities - Gas – 0.9% | Utilities - Gas – 0.9% |
| APA Infrastructure Ltd., 5%, 3/23/2035 (n) | $251000 | &nbsp;&nbsp; $250006 |
| APA Infrastructure Ltd., 5.75%, 9/16/2044 (n) | 431000 | &nbsp;&nbsp; 428149 |
| Spire, Inc., 6.25%, 6/01/2056  | 550000 | &nbsp;&nbsp; 547265 |
|  |  | &nbsp;&nbsp; $1225420 |
| **Total Bonds (Identified Cost, $126,572,346)** |  | &nbsp;&nbsp; **$126610099** |
| Mutual Funds (h) – 1.4% | Mutual Funds (h) – 1.4% | Mutual Funds (h) – 1.4% |
| Money Market Funds – 1.4% | Money Market Funds – 1.4% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v) (Identified Cost, $1,764,161) | 1763854 | &nbsp;&nbsp; $1764207 |
| Other Assets, Less Liabilities – 1.1% |  | &nbsp;&nbsp; 1451369 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$129825675** |

---

&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 $1,764,207 and $126,610,099, 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 $50,033,739, representing 38.5% 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: |
| 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>|
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

------

MFS Corporate Bond Portfolio

*Portfolio of Investments – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** | **Derivative Contracts at 12/31/25** |
| **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 5 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; $655828 | March – 2026 | &nbsp;&nbsp;&nbsp; $3682 |
| U.S. Treasury Ultra Note 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 805109 | March – 2026 | &nbsp;&nbsp;&nbsp; 6946 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $10628 |
| **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 Bond 30 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; $3814594 | March – 2026 | &nbsp;&nbsp;&nbsp; $(56845)<br>|
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 4384570 | March – 2026 | &nbsp;&nbsp;&nbsp; (3231)<br>|
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 2006000 | March – 2026 | &nbsp;&nbsp;&nbsp; (47877)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(107953)<br>|

---

At December 31, 2025, the fund had liquid securities collateral with an aggregate value of $242,760 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**

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

---

| | |
|:---|:---|
| **At 12/31/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $126,572,346) | &nbsp;&nbsp; $126610099 |
| Investments in affiliated issuers, at value (identified cost, $1,764,161) | &nbsp;&nbsp; 1764207 |
| Cash | &nbsp;&nbsp; 2996 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 3 |
| Interest | &nbsp;&nbsp; 1695441 |
| Receivable from investment adviser | &nbsp;&nbsp; 9573 |
| Other assets | &nbsp;&nbsp; 776 |
| Total assets | &nbsp;&nbsp; $130083095 |
| **Liabilities** |  |
| Payables for |  |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; $13007 |
| Fund shares reacquired | &nbsp;&nbsp; 178547 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 146 |
| Shareholder servicing costs | &nbsp;&nbsp; 34 |
| Distribution and/or service fees | &nbsp;&nbsp; 1394 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 11 |
| Payable for audit and tax fees | &nbsp;&nbsp; 42643 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 21638 |
| Total liabilities | &nbsp;&nbsp; $257420 |
| Net assets | &nbsp;&nbsp; $129825675 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $150339337 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (20513662)<br>|
| Net assets | &nbsp;&nbsp; $129825675 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 13644625 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $28452474 | &nbsp;&nbsp;&nbsp; 2951513 | &nbsp;&nbsp;&nbsp; $9.64 |
| Service Class | &nbsp;&nbsp;&nbsp; 101373201 | &nbsp;&nbsp;&nbsp; 10693112 | &nbsp;&nbsp;&nbsp;&nbsp;9.48 |

---

**See Notes to Financial Statements**

------

MFS Corporate Bond Portfolio

**Financial Statements** \| **Statement of Operations** 

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.

---

| | |
|:---|:---|
| **Year ended 12/31/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $6949242 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 89400 |
| Other | &nbsp;&nbsp; 691 |
| Total investment income | &nbsp;&nbsp; $7039333 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $800388 |
| Distribution and/or service fees | &nbsp;&nbsp; 254417 |
| Shareholder servicing costs | &nbsp;&nbsp; 6127 |
| Administrative services fee | &nbsp;&nbsp; 28212 |
| Independent Trustees' compensation | &nbsp;&nbsp; 4748 |
| Custodian fee | &nbsp;&nbsp; 26680 |
| Shareholder communications | &nbsp;&nbsp; 11741 |
| Audit and tax fees | &nbsp;&nbsp; 79793 |
| Legal fees | &nbsp;&nbsp; 1420 |
| Miscellaneous | &nbsp;&nbsp; 39660 |
| Total expenses | &nbsp;&nbsp; $1253186 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (157100)<br>|
| Net expenses | &nbsp;&nbsp; $1096086 |
| Net investment income (loss) | &nbsp;&nbsp; $5943247 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(1315931)<br>|
| Affiliated issuers | &nbsp;&nbsp; (613)<br>|
| Futures contracts | &nbsp;&nbsp; 72889 |
| Net realized gain (loss)  | &nbsp;&nbsp; $(1243655)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $4852446 |
| Affiliated issuers | &nbsp;&nbsp; (126)<br>|
| Futures contracts | &nbsp;&nbsp; (101741)<br>|
| Net unrealized gain (loss) | &nbsp;&nbsp; $4750579 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $3506924 |
| Change in net assets from operations | &nbsp;&nbsp; $9450171 |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $5943247 | &nbsp;&nbsp; $6068964 |
| Net realized gain (loss) | (1243655)<br>| &nbsp;&nbsp; (2540432)<br>|
| Net unrealized gain (loss) | 4750579 | &nbsp;&nbsp; 319426 |
| Change in net assets from operations | $9450171 | &nbsp;&nbsp; $3847958 |
| Total distributions to shareholders | $(6211014)<br>| &nbsp;&nbsp; $(5285437)<br>|
| Change in net assets from fund share transactions | $(10843242)<br>| &nbsp;&nbsp; $49433 |
| Total change in net assets | $(7604085)<br>| &nbsp;&nbsp; $(1388046)<br>|
| **Net assets** |  |  |
| At beginning of period | 137429760 | &nbsp;&nbsp; 138817806 |
| At end of period | $129825675 | &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 past 5 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**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $9.42 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $12.71 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.45 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $0.38 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.31 |
| Net realized and unrealized gain (loss) | 0.25 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (0.49)<br>|
| Total from investment operations | $0.70 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.80 | &nbsp;&nbsp; $(1.92)<br>| &nbsp;&nbsp; $(0.18)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.48)<br>| &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(0.36)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.24)<br>|
| Total distributions declared to shareholders | $(0.48)<br>| &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $(0.93)<br>| &nbsp;&nbsp; $(0.60)<br>|
| Net asset value, end of period (x) | $9.64 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp; $11.93 |
| Total return (%) (k)(r)(s)(x) | 7.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp; (16.36)<br>| &nbsp;&nbsp; (1.40)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Expenses after expense reductions | 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) | 4.65 | &nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 |
| Portfolio turnover rate | 39 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 55 |
| Net assets at end of period (000 omitted) | $28452 | &nbsp;&nbsp; $35373 | &nbsp;&nbsp; $38486 | &nbsp;&nbsp; $39066 | &nbsp;&nbsp; $53206 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | $9.27 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $11.76 | &nbsp;&nbsp; $12.54 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.42 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.27 |
| Net realized and unrealized gain (loss) | 0.25 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp; (0.48)<br>|
| Total from investment operations | $0.67 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.77 | &nbsp;&nbsp; $(1.92)<br>| &nbsp;&nbsp; $(0.21)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.46)<br>| &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.33)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.24)<br>|
| Total distributions declared to shareholders | $(0.46)<br>| &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.90)<br>| &nbsp;&nbsp; $(0.57)<br>|
| Net asset value, end of period (x) | $9.48 | &nbsp;&nbsp; $9.27 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $11.76 |
| Total return (%) (k)(r)(s)(x) | 7.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;8.89 | &nbsp;&nbsp; (16.62)<br>| &nbsp;&nbsp; (1.66)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Expenses after expense reductions | 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) | 4.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 |
| Portfolio turnover rate | 39 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 55 |
| Net assets at end of period (000 omitted) | $101373 | &nbsp;&nbsp; $102057 | &nbsp;&nbsp; $100332 | &nbsp;&nbsp; $94155 | &nbsp;&nbsp; $153580 |

---

**See Notes to Financial Statements**

------

MFS Corporate Bond Portfolio

*Financial Highlights - continued*

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

&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;(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**

**(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.

**Segment Reporting** — 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 - 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 December 31, 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>| $— | $2418678 | $— | $2418678 |
| Non - U.S. Sovereign Debt |  | 3791365 |  | 3791365 |
| Municipal Bonds |  | 801185 |  | 801185 |
| U.S. Corporate Bonds |  | 80332366 |  | 80332366 |
| Residential Mortgage-Backed Securities |  | 1561171 |  | 1561171 |
| Commercial Mortgage-Backed Securities |  | 1436662 |  | 1436662 |
| Asset-Backed Securities (including CDOs) |  | 1582490 |  | 1582490 |
| Foreign Bonds |  | 34686182 |  | 34686182 |
| Investment Companies | 1764207 |  |  | 1764207 |
| Total | $1764207 | $126610099 | $— | $128374306 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Other Financial Instruments** |  |  |  |
| Futures Contracts – Assets | $10628 | $— | $10628 |
| Futures Contracts – Liabilities | (107953)<br>|  | (107953)<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. 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.

------

MFS Corporate Bond Portfolio

*Notes to Financial Statements - continued* 

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 December 31, 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 | $10628 | $(107953) |

---

(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 year ended December 31, 2025 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>|
| Interest Rate | $72889 |

---

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 year ended December 31, 2025 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>|
| Interest Rate | $(101741)<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, 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 Corporate Bond Portfolio

*Notes to Financial Statements - 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.

**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 and derivative transactions.

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

------

MFS Corporate Bond Portfolio

*Notes to Financial Statements - continued* 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/25**<br>| &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $6211014 | &nbsp;&nbsp; $5285437 |

---

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

---

| | |
|:---|:---|
| **As of 12/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $128445679 |
| Gross appreciation | &nbsp;&nbsp; 3137168 |
| Gross depreciation | &nbsp;&nbsp; (3305866)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(168698)<br>|
| Undistributed ordinary income | &nbsp;&nbsp; 6007966 |
| Capital loss carryforwards | &nbsp;&nbsp; (26352930)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $(20513662)<br>|

---

As of December 31, 2025, 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 | $(5599777)<br>|
| Long-Term | (20753153)<br>|
| Total | $(26352930)<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:

---

| | | |
|:---|:---|:---|
|  | **Year** <br>**ended** <br>**12/31/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $1437564 | &nbsp;&nbsp; $1430511 |
| Service Class | 4773450 | &nbsp;&nbsp; 3854926 |
| Total | $6211014 | &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:

---

| | |
|:---|:---|
| 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, 2027. For the year ended December 31, 2025, this management fee reduction amounted to $18,481, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended December 31, 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

------

MFS Corporate Bond Portfolio

*Notes to Financial Statements - continued* 

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 year ended December 31, 2025, this reduction amounted to $138,619, 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 year ended December 31, 2025, the fee was $5,688, which equated to 0.0043% 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 year ended December 31, 2025, these costs amounted to $439.

**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 year ended December 31, 2025 was equivalent to an annual effective rate of 0.0211% 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 year ended December 31, 2025, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $4895429 | &nbsp;&nbsp; $7175112 |
| Non-U.S. Government securities | 46398533 | &nbsp;&nbsp; 54103148 |

---

**(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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 356199 | &nbsp;&nbsp; $3442985 | &nbsp;&nbsp; 167696 | &nbsp;&nbsp; $1589569 |
| Service Class | 1014719 | &nbsp;&nbsp; 9601208 | &nbsp;&nbsp; 1710347 | &nbsp;&nbsp; 15991325 |
|  | 1370918 | &nbsp;&nbsp; $13044193 | &nbsp;&nbsp; 1878043 | &nbsp;&nbsp; $17580894 |

---

------

MFS Corporate Bond Portfolio

*Notes to Financial Statements - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended**<br> **12/31/25** | **Year ended**<br> **12/31/25** | **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 | 153095 | &nbsp;&nbsp; $1437564 | &nbsp;&nbsp; 149792 | &nbsp;&nbsp; $1430511 |
| Service Class | 516607 | &nbsp;&nbsp; 4773450 | &nbsp;&nbsp; 409663 | &nbsp;&nbsp; 3854926 |
|  | 669702 | &nbsp;&nbsp; $6211014 | &nbsp;&nbsp; 559455 | &nbsp;&nbsp; $5285437 |
| Shares reacquired |  |  |  |  |
| Initial Class | (1313759)<br>| &nbsp;&nbsp; $(12628069)<br>| &nbsp;&nbsp; (607012)<br>| &nbsp;&nbsp; $(5777487)<br>|
| Service Class | (1848769)<br>| &nbsp;&nbsp; (17470380)<br>| &nbsp;&nbsp; (1816513)<br>| &nbsp;&nbsp; (17039411)<br>|
|  | (3162528)<br>| &nbsp;&nbsp; $(30098449)<br>| &nbsp;&nbsp; (2423525)<br>| &nbsp;&nbsp; $(22816898)<br>|
| Net change |  |  |  |  |
| Initial Class | (804465)<br>| &nbsp;&nbsp; $(7747520)<br>| &nbsp;&nbsp; (289524)<br>| &nbsp;&nbsp; $(2757407)<br>|
| Service Class | (317443)<br>| &nbsp;&nbsp; (3095722)<br>| &nbsp;&nbsp; 303497 | &nbsp;&nbsp; 2806840 |
|  | (1121908)<br>| &nbsp;&nbsp; $(10843242)<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 year ended December 31, 2025, the fund's commitment fee and interest expense were $636 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. The following were affiliated issuers for the year ended December 31, 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; $40317452 | &nbsp;&nbsp; $41765871 | &nbsp;&nbsp; $(613)<br>| &nbsp;&nbsp; $(126)<br>| &nbsp;&nbsp; $1764207 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $89400 | $— |

---

------

MFS Corporate Bond Portfolio

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of MFS Variable Insurance Trust II and the Shareholders of MFS Corporate Bond Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Corporate Bond Portfolio (the "Fund"), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

MFS Corporate Bond Portfolio

Federal Tax Information (unaudited)

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

------

**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.**

------

MFS Corporate Bond Portfolio

**Board Review of Investment Advisory Agreement**

**MFS Corporate Bond Portfolio**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Initial Class shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Initial Class shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Initial Class shares was in the 2nd quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

------

MFS Corporate Bond Portfolio

*Board Review of Investment Advisory Agreement - continued*

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Initial Class shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was approximately at the Broadridge expense group median and the Fund's total expense ratio was higher than the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to a contractual breakpoint that reduces the Fund's advisory fee rate on average daily net assets over $1 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoint and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

#### &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: Attached hereto as [EX-99.COE](Code_of_Ethics.htm).

* 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](99.302.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](99.906.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: February 12, 2026

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: February 12, 2026

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: February 12, 2026

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

------

## 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: February 12, 2026

<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: February 12, 2026

<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.**

------

## Ex-99.Code

![Image is missing](gl7bc7du22hiov1jfzdj2.jpg)

<u>EX-99.COE</u>

**Code of Ethics for Principal Executive and Principal Financial Officers**

**Effective April 1, 2024**

**Policy Purpose and Summary**

Section 406 of the Sarbanes-Oxley Act requires that each MFS Fund registered under the Investment Company Act of 1940 disclose whether or not it has adopted a code of ethics for senior financial officers, applicable to its principal financial officer and principal accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Covered Officers/Purpose of the Code

This code of ethics (this "Code") has been adopted by the funds (collectively, "Funds" and each, "Fund") under supervision of the MFS Funds Board (the "Board") and applies to the Funds' Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

&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;•honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&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;•full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

&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;•compliance by the Funds with applicable laws and governmental rules and regulations;

&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;•the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Conduct Guidelines

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. In addition, each Covered Officer should not place his or her personal interests ahead of the Funds' interests and should endeavor to act honestly and ethically. In furtherance of the foregoing, each Covered Officer must:

&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;•not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting for any Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; 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;&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;•not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund.

The following activities, which could create the appearance of a conflict of interest, are permitted only with the approval of the Funds' Chief Legal Officer ("CLO"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•service as a director on the board of any "for profit" company other than the board of the Funds' investment adviser or its subsidiaries or board of a pooled investment vehicle sponsored by the Funds' investment adviser or its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•running for political office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the receipt of any Fund business-related gift or any entertainment from any company with which a Fund has current or prospective business dealings unless such gift or entertainment is permitted by the gifts and entertainment policy of the Funds' investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any material ownership interest in, or any consulting or employment relationship with, any Fund service providers (e.g., custodian banks, audit firms), other than the Funds' investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's employment or securities ownership.

**C.Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the Fund, including to the Fund's trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each Covered Officer should, to the extent appropriate within his or her area of Fund responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•it is the responsibility of each Covered Officer to promote compliance within his or her area of Fund responsibility with the standards and restrictions imposed by applicable laws, rules and regulations.

**D.Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he or she has received, read, and understands 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;&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;•annually thereafter affirm to the Board that he or she has complied with the requirements 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;•annually report to the CLO affiliations and relationships which are or may raise the appearance of a conflict of interest with the Covered Officer's duties to the Funds, as identified in the annual Trustee and Officer Questionnaire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not retaliate against any other Covered Officer or any officer or employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; 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;•notify the CLO promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CLO is responsible for applying this Code to specific situations in which questions are presented under it, granting waivers upon consultation with the Board or its designee, investigating violations, and has the authority to interpret this Code in any particular situation. The CLO will report requests for waivers to the Board (or a designee thereof) promptly upon receipt of a waiver request and will periodically report to the Board any approvals granted since the last report.

The CLO will take all appropriate action to investigate any potential violations reported to him or her and to report any violations to the Board. If the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer.

Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Confidentiality

All reports and records prepared or maintained pursuant to this Code and under the direction of the CLO will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Funds' Board, its counsel, counsel to the Board's independent trustees and senior management and the board of directors of the Fund's investment adviser and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

**II.Supervision**

The Board of Trustees of the Funds, including a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of the Funds, shall review no less frequently than annually, a report from the CLO regarding the affirmations of the principal executive officer and the principal financial officer as to compliance with this 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.Interpretation and Escalation**

Breaches of the Code are reviewed by the CLO and communicated to the Board of Trustees of the affected Fund(s). Interpretations of this Policy shall be made from time to time by the CLO, as needed, and questions regarding the application of this Policy to a specific set of facts are escalated to the CLO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Authority

Section 406 of the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.Monitoring**

Adherence to this policy is monitored by the CLO.

---

| | |
|:---|:---|
| VI. | **Related Policies** |
|  | This Code shall be the sole code of ethics adopted by the Funds for purposes of |
|  | Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to |
|  | registered investment companies thereunder. Insofar as other policies or procedures |
|  | of the Funds, the Funds' adviser, principal underwriter, or other service providers |
|  | govern or purport to govern the behavior or activities of the Covered Officers who |
|  | are subject to this Code, they are superseded by this Code to the extent that they |
|  | overlap or conflict with the provisions of this Code. The Funds' and their investment |
|  | adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and |
|  | any other codes or policies or procedures adopted by the Funds or their investment |
|  | adviser or other service providers are separate requirements and are not part of this |
|  | Code. |
| VII. | **Amendment** |
|  | Any amendments to this Code, other than amendments to Exhibit A, must be |
|  | approved or ratified by a majority vote of the Board, including a majority of |
|  | independent trustees. |
| VIII. | **Recordkeeping** |
|  | All required books, records and other documentation shall be retained in accordance |
|  | with MFS' related record retention policy. |

---

**Additional procedures may need to be implemented by departments to properly comply with this policy.**

**<u>Exhibit A</u>**

**<u>As of April 1, 2024</u>**

**Persons Covered by this Code of Ethics**

Funds' Principal Executive Officer: David L. DiLorenzo

Funds' Principal Financial Officer: Kasey L. Phillips

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## 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: February 12, 2026

<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: February 12, 2026

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

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