# EDGAR Filing Document

**Accession Number:** 0000719269
**File Stem:** 0001410368-26-050744
**Filing Date:** 2026-5
**Character Count:** 61336
**Document Hash:** 48afc207ada1007fbd5e00affa0c8324
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-050744.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001410368-26-050744

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**PERIOD START**: 20261231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03732
- **FILM NUMBER:** 261016330

**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 Emerging Markets Equity Portfolio (Series ID: S000002658)

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

## Nport-Ex

FCE-Q1

![](img4e610fd01.gif)

**Quarterly Report**

March 31, 2026

MFS<sup>®</sup> Emerging Markets <br>

Equity Portfolio

![](imgceeb8f282.gif)

MFS<sup>®</sup> Variable Insurance Trust II

------

**Portfolio of Investments**

3/31/26 (unaudited)

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 97.5%  | Common Stocks – 97.5%  | Common Stocks – 97.5%  |
| Alcoholic Beverages – 3.4% | Alcoholic Beverages – 3.4% |  |
| Ambev S.A., ADR (l) | 67654 | &nbsp;&nbsp;&nbsp; $197550 |
| China Resources Beer Holdings Co. Ltd. | 134500 | &nbsp;&nbsp;&nbsp; 443931 |
| Kweichow Moutai Co. Ltd., "A" | 3500 | &nbsp;&nbsp;&nbsp; 737349 |
|  |  | &nbsp;&nbsp;&nbsp; $1378830 |
| Apparel, Footwear, & Accessories – 0.5% | Apparel, Footwear, & Accessories – 0.5% |  |
| ANTA Sports Products Ltd.  | 20600 | &nbsp;&nbsp;&nbsp; $200810 |
| Auto & Auto Components – 1.9% | Auto & Auto Components – 1.9% |  |
| Mahindra & Mahindra Ltd. | 16286 | &nbsp;&nbsp;&nbsp; $526237 |
| Maruti Suzuki India Ltd. | 915 | &nbsp;&nbsp;&nbsp; 122401 |
| PT Astra International Tbk | 376300 | &nbsp;&nbsp;&nbsp; 140294 |
|  |  | &nbsp;&nbsp;&nbsp; $788932 |
| Business Services – 2.0% | Business Services – 2.0% |  |
| Infosys Ltd. | 37243 | &nbsp;&nbsp;&nbsp; $496557 |
| Tata Consultancy Services Ltd. | 12486 | &nbsp;&nbsp;&nbsp; 316097 |
|  |  | &nbsp;&nbsp;&nbsp; $812654 |
| Chemicals – 0.5% | Chemicals – 0.5% |  |
| UPL Ltd.  | 31509 | &nbsp;&nbsp;&nbsp; $190293 |
| Conglomerates – 1.3% | Conglomerates – 1.3% |  |
| KOC Holding A.S. | 60441 | &nbsp;&nbsp;&nbsp; $268611 |
| LG Corp. | 4916 | &nbsp;&nbsp;&nbsp; 268618 |
|  |  | &nbsp;&nbsp;&nbsp; $537229 |
| Construction – 2.5% | Construction – 2.5% |  |
| Anhui Conch Cement Co. Ltd. | 61500 | &nbsp;&nbsp;&nbsp; $167082 |
| Midea Group Co. Ltd., "A" | 49000 | &nbsp;&nbsp;&nbsp; 544340 |
| Techtronic Industries Co. Ltd. | 22500 | &nbsp;&nbsp;&nbsp; 299490 |
|  |  | &nbsp;&nbsp;&nbsp; $1010912 |
| Consumer Products – 0.9% | Consumer Products – 0.9% |  |
| Dabur India Ltd. | 32975 | &nbsp;&nbsp;&nbsp; $144120 |
| Hindustan Unilever Ltd. | 10125 | &nbsp;&nbsp;&nbsp; 223803 |
|  |  | &nbsp;&nbsp;&nbsp; $367923 |
| Consumer Services – 1.1% | Consumer Services – 1.1% |  |
| MakeMyTrip Ltd. (a) | 5779 | &nbsp;&nbsp;&nbsp; $215499 |
| Trip.com Group Ltd. (a) | 4700 | &nbsp;&nbsp;&nbsp; 232459 |
|  |  | &nbsp;&nbsp;&nbsp; $447958 |
| Diversified Financial Services – 1.6% | Diversified Financial Services – 1.6% |  |
| B3 S.A. - Brasil Bolsa Balcao | 166500 | &nbsp;&nbsp;&nbsp; $591446 |
| SM Investments Corp. | 6300 | &nbsp;&nbsp;&nbsp; 64296 |
|  |  | &nbsp;&nbsp;&nbsp; $655742 |
| Electrical Equipment – 1.3% | Electrical Equipment – 1.3% |  |
| WEG S.A.  | 53400 | &nbsp;&nbsp;&nbsp; $525871 |
| Energy - Independent – 4.2% | Energy - Independent – 4.2% |  |
| Bharat Petroleum Corp. Ltd. | 59220 | &nbsp;&nbsp;&nbsp; $181372 |
| Galp Energia SGPS S.A., "B" | 6864 | &nbsp;&nbsp;&nbsp; 166688 |
| Petroleo Brasileiro S.A., ADR | 11469 | &nbsp;&nbsp;&nbsp; 237982 |
| Petronet LNG Ltd. | 58570 | &nbsp;&nbsp;&nbsp; 159623 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued  | Common Stocks – continued  | Common Stocks – continued  |
| Energy - Independent – continued | Energy - Independent – continued |  |
| PT United Tractors Tbk | 172200 | &nbsp;&nbsp;&nbsp; $314620 |
| Reliance Industries Ltd. | 43312 | &nbsp;&nbsp;&nbsp; 627612 |
|  |  | &nbsp;&nbsp;&nbsp; $1687897 |
| Engineering - Construction – 1.5% | Engineering - Construction – 1.5% |  |
| Doosan Bobcat, Inc. | 3838 | &nbsp;&nbsp;&nbsp; $144646 |
| Samsung E&A Co. Ltd. | 20354 | &nbsp;&nbsp;&nbsp; 480118 |
|  |  | &nbsp;&nbsp;&nbsp; $624764 |
| Entertainment & Leisure – 6.7% | Entertainment & Leisure – 6.7% |  |
| NetEase, Inc., ADR | 3793 | &nbsp;&nbsp;&nbsp; $424589 |
| Tencent Holdings Ltd. | 36400 | &nbsp;&nbsp;&nbsp; 2298001 |
|  |  | &nbsp;&nbsp;&nbsp; $2722590 |
| Food & Beverages – 2.0% | Food & Beverages – 2.0% |  |
| Gruma S.A.B. de C.V. | 17440 | &nbsp;&nbsp;&nbsp; $319793 |
| Inner Mongolia Yili Industrial Group Co. Ltd., "A" | 61141 | &nbsp;&nbsp;&nbsp; 233664 |
| Kwality Walls (India) Ltd. (a) | 9739 | &nbsp;&nbsp;&nbsp; 2307 |
| Orion Corp. | 3142 | &nbsp;&nbsp;&nbsp; 264422 |
|  |  | &nbsp;&nbsp;&nbsp; $820186 |
| Food & Drug Stores – 2.2% | Food & Drug Stores – 2.2% |  |
| BIM Birlesik Magazalar A.S. | 21620 | &nbsp;&nbsp;&nbsp; $336717 |
| Walmart de Mexico S.A.B. de C.V. | 171742 | &nbsp;&nbsp;&nbsp; 557685 |
|  |  | &nbsp;&nbsp;&nbsp; $894402 |
| Global Systemically Important Banks – 1.8% | Global Systemically Important Banks – 1.8% |  |
| China Construction Bank Corp.  | 661670 | &nbsp;&nbsp;&nbsp; $718638 |
| Hardware, Peripherals, & Assembly – 12.2% | Hardware, Peripherals, & Assembly – 12.2% |  |
| EPAM Systems, Inc. (a) | 2701 | &nbsp;&nbsp;&nbsp; $365715 |
| Hon Hai Precision Industry Co. Ltd. | 163000 | &nbsp;&nbsp;&nbsp; 980734 |
| Lenovo Group Ltd. | 378000 | &nbsp;&nbsp;&nbsp; 449198 |
| Samsung Electronics Co. Ltd. | 25649 | &nbsp;&nbsp;&nbsp; 2881153 |
| Xiaomi Corp., "B" (a) | 63000 | &nbsp;&nbsp;&nbsp; 259177 |
|  |  | &nbsp;&nbsp;&nbsp; $4935977 |
| Insurance – 3.7% | Insurance – 3.7% |  |
| AIA Group Ltd. | 36800 | &nbsp;&nbsp;&nbsp; $413406 |
| Hyundai Marine & Fire Insurance Co. Ltd. (a) | 10553 | &nbsp;&nbsp;&nbsp; 213328 |
| Ping An Insurance Co. of China Ltd., "H" | 62500 | &nbsp;&nbsp;&nbsp; 487399 |
| Samsung Fire & Marine Insurance Co. Ltd. | 1330 | &nbsp;&nbsp;&nbsp; 385600 |
|  |  | &nbsp;&nbsp;&nbsp; $1499733 |
| Machinery & Tools – 1.7% | Machinery & Tools – 1.7% |  |
| Delta Electronics, Inc.  | 15000 | &nbsp;&nbsp;&nbsp; $667615 |
| Medical & Health Technology & Services – 0.7% | Medical & Health Technology & Services – 0.7% |  |
| Bumrungrad Hospital PCL | 22000 | &nbsp;&nbsp;&nbsp; $108732 |
| Hangzhou Tigermed Consulting Co. Ltd., "A" | 23400 | &nbsp;&nbsp;&nbsp; 183484 |
|  |  | &nbsp;&nbsp;&nbsp; $292216 |
| Metals & Mining – 2.7% | Metals & Mining – 2.7% |  |
| Gold Fields Ltd., ADR | 9440 | &nbsp;&nbsp;&nbsp; $428576 |
| Industries Qatar Q.P.S.C. | 74270 | &nbsp;&nbsp;&nbsp; 217037 |
| Vale S.A., ADR | 27915 | &nbsp;&nbsp;&nbsp; 444128 |
|  |  | &nbsp;&nbsp;&nbsp; $1089741 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued  | Common Stocks – continued  | Common Stocks – continued  |
| Natural Gas - Pipeline – 0.7% | Natural Gas - Pipeline – 0.7% |  |
| ADNOC Gas PLC  | 347589 | &nbsp;&nbsp;&nbsp; $302803 |
| Non-Global Systemically Important Banks – 13.0% | Non-Global Systemically Important Banks – 13.0% |  |
| Bandhan Bank Ltd. | 99659 | &nbsp;&nbsp;&nbsp; $150973 |
| Bangkok Bank Public Co. Ltd. | 59800 | &nbsp;&nbsp;&nbsp; 301901 |
| Bank Negara Indonesia PT | 693300 | &nbsp;&nbsp;&nbsp; 153391 |
| China Merchants Bank Co. Ltd. | 90000 | &nbsp;&nbsp;&nbsp; 571411 |
| Credicorp Ltd. | 602 | &nbsp;&nbsp;&nbsp; 204186 |
| Emirates NBD Bank PJSC | 19223 | &nbsp;&nbsp;&nbsp; 139987 |
| Grupo Financiero Banorte S.A. de C.V. | 17756 | &nbsp;&nbsp;&nbsp; 196928 |
| HDFC Bank Ltd. | 128647 | &nbsp;&nbsp;&nbsp; 1022920 |
| Kasikornbank PLC | 79000 | &nbsp;&nbsp;&nbsp; 457520 |
| Kotak Mahindra Bank Ltd. | 83661 | &nbsp;&nbsp;&nbsp; 319598 |
| National Bank of Greece S.A. | 15643 | &nbsp;&nbsp;&nbsp; 242453 |
| PT Bank Central Asia Tbk | 969200 | &nbsp;&nbsp;&nbsp; 367845 |
| Saudi Awwal Bank | 41697 | &nbsp;&nbsp;&nbsp; 414459 |
| Saudi National Bank | 40349 | &nbsp;&nbsp;&nbsp; 449660 |
| Saudi Tadawul Group Holding Co. | 4064 | &nbsp;&nbsp;&nbsp; 151401 |
| Sberbank of Russia PJSC (a)(u) | 286804 | &nbsp;&nbsp;&nbsp; 0 |
| State Bank of India | 10245 | &nbsp;&nbsp;&nbsp; 109185 |
|  |  | &nbsp;&nbsp;&nbsp; $5253818 |
| Oil Services – 0.7% | Oil Services – 0.7% |  |
| ADNOC Drilling Co. PJSC  | 198906 | &nbsp;&nbsp;&nbsp; $277244 |
| Pharmaceuticals & Biotechnology – 1.0% | Pharmaceuticals & Biotechnology – 1.0% |  |
| Hugel, Inc. (a) | 835 | &nbsp;&nbsp;&nbsp; $135424 |
| WuXi AppTec Co. Ltd., "A" | 17400 | &nbsp;&nbsp;&nbsp; 249298 |
|  |  | &nbsp;&nbsp;&nbsp; $384722 |
| Real Estate – 0.4% | Real Estate – 0.4% |  |
| Emaar Properties PJSC  | 51957 | &nbsp;&nbsp;&nbsp; $165491 |
| Retail & E-commerce – 5.4% | Retail & E-commerce – 5.4% |  |
| Alibaba Group Holding Ltd. | 72948 | &nbsp;&nbsp;&nbsp; $1148386 |
| Meituan, "B" (a) | 49600 | &nbsp;&nbsp;&nbsp; 539025 |
| PDD Holdings, Inc., ADR (a) | 4718 | &nbsp;&nbsp;&nbsp; 482085 |
|  |  | &nbsp;&nbsp;&nbsp; $2169496 |
| Semiconductor & Electronic Components – 14.8% | Semiconductor & Electronic Components – 14.8% |  |
| ASE Technology Holding Co. Ltd | 66000 | &nbsp;&nbsp;&nbsp; $724013 |
| Largan Precision Co. Ltd. | 4000 | &nbsp;&nbsp;&nbsp; 277918 |
| MediaTek, Inc. | 17000 | &nbsp;&nbsp;&nbsp; 823159 |
| SK hynix, Inc. | 511 | &nbsp;&nbsp;&nbsp; 277929 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 69235 | &nbsp;&nbsp;&nbsp; 3903153 |
|  |  | &nbsp;&nbsp;&nbsp; $6006172 |
| Software – 1.2% | Software – 1.2% |  |
| Kingsoft Corp. | 93600 | &nbsp;&nbsp;&nbsp; $271909 |
| Totvs S.A. | 33100 | &nbsp;&nbsp;&nbsp; 223272 |
|  |  | &nbsp;&nbsp;&nbsp; $495181 |
| Telecom Services – 1.1% | Telecom Services – 1.1% |  |
| Etihad Etisalat Co. | 16921 | &nbsp;&nbsp;&nbsp; $294447 |
| Hellenic Telecommunications Organization S.A. (a) | 8267 | &nbsp;&nbsp;&nbsp; 155944 |
|  |  | &nbsp;&nbsp;&nbsp; $450391 |
| Tobacco – 0.9% | Tobacco – 0.9% |  |
| ITC Ltd.  | 114828 | &nbsp;&nbsp;&nbsp; $353846 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued  | Common Stocks – continued  | Common Stocks – continued  |
| Travel, Gaming, & Lodging – 0.8% | Travel, Gaming, & Lodging – 0.8% |  |
| Sands China Ltd.  | 146000 | &nbsp;&nbsp;&nbsp; $310306 |
| Utilities – 1.1% | Utilities – 1.1% |  |
| China Resources Gas Group Ltd. | 70200 | &nbsp;&nbsp;&nbsp; $171228 |
| NTPC Ltd. | 71992 | &nbsp;&nbsp;&nbsp; 287007 |
|  |  | &nbsp;&nbsp;&nbsp; $458235 |
| **Total Common Stocks**  |  | &nbsp;&nbsp; **$39498618** |
| Preferred Stocks – 0.7%  | Preferred Stocks – 0.7%  | Preferred Stocks – 0.7%  |
| Hardware, Peripherals, & Assembly – 0.7% |  |  |
| Samsung Electronics Co. Ltd.  | 3494 | &nbsp;&nbsp;&nbsp; $278198 |
| Mutual Funds (h) – 1.6%  | Mutual Funds (h) – 1.6%  | Mutual Funds (h) – 1.6%  |
| Money Market Funds – 1.6% | Money Market Funds – 1.6% |  |
| MFS Institutional Money Market Portfolio, 3.71% (v)  | 629447 | &nbsp;&nbsp;&nbsp; $629447 |
| Collateral for Securities Loaned – 0.4%  | Collateral for Securities Loaned – 0.4%  | Collateral for Securities Loaned – 0.4%  |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.6% (j)  | 181800 | &nbsp;&nbsp;&nbsp; $181800 |
| Other Assets, Less Liabilities – (0.2)% |  | &nbsp;&nbsp;&nbsp; (63976)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$40524087** |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $629,447 and $39,958,616, 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.

&nbsp;&nbsp;&nbsp;&nbsp;(u) The security was valued using significant unobservable inputs and is considered level
 3 under the fair value hierarchy.

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

The following abbreviations are used in this report and are defined: <br> ADR American Depositary Receipt

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

------

**Supplemental Information**

3/31/26 (unaudited)

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.

**(1) 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 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

------

*Supplemental Information (unaudited) – continued*

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 March 31, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp;&nbsp; $906674 | &nbsp;&nbsp;&nbsp; $9906789 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $10813463 |
| &nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7376592 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7376592 |
| &nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp;&nbsp; 217806 | &nbsp;&nbsp;&nbsp; 5231644 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5449450 |
| &nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5329436 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5329436 |
| &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp;&nbsp; 2220249 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2220249 |
| &nbsp;&nbsp;&nbsp; Saudi Arabia | &nbsp;&nbsp;&nbsp; 1309967 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1309967 |
| &nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp;&nbsp; 1074406 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1074406 |
| &nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1023202 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1023202 |
| &nbsp;&nbsp;&nbsp; Indonesia | &nbsp;&nbsp;&nbsp; 835856 | &nbsp;&nbsp;&nbsp; 140294 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 976150 |
| &nbsp;&nbsp;&nbsp; Other Countries | &nbsp;&nbsp;&nbsp; 2945487 | &nbsp;&nbsp;&nbsp; 1258414 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4203901 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 811247 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 811247 |
| Total | &nbsp;&nbsp;&nbsp; $10321692 | &nbsp;&nbsp;&nbsp; $30266371 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $40588063 |

---

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

At March 31, 2026, the fund held one level 3 security valued at $0, which was also held and valued at $0 at December 31, 2025.

**(2) 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 period ended March 31, 2026:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $419889 | &nbsp;&nbsp; $3826063 | &nbsp;&nbsp; $3616349 | &nbsp;&nbsp; $(98)<br>| &nbsp;&nbsp; $(58)<br>| &nbsp;&nbsp; $629447<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $7832 | &nbsp;&nbsp; $— |

---

**(3) Issuer Country Weightings**

Issuer country weighting percentages of portfolio holdings based on net assets, as of March 31, 2026, are as follows:

---

| | |
|:---|:---|
| China | 26.6% |
| Taiwan | 18.2% |
| India | 13.4% |
| South Korea | 13.1% |
| Brazil | 5.5% |
| Saudi Arabia | 3.2% |
| United States | 3.0% |
| Mexico | 2.6% |
| Hong Kong | 2.5% |
| Other Countries | 11.9% |

---

**(4) 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

------

*Supplemental Information (unaudited) – continued*

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.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** MFS VARIABLE INSURANCE TRUST II

- **b. Investment Company Act file number:** 811-03732

- **c. CIK number of Registrant:** 0000719269

- **d. LEI of Registrant:** LQOFLJQP174GQBC84T87

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 111 HUNTINGTON AVENUE

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

  - **Telephone number:** 617-954-5000

**Item A.2. Information about the Series.**

- **a. Name of Series:** MFS Emerging Markets Equity Portfolio

- **b. EDGAR series identifier (if any):** S000002658

- **c. LEI of Series:** 0ZF3BKK2HYOQKNENVD39

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $40852939.14

**Total Liabilities:** $334188.53

**Net Assets:** $40518750.61

**Cash Not Reported:** $296.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007285 | 6.23%                | 4.16%                | -9.73%               |
| Class ID C000007286 | 6.18%                | 4.13%                | -9.77%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $751636.35               | $1675975.57                                |
| Month 2  | $224352.16               | $1615457.62                                |
| Month 3  | $691258.85               | $-5268553.99                               |

### Schedule of Portfolio Investments

| Name                                        | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ambev SA                                    | Ambev SA                                    | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |     67654 | NS      | $197549.68    | 0.49%             |  |  |  | No            |                  1 | On Loan: —       |
| Gruma SAB de CV                             | Gruma SAB de CV                             | CUSIP: 000000000<br>LEI: 5493000XJLJ6C4T0PG82 | Long             | EC               | CORP              | MX        |     16980 | NS      | $311358.42    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV          | Grupo Financiero Banorte SAB de CV          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     17756 | NS      | $196927.84    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                            | EPAM Systems Inc                            | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |      2701 | NS      | $365715.40    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| WEG SA                                      | WEG SA                                      | CUSIP: 000000000<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |     53400 | NS      | $525871.21    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                             | Gold Fields Ltd                             | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      9440 | NS      | $428576.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hellenic Telecommunications Organization SA | Hellenic Telecommunications Organization SA | CUSIP: 000000000<br>LEI: ELPUFM0XZRZO4LFXW404 | Long             | EC               | CORP              | GR        |      8298 | NS      | $156529.12    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Institutional Money Market Portfolio    | MFS Institutional Money Market Portfolio    | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | EC               | RF                | US        |    627102 | NS      | $627101.89    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank PCL                            | Bangkok Bank PCL                            | CUSIP: 000000000<br>LEI: 549300CCL2BKJGMYXV60 | Long             | EC               | CORP              | TH        |     60000 | NS      | $302910.86    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Anhui Conch Cement Co Ltd                   | Anhui Conch Cement Co Ltd                   | CUSIP: 000000000<br>LEI: 300300JVKW56SSAEQZ33 | Long             | EC               | CORP              | CN        |     61500 | NS      | $167082.34    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                     | Reliance Industries Ltd                     | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |     43312 | NS      | $627612.25    | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharat Petroleum Corp Ltd                   | Bharat Petroleum Corp Ltd                   | CUSIP: 000000000<br>LEI: 8GRDBX1TJ0PU5NCSHT72 | Long             | EC               | CORP              | IN        |     59220 | NS      | $181371.71    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd                     | Mahindra & Mahindra Ltd                     | CUSIP: 000000000<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |     16286 | NS      | $526237.45    | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Fire & Marine Insurance Co Ltd      | Samsung Fire & Marine Insurance Co Ltd      | CUSIP: 000000000<br>LEI: 988400JMBDK47EW0Z936 | Long             | EC               | CORP              | KR        |      1335 | NS      | $387049.51    | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd                                 | Infosys Ltd                                 | CUSIP: 000000000<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     37243 | NS      | $496557.32    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Lenovo Group Ltd                            | Lenovo Group Ltd                            | CUSIP: 000000000<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | HK        |    380000 | NS      | $451574.55    | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| United Tractors Tbk PT                      | United Tractors Tbk PT                      | CUSIP: 000000000<br>LEI: 529900N9ELYOWQV4FW14 | Long             | EC               | CORP              | ID        |    172800 | NS      | $315716.26    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc                       | Delta Electronics Inc                       | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     15000 | NS      | $667615.47    | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Hindustan Unilever Ltd                      | Hindustan Unilever Ltd                      | CUSIP: 000000000<br>LEI: 5493007IW5N37IKRPM32 | Long             | EC               | CORP              | IN        |     10125 | NS      | $223802.94    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Dabur India Ltd                             | Dabur India Ltd                             | CUSIP: 000000000<br>LEI: 335800MJPUA2E1FSFL38 | Long             | EC               | CORP              | IN        |     32975 | NS      | $144119.80    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                                | MediaTek Inc                                | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     17000 | NS      | $823158.45    | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                 | NetEase Inc                                 | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |      3793 | NS      | $424588.42    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd           | Hon Hai Precision Industry Co Ltd           | CUSIP: 000000000<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |    164000 | NS      | $986750.86    | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| SK hynix Inc                                | SK hynix Inc                                | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |       513 | NS      | $279016.93    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Largan Precision Co Ltd                     | Largan Precision Co Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      4000 | NS      | $277918.29    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| China Resources Gas Group Ltd               | China Resources Gas Group Ltd               | CUSIP: 000000000<br>LEI: 529900A0E1J5JSOKEK83 | Long             | EC               | CORP              | BM        |     70500 | NS      | $171959.99    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| LG Corp                                     | LG Corp                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      4934 | NS      | $269602.02    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruti Suzuki India Ltd                     | Maruti Suzuki India Ltd                     | CUSIP: 000000000<br>LEI: 335800D27PBEESKKD357 | Long             | EC               | CORP              | IN        |       915 | NS      | $122401.09    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Industries Qatar QSC                        | Industries Qatar QSC                        | CUSIP: 000000000<br>LEI: 2763E5KI3B6J7HLSFX16 | Long             | EC               | CORP              | QA        |     74270 | NS      | $217037.30    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Negara Indonesia Persero Tbk PT        | Bank Negara Indonesia Persero Tbk PT        | CUSIP: 000000000<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | EC               | CORP              | ID        |    695900 | NS      | $153966.52    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung E&A Co Ltd                          | Samsung E&A Co Ltd                          | CUSIP: 000000000<br>LEI: 988400HDAY5KIVHGZ188 | Long             | EC               | CORP              | KR        |     20080 | NS      | $473654.77    | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                  | Samsung Electronics Co Ltd                  | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     25745 | NS      | $2891936.86   | 7.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                  | Samsung Electronics Co Ltd                  | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |      3507 | NS      | $279232.66    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Kasikornbank PCL                            | Kasikornbank PCL                            | CUSIP: 000000000<br>LEI: 5493004COSQ54937AW41 | Long             | EC               | CORP              | TH        |     79300 | NS      | $459257.13    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd   | Taiwan Semiconductor Manufacturing Co Ltd   | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     69235 | NS      | $3903153.38   | 9.63%             |  |  |  | No            |                  2 | On Loan: No      |
| China Resources Beer Holdings Co Ltd        | China Resources Beer Holdings Co Ltd        | CUSIP: 000000000<br>LEI: 254900OH02Y7OS7RNG48 | Long             | EC               | CORP              | HK        |    135000 | NS      | $445581.75    | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras          | Petroleo Brasileiro SA - Petrobras          | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |     11469 | NS      | $237981.75    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc                            | PDD Holdings Inc                            | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |      4718 | NS      | $482085.24    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                                     | Vale SA                                     | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     27915 | NS      | $444127.65    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan US Government Money Market Fund   | JP Morgan US Government Money Market Fund   | CUSIP: 4812C2270<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |    181800 | NS      | $181800.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| State Bank of India                         | State Bank of India                         | CUSIP: 000000000<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               | CORP              | IN        |     10245 | NS      | $109184.49    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Bandhan Bank Ltd                            | Bandhan Bank Ltd                            | CUSIP: 000000000<br>LEI: 335800Q13QAC32IOCH33 | Long             | EC               | CORP              | IN        |     99659 | NS      | $150973.27    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd               | ASE Technology Holding Co Ltd               | CUSIP: 000000000<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |     66000 | NS      | $724012.48    | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Greece SA                  | National Bank of Greece SA                  | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |     15702 | NS      | $243367.13    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                                     | Meituan                                     | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |     49800 | NS      | $541198.62    | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| ADNOC Drilling Co PJSC                      | ADNOC Drilling Co PJSC                      | CUSIP: 000000000<br>LEI: 254900JPRSQL1PM0JV19 | Long             | EC               | CORP              | AE        |    199653 | NS      | $278284.75    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Adnoc Gas PLC                               | Adnoc Gas PLC                               | CUSIP: 000000000<br>LEI: 254900O5NS03BDOOM362 | Long             | EC               | CORP              | AE        |    348894 | NS      | $303939.45    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Kwality Wall's India Ltd                    | Kwality Wall's India Ltd                    | CUSIP: 000000000<br>LEI: 3358004HTUS7E8UHI349 | Long             | EC               | CORP              | IN        |      9739 | NS      | $2307.20      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kotak Mahindra Bank Ltd                     | Kotak Mahindra Bank Ltd                     | CUSIP: 000000000<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |     83661 | NS      | $319598.17    | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Petronet LNG Ltd                            | Petronet LNG Ltd                            | CUSIP: 000000000<br>LEI: 335800KIIKNA7GRD9351 | Long             | EC               | CORP              | IN        |     58570 | NS      | $159623.00    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Bumrungrad Hospital PCL                     | Bumrungrad Hospital PCL                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |     22100 | NS      | $109226.80    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co Ltd                | Techtronic Industries Co Ltd                | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |     22500 | NS      | $299489.48    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                    | Bank Central Asia Tbk PT                    | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |    972800 | NS      | $369211.22    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd     | Ping An Insurance Group Co of China Ltd     | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |     62500 | NS      | $487398.81    | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Marine & Fire Insurance Co Ltd      | Hyundai Marine & Fire Insurance Co Ltd      | CUSIP: 000000000<br>LEI: 988400SYR92543UITC37 | Long             | EC               | CORP              | KR        |     10593 | NS      | $214136.85    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd               | Tata Consultancy Services Ltd               | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |     12486 | NS      | $316096.74    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                       | Emaar Properties PJSC                       | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |     52152 | NS      | $166111.78    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NTPC Ltd                                    | NTPC Ltd                                    | CUSIP: 000000000<br>LEI: 335800Q4TRGJXNLVMB81 | Long             | EC               | CORP              | IN        |     71992 | NS      | $287007.06    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| KOC Holding AS                              | KOC Holding AS                              | CUSIP: 000000000<br>LEI: 7890005U0H950VH19H45 | Long             | EC               | CORP              | TR        |     60668 | NS      | $269619.65    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| SM Investments Corp                         | SM Investments Corp                         | CUSIP: 000000000<br>LEI: 254900YB8UATFP21AF80 | Long             | EC               | CORP              | PH        |      6320 | NS      | $64500.41     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BIM Birlesik Magazalar AS                   | BIM Birlesik Magazalar AS                   | CUSIP: 000000000<br>LEI: 7890001GCDJQD8DJKE29 | Long             | EC               | CORP              | TR        |     21701 | NS      | $337979.21    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| ITC Ltd                                     | ITC Ltd                                     | CUSIP: 000000000<br>LEI: 335800WLOU3OFWFTMP43 | Long             | EC               | CORP              | IN        |    114828 | NS      | $353845.64    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| UPL Ltd                                     | UPL Ltd                                     | CUSIP: 000000000<br>LEI: 335800RJSM1SLHO4UA95 | Long             | EC               | CORP              | IN        |     31509 | NS      | $190293.47    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp                | China Construction Bank Corp                | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |    663670 | NS      | $720809.93    | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| TOTVS SA                                    | TOTVS SA                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     33100 | NS      | $223271.72    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Etihad Etisalat Co                          | Etihad Etisalat Co                          | CUSIP: 000000000<br>LEI: 2549007BA9ABDE3HVK79 | Long             | EC               | CORP              | SA        |     16985 | NS      | $295560.54    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Awwal Bank                            | Saudi Awwal Bank                            | CUSIP: 000000000<br>LEI: 558600TQS0WENZUC5190 | Long             | EC               | CORP              | SA        |     41854 | NS      | $416019.35    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co Ltd                 | China Merchants Bank Co Ltd                 | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |     90500 | NS      | $574585.19    | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Galp Energia SGPS SA                        | Galp Energia SGPS SA                        | CUSIP: 000000000<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |      6864 | NS      | $166688.21    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTA Sports Products Ltd                    | ANTA Sports Products Ltd                    | CUSIP: 000000000<br>LEI: 529900291XG0CTK4LF95 | Long             | EC               | CORP              | KY        |     20600 | NS      | $200810.43    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingsoft Corp Ltd                           | Kingsoft Corp Ltd                           | CUSIP: 000000000<br>LEI: 529900UVT35D3Q7YQY41 | Long             | EC               | CORP              | KY        |     94000 | NS      | $273071.15    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Emirates NBD Bank PJSC                      | Emirates NBD Bank PJSC                      | CUSIP: 000000000<br>LEI: 54930029BCN8HF3B1286 | Long             | EC               | CORP              | AE        |     19295 | NS      | $140511.60    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                               | AIA Group Ltd                               | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     37000 | NS      | $415652.42    | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia PJSC                     | Sberbank of Russia PJSC                     | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |    286804 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Sands China Ltd                             | Sands China Ltd                             | CUSIP: 000000000<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | KY        |    146400 | NS      | $311155.75    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Astra International Tbk PT                  | Astra International Tbk PT                  | CUSIP: 000000000<br>LEI: 529900L49TRJOMG4DK47 | Long             | EC               | CORP              | ID        |    377700 | NS      | $140815.46    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Hangzhou Tigermed Consulting Co Ltd         | Hangzhou Tigermed Consulting Co Ltd         | CUSIP: 000000000<br>LEI: 300300CP4N8WDF6DOO67 | Long             | EC               | CORP              | CN        |     23400 | NS      | $183483.58    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                          | Midea Group Co Ltd                          | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |     49000 | NS      | $544339.98    | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Corp/Republic of Korea                | Orion Corp/Republic of Korea                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3154 | NS      | $265431.71    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Xiaomi Corp                                 | Xiaomi Corp                                 | CUSIP: 000000000<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |     63200 | NS      | $259999.67    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                 | B3 SA - Brasil Bolsa Balcao                 | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |    166500 | NS      | $591445.70    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| WuXi AppTec Co Ltd                          | WuXi AppTec Co Ltd                          | CUSIP: 000000000<br>LEI: 254900OEPQLZSPLN9175 | Long             | EC               | CORP              | CN        |     17400 | NS      | $249297.94    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                               | HDFC Bank Ltd                               | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    128647 | NS      | $1022919.99   | 2.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                   | Alibaba Group Holding Ltd                   | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     73248 | NS      | $1153108.10   | 2.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                        | Tencent Holdings Ltd                        | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     36500 | NS      | $2304314.45   | 5.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Tadawul Group Holding Co              | Saudi Tadawul Group Holding Co              | CUSIP: 000000000<br>LEI: 894500BXFAWZK686TP37 | Long             | EC               | CORP              | SA        |      4079 | NS      | $151959.76    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd                          | Trip.com Group Ltd                          | CUSIP: 000000000<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |      4700 | NS      | $232458.81    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd                      | Kweichow Moutai Co Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      3500 | NS      | $737349.41    | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Inner Mongolia Yili Industrial Group Co Ltd | Inner Mongolia Yili Industrial Group Co Ltd | CUSIP: 000000000<br>LEI: 3003002Q2A863JPQFH06 | Long             | EC               | CORP              | CN        |     61141 | NS      | $233664.18    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| BRAZILIAN REAL                              | BRAZILIAN REAL                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  |  | BR        |        93 | NS      | $17.90        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi National Bank/The                     | Saudi National Bank/The                     | CUSIP: 000000000<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |     40500 | NS      | $451343.07    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                | Wal-Mart de Mexico SAB de CV                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    171742 | NS      | $557684.78    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Doosan Bobcat Inc                           | Doosan Bobcat Inc                           | CUSIP: 000000000<br>LEI: 9884007K6X0Q0112FX44 | Long             | EC               | CORP              | KR        |      3852 | NS      | $145174.03    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Hugel Inc                                   | Hugel Inc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       838 | NS      | $135910.30    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                               | Credicorp Ltd                               | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |       602 | NS      | $204186.36    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| INDONESIAN RUPIAH                           | INDONESIAN RUPIAH                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  |  | ID        |         5 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INDIAN RUPEE                                | INDIAN RUPEE                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  |  | IN        |     16421 | NS      | $173.13       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTH KOREAN WON                            | SOUTH KOREAN WON                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  |  | KR        |      2787 | NS      | $1.82         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MEXICAN PESO (NEW)                          | MEXICAN PESO (NEW)                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  |  | MX        |         1 | NS      | $0.05         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THAILAND BAHT                               | THAILAND BAHT                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  |  | TH        |     10804 | NS      | $327.58       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW TAIWAN DOLLAR                           | NEW TAIWAN DOLLAR                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  |  | TW        |         2 | NS      | $0.06         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MakeMyTrip Ltd                              | MakeMyTrip Ltd                              | CUSIP: 000000000<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | MU        |      5779 | NS      | $215498.91    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-29

**Name of Applicant:** MFS VARIABLE INSURANCE TRUST II

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer