# EDGAR Filing Document

**Accession Number:** 0001065698
**File Stem:** 0001145549-25-054228
**Filing Date:** 2025-8
**Character Count:** 671567
**Document Hash:** 978333c5e263de631f2fdc1f4d68f744
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-054228.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001145549-25-054228

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS VARIABLE INSURANCE TRUST III
- **CENTRAL INDEX KEY:** 0001065698

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08879
- **FILM NUMBER:** 251261007

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 617-954-5000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SUN CAPITAL ADVISERS TRUST
- **DATE OF NAME CHANGE:** 19980709

## Series and Classes Contracts Data

### MFS Global Real Estate Portfolio (Series ID: S000008069)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021901 | Initial Class |  |
| C000021902 | Service Class |  |

### MFS Blended Research Small Cap Equity Portfolio (Series ID: S000008071)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021905 | Initial Class |  |
| C000021906 | Service Class |  |

### MFS Mid Cap Value Portfolio (Series ID: S000018843)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000052149 | Initial Class |  |
| C000052150 | Service Class |  |

### MFS Limited Maturity Portfolio (Series ID: S000018844)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000052151 | Initial Class |  |
| C000052152 | Service Class |  |

### MFS Conservative Allocation Portfolio (Series ID: S000023371)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000068440 | Initial Class |  |
| C000068441 | Service Class |  |

### MFS Moderate Allocation Portfolio (Series ID: S000023372)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000068442 | Initial Class |  |
| C000068443 | Service Class |  |

### MFS Growth Allocation Portfolio (Series ID: S000023373)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000068444 | Initial Class |  |
| C000068445 | Service Class |  |

### MFS New Discovery Value Portfolio (Series ID: S000023374)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000068446 | Initial Class |  |
| C000068447 | Service Class |  |

### MFS Inflation-Adjusted Bond Portfolio (Series ID: S000023378)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000068454 | Initial Class |  |
| C000068455 | Service Class |  |

?xml version='1.0' encoding='ASCII'? 8dde573b43d7992

2.0 43.5 52.7 36.6 1.7 57.8 2.0 9.6 3.0 2.1 4.9 3.0 21.4 9.6 14.8 28.5 14.8 28.5 1.7 19.3 2.1 52.7 19.3 57.8 21.4 43.5 4.9 2.1 36.6 2.1 0001065698 false Service Class Initial Class Service Class Service Class Service Class Initial Class Initial Class Service Class Initial Class Initial Class Service Class Initial Class N-1A Initial Class Initial Class Service Class Service Class Service Class Initial Class N-CSRS semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report 0001065698 mvit1:C000021901Member 2024-12-31 2025-06-30 0001065698 mvit1:C000021902Member 2024-12-31 2025-06-30 0001065698 mvit1:C000021905Member 2024-12-31 2025-06-30 0001065698 mvit1:C000021906Member 2024-12-31 2025-06-30 0001065698 mvit1:C000052149Member 2024-12-31 2025-06-30 0001065698 mvit1:C000052150Member 2024-12-31 2025-06-30 0001065698 mvit1:C000052151Member 2024-12-31 2025-06-30 0001065698 mvit1:C000052152Member 2024-12-31 2025-06-30 0001065698 mvit1:C000068440Member 2024-12-31 2025-06-30 0001065698 mvit1:C000068441Member 2024-12-31 2025-06-30 0001065698 mvit1:C000068442Member 2024-12-31 2025-06-30 0001065698 mvit1:C000068443Member 2024-12-31 2025-06-30 0001065698 mvit1:C000068444Member 2024-12-31 2025-06-30 0001065698 mvit1:C000068445Member 2024-12-31 2025-06-30 0001065698 mvit1:C000068446Member 2024-12-31 2025-06-30 0001065698 mvit1:C000068447Member 2024-12-31 2025-06-30 0001065698 mvit1:C000068454Member 2024-12-31 2025-06-30 0001065698 mvit1:C000068455Member 2024-12-31 2025-06-30 0001065698 2024-12-31 2025-06-30 0001065698 mvit1:C000021901Member 2025-06-30 0001065698 mvit1:C000021901Member country:AU 2025-06-30 0001065698 mvit1:C000021901Member country:BE 2025-06-30 0001065698 mvit1:C000021901Member country:DE 2025-06-30 0001065698 mvit1:C000021901Member mvit1:DigitalRealtyTrustIncREITMember 2025-06-30 0001065698 mvit1:C000021901Member mvit1:EquinixIncREITMember 2025-06-30 0001065698 mvit1:C000021901Member us-gaap:EquityMember 2025-06-30 0001065698 mvit1:C000021901Member country:ES 2025-06-30 0001065698 mvit1:C000021901Member mvit1:EssexPropertyTrustIncREITMember 2025-06-30 0001065698 mvit1:C000021901Member mvit1:ExtraSpaceStorageIncREITMember 2025-06-30 0001065698 mvit1:C000021901Member country:FR 2025-06-30 0001065698 mvit1:C000021901Member country:GB 2025-06-30 0001065698 mvit1:C000021901Member mvit1:GoodmanGroupREITMember 2025-06-30 0001065698 mvit1:C000021901Member country:HK 2025-06-30 0001065698 mvit1:C000021901Member country:JP 2025-06-30 0001065698 mvit1:C000021901Member mvit1:KimcoRealtyCorpREITMember 2025-06-30 0001065698 mvit1:C000021901Member mvit1:MitsuiFudosanCoLtdMember 2025-06-30 0001065698 mvit1:C000021901Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000021901Member mvit1:OtherCountriesMember 2025-06-30 0001065698 mvit1:C000021901Member mvit1:PrologisIncREITMember 2025-06-30 0001065698 mvit1:C000021901Member mvit1:SimonPropertyGroupIncREITMember 2025-06-30 0001065698 mvit1:C000021901Member country:US 2025-06-30 0001065698 mvit1:C000021901Member mvit1:VentasIncREITMember 2025-06-30 0001065698 mvit1:C000021902Member 2025-06-30 0001065698 mvit1:C000021902Member country:AU 2025-06-30 0001065698 mvit1:C000021902Member country:BE 2025-06-30 0001065698 mvit1:C000021902Member country:DE 2025-06-30 0001065698 mvit1:C000021902Member mvit1:DigitalRealtyTrustIncREITMember 2025-06-30 0001065698 mvit1:C000021902Member mvit1:EquinixIncREITMember 2025-06-30 0001065698 mvit1:C000021902Member us-gaap:EquityMember 2025-06-30 0001065698 mvit1:C000021902Member country:ES 2025-06-30 0001065698 mvit1:C000021902Member mvit1:EssexPropertyTrustIncREITMember 2025-06-30 0001065698 mvit1:C000021902Member mvit1:ExtraSpaceStorageIncREITMember 2025-06-30 0001065698 mvit1:C000021902Member country:FR 2025-06-30 0001065698 mvit1:C000021902Member country:GB 2025-06-30 0001065698 mvit1:C000021902Member mvit1:GoodmanGroupREITMember 2025-06-30 0001065698 mvit1:C000021902Member country:HK 2025-06-30 0001065698 mvit1:C000021902Member country:JP 2025-06-30 0001065698 mvit1:C000021902Member mvit1:KimcoRealtyCorpREITMember 2025-06-30 0001065698 mvit1:C000021902Member mvit1:MitsuiFudosanCoLtdMember 2025-06-30 0001065698 mvit1:C000021902Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000021902Member mvit1:OtherCountriesMember 2025-06-30 0001065698 mvit1:C000021902Member mvit1:PrologisIncREITMember 2025-06-30 0001065698 mvit1:C000021902Member mvit1:SimonPropertyGroupIncREITMember 2025-06-30 0001065698 mvit1:C000021902Member country:US 2025-06-30 0001065698 mvit1:C000021902Member mvit1:VentasIncREITMember 2025-06-30 0001065698 mvit1:C000021905Member 2025-06-30 0001065698 mvit1:C000021905Member mvit1:AdtalemGlobalEducationIncMember 2025-06-30 0001065698 mvit1:C000021905Member mvit1:AdvancedEnergyIndustriesIncMember 2025-06-30 0001065698 mvit1:C000021905Member mvit1:AZEKCoIncMember 2025-06-30 0001065698 mvit1:C000021905Member mvit1:CathayGeneralBancorpIncMember 2025-06-30 0001065698 mvit1:C000021905Member oef:CommunicationsSectorMember 2025-06-30 0001065698 mvit1:C000021905Member oef:ConsumerDiscretionarySectorMember 2025-06-30 0001065698 mvit1:C000021905Member oef:ConsumerStaplesSectorMember 2025-06-30 0001065698 mvit1:C000021905Member mvit1:EncompassHealthCorpMember 2025-06-30 0001065698 mvit1:C000021905Member us-gaap:EnergySectorMember 2025-06-30 0001065698 mvit1:C000021905Member us-gaap:EquityMember 2025-06-30 0001065698 mvit1:C000021905Member mvit1:EssentialPropertiesRealtyTrustREITMember 2025-06-30 0001065698 mvit1:C000021905Member us-gaap:FinancialServicesSectorMember 2025-06-30 0001065698 mvit1:C000021905Member us-gaap:HealthcareSectorMember 2025-06-30 0001065698 mvit1:C000021905Member oef:IndustrialSectorMember 2025-06-30 0001065698 mvit1:C000021905Member oef:InformationTechnologySectorMember 2025-06-30 0001065698 mvit1:C000021905Member mvit1:KemperCorpMember 2025-06-30 0001065698 mvit1:C000021905Member oef:MaterialsSectorMember 2025-06-30 0001065698 mvit1:C000021905Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000021905Member mvit1:PopularIncMember 2025-06-30 0001065698 mvit1:C000021905Member us-gaap:RealEstateSectorMember 2025-06-30 0001065698 mvit1:C000021905Member mvit1:UMBFinancialCorpMember 2025-06-30 0001065698 mvit1:C000021905Member oef:UtilitiesSectorMember 2025-06-30 0001065698 mvit1:C000021905Member mvit1:WNSHoldingsLtdMember 2025-06-30 0001065698 mvit1:C000021906Member 2025-06-30 0001065698 mvit1:C000021906Member mvit1:AdtalemGlobalEducationIncMember 2025-06-30 0001065698 mvit1:C000021906Member mvit1:AdvancedEnergyIndustriesIncMember 2025-06-30 0001065698 mvit1:C000021906Member mvit1:AZEKCoIncMember 2025-06-30 0001065698 mvit1:C000021906Member mvit1:CathayGeneralBancorpIncMember 2025-06-30 0001065698 mvit1:C000021906Member oef:CommunicationsSectorMember 2025-06-30 0001065698 mvit1:C000021906Member oef:ConsumerDiscretionarySectorMember 2025-06-30 0001065698 mvit1:C000021906Member oef:ConsumerStaplesSectorMember 2025-06-30 0001065698 mvit1:C000021906Member mvit1:EncompassHealthCorpMember 2025-06-30 0001065698 mvit1:C000021906Member us-gaap:EnergySectorMember 2025-06-30 0001065698 mvit1:C000021906Member us-gaap:EquityMember 2025-06-30 0001065698 mvit1:C000021906Member mvit1:EssentialPropertiesRealtyTrustREITMember 2025-06-30 0001065698 mvit1:C000021906Member us-gaap:FinancialServicesSectorMember 2025-06-30 0001065698 mvit1:C000021906Member us-gaap:HealthcareSectorMember 2025-06-30 0001065698 mvit1:C000021906Member oef:IndustrialSectorMember 2025-06-30 0001065698 mvit1:C000021906Member oef:InformationTechnologySectorMember 2025-06-30 0001065698 mvit1:C000021906Member mvit1:KemperCorpMember 2025-06-30 0001065698 mvit1:C000021906Member oef:MaterialsSectorMember 2025-06-30 0001065698 mvit1:C000021906Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000021906Member mvit1:PopularIncMember 2025-06-30 0001065698 mvit1:C000021906Member us-gaap:RealEstateSectorMember 2025-06-30 0001065698 mvit1:C000021906Member mvit1:UMBFinancialCorpMember 2025-06-30 0001065698 mvit1:C000021906Member oef:UtilitiesSectorMember 2025-06-30 0001065698 mvit1:C000021906Member mvit1:WNSHoldingsLtdMember 2025-06-30 0001065698 mvit1:C000052149Member 2025-06-30 0001065698 mvit1:C000052149Member mvit1:AgilentTechnologiesIncMember 2025-06-30 0001065698 mvit1:C000052149Member mvit1:AssurantIncMember 2025-06-30 0001065698 mvit1:C000052149Member oef:CommunicationsSectorMember 2025-06-30 0001065698 mvit1:C000052149Member oef:ConsumerDiscretionarySectorMember 2025-06-30 0001065698 mvit1:C000052149Member oef:ConsumerStaplesSectorMember 2025-06-30 0001065698 mvit1:C000052149Member us-gaap:EnergySectorMember 2025-06-30 0001065698 mvit1:C000052149Member us-gaap:EquityMember 2025-06-30 0001065698 mvit1:C000052149Member mvit1:ExpandEnergyCorpMember 2025-06-30 0001065698 mvit1:C000052149Member us-gaap:FinancialServicesSectorMember 2025-06-30 0001065698 mvit1:C000052149Member mvit1:FlexLtdMember 2025-06-30 0001065698 mvit1:C000052149Member mvit1:HartfordInsuranceGroupIncMember 2025-06-30 0001065698 mvit1:C000052149Member us-gaap:HealthcareSectorMember 2025-06-30 0001065698 mvit1:C000052149Member oef:IndustrialSectorMember 2025-06-30 0001065698 mvit1:C000052149Member oef:InformationTechnologySectorMember 2025-06-30 0001065698 mvit1:C000052149Member mvit1:MAndTBankCorpMember 2025-06-30 0001065698 mvit1:C000052149Member oef:MaterialsSectorMember 2025-06-30 0001065698 mvit1:C000052149Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000052149Member mvit1:PublicServiceEnterpriseGroupIncMember 2025-06-30 0001065698 mvit1:C000052149Member mvit1:RaymondJamesFinancialIncMember 2025-06-30 0001065698 mvit1:C000052149Member us-gaap:RealEstateSectorMember 2025-06-30 0001065698 mvit1:C000052149Member mvit1:USFoodsHoldingCorpMember 2025-06-30 0001065698 mvit1:C000052149Member oef:UtilitiesSectorMember 2025-06-30 0001065698 mvit1:C000052149Member mvit1:WillisTowersWatsonPLCMember 2025-06-30 0001065698 mvit1:C000052150Member 2025-06-30 0001065698 mvit1:C000052150Member mvit1:AgilentTechnologiesIncMember 2025-06-30 0001065698 mvit1:C000052150Member mvit1:AssurantIncMember 2025-06-30 0001065698 mvit1:C000052150Member oef:CommunicationsSectorMember 2025-06-30 0001065698 mvit1:C000052150Member oef:ConsumerDiscretionarySectorMember 2025-06-30 0001065698 mvit1:C000052150Member oef:ConsumerStaplesSectorMember 2025-06-30 0001065698 mvit1:C000052150Member us-gaap:EnergySectorMember 2025-06-30 0001065698 mvit1:C000052150Member us-gaap:EquityMember 2025-06-30 0001065698 mvit1:C000052150Member mvit1:ExpandEnergyCorpMember 2025-06-30 0001065698 mvit1:C000052150Member us-gaap:FinancialServicesSectorMember 2025-06-30 0001065698 mvit1:C000052150Member mvit1:FlexLtdMember 2025-06-30 0001065698 mvit1:C000052150Member mvit1:HartfordInsuranceGroupIncMember 2025-06-30 0001065698 mvit1:C000052150Member us-gaap:HealthcareSectorMember 2025-06-30 0001065698 mvit1:C000052150Member oef:IndustrialSectorMember 2025-06-30 0001065698 mvit1:C000052150Member oef:InformationTechnologySectorMember 2025-06-30 0001065698 mvit1:C000052150Member mvit1:MAndTBankCorpMember 2025-06-30 0001065698 mvit1:C000052150Member oef:MaterialsSectorMember 2025-06-30 0001065698 mvit1:C000052150Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000052150Member mvit1:PublicServiceEnterpriseGroupIncMember 2025-06-30 0001065698 mvit1:C000052150Member mvit1:RaymondJamesFinancialIncMember 2025-06-30 0001065698 mvit1:C000052150Member us-gaap:RealEstateSectorMember 2025-06-30 0001065698 mvit1:C000052150Member mvit1:USFoodsHoldingCorpMember 2025-06-30 0001065698 mvit1:C000052150Member oef:UtilitiesSectorMember 2025-06-30 0001065698 mvit1:C000052150Member mvit1:WillisTowersWatsonPLCMember 2025-06-30 0001065698 mvit1:C000052151Member 2025-06-30 0001065698 mvit1:C000052151Member mvit1:FederalAgenciesMember 2025-06-30 0001065698 mvit1:C000052151Member srt:FitchAARatingMember 2025-06-30 0001065698 mvit1:C000052151Member srt:FitchARatingMember 2025-06-30 0001065698 mvit1:C000052151Member srt:FitchBBBRatingMember 2025-06-30 0001065698 mvit1:C000052151Member us-gaap:FixedIncomeSecuritiesMember 2025-06-30 0001065698 mvit1:C000052151Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000052151Member mvit1:MoneyMarketFundsQualityMember 2025-06-30 0001065698 mvit1:C000052151Member srt:MoodysAaaRatingMember 2025-06-30 0001065698 mvit1:C000052151Member us-gaap:USGovernmentDebtSecuritiesMember 2025-06-30 0001065698 mvit1:C000052152Member 2025-06-30 0001065698 mvit1:C000052152Member mvit1:FederalAgenciesMember 2025-06-30 0001065698 mvit1:C000052152Member srt:FitchAARatingMember 2025-06-30 0001065698 mvit1:C000052152Member srt:FitchARatingMember 2025-06-30 0001065698 mvit1:C000052152Member srt:FitchBBBRatingMember 2025-06-30 0001065698 mvit1:C000052152Member us-gaap:FixedIncomeSecuritiesMember 2025-06-30 0001065698 mvit1:C000052152Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000052152Member mvit1:MoneyMarketFundsQualityMember 2025-06-30 0001065698 mvit1:C000052152Member srt:MoodysAaaRatingMember 2025-06-30 0001065698 mvit1:C000052152Member us-gaap:USGovernmentDebtSecuritiesMember 2025-06-30 0001065698 mvit1:C000068440Member 2025-06-30 0001065698 mvit1:C000068440Member us-gaap:BondsMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:InternationalEquityFundsMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSGlobalGovernmentsPortfolioMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSGlobalRealEstatePortfolioMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSGovernmentSecuritiesPortfolioMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSGrowthSeriesMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSHighYieldPortfolioMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSInflationAdjustedBondPortfolioMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSInstitutionalMoneyMarketPortfolioMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSInternationalGrowthPortfolioMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSInternationalIntrinsicValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSLimitedMaturityPortfolioMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSMidCapGrowthSeriesMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSMidCapValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSNewDiscoverySeriesMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSNewDiscoveryValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSResearchInternationalPortfolioMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSResearchSeriesMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSTotalReturnBondSeriesMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:MFSValueSeriesMember 2025-06-30 0001065698 mvit1:C000068440Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:NonTraditionalFundsMember 2025-06-30 0001065698 mvit1:C000068440Member mvit1:USEquityFundsMember 2025-06-30 0001065698 mvit1:C000068441Member 2025-06-30 0001065698 mvit1:C000068441Member us-gaap:BondsMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:InternationalEquityFundsMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSGlobalGovernmentsPortfolioMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSGlobalRealEstatePortfolioMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSGovernmentSecuritiesPortfolioMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSGrowthSeriesMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSHighYieldPortfolioMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSInflationAdjustedBondPortfolioMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSInstitutionalMoneyMarketPortfolioMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSInternationalGrowthPortfolioMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSInternationalIntrinsicValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSLimitedMaturityPortfolioMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSMidCapGrowthSeriesMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSMidCapValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSNewDiscoverySeriesMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSNewDiscoveryValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSResearchInternationalPortfolioMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSResearchSeriesMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSTotalReturnBondSeriesMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:MFSValueSeriesMember 2025-06-30 0001065698 mvit1:C000068441Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:NonTraditionalFundsMember 2025-06-30 0001065698 mvit1:C000068441Member mvit1:USEquityFundsMember 2025-06-30 0001065698 mvit1:C000068442Member 2025-06-30 0001065698 mvit1:C000068442Member us-gaap:BondsMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:InternationalEquityFundsMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSGlobalGovernmentsPortfolioMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSGlobalRealEstatePortfolioMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSGovernmentSecuritiesPortfolioMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSGrowthSeriesMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSHighYieldPortfolioMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSInflationAdjustedBondPortfolioMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSInstitutionalMoneyMarketPortfolioMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSInternationalGrowthPortfolioMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSInternationalIntrinsicValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSLimitedMaturityPortfolioMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSMidCapGrowthSeriesMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSMidCapValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSNewDiscoverySeriesMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSNewDiscoveryValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSResearchInternationalPortfolioMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSResearchSeriesMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSTotalReturnBondSeriesMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:MFSValueSeriesMember 2025-06-30 0001065698 mvit1:C000068442Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:NonTraditionalFundsMember 2025-06-30 0001065698 mvit1:C000068442Member mvit1:USEquityFundsMember 2025-06-30 0001065698 mvit1:C000068443Member 2025-06-30 0001065698 mvit1:C000068443Member us-gaap:BondsMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:InternationalEquityFundsMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSGlobalGovernmentsPortfolioMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSGlobalRealEstatePortfolioMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSGovernmentSecuritiesPortfolioMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSGrowthSeriesMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSHighYieldPortfolioMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSInflationAdjustedBondPortfolioMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSInstitutionalMoneyMarketPortfolioMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSInternationalGrowthPortfolioMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSInternationalIntrinsicValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSLimitedMaturityPortfolioMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSMidCapGrowthSeriesMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSMidCapValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSNewDiscoverySeriesMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSNewDiscoveryValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSResearchInternationalPortfolioMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSResearchSeriesMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSTotalReturnBondSeriesMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:MFSValueSeriesMember 2025-06-30 0001065698 mvit1:C000068443Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:NonTraditionalFundsMember 2025-06-30 0001065698 mvit1:C000068443Member mvit1:USEquityFundsMember 2025-06-30 0001065698 mvit1:C000068444Member 2025-06-30 0001065698 mvit1:C000068444Member us-gaap:BondsMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:InternationalEquityFundsMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSEmergingMarketsEquityPortfolioMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSGlobalGovernmentsPortfolioMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSGlobalRealEstatePortfolioMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSGrowthSeriesMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSHighYieldPortfolioMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSInflationAdjustedBondPortfolioMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSInstitutionalMoneyMarketPortfolioMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSInternationalGrowthPortfolioMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSInternationalIntrinsicValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSLimitedMaturityPortfolioMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSMidCapGrowthSeriesMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSMidCapValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSNewDiscoverySeriesMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSNewDiscoveryValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSResearchInternationalPortfolioMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSResearchSeriesMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSTotalReturnBondSeriesMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:MFSValueSeriesMember 2025-06-30 0001065698 mvit1:C000068444Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:NonTraditionalFundsMember 2025-06-30 0001065698 mvit1:C000068444Member mvit1:USEquityFundsMember 2025-06-30 0001065698 mvit1:C000068445Member 2025-06-30 0001065698 mvit1:C000068445Member us-gaap:BondsMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:InternationalEquityFundsMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSEmergingMarketsEquityPortfolioMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSGlobalGovernmentsPortfolioMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSGlobalRealEstatePortfolioMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSGrowthSeriesMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSHighYieldPortfolioMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSInflationAdjustedBondPortfolioMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSInstitutionalMoneyMarketPortfolioMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSInternationalGrowthPortfolioMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSInternationalIntrinsicValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSLimitedMaturityPortfolioMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSMidCapGrowthSeriesMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSMidCapValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSNewDiscoverySeriesMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSNewDiscoveryValuePortfolioMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSResearchInternationalPortfolioMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSResearchSeriesMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSTotalReturnBondSeriesMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:MFSValueSeriesMember 2025-06-30 0001065698 mvit1:C000068445Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:NonTraditionalFundsMember 2025-06-30 0001065698 mvit1:C000068445Member mvit1:USEquityFundsMember 2025-06-30 0001065698 mvit1:C000068446Member 2025-06-30 0001065698 mvit1:C000068446Member mvit1:AirLeaseCorpMember 2025-06-30 0001065698 mvit1:C000068446Member oef:CommunicationsSectorMember 2025-06-30 0001065698 mvit1:C000068446Member oef:ConsumerDiscretionarySectorMember 2025-06-30 0001065698 mvit1:C000068446Member oef:ConsumerStaplesSectorMember 2025-06-30 0001065698 mvit1:C000068446Member us-gaap:EnergySectorMember 2025-06-30 0001065698 mvit1:C000068446Member us-gaap:EquityMember 2025-06-30 0001065698 mvit1:C000068446Member mvit1:EssentialPropertiesRealtyTrustREITMember 2025-06-30 0001065698 mvit1:C000068446Member us-gaap:FinancialServicesSectorMember 2025-06-30 0001065698 mvit1:C000068446Member mvit1:FirstHawaiianIncMember 2025-06-30 0001065698 mvit1:C000068446Member mvit1:HancockWhitneyCorpMember 2025-06-30 0001065698 mvit1:C000068446Member us-gaap:HealthcareSectorMember 2025-06-30 0001065698 mvit1:C000068446Member oef:IndustrialSectorMember 2025-06-30 0001065698 mvit1:C000068446Member oef:InformationTechnologySectorMember 2025-06-30 0001065698 mvit1:C000068446Member oef:MaterialsSectorMember 2025-06-30 0001065698 mvit1:C000068446Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000068446Member mvit1:PacificPremierBancorpIncMember 2025-06-30 0001065698 mvit1:C000068446Member mvit1:PlainsGPHoldingsLPMember 2025-06-30 0001065698 mvit1:C000068446Member mvit1:PopularIncMember 2025-06-30 0001065698 mvit1:C000068446Member mvit1:PrestigeConsumerHealthcareIncMember 2025-06-30 0001065698 mvit1:C000068446Member mvit1:ProsperityBancsharesIncMember 2025-06-30 0001065698 mvit1:C000068446Member us-gaap:RealEstateSectorMember 2025-06-30 0001065698 mvit1:C000068446Member mvit1:TTMTechnologiesIncMember 2025-06-30 0001065698 mvit1:C000068446Member oef:UtilitiesSectorMember 2025-06-30 0001065698 mvit1:C000068447Member 2025-06-30 0001065698 mvit1:C000068447Member mvit1:AirLeaseCorpMember 2025-06-30 0001065698 mvit1:C000068447Member oef:CommunicationsSectorMember 2025-06-30 0001065698 mvit1:C000068447Member oef:ConsumerDiscretionarySectorMember 2025-06-30 0001065698 mvit1:C000068447Member oef:ConsumerStaplesSectorMember 2025-06-30 0001065698 mvit1:C000068447Member us-gaap:EnergySectorMember 2025-06-30 0001065698 mvit1:C000068447Member us-gaap:EquityMember 2025-06-30 0001065698 mvit1:C000068447Member mvit1:EssentialPropertiesRealtyTrustREITMember 2025-06-30 0001065698 mvit1:C000068447Member us-gaap:FinancialServicesSectorMember 2025-06-30 0001065698 mvit1:C000068447Member mvit1:FirstHawaiianIncMember 2025-06-30 0001065698 mvit1:C000068447Member mvit1:HancockWhitneyCorpMember 2025-06-30 0001065698 mvit1:C000068447Member us-gaap:HealthcareSectorMember 2025-06-30 0001065698 mvit1:C000068447Member oef:IndustrialSectorMember 2025-06-30 0001065698 mvit1:C000068447Member oef:InformationTechnologySectorMember 2025-06-30 0001065698 mvit1:C000068447Member oef:MaterialsSectorMember 2025-06-30 0001065698 mvit1:C000068447Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000068447Member mvit1:PacificPremierBancorpIncMember 2025-06-30 0001065698 mvit1:C000068447Member mvit1:PlainsGPHoldingsLPMember 2025-06-30 0001065698 mvit1:C000068447Member mvit1:PopularIncMember 2025-06-30 0001065698 mvit1:C000068447Member mvit1:PrestigeConsumerHealthcareIncMember 2025-06-30 0001065698 mvit1:C000068447Member mvit1:ProsperityBancsharesIncMember 2025-06-30 0001065698 mvit1:C000068447Member us-gaap:RealEstateSectorMember 2025-06-30 0001065698 mvit1:C000068447Member mvit1:TTMTechnologiesIncMember 2025-06-30 0001065698 mvit1:C000068447Member oef:UtilitiesSectorMember 2025-06-30 0001065698 mvit1:C000068454Member 2025-06-30 0001065698 mvit1:C000068454Member country:AU 2025-06-30 0001065698 mvit1:C000068454Member country:CA 2025-06-30 0001065698 mvit1:C000068454Member country:ES 2025-06-30 0001065698 mvit1:C000068454Member mvit1:FederalAgenciesMember 2025-06-30 0001065698 mvit1:C000068454Member srt:FitchAARatingMember 2025-06-30 0001065698 mvit1:C000068454Member srt:FitchARatingMember 2025-06-30 0001065698 mvit1:C000068454Member srt:FitchBBBRatingMember 2025-06-30 0001065698 mvit1:C000068454Member us-gaap:FixedIncomeSecuritiesMember 2025-06-30 0001065698 mvit1:C000068454Member country:FR 2025-06-30 0001065698 mvit1:C000068454Member country:GB 2025-06-30 0001065698 mvit1:C000068454Member country:IT 2025-06-30 0001065698 mvit1:C000068454Member country:JP 2025-06-30 0001065698 mvit1:C000068454Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000068454Member mvit1:MoneyMarketFundsQualityMember 2025-06-30 0001065698 mvit1:C000068454Member srt:MoodysAaaRatingMember 2025-06-30 0001065698 mvit1:C000068454Member mvit1:OtherCountriesMember 2025-06-30 0001065698 mvit1:C000068454Member country:SE 2025-06-30 0001065698 mvit1:C000068454Member country:US 2025-06-30 0001065698 mvit1:C000068454Member us-gaap:USGovernmentDebtSecuritiesMember 2025-06-30 0001065698 mvit1:C000068455Member 2025-06-30 0001065698 mvit1:C000068455Member country:AU 2025-06-30 0001065698 mvit1:C000068455Member country:CA 2025-06-30 0001065698 mvit1:C000068455Member country:ES 2025-06-30 0001065698 mvit1:C000068455Member mvit1:FederalAgenciesMember 2025-06-30 0001065698 mvit1:C000068455Member srt:FitchAARatingMember 2025-06-30 0001065698 mvit1:C000068455Member srt:FitchARatingMember 2025-06-30 0001065698 mvit1:C000068455Member srt:FitchBBBRatingMember 2025-06-30 0001065698 mvit1:C000068455Member us-gaap:FixedIncomeSecuritiesMember 2025-06-30 0001065698 mvit1:C000068455Member country:FR 2025-06-30 0001065698 mvit1:C000068455Member country:GB 2025-06-30 0001065698 mvit1:C000068455Member country:IT 2025-06-30 0001065698 mvit1:C000068455Member country:JP 2025-06-30 0001065698 mvit1:C000068455Member us-gaap:MoneyMarketFundsMember 2025-06-30 0001065698 mvit1:C000068455Member mvit1:MoneyMarketFundsQualityMember 2025-06-30 0001065698 mvit1:C000068455Member srt:MoodysAaaRatingMember 2025-06-30 0001065698 mvit1:C000068455Member mvit1:OtherCountriesMember 2025-06-30 0001065698 mvit1:C000068455Member country:SE 2025-06-30 0001065698 mvit1:C000068455Member country:US 2025-06-30 0001065698 mvit1:C000068455Member us-gaap:USGovernmentDebtSecuritiesMember 2025-06-30 iso4217:USDiso4217:USDxbrli:sharesxbrli:purexbrli:sharesutr:Dmvit1:Holding

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-08879

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

------

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

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

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### June 30, 2025

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

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Conservative Allocation Portfolio

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

Initial Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment (annualized) ~ |
| Initial Class | $3 | 0.05% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

FUND STATISTICS AS OF 6/30/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 240959209 | Portfolio Turnover Rate (%):<sub>4</sub> |
| Total Number of Holdings: | 18 |  |

---

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

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2091122.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Series | 15.1% |
| MFS Limited Maturity Portfolio | 10.6% |
| MFS Inflation-Adjusted Bond Portfolio | 10.0% |
| MFS Government Securities Portfolio | 9.2% |
| MFS Global Governments Portfolio | 7.9% |
| MFS Research Series | 6.5% |
| MFS Value Series | 6.1% |
| MFS Growth Series | 5.6% |
| MFS Research International Portfolio | 5.4% |
| MFS High Yield Portfolio | 5.0% |
| MFS Mid Cap Growth Series | 4.2% |
| MFS Mid Cap Value Portfolio | 4.1% |
| MFS International Intrinsic Value Portfolio | 2.1% |
| MFS International Growth Portfolio | 2.1% |
| MFS Institutional Money Market Portfolio | 2.1% |
| MFS Global Real Estate Portfolio | 2.0% |
| MFS New Discovery Series | 1.0% |
| MFS New Discovery Value Portfolio | 1.0% |

---

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

VCAIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Conservative Allocation Portfolio

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

Service Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment (annualized) ~ |
| Service Class | $15 | 0.30% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

FUND STATISTICS AS OF 6/30/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 240959209 | Portfolio Turnover Rate (%):<sub>4</sub> |
| Total Number of Holdings: | 18 |  |

---

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

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2090956.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Series | 15.1% |
| MFS Limited Maturity Portfolio | 10.6% |
| MFS Inflation-Adjusted Bond Portfolio | 10.0% |
| MFS Government Securities Portfolio | 9.2% |
| MFS Global Governments Portfolio | 7.9% |
| MFS Research Series | 6.5% |
| MFS Value Series | 6.1% |
| MFS Growth Series | 5.6% |
| MFS Research International Portfolio | 5.4% |
| MFS High Yield Portfolio | 5.0% |
| MFS Mid Cap Growth Series | 4.2% |
| MFS Mid Cap Value Portfolio | 4.1% |
| MFS International Intrinsic Value Portfolio | 2.1% |
| MFS International Growth Portfolio | 2.1% |
| MFS Institutional Money Market Portfolio | 2.1% |
| MFS Global Real Estate Portfolio | 2.0% |
| MFS New Discovery Series | 1.0% |
| MFS New Discovery Value Portfolio | 1.0% |

---

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

VCASC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> New Discovery Value Portfolio

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

Initial Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $43 | 0.88% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 46804398 | Portfolio Turnover Rate (%): | 21 |
| Total Number of Holdings: | 125 |  |  |

---

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

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

 **Portfolio structure**

---

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

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 25.8% |
| Industrials | 14.3% |
| Consumer Discretionary | 10.3% |
| Real Estate | 8.9% |
| Information Technology | 8.7% |
| Materials | 7.6% |
| Utilities | 6.8% |
| Energy | 6.3% |
| Health Care | 5.2% |
| Consumer Staples | 2.8% |
| Communication Services | 1.4% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Popular, Inc. | 1.4% |
| TTM Technologies, Inc. | 1.3% |
| Prosperity Bancshares, Inc. | 1.3% |
| Pacific Premier Bancorp, Inc. | 1.2% |
| Air Lease Corp. | 1.2% |
| Prestige Consumer Healthcare, Inc. | 1.2% |
| Plains GP Holdings LP | 1.2% |
| First Hawaiian, Inc. | 1.2% |
| Hancock Whitney Corp. | 1.2% |
| Essential Properties Realty Trust, REIT | 1.2% |

---

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.

VDVIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> New Discovery Value Portfolio

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

Service Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $55 | 1.13% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 46804398 | Portfolio Turnover Rate (%): | 21 |
| Total Number of Holdings: | 125 |  |  |

---

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

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

 **Portfolio structure**

---

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

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 25.8% |
| Industrials | 14.3% |
| Consumer Discretionary | 10.3% |
| Real Estate | 8.9% |
| Information Technology | 8.7% |
| Materials | 7.6% |
| Utilities | 6.8% |
| Energy | 6.3% |
| Health Care | 5.2% |
| Consumer Staples | 2.8% |
| Communication Services | 1.4% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Popular, Inc. | 1.4% |
| TTM Technologies, Inc. | 1.3% |
| Prosperity Bancshares, Inc. | 1.3% |
| Pacific Premier Bancorp, Inc. | 1.2% |
| Air Lease Corp. | 1.2% |
| Prestige Consumer Healthcare, Inc. | 1.2% |
| Plains GP Holdings LP | 1.2% |
| First Hawaiian, Inc. | 1.2% |
| Hancock Whitney Corp. | 1.2% |
| Essential Properties Realty Trust, REIT | 1.2% |

---

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.

VDVSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

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

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

Initial Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment (annualized) ~ |
| Initial Class | $2 | 0.04% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

FUND STATISTICS AS OF 6/30/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 320192619 | Portfolio Turnover Rate (%):<sub>5</sub> |
| Total Number of Holdings: | 18 |  |

---

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

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2090746.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Value Series | 11.0% |
| MFS Growth Series | 10.4% |
| MFS Research International Portfolio | 10.2% |
| MFS Research Series | 9.3% |
| MFS Mid Cap Growth Series | 9.1% |
| MFS Mid Cap Value Portfolio | 8.9% |
| MFS International Intrinsic Value Portfolio | 5.1% |
| MFS International Growth Portfolio | 5.1% |
| MFS Inflation-Adjusted Bond Portfolio | 5.0% |
| MFS High Yield Portfolio | 4.9% |
| MFS Global Real Estate Portfolio | 4.9% |
| MFS Total Return Bond Series | 4.4% |
| MFS Global Governments Portfolio | 4.0% |
| MFS New Discovery Series | 2.0% |
| MFS New Discovery Value Portfolio | 2.0% |
| MFS Institutional Money Market Portfolio | 1.7% |
| MFS Emerging Markets Equity Portfolio | 1.0% |
| MFS Limited Maturity Portfolio | 1.0% |

---

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

VGAIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

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

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

Service Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment (annualized) ~ |
| Service Class | $15 | 0.29% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

FUND STATISTICS AS OF 6/30/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 320192619 | Portfolio Turnover Rate (%):<sub>5</sub> |
| Total Number of Holdings: | 18 |  |

---

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

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2090577.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Value Series | 11.0% |
| MFS Growth Series | 10.4% |
| MFS Research International Portfolio | 10.2% |
| MFS Research Series | 9.3% |
| MFS Mid Cap Growth Series | 9.1% |
| MFS Mid Cap Value Portfolio | 8.9% |
| MFS International Intrinsic Value Portfolio | 5.1% |
| MFS International Growth Portfolio | 5.1% |
| MFS Inflation-Adjusted Bond Portfolio | 5.0% |
| MFS High Yield Portfolio | 4.9% |
| MFS Global Real Estate Portfolio | 4.9% |
| MFS Total Return Bond Series | 4.4% |
| MFS Global Governments Portfolio | 4.0% |
| MFS New Discovery Series | 2.0% |
| MFS New Discovery Value Portfolio | 2.0% |
| MFS Institutional Money Market Portfolio | 1.7% |
| MFS Emerging Markets Equity Portfolio | 1.0% |
| MFS Limited Maturity Portfolio | 1.0% |

---

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

VGASC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Inflation-Adjusted Bond Portfolio

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

Initial Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $31 | 0.60% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 157530663 | Average Effective Maturity (yrs): | 9.9 |
| Total Number of Holdings: | 97 | Average Effective Duration (yrs): | 9.3 |
| Portfolio Turnover Rate (%): | 28 |  |  |

---

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

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

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 99.3% |
| Money Market Funds | 0.7% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 49.2% |
| United Kingdom | 20.8% |
| Italy | 10.4% |
| France | 5.4% |
| Spain | 4.0% |
| Canada | 4.0% |
| Japan | 3.1% |
| Australia | 1.1% |
| Sweden | 1.1% |
| Other Countries | 0.9% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 8.2% |
| AA | 26.9% |
| A | 5.2% |
| BBB | 13.4% |
| U.S. Government | 44.2% |
| Federal Agencies | 1.4% |
| Money Market Funds | 0.7% |

---

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.

VIAIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Inflation-Adjusted Bond Portfolio

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

Service Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

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

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 157530663 | Average Effective Maturity (yrs): | 9.9 |
| Total Number of Holdings: | 97 | Average Effective Duration (yrs): | 9.3 |
| Portfolio Turnover Rate (%): | 28 |  |  |

---

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

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

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 99.3% |
| Money Market Funds | 0.7% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 49.2% |
| United Kingdom | 20.8% |
| Italy | 10.4% |
| France | 5.4% |
| Spain | 4.0% |
| Canada | 4.0% |
| Japan | 3.1% |
| Australia | 1.1% |
| Sweden | 1.1% |
| Other Countries | 0.9% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 8.2% |
| AA | 26.9% |
| A | 5.2% |
| BBB | 13.4% |
| U.S. Government | 44.2% |
| Federal Agencies | 1.4% |
| Money Market Funds | 0.7% |

---

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.

VIASC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Limited Maturity Portfolio

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

Initial Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $24 | 0.47% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 283230936 | Average Effective Maturity (yrs): | 2.1 |
| Total Number of Holdings: | 318 | Average Effective Duration (yrs): | 1.9 |
| Portfolio Turnover Rate (%): | 17 |  |  |

---

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

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

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.3% |
| Money Market Funds | 3.7% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 10.9% |
| AA | 11.2% |
| A | 18.0% |
| BBB | 31.9% |
| U.S. Government | 23.2% |
| Federal Agencies | 1.1% |
| Money Market Funds | 3.7% |

---

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.

VLTIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Limited Maturity Portfolio

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

Service Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

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

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 283230936 | Average Effective Maturity (yrs): | 2.1 |
| Total Number of Holdings: | 318 | Average Effective Duration (yrs): | 1.9 |
| Portfolio Turnover Rate (%): | 17 |  |  |

---

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

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

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.3% |
| Money Market Funds | 3.7% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 10.9% |
| AA | 11.2% |
| A | 18.0% |
| BBB | 31.9% |
| U.S. Government | 23.2% |
| Federal Agencies | 1.1% |
| Money Market Funds | 3.7% |

---

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.

VLTSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Moderate Allocation Portfolio

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

Initial Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment (annualized) ~ |
| Initial Class | $1 | 0.02% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

FUND STATISTICS AS OF 6/30/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 884248807 | Portfolio Turnover Rate (%):<sub>4</sub> |
| Total Number of Holdings: | 18 |  |

---

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

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2089993.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Series | 10.7% |
| MFS Value Series | 9.2% |
| MFS Growth Series | 8.9% |
| MFS Government Securities Portfolio | 8.8% |
| MFS Research International Portfolio | 8.4% |
| MFS Research Series | 7.6% |
| MFS Mid Cap Growth Series | 7.5% |
| MFS Mid Cap Value Portfolio | 7.2% |
| MFS High Yield Portfolio | 4.8% |
| MFS Inflation-Adjusted Bond Portfolio | 4.8% |
| MFS Global Governments Portfolio | 4.7% |
| MFS International Intrinsic Value Portfolio | 3.2% |
| MFS International Growth Portfolio | 3.2% |
| MFS Global Real Estate Portfolio | 3.0% |
| MFS Limited Maturity Portfolio | 2.8% |
| MFS Institutional Money Market Portfolio | 2.1% |
| MFS New Discovery Series | 1.6% |
| MFS New Discovery Value Portfolio | 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.

VMAIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Moderate Allocation Portfolio

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

Service Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment (annualized) ~ |
| Service Class | $14 | 0.27% |

---

˜ Expenses are direct expenses and do not include underlying fund fees and expenses.

FUND STATISTICS AS OF 6/30/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 884248807 | Portfolio Turnover Rate (%):<sub>4</sub> |
| Total Number of Holdings: | 18 |  |

---

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

 **Portfolio allocation**

![Port Comp - Portfolio Target Allocation Chart](chartimages_2089828.jpg)

 **Portfolio holdings**

---

| | |
|:---|:---|
| MFS Total Return Bond Series | 10.7% |
| MFS Value Series | 9.2% |
| MFS Growth Series | 8.9% |
| MFS Government Securities Portfolio | 8.8% |
| MFS Research International Portfolio | 8.4% |
| MFS Research Series | 7.6% |
| MFS Mid Cap Growth Series | 7.5% |
| MFS Mid Cap Value Portfolio | 7.2% |
| MFS High Yield Portfolio | 4.8% |
| MFS Inflation-Adjusted Bond Portfolio | 4.8% |
| MFS Global Governments Portfolio | 4.7% |
| MFS International Intrinsic Value Portfolio | 3.2% |
| MFS International Growth Portfolio | 3.2% |
| MFS Global Real Estate Portfolio | 3.0% |
| MFS Limited Maturity Portfolio | 2.8% |
| MFS Institutional Money Market Portfolio | 2.1% |
| MFS New Discovery Series | 1.6% |
| MFS New Discovery Value Portfolio | 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.

VMASC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Mid Cap Value Portfolio

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

Initial Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $39 | 0.79% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 575031844 | Portfolio Turnover Rate (%):<sub>12</sub> |
| Total Number of Holdings: | 143 |  |

---

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

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

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.0% |
| Money Market Funds | 2.0% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 19.3% |
| Industrials | 18.4% |
| Consumer Discretionary | 9.1% |
| Health Care | 8.0% |
| Utilities | 7.6% |
| Real Estate | 7.6% |
| Consumer Staples | 7.0% |
| Information Technology | 6.8% |
| Materials | 6.7% |
| Energy | 5.9% |
| Communication Services | 1.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Raymond James Financial, Inc. | 1.4% |
| Hartford Insurance Group, Inc. | 1.3% |
| U.S. Foods Holding Corp. | 1.2% |
| M&T Bank Corp. | 1.2% |
| Flex Ltd. | 1.1% |
| Willis Towers Watson PLC | 1.1% |
| Expand Energy Corp. | 1.1% |
| Assurant, Inc. | 1.1% |
| Public Service Enterprise Group, Inc. | 1.1% |
| Agilent Technologies, Inc. | 1.1% |

---

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.

VMCIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Mid Cap Value Portfolio

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

Service Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $52 | 1.04% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | |
|:---|:---|:---|
| Net Assets ($): | 575031844 | Portfolio Turnover Rate (%):<sub>12</sub> |
| Total Number of Holdings: | 143 |  |

---

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

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

 **Portfolio structure**

---

| | |
|:---|:---|
| Equities | 98.0% |
| Money Market Funds | 2.0% |

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 19.3% |
| Industrials | 18.4% |
| Consumer Discretionary | 9.1% |
| Health Care | 8.0% |
| Utilities | 7.6% |
| Real Estate | 7.6% |
| Consumer Staples | 7.0% |
| Information Technology | 6.8% |
| Materials | 6.7% |
| Energy | 5.9% |
| Communication Services | 1.6% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Raymond James Financial, Inc. | 1.4% |
| Hartford Insurance Group, Inc. | 1.3% |
| U.S. Foods Holding Corp. | 1.2% |
| M&T Bank Corp. | 1.2% |
| Flex Ltd. | 1.1% |
| Willis Towers Watson PLC | 1.1% |
| Expand Energy Corp. | 1.1% |
| Assurant, Inc. | 1.1% |
| Public Service Enterprise Group, Inc. | 1.1% |
| Agilent Technologies, Inc. | 1.1% |

---

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.

VMCSC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Global Real Estate Portfolio

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

Initial Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $45 | 0.90% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 170048926 | Portfolio Turnover Rate (%): | 20 |
| Total Number of Holdings: | 50 |  |  |

---

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

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

 **Portfolio structure**

---

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

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Prologis, Inc., REIT | 6.4% |
| Equinix, Inc., REIT | 4.8% |
| Goodman Group, REIT | 4.3% |
| Digital Realty Trust, Inc., REIT | 4.0% |
| Mitsui Fudosan Co. Ltd. | 3.4% |
| Ventas, Inc., REIT | 3.1% |
| Extra Space Storage, Inc., REIT | 3.1% |
| Simon Property Group, Inc., REIT | 2.9% |
| Essex Property Trust, Inc., REIT | 2.7% |
| Kimco Realty Corp., REIT | 2.6% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 63.4% |
| United Kingdom | 8.7% |
| Australia | 8.4% |
| Japan | 6.5% |
| Germany | 2.6% |
| Hong Kong | 2.3% |
| Belgium | 2.0% |
| Spain | 1.9% |
| France | 1.8% |
| Other Countries | 2.4% |

---

#### 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.

VREIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Global Real Estate Portfolio

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

Service Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $58 | 1.15% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 170048926 | Portfolio Turnover Rate (%): | 20 |
| Total Number of Holdings: | 50 |  |  |

---

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

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

 **Portfolio structure**

---

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

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Prologis, Inc., REIT | 6.4% |
| Equinix, Inc., REIT | 4.8% |
| Goodman Group, REIT | 4.3% |
| Digital Realty Trust, Inc., REIT | 4.0% |
| Mitsui Fudosan Co. Ltd. | 3.4% |
| Ventas, Inc., REIT | 3.1% |
| Extra Space Storage, Inc., REIT | 3.1% |
| Simon Property Group, Inc., REIT | 2.9% |
| Essex Property Trust, Inc., REIT | 2.7% |
| Kimco Realty Corp., REIT | 2.6% |

---

 **Issuer country weightings**

---

| | |
|:---|:---|
| United States | 63.4% |
| United Kingdom | 8.7% |
| Australia | 8.4% |
| Japan | 6.5% |
| Germany | 2.6% |
| Hong Kong | 2.3% |
| Belgium | 2.0% |
| Spain | 1.9% |
| France | 1.8% |
| Other Countries | 2.4% |

---

#### 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.

VRESC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Blended Research<sup>®</sup> Small Cap Equity Portfolio

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

Initial Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Initial Class | $28 | 0.57% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 77826063 | Portfolio Turnover Rate (%): | 32 |
| Total Number of Holdings: | 181 |  |  |

---

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

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

 **Portfolio structure**

---

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

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 19.2% |
| Industrials | 17.8% |
| Health Care | 15.5% |
| Information Technology | 14.1% |
| Consumer Discretionary | 10.5% |
| Energy | 4.9% |
| Real Estate | 4.6% |
| Utilities | 4.0% |
| Materials | 3.1% |
| Communication Services | 2.7% |
| Consumer Staples | 2.4% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Popular, Inc. | 1.6% |
| Advanced Energy Industries, Inc. | 1.5% |
| Encompass Health Corp. | 1.5% |
| AZEK Co., Inc. | 1.5% |
| UMB Financial Corp. | 1.5% |
| WNS (Holdings) Ltd. | 1.4% |
| Adtalem Global Education, Inc. | 1.4% |
| Essential Properties Realty Trust, REIT | 1.4% |
| Cathay General Bancorp, Inc. | 1.4% |
| Kemper Corp. | 1.4% |

---

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.

VSCIC-SEM

![MFSLOGO_RED.EPS](images_1134.jpg)

## MFS<sup>®</sup> Blended Research<sup>®</sup> Small Cap Equity Portfolio

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

Service Class

Semiannual Shareholder Report

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

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Service Class | $40 | 0.82% |

---

FUND STATISTICS AS OF 6/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 77826063 | Portfolio Turnover Rate (%): | 32 |
| Total Number of Holdings: | 181 |  |  |

---

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

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

 **Portfolio structure**

---

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

---

 **Equity sectors**

---

| | |
|:---|:---|
| Financials | 19.2% |
| Industrials | 17.8% |
| Health Care | 15.5% |
| Information Technology | 14.1% |
| Consumer Discretionary | 10.5% |
| Energy | 4.9% |
| Real Estate | 4.6% |
| Utilities | 4.0% |
| Materials | 3.1% |
| Communication Services | 2.7% |
| Consumer Staples | 2.4% |

---

 **Top ten holdings**

---

| | |
|:---|:---|
| Popular, Inc. | 1.6% |
| Advanced Energy Industries, Inc. | 1.5% |
| Encompass Health Corp. | 1.5% |
| AZEK Co., Inc. | 1.5% |
| UMB Financial Corp. | 1.5% |
| WNS (Holdings) Ltd. | 1.4% |
| Adtalem Global Education, Inc. | 1.4% |
| Essential Properties Realty Trust, REIT | 1.4% |
| Cathay General Bancorp, Inc. | 1.4% |
| Kemper Corp. | 1.4% |

---

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.

VSCSC-SEM

------

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

------

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

------

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

------

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

------

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

------

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

------

MFS Moderate Allocation Portfolio

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

MFS Moderate Allocation Portfolio

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% |
| Bond Funds – 36.6% | Bond Funds – 36.6% | Bond Funds – 36.6% |
| MFS Global Governments Portfolio - Initial Class (a) | 4602000 | &nbsp;&nbsp; $41510043 |
| MFS Government Securities Portfolio - Initial Class | 7041827 | &nbsp;&nbsp; 77530515 |
| MFS High Yield Portfolio - Initial Class | 8128987 | &nbsp;&nbsp; 42677182 |
| MFS Inflation-Adjusted Bond Portfolio - Initial Class | 5084857 | &nbsp;&nbsp; 42306006 |
| MFS Limited Maturity Portfolio - Initial Class | 2349258 | &nbsp;&nbsp; 24479265 |
| MFS Total Return Bond Series - Initial Class | 7910813 | &nbsp;&nbsp; 94692431 |
|  |  | &nbsp;&nbsp; $323195442 |
| International Equity Funds – 14.8% | International Equity Funds – 14.8% | International Equity Funds – 14.8% |
| MFS International Growth Portfolio - Initial Class | 1533295 | &nbsp;&nbsp; $27936643 |
| MFS International Intrinsic Value Portfolio - Initial Class | 787235 | &nbsp;&nbsp; 28072802 |
| MFS Research International Portfolio - Initial Class | 3764001 | &nbsp;&nbsp; 74715416 |
|  |  | &nbsp;&nbsp; $130724861 |
| Non-Traditional Funds – 3.0% | Non-Traditional Funds – 3.0% | Non-Traditional Funds – 3.0% |
| MFS Global Real Estate Portfolio - Initial Class | 2086567 | &nbsp;&nbsp; $26812389 |
| U.S. Equity Funds – 43.5% | U.S. Equity Funds – 43.5% | U.S. Equity Funds – 43.5% |
| MFS Growth Series - Initial Class | 1005737 | &nbsp;&nbsp; $78990630 |
| MFS Mid Cap Growth Series - Initial Class | 6610145 | &nbsp;&nbsp; 66035345 |
| MFS Mid Cap Value Portfolio - Initial Class | 5970498 | &nbsp;&nbsp; 63466389 |
| MFS New Discovery Series - Initial Class (a) | 977917 | &nbsp;&nbsp; 14042887 |
| MFS New Discovery Value Portfolio - Initial Class | 1714827 | &nbsp;&nbsp; 13615724 |
| MFS Research Series - Initial Class | 1809458 | &nbsp;&nbsp; 67565162 |
| MFS Value Series - Initial Class | 3515220 | &nbsp;&nbsp; 81166439 |
|  |  | &nbsp;&nbsp; $384882576 |
| Money Market Funds – 2.1% | Money Market Funds – 2.1% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) | 18762597 | &nbsp;&nbsp; $18764473 |
| **Total Mutual Funds (Identified Cost, $694,355,491)** | **Total Mutual Funds (Identified Cost, $694,355,491)** | &nbsp;&nbsp; **$884379741** |
| Other Assets, Less Liabilities – (0.0)% |  | &nbsp;&nbsp; (130934) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$884248807** |

---

&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 value of the fund's investments in affiliated issuers was $884,379,741.

&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.

**See Notes to Financial Statements**

VMAFS-SEM

------

MFS Moderate Allocation Portfolio

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

**(unaudited)**

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

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in affiliated issuers, at value (identified cost, $694,355,491) | &nbsp;&nbsp; $884379741 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 1332543 |
| Fund shares sold | &nbsp;&nbsp; 2009 |
| Other assets | &nbsp;&nbsp; 1664 |
| Total assets | &nbsp;&nbsp; $885715957 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $1391910 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 192 |
| Shareholder servicing costs | &nbsp;&nbsp; 219 |
| Distribution and/or service fees | &nbsp;&nbsp; 23943 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 3369 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 47517 |
| Total liabilities | &nbsp;&nbsp; $1467150 |
| Net assets | &nbsp;&nbsp; $884248807 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $630275400 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 253973407 |
| Net assets | &nbsp;&nbsp; $884248807 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 73803701 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $6355180 | &nbsp;&nbsp;&nbsp; 530526 | &nbsp;&nbsp;&nbsp; $11.98 |
| Service Class | &nbsp;&nbsp;&nbsp; 877893627 | &nbsp;&nbsp;&nbsp; 73273175 | &nbsp;&nbsp;&nbsp;&nbsp;11.98 |

---

**See Notes to Financial Statements**

------

MFS Moderate Allocation Portfolio

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

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

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from affiliated issuers | &nbsp;&nbsp; $458169 |
| Other | &nbsp;&nbsp; 121 |
| Total investment income | &nbsp;&nbsp; $458290 |
| Expenses |  |
| Distribution and/or service fees | &nbsp;&nbsp; $1078590 |
| Shareholder servicing costs | &nbsp;&nbsp; 6650 |
| Administrative services fee | &nbsp;&nbsp; 8679 |
| Independent Trustees' compensation | &nbsp;&nbsp; 10296 |
| Custodian fee | &nbsp;&nbsp; 7069 |
| Shareholder communications | &nbsp;&nbsp; 2630 |
| Audit and tax fees | &nbsp;&nbsp; 25755 |
| Legal fees | &nbsp;&nbsp; 1977 |
| Miscellaneous | &nbsp;&nbsp; 17087 |
| Total expenses | &nbsp;&nbsp; $1158733 |
| Net investment income (loss) | &nbsp;&nbsp; $(700443)<br>|
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Investments in affiliated issuers | &nbsp;&nbsp; $1782272 |
| Change in unrealized appreciation or depreciation |  |
| Affiliated issuers | &nbsp;&nbsp; $59662354 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $61444626 |
| Change in net assets from operations | &nbsp;&nbsp; $60744183 |

---

**See Notes to Financial Statements**

------

MFS Moderate Allocation Portfolio

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $(700443)<br>| &nbsp;&nbsp; $17745349 |
| Net realized gain (loss) | 1782272 | &nbsp;&nbsp; 55923530 |
| Net unrealized gain (loss) | 59662354 | &nbsp;&nbsp; 2762436 |
| Change in net assets from operations | $60744183 | &nbsp;&nbsp; $76431315 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(34978997)<br>|
| Change in net assets from fund share transactions | $(72102408)<br>| &nbsp;&nbsp; $(136356201)<br>|
| Total change in net assets | $(11358225)<br>| &nbsp;&nbsp; $(94903883)<br>|
| **Net assets** |  |  |
| At beginning of period | 895607032 | &nbsp;&nbsp; 990510915 |
| At end of period | $884248807 | &nbsp;&nbsp; $895607032 |

---

**See Notes to Financial Statements**

------

MFS Moderate Allocation Portfolio

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $11.16 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $14.48 | &nbsp;&nbsp; $13.86 | &nbsp;&nbsp; $13.23 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | $0.00<br> (w)<br>| &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.29 |
| Net realized and unrealized gain (loss) | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| Total from investment operations | $0.82 | &nbsp;&nbsp; $0.89 | &nbsp;&nbsp; $1.28 | &nbsp;&nbsp; $(2.37)<br>| &nbsp;&nbsp; $1.59 | &nbsp;&nbsp; $1.80 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.32)<br>|
| From net realized gain |  | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.85)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(1.01)<br>| &nbsp;&nbsp; $(1.66)<br>| &nbsp;&nbsp; $(0.97)<br>| &nbsp;&nbsp; $(1.17)<br>|
| Net asset value, end of period (x) | $11.98 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $14.48 | &nbsp;&nbsp; $13.86 |
| Total return (%) (k)(s)(x) | 7.35<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.31 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp; (16.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.61 | &nbsp;&nbsp;&nbsp;&nbsp;14.29 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses (h) | 0.02<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net investment income (loss) (l) | 0.09<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| Portfolio turnover rate | 4<br> (n)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7 |
| Net assets at end of period (000 omitted) | $6355 | &nbsp;&nbsp; $5979 | &nbsp;&nbsp; $6790 | &nbsp;&nbsp; $7560 | &nbsp;&nbsp; $9312 | &nbsp;&nbsp; $7891 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $11.18 | &nbsp;&nbsp; $10.73 | &nbsp;&nbsp; $10.46 | &nbsp;&nbsp; $14.47 | &nbsp;&nbsp; $13.86 | &nbsp;&nbsp; $13.22 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | $(0.01)<br>| &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.24 |
| Net realized and unrealized gain (loss) | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| Total from investment operations | $0.80 | &nbsp;&nbsp; $0.87 | &nbsp;&nbsp; $1.25 | &nbsp;&nbsp; $(2.39)<br>| &nbsp;&nbsp; $1.54 | &nbsp;&nbsp; $1.78 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.29)<br>|
| From net realized gain |  | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.85)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp; $(0.98)<br>| &nbsp;&nbsp; $(1.62)<br>| &nbsp;&nbsp; $(0.93)<br>| &nbsp;&nbsp; $(1.14)<br>|
| Net asset value, end of period (x) | $11.98 | &nbsp;&nbsp; $11.18 | &nbsp;&nbsp; $10.73 | &nbsp;&nbsp; $10.46 | &nbsp;&nbsp; $14.47 | &nbsp;&nbsp; $13.86 |
| Total return (%) (k)(s)(x) | 7.16<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.12 | &nbsp;&nbsp;&nbsp;&nbsp;12.64 | &nbsp;&nbsp; (16.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.26 | &nbsp;&nbsp;&nbsp;&nbsp;14.08 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses (h) | 0.27<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net investment income (loss) (l) | (0.16)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Portfolio turnover rate | 4<br> (n)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7 |
| Net assets at end of period (000 omitted) | $877894 | &nbsp;&nbsp; $889628 | &nbsp;&nbsp; $983721 | &nbsp;&nbsp; $998978 | &nbsp;&nbsp; $1356886 | &nbsp;&nbsp; $1426271 |

---

**See Notes to Financial Statements**

------

MFS Moderate Allocation Portfolio

*Financial Highlights - continued*

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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;(l) Recognition of net investment income by the fund may be affected by the timing of
 the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual
 net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in
 which the fund invests.

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

&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) Ratio 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 Moderate Allocation Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Moderate Allocation Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust III (the trust). The trust is organized as a Delaware statutory 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 is a "fund of funds", which invests the majority of its assets in other MFS mutual funds (hereafter referred to as "underlying affiliated funds" or "underlying funds"), which may have different fiscal year ends than the funds. The underlying funds, in turn, may engage in a number of investment techniques and practices, which involve certain risks. Certain underlying funds invest their portfolio 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. Certain underlying funds invest a significant portion of their 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. Certain underlying funds invest 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.

The accounting policies of the underlying funds in which the fund invests are outlined in the underlying funds' financial statements, which are available without charge by calling 1-800-225-2606, at mfs.com and on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov. The underlying funds' financial statements are not covered by this report.

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.

**Investment Valuations** — Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of this policy disclosure, "fund" also refers to the underlying funds in which the fund-of-funds invests.

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

------

MFS Moderate Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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. 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. Debt instruments sold short are generally valued at an evaluated or composite mean as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. 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 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. 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.

------

MFS Moderate Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investment Companies | $884379741 | $— | $— | $884379741 |

---

For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds' financial statements for further information regarding the levels used in valuing the underlying funds' assets and liabilities.

**Derivatives** — The fund does not invest in derivatives directly. The fund does invest in underlying funds that may use 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 underlying funds use 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.

**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. Distributions of income and capital gains from the underlying funds are recorded on the ex-dividend date. Recognition of net investment income and realized gain from affiliated issuers by the fund is affected by the timing of the declaration of distributions by the underlying funds in which the fund invests.

The fund and/or the underlying funds 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.

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

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

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

------

MFS Moderate Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $13036237 |
| Long-term capital gains | &nbsp;&nbsp; 21942760 |
| Total distributions | &nbsp;&nbsp; $34978997 |

---

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

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $708065073 |
| Gross appreciation | &nbsp;&nbsp; 221358951 |
| Gross depreciation | &nbsp;&nbsp; (45044283)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $176314668 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 20845911 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 55730999 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 116652314 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $242128 |
| Service Class |  | &nbsp;&nbsp; 34736869 |
| Total | $— | &nbsp;&nbsp; $34978997 |

---

**(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. MFS receives no compensation under this agreement; however MFS receives management fees from the underlying MFS funds.

The investment adviser has agreed in writing to pay a portion of the fund's operating expenses, excluding distribution and/or service fees, interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses such as fees and expenses associated with investments in investment companies and other similar investment vehicles such that fund operating expenses do not exceed 0.20% annually of the fund's average daily net assets. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, the fund's actual operating expenses did not exceed the limit and therefore, the investment adviser did not pay any portion of the fund's expenses related to this agreement.

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 funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund.

**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 Moderate Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $6,526, which equated to 0.0015% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $124.

**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 pays an annual fixed amount of $17,500. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0020% of the fund's average daily net assets.

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

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

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of shares of underlying funds, excluding the MFS Institutional Money Market Portfolio, aggregated $31,193,844 and $99,770,452, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 4646 | &nbsp;&nbsp; $53361 | &nbsp;&nbsp; 6487 | &nbsp;&nbsp; $71548 |
| Service Class | 186717 | &nbsp;&nbsp; 2112447 | &nbsp;&nbsp; 311148 | &nbsp;&nbsp; 3481790 |
|  | 191363 | &nbsp;&nbsp; $2165808 | &nbsp;&nbsp; 317635 | &nbsp;&nbsp; $3553338 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 21657 | &nbsp;&nbsp; $242128 |
| Service Class |  |  | &nbsp;&nbsp; 3101506 | &nbsp;&nbsp; 34736869 |
|  |  | $— | &nbsp;&nbsp; 3123163 | &nbsp;&nbsp; $34978997 |
| Shares reacquired |  |  |  |  |
| Initial Class | (9769)<br>| &nbsp;&nbsp; $(111016)<br>| &nbsp;&nbsp; (126039)<br>| &nbsp;&nbsp; $(1410438)<br>|
| Service Class | (6503288)<br>| &nbsp;&nbsp; (74157200)<br>| &nbsp;&nbsp; (15501049)<br>| &nbsp;&nbsp; (173478098)<br>|
|  | (6513057)<br>| &nbsp;&nbsp; $(74268216)<br>| &nbsp;&nbsp; (15627088)<br>| &nbsp;&nbsp; $(174888536)<br>|
| Net change |  |  |  |  |
| Initial Class | (5123)<br>| &nbsp;&nbsp; $(57655)<br>| &nbsp;&nbsp; (97895)<br>| &nbsp;&nbsp; $(1096762)<br>|
| Service Class | (6316571)<br>| &nbsp;&nbsp; (72044753)<br>| &nbsp;&nbsp; (12088395)<br>| &nbsp;&nbsp; (135259439)<br>|
|  | (6321694)<br>| &nbsp;&nbsp; $(72102408)<br>| &nbsp;&nbsp; (12186290)<br>| &nbsp;&nbsp; $(136356201)<br>|

---

------

MFS Moderate Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $2,026 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Global Governments Portfolio | &nbsp;&nbsp; $45243286 | &nbsp;&nbsp; $34915 | &nbsp;&nbsp; $6790983 | &nbsp;&nbsp; $(1901727)<br>| &nbsp;&nbsp; $4924552 | &nbsp;&nbsp; $41510043 |
| MFS Global Real Estate Portfolio | &nbsp;&nbsp; 26177759 | &nbsp;&nbsp; 950516 | &nbsp;&nbsp; 1227078 | &nbsp;&nbsp; 78888 | &nbsp;&nbsp; 832304 | &nbsp;&nbsp; 26812389 |
| MFS Government Securities Portfolio | &nbsp;&nbsp; 86519412 | &nbsp;&nbsp; 66362 | &nbsp;&nbsp; 12436550 | &nbsp;&nbsp; (2697453)<br>| &nbsp;&nbsp; 6078744 | &nbsp;&nbsp; 77530515 |
| MFS Growth Series | &nbsp;&nbsp; 73211318 | &nbsp;&nbsp; 7936684 | &nbsp;&nbsp; 9123635 | &nbsp;&nbsp; 2404677 | &nbsp;&nbsp; 4561586 | &nbsp;&nbsp; 78990630 |
| MFS High Yield Portfolio | &nbsp;&nbsp; 45622949 | &nbsp;&nbsp; 17489 | &nbsp;&nbsp; 4817128 | &nbsp;&nbsp; (738961)<br>| &nbsp;&nbsp; 2592833 | &nbsp;&nbsp; 42677182 |
| MFS Inflation-Adjusted Bond Portfolio | &nbsp;&nbsp; 45192483 | &nbsp;&nbsp; 30207 | &nbsp;&nbsp; 6166801 | &nbsp;&nbsp; (2052663)<br>| &nbsp;&nbsp; 5302780 | &nbsp;&nbsp; 42306006 |
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; 22959638 | &nbsp;&nbsp; 1461552 | &nbsp;&nbsp; 5654139 | &nbsp;&nbsp; (354)<br>| &nbsp;&nbsp; (2224)<br>| &nbsp;&nbsp; 18764473 |
| MFS International Growth Portfolio | &nbsp;&nbsp; 26928835 | &nbsp;&nbsp; 682740 | &nbsp;&nbsp; 3675609 | &nbsp;&nbsp; 970098 | &nbsp;&nbsp; 3030579 | &nbsp;&nbsp; 27936643 |
| MFS International Intrinsic Value <br> Portfolio<br>| &nbsp;&nbsp; 26961665 | &nbsp;&nbsp; 670521 | &nbsp;&nbsp; 4574149 | &nbsp;&nbsp; 1565300 | &nbsp;&nbsp; 3449465 | &nbsp;&nbsp; 28072802 |
| MFS Limited Maturity Portfolio | &nbsp;&nbsp; 27448215 | &nbsp;&nbsp; 19208 | &nbsp;&nbsp; 3789582 | &nbsp;&nbsp; 1883 | &nbsp;&nbsp; 799541 | &nbsp;&nbsp; 24479265 |
| MFS Mid Cap Growth Series | &nbsp;&nbsp; 61684797 | &nbsp;&nbsp; 5870459 | &nbsp;&nbsp; 7945171 | &nbsp;&nbsp; 1487026 | &nbsp;&nbsp; 4938234 | &nbsp;&nbsp; 66035345 |
| MFS Mid Cap Value Portfolio | &nbsp;&nbsp; 61208185 | &nbsp;&nbsp; 4061245 | &nbsp;&nbsp; 2629255 | &nbsp;&nbsp; 263639 | &nbsp;&nbsp; 562575 | &nbsp;&nbsp; 63466389 |
| MFS New Discovery Series | &nbsp;&nbsp; 13057402 | &nbsp;&nbsp; 1563745 | &nbsp;&nbsp; 1438457 | &nbsp;&nbsp; (57434)<br>| &nbsp;&nbsp; 917631 | &nbsp;&nbsp; 14042887 |
| MFS New Discovery Value Portfolio | &nbsp;&nbsp; 13033652 | &nbsp;&nbsp; 1396684 | &nbsp;&nbsp; 657041 | &nbsp;&nbsp; (18530)<br>| &nbsp;&nbsp; (139041)<br>| &nbsp;&nbsp; 13615724 |
| MFS Research International Portfolio | &nbsp;&nbsp; 71790353 | &nbsp;&nbsp; 1371588 | &nbsp;&nbsp; 9335434 | &nbsp;&nbsp; 2024464 | &nbsp;&nbsp; 8864445 | &nbsp;&nbsp; 74715416 |
| MFS Research Series | &nbsp;&nbsp; 64661953 | &nbsp;&nbsp; 4860729 | &nbsp;&nbsp; 5976325 | &nbsp;&nbsp; 1256847 | &nbsp;&nbsp; 2761958 | &nbsp;&nbsp; 67565162 |
| MFS Total Return Bond Series | &nbsp;&nbsp; 104641931 | &nbsp;&nbsp; 75469 | &nbsp;&nbsp; 13972963 | &nbsp;&nbsp; (2149639)<br>| &nbsp;&nbsp; 6097633 | &nbsp;&nbsp; 94692431 |
| MFS Value Series | &nbsp;&nbsp; 79360478 | &nbsp;&nbsp; 1585282 | &nbsp;&nbsp; 5214291 | &nbsp;&nbsp; 1346211 | &nbsp;&nbsp; 4088759 | &nbsp;&nbsp; 81166439 |
|  | &nbsp;&nbsp; $895704311 | &nbsp;&nbsp; $32655395 | &nbsp;&nbsp; $105424591 | &nbsp;&nbsp; $1782272 | &nbsp;&nbsp; $59662354 | &nbsp;&nbsp; $884379741 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Global Governments Portfolio | $— | $— |
| MFS Global Real Estate Portfolio |  |  |
| MFS Government Securities Portfolio |  |  |
| MFS Growth Series |  |  |
| MFS High Yield Portfolio |  |  |
| MFS Inflation-Adjusted Bond Portfolio |  |  |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; 458169 |  |

---

------

MFS Moderate Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers - continued** | &nbsp;&nbsp; **Dividend**<br> **Income**<br>| &nbsp;&nbsp; **Capital Gain**<br> **Distributions**<br>|
| MFS International Growth Portfolio | $— | $— |
| MFS International Intrinsic Value Portfolio |  |  |
| MFS Limited Maturity Portfolio |  |  |
| MFS Mid Cap Growth Series |  |  |
| MFS Mid Cap Value Portfolio |  |  |
| MFS New Discovery Series |  |  |
| MFS New Discovery Value Portfolio |  |  |
| MFS Research International Portfolio |  |  |
| MFS Research Series |  |  |
| MFS Total Return Bond Series |  |  |
| MFS Value Series |  |  |
|  | &nbsp;&nbsp; $458169 | $— |

---

------

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

There is nothing to report for this item for MFS Moderate Allocation Portfolio.

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

There is nothing to report for this item for MFS Moderate 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 Moderate Allocation Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

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

Not Applicable.

------

MFS Growth Allocation Portfolio

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

MFS Growth Allocation Portfolio

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 100.2% | Mutual Funds (h) – 100.2% | Mutual Funds (h) – 100.2% |
| Bond Funds – 19.4% | Bond Funds – 19.4% | Bond Funds – 19.4% |
| MFS Global Governments Portfolio - Initial Class (a) | 1413200 | &nbsp;&nbsp; $12747061 |
| MFS High Yield Portfolio - Initial Class | 3029351 | &nbsp;&nbsp; 15904092 |
| MFS Inflation-Adjusted Bond Portfolio - Initial Class | 1915146 | &nbsp;&nbsp; 15934019 |
| MFS Limited Maturity Portfolio - Initial Class | 304095 | &nbsp;&nbsp; 3168671 |
| MFS Total Return Bond Series - Initial Class | 1195407 | &nbsp;&nbsp; 14309021 |
|  |  | &nbsp;&nbsp; $62062864 |
| International Equity Funds – 21.4% | International Equity Funds – 21.4% | International Equity Funds – 21.4% |
| MFS Emerging Markets Equity Portfolio - Initial Class | 206264 | &nbsp;&nbsp; $3246597 |
| MFS International Growth Portfolio - Initial Class | 896403 | &nbsp;&nbsp; 16332467 |
| MFS International Intrinsic Value Portfolio - Initial Class | 458828 | &nbsp;&nbsp; 16361810 |
| MFS Research International Portfolio - Initial Class | 1648928 | &nbsp;&nbsp; 32731207 |
|  |  | &nbsp;&nbsp; $68672081 |
| Non-Traditional Funds – 4.9% | Non-Traditional Funds – 4.9% | Non-Traditional Funds – 4.9% |
| MFS Global Real Estate Portfolio - Initial Class | 1234797 | &nbsp;&nbsp; $15867146 |
| U.S. Equity Funds – 52.8% | U.S. Equity Funds – 52.8% | U.S. Equity Funds – 52.8% |
| MFS Growth Series - Initial Class | 425127 | &nbsp;&nbsp; $33389509 |
| MFS Mid Cap Growth Series - Initial Class | 2914297 | &nbsp;&nbsp; 29113823 |
| MFS Mid Cap Value Portfolio - Initial Class | 2700631 | &nbsp;&nbsp; 28707712 |
| MFS New Discovery Series - Initial Class (a) | 446822 | &nbsp;&nbsp; 6416357 |
| MFS New Discovery Value Portfolio - Initial Class | 802196 | &nbsp;&nbsp; 6369435 |
| MFS Research Series - Initial Class | 798551 | &nbsp;&nbsp; 29817904 |
| MFS Value Series - Initial Class | 1523504 | &nbsp;&nbsp; 35177703 |
|  |  | &nbsp;&nbsp; $168992443 |
| Money Market Funds – 1.7% | Money Market Funds – 1.7% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) | 5349848 | &nbsp;&nbsp; $5350383 |
| **Total Mutual Funds (Identified Cost, $229,424,059)** | **Total Mutual Funds (Identified Cost, $229,424,059)** | &nbsp;&nbsp; **$320944917** |
| Other Assets, Less Liabilities – (0.2)% |  | &nbsp;&nbsp; (752298) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$320192619** |

---

&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 value of the fund's investments in affiliated issuers was $320,944,917.

&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.

**See Notes to Financial Statements**

VGAFS-SEM

------

MFS Growth Allocation Portfolio

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

**(unaudited)**

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

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in affiliated issuers, at value (identified cost, $229,424,059) | &nbsp;&nbsp; $320944917 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 108842 |
| Fund shares sold | &nbsp;&nbsp; 506163 |
| Other assets | &nbsp;&nbsp; 754 |
| Total assets | &nbsp;&nbsp; $321560676 |
| **Liabilities** |  |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; $1152602 |
| Fund shares reacquired | &nbsp;&nbsp; 172806 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 192 |
| Shareholder servicing costs | &nbsp;&nbsp; 107 |
| Distribution and/or service fees | &nbsp;&nbsp; 8612 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 1334 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 32404 |
| Total liabilities | &nbsp;&nbsp; $1368057 |
| Net assets | &nbsp;&nbsp; $320192619 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $214938926 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 105253693 |
| Net assets | &nbsp;&nbsp; $320192619 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 29298451 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $3528105 | &nbsp;&nbsp;&nbsp; 323677 | &nbsp;&nbsp;&nbsp; $10.90 |
| Service Class | &nbsp;&nbsp;&nbsp; 316664514 | &nbsp;&nbsp;&nbsp; 28974774 | &nbsp;&nbsp;&nbsp;&nbsp;10.93 |

---

**See Notes to Financial Statements**

------

MFS Growth Allocation Portfolio

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

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

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $126527 |
| Other | &nbsp;&nbsp; 51 |
| Total investment income | &nbsp;&nbsp; $126578 |
| Expenses |  |
| Distribution and/or service fees | &nbsp;&nbsp; $372048 |
| Shareholder servicing costs | &nbsp;&nbsp; 3240 |
| Administrative services fee | &nbsp;&nbsp; 8679 |
| Independent Trustees' compensation | &nbsp;&nbsp; 4092 |
| Custodian fee | &nbsp;&nbsp; 1812 |
| Shareholder communications | &nbsp;&nbsp; 2113 |
| Audit and tax fees | &nbsp;&nbsp; 25735 |
| Legal fees | &nbsp;&nbsp; 703 |
| Miscellaneous | &nbsp;&nbsp; 14397 |
| Total expenses | &nbsp;&nbsp; $432819 |
| Net investment income (loss) | &nbsp;&nbsp; $(306241)<br>|
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Investments in affiliated issuers | &nbsp;&nbsp; $(233436)<br>|
| Change in unrealized appreciation or depreciation |  |
| Affiliated issuers | &nbsp;&nbsp; $23074106 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $22840670 |
| Change in net assets from operations | &nbsp;&nbsp; $22534429 |

---

**See Notes to Financial Statements**

------

MFS Growth Allocation Portfolio

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $(306241)<br>| &nbsp;&nbsp; $4006593 |
| Net realized gain (loss) | (233436)<br>| &nbsp;&nbsp; 14869950 |
| Net unrealized gain (loss) | 23074106 | &nbsp;&nbsp; 9357943 |
| Change in net assets from operations | $22534429 | &nbsp;&nbsp; $28234486 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(11592304)<br>|
| Change in net assets from fund share transactions | $(3469625)<br>| &nbsp;&nbsp; $299800 |
| Total change in net assets | $19064804 | &nbsp;&nbsp; $16941982 |
| **Net assets** |  |  |
| At beginning of period | 301127815 | &nbsp;&nbsp; 284185833 |
| At end of period | $320192619 | &nbsp;&nbsp; $301127815 |

---

**See Notes to Financial Statements**

------

MFS Growth Allocation Portfolio

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $10.12 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $13.27 | &nbsp;&nbsp; $12.38 | &nbsp;&nbsp; $11.93 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | $0.00<br> (w)<br>| &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.23 |
| Net realized and unrealized gain (loss) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Total from investment operations | $0.78 | &nbsp;&nbsp; $0.99 | &nbsp;&nbsp; $1.34 | &nbsp;&nbsp; $(2.38)<br>| &nbsp;&nbsp; $1.92 | &nbsp;&nbsp; $1.76 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.25)<br>|
| From net realized gain |  | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (1.06)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $(1.13)<br>| &nbsp;&nbsp; $(1.54)<br>| &nbsp;&nbsp; $(1.03)<br>| &nbsp;&nbsp; $(1.31)<br>|
| Net asset value, end of period (x) | $10.90 | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $13.27 | &nbsp;&nbsp; $12.38 |
| Total return (%) (k)(s)(x) | 7.71<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;15.29 | &nbsp;&nbsp; (18.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp;&nbsp;&nbsp;15.80 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses (h) | 0.04<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net investment income (loss) (l) | 0.04<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 |
| Portfolio turnover rate | 5<br> (n)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 6 |
| Net assets at end of period (000 omitted) | $3528 | &nbsp;&nbsp; $3297 | &nbsp;&nbsp; $3311 | &nbsp;&nbsp; $2817 | &nbsp;&nbsp; $4564 | &nbsp;&nbsp; $4602 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $10.16 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $13.30 | &nbsp;&nbsp; $12.40 | &nbsp;&nbsp; $11.95 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | $(0.01)<br>| &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.18 |
| Net realized and unrealized gain (loss) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| Total from investment operations | $0.77 | &nbsp;&nbsp; $0.97 | &nbsp;&nbsp; $1.32 | &nbsp;&nbsp; $(2.41)<br>| &nbsp;&nbsp; $1.90 | &nbsp;&nbsp; $1.73 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.22)<br>|
| From net realized gain |  | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (1.06)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $(1.10)<br>| &nbsp;&nbsp; $(1.51)<br>| &nbsp;&nbsp; $(1.00)<br>| &nbsp;&nbsp; $(1.28)<br>|
| Net asset value, end of period (x) | $10.93 | &nbsp;&nbsp; $10.16 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $13.30 | &nbsp;&nbsp; $12.40 |
| Total return (%) (k)(s)(x) | 7.58<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;15.03 | &nbsp;&nbsp; (18.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.54 | &nbsp;&nbsp;&nbsp;&nbsp;15.46 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses (h) | 0.29<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net investment income (loss) (l) | (0.21)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Portfolio turnover rate | 5<br> (n)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 6 |
| Net assets at end of period (000 omitted) | $316665 | &nbsp;&nbsp; $297831 | &nbsp;&nbsp; $280875 | &nbsp;&nbsp; $258142 | &nbsp;&nbsp; $352021 | &nbsp;&nbsp; $354270 |

---

**See Notes to Financial Statements**

------

MFS Growth Allocation Portfolio

*Financial Highlights - continued*

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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;(l) Recognition of net investment income by the fund may be affected by the timing of
 the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual
 net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in
 which the fund invests.

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

&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 Growth Allocation Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Growth Allocation Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust III (the trust). The trust is organized as a Delaware statutory 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 is a "fund of funds", which invests the majority of its assets in other MFS mutual funds (hereafter referred to as "underlying affiliated funds" or "underlying funds"), which may have different fiscal year ends than the funds. The underlying funds, in turn, may engage in a number of investment techniques and practices, which involve certain risks. Certain underlying funds invest their portfolio 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. Certain underlying funds invest a significant portion of their 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. Certain underlying funds invest 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.

The accounting policies of the underlying funds in which the fund invests are outlined in the underlying funds' financial statements, which are available without charge by calling 1-800-225-2606, at mfs.com and on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov. The underlying funds' financial statements are not covered by this report.

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.

**Investment Valuations** — Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of this policy disclosure, "fund" also refers to the underlying funds in which the fund-of-funds invests.

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

------

MFS Growth Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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. 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. Debt instruments sold short are generally valued at an evaluated or composite mean as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. 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 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. 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.

------

MFS Growth Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investment Companies | $320944917 | $— | $— | $320944917 |

---

For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds' financial statements for further information regarding the levels used in valuing the underlying funds' assets and liabilities.

**Derivatives** — The fund does not invest in derivatives directly. The fund does invest in underlying funds that may use 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 underlying funds use 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.

**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. Distributions of income and capital gains from the underlying funds are recorded on the ex-dividend date. Recognition of net investment income and realized gain from affiliated issuers by the fund is affected by the timing of the declaration of distributions by the underlying funds in which the fund invests.

The fund and/or the underlying funds 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.

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

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

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

------

MFS Growth Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $3145873 |
| Long-term capital gains | &nbsp;&nbsp; 8446431 |
| Total distributions | &nbsp;&nbsp; $11592304 |

---

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

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $234757612 |
| Gross appreciation | &nbsp;&nbsp; 89451486 |
| Gross depreciation | &nbsp;&nbsp; (3264181)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $86187305 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 5483610 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 14122455 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 63113199 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $134551 |
| Service Class |  | &nbsp;&nbsp; 11457753 |
| Total | $— | &nbsp;&nbsp; $11592304 |

---

**(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. MFS receives no compensation under this agreement; however MFS receives management fees from the underlying MFS funds.

The investment adviser has agreed in writing to pay a portion of the fund's operating expenses, excluding distribution and/or service fees, interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses such as fees and expenses associated with investments in investment companies and other similar investment vehicles such that fund operating expenses do not exceed 0.20% annually of the fund's average daily net assets. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, the fund's actual operating expenses did not exceed the limit and therefore, the investment adviser did not pay any portion of the fund's expenses related to this agreement.

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 funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund.

**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 Growth Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $3,112, which equated to 0.0021% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $128.

**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 pays an annual fixed amount of $17,500. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0058% of the fund's average daily net assets.

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

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

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of shares of underlying funds, excluding the MFS Institutional Money Market Portfolio, aggregated $14,265,007 and $16,078,320, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 2424 | &nbsp;&nbsp; $25239 | &nbsp;&nbsp; 3345 | &nbsp;&nbsp; $33260 |
| Service Class | 1468030 | &nbsp;&nbsp; 15186982 | &nbsp;&nbsp; 3416984 | &nbsp;&nbsp; 34762312 |
|  | 1470454 | &nbsp;&nbsp; $15212221 | &nbsp;&nbsp; 3420329 | &nbsp;&nbsp; $34795572 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 13322 | &nbsp;&nbsp; $134551 |
| Service Class |  |  | &nbsp;&nbsp; 1128843 | &nbsp;&nbsp; 11457753 |
|  |  | $— | &nbsp;&nbsp; 1142165 | &nbsp;&nbsp; $11592304 |
| Shares reacquired |  |  |  |  |
| Initial Class | (4415)<br>| &nbsp;&nbsp; $(45611)<br>| &nbsp;&nbsp; (37290)<br>| &nbsp;&nbsp; $(378714)<br>|
| Service Class | (1798666)<br>| &nbsp;&nbsp; (18636235)<br>| &nbsp;&nbsp; (4500718)<br>| &nbsp;&nbsp; (45709362)<br>|
|  | (1803081)<br>| &nbsp;&nbsp; $(18681846)<br>| &nbsp;&nbsp; (4538008)<br>| &nbsp;&nbsp; $(46088076)<br>|
| Net change |  |  |  |  |
| Initial Class | (1991)<br>| &nbsp;&nbsp; $(20372)<br>| &nbsp;&nbsp; (20623)<br>| &nbsp;&nbsp; $(210903)<br>|
| Service Class | (330636)<br>| &nbsp;&nbsp; (3449253)<br>| &nbsp;&nbsp; 45109 | &nbsp;&nbsp; 510703 |
|  | (332627)<br>| &nbsp;&nbsp; $(3469625)<br>| &nbsp;&nbsp; 24486 | &nbsp;&nbsp; $299800 |

---

------

MFS Growth Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $688 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Emerging Markets Equity <br> Portfolio<br>| &nbsp;&nbsp; $3038077 | &nbsp;&nbsp; $57987 | &nbsp;&nbsp; $312495 | &nbsp;&nbsp; $19033 | &nbsp;&nbsp; $443995 | &nbsp;&nbsp; $3246597 |
| MFS Global Governments Portfolio | &nbsp;&nbsp; 12087244 | &nbsp;&nbsp; 654485 | &nbsp;&nbsp; 866248 | &nbsp;&nbsp; (216815)<br>| &nbsp;&nbsp; 1088395 | &nbsp;&nbsp; 12747061 |
| MFS Global Real Estate Portfolio | &nbsp;&nbsp; 14932859 | &nbsp;&nbsp; 879811 | &nbsp;&nbsp; 413890 | &nbsp;&nbsp; (25419)<br>| &nbsp;&nbsp; 493785 | &nbsp;&nbsp; 15867146 |
| MFS Growth Series | &nbsp;&nbsp; 30829895 | &nbsp;&nbsp; 2196382 | &nbsp;&nbsp; 2060427 | &nbsp;&nbsp; 119582 | &nbsp;&nbsp; 2304077 | &nbsp;&nbsp; 33389509 |
| MFS High Yield Portfolio | &nbsp;&nbsp; 15262818 | &nbsp;&nbsp; 692237 | &nbsp;&nbsp; 736392 | &nbsp;&nbsp; (102258)<br>| &nbsp;&nbsp; 787687 | &nbsp;&nbsp; 15904092 |
| MFS Inflation-Adjusted Bond Portfolio | &nbsp;&nbsp; 15084858 | &nbsp;&nbsp; 703769 | &nbsp;&nbsp; 1035880 | &nbsp;&nbsp; (307311)<br>| &nbsp;&nbsp; 1488583 | &nbsp;&nbsp; 15934019 |
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; 5932104 | &nbsp;&nbsp; 8536708 | &nbsp;&nbsp; 9117695 | &nbsp;&nbsp; (32)<br>| &nbsp;&nbsp; (702)<br>| &nbsp;&nbsp; 5350383 |
| MFS International Growth Portfolio | &nbsp;&nbsp; 15086250 | &nbsp;&nbsp; 340167 | &nbsp;&nbsp; 1324693 | &nbsp;&nbsp; 136863 | &nbsp;&nbsp; 2093880 | &nbsp;&nbsp; 16332467 |
| MFS International Intrinsic Value <br> Portfolio<br>| &nbsp;&nbsp; 15089657 | &nbsp;&nbsp; 221831 | &nbsp;&nbsp; 1756008 | &nbsp;&nbsp; 89039 | &nbsp;&nbsp; 2717291 | &nbsp;&nbsp; 16361810 |
| MFS Limited Maturity Portfolio | &nbsp;&nbsp; 3062300 | &nbsp;&nbsp; 194841 | &nbsp;&nbsp; 184239 | &nbsp;&nbsp; (196)<br>| &nbsp;&nbsp; 95965 | &nbsp;&nbsp; 3168671 |
| MFS Mid Cap Growth Series | &nbsp;&nbsp; 26802230 | &nbsp;&nbsp; 1534775 | &nbsp;&nbsp; 1657846 | &nbsp;&nbsp; 73801 | &nbsp;&nbsp; 2360863 | &nbsp;&nbsp; 29113823 |
| MFS Mid Cap Value Portfolio | &nbsp;&nbsp; 26862390 | &nbsp;&nbsp; 1851476 | &nbsp;&nbsp; 185007 | &nbsp;&nbsp; (9447)<br>| &nbsp;&nbsp; 188300 | &nbsp;&nbsp; 28707712 |
| MFS New Discovery Series | &nbsp;&nbsp; 5945924 | &nbsp;&nbsp; 456212 | &nbsp;&nbsp; 264966 | &nbsp;&nbsp; (5679)<br>| &nbsp;&nbsp; 284866 | &nbsp;&nbsp; 6416357 |
| MFS New Discovery Value Portfolio | &nbsp;&nbsp; 5955333 | &nbsp;&nbsp; 593369 | &nbsp;&nbsp; 25817 | &nbsp;&nbsp; (1761)<br>| &nbsp;&nbsp; (151689)<br>| &nbsp;&nbsp; 6369435 |
| MFS Research International Portfolio | &nbsp;&nbsp; 30118423 | &nbsp;&nbsp; 578467 | &nbsp;&nbsp; 2559679 | &nbsp;&nbsp; 66740 | &nbsp;&nbsp; 4527256 | &nbsp;&nbsp; 32731207 |
| MFS Research Series | &nbsp;&nbsp; 27766129 | &nbsp;&nbsp; 1353944 | &nbsp;&nbsp; 785114 | &nbsp;&nbsp; 25545 | &nbsp;&nbsp; 1457400 | &nbsp;&nbsp; 29817904 |
| MFS Total Return Bond Series | &nbsp;&nbsp; 13681213 | &nbsp;&nbsp; 848367 | &nbsp;&nbsp; 781591 | &nbsp;&nbsp; (112698)<br>| &nbsp;&nbsp; 673730 | &nbsp;&nbsp; 14309021 |
| MFS Value Series | &nbsp;&nbsp; 32960843 | &nbsp;&nbsp; 1106887 | &nbsp;&nbsp; 1128028 | &nbsp;&nbsp; 17577 | &nbsp;&nbsp; 2220424 | &nbsp;&nbsp; 35177703 |
|  | &nbsp;&nbsp; $300498547 | &nbsp;&nbsp; $22801715 | &nbsp;&nbsp; $25196015 | &nbsp;&nbsp; $(233436)<br>| &nbsp;&nbsp; $23074106 | &nbsp;&nbsp; $320944917 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Emerging Markets Equity Portfolio | $— | $— |
| MFS Global Governments Portfolio |  |  |
| MFS Global Real Estate Portfolio |  |  |
| MFS Growth Series |  |  |
| MFS High Yield Portfolio |  |  |
| MFS Inflation-Adjusted Bond Portfolio |  |  |

---

------

MFS Growth Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers - continued** | &nbsp;&nbsp; **Dividend**<br> **Income**<br>| &nbsp;&nbsp; **Capital Gain**<br> **Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $126527 | $— |
| MFS International Growth Portfolio |  |  |
| MFS International Intrinsic Value Portfolio |  |  |
| MFS Limited Maturity Portfolio |  |  |
| MFS Mid Cap Growth Series |  |  |
| MFS Mid Cap Value Portfolio |  |  |
| MFS New Discovery Series |  |  |
| MFS New Discovery Value Portfolio |  |  |
| MFS Research International Portfolio |  |  |
| MFS Research Series |  |  |
| MFS Total Return Bond Series |  |  |
| MFS Value Series |  |  |
|  | &nbsp;&nbsp; $126527 | $— |

---

------

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

There is nothing to report for this item for MFS Growth Allocation Portfolio.

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

There is nothing to report for this item for MFS Growth 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 Growth Allocation Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

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

Not Applicable.

------

MFS Conservative Allocation Portfolio

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

MFS Conservative Allocation Portfolio

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% | Mutual Funds (h) – 100.0% |
| Bond Funds – 57.8% | Bond Funds – 57.8% | Bond Funds – 57.8% |
| MFS Global Governments Portfolio - Initial Class (a) | 2097031 | &nbsp;&nbsp; $18915216 |
| MFS Government Securities Portfolio - Initial Class | 2010715 | &nbsp;&nbsp; 22137973 |
| MFS High Yield Portfolio - Initial Class | 2298362 | &nbsp;&nbsp; 12066401 |
| MFS Inflation-Adjusted Bond Portfolio - Initial Class | 2889867 | &nbsp;&nbsp; 24043689 |
| MFS Limited Maturity Portfolio - Initial Class | 2458756 | &nbsp;&nbsp; 25620240 |
| MFS Total Return Bond Series - Initial Class | 3042655 | &nbsp;&nbsp; 36420580 |
|  |  | &nbsp;&nbsp; $139204099 |
| International Equity Funds – 9.6% | International Equity Funds – 9.6% | International Equity Funds – 9.6% |
| MFS International Growth Portfolio - Initial Class | 282092 | &nbsp;&nbsp; $5139719 |
| MFS International Intrinsic Value Portfolio - Initial Class | 144512 | &nbsp;&nbsp; 5153300 |
| MFS Research International Portfolio - Initial Class | 649980 | &nbsp;&nbsp; 12902104 |
|  |  | &nbsp;&nbsp; $23195123 |
| Non-Traditional Funds – 2.0% | Non-Traditional Funds – 2.0% | Non-Traditional Funds – 2.0% |
| MFS Global Real Estate Portfolio - Initial Class | 378500 | &nbsp;&nbsp; $4863729 |
| U.S. Equity Funds – 28.5% | U.S. Equity Funds – 28.5% | U.S. Equity Funds – 28.5% |
| MFS Growth Series - Initial Class | 170715 | &nbsp;&nbsp; $13407934 |
| MFS Mid Cap Growth Series - Initial Class | 1010468 | &nbsp;&nbsp; 10094578 |
| MFS Mid Cap Value Portfolio - Initial Class | 925933 | &nbsp;&nbsp; 9842667 |
| MFS New Discovery Series - Initial Class (a) | 174504 | &nbsp;&nbsp; 2505877 |
| MFS New Discovery Value Portfolio - Initial Class | 310063 | &nbsp;&nbsp; 2461901 |
| MFS Research Series - Initial Class | 419845 | &nbsp;&nbsp; 15677008 |
| MFS Value Series - Initial Class | 639027 | &nbsp;&nbsp; 14755131 |
|  |  | &nbsp;&nbsp; $68745096 |
| Money Market Funds – 2.1% | Money Market Funds – 2.1% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) | 5004478 | &nbsp;&nbsp; $5004979 |
| **Total Mutual Funds (Identified Cost, $212,419,913)** | **Total Mutual Funds (Identified Cost, $212,419,913)** | &nbsp;&nbsp; **$241013026** |
| Other Assets, Less Liabilities – (0.0)% |  | &nbsp;&nbsp; (53817) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$240959209** |

---

&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 value of the fund's investments in affiliated issuers was $241,013,026.

&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.

**See Notes to Financial Statements**

VCAFS-SEM

------

MFS Conservative Allocation Portfolio

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

**(unaudited)**

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

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in affiliated issuers, at value (identified cost, $212,419,913) | &nbsp;&nbsp; $241013026 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 224484 |
| Other assets | &nbsp;&nbsp; 698 |
| Total assets | &nbsp;&nbsp; $241238208 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $235372 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 192 |
| Shareholder servicing costs | &nbsp;&nbsp; 74 |
| Distribution and/or service fees | &nbsp;&nbsp; 6529 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 1198 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 35634 |
| Total liabilities | &nbsp;&nbsp; $278999 |
| Net assets | &nbsp;&nbsp; $240959209 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $202885873 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 38073336 |
| Net assets | &nbsp;&nbsp; $240959209 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 23423840 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $1774196 | &nbsp;&nbsp;&nbsp; 173374 | &nbsp;&nbsp;&nbsp; $10.23 |
| Service Class | &nbsp;&nbsp;&nbsp; 239185013 | &nbsp;&nbsp;&nbsp; 23250466 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 |

---

**See Notes to Financial Statements**

------

MFS Conservative Allocation Portfolio

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

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

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from affiliated issuers | &nbsp;&nbsp; $126071 |
| Other | &nbsp;&nbsp; 46 |
| Total investment income | &nbsp;&nbsp; $126117 |
| Expenses |  |
| Distribution and/or service fees | &nbsp;&nbsp; $297898 |
| Shareholder servicing costs | &nbsp;&nbsp; 2331 |
| Administrative services fee | &nbsp;&nbsp; 8679 |
| Independent Trustees' compensation | &nbsp;&nbsp; 3586 |
| Custodian fee | &nbsp;&nbsp; 1587 |
| Shareholder communications | &nbsp;&nbsp; 1876 |
| Audit and tax fees | &nbsp;&nbsp; 25735 |
| Legal fees | &nbsp;&nbsp; 615 |
| Miscellaneous | &nbsp;&nbsp; 14208 |
| Total expenses | &nbsp;&nbsp; $356515 |
| Net investment income (loss) | &nbsp;&nbsp; $(230398)<br>|
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Investments in affiliated issuers | &nbsp;&nbsp; $(381237)<br>|
| Change in unrealized appreciation or depreciation |  |
| Affiliated issuers | &nbsp;&nbsp; $15691780 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $15310543 |
| Change in net assets from operations | &nbsp;&nbsp; $15080145 |

---

**See Notes to Financial Statements**

------

MFS Conservative Allocation Portfolio

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $(230398)<br>| &nbsp;&nbsp; $6085441 |
| Net realized gain (loss) | (381237)<br>| &nbsp;&nbsp; 9553911 |
| Net unrealized gain (loss) | 15691780 | &nbsp;&nbsp; (554774)<br>|
| Change in net assets from operations | $15080145 | &nbsp;&nbsp; $15084578 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(6806322)<br>|
| Change in net assets from fund share transactions | $(23502505)<br>| &nbsp;&nbsp; $(40146568)<br>|
| Total change in net assets | $(8422360)<br>| &nbsp;&nbsp; $(31868312)<br>|
| **Net assets** |  |  |
| At beginning of period | 249381569 | &nbsp;&nbsp; 281249881 |
| At end of period | $240959209 | &nbsp;&nbsp; $249381569 |

---

**See Notes to Financial Statements**

------

MFS Conservative Allocation Portfolio

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $9.60 | &nbsp;&nbsp; $9.33 | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $12.02 | &nbsp;&nbsp; $11.95 | &nbsp;&nbsp; $11.44 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | $0.00<br> (w)<br>| &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.27 |
| Net realized and unrealized gain (loss) | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Total from investment operations | $0.63 | &nbsp;&nbsp; $0.55 | &nbsp;&nbsp; $0.90 | &nbsp;&nbsp; $(1.82)<br>| &nbsp;&nbsp; $0.83 | &nbsp;&nbsp; $1.36 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.31)<br>|
| From net realized gain |  | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.54)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.69)<br>| &nbsp;&nbsp; $(1.08)<br>| &nbsp;&nbsp; $(0.76)<br>| &nbsp;&nbsp; $(0.85)<br>|
| Net asset value, end of period (x) | $10.23 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $9.33 | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $12.02 | &nbsp;&nbsp; $11.95 |
| Total return (%) (k)(s)(x) | 6.56<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.86 | &nbsp;&nbsp;&nbsp;&nbsp;10.42 | &nbsp;&nbsp; (15.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp;&nbsp;&nbsp;12.31 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses (h) | 0.05<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net investment income (loss) (l) | 0.06<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Portfolio turnover rate | 4<br> (n)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 7 |
| Net assets at end of period (000 omitted) | $1774 | &nbsp;&nbsp; $1754 | &nbsp;&nbsp; $1734 | &nbsp;&nbsp; $1756 | &nbsp;&nbsp; $3278 | &nbsp;&nbsp; $3061 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $9.66 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $9.17 | &nbsp;&nbsp; $12.06 | &nbsp;&nbsp; $11.99 | &nbsp;&nbsp; $11.47 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d)(l) | $(0.01)<br>| &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.23 |
| Net realized and unrealized gain (loss) | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Total from investment operations | $0.63 | &nbsp;&nbsp; $0.53 | &nbsp;&nbsp; $0.87 | &nbsp;&nbsp; $(1.84)<br>| &nbsp;&nbsp; $0.79 | &nbsp;&nbsp; $1.34 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.28)<br>|
| From net realized gain |  | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.54)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.66)<br>| &nbsp;&nbsp; $(1.05)<br>| &nbsp;&nbsp; $(0.72)<br>| &nbsp;&nbsp; $(0.82)<br>|
| Net asset value, end of period (x) | $10.29 | &nbsp;&nbsp; $9.66 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $9.17 | &nbsp;&nbsp; $12.06 | &nbsp;&nbsp; $11.99 |
| Total return (%) (k)(s)(x) | 6.52<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp; (15.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.70 | &nbsp;&nbsp;&nbsp;&nbsp;12.06 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses (h) | 0.30<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net investment income (loss) (l) | (0.19)(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| Portfolio turnover rate | 4<br> (n)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 7 |
| Net assets at end of period (000 omitted) | $239185 | &nbsp;&nbsp; $247627 | &nbsp;&nbsp; $279516 | &nbsp;&nbsp; $298760 | &nbsp;&nbsp; $398737 | &nbsp;&nbsp; $428229 |

---

**See Notes to Financial Statements**

------

MFS Conservative Allocation Portfolio

*Financial Highlights - continued*

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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;(l) Recognition of net investment income by the fund may be affected by the timing of
 the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual
 net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in
 which the fund invests.

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

&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 Conservative Allocation Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Conservative Allocation Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust III (the trust). The trust is organized as a Delaware statutory 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 is a "fund of funds", which invests the majority of its assets in other MFS mutual funds (hereafter referred to as "underlying affiliated funds" or "underlying funds"), which may have different fiscal year ends than the funds. The underlying funds, in turn, may engage in a number of investment techniques and practices, which involve certain risks. Certain underlying funds invest their portfolio 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. Certain underlying funds invest a significant portion of their 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. Certain underlying funds invest 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.

The accounting policies of the underlying funds in which the fund invests are outlined in the underlying funds' financial statements, which are available without charge by calling 1-800-225-2606, at mfs.com and on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov. The underlying funds' financial statements are not covered by this report.

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.

**Investment Valuations** — Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of this policy disclosure, "fund" also refers to the underlying funds in which the fund-of-funds invests.

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

------

MFS Conservative Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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. 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. Debt instruments sold short are generally valued at an evaluated or composite mean as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. 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 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. 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.

------

MFS Conservative Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investment Companies | $241013026 | $— | $— | $241013026 |

---

For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds' financial statements for further information regarding the levels used in valuing the underlying funds' assets and liabilities.

**Derivatives** — The fund does not invest in derivatives directly. The fund does invest in underlying funds that may use 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 underlying funds use 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.

**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. Distributions of income and capital gains from the underlying funds are recorded on the ex-dividend date. Recognition of net investment income and realized gain from affiliated issuers by the fund is affected by the timing of the declaration of distributions by the underlying funds in which the fund invests.

The fund and/or the underlying funds 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.

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.

------

MFS Conservative Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $4435750 |
| Long-term capital gains | &nbsp;&nbsp; 2370572 |
| Total distributions | &nbsp;&nbsp; $6806322 |

---

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

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $218775262 |
| Gross appreciation | &nbsp;&nbsp; 34581252 |
| Gross depreciation | &nbsp;&nbsp; (12343488)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $22237764 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 6845388 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 9601819 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 6545984 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $49887 |
| Service Class |  | &nbsp;&nbsp; 6756435 |
| Total | $— | &nbsp;&nbsp; $6806322 |

---

**(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. MFS receives no compensation under this agreement; however MFS receives management fees from the underlying MFS funds.

The investment adviser has agreed in writing to pay a portion of the fund's operating expenses, excluding distribution and/or service fees, interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses such as fees and expenses associated with investments in investment companies and other similar investment vehicles such that fund operating expenses do not exceed 0.20% annually of the fund's average daily net assets. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, the fund's actual operating expenses did not exceed the limit and therefore, the investment adviser did not pay any portion of the fund's expenses related to this agreement.

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 funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund.

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

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and

------

MFS Conservative Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $2,236, which equated to 0.0019% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $95.

**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 pays an annual fixed amount of $17,500. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0072% of the fund's average daily net assets.

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

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

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of shares of underlying funds, excluding the MFS Institutional Money Market Portfolio, aggregated $10,261,044 and $32,642,471, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 106 | &nbsp;&nbsp; $1038 | &nbsp;&nbsp; 2171 | &nbsp;&nbsp; $21150 |
| Service Class | 304987 | &nbsp;&nbsp; 2980281 | &nbsp;&nbsp; 435553 | &nbsp;&nbsp; 4217669 |
|  | 305093 | &nbsp;&nbsp; $2981319 | &nbsp;&nbsp; 437724 | &nbsp;&nbsp; $4238819 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 5159 | &nbsp;&nbsp; $49887 |
| Service Class |  |  | &nbsp;&nbsp; 693679 | &nbsp;&nbsp; 6756435 |
|  |  | $— | &nbsp;&nbsp; 698838 | &nbsp;&nbsp; $6806322 |
| Shares reacquired |  |  |  |  |
| Initial Class | (9453)<br>| &nbsp;&nbsp; $(91441)<br>| &nbsp;&nbsp; (10464)<br>| &nbsp;&nbsp; $(98661)<br>|
| Service Class | (2682349)<br>| &nbsp;&nbsp; (26392383)<br>| &nbsp;&nbsp; (5286528)<br>| &nbsp;&nbsp; (51093048)<br>|
|  | (2691802)<br>| &nbsp;&nbsp; $(26483824)<br>| &nbsp;&nbsp; (5296992)<br>| &nbsp;&nbsp; $(51191709)<br>|
| Net change |  |  |  |  |
| Initial Class | (9347)<br>| &nbsp;&nbsp; $(90403)<br>| &nbsp;&nbsp; (3134)<br>| &nbsp;&nbsp; $(27624)<br>|
| Service Class | (2377362)<br>| &nbsp;&nbsp; (23412102)<br>| &nbsp;&nbsp; (4157296)<br>| &nbsp;&nbsp; (40118944)<br>|
|  | (2386709)<br>| &nbsp;&nbsp; $(23502505)<br>| &nbsp;&nbsp; (4160430)<br>| &nbsp;&nbsp; $(40146568)<br>|

---

------

MFS Conservative Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $559 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Global Governments Portfolio | &nbsp;&nbsp; $20081474 | &nbsp;&nbsp; $129889 | &nbsp;&nbsp; $2645898 | &nbsp;&nbsp; $(754532)<br>| &nbsp;&nbsp; $2104283 | &nbsp;&nbsp; $18915216 |
| MFS Global Real Estate Portfolio | &nbsp;&nbsp; 4815089 | &nbsp;&nbsp; 417735 | &nbsp;&nbsp; 551678 | &nbsp;&nbsp; 18707 | &nbsp;&nbsp; 163876 | &nbsp;&nbsp; 4863729 |
| MFS Government Securities Portfolio | &nbsp;&nbsp; 23959569 | &nbsp;&nbsp; 152503 | &nbsp;&nbsp; 2915204 | &nbsp;&nbsp; (702617)<br>| &nbsp;&nbsp; 1643722 | &nbsp;&nbsp; 22137973 |
| MFS Growth Series | &nbsp;&nbsp; 12928908 | &nbsp;&nbsp; 1885764 | &nbsp;&nbsp; 2630704 | &nbsp;&nbsp; 621557 | &nbsp;&nbsp; 602409 | &nbsp;&nbsp; 13407934 |
| MFS High Yield Portfolio | &nbsp;&nbsp; 12629713 | &nbsp;&nbsp; 24518 | &nbsp;&nbsp; 1120259 | &nbsp;&nbsp; (140450)<br>| &nbsp;&nbsp; 672879 | &nbsp;&nbsp; 12066401 |
| MFS Inflation-Adjusted Bond Portfolio | &nbsp;&nbsp; 25081066 | &nbsp;&nbsp; 156226 | &nbsp;&nbsp; 3023735 | &nbsp;&nbsp; (944497)<br>| &nbsp;&nbsp; 2774629 | &nbsp;&nbsp; 24043689 |
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; 6385189 | &nbsp;&nbsp; 1397248 | &nbsp;&nbsp; 2776633 | &nbsp;&nbsp; (211)<br>| &nbsp;&nbsp; (614)<br>| &nbsp;&nbsp; 5004979 |
| MFS International Growth Portfolio | &nbsp;&nbsp; 4990958 | &nbsp;&nbsp; 273108 | &nbsp;&nbsp; 875831 | &nbsp;&nbsp; 203773 | &nbsp;&nbsp; 547711 | &nbsp;&nbsp; 5139719 |
| MFS International Intrinsic Value <br> Portfolio<br>| &nbsp;&nbsp; 4995033 | &nbsp;&nbsp; 292135 | &nbsp;&nbsp; 1074598 | &nbsp;&nbsp; 341901 | &nbsp;&nbsp; 598829 | &nbsp;&nbsp; 5153300 |
| MFS Limited Maturity Portfolio | &nbsp;&nbsp; 27829775 | &nbsp;&nbsp; 166149 | &nbsp;&nbsp; 3197918 | &nbsp;&nbsp; 4270 | &nbsp;&nbsp; 817964 | &nbsp;&nbsp; 25620240 |
| MFS Mid Cap Growth Series | &nbsp;&nbsp; 9737757 | &nbsp;&nbsp; 1350121 | &nbsp;&nbsp; 2013942 | &nbsp;&nbsp; 379810 | &nbsp;&nbsp; 640832 | &nbsp;&nbsp; 10094578 |
| MFS Mid Cap Value Portfolio | &nbsp;&nbsp; 9626644 | &nbsp;&nbsp; 1065221 | &nbsp;&nbsp; 994895 | &nbsp;&nbsp; 78497 | &nbsp;&nbsp; 67200 | &nbsp;&nbsp; 9842667 |
| MFS New Discovery Series | &nbsp;&nbsp; 2391649 | &nbsp;&nbsp; 412954 | &nbsp;&nbsp; 460315 | &nbsp;&nbsp; (51990)<br>| &nbsp;&nbsp; 213579 | &nbsp;&nbsp; 2505877 |
| MFS New Discovery Value Portfolio | &nbsp;&nbsp; 2380619 | &nbsp;&nbsp; 369206 | &nbsp;&nbsp; 257988 | &nbsp;&nbsp; 1354 | &nbsp;&nbsp; (31290)<br>| &nbsp;&nbsp; 2461901 |
| MFS Research International Portfolio | &nbsp;&nbsp; 12475460 | &nbsp;&nbsp; 683132 | &nbsp;&nbsp; 2178803 | &nbsp;&nbsp; 370355 | &nbsp;&nbsp; 1551960 | &nbsp;&nbsp; 12902104 |
| MFS Research Series | &nbsp;&nbsp; 15471403 | &nbsp;&nbsp; 1741756 | &nbsp;&nbsp; 2518272 | &nbsp;&nbsp; 460252 | &nbsp;&nbsp; 521869 | &nbsp;&nbsp; 15677008 |
| MFS Total Return Bond Series | &nbsp;&nbsp; 39066304 | &nbsp;&nbsp; 225678 | &nbsp;&nbsp; 4364999 | &nbsp;&nbsp; (643258)<br>| &nbsp;&nbsp; 2136855 | &nbsp;&nbsp; 36420580 |
| MFS Value Series | &nbsp;&nbsp; 14616685 | &nbsp;&nbsp; 914949 | &nbsp;&nbsp; 1817432 | &nbsp;&nbsp; 375842 | &nbsp;&nbsp; 665087 | &nbsp;&nbsp; 14755131 |
|  | &nbsp;&nbsp; $249463295 | &nbsp;&nbsp; $11658292 | &nbsp;&nbsp; $35419104 | &nbsp;&nbsp; $(381237)<br>| &nbsp;&nbsp; $15691780 | &nbsp;&nbsp; $241013026 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Global Governments Portfolio | $— | $— |
| MFS Global Real Estate Portfolio |  |  |
| MFS Government Securities Portfolio |  |  |
| MFS Growth Series |  |  |
| MFS High Yield Portfolio |  |  |
| MFS Inflation-Adjusted Bond Portfolio |  |  |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; 126071 |  |

---

------

MFS Conservative Allocation Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers - continued** | &nbsp;&nbsp; **Dividend**<br> **Income**<br>| &nbsp;&nbsp; **Capital Gain**<br> **Distributions**<br>|
| MFS International Growth Portfolio | $— | $— |
| MFS International Intrinsic Value Portfolio |  |  |
| MFS Limited Maturity Portfolio |  |  |
| MFS Mid Cap Growth Series |  |  |
| MFS Mid Cap Value Portfolio |  |  |
| MFS New Discovery Series |  |  |
| MFS New Discovery Value Portfolio |  |  |
| MFS Research International Portfolio |  |  |
| MFS Research Series |  |  |
| MFS Total Return Bond Series |  |  |
| MFS Value Series |  |  |
|  | &nbsp;&nbsp; $126071 | $— |

---

------

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

There is nothing to report for this item for MFS Conservative Allocation Portfolio.

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

There is nothing to report for this item for MFS Conservative 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 Conservative Allocation Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

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

Not Applicable.

------

MFS Mid Cap Value Portfolio

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

MFS Mid Cap Value Portfolio

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 97.8% | Common Stocks – 97.8% | Common Stocks – 97.8% |
| Aerospace & Defense – 3.1% | Aerospace & Defense – 3.1% |  |
| Howmet Aerospace, Inc. | 18010 | &nbsp;&nbsp; $3352201 |
| KBR, Inc. | 79429 | &nbsp;&nbsp; 3807826 |
| L3Harris Technologies, Inc. | 18131 | &nbsp;&nbsp; 4547980 |
| Leidos Holdings, Inc. | 30472 | &nbsp;&nbsp; 4807263 |
| Standard Aero, Inc. (a) | 42198 | &nbsp;&nbsp; 1335567 |
|  |  | &nbsp;&nbsp; $17850837 |
| Airlines – 1.2% | Airlines – 1.2% |  |
| Alaska Air Group, Inc. (a) | 50141 | &nbsp;&nbsp; $2480977 |
| Delta Air Lines, Inc. | 87167 | &nbsp;&nbsp; 4286873 |
|  |  | &nbsp;&nbsp; $6767850 |
| Apparel Manufacturers – 0.4% | Apparel Manufacturers – 0.4% |  |
| Skechers USA, Inc., "A" (a) | 40181 | &nbsp;&nbsp; $2535421 |
| Automotive – 1.7% | Automotive – 1.7% |  |
| Aptiv PLC (a) | 75463 | &nbsp;&nbsp; $5148086 |
| LKQ Corp. | 127225 | &nbsp;&nbsp; 4708597 |
|  |  | &nbsp;&nbsp; $9856683 |
| Biotechnology – 0.3% | Biotechnology – 0.3% |  |
| Biogen, Inc. (a) | 15742 | &nbsp;&nbsp; $1977038 |
| Broadcasting – 0.8% | Broadcasting – 0.8% |  |
| Nexstar Media Group, Inc. | 10506 | &nbsp;&nbsp; $1817013 |
| Omnicom Group, Inc. | 41650 | &nbsp;&nbsp; 2996301 |
|  |  | &nbsp;&nbsp; $4813314 |
| Brokerage & Asset Managers – 2.4% | Brokerage & Asset Managers – 2.4% |  |
| Carlyle Group, Inc. | 62984 | &nbsp;&nbsp; $3237378 |
| Raymond James Financial, Inc. | 51327 | &nbsp;&nbsp; 7872022 |
| TPG, Inc. | 51054 | &nbsp;&nbsp; 2677782 |
|  |  | &nbsp;&nbsp; $13787182 |
| Business Services – 2.6% | Business Services – 2.6% |  |
| Fidelity National Information Services, Inc. | 72464 | &nbsp;&nbsp; $5899294 |
| Global Payments, Inc. | 52839 | &nbsp;&nbsp; 4229234 |
| TransUnion | 52044 | &nbsp;&nbsp; 4579872 |
|  |  | &nbsp;&nbsp; $14708400 |
| Chemicals – 0.8% | Chemicals – 0.8% |  |
| Eastman Chemical Co. | 58577 | &nbsp;&nbsp; $4373359 |
| Computer Software – 1.0% | Computer Software – 1.0% |  |
| Check Point Software Technologies Ltd. (a) | 18497 | &nbsp;&nbsp; $4092461 |
| Pegasystems, Inc. | 32407 | &nbsp;&nbsp; 1754191 |
|  |  | &nbsp;&nbsp; $5846652 |

---

VMCFS-SEM

------

MFS Mid Cap Value Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software - Systems – 1.5% | Computer Software - Systems – 1.5% |  |
| CDW Corp. | 25506 | &nbsp;&nbsp; $4555116 |
| Zebra Technologies Corp., "A" (a) | 12299 | &nbsp;&nbsp; 3792520 |
|  |  | &nbsp;&nbsp; $8347636 |
| Construction – 7.5% | Construction – 7.5% |  |
| Allegion PLC | 38014 | &nbsp;&nbsp; $5478578 |
| Builders FirstSource, Inc. (a) | 22126 | &nbsp;&nbsp; 2581883 |
| Essex Property Trust, Inc., REIT | 15290 | &nbsp;&nbsp; 4333186 |
| Ferguson Enterprises, Inc. | 18772 | &nbsp;&nbsp; 4087603 |
| James Hardie Industries PLC (a)(l) | 126627 | &nbsp;&nbsp; 3405000 |
| Mid-America Apartment Communities, Inc., REIT | 28365 | &nbsp;&nbsp; 4198303 |
| Mohawk Industries, Inc. (a) | 28319 | &nbsp;&nbsp; 2968964 |
| Otis Worldwide Corp. | 37249 | &nbsp;&nbsp; 3688396 |
| Stanley Black & Decker, Inc. | 45949 | &nbsp;&nbsp; 3113045 |
| Sun Communities, Inc., REIT | 34042 | &nbsp;&nbsp; 4305972 |
| Toll Brothers, Inc. | 44660 | &nbsp;&nbsp; 5097046 |
|  |  | &nbsp;&nbsp; $43257976 |
| Consumer Products – 2.0% | Consumer Products – 2.0% |  |
| International Flavors & Fragrances, Inc. | 51136 | &nbsp;&nbsp; $3761053 |
| Kenvue, Inc. | 270805 | &nbsp;&nbsp; 5667949 |
| Newell Brands, Inc. | 332833 | &nbsp;&nbsp; 1797298 |
|  |  | &nbsp;&nbsp; $11226300 |
| Containers – 2.2% | Containers – 2.2% |  |
| Amcor PLC | 386575 | &nbsp;&nbsp; $3552624 |
| Avery Dennison Corp. | 21564 | &nbsp;&nbsp; 3783835 |
| Graphic Packaging Holding Co. | 255683 | &nbsp;&nbsp; 5387241 |
|  |  | &nbsp;&nbsp; $12723700 |
| Electrical Equipment – 1.4% | Electrical Equipment – 1.4% |  |
| nVent Electric PLC | 45603 | &nbsp;&nbsp; $3340420 |
| TE Connectivity PLC | 29084 | &nbsp;&nbsp; 4905598 |
|  |  | &nbsp;&nbsp; $8246018 |
| Electronics – 3.5% | Electronics – 3.5% |  |
| Corning, Inc. | 94296 | &nbsp;&nbsp; $4959027 |
| Entegris, Inc. | 31107 | &nbsp;&nbsp; 2508779 |
| Flex Ltd. (a) | 131415 | &nbsp;&nbsp; 6560237 |
| NXP Semiconductors N.V. | 17595 | &nbsp;&nbsp; 3844331 |
| Skyworks Solutions, Inc. | 32350 | &nbsp;&nbsp; 2410722 |
|  |  | &nbsp;&nbsp; $20283096 |
| Energy - Independent – 3.3% | Energy - Independent – 3.3% |  |
| Diamondback Energy, Inc. | 31787 | &nbsp;&nbsp; $4367534 |
| Expand Energy Corp. | 54181 | &nbsp;&nbsp; 6335926 |
| Permian Resources Corp. | 310174 | &nbsp;&nbsp; 4224570 |
| Valero Energy Corp. | 29910 | &nbsp;&nbsp; 4020502 |
|  |  | &nbsp;&nbsp; $18948532 |
| Energy - Renewables – 0.4% | Energy - Renewables – 0.4% |  |
| AES Corp. | 194386 | &nbsp;&nbsp; $2044941 |
| Engineering - Construction – 0.8% | Engineering - Construction – 0.8% |  |
| Jacobs Solutions, Inc. | 36376 | &nbsp;&nbsp; $4781625 |

---

------

MFS Mid Cap Value Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Food & Beverages – 2.7% | Food & Beverages – 2.7% |  |
| Coca-Cola Europacific Partners PLC | 47425 | &nbsp;&nbsp; $4397246 |
| ConAgra Brands, Inc. | 107268 | &nbsp;&nbsp; 2195776 |
| Hershey Co. | 19024 | &nbsp;&nbsp; 3157033 |
| Ingredion, Inc. | 29940 | &nbsp;&nbsp; 4060463 |
| Lamb Weston Holdings, Inc. | 35764 | &nbsp;&nbsp; 1854363 |
|  |  | &nbsp;&nbsp; $15664881 |
| Food & Drug Stores – 0.7% | Food & Drug Stores – 0.7% |  |
| Albertsons Cos., Inc., "A" | 197560 | &nbsp;&nbsp; $4249516 |
| Forest & Paper Products – 0.6% | Forest & Paper Products – 0.6% |  |
| International Paper Co. | 77230 | &nbsp;&nbsp; $3616681 |
| Gaming & Lodging – 2.7% | Gaming & Lodging – 2.7% |  |
| Hyatt Hotels Corp. | 30152 | &nbsp;&nbsp; $4210727 |
| International Game Technology PLC | 158758 | &nbsp;&nbsp; 2509964 |
| VICI Properties, Inc., REIT | 161735 | &nbsp;&nbsp; 5272561 |
| Viking Holdings Ltd. (a) | 67652 | &nbsp;&nbsp; 3605175 |
|  |  | &nbsp;&nbsp; $15598427 |
| Health Maintenance Organizations – 0.6% | Health Maintenance Organizations – 0.6% |  |
| Humana, Inc. | 13773 | &nbsp;&nbsp; $3367223 |
| Insurance – 8.9% | Insurance – 8.9% |  |
| American International Group, Inc. | 61115 | &nbsp;&nbsp; $5230833 |
| Assurant, Inc. | 31861 | &nbsp;&nbsp; 6292229 |
| Corebridge Financial, Inc. | 144510 | &nbsp;&nbsp; 5130105 |
| Equitable Holdings, Inc. | 91977 | &nbsp;&nbsp; 5159910 |
| Everest Group Ltd. | 10670 | &nbsp;&nbsp; 3626199 |
| Hanover Insurance Group, Inc. | 25958 | &nbsp;&nbsp; 4409485 |
| Hartford Insurance Group, Inc. | 58657 | &nbsp;&nbsp; 7441814 |
| Lincoln National Corp. | 94608 | &nbsp;&nbsp; 3273437 |
| Voya Financial, Inc. | 57797 | &nbsp;&nbsp; 4103587 |
| Willis Towers Watson PLC | 20794 | &nbsp;&nbsp; 6373361 |
|  |  | &nbsp;&nbsp; $51040960 |
| Leisure & Toys – 1.9% | Leisure & Toys – 1.9% |  |
| Brunswick Corp. | 66240 | &nbsp;&nbsp; $3659097 |
| Electronic Arts, Inc. | 26810 | &nbsp;&nbsp; 4281557 |
| Mattel, Inc. (a) | 138836 | &nbsp;&nbsp; 2737846 |
|  |  | &nbsp;&nbsp; $10678500 |
| Machinery & Tools – 5.2% | Machinery & Tools – 5.2% |  |
| AGCO Corp. | 42313 | &nbsp;&nbsp; $4365009 |
| ITT, Inc. | 23875 | &nbsp;&nbsp; 3744316 |
| Nordson Corp. | 14580 | &nbsp;&nbsp; 3125515 |
| PACCAR, Inc. | 33361 | &nbsp;&nbsp; 3171297 |
| Pentair PLC | 49388 | &nbsp;&nbsp; 5070172 |
| Regal Rexnord Corp. | 29194 | &nbsp;&nbsp; 4231962 |
| Wabtec Corp. | 28823 | &nbsp;&nbsp; 6034095 |
|  |  | &nbsp;&nbsp; $29742366 |
| Major Banks – 0.8% | Major Banks – 0.8% |  |
| Regions Financial Corp. | 207112 | &nbsp;&nbsp; $4871274 |

---

------

MFS Mid Cap Value Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Medical & Health Technology & Services – 3.5% | Medical & Health Technology & Services – 3.5% |  |
| Cencora, Inc. | 20661 | &nbsp;&nbsp; $6195201 |
| ICON PLC (a) | 16066 | &nbsp;&nbsp; 2336800 |
| Labcorp Holdings, Inc. | 15186 | &nbsp;&nbsp; 3986477 |
| Universal Health Services, Inc. | 19820 | &nbsp;&nbsp; 3590393 |
| Ventas, Inc., REIT | 61350 | &nbsp;&nbsp; 3874252 |
|  |  | &nbsp;&nbsp; $19983123 |
| Medical Equipment – 4.1% | Medical Equipment – 4.1% |  |
| Agilent Technologies, Inc. | 52859 | &nbsp;&nbsp; $6237890 |
| Avantor, Inc. (a) | 150840 | &nbsp;&nbsp; 2030306 |
| Becton, Dickinson and Co. | 23572 | &nbsp;&nbsp; 4060277 |
| GE Healthcare Technologies, Inc. | 34697 | &nbsp;&nbsp; 2570007 |
| Revvity, Inc. | 29879 | &nbsp;&nbsp; 2889897 |
| STERIS PLC | 16771 | &nbsp;&nbsp; 4028730 |
| Teleflex, Inc. | 16135 | &nbsp;&nbsp; 1909739 |
|  |  | &nbsp;&nbsp; $23726846 |
| Metals & Mining – 0.5% | Metals & Mining – 0.5% |  |
| Nucor Corp. | 20611 | &nbsp;&nbsp; $2669949 |
| Natural Gas - Distribution – 0.7% | Natural Gas - Distribution – 0.7% |  |
| Atmos Energy Corp. | 24843 | &nbsp;&nbsp; $3828555 |
| Natural Gas - Pipeline – 1.7% | Natural Gas - Pipeline – 1.7% |  |
| Plains GP Holdings LP | 191402 | &nbsp;&nbsp; $3718941 |
| Targa Resources Corp. | 35603 | &nbsp;&nbsp; 6197770 |
|  |  | &nbsp;&nbsp; $9916711 |
| Oil Services – 0.9% | Oil Services – 0.9% |  |
| Halliburton Co. | 81996 | &nbsp;&nbsp; $1671078 |
| TechnipFMC PLC | 100983 | &nbsp;&nbsp; 3477855 |
|  |  | &nbsp;&nbsp; $5148933 |
| Other Banks & Diversified Financials – 5.5% | Other Banks & Diversified Financials – 5.5% |  |
| Columbia Banking System, Inc. | 102299 | &nbsp;&nbsp; $2391751 |
| East West Bancorp, Inc. | 44764 | &nbsp;&nbsp; 4520269 |
| Fifth Third Bancorp | 78223 | &nbsp;&nbsp; 3217312 |
| M&T Bank Corp. | 34666 | &nbsp;&nbsp; 6724857 |
| Northern Trust Corp. | 46943 | &nbsp;&nbsp; 5951903 |
| Prosperity Bancshares, Inc. | 38794 | &nbsp;&nbsp; 2724890 |
| SLM Corp. | 115428 | &nbsp;&nbsp; 3784884 |
| Synchrony Financial | 38192 | &nbsp;&nbsp; 2548934 |
|  |  | &nbsp;&nbsp; $31864800 |
| Pharmaceuticals – 0.2% | Pharmaceuticals – 0.2% |  |
| Organon & Co. | 132167 | &nbsp;&nbsp; $1279377 |
| Pollution Control – 0.9% | Pollution Control – 0.9% |  |
| GFL Environmental, Inc. | 97815 | &nbsp;&nbsp; $4935745 |
| Railroad & Shipping – 0.7% | Railroad & Shipping – 0.7% |  |
| Norfolk Southern Corp. | 15996 | &nbsp;&nbsp; $4094496 |

---

------

MFS Mid Cap Value Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Real Estate – 2.3% | Real Estate – 2.3% |  |
| Brixmor Property Group, Inc., REIT | 176825 | &nbsp;&nbsp; $4604523 |
| Jones Lang LaSalle, Inc. (a) | 15551 | &nbsp;&nbsp; 3977635 |
| W.P. Carey, Inc., REIT | 72264 | &nbsp;&nbsp; 4507828 |
|  |  | &nbsp;&nbsp; $13089986 |
| Real Estate - Storage – 1.5% | Real Estate - Storage – 1.5% |  |
| Extra Space Storage, Inc., REIT | 39861 | &nbsp;&nbsp; $5877106 |
| Rexford Industrial Realty, Inc., REIT | 74710 | &nbsp;&nbsp; 2657435 |
|  |  | &nbsp;&nbsp; $8534541 |
| Restaurants – 3.6% | Restaurants – 3.6% |  |
| Aramark | 144327 | &nbsp;&nbsp; $6042971 |
| Darden Restaurants, Inc. | 15924 | &nbsp;&nbsp; 3470954 |
| SYSCO Corp. | 55074 | &nbsp;&nbsp; 4171305 |
| U.S. Foods Holding Corp. (a) | 92353 | &nbsp;&nbsp; 7112105 |
|  |  | &nbsp;&nbsp; $20797335 |
| Specialty Chemicals – 2.0% | Specialty Chemicals – 2.0% |  |
| Ashland, Inc. | 58732 | &nbsp;&nbsp; $2953045 |
| Corteva, Inc. | 49380 | &nbsp;&nbsp; 3680291 |
| DuPont de Nemours, Inc. | 68215 | &nbsp;&nbsp; 4678867 |
|  |  | &nbsp;&nbsp; $11312203 |
| Specialty Stores – 1.3% | Specialty Stores – 1.3% |  |
| BJ's Wholesale Club Holdings, Inc. (a) | 31506 | &nbsp;&nbsp; $3397292 |
| Ross Stores, Inc. | 32849 | &nbsp;&nbsp; 4190875 |
|  |  | &nbsp;&nbsp; $7588167 |
| Trucking – 0.8% | Trucking – 0.8% |  |
| J.B. Hunt Transport Services, Inc. | 17883 | &nbsp;&nbsp; $2567999 |
| Knight-Swift Transportation Holdings, Inc. | 47868 | &nbsp;&nbsp; 2117201 |
|  |  | &nbsp;&nbsp; $4685200 |
| Utilities - Electric Power – 6.6% | Utilities - Electric Power – 6.6% |  |
| Alliant Energy Corp. | 86087 | &nbsp;&nbsp; $5205681 |
| CenterPoint Energy, Inc. | 113431 | &nbsp;&nbsp; 4167455 |
| CMS Energy Corp. | 79747 | &nbsp;&nbsp; 5524872 |
| Edison International | 42492 | &nbsp;&nbsp; 2192587 |
| PG&E Corp. | 425016 | &nbsp;&nbsp; 5924723 |
| Pinnacle West Capital Corp. | 49853 | &nbsp;&nbsp; 4460348 |
| Public Service Enterprise Group, Inc. | 74301 | &nbsp;&nbsp; 6254658 |
| Sempra Energy | 53225 | &nbsp;&nbsp; 4032859 |
|  |  | &nbsp;&nbsp; $37763183 |
| **Total Common Stocks (Identified Cost, $423,077,124)** |  | &nbsp;&nbsp; **$562425538** |
| Convertible Preferred Stocks – 0.6% | Convertible Preferred Stocks – 0.6% | Convertible Preferred Stocks – 0.6% |
| Aerospace & Defense – 0.6% | Aerospace & Defense – 0.6% |  |
| Boeing Co., 6% (Identified Cost, $2,454,000) | 49080 | &nbsp;&nbsp; $3337440 |
| Mutual Funds (h) – 1.5% | Mutual Funds (h) – 1.5% | Mutual Funds (h) – 1.5% |
| Money Market Funds – 1.5% | Money Market Funds – 1.5% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $8,578,002) | 8578076 | &nbsp;&nbsp; $8578933 |

---

------

MFS Mid Cap Value Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| 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, 4.26% (j) (Identified Cost, $3,217,675) | 3217675 | &nbsp;&nbsp; $3217675 |
| Other Assets, Less Liabilities – (0.4)% |  | &nbsp;&nbsp; (2527742) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$575031844** |

---

&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 $8,578,933 and $568,980,653, 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> REIT Real Estate Investment Trust

**See Notes to Financial Statements**

------

MFS Mid Cap Value Portfolio

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

**(unaudited)**

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

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value, including $3,062,771 of securities on loan (identified cost, $428,748,799) | &nbsp;&nbsp; $568980653 |
| Investments in affiliated issuers, at value (identified cost, $8,578,002) | &nbsp;&nbsp; 8578933 |
| Cash | &nbsp;&nbsp; 19180 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 213443 |
| Fund shares sold | &nbsp;&nbsp; 520927 |
| Interest and dividends | &nbsp;&nbsp; 752177 |
| Other assets | &nbsp;&nbsp; 1182 |
| Total assets | &nbsp;&nbsp; $579066495 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $721144 |
| Collateral for securities loaned, at value | &nbsp;&nbsp; 3217675 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 46266 |
| Administrative services fee | &nbsp;&nbsp; 917 |
| Shareholder servicing costs | &nbsp;&nbsp; 259 |
| Distribution and/or service fees | &nbsp;&nbsp; 7865 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 2111 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 38414 |
| Total liabilities | &nbsp;&nbsp; $4034651 |
| Net assets | &nbsp;&nbsp; $575031844 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $359832669 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 215199175 |
| Net assets | &nbsp;&nbsp; $575031844 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 54581055 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $287247851 | &nbsp;&nbsp;&nbsp; 27026022 | &nbsp;&nbsp;&nbsp; $10.63 |
| Service Class | &nbsp;&nbsp;&nbsp; 287783993 | &nbsp;&nbsp;&nbsp; 27555033 | &nbsp;&nbsp;&nbsp;&nbsp;10.44 |

---

**See Notes to Financial Statements**

------

MFS Mid Cap Value Portfolio

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

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

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $5658301 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 293638 |
| Income on securities loaned | &nbsp;&nbsp; 8641 |
| Other | &nbsp;&nbsp; 6660 |
| Foreign taxes withheld | &nbsp;&nbsp; (5481)<br>|
| Total investment income | &nbsp;&nbsp; $5961759 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $2041617 |
| Distribution and/or service fees | &nbsp;&nbsp; 340158 |
| Shareholder servicing costs | &nbsp;&nbsp; 8737 |
| Administrative services fee | &nbsp;&nbsp; 41164 |
| Independent Trustees' compensation | &nbsp;&nbsp; 6640 |
| Custodian fee | &nbsp;&nbsp; 13589 |
| Shareholder communications | &nbsp;&nbsp; 9617 |
| Audit and tax fees | &nbsp;&nbsp; 36308 |
| Legal fees | &nbsp;&nbsp; 1207 |
| Miscellaneous | &nbsp;&nbsp; 15843 |
| Total expenses | &nbsp;&nbsp; $2514880 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (37857)<br>|
| Net expenses | &nbsp;&nbsp; $2477023 |
| Net investment income (loss) | &nbsp;&nbsp; $3484736 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $16487657 |
| Affiliated issuers | &nbsp;&nbsp; (416)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $16487241 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(17109753)<br>|
| Affiliated issuers | &nbsp;&nbsp; (3)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 2863 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $(17106893)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $(619652)<br>|
| Change in net assets from operations | &nbsp;&nbsp; $2865084 |

---

**See Notes to Financial Statements**

------

MFS Mid Cap Value Portfolio

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $3484736 | &nbsp;&nbsp; $5507581 |
| Net realized gain (loss) | 16487241 | &nbsp;&nbsp; 52780108 |
| Net unrealized gain (loss) | (17106893)<br>| &nbsp;&nbsp; 8024630 |
| Change in net assets from operations | $2865084 | &nbsp;&nbsp; $66312319 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(28085441)<br>|
| Change in net assets from fund share transactions | $24714080 | &nbsp;&nbsp; $15368118 |
| Total change in net assets | $27579164 | &nbsp;&nbsp; $53594996 |
| **Net assets** |  |  |
| At beginning of period | 547452680 | &nbsp;&nbsp; 493857684 |
| At end of period | $575031844 | &nbsp;&nbsp; $547452680 |

---

**See Notes to Financial Statements**

------

MFS Mid Cap Value Portfolio

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $10.59 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $11.09 | &nbsp;&nbsp; $8.59 | &nbsp;&nbsp; $8.74 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.07 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.09 |
| Net realized and unrealized gain (loss) | (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Total from investment operations | $0.04 | &nbsp;&nbsp; $1.34 | &nbsp;&nbsp; $1.13 | &nbsp;&nbsp; $(0.96)<br>| &nbsp;&nbsp; $2.65 | &nbsp;&nbsp; $0.28 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.10)<br>|
| From net realized gain |  | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.58)<br>| &nbsp;&nbsp; $(0.49)<br>| &nbsp;&nbsp; $(0.94)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.43)<br>|
| Net asset value, end of period (x) | $10.63 | &nbsp;&nbsp; $10.59 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $11.09 | &nbsp;&nbsp; $8.59 |
| Total return (%) (k)(r)(s)(x) | 0.38<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.75 | &nbsp;&nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp; (8.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.99 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.80<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Expenses after expense reductions | 0.79<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net investment income (loss) | 1.40<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Portfolio turnover rate | 12<br> (n)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 35 |
| Net assets at end of period (000 omitted) | $287248 | &nbsp;&nbsp; $277830 | &nbsp;&nbsp; $264612 | &nbsp;&nbsp; $246813 | &nbsp;&nbsp; $316524 | &nbsp;&nbsp; $271131 |

---

**See Notes to Financial Statements**

------

MFS Mid Cap Value Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $10.42 | &nbsp;&nbsp; $9.68 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $10.95 | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp; $8.65 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.06 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.08 |
| Net realized and unrealized gain (loss) | (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Total from investment operations | $0.02 | &nbsp;&nbsp; $1.30 | &nbsp;&nbsp; $1.08 | &nbsp;&nbsp; $(0.97)<br>| &nbsp;&nbsp; $2.59 | &nbsp;&nbsp; $0.26 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.08)<br>|
| From net realized gain |  | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $(0.92)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.41)<br>|
| Net asset value, end of period (x) | $10.44 | &nbsp;&nbsp; $10.42 | &nbsp;&nbsp; $9.68 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $10.95 | &nbsp;&nbsp; $8.50 |
| Total return (%) (k)(r)(s)(x) | 0.19<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.52 | &nbsp;&nbsp;&nbsp;&nbsp;12.39 | &nbsp;&nbsp; (9.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.05<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Expenses after expense reductions | 1.04<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Net investment income (loss) | 1.16<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Portfolio turnover rate | 12<br> (n)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 35 |
| Net assets at end of period (000 omitted) | $287784 | &nbsp;&nbsp; $269622 | &nbsp;&nbsp; $229246 | &nbsp;&nbsp; $200016 | &nbsp;&nbsp; $227898 | &nbsp;&nbsp; $142916 |

---

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

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Mid Cap Value Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

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

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

**(2) Significant Accounting Policies**

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

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

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

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

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

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or

------

MFS Mid Cap Value Portfolio

*Notes to Financial Statements (unaudited) - continued* 

market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund's net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund's foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $565762978 | $— | $— | $565762978 |
| Investment Companies | 11796608 |  |  | 11796608 |
| Total | $577559586 | $— | $— | $577559586 |

---

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

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

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. At period end, the fund had investment securities on loan, all of which were classified as equity securities in the fund's Portfolio of Investments, with a fair value of $3,062,771. The fair value of the fund's investment securities on loan and a related liability of $3,217,675 for the obligation to return cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. The collateral on securities loaned exceeded the value of securities on loan at period end. The liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated

------

MFS Mid Cap Value Portfolio

*Notes to Financial Statements (unaudited) - continued* 

between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $6017383 |
| Long-term capital gains | &nbsp;&nbsp; 22068058 |
| Total distributions | &nbsp;&nbsp; $28085441 |

---

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

------

MFS Mid Cap Value Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $441438721 |
| Gross appreciation | &nbsp;&nbsp; 161571135 |
| Gross depreciation | &nbsp;&nbsp; (25450270)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $136120865 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 9520927 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 48758335 |
| Other temporary differences | &nbsp;&nbsp; (1242)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 154056071 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $14812334 |
| Service Class |  | &nbsp;&nbsp; 13273107 |
| Total | $— | &nbsp;&nbsp; $28085441 |

---

**(3) Transactions with Affiliates**

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

---

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

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $37,857, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.74% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.92% of average daily net assets for the Initial Class shares and 1.17% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, the fund's actual operating expenses did not exceed the limit and therefore, the investment adviser did not pay any portion of the fund's expenses related to this agreement.

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

The fund's distribution plan provides that the fund will pay MFD distribution and/or service fees equal to 0.25% per annum of its average daily net assets attributable to Service Class shares as partial consideration for services performed and expenses incurred by MFD and financial intermediaries (including participating insurance companies that invest in the fund to fund variable annuity and variable life insurance contracts, sponsors of qualified retirement and pension plans that invest in the fund, and affiliates of these

------

MFS Mid Cap Value Portfolio

*Notes to Financial Statements (unaudited) - continued* 

participating insurance companies and plan sponsors) in connection with the sale and distribution of the Service Class shares as well as shareholder servicing and account maintenance activities. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and/or service fees are computed daily and paid monthly.

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $7,583, which equated to 0.0028% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $1,154.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0151% 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.

During the six months ended June 30, 2025, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the "Act") and relevant guidance, the fund engaged in sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $283,915. The sales transactions resulted in net realized gains (losses) of $62,847.

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended June 30, 2025, this reimbursement amounted to $6,580, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, aggregated $94,344,681 and $64,990,106, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 3081372 | &nbsp;&nbsp; $31058847 | &nbsp;&nbsp; 4105333 | &nbsp;&nbsp; $43176139 |
| Service Class | 3881802 | &nbsp;&nbsp; 39771771 | &nbsp;&nbsp; 5739620 | &nbsp;&nbsp; 59958635 |
|  | 6963174 | &nbsp;&nbsp; $70830618 | &nbsp;&nbsp; 9844953 | &nbsp;&nbsp; $103134774 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 1427007 | &nbsp;&nbsp; $14812334 |
| Service Class |  |  | &nbsp;&nbsp; 1298738 | &nbsp;&nbsp; 13273107 |
|  |  | $— | &nbsp;&nbsp; 2725745 | &nbsp;&nbsp; $28085441 |

---

------

MFS Mid Cap Value Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **6/30/25** | **Six months ended**<br> **6/30/25** | **Year ended**<br> **12/31/24** | **Year ended**<br> **12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares reacquired |  |  |  |  |
| Initial Class | (2287618)<br>| &nbsp;&nbsp; $(23767645)<br>| &nbsp;&nbsp; (6226816)<br>| &nbsp;&nbsp; $(65623961)<br>|
| Service Class | (2202124)<br>| &nbsp;&nbsp; (22348893)<br>| &nbsp;&nbsp; (4843970)<br>| &nbsp;&nbsp; (50228136)<br>|
|  | (4489742)<br>| &nbsp;&nbsp; $(46116538)<br>| &nbsp;&nbsp; (11070786)<br>| &nbsp;&nbsp; $(115852097)<br>|
| Net change |  |  |  |  |
| Initial Class | 793754 | &nbsp;&nbsp; $7291202 | &nbsp;&nbsp; (694476)<br>| &nbsp;&nbsp; $(7635488)<br>|
| Service Class | 1679678 | &nbsp;&nbsp; 17422878 | &nbsp;&nbsp; 2194388 | &nbsp;&nbsp; 23003606 |
|  | 2473432 | &nbsp;&nbsp; $24714080 | &nbsp;&nbsp; 1499912 | &nbsp;&nbsp; $15368118 |

---

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 11%, 5%, and 2%, respectively, of the value of outstanding voting shares of the fund.

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $1,271 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $13669783 | &nbsp;&nbsp; $53481589 | &nbsp;&nbsp; $58572020 | &nbsp;&nbsp; $(416)<br>| &nbsp;&nbsp; $(3)<br>| &nbsp;&nbsp; $8578933 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $293638 | $— |

---

------

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

There is nothing to report for this item for MFS Mid Cap Value Portfolio.

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

There is nothing to report for this item for MFS Mid Cap 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 Mid Cap Value Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

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

Not Applicable.

------

MFS Inflation-Adjusted Bond Portfolio

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

MFS Inflation-Adjusted Bond Portfolio

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 99.1% | Bonds – 99.1% | Bonds – 99.1% |
| Asset-Backed & Securitized – 2.3% | Asset-Backed & Securitized – 2.3% | Asset-Backed & Securitized – 2.3% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", 1.111%, 11/15/2054 (i) | $2061710 | &nbsp;&nbsp; $80285 |
| Alinea CLO Ltd., 2018-1A, "AR", FLR, 5.169% (SOFR - 3mo. + 0.9%), 7/20/2031 (n) | 178459 | &nbsp;&nbsp; 178363 |
| AmeriCredit Automobile Receivables Trust, 2024-1, "A2-B", FLR, 4.901% (SOFR - 1mo. + 0.6%), 2/18/2028  | 213322 | &nbsp;&nbsp; 213427 |
| BBCMS Mortgage Trust, 2021-C10, "XA", 1.33%, 7/15/2054 (i) | 1923304 | &nbsp;&nbsp; 102181 |
| BBCMS Mortgage Trust, 2021-C9, "XA", 1.7%, 2/15/2054 (i) | 1296888 | &nbsp;&nbsp; 87743 |
| Benchmark 2021-B23 Mortgage Trust, "XA", 1.362%, 2/15/2054 (i) | 4220884 | &nbsp;&nbsp; 211361 |
| Benchmark 2021-B24 Mortgage Trust, "XA", 1.251%, 3/15/2054 (i) | 2500501 | &nbsp;&nbsp; 105981 |
| Benchmark 2021-B27 Mortgage Trust, "XA", 1.349%, 7/15/2054 (i) | 3195646 | &nbsp;&nbsp; 168297 |
| Benchmark 2021-B28 Mortgage Trust, "XA", 1.367%, 8/15/2054 (i) | 3878219 | &nbsp;&nbsp; 208060 |
| Bridgecrest Lending Auto Securitization Trust, 2025-1, "A2", 4.71%, 9/15/2027  | 250713 | &nbsp;&nbsp; 250673 |
| Chase Auto Owner Trust, 2024-5A, "A2", 4.4%, 11/26/2027 (n) | 114870 | &nbsp;&nbsp; 114796 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN31, "XA", 1.386%, 2/15/2054 (i) | 3203958 | &nbsp;&nbsp; 178713 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN35, "XA", 1.134%, 6/15/2064 (i) | 1283508 | &nbsp;&nbsp; 57223 |
| Enterprise Fleet Financing 2025-1 LLC, "A2", 4.65%, 10/20/2027 (n) | 66000 | &nbsp;&nbsp; 66189 |
| LAD Auto Receivables Trust, 2024-3A, "A2", 4.64%, 11/15/2027 (n) | 131605 | &nbsp;&nbsp; 131568 |
| Morgan Stanley Capital I Trust, 2021-L5, "XA", 1.4%, 5/15/2054 (i) | 1637391 | &nbsp;&nbsp; 80889 |
| Morgan Stanley Capital I Trust, 2021-L6, "XA", 1.287%, 6/15/2054 (i) | 1921940 | &nbsp;&nbsp; 83465 |
| Palmer Square Loan Funding 2025-2A Ltd., "A2", FLR, 0% (SOFR - 3mo. + 1.4%), 7/15/2033 (n)(w) | 625000 | &nbsp;&nbsp; 625000 |
| Santander Drive Auto Receivables Trust, 2025-1, 4.74%, 1/16/2029  | 125000 | &nbsp;&nbsp; 125481 |
| Santander Drive Auto Receivables Trust, 2025-1, "A2", 4.76%, 8/16/2027  | 362787 | &nbsp;&nbsp; 362905 |
| SBNA Auto Receivables Trust, 2025-SF1, "B", 5.12%, 3/17/2031 (n) | 104000 | &nbsp;&nbsp; 104011 |
| Wells Fargo Commercial Mortgage Trust, 2021-C60, "XA", 1.617%, 8/15/2054 (i) | 1416468 | &nbsp;&nbsp; 92653 |
|  |  | &nbsp;&nbsp; $3629264 |
| Consumer Services – 0.2% | Consumer Services – 0.2% | Consumer Services – 0.2% |
| Conservation Fund, 3.474%, 12/15/2029  | $312000 | &nbsp;&nbsp; $294567 |
| Emerging Market Sovereign – 0.5% | Emerging Market Sovereign – 0.5% | Emerging Market Sovereign – 0.5% |
| Oriental Republic of Uruguay, 3.7%, 6/26/2037  | 30236733 | &nbsp;&nbsp; $783311 |
| Industrial – 0.1% | Industrial – 0.1% | Industrial – 0.1% |
| Howard University, Washington D.C., AGM, 2.516%, 10/01/2025  | $82000 | &nbsp;&nbsp; $81326 |
| International Market Sovereign – 50.2% | International Market Sovereign – 50.2% | International Market Sovereign – 50.2% |
| Commonwealth of Australia, Inflation Linked Bond, 0.25%, 11/21/2032  | 2651875 | &nbsp;&nbsp; $1556424 |
| Commonwealth of Australia, Inflation Linked Bond, 1.25%, 8/21/2040  | 387271 | &nbsp;&nbsp; 217386 |
| Government of Canada, Inflation Linked Bond, 4%, 12/01/2031  | 5605662 | &nbsp;&nbsp; 4856663 |
| Government of Canada, Inflation Linked Bond, 3%, 12/01/2036  | 621924 | &nbsp;&nbsp; 532381 |
| Government of Canada, Inflation Linked Bond, 1.25%, 12/01/2047  | 1272317 | &nbsp;&nbsp; 862027 |
| Government of Japan, Inflation Linked Bond, 0.1%, 3/10/2026  | 429533000 | &nbsp;&nbsp; 3033373 |
| Government of Japan, Inflation Linked Bond, 0.005%, 3/10/2031  | 240597900 | &nbsp;&nbsp; 1781066 |
| Government of New Zealand, Inflation Linked Bond, 2.5%, 9/20/2035  | 1159958 | &nbsp;&nbsp; 689979 |
| Kingdom of Spain, Inflation Linked Bond, 1%, 11/30/2030  | 1387191 | &nbsp;&nbsp; 1648496 |
| Kingdom of Spain, Inflation Linked Bond, 0.7%, 11/30/2033 (n) | 1866654 | &nbsp;&nbsp; 2115376 |
| Kingdom of Spain, Inflation Linked Bond, 2.05%, 11/30/2039 (n) | 2047250 | &nbsp;&nbsp; 2531182 |
| Kingdom of Sweden, Inflation Linked Bond, 0.125%, 6/01/2032  | 16057483 | &nbsp;&nbsp; 1649574 |
| Republic of France, Inflation Linked Bond, 0.7%, 7/25/2030  | 1462267 | &nbsp;&nbsp; 1720058 |
| Republic of France, Inflation Linked Bond, 0.6%, 7/25/2034 (n) | 5413823 | &nbsp;&nbsp; 6045538 |
| Republic of France, Inflation Linked Bond, 0.1%, 7/25/2047  | 497890 | &nbsp;&nbsp; 415119 |
| Republic of France, Inflation Linked Bond, 0.1%, 7/25/2053 (n) | 335664 | &nbsp;&nbsp; 255149 |
| Republic of Italy, Inflation Linked Bond, 1.25%, 9/15/2032  | 9949761 | &nbsp;&nbsp; 11766037 |

---

VIAFS-SEM

------

MFS Inflation-Adjusted Bond Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| International Market Sovereign – continued | International Market Sovereign – continued | International Market Sovereign – continued |
| Republic of Italy, Inflation Linked Bond, 2.55%, 9/15/2041  | 3078318 | &nbsp;&nbsp; $3906543 |
| Republic of Italy, Inflation Linked Bond, 0.15%, 5/15/2051 (n) | 1024136 | &nbsp;&nbsp; 751009 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2029  | 2493627 | &nbsp;&nbsp; 3354299 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 8/10/2031  | 3349357 | &nbsp;&nbsp; 4400031 |
| United Kingdom Treasury, Inflation Linked Bond, 2%, 1/26/2035  | 1968010 | &nbsp;&nbsp; 2873727 |
| United Kingdom Treasury, Inflation Linked Bond, 1.125%, 11/22/2037  | 3649293 | &nbsp;&nbsp; 4713614 |
| United Kingdom Treasury, Inflation Linked Bond, 0.625%, 3/22/2040  | 3924982 | &nbsp;&nbsp; 4512675 |
| United Kingdom Treasury, Inflation Linked Bond, 0.625%, 11/22/2042  | 2347345 | &nbsp;&nbsp; 2581854 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2044  | 496068 | &nbsp;&nbsp; 473789 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2046  | 1143612 | &nbsp;&nbsp; 1038596 |
| United Kingdom Treasury, Inflation Linked Bond, 0.75%, 11/22/2047  | 2115862 | &nbsp;&nbsp; 2190395 |
| United Kingdom Treasury, Inflation Linked Bond, 0.5%, 3/22/2050  | 376944 | &nbsp;&nbsp; 352195 |
| United Kingdom Treasury, Inflation Linked Bond, 0.25%, 3/22/2052  | 2052125 | &nbsp;&nbsp; 1723771 |
| United Kingdom Treasury, Inflation Linked Bond, 1.25%, 11/22/2055  | 468745 | &nbsp;&nbsp; 515542 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2058  | 2231455 | &nbsp;&nbsp; 1643762 |
| United Kingdom Treasury, Inflation Linked Bond, 0.375%, 3/22/2062  | 1234760 | &nbsp;&nbsp; 966059 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 11/22/2065  | 586849 | &nbsp;&nbsp; 389760 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2068  | 1296638 | &nbsp;&nbsp; 839011 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2073  | 221763 | &nbsp;&nbsp; 159462 |
|  |  | &nbsp;&nbsp; $79061922 |
| Medical & Health Technology & Services – 0.3% | Medical & Health Technology & Services – 0.3% | Medical & Health Technology & Services – 0.3% |
| ProMedica Toledo Hospital, "B", AGM, 5.325%, 11/15/2028  | $487000 | &nbsp;&nbsp; $494312 |
| Mortgage-Backed – 1.4% | Mortgage-Backed – 1.4% |  |
| Fannie Mae, 4%, 9/25/2050 (i) | $231902 | &nbsp;&nbsp; $45607 |
| Fannie Mae, 5.755%, 11/25/2053  | 215840 | &nbsp;&nbsp; 217230 |
| Freddie Mac, 0.63%, 5/25/2029 (i) | 2662997 | &nbsp;&nbsp; 44066 |
| Freddie Mac, 1.005%, 7/25/2029 (i) | 1264362 | &nbsp;&nbsp; 39267 |
| Freddie Mac, 0.734%, 1/25/2030 (i) | 742941 | &nbsp;&nbsp; 17848 |
| Freddie Mac, 1.913%, 4/25/2030 (i) | 564669 | &nbsp;&nbsp; 42198 |
| Freddie Mac, 1.769%, 5/25/2030 (i) | 1221668 | &nbsp;&nbsp; 87640 |
| Freddie Mac, 1.261%, 9/25/2030 (i) | 646322 | &nbsp;&nbsp; 34343 |
| Freddie Mac, 0.413%, 1/25/2031 (i) | 4843302 | &nbsp;&nbsp; 67542 |
| Freddie Mac, 0.871%, 1/25/2031 (i) | 1882263 | &nbsp;&nbsp; 71783 |
| Freddie Mac, 1.026%, 1/25/2031 (i) | 1425035 | &nbsp;&nbsp; 64286 |
| Freddie Mac, 0.607%, 3/25/2031 (i) | 5886110 | &nbsp;&nbsp; 139031 |
| Freddie Mac, 1.323%, 5/25/2031 (i) | 709327 | &nbsp;&nbsp; 43162 |
| Freddie Mac, 1.039%, 7/25/2031 (i) | 1133380 | &nbsp;&nbsp; 56403 |
| Freddie Mac, 0.632%, 9/25/2031 (i) | 4635695 | &nbsp;&nbsp; 135877 |
| Freddie Mac, 0.955%, 9/25/2031 (i) | 1417400 | &nbsp;&nbsp; 63410 |
| Freddie Mac, 0.441%, 11/25/2031 (i) | 6965967 | &nbsp;&nbsp; 138606 |
| Freddie Mac, 0.596%, 12/25/2031 (i) | 6916623 | &nbsp;&nbsp; 189320 |
| Freddie Mac, 0.664%, 12/25/2031 (i) | 1130491 | &nbsp;&nbsp; 34322 |
| Freddie Mac, 0.431%, 5/25/2033 (i) | 3200000 | &nbsp;&nbsp; 68190 |
| Freddie Mac, 1.091%, 9/25/2034 (i) | 789814 | &nbsp;&nbsp; 55183 |
| Freddie Mac, 5.125%, 9/25/2052  | 312340 | &nbsp;&nbsp; 307337 |
| Freddie Mac, 5.205%, 10/25/2054  | 223948 | &nbsp;&nbsp; 223856 |
|  |  | &nbsp;&nbsp; $2186507 |
| U.S. Treasury Inflation Protected Securities – 44.1% | U.S. Treasury Inflation Protected Securities – 44.1% | U.S. Treasury Inflation Protected Securities – 44.1% |
| U.S. Treasury Bonds, 0.375%, 1/15/2027 (f) | $3605574 | &nbsp;&nbsp; $3556286 |
| U.S. Treasury Bonds, 1.75%, 1/15/2034  | 5483127 | &nbsp;&nbsp; 5435123 |
| U.S. Treasury Bonds, 2.125%, 2/15/2040  | 1677146 | &nbsp;&nbsp; 1655248 |
| U.S. Treasury Bonds, 0.75%, 2/15/2042  | 10081219 | &nbsp;&nbsp; 7826150 |
| U.S. Treasury Bonds, 0.75%, 2/15/2045  | 4120927 | &nbsp;&nbsp; 3007291 |

---

------

MFS Inflation-Adjusted Bond Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| U.S. Treasury Inflation Protected Securities – continued | U.S. Treasury Inflation Protected Securities – continued | U.S. Treasury Inflation Protected Securities – continued |
| U.S. Treasury Bonds, 0.125%, 2/15/2052  | 4315663 | &nbsp;&nbsp; $2302250 |
| U.S. Treasury Bonds, 2.125%, 2/15/2054  | 1422599 | &nbsp;&nbsp; 1300971 |
| U.S. Treasury Notes, 0.5%, 1/15/2028  | 9220758 | &nbsp;&nbsp; 9049144 |
| U.S. Treasury Notes, 0.875%, 1/15/2029  | 11014888 | &nbsp;&nbsp; 10843570 |
| U.S. Treasury Notes, 0.125%, 1/15/2031 (f) | 17342580 | &nbsp;&nbsp; 16067650 |
| U.S. Treasury Notes, 0.125%, 1/15/2032  | 9350661 | &nbsp;&nbsp; 8474599 |
|  |  | &nbsp;&nbsp; $69518282 |
| **Total Bonds (Identified Cost, $166,046,806)** |  | &nbsp;&nbsp; **$156049491** |
| Mutual Funds (h) – 0.7% | Mutual Funds (h) – 0.7% | Mutual Funds (h) – 0.7% |
| Money Market Funds – 0.7% | Money Market Funds – 0.7% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $1,166,628) | 1166627 | &nbsp;&nbsp; $1166744 |
| Other Assets, Less Liabilities – 0.2% |  | &nbsp;&nbsp; 314428 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$157530663** |

---

&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 $1,166,744 and $156,049,491, 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 $12,918,181, representing 8.2% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AGM | Assured Guaranty Municipal |
| CLO | Collateralized Loan Obligation |
| CPI-U | Consumer Price Index - Urban Consumers |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| SOFR | Secured Overnight Financing Rate |
| 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 |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| UYU | Uruguayan Peso |

---

------

MFS Inflation-Adjusted Bond Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** |
| **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** |
| **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold** | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| AUD | &nbsp;&nbsp; 604997 | USD | 394857 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $3429 |
| AUD | &nbsp;&nbsp; 1832490 | USD | 1199875 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6500 |
| AUD | &nbsp;&nbsp; 1194645 | USD | 762881 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 23584 |
| AUD | &nbsp;&nbsp; 1242782 | USD | 798080 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20075 |
| AUD | &nbsp;&nbsp; 1892137 | USD | 1172255 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 73387 |
| CAD | &nbsp;&nbsp; 2951951 | USD | 2165764 | Goldman Sachs International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3744 |
| CAD | &nbsp;&nbsp; 60401 | USD | 43810 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 581 |
| CAD | &nbsp;&nbsp; 252290 | USD | 182126 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3294 |
| CAD | &nbsp;&nbsp; 427068 | USD | 312814 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |
| CHF | &nbsp;&nbsp; 51372 | USD | 61232 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3643 |
| CHF | &nbsp;&nbsp; 943838 | USD | 1156006 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35918 |
| CHF | &nbsp;&nbsp; 27035 | USD | 31832 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2309 |
| CHF | &nbsp;&nbsp; 49299 | USD | 60816 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1441 |
| DKK | &nbsp;&nbsp; 2083888 | USD | 317926 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11478 |
| EUR | &nbsp;&nbsp; 116887 | USD | 133053 | BNP Paribas | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4779 |
| EUR | &nbsp;&nbsp; 814065 | USD | 950064 | Goldman Sachs International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9877 |
| EUR | &nbsp;&nbsp; 4596348 | USD | 5238198 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 181787 |
| EUR | &nbsp;&nbsp; 162799 | USD | 182067 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9905 |
| EUR | &nbsp;&nbsp; 2036805 | USD | 2319002 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 82785 |
| EUR | &nbsp;&nbsp; 1276420 | USD | 1436120 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 69027 |
| EUR | &nbsp;&nbsp; 2794816 | USD | 3149055 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 146574 |
| GBP | &nbsp;&nbsp; 55630 | USD | 74351 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2014 |
| GBP | &nbsp;&nbsp; 108623 | USD | 141421 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7691 |
| GBP | &nbsp;&nbsp; 1523325 | USD | 2009482 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 81657 |
| GBP | &nbsp;&nbsp; 2435822 | USD | 3196978 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 146790 |
| GBP | &nbsp;&nbsp; 30312 | USD | 41008 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 603 |
| JPY | &nbsp;&nbsp; 117468551 | USD | 812133 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5049 |
| JPY | &nbsp;&nbsp; 6176147 | USD | 42596 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 369 |
| NOK | &nbsp;&nbsp; 61411 | USD | 5771 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
| SEK | &nbsp;&nbsp; 3549361 | USD | 368422 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7126 |
| USD | &nbsp;&nbsp; 508051 | JPY | 72473172 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3883 |
| USD | &nbsp;&nbsp; 489066 | JPY | 69816764 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3379 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $954056 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| CAD | &nbsp;&nbsp; 581919 | USD | 428786 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(1111)<br>|
| JPY | &nbsp;&nbsp; 18683867 | USD | 130906 | BNP Paribas | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (930)<br>|
| JPY | &nbsp;&nbsp; 28250273 | USD | 199192 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (2666)<br>|
| JPY | &nbsp;&nbsp; 118967493 | USD | 829355 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1745)<br>|
| JPY | &nbsp;&nbsp; 22535270 | USD | 157475 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (706)<br>|
| NOK | &nbsp;&nbsp; 3812460 | USD | 384948 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (6671)<br>|
| USD | &nbsp;&nbsp; 381137 | AUD | 596533 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (11576)<br>|
| USD | &nbsp;&nbsp; 7689 | AUD | 11885 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (136)<br>|
| USD | &nbsp;&nbsp; 1549948 | AUD | 2389303 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (22992)<br>|
| USD | &nbsp;&nbsp; 1611253 | AUD | 2465202 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (11651)<br>|
| USD | &nbsp;&nbsp; 1843311 | CAD | 2546645 | BNP Paribas | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (28321)<br>|
| USD | &nbsp;&nbsp; 1824332 | CAD | 2520314 | Goldman Sachs International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (27949)<br>|
| USD | &nbsp;&nbsp; 41614 | CAD | 58074 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1067)<br>|
| USD | &nbsp;&nbsp; 2592334 | CAD | 3578846 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (37905)<br>|
| USD | &nbsp;&nbsp; 60238 | CAD | 85291 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (2446)<br>|
| USD | &nbsp;&nbsp; 632191 | CHF | 509448 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (11165)<br>|
| USD | &nbsp;&nbsp; 696779 | CHF | 562096 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (13063)<br>|

---

------

MFS Inflation-Adjusted Bond Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** |
| **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Sold** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Sold** | **Counterparty** | &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; 1334956 | EUR | 1177583 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(53642)<br>|
| USD | &nbsp;&nbsp; 1588948 | EUR | 1428275 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (95265)<br>|
| USD | &nbsp;&nbsp; 242690 | EUR | 212834 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (8282)<br>|
| USD | &nbsp;&nbsp; 506859 | EUR | 441824 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (14136)<br>|
| USD | &nbsp;&nbsp; 4074277 | EUR | 3592267 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (161703)<br>|
| USD | &nbsp;&nbsp; 154576 | GBP | 114567 | Barclays Bank PLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (2696)<br>|
| USD | &nbsp;&nbsp; 1977844 | GBP | 1482000 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (56567)<br>|
| USD | &nbsp;&nbsp; 193647 | GBP | 149222 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (11197)<br>|
| USD | &nbsp;&nbsp; 1415682 | GBP | 1053772 | Merrill Lynch International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (30880)<br>|
| USD | &nbsp;&nbsp; 287206 | GBP | 212851 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (4985)<br>|
| USD | &nbsp;&nbsp; 1604135 | GBP | 1218699 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (68832)<br>|
| USD | &nbsp;&nbsp; 320051 | GBP | 240951 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (10713)<br>|
| USD | &nbsp;&nbsp; 214199 | JPY | 31010831 | JPMorgan Chase Bank N.A. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1531)<br>|
| USD | &nbsp;&nbsp; 2630987 | JPY | 387024887 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (61391)<br>|
| USD | &nbsp;&nbsp; 30116 | NZD | 54117 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (2887)<br>|
| USD | &nbsp;&nbsp; 15286 | NZD | 26274 | State Street Corp. | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (737)<br>|
| USD | &nbsp;&nbsp; 551624 | SEK | 5372821 | Deutsche Bank AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (16858)<br>|
| USD | &nbsp;&nbsp; 1028776 | SEK | 9838833 | Goldman Sachs International | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (12244)<br>|
| USD | &nbsp;&nbsp; 360136 | SEK | 3516138 | Morgan Stanley Capital Services LLC | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (11896)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(808542)<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 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; $2489410 | September – 2025 | &nbsp;&nbsp;&nbsp; $4693 |
| Euro-BTP 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 285064 | September – 2025 | &nbsp;&nbsp;&nbsp; 1809 |
| Euro-Buxl 30 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 1398699 | September – 2025 | &nbsp;&nbsp;&nbsp; 19624 |
| U.S. Treasury Note 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 5045625 | September – 2025 | &nbsp;&nbsp;&nbsp; 61438 |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 6864774 | September – 2025 | &nbsp;&nbsp;&nbsp; 29273 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $116837 |
| **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*** |  |  |
| Canadian Treasury Bond 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; $2418946 | September – 2025 | &nbsp;&nbsp;&nbsp; $(15149)<br>|
| Euro-Bobl 5 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 3188288 | September – 2025 | &nbsp;&nbsp;&nbsp; (2683)<br>|
| Euro-Oat 10 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 3646935 | September – 2025 | &nbsp;&nbsp;&nbsp; (27741)<br>|
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 714750 | September – 2025 | &nbsp;&nbsp;&nbsp; (29648)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(75221)<br>|

---

------

MFS Inflation-Adjusted Bond Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** |
| **Maturity** <br>**Date** | **Maturity** <br>**Date** | **Notional** <br>**Amount**<br>| **Counterparty** | **Cash Flows** <br>**to Receive/** <br>**Frequency**<br>| **Cash Flows** <br>**to Pay/** <br>**Frequency**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net Unamortized** <br>**Upfront Payments** <br>**(Receipts)**<br>| **Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |  |
| ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** |  |  |  |
| 4/15/26 | USD | 4600000 | centrally cleared | CPI-U / At Maturity | 2.6365% / At Maturity | $24432 | $— | $24432 |
| 2/05/27 | USD | 8400000 | centrally cleared | CPI-U / At Maturity | 2.755% / At Maturity | 10254 |  | 10254 |
|  |  |  |  |  |  | $34686 | $— | $34686 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** |
| **Maturity** <br>**Date** | **Maturity** <br>**Date** | **Notional** <br>**Amount**<br>| **Counterparty** | **Cash Flows** <br>**to Receive/** <br>**Frequency**<br>| **Cash Flows** <br>**to Pay/** <br>**Frequency**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net Unamortized** <br>**Upfront Payments** <br>**(Receipts)**<br>| **Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |  |
| ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** | ***Inflation Swaps*** |  |  |  |
| 3/19/26 | USD | 4500000 | Morgan Stanley Capital Services, Inc. | CPI-U / At Maturity | 2.482% / At Maturity | $44139 | $— | $44139 |

---

At June 30, 2025, the fund had liquid securities with an aggregate value of $513,653 to cover any collateral or margin obligations for certain derivative contracts.

**See Notes to Financial Statements**

------

MFS Inflation-Adjusted Bond Portfolio

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

**(unaudited)**

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

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $166,046,806) | &nbsp;&nbsp; $156049491 |
| Investments in affiliated issuers, at value (identified cost, $1,166,628) | &nbsp;&nbsp; 1166744 |
| Cash | &nbsp;&nbsp; 11412 |
| Foreign currency, at value (identified cost, $4) | &nbsp;&nbsp; 4 |
| Receivables for |  |
| Net daily variation margin on open cleared swap agreements | &nbsp;&nbsp; 2107 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 954056 |
| Investments sold | &nbsp;&nbsp; 897394 |
| Fund shares sold | &nbsp;&nbsp; 109559 |
| Interest | &nbsp;&nbsp; 506477 |
| Uncleared swaps, at value | &nbsp;&nbsp; 44139 |
| Other assets | &nbsp;&nbsp; 506 |
| Total assets | &nbsp;&nbsp; $159741889 |
| **Liabilities** |  |
| Payables for |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $808542 |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; 1506 |
| Investments purchased | &nbsp;&nbsp; 1295725 |
| Fund shares reacquired | &nbsp;&nbsp; 45073 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 8375 |
| Administrative services fee | &nbsp;&nbsp; 340 |
| Shareholder servicing costs | &nbsp;&nbsp; 50 |
| Distribution and/or service fees | &nbsp;&nbsp; 2048 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 840 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 48727 |
| Total liabilities | &nbsp;&nbsp; $2211226 |
| Net assets | &nbsp;&nbsp; $157530663 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $185535996 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (28005333)<br>|
| Net assets | &nbsp;&nbsp; $157530663 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 19069402 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $82717962 | &nbsp;&nbsp;&nbsp; 9947313 | &nbsp;&nbsp;&nbsp; $8.32 |
| Service Class | &nbsp;&nbsp;&nbsp; 74812701 | &nbsp;&nbsp;&nbsp; 9122089 | &nbsp;&nbsp;&nbsp;&nbsp;8.20 |

---

**See Notes to Financial Statements**

------

MFS Inflation-Adjusted Bond Portfolio

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

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

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $4035477 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 60843 |
| Other | &nbsp;&nbsp; 33 |
| Total investment income | &nbsp;&nbsp; $4096353 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $386121 |
| Distribution and/or service fees | &nbsp;&nbsp; 89877 |
| Shareholder servicing costs | &nbsp;&nbsp; 1638 |
| Administrative services fee | &nbsp;&nbsp; 15563 |
| Independent Trustees' compensation | &nbsp;&nbsp; 2616 |
| Custodian fee | &nbsp;&nbsp; 12848 |
| Shareholder communications | &nbsp;&nbsp; 1659 |
| Audit and tax fees | &nbsp;&nbsp; 29377 |
| Legal fees | &nbsp;&nbsp; 772 |
| Miscellaneous | &nbsp;&nbsp; 21599 |
| Total expenses | &nbsp;&nbsp; $562070 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (10737)<br>|
| Net expenses | &nbsp;&nbsp; $551333 |
| Net investment income (loss) | &nbsp;&nbsp; $3545020 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(1930778)<br>|
| Affiliated issuers | &nbsp;&nbsp; (962)<br>|
| Futures contracts | &nbsp;&nbsp; (72950)<br>|
| Swap agreements | &nbsp;&nbsp; (4946)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 83386 |
| Foreign currency | &nbsp;&nbsp; 3912 |
| Net realized gain (loss)  | &nbsp;&nbsp; $(1922338)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $9856484 |
| Affiliated issuers | &nbsp;&nbsp; (198)<br>|
| Futures contracts | &nbsp;&nbsp; 77770 |
| Swap agreements | &nbsp;&nbsp; 90137 |
| Forward foreign currency exchange contracts  | &nbsp;&nbsp; (72622)<br>|
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 18080 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $9969651 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $8047313 |
| Change in net assets from operations | &nbsp;&nbsp; $11592333 |

---

**See Notes to Financial Statements**

------

MFS Inflation-Adjusted Bond Portfolio

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $3545020 | &nbsp;&nbsp; $5437856 |
| Net realized gain (loss) | (1922338)<br>| &nbsp;&nbsp; (4068729)<br>|
| Net unrealized gain (loss) | 9969651 | &nbsp;&nbsp; (7977380)<br>|
| Change in net assets from operations | $11592333 | &nbsp;&nbsp; $(6608253)<br>|
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(5600575)<br>|
| Change in net assets from fund share transactions | $(13211625)<br>| &nbsp;&nbsp; $(4533707)<br>|
| Total change in net assets | $(1619292)<br>| &nbsp;&nbsp; $(16742535)<br>|
| **Net assets** |  |  |
| At beginning of period | 159149955 | &nbsp;&nbsp; 175892490 |
| At end of period | $157530663 | &nbsp;&nbsp; $159149955 |

---

**See Notes to Financial Statements**

------

MFS Inflation-Adjusted Bond Portfolio

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $7.71 | &nbsp;&nbsp; $8.31 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $12.06 | &nbsp;&nbsp; $10.81 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.18 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.63 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.05 |
| Net realized and unrealized gain (loss) | 0.43 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (3.15)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| Total from investment operations | $0.61 | &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $(2.52)<br>| &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $1.45 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.05)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.15)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(1.07)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.20)<br>|
| Net asset value, end of period (x) | $8.32 | &nbsp;&nbsp; $7.71 | &nbsp;&nbsp; $8.31 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $12.06 |
| Total return (%) (k)(r)(s)(x) | 7.91<br> (n)<br>| &nbsp;&nbsp; (3.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp; (21.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;13.55 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.61<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Expenses after expense reductions | 0.60<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net investment income (loss) | 4.67(l)<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | &nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Portfolio turnover rate | 28<br> (n)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 46 |
| Net assets at end of period (000 omitted) | $82718 | &nbsp;&nbsp; $85864 | &nbsp;&nbsp; $92313 | &nbsp;&nbsp; $94432 | &nbsp;&nbsp; $126161 | &nbsp;&nbsp; $132577 |

---

**See Notes to Financial Statements**

------

MFS Inflation-Adjusted Bond Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $7.62 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $8.24 | &nbsp;&nbsp; $11.78 | &nbsp;&nbsp; $11.92 | &nbsp;&nbsp; $10.69 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.17 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.60 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.02 |
| Net realized and unrealized gain (loss) | 0.41 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Total from investment operations | $0.58 | &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $(2.50)<br>| &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $1.40 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.02)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.15)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(1.04)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.17)<br>|
| Net asset value, end of period (x) | $8.20 | &nbsp;&nbsp; $7.62 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $8.24 | &nbsp;&nbsp; $11.78 | &nbsp;&nbsp; $11.92 |
| Total return (%) (k)(r)(s)(x) | 7.61<br> (n)<br>| &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp; (21.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;13.21 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.86<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Expenses after expense reductions | 0.85<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net investment income (loss) | 4.49(l)<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Portfolio turnover rate | 28<br> (n)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 46 |
| Net assets at end of period (000 omitted) | $74813 | &nbsp;&nbsp; $73286 | &nbsp;&nbsp; $83580 | &nbsp;&nbsp; $91104 | &nbsp;&nbsp; $122740 | &nbsp;&nbsp; $126471 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(l) Recognition of net investment income by the fund may be affected by inflation/deflation
 adjustments through period end and the actual annual net investment income ratio may differ.

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

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

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

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

**See Notes to Financial Statements**

------

MFS Inflation-Adjusted Bond Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

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

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

**(2) Significant Accounting Policies**

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

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

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

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

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. 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 Inflation-Adjusted Bond Portfolio

*Notes to Financial Statements (unaudited) - continued* 

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts, forward foreign currency exchange contracts, and swap agreements. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government <br> Agencies & Equivalents<br>| $— | $69518282 | $— | $69518282 |
| Non - U.S. Sovereign Debt |  | 79845233 |  | 79845233 |
| U.S. Corporate Bonds |  | 870205 |  | 870205 |
| Residential Mortgage-Backed Securities |  | 2186507 |  | 2186507 |
| Commercial Mortgage-Backed Securities |  | 1456851 |  | 1456851 |
| Asset-Backed Securities (including CDOs) |  | 2172413 |  | 2172413 |
| Investment Companies | 1166744 |  |  | 1166744 |
| Total | $1166744 | $156049491 | $— | $157216235 |

---

---

| | | |
|:---|:---|:---|
| **Other Financial Instruments** |  |  |
| Futures Contracts – Assets | $— | $116837 |
| Futures Contracts – Liabilities |  | (75221)<br>|
| Forward Foreign Currency Exchange <br> Contracts – Assets<br>| 954056 | 954056 |
| Forward Foreign Currency Exchange <br> Contracts – Liabilities<br>| (808542)<br>| (808542)<br>|
| Swap Agreements – Assets | 78825 | 78825 |

---

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

**Inflation-Adjusted Debt Securities** — The fund invests in inflation-adjusted debt securities issued by the U.S. Treasury. The fund also invests in inflation-adjusted debt securities issued by U.S. Government agencies and instrumentalities other than the U.S. Treasury and by other entities such as U.S. and foreign corporations and foreign governments. The principal value of these debt securities is adjusted through income according to changes in the Consumer Price Index or another general price or wage index.

------

MFS Inflation-Adjusted Bond Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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 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 may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at June 30, 2025 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value (a)** | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Interest Rate | Futures Contracts | $116837 | $(75221) |
| Foreign Exchange | Forward Foreign Currency Exchange Contracts | 954056 | (808542) |
| Interest Rate | Cleared Swap Agreements | 34686 |  |
| Interest Rate | Uncleared Swap Agreements | 44139 |  |
| Total |  | $1149718 | $(883763) |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>| **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Interest Rate | $(72950)<br>| &nbsp;&nbsp; $(4946)<br>| &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 83386 |
| Total | $(72950)<br>| &nbsp;&nbsp; $(4946)<br>| &nbsp;&nbsp; $83386 |

---

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

------

MFS Inflation-Adjusted Bond Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>| **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>|
| Interest Rate | $77770 | &nbsp;&nbsp; $90137 | &nbsp;&nbsp; $— |
| Foreign Exchange |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (72622)<br>|
| Total | $77770 | &nbsp;&nbsp; $90137 | &nbsp;&nbsp; $(72622)<br>|

---

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

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

**Futures Contracts** — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

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

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.

**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.

------

MFS Inflation-Adjusted Bond Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

Risks may arise upon entering into these contracts from unanticipated movements in the value of the contract and from the potential inability of counterparties to meet the terms of their contracts. Generally, the fund's maximum risk due to counterparty credit risk is the unrealized gain on the contract due to the use of Continuous Linked Settlement, a multicurrency cash settlement system for the centralized settlement of foreign transactions. This risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund's exposure to the counterparty under such ISDA Master Agreement.

**Swap Agreements** — The fund entered into swap agreements which generally involve a periodic exchange of cash payments on a net basis, at specified intervals or upon the occurrence of specified events, between the fund and a counterparty. Certain swap agreements may be entered into as a bilateral contract ("uncleared swaps") while others are required to be centrally cleared ("cleared swaps").

Both cleared and uncleared swap agreements are marked to market daily. The value of uncleared swap agreements is reported in the Statement of Assets and Liabilities as "Uncleared swaps, at value" which includes any related interest accruals to be paid or received by the fund. For cleared swaps, payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the cleared swap, such that only the current day net receivable or payable for variation margin is reported in the Statement of Assets and Liabilities.

For both cleared and uncleared swaps, premiums paid or received at the inception of the agreements are amortized over the term of the agreement as realized gain or loss on swap agreements in the Statement of Operations. The periodic exchange of net cash payments, as well as any liquidation payment received or made upon early termination, are recorded as a realized gain or loss on swap agreements in the Statement of Operations. The change in unrealized appreciation or depreciation on swap agreements in the Statement of Operations reflects the aggregate change over the reporting period in the value of swaps net of any unamortized premiums paid or received.

Risks related to swap agreements include the possible lack of a liquid market, unfavorable market and interest rate movements of the underlying instrument and the failure of the counterparty to perform under the terms of the agreements. The fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. To address counterparty risk, uncleared swap agreements are limited to only highly-rated counterparties. Risk is further reduced by having an ISDA Master Agreement ("ISDA") between the fund and the counterparty and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund's exposure to the counterparty under such ISDA. The fund's counterparty risk due to cleared swaps is mitigated by the fact that the clearinghouse is the counterparty to the transaction and the regulatory requirement safeguards in the event of a clearing broker bankruptcy.

The fund entered into inflation swap agreements in order to manage its exposure to inflation risk. Inflation swap agreements involve the periodic exchange of cash flows, between the fund and a counterparty, based on the difference between two rates applied to a notional principal amount. The two rates exchanged are generally a fixed rate and a floating rate based on an inflation index.

**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. 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.

------

MFS Inflation-Adjusted Bond Portfolio

*Notes to Financial Statements (unaudited) - 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.

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

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

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

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $5600575 |

---

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

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $168710773 |
| Gross appreciation | &nbsp;&nbsp; 4409144 |
| Gross depreciation | &nbsp;&nbsp; (15903682)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(11494538)<br>|
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 5150895 |
| Capital loss carryforwards | &nbsp;&nbsp; (23371406)<br>|
| Other temporary differences | &nbsp;&nbsp; (5754)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (21371401)<br>|

---

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

------

MFS Inflation-Adjusted Bond Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

---

| | |
|:---|:---|
| Short-Term | $(12946289)<br>|
| Long-Term | (10425117)<br>|
| Total | $(23371406)<br>|

---

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

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $3069963 |
| Service Class |  | &nbsp;&nbsp; 2530612 |
| Total | $— | &nbsp;&nbsp; $5600575 |

---

**(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 an annual rate of 0.50% of the fund's average daily net assets.

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $10,737, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.49% of the fund's average daily net assets.

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

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

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $1,493, which equated to 0.0019% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $145.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0201% of the fund's average daily net assets.

------

MFS Inflation-Adjusted Bond Portfolio

*Notes to Financial Statements (unaudited) - 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.

**(4) Portfolio Securities**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $21160844 | &nbsp;&nbsp; $25861752 |
| Non-U.S. Government securities | 21734099 | &nbsp;&nbsp; 24862650 |

---

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 124691 | &nbsp;&nbsp; $986550 | &nbsp;&nbsp; 745214 | &nbsp;&nbsp; $5946759 |
| Service Class | 444766 | &nbsp;&nbsp; 3533526 | &nbsp;&nbsp; 1042770 | &nbsp;&nbsp; 8199010 |
|  | 569457 | &nbsp;&nbsp; $4520076 | &nbsp;&nbsp; 1787984 | &nbsp;&nbsp; $14145769 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 377609 | &nbsp;&nbsp; $3069963 |
| Service Class |  |  | &nbsp;&nbsp; 314753 | &nbsp;&nbsp; 2530612 |
|  |  | $— | &nbsp;&nbsp; 692362 | &nbsp;&nbsp; $5600575 |
| Shares reacquired |  |  |  |  |
| Initial Class | (1306935)<br>| &nbsp;&nbsp; $(10331115)<br>| &nbsp;&nbsp; (1104545)<br>| &nbsp;&nbsp; $(8951204)<br>|
| Service Class | (942161)<br>| &nbsp;&nbsp; (7400586)<br>| &nbsp;&nbsp; (1923806)<br>| &nbsp;&nbsp; (15328847)<br>|
|  | (2249096)<br>| &nbsp;&nbsp; $(17731701)<br>| &nbsp;&nbsp; (3028351)<br>| &nbsp;&nbsp; $(24280051)<br>|
| Net change |  |  |  |  |
| Initial Class | (1182244)<br>| &nbsp;&nbsp; $(9344565)<br>| &nbsp;&nbsp; 18278 | &nbsp;&nbsp; $65518 |
| Service Class | (497395)<br>| &nbsp;&nbsp; (3867060)<br>| &nbsp;&nbsp; (566283)<br>| &nbsp;&nbsp; (4599225)<br>|
|  | (1679639)<br>| &nbsp;&nbsp; $(13211625)<br>| &nbsp;&nbsp; (548005)<br>| &nbsp;&nbsp; $(4533707)<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 27%, 15%, and 10%, respectively, of the value of outstanding voting shares of the fund.

------

MFS Inflation-Adjusted Bond Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $355 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $5637659 | &nbsp;&nbsp; $33782856 | &nbsp;&nbsp; $38252611 | &nbsp;&nbsp; $(962)<br>| &nbsp;&nbsp; $(198)<br>| &nbsp;&nbsp; $1166744 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $60843 | $— |

---

------

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

There is nothing to report for this item for MFS Inflation-Adjusted Bond Portfolio.

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

There is nothing to report for this item for MFS Inflation-Adjusted 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 Inflation-Adjusted Bond Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

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

Not Applicable.

------

MFS New Discovery Value Portfolio

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

MFS New Discovery Value Portfolio

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 97.5% | Common Stocks – 97.5% | Common Stocks – 97.5% |
| Aerospace & Defense – 2.9% | Aerospace & Defense – 2.9% |  |
| Hexcel Corp. | 7341 | &nbsp;&nbsp; $414693 |
| KBR, Inc. | 6033 | &nbsp;&nbsp; 289222 |
| Mirion Technologies, Inc. (a) | 14537 | &nbsp;&nbsp; 312982 |
| Standard Aero, Inc. (a) | 10366 | &nbsp;&nbsp; 328084 |
|  |  | &nbsp;&nbsp; $1344981 |
| Apparel Manufacturers – 1.0% | Apparel Manufacturers – 1.0% |  |
| Columbia Sportswear Co. | 2997 | &nbsp;&nbsp; $183057 |
| Under Amour, Inc., "C" (a) | 44641 | &nbsp;&nbsp; 289720 |
|  |  | &nbsp;&nbsp; $472777 |
| Automotive – 3.4% | Automotive – 3.4% |  |
| Atmus Filtration Technologies, Inc. | 12621 | &nbsp;&nbsp; $459657 |
| Dana, Inc. | 22374 | &nbsp;&nbsp; 383714 |
| LKQ Corp. | 8818 | &nbsp;&nbsp; 326354 |
| Visteon Corp. (a) | 4250 | &nbsp;&nbsp; 396525 |
|  |  | &nbsp;&nbsp; $1566250 |
| Broadcasting – 0.7% | Broadcasting – 0.7% |  |
| Nexstar Media Group, Inc. | 1904 | &nbsp;&nbsp; $329297 |
| Brokerage & Asset Managers – 0.8% | Brokerage & Asset Managers – 0.8% |  |
| P10, Inc. | 35885 | &nbsp;&nbsp; $366745 |
| Business Services – 2.1% | Business Services – 2.1% |  |
| HUT 8 Corp. (a) | 7827 | &nbsp;&nbsp; $145582 |
| NCR Atleos Corp. (a) | 18319 | &nbsp;&nbsp; 522641 |
| TriNet Group, Inc. | 4557 | &nbsp;&nbsp; 333299 |
|  |  | &nbsp;&nbsp; $1001522 |
| Chemicals – 1.7% | Chemicals – 1.7% |  |
| Avient Corp. | 9797 | &nbsp;&nbsp; $316541 |
| Element Solutions, Inc. | 21470 | &nbsp;&nbsp; 486296 |
|  |  | &nbsp;&nbsp; $802837 |
| Computer Software – 2.0% | Computer Software – 2.0% |  |
| ACI Worldwide, Inc. (a) | 7745 | &nbsp;&nbsp; $355573 |
| nCino, Inc. (a) | 9504 | &nbsp;&nbsp; 265827 |
| Thryv, Inc. (a) | 27213 | &nbsp;&nbsp; 330910 |
|  |  | &nbsp;&nbsp; $952310 |
| Computer Software - Systems – 0.9% | Computer Software - Systems – 0.9% |  |
| Insight Enterprises, Inc. (a) | 3172 | &nbsp;&nbsp; $438006 |
| Construction – 3.2% | Construction – 3.2% |  |
| Everus Construction Group, Inc. (a) | 4784 | &nbsp;&nbsp; $303928 |
| Independence Realty Trust, Inc., REIT | 24266 | &nbsp;&nbsp; 429266 |
| M/I Homes, Inc. (a) | 3324 | &nbsp;&nbsp; 372687 |
| Smith Douglas Homes Corp. (a) | 6525 | &nbsp;&nbsp; 126715 |

---

VDVFS-SEM

------

MFS New Discovery Value Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Construction – continued | Construction – continued |  |
| Toll Brothers, Inc. | 2242 | &nbsp;&nbsp; $255879 |
|  |  | &nbsp;&nbsp; $1488475 |
| Consumer Products – 1.8% | Consumer Products – 1.8% |  |
| Newell Brands, Inc. | 48814 | &nbsp;&nbsp; $263595 |
| Prestige Consumer Healthcare, Inc. (a) | 7048 | &nbsp;&nbsp; 562783 |
|  |  | &nbsp;&nbsp; $826378 |
| Consumer Services – 1.4% | Consumer Services – 1.4% |  |
| Adtalem Global Education, Inc. (a) | 2071 | &nbsp;&nbsp; $263493 |
| Grand Canyon Education, Inc. (a) | 2132 | &nbsp;&nbsp; 402948 |
|  |  | &nbsp;&nbsp; $666441 |
| Containers – 1.9% | Containers – 1.9% |  |
| Graphic Packaging Holding Co. | 19402 | &nbsp;&nbsp; $408800 |
| Silgan Holdings, Inc. | 9214 | &nbsp;&nbsp; 499215 |
|  |  | &nbsp;&nbsp; $908015 |
| Electrical Equipment – 2.6% | Electrical Equipment – 2.6% |  |
| nVent Electric PLC | 5420 | &nbsp;&nbsp; $397015 |
| TriMas Corp. | 11650 | &nbsp;&nbsp; 333306 |
| Vontier Corp. | 13620 | &nbsp;&nbsp; 502578 |
|  |  | &nbsp;&nbsp; $1232899 |
| Electronics – 4.3% | Electronics – 4.3% |  |
| Advanced Energy Industries, Inc. | 2425 | &nbsp;&nbsp; $321313 |
| Bel Fuse, Inc. | 4663 | &nbsp;&nbsp; 455528 |
| Formfactor, Inc. (a) | 10486 | &nbsp;&nbsp; 360823 |
| Plexus Corp. (a) | 2164 | &nbsp;&nbsp; 292811 |
| TTM Technologies, Inc. (a) | 14404 | &nbsp;&nbsp; 587971 |
|  |  | &nbsp;&nbsp; $2018446 |
| Energy - Independent – 3.6% | Energy - Independent – 3.6% |  |
| Antero Resources Corp. (a) | 12756 | &nbsp;&nbsp; $513811 |
| Matador Resources Co. | 8299 | &nbsp;&nbsp; 396028 |
| Permian Resources Corp. | 28685 | &nbsp;&nbsp; 390690 |
| Viper Energy, Inc. | 9553 | &nbsp;&nbsp; 364256 |
|  |  | &nbsp;&nbsp; $1664785 |
| Food & Beverages – 2.2% | Food & Beverages – 2.2% |  |
| Nomad Foods Ltd. | 30740 | &nbsp;&nbsp; $522273 |
| Simply Good Foods Co. (a) | 9760 | &nbsp;&nbsp; 308318 |
| Utz Brands, Inc. | 15016 | &nbsp;&nbsp; 188451 |
|  |  | &nbsp;&nbsp; $1019042 |
| Forest & Paper Products – 0.7% | Forest & Paper Products – 0.7% |  |
| International Paper Co. | 7416 | &nbsp;&nbsp; $347291 |
| Gaming & Lodging – 0.7% | Gaming & Lodging – 0.7% |  |
| International Game Technology PLC | 20518 | &nbsp;&nbsp; $324390 |

---

------

MFS New Discovery Value Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Insurance – 5.3% | Insurance – 5.3% |  |
| Aspen Insurance Holdings Ltd. (a) | 9157 | &nbsp;&nbsp; $288171 |
| AXIS Capital Holdings Ltd. | 3838 | &nbsp;&nbsp; 398461 |
| Hanover Insurance Group, Inc. | 2611 | &nbsp;&nbsp; 443531 |
| Kemper Corp. | 4650 | &nbsp;&nbsp; 300111 |
| Lincoln National Corp. | 10426 | &nbsp;&nbsp; 360740 |
| Selective Insurance Group, Inc. | 4293 | &nbsp;&nbsp; 371988 |
| Stewart Information Services Corp. | 4495 | &nbsp;&nbsp; 292624 |
|  |  | &nbsp;&nbsp; $2455626 |
| Leisure & Toys – 1.9% | Leisure & Toys – 1.9% |  |
| Brunswick Corp. | 4554 | &nbsp;&nbsp; $251563 |
| Hasbro, Inc. | 4743 | &nbsp;&nbsp; 350128 |
| Patrick Industries, Inc. | 3244 | &nbsp;&nbsp; 299324 |
|  |  | &nbsp;&nbsp; $901015 |
| Machinery & Tools – 5.9% | Machinery & Tools – 5.9% |  |
| Albany International Corp. | 6148 | &nbsp;&nbsp; $431159 |
| Chart Industries, Inc. (a) | 1000 | &nbsp;&nbsp; 164650 |
| ESAB Corp. | 2889 | &nbsp;&nbsp; 348269 |
| Flowserve Corp. | 7399 | &nbsp;&nbsp; 387338 |
| Hayward Holdings, Inc. (a) | 29160 | &nbsp;&nbsp; 402408 |
| Kadant, Inc. | 743 | &nbsp;&nbsp; 235865 |
| Regal Rexnord Corp. | 2738 | &nbsp;&nbsp; 396901 |
| Timken Co. | 5320 | &nbsp;&nbsp; 385966 |
|  |  | &nbsp;&nbsp; $2752556 |
| Medical & Health Technology & Services – 1.6% | Medical & Health Technology & Services – 1.6% |  |
| ICON PLC (a) | 1837 | &nbsp;&nbsp; $267191 |
| Option Care Health, Inc. (a) | 14614 | &nbsp;&nbsp; 474663 |
|  |  | &nbsp;&nbsp; $741854 |
| Medical Equipment – 2.1% | Medical Equipment – 2.1% |  |
| Concentra Group Holdings, Inc. | 21276 | &nbsp;&nbsp; $437647 |
| Envista Holdings Corp. (a) | 19467 | &nbsp;&nbsp; 380385 |
| Lantheus Holdings, Inc. (a) | 2243 | &nbsp;&nbsp; 183612 |
|  |  | &nbsp;&nbsp; $1001644 |
| Natural Gas - Distribution – 3.7% | Natural Gas - Distribution – 3.7% |  |
| Brookfield Infrastructure Corp. | 6563 | &nbsp;&nbsp; $273021 |
| MDU Resources Group, Inc. | 11630 | &nbsp;&nbsp; 193872 |
| New Jersey Resources Corp. | 8480 | &nbsp;&nbsp; 380074 |
| ONE Gas, Inc. | 5850 | &nbsp;&nbsp; 420381 |
| UGI Corp. | 13249 | &nbsp;&nbsp; 482528 |
|  |  | &nbsp;&nbsp; $1749876 |
| Natural Gas - Pipeline – 1.2% | Natural Gas - Pipeline – 1.2% |  |
| Plains GP Holdings LP | 28953 | &nbsp;&nbsp; $562557 |
| Oil Services – 1.5% | Oil Services – 1.5% |  |
| Expro Group Holdings N.V. (a) | 33540 | &nbsp;&nbsp; $288109 |
| TechnipFMC PLC | 12591 | &nbsp;&nbsp; 433634 |
|  |  | &nbsp;&nbsp; $721743 |

---

------

MFS New Discovery Value Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Other Banks & Diversified Financials – 19.8% | Other Banks & Diversified Financials – 19.8% |  |
| Air Lease Corp. | 9676 | &nbsp;&nbsp; $565949 |
| Atlantic Union Bankshares Corp. | 9535 | &nbsp;&nbsp; 298255 |
| Banc of California, Inc. | 18410 | &nbsp;&nbsp; 258661 |
| Cathay General Bancorp, Inc. | 11165 | &nbsp;&nbsp; 508342 |
| Columbia Banking System, Inc. | 20113 | &nbsp;&nbsp; 470242 |
| CVB Financial Corp. | 18913 | &nbsp;&nbsp; 374288 |
| East West Bancorp, Inc. | 4703 | &nbsp;&nbsp; 474909 |
| Eastern Bankshares, Inc. | 25988 | &nbsp;&nbsp; 396837 |
| Element Fleet Management Corp. | 14666 | &nbsp;&nbsp; 367364 |
| First Hawaiian, Inc. | 22479 | &nbsp;&nbsp; 561076 |
| First Interstate BancSystem, Inc. | 17265 | &nbsp;&nbsp; 497577 |
| Hancock Whitney Corp. | 9406 | &nbsp;&nbsp; 539904 |
| Herc Holdings, Inc. | 2052 | &nbsp;&nbsp; 270228 |
| Pacific Premier Bancorp, Inc. | 27089 | &nbsp;&nbsp; 571307 |
| Popular, Inc. | 5983 | &nbsp;&nbsp; 659386 |
| Prosperity Bancshares, Inc. | 8338 | &nbsp;&nbsp; 585661 |
| SLM Corp. | 15395 | &nbsp;&nbsp; 504802 |
| Texas Capital Bancshares, Inc. (a) | 5722 | &nbsp;&nbsp; 454327 |
| UMB Financial Corp. | 4053 | &nbsp;&nbsp; 426214 |
| United Community Bank, Inc. | 16056 | &nbsp;&nbsp; 478308 |
|  |  | &nbsp;&nbsp; $9263637 |
| Pharmaceuticals – 0.3% | Pharmaceuticals – 0.3% |  |
| Organon & Co. | 14068 | &nbsp;&nbsp; $136178 |
| Real Estate – 6.1% | Real Estate – 6.1% |  |
| Brixmor Property Group, Inc., REIT | 14886 | &nbsp;&nbsp; $387631 |
| Cushman & Wakefield PLC (a) | 22684 | &nbsp;&nbsp; 251112 |
| Essential Properties Realty Trust, REIT | 16840 | &nbsp;&nbsp; 537364 |
| Four Corners Property Trust, Inc., REIT | 13388 | &nbsp;&nbsp; 360271 |
| PennyMac Financial Services, Inc. | 3559 | &nbsp;&nbsp; 354619 |
| Phillips Edison & Co., REIT | 12290 | &nbsp;&nbsp; 430519 |
| Two Harbors Investment Corp., REIT | 23693 | &nbsp;&nbsp; 255174 |
| Urban Edge Properties, REIT | 15873 | &nbsp;&nbsp; 296190 |
|  |  | &nbsp;&nbsp; $2872880 |
| Real Estate - Office – 1.5% | Real Estate - Office – 1.5% |  |
| Cousins Properties, Inc., REIT | 13470 | &nbsp;&nbsp; $404504 |
| Douglas Emmett, Inc., REIT | 18275 | &nbsp;&nbsp; 274856 |
|  |  | &nbsp;&nbsp; $679360 |
| Real Estate - Storage – 1.7% | Real Estate - Storage – 1.7% |  |
| Rexford Industrial Realty, Inc., REIT | 10319 | &nbsp;&nbsp; $367047 |
| SmartStop Self Storage REIT | 11099 | &nbsp;&nbsp; 402117 |
|  |  | &nbsp;&nbsp; $769164 |
| Restaurants – 0.6% | Restaurants – 0.6% |  |
| Chefs' Warehouse, Inc. (a) | 4088 | &nbsp;&nbsp; $260855 |
| Specialty Chemicals – 2.4% | Specialty Chemicals – 2.4% |  |
| Ashland, Inc. | 6489 | &nbsp;&nbsp; $326267 |
| Axalta Coating Systems Ltd. (a) | 9083 | &nbsp;&nbsp; 269674 |
| Chemours Co. | 17729 | &nbsp;&nbsp; 202997 |
| Quaker Chemical Corp. | 2972 | &nbsp;&nbsp; 332686 |
|  |  | &nbsp;&nbsp; $1131624 |

---

------

MFS New Discovery Value Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Specialty Stores – 0.6% | Specialty Stores – 0.6% |  |
| Pet Valu Holdings Ltd. | 11600 | &nbsp;&nbsp; $281364 |
| Trucking – 0.4% | Trucking – 0.4% |  |
| RXO, Inc. (a) | 11440 | &nbsp;&nbsp; $179837 |
| Utilities - Electric Power – 3.0% | Utilities - Electric Power – 3.0% |  |
| Black Hills Corp. | 6669 | &nbsp;&nbsp; $374131 |
| NorthWestern Corp. | 10211 | &nbsp;&nbsp; 523824 |
| Portland General Electric Co. | 12149 | &nbsp;&nbsp; 493614 |
|  |  | &nbsp;&nbsp; $1391569 |
| **Total Common Stocks (Identified Cost, $38,043,030)** |  | &nbsp;&nbsp; **$45624226** |
| Mutual Funds (h) – 1.8% | Mutual Funds (h) – 1.8% | Mutual Funds (h) – 1.8% |
| Money Market Funds – 1.8% | Money Market Funds – 1.8% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $835,076) | 835067 | &nbsp;&nbsp; $835150 |
| Collateral for Securities Loaned – 0.1% | Collateral for Securities Loaned – 0.1% | Collateral for Securities Loaned – 0.1% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 4.26% (j) (Identified Cost, $65,455) | 65455 | &nbsp;&nbsp; $65455 |
| Other Assets, Less Liabilities – 0.6% |  | &nbsp;&nbsp; 279567 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$46804398** |

---

&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 $835,150 and $45,689,681, 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;(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 New Discovery Value Portfolio

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

**(unaudited)**

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

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $38,108,485) | &nbsp;&nbsp; $45689681 |
| Investments in affiliated issuers, at value (identified cost, $835,076) | &nbsp;&nbsp; 835150 |
| Foreign currency, at value (identified cost, $12) | &nbsp;&nbsp; 12 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 151815 |
| Fund shares sold | &nbsp;&nbsp; 542662 |
| Interest and dividends | &nbsp;&nbsp; 75285 |
| Receivable from investment adviser | &nbsp;&nbsp; 8948 |
| Other assets | &nbsp;&nbsp; 284 |
| Total assets | &nbsp;&nbsp; $47303837 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp; $274 |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; 335827 |
| Fund shares reacquired | &nbsp;&nbsp; 59473 |
| Collateral for securities loaned, at value | &nbsp;&nbsp; 65455 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 192 |
| Shareholder servicing costs | &nbsp;&nbsp; 47 |
| Distribution and/or service fees | &nbsp;&nbsp; 430 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 499 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 37242 |
| Total liabilities | &nbsp;&nbsp; $499439 |
| Net assets | &nbsp;&nbsp; $46804398 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $34249731 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 12554667 |
| Net assets | &nbsp;&nbsp; $46804398 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 5932987 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $31102512 | &nbsp;&nbsp;&nbsp; 3916731 | &nbsp;&nbsp;&nbsp; $7.94 |
| Service Class | &nbsp;&nbsp;&nbsp; 15701886 | &nbsp;&nbsp;&nbsp; 2016256 | &nbsp;&nbsp;&nbsp;&nbsp;7.79 |

---

**See Notes to Financial Statements**

------

MFS New Discovery Value Portfolio

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

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

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $503301 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 19484 |
| Income on securities loaned | &nbsp;&nbsp; 3946 |
| Other | &nbsp;&nbsp; 1766 |
| Foreign taxes withheld | &nbsp;&nbsp; (1413)<br>|
| Total investment income | &nbsp;&nbsp; $527084 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $201829 |
| Distribution and/or service fees | &nbsp;&nbsp; 19449 |
| Shareholder servicing costs | &nbsp;&nbsp; 1664 |
| Administrative services fee | &nbsp;&nbsp; 8679 |
| Independent Trustees' compensation | &nbsp;&nbsp; 1515 |
| Custodian fee | &nbsp;&nbsp; 2984 |
| Shareholder communications | &nbsp;&nbsp; 2039 |
| Audit and tax fees | &nbsp;&nbsp; 35624 |
| Legal fees | &nbsp;&nbsp; 190 |
| Miscellaneous | &nbsp;&nbsp; 14179 |
| Total expenses | &nbsp;&nbsp; $288152 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (70518)<br>|
| Net expenses | &nbsp;&nbsp; $217634 |
| Net investment income (loss) | &nbsp;&nbsp; $309450 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $973120 |
| Affiliated issuers | &nbsp;&nbsp; (109)<br>|
| Foreign currency | &nbsp;&nbsp; 32 |
| Net realized gain (loss)  | &nbsp;&nbsp; $973043 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(2364295)<br>|
| Affiliated issuers | &nbsp;&nbsp; 14 |
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 118 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $(2364163)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $(1391120)<br>|
| Change in net assets from operations | &nbsp;&nbsp; $(1081670)<br>|

---

**See Notes to Financial Statements**

------

MFS New Discovery Value Portfolio

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $309450 | &nbsp;&nbsp; $667763 |
| Net realized gain (loss) | 973043 | &nbsp;&nbsp; 5270832 |
| Net unrealized gain (loss) | (2364163)<br>| &nbsp;&nbsp; (1080071)<br>|
| Change in net assets from operations | $(1081670)<br>| &nbsp;&nbsp; $4858524 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(3403935)<br>|
| Change in net assets from fund share transactions | $1652987 | &nbsp;&nbsp; $(4528279)<br>|
| Total change in net assets | $571317 | &nbsp;&nbsp; $(3073690)<br>|
| **Net assets** |  |  |
| At beginning of period | 46233081 | &nbsp;&nbsp; 49306771 |
| At end of period | $46804398 | &nbsp;&nbsp; $46233081 |

---

**See Notes to Financial Statements**

------

MFS New Discovery Value Portfolio

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $8.18 | &nbsp;&nbsp; $7.99 | &nbsp;&nbsp; $7.93 | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $8.77 | &nbsp;&nbsp; $9.33 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.06 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.06 | &nbsp;&nbsp; $0.07 |
| Net realized and unrealized gain (loss) | (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Total from investment operations | $(0.24)<br>| &nbsp;&nbsp; $0.75 | &nbsp;&nbsp; $0.83 | &nbsp;&nbsp; $(1.19)<br>| &nbsp;&nbsp; $2.97 | &nbsp;&nbsp; $0.21 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.08)<br>|
| From net realized gain |  | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.69)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $(0.77)<br>| &nbsp;&nbsp; $(2.28)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.77)<br>|
| Net asset value, end of period (x) | $7.94 | &nbsp;&nbsp; $8.18 | &nbsp;&nbsp; $7.99 | &nbsp;&nbsp; $7.93 | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $8.77 |
| Total return (%) (k)(r)(s)(x) | (2.93)(n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;11.46 | &nbsp;&nbsp; (10.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;34.05 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.20<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Expenses after expense reductions | 0.88<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net investment income (loss) | 1.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Portfolio turnover rate | 21<br> (n)<br>| &nbsp;&nbsp; 44 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 84 |
| Net assets at end of period (000 omitted) | $31103 | &nbsp;&nbsp; $29729 | &nbsp;&nbsp; $34830 | &nbsp;&nbsp; $32665 | &nbsp;&nbsp; $40980 | &nbsp;&nbsp; $44834 |

---

**See Notes to Financial Statements**

------

MFS New Discovery Value Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $8.03 | &nbsp;&nbsp; $7.86 | &nbsp;&nbsp; $7.81 | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $8.67 | &nbsp;&nbsp; $9.25 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.05 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.06 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.05 |
| Net realized and unrealized gain (loss) | (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Total from investment operations | $(0.24)<br>| &nbsp;&nbsp; $0.71 | &nbsp;&nbsp; $0.80 | &nbsp;&nbsp; $(1.21)<br>| &nbsp;&nbsp; $2.92 | &nbsp;&nbsp; $0.17 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.06)<br>|
| From net realized gain |  | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.69)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.54)<br>| &nbsp;&nbsp; $(0.75)<br>| &nbsp;&nbsp; $(2.25)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.75)<br>|
| Net asset value, end of period (x) | $7.79 | &nbsp;&nbsp; $8.03 | &nbsp;&nbsp; $7.86 | &nbsp;&nbsp; $7.81 | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $8.67 |
| Total return (%) (k)(r)(s)(x) | (2.99)(n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.18 | &nbsp;&nbsp;&nbsp;&nbsp;11.22 | &nbsp;&nbsp; (11.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33.87 | &nbsp;&nbsp;&nbsp;&nbsp;3.73 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.45<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| Expenses after expense reductions | 1.13<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Net investment income (loss) | 1.21<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Portfolio turnover rate | 21<br> (n)<br>| &nbsp;&nbsp; 44 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 84 |
| Net assets at end of period (000 omitted) | $15702 | &nbsp;&nbsp; $16504 | &nbsp;&nbsp; $14476 | &nbsp;&nbsp; $13171 | &nbsp;&nbsp; $14227 | &nbsp;&nbsp; $10215 |

---

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

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS New Discovery Value Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS New Discovery Value Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust III (the trust). The trust is organized as a Delaware statutory 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 will generally focus on securities of small size companies which may be more volatile than those of larger companies.

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

------

MFS New Discovery Value Portfolio

*Notes to Financial Statements (unaudited) - continued* 

events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund's net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund's foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $45624226 | $— | $— | $45624226 |
| Investment Companies | 900605 |  |  | 900605 |
| Total | $46524831 | $— | $— | $46524831 |

---

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

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

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. At period end, the fund had no securities on loan, but had cash collateral of $65,455 related to recently loaned securities. 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.

------

MFS New Discovery Value Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $1395450 |
| Long-term capital gains | &nbsp;&nbsp; 2008485 |
| Total distributions | &nbsp;&nbsp; $3403935 |

---

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

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $40984522 |
| Gross appreciation | &nbsp;&nbsp; 10014958 |
| Gross depreciation | &nbsp;&nbsp; (4474649)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $5540309 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 1753001 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 3900103 |
| Other temporary differences | &nbsp;&nbsp; (114)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 7983347 |

---

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

------

MFS New Discovery Value Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $2390523 |
| Service Class |  | &nbsp;&nbsp; 1013412 |
| Total | $— | &nbsp;&nbsp; $3403935 |

---

**(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 $250 million | 0.90% |
| In excess of $250 million | 0.85% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $3,120, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.89% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.88% of average daily net assets for the Initial Class shares and 1.13% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this reduction amounted to $67,398, which is included in the reduction of total expenses in the Statement of Operations.

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

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

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $1,383, which equated to 0.0062% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $281.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0387% of the fund's average daily net assets.

------

MFS New Discovery Value Portfolio

*Notes to Financial Statements (unaudited) - 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.

During the six months ended June 30, 2025, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the "Act") and relevant guidance, the fund engaged in purchase transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $5,739.

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended June 30, 2025, this reimbursement amounted to $1,750, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, aggregated $11,235,293 and $9,581,685, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 487325 | &nbsp;&nbsp; $3532303 | &nbsp;&nbsp; 576693 | &nbsp;&nbsp; $4768543 |
| Service Class | 187712 | &nbsp;&nbsp; 1446957 | &nbsp;&nbsp; 468563 | &nbsp;&nbsp; 3778472 |
|  | 675037 | &nbsp;&nbsp; $4979260 | &nbsp;&nbsp; 1045256 | &nbsp;&nbsp; $8547015 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 301834 | &nbsp;&nbsp; $2390523 |
| Service Class |  |  | &nbsp;&nbsp; 130258 | &nbsp;&nbsp; 1013412 |
|  |  | $— | &nbsp;&nbsp; 432092 | &nbsp;&nbsp; $3403935 |
| Shares reacquired |  |  |  |  |
| Initial Class | (204178)<br>| &nbsp;&nbsp; $(1571371)<br>| &nbsp;&nbsp; (1602222)<br>| &nbsp;&nbsp; $(13386931)<br>|
| Service Class | (225839)<br>| &nbsp;&nbsp; (1754902)<br>| &nbsp;&nbsp; (385957)<br>| &nbsp;&nbsp; (3092298)<br>|
|  | (430017)<br>| &nbsp;&nbsp; $(3326273)<br>| &nbsp;&nbsp; (1988179)<br>| &nbsp;&nbsp; $(16479229)<br>|
| Net change |  |  |  |  |
| Initial Class | 283147 | &nbsp;&nbsp; $1960932 | &nbsp;&nbsp; (723695)<br>| &nbsp;&nbsp; $(6227865)<br>|
| Service Class | (38127)<br>| &nbsp;&nbsp; (307945)<br>| &nbsp;&nbsp; 212864 | &nbsp;&nbsp; 1699586 |
|  | 245020 | &nbsp;&nbsp; $1652987 | &nbsp;&nbsp; (510831)<br>| &nbsp;&nbsp; $(4528279)<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 29%, 14%, and 5%, respectively, of the value of outstanding voting shares of the fund.

Effective at the close of business on August 14, 2019, the fund was closed to new investors subject to certain exceptions.

------

MFS New Discovery Value Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $105 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $649132 | &nbsp;&nbsp; $4087493 | &nbsp;&nbsp; $3901380 | &nbsp;&nbsp; $(109)<br>| &nbsp;&nbsp; $14 | &nbsp;&nbsp; $835150 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $19484 | $— |

---

------

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

There is nothing to report for this item for MFS New Discovery Value Portfolio.

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

There is nothing to report for this item for MFS New Discovery 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 New Discovery Value Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

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

Not Applicable.

------

MFS Limited Maturity Portfolio

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

MFS Limited Maturity Portfolio

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 96.4% | Bonds – 96.4% | Bonds – 96.4% |
| Aerospace & Defense – 1.0% | Aerospace & Defense – 1.0% | Aerospace & Defense – 1.0% |
| Boeing Co., 2.196%, 2/04/2026  | $1843000 | &nbsp;&nbsp; $1814235 |
| Boeing Co., 6.388%, 5/01/2031  | 527000 | &nbsp;&nbsp; 566364 |
| Huntington Ingalls Industries, Inc., 5.353%, 1/15/2030  | 417000 | &nbsp;&nbsp; 428602 |
|  |  | &nbsp;&nbsp; $2809201 |
| Apparel Manufacturers – 0.1% | Apparel Manufacturers – 0.1% | Apparel Manufacturers – 0.1% |
| Tapestry, Inc., 5.1%, 3/11/2030  | $214000 | &nbsp;&nbsp; $216784 |
| Asset-Backed & Securitized – 23.9% | Asset-Backed & Securitized – 23.9% | Asset-Backed & Securitized – 23.9% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", 1.111%, 11/15/2054 (i) | $12797953 | &nbsp;&nbsp; $498365 |
| ACREC 2021-FL1 Ltd., "AS", FLR, 5.929% ((SOFR - 1mo. + 0.11448%) + 1.5%), 10/16/2036 (n) | 898000 | &nbsp;&nbsp; 896282 |
| ACREC 2021-FL1 Ltd., "B", FLR, 6.229% ((SOFR - 1mo. + 0.11448%) + 1.8%), 10/16/2036 (n) | 1596000 | &nbsp;&nbsp; 1591499 |
| ACREC 2021-FL1 Ltd., "C", FLR, 6.579% ((SOFR - 1mo. + 0.11448%) + 2.15%), 10/16/2036 (n) | 902000 | &nbsp;&nbsp; 902319 |
| Affirm Asset Securitization Trust, 2024-X2, "A", 5.22%, 12/17/2029 (n) | 124267 | &nbsp;&nbsp; 124329 |
| AmeriCredit Automobile Receivables Trust, 2024-1, "A2-A", 5.75%, 2/18/2028  | 268987 | &nbsp;&nbsp; 269590 |
| Arbor Realty Trust, Inc., CLO, 2021-FL3, "B", FLR, 6.026% ((SOFR - 1mo. + 0.11448%) + 1.6%), 8/15/2034 (n) | 455000 | &nbsp;&nbsp; 453193 |
| Arbor Realty Trust, Inc., CLO, 2021-FL3, "C", FLR, 6.276% ((SOFR - 1mo. + 0.11448%) + 1.85%), 8/15/2034 (n) | 264000 | &nbsp;&nbsp; 262827 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "AS", FLR, 6.126% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n) | 1102500 | &nbsp;&nbsp; 1102457 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "B", FLR, 6.426% ((SOFR - 1mo. + 0.11448%) + 2%), 11/15/2036 (n) | 1102500 | &nbsp;&nbsp; 1099482 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "C", FLR, 6.726% ((SOFR - 1mo. + 0.11448%) + 2.3%), 11/15/2036 (n) | 663500 | &nbsp;&nbsp; 665477 |
| Arbor Realty Trust, Inc., CLO, 2022-FL1, "C", FLR, 6.603% (SOFR - 30 day + 2.3%), 1/15/2037 (n) | 1737500 | &nbsp;&nbsp; 1739672 |
| AREIT 2022-CRE6 Trust, "D", FLR, 7.151% (SOFR - 30 day + 2.85%), 1/20/2037 (n) | 237500 | &nbsp;&nbsp; 235539 |
| ARI Fleet Lease Trust, 2023-B, "A2", 6.05%, 7/15/2032 (n) | 153153 | &nbsp;&nbsp; 154378 |
| Bain Capital Credit CLO Ltd., 2021-4A, "BR", FLR, 5.919% (SOFR - 3mo. + 1.65%), 10/20/2034 (n) | 1065955 | &nbsp;&nbsp; 1065972 |
| Balboa Bay Loan Funding Ltd., 2022-1A, "BR", 6.119% (SOFR - 3mo. + 1.85%), 4/20/2037 (n) | 1407558 | &nbsp;&nbsp; 1409526 |
| BBCMS Mortgage Trust, 2018-C2, "XA", 0.912%, 12/15/2051 (i)(n) | 21167547 | &nbsp;&nbsp; 426714 |
| BBCMS Mortgage Trust, 2021-C10, "XA", 1.33%, 7/15/2054 (i) | 5317271 | &nbsp;&nbsp; 282495 |
| BBCMS Mortgage Trust, 2021-C11, "XA", 1.465%, 9/15/2054 (i) | 5829100 | &nbsp;&nbsp; 330269 |
| BDS 2021-FL10 Ltd., "B", FLR, 6.379% ((SOFR - 1mo. + 0.11448%) + 1.95%), 12/16/2036 (n) | 519000 | &nbsp;&nbsp; 517682 |
| BDS 2021-FL10 Ltd., "C", FLR, 6.729% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/16/2036 (n) | 377500 | &nbsp;&nbsp; 376070 |
| Benchmark 2021-B23 Mortgage Trust, "XA", 1.362%, 2/15/2054 (i) | 10244719 | &nbsp;&nbsp; 513004 |
| Benchmark 2021-B27 Mortgage Trust, "XA", 1.349%, 7/15/2054 (i) | 10967286 | &nbsp;&nbsp; 577584 |
| Benchmark 2021-B28 Mortgage Trust, "XA", 1.367%, 8/15/2054 (i) | 8103707 | &nbsp;&nbsp; 434749 |
| Benchmark 2021-B29 Mortgage Trust, "XA", 1.127%, 9/15/2054 (i) | 11724693 | &nbsp;&nbsp; 453100 |
| BSPRT 2022-FL8 Issuer Ltd., "A", FLR, 5.803% (SOFR - 30 day + 1.5%), 2/15/2037 (n) | 703170 | &nbsp;&nbsp; 703170 |
| BSPRT 2022-FL8 Issuer Ltd., "B", FLR, 6.354% (SOFR - 30 day + 2.05%), 2/15/2037 (n) | 287500 | &nbsp;&nbsp; 286354 |
| BSPRT 2022-FL8 Issuer Ltd., "C", FLR, 6.603% (SOFR - 30 day + 2.3%), 2/15/2037 (n) | 463500 | &nbsp;&nbsp; 461899 |
| Business Jet Securities LLC, 2024-1A, "A", 6.197%, 5/15/2039 (n) | 377183 | &nbsp;&nbsp; 385292 |
| Business Jet Securities LLC, 2024-1A, "B", 6.924%, 5/15/2039 (n) | 81641 | &nbsp;&nbsp; 83799 |
| Business Jet Securities LLC, 2024-2A, "A", 5.364%, 9/15/2039 (n) | 419609 | &nbsp;&nbsp; 420579 |
| Business Jet Securities LLC, 2024-2A, "B", 5.754%, 9/15/2039 (n) | 245215 | &nbsp;&nbsp; 242396 |
| BXMT 2020-FL2 Ltd., "B", FLR, 6.078% ((SOFR - 1mo. + 0.11448%) + 1.4%), 2/15/2038 (n) | 1445000 | &nbsp;&nbsp; 1425371 |
| CD 2017-CD4 Mortgage Trust, "XA", 1.371%, 5/10/2050 (i) | 13305583 | &nbsp;&nbsp; 210727 |
| CF Hippolyta Issuer LLC, 2020-1, "A1", 1.69%, 7/15/2060 (n) | 335962 | &nbsp;&nbsp; 332366 |
| CF Hippolyta Issuer LLC, 2020-1, "B1", 2.28%, 7/15/2060 (n) | 106277 | &nbsp;&nbsp; 105156 |
| Chesapeake Funding II LLC, 2023-1A, "A1", 5.65%, 5/15/2035 (n) | 294498 | &nbsp;&nbsp; 295958 |
| Chesapeake Funding II LLC, 2023-2A, "A1", 6.16%, 10/15/2035 (n) | 330577 | &nbsp;&nbsp; 334985 |
| Colt Funding LLC, 2024-2, "A1", 6.125%, 4/25/2069 (n) | 453352 | &nbsp;&nbsp; 456839 |
| Colt Funding LLC, 2024-3, "A1", 6.393%, 6/25/2069 (n) | 681237 | &nbsp;&nbsp; 689662 |
| Colt Funding LLC, 2024-3, "A2", 6.646%, 6/25/2069 (n) | 226104 | &nbsp;&nbsp; 229232 |
| Commercial Mortgage Pass-Through Certificates, 2019-BN24, "XA", 0.749%, 11/15/2062 (i) | 8697044 | &nbsp;&nbsp; 217962 |

---

VLTFS-SEM

------

MFS Limited Maturity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| Commercial Mortgage Pass-Through Certificates, 2021-BN31, "XA", 1.386%, 2/15/2054 (i) | $8850671 | &nbsp;&nbsp; $493681 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN34, "XA", 1.067%, 6/15/2063 (i) | 8772850 | &nbsp;&nbsp; 354828 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN35, "XA", 1.134%, 6/15/2064 (i) | 4869119 | &nbsp;&nbsp; 217082 |
| COOPR Residential Mortgage Trust, 2025-CES1, "A1A", 5.654%, 5/25/2060 (n) | 215936 | &nbsp;&nbsp; 217960 |
| Credit Acceptance Auto Loan Trust, 2023-3A, "B", 7.09%, 10/17/2033 (n) | 708000 | &nbsp;&nbsp; 726826 |
| Dell Equipment Finance Trust, 2024-2, "A2", 4.69%, 8/22/2030 (n) | 534000 | &nbsp;&nbsp; 534392 |
| Dell Equipment Finance Trust, 2024-2, "A3", 4.59%, 8/22/2030 (n) | 343000 | &nbsp;&nbsp; 345084 |
| DLLST LLC, 2024-1A, "A3", 5.05%, 8/20/2027 (n) | 202533 | &nbsp;&nbsp; 203321 |
| Dryden Senior Loan Fund, 2021-95A, "BR", FLR, 5.921% (SOFR - 3mo. + 1.6%), 8/20/2034 (n) | 1500000 | &nbsp;&nbsp; 1499240 |
| Empire District Bondco LLC, 4.943%, 1/01/2033  | 316356 | &nbsp;&nbsp; 318550 |
| Enterprise Fleet Financing 2023-1 LLC, "A2", 5.51%, 1/22/2029 (n) | 232465 | &nbsp;&nbsp; 233195 |
| Enterprise Fleet Financing 2024-3 LLC, "A2", 5.31%, 4/20/2027 (n) | 306660 | &nbsp;&nbsp; 307884 |
| Exeter Automobile Receivables Trust, 2024-4A, "A3", 5.28%, 8/15/2030  | 440000 | &nbsp;&nbsp; 440835 |
| Fortress CBO Investments Ltd., 2022-FL3, "A", FLR, 6.152% (SOFR - 30 day + 1.85%), 2/23/2039 (n) | 13725 | &nbsp;&nbsp; 13707 |
| Fortress CBO Investments Ltd., 2022-FL3, "AS", FLR, 6.552% (SOFR - 30 day + 2.25%), 2/23/2039 (n) | 1154000 | &nbsp;&nbsp; 1146644 |
| General Motors Co., FLR, 4.753% (SOFR - 1mo. + 0.45%), 11/15/2028 (n) | 525000 | &nbsp;&nbsp; 523935 |
| General Motors Co., FLR, 4.853% (SOFR - 1mo. + 0.55%), 11/15/2029 (n) | 728000 | &nbsp;&nbsp; 724783 |
| GS Mortgage Securities Trust, 2017-GS6, "XA", 0.995%, 5/10/2050 (i) | 14717051 | &nbsp;&nbsp; 232599 |
| GS Mortgage Securities Trust, 2017-GS7, "XA", 1.218%, 8/10/2050 (i) | 14714349 | &nbsp;&nbsp; 236262 |
| GS Mortgage Securities Trust, 2020-GC47, "A5", 1.237%, 5/12/2053 (i) | 8299736 | &nbsp;&nbsp; 363926 |
| JP Morgan Mortgage Trust, 5.592%, 2/25/2064 (n) | 451455 | &nbsp;&nbsp; 453881 |
| JPMorgan Chase Commercial Mortgage Securities Corp., 1.165%, 9/15/2050 (i) | 10628297 | &nbsp;&nbsp; 165629 |
| LAD Auto Receivables Trust, 2024-2A, "A2", 5.7%, 3/15/2027 (n) | 65031 | &nbsp;&nbsp; 65091 |
| LAD Auto Receivables Trust, 2024-3A, "A2", 4.64%, 11/15/2027 (n) | 244208 | &nbsp;&nbsp; 244140 |
| LoanCore 2021-CRE5 Ltd., "AS", FLR, 6.176% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n) | 1344000 | &nbsp;&nbsp; 1343525 |
| LoanCore 2021-CRE5 Ltd., "B", FLR, 6.426% ((SOFR - 1mo. + 0.11448%) + 2.0%), 7/15/2036 (n) | 567500 | &nbsp;&nbsp; 564992 |
| LoanCore 2025-CRE8 Ltd., "A", FLR, 5.698% (SOFR - 1mo. + 1.385%), 8/17/2042 (n) | 814000 | &nbsp;&nbsp; 805080 |
| LoanCore 2025-CRE8 Ltd., "AS", FLR, 5.904% (SOFR - 1mo. + 1.5909%), 8/17/2042 (n) | 1226500 | &nbsp;&nbsp; 1216915 |
| MF1 2020-FL4 Ltd., "B", FLR, 7.178% ((SOFR - 1mo. + 0.11448%) + 2.75%), 12/15/2035 (n) | 1946000 | &nbsp;&nbsp; 1947215 |
| MF1 2021-FL6 Ltd., "B", FLR, 6.079% ((SOFR - 1mo. + 0.11448%) + 1.65%), 7/16/2036 (n) | 1598887 | &nbsp;&nbsp; 1594828 |
| MF1 2022-FL9 LLC, "B", FLR, 7.467% (SOFR - 1mo. + 3.15%), 6/19/2037 (n) | 1885500 | &nbsp;&nbsp; 1887042 |
| MF1 2024-FL14 LLC, "C", FLR, 7.606% (SOFR - 1mo. + 3.289%), 3/19/2039 (n) | 413534 | &nbsp;&nbsp; 415189 |
| Morgan Stanley Bank of America Merrill Lynch Trust, 2017-C33, "XA", 1.389%, 5/15/2050 (i) | 12174769 | &nbsp;&nbsp; 189022 |
| Morgan Stanley Capital I Trust, 2017-H1, "XA", 1.447%, 6/15/2050 (i) | 6137076 | &nbsp;&nbsp; 97994 |
| Morgan Stanley Capital I Trust, 2018-H4, "XA", 0.967%, 12/15/2051 (i) | 15663027 | &nbsp;&nbsp; 365924 |
| Morgan Stanley Capital I Trust, 2021-L5, "XA", 1.4%, 5/15/2054 (i) | 7230576 | &nbsp;&nbsp; 357197 |
| Morgan Stanley Capital I Trust, 2021-L6, "XA", 1.287%, 6/15/2054 (i) | 6537243 | &nbsp;&nbsp; 283895 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, "A-1", 6.152%, 12/25/2068 (n) | 599260 | &nbsp;&nbsp; 603637 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM5, "A-1", 5.649%, 10/25/2069 (n) | 1077669 | &nbsp;&nbsp; 1082062 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM1, "A-1", 5.738%, 11/25/2069 (n) | 1389684 | &nbsp;&nbsp; 1398254 |
| New Residential Mortgage Loan Trust, 2024-NQM3, "A-1", 5.53%, 5/25/2065 (n) | 825410 | &nbsp;&nbsp; 824488 |
| New Residential Mortgage Loan Trust, 2024-NQMI, "A-1", 6.129%, 3/25/2064 (n) | 732519 | &nbsp;&nbsp; 736459 |
| New Residential Mortgage Loan Trust, 2025-NQM1, "A-1", 0%, 1/25/2065 (n) | 1307589 | &nbsp;&nbsp; 1316013 |
| NextGear Floorplan Master Owner Trust, 2023-1A, "A1", FLR, 5.403% (SOFR - 1mo. + 1.1%), 3/15/2028 (n) | 552000 | &nbsp;&nbsp; 552775 |
| OBX Trust, 2023-NQM5, "A1", 5.988%, 1/25/2064 (n) | 230773 | &nbsp;&nbsp; 232292 |
| OBX Trust, 2024-NQM1, "A1", 5.928%, 11/25/2063 (n) | 267873 | &nbsp;&nbsp; 268802 |
| OBX Trust, 2024-NQM1, "A2", 6.253%, 11/25/2063 (n) | 80943 | &nbsp;&nbsp; 81365 |
| OBX Trust, 2024-NQM8, "A1", 6.233%, 5/25/2064 (n) | 523247 | &nbsp;&nbsp; 528916 |
| OneMain Financial Issuance Trust, 2020-2A, "A", 1.75%, 9/14/2035 (n) | 1108000 | &nbsp;&nbsp; 1080253 |
| OneMain Financial Issuance Trust, 2022-S1, "A", 4.13%, 5/14/2035 (n) | 611808 | &nbsp;&nbsp; 609528 |
| OneMain Financial Issuance Trust, 2023-2A, "B", 6.17%, 9/15/2036 (n) | 531000 | &nbsp;&nbsp; 548152 |
| OneMain Financial Issuance Trust, 2023-2A, "C", 6.74%, 9/15/2036 (n) | 1250000 | &nbsp;&nbsp; 1288224 |
| Palmer Square Loan Funding 2025-1A Ltd., "A2", FLR, 5.52% (SOFR - 3mo. + 1.2%), 2/15/2033 (n) | 1500000 | &nbsp;&nbsp; 1486887 |
| Palmer Square Loan Funding 2025-2A Ltd., "A2", FLR, 0% (SOFR - 3mo. + 1.4%), 7/15/2033 (n)(w) | 850000 | &nbsp;&nbsp; 850000 |
| Santander Mortgage Asset Receivables Trust, 2025-NQM2, "A1", 5.732%, 2/25/2065 (n) | 177060 | &nbsp;&nbsp; 178355 |
| Shackleton 2013-4RA CLO Ltd., "B", FLR, 6.403% ((SOFR - 3mo. + 2.1616%) + 1.9%) 4/13/2031 (n) | 927055 | &nbsp;&nbsp; 929112 |
| Shelter Growth CRE 2021-FL3 Ltd., "C", FLR, 6.576% ((SOFR - 1mo. + 0.11448%) + 2.15%), 9/15/2036 (n) | 516000 | &nbsp;&nbsp; 515650 |

---

------

MFS Limited Maturity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| Southwick Park CLO, Ltd., 2019-4A, "B1R", FLR, 6.031% ((SOFR - 3mo. + 0.26161%) + 1.5%), 7/20/2032 (n) | $422000 | &nbsp;&nbsp; $422706 |
| Southwick Park CLO, Ltd., 2019-4A, "B2R", 2.46%, 7/20/2032 (n) | 735000 | &nbsp;&nbsp; 681100 |
| Southwick Park CLO, Ltd., 2019-4A, "CR", FLR, 6.481% ((SOFR - 3mo. + 0.26161%) + 1.95%), 7/20/2032 (n) | 1001000 | &nbsp;&nbsp; 1001787 |
| Starwood Commercial Mortgage, 2021-FL2, "B", FLR, 6.229% ((SOFR - 1mo. + 0.11448%) + 1.8%), 4/18/2038 (n) | 764000 | &nbsp;&nbsp; 754774 |
| TCW Gem Ltd., 2020-1A, "BR3", FLR, 5.869% (SOFR - 3mo. + 1.6%), 4/20/2034 (n) | 1788131 | &nbsp;&nbsp; 1778438 |
| TPG Real Estate Finance, 2021-FL4, "B", FLR, 6.278% ((SOFR - 1mo. + 0.11448%) + 1.85%), 3/15/2038 (n) | 2000000 | &nbsp;&nbsp; 1991812 |
| UBS Commercial Mortgage Trust, 2017-C1, "XA", 1.156%, 11/15/2050 (i) | 8549657 | &nbsp;&nbsp; 144199 |
| UBS Commercial Mortgage Trust, 2018-C14, "XA", 1.05%, 12/15/2051 (i) | 6816564 | &nbsp;&nbsp; 166366 |
| Verus Securitization Trust, 2024-3, "A2", 6.642%, 4/25/2069 (n) | 385603 | &nbsp;&nbsp; 390262 |
| Verus Securitization Trust, 2024-6, "A1", 5.799%, 7/25/2069 (n) | 375325 | &nbsp;&nbsp; 377533 |
| Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027  | 165824 | &nbsp;&nbsp; 166721 |
| Wells Fargo Commercial Mortgage Trust, 2021-C61, "XA", 1.466%, 11/15/2054 (i) | 3733757 | &nbsp;&nbsp; 215985 |
|  |  | &nbsp;&nbsp; $67599521 |
| Automotive – 1.8% | Automotive – 1.8% | Automotive – 1.8% |
| Ford Motor Credit Co. LLC, 5.8%, 3/05/2027  | $1438000 | &nbsp;&nbsp; $1449345 |
| Ford Motor Credit Co. LLC, 5.875%, 11/07/2029  | 584000 | &nbsp;&nbsp; 585714 |
| Ford Motor Credit Co. LLC, 6.532%, 3/19/2032  | 655000 | &nbsp;&nbsp; 665151 |
| LKQ Corp., 5.75%, 6/15/2028  | 1208000 | &nbsp;&nbsp; 1244573 |
| Stellantis Finance US, Inc., 1.711%, 1/29/2027 (n) | 723000 | &nbsp;&nbsp; 689595 |
| Volkswagen Group of America Finance LLC, 1.25%, 11/24/2025 (n) | 494000 | &nbsp;&nbsp; 487262 |
|  |  | &nbsp;&nbsp; $5121640 |
| Brokerage & Asset Managers – 2.1% | Brokerage & Asset Managers – 2.1% | Brokerage & Asset Managers – 2.1% |
| Brookfield Finance, Inc., 3.9%, 1/25/2028  | $1291000 | &nbsp;&nbsp; $1275853 |
| Charles Schwab Corp., 5.875%, 8/24/2026  | 1636000 | &nbsp;&nbsp; 1663403 |
| Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029  | 593000 | &nbsp;&nbsp; 614652 |
| LPL Holdings, Inc., 5.7%, 5/20/2027  | 709000 | &nbsp;&nbsp; 722279 |
| LPL Holdings, Inc., 4.625%, 11/15/2027 (n) | 515000 | &nbsp;&nbsp; 513608 |
| LPL Holdings, Inc., 6.75%, 11/17/2028  | 376000 | &nbsp;&nbsp; 401005 |
| LPL Holdings, Inc., 4%, 3/15/2029 (n) | 844000 | &nbsp;&nbsp; 819886 |
|  |  | &nbsp;&nbsp; $6010686 |
| Business Services – 1.6% | Business Services – 1.6% | Business Services – 1.6% |
| Equinix, Inc., 1.25%, 7/15/2025  | $607000 | &nbsp;&nbsp; $606216 |
| Global Payments, Inc., 1.2%, 3/01/2026  | 1342000 | &nbsp;&nbsp; 1310475 |
| Paychex, Inc., 5.1%, 4/15/2030  | 1100000 | &nbsp;&nbsp; 1126598 |
| Tencent Holdings Ltd., 1.81%, 1/26/2026 (n) | 1481000 | &nbsp;&nbsp; 1460085 |
|  |  | &nbsp;&nbsp; $4503374 |
| Cable TV – 1.4% | Cable TV – 1.4% | Cable TV – 1.4% |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.15%, 11/10/2026  | $674000 | &nbsp;&nbsp; $686902 |
| Cox Communications, Inc., 5.45%, 9/15/2028 (n) | 1298000 | &nbsp;&nbsp; 1332714 |
| Videotron Ltd., 5.125%, 4/15/2027 (n) | 1018000 | &nbsp;&nbsp; 1018514 |
| Videotron Ltd., 3.625%, 6/15/2029 (n) | 884000 | &nbsp;&nbsp; 845246 |
|  |  | &nbsp;&nbsp; $3883376 |
| Computer Software - Systems – 0.2% | Computer Software - Systems – 0.2% | Computer Software - Systems – 0.2% |
| VMware, Inc., 1.4%, 8/15/2026  | $596000 | &nbsp;&nbsp; $576440 |
| Conglomerates – 0.6% | Conglomerates – 0.6% | Conglomerates – 0.6% |
| Regal Rexnord Corp., 6.05%, 2/15/2026  | $1085000 | &nbsp;&nbsp; $1091273 |
| Regal Rexnord Corp., 6.05%, 4/15/2028  | 634000 | &nbsp;&nbsp; 653326 |
|  |  | &nbsp;&nbsp; $1744599 |

---

------

MFS Limited Maturity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Consumer Services – 1.0% | Consumer Services – 1.0% | Consumer Services – 1.0% |
| CBRE Services, Inc., 4.8%, 6/15/2030  | $428000 | &nbsp;&nbsp; $429344 |
| Meituan, 4.5%, 4/02/2028 (n) | 715000 | &nbsp;&nbsp; 714789 |
| Meituan, 4.625%, 10/02/2029 (n) | 384000 | &nbsp;&nbsp; 384029 |
| Rentokil Terminix LLC, 5%, 4/28/2030 (n) | 1301000 | &nbsp;&nbsp; 1310046 |
|  |  | &nbsp;&nbsp; $2838208 |
| Containers – 0.7% | Containers – 0.7% | Containers – 0.7% |
| Berry Global, Inc., 1.57%, 1/15/2026  | $394000 | &nbsp;&nbsp; $386956 |
| Berry Global, Inc., 1.65%, 1/15/2027  | 1418000 | &nbsp;&nbsp; 1360116 |
| Berry Global, Inc., 5.5%, 4/15/2028  | 147000 | &nbsp;&nbsp; 150806 |
|  |  | &nbsp;&nbsp; $1897878 |
| Electrical Equipment – 0.7% | Electrical Equipment – 0.7% | Electrical Equipment – 0.7% |
| Arrow Electronics, Inc., 5.15%, 8/21/2029  | $940000 | &nbsp;&nbsp; $954274 |
| Arrow Electronics, Inc., 2.95%, 2/15/2032  | 476000 | &nbsp;&nbsp; 417859 |
| Molex Electronic Technologies LLC, 4.75%, 4/30/2028 (n) | 750000 | &nbsp;&nbsp; 754716 |
|  |  | &nbsp;&nbsp; $2126849 |
| Electronics – 1.4% | Electronics – 1.4% | Electronics – 1.4% |
| Broadcom, Inc., 5.05%, 7/12/2027  | $389000 | &nbsp;&nbsp; $394503 |
| Broadcom, Inc., 4.15%, 2/15/2028  | 380000 | &nbsp;&nbsp; 378894 |
| Broadcom, Inc., 4.75%, 4/15/2029  | 1250000 | &nbsp;&nbsp; 1264933 |
| Broadcom, Inc., 5.05%, 7/12/2029  | 216000 | &nbsp;&nbsp; 221188 |
| Broadcom, Inc., 4.35%, 2/15/2030  | 547000 | &nbsp;&nbsp; 544971 |
| SK hynix, Inc., 6.25%, 1/17/2026 (n) | 1081000 | &nbsp;&nbsp; 1090221 |
|  |  | &nbsp;&nbsp; $3894710 |
| Energy - Independent – 1.5% | Energy - Independent – 1.5% | Energy - Independent – 1.5% |
| Diamondback Energy, Inc., 5.2%, 4/18/2027  | $402000 | &nbsp;&nbsp; $407491 |
| Diamondback Energy, Inc., 5.15%, 1/30/2030  | 402000 | &nbsp;&nbsp; 411172 |
| EQT Corp., 5.7%, 4/01/2028  | 660000 | &nbsp;&nbsp; 678888 |
| Occidental Petroleum Corp., 5%, 8/01/2027  | 380000 | &nbsp;&nbsp; 383270 |
| Occidental Petroleum Corp., 5.2%, 8/01/2029  | 569000 | &nbsp;&nbsp; 570830 |
| Occidental Petroleum Corp., 6.625%, 9/01/2030  | 434000 | &nbsp;&nbsp; 458903 |
| Pioneer Natural Resources Co., 1.9%, 8/15/2030  | 1371000 | &nbsp;&nbsp; 1215238 |
|  |  | &nbsp;&nbsp; $4125792 |
| Financial Institutions – 1.2% | Financial Institutions – 1.2% | Financial Institutions – 1.2% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.45%, 4/15/2027  | $730000 | &nbsp;&nbsp; $753785 |
| Avolon Holdings Funding Ltd., 4.25%, 4/15/2026 (n) | 506000 | &nbsp;&nbsp; 503062 |
| Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 (n) | 816000 | &nbsp;&nbsp; 775677 |
| Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 622000 | &nbsp;&nbsp; 590268 |
| SMBC Aviation Capital Finance DAC, 5.3%, 4/03/2029 (n) | 737000 | &nbsp;&nbsp; 751858 |
|  |  | &nbsp;&nbsp; $3374650 |
| Food & Beverages – 2.5% | Food & Beverages – 2.5% | Food & Beverages – 2.5% |
| Bacardi Ltd., 4.7%, 5/15/2028 (n) | $270000 | &nbsp;&nbsp; $270981 |
| Bacardi-Martini B.V., 5.25%, 1/15/2029 (n) | 1168000 | &nbsp;&nbsp; 1184493 |
| Constellation Brands, Inc., 4.8%, 5/01/2030  | 638000 | &nbsp;&nbsp; 643263 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029  | 1760000 | &nbsp;&nbsp; 1672057 |
| JDE Peet's N.V., 1.375%, 1/15/2027 (n) | 678000 | &nbsp;&nbsp; 645094 |
| Mars, Inc., 4.6%, 3/01/2028 (n) | 620000 | &nbsp;&nbsp; 625040 |
| Mars, Inc., 4.8%, 3/01/2030 (n) | 1143000 | &nbsp;&nbsp; 1158087 |
| Suntory Holdings Ltd., 5.124%, 6/11/2029 (n) | 924000 | &nbsp;&nbsp; 946590 |
|  |  | &nbsp;&nbsp; $7145605 |

---

------

MFS Limited Maturity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Gaming & Lodging – 0.9% | Gaming & Lodging – 0.9% | Gaming & Lodging – 0.9% |
| Hyatt Hotels Corp., 5.75%, 1/30/2027  | $581000 | &nbsp;&nbsp; $592961 |
| Las Vegas Sands Corp., 5.9%, 6/01/2027  | 340000 | &nbsp;&nbsp; 347367 |
| Marriott International, Inc., 4.9%, 4/15/2029  | 406000 | &nbsp;&nbsp; 413224 |
| Sands China Ltd., 3.8%, 1/08/2026  | 1221000 | &nbsp;&nbsp; 1214679 |
|  |  | &nbsp;&nbsp; $2568231 |
| Industrial – 0.1% | Industrial – 0.1% | Industrial – 0.1% |
| Booz Allen Hamilton, Inc., 4%, 7/01/2029 (n) | $149000 | &nbsp;&nbsp; $143136 |
| Howard University, Washington D.C., AGM, 2.516%, 10/01/2025  | 144000 | &nbsp;&nbsp; 142815 |
|  |  | &nbsp;&nbsp; $285951 |
| Insurance – 1.1% | Insurance – 1.1% | Insurance – 1.1% |
| Corebridge Global Funding, 5.2%, 1/12/2029 (n) | $456000 | &nbsp;&nbsp; $467028 |
| Equitable Financial Life Insurance Co., 1.4%, 7/07/2025 (n) | 882000 | &nbsp;&nbsp; 881518 |
| Sammons Financial Group Global Funding, 5.05%, 1/10/2028 (n) | 364000 | &nbsp;&nbsp; 369343 |
| Sammons Financial Group Global Funding, 5.1%, 12/10/2029 (n) | 1328000 | &nbsp;&nbsp; 1356440 |
|  |  | &nbsp;&nbsp; $3074329 |
| Insurance - Health – 0.2% | Insurance - Health – 0.2% | Insurance - Health – 0.2% |
| Elevance Health, Inc., 4.75%, 2/15/2030  | $457000 | &nbsp;&nbsp; $462418 |
| Insurance - Property & Casualty – 0.7% | Insurance - Property & Casualty – 0.7% | Insurance - Property & Casualty – 0.7% |
| Arthur J. Gallagher & Co., 4.85%, 12/15/2029  | $524000 | &nbsp;&nbsp; $531700 |
| Brown & Brown, Inc., 4.7%, 6/23/2028  | 355000 | &nbsp;&nbsp; 357995 |
| Marsh & McLennan Cos., Inc., 4.55%, 11/08/2027  | 538000 | &nbsp;&nbsp; 541956 |
| Marsh & McLennan Cos., Inc., 4.65%, 3/15/2030  | 538000 | &nbsp;&nbsp; 544068 |
|  |  | &nbsp;&nbsp; $1975719 |
| International Market Quasi-Sovereign – 0.4% | International Market Quasi-Sovereign – 0.4% | International Market Quasi-Sovereign – 0.4% |
| NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n) | $1139000 | &nbsp;&nbsp; $1189912 |
| Machinery & Tools – 0.5% | Machinery & Tools – 0.5% | Machinery & Tools – 0.5% |
| AGCO Corp., 5.45%, 3/21/2027  | $575000 | &nbsp;&nbsp; $582093 |
| Ashtead Capital, Inc., 4.25%, 11/01/2029 (n) | 562000 | &nbsp;&nbsp; 550312 |
| CNH Industrial Capital LLC, 1.875%, 1/15/2026  | 409000 | &nbsp;&nbsp; 402871 |
|  |  | &nbsp;&nbsp; $1535276 |
| Major Banks – 10.6% | Major Banks – 10.6% | Major Banks – 10.6% |
| Bank of America Corp., 4.45%, 3/03/2026  | $918000 | &nbsp;&nbsp; $917024 |
| Bank of America Corp., 4.25%, 10/22/2026  | 527000 | &nbsp;&nbsp; 526040 |
| Bank of America Corp., 1.734% to 7/22/2026, FLR (SOFR - 1 day + 0.96%) to 7/22/2027  | 2344000 | &nbsp;&nbsp; 2278318 |
| Barclays PLC, 2.279% to 11/24/2026, FLR (CMT - 1yr. + 1.05%) to 11/24/2027  | 1266000 | &nbsp;&nbsp; 1227671 |
| BNP Paribas S.A., 2.591% to 1/20/2027, FLR (SOFR - 1 day + 1.228%) to 1/20/2028 (n) | 1556000 | &nbsp;&nbsp; 1510313 |
| Capital One Financial Corp., 7.149% to 10/29/2026, FLR (SOFR - 1 day + 2.44%) to 10/29/2027  | 292000 | &nbsp;&nbsp; 301703 |
| Capital One Financial Corp., 5.7% to 2/01/2029, FLR (SOFR - 1 day + 1.905%) to 2/01/2030  | 165000 | &nbsp;&nbsp; 170680 |
| Danske Bank A.S., 5.705% to 3/01/2029, FLR (CMT - 1yr. + 1.4%) to 3/01/2030 (n) | 356000 | &nbsp;&nbsp; 369361 |
| Deutsche Bank AG, 7.146% to 7/13/2026, FLR (SOFR - 1 day + 2.52%) to 7/13/2027  | 573000 | &nbsp;&nbsp; 587478 |
| Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027  | 464000 | &nbsp;&nbsp; 450206 |
| Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029  | 150000 | &nbsp;&nbsp; 157571 |
| Goldman Sachs Group, Inc., 1.093% to 12/09/2025, FLR (SOFR - 1 day + 0.789%) to 12/09/2026  | 756000 | &nbsp;&nbsp; 744258 |
| Goldman Sachs Group, Inc., 1.948% to 10/21/2026, FLR (SOFR - 1 day + 0.913%) to 10/21/2027  | 1113000 | &nbsp;&nbsp; 1077675 |
| HSBC Holdings PLC, 4.899% to 3/03/2028, FLR (SOFR - 1 day + 1.03%) to 3/03/2029  | 1426000 | &nbsp;&nbsp; 1438078 |
| Huntington Bancshares, Inc., 4.443% to 8/04/2027, FLR (SOFR - 1 day + 1.970%) to 8/04/2028  | 125000 | &nbsp;&nbsp; 124931 |
| Huntington Bancshares, Inc., 6.208% to 8/21/2028, FLR (SOFR - 1 day + 2.02%) to 8/21/2029  | 840000 | &nbsp;&nbsp; 881427 |
| Huntington Bancshares, Inc., 5.272% to 1/15/2030, FLR (SOFR - 1 day + 1.276%) to 1/15/2031  | 374000 | &nbsp;&nbsp; 383199 |

---

------

MFS Limited Maturity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Major Banks – continued | Major Banks – continued | Major Banks – continued |
| JPMorgan Chase & Co., 1.04% to 2/04/2026, FLR (SOFR - 1 day + 0.695%) to 2/04/2027  | $989000 | &nbsp;&nbsp; $968606 |
| JPMorgan Chase & Co., 1.578% to 4/22/2026, FLR (SOFR - 1 day + 0.885%) to 4/22/2027  | 794000 | &nbsp;&nbsp; 775599 |
| JPMorgan Chase & Co., 5.04% to 1/23/2027, FLR (SOFR - 1 day + 1.19%) to 1/23/2028  | 679000 | &nbsp;&nbsp; 685474 |
| JPMorgan Chase & Co., 5.571% to 4/22/2027, FLR (SOFR - 1 day + 0.93%) to 4/22/2028  | 740000 | &nbsp;&nbsp; 755185 |
| Mitsubishi UFJ Financial Group, Inc., 5.159%, 4/24/2031  | 339000 | &nbsp;&nbsp; 347049 |
| Mizuho Financial Group, Inc., 4.711% to 7/08/2030, FLR (CMT - 1yr. + 0.92%) to 7/08/2031  | 1292000 | &nbsp;&nbsp; 1291837 |
| Morgan Stanley, 4.35%, 9/08/2026  | 1248000 | &nbsp;&nbsp; 1245767 |
| Morgan Stanley, 3.95%, 4/23/2027  | 117000 | &nbsp;&nbsp; 116265 |
| Morgan Stanley, 1.512% to 7/20/2026, FLR (SOFR - 1 day + 0.858%) to 7/20/2027  | 374000 | &nbsp;&nbsp; 362802 |
| Morgan Stanley, 4.994% to 4/12/2028, FLR (SOFR - 1 day + 1.38%) to 4/12/2029  | 597000 | &nbsp;&nbsp; 605685 |
| Nationwide Building Society, 2.972% to 2/16/2027, FLR (SOFR - 1 day + 1.29%) to 2/16/2028 (n) | 750000 | &nbsp;&nbsp; 732317 |
| PNC Financial Services Group, Inc., 5.102% to 7/23/2026, FLR (SOFR - 1 day + 0.796%) to 7/23/2027  | 1120000 | &nbsp;&nbsp; 1128430 |
| PNC Financial Services Group, Inc., 5.354% to 12/02/2027, FLR (SOFR - 1 day + 1.62%) to 12/02/2028  | 1590000 | &nbsp;&nbsp; 1628386 |
| Sumitomo Mitsui Financial Group, Inc., 1.474%, 7/08/2025  | 1613000 | &nbsp;&nbsp; 1612033 |
| Sumitomo Mitsui Financial Group, Inc., 2.174%, 1/14/2027  | 1184000 | &nbsp;&nbsp; 1147591 |
| Toronto-Dominion Bank, 5.532%, 7/17/2026  | 1813000 | &nbsp;&nbsp; 1835323 |
| UBS Group AG, 4.703% to 8/05/2026, FLR (CMT - 1yr. + 2.05%) to 8/05/2027 (n) | 374000 | &nbsp;&nbsp; 374743 |
| UBS Group AG, 9.25% to 11/13/2028, FLR (CMT - 5yr. + 4.745%) to 5/13/2172 (n) | 232000 | &nbsp;&nbsp; 253222 |
| UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n) | 421000 | &nbsp;&nbsp; 418827 |
| Wells Fargo & Co., 3.526% to 3/24/2027, FLR (SOFR - 1 day + 1.51%) to 3/24/2028  | 675000 | &nbsp;&nbsp; 665634 |
|  |  | &nbsp;&nbsp; $30096708 |
| Medical & Health Technology & Services – 0.3% | Medical & Health Technology & Services – 0.3% | Medical & Health Technology & Services – 0.3% |
| IQVIA, Inc., 5.7%, 5/15/2028  | $446000 | &nbsp;&nbsp; $457337 |
| IQVIA, Inc., 6.25%, 2/01/2029  | 291000 | &nbsp;&nbsp; 304139 |
|  |  | &nbsp;&nbsp; $761476 |
| Metals & Mining – 2.0% | Metals & Mining – 2.0% | Metals & Mining – 2.0% |
| Anglo American Capital PLC, 4.75%, 4/10/2027 (n) | $1386000 | &nbsp;&nbsp; $1392438 |
| Glencore Funding LLC, 1.625%, 9/01/2025 (n) | 1100000 | &nbsp;&nbsp; 1094293 |
| Glencore Funding LLC, 1.625%, 4/27/2026 (n) | 1100000 | &nbsp;&nbsp; 1075254 |
| Glencore Funding LLC, 5.186%, 4/01/2030 (n) | 1018000 | &nbsp;&nbsp; 1037894 |
| Rio Tinto Finance (USA) PLC, 4.5%, 3/14/2028  | 515000 | &nbsp;&nbsp; 519056 |
| Rio Tinto Finance (USA) PLC, 4.875%, 3/14/2030  | 440000 | &nbsp;&nbsp; 448414 |
|  |  | &nbsp;&nbsp; $5567349 |
| Midstream – 1.9% | Midstream – 1.9% | Midstream – 1.9% |
| Columbia Pipelines Holdings Co., 6.042%, 8/15/2028 (n) | $1099000 | &nbsp;&nbsp; $1144291 |
| DCP Midstream Operating LP, 5.625%, 7/15/2027  | 1307000 | &nbsp;&nbsp; 1336043 |
| Enbridge, Inc., 5.25%, 4/05/2027  | 854000 | &nbsp;&nbsp; 866495 |
| Enbridge, Inc., 4.9%, 6/20/2030  | 377000 | &nbsp;&nbsp; 380775 |
| Energy Transfer LP, 5.55%, 2/15/2028  | 398000 | &nbsp;&nbsp; 409480 |
| Gray Oak Pipeline LLC, 2.6%, 10/15/2025 (n) | 227000 | &nbsp;&nbsp; 225503 |
| Plains All American Pipeline LP, 4.65%, 10/15/2025  | 992000 | &nbsp;&nbsp; 991749 |
|  |  | &nbsp;&nbsp; $5354336 |
| Mortgage-Backed – 1.1% | Mortgage-Backed – 1.1% |  |
| Fannie Mae, 5%, 7/01/2039 - 3/01/2042  | $332181 | &nbsp;&nbsp; $336313 |
| Fannie Mae, 5.306%, 2/25/2045 (n) | 176196 | &nbsp;&nbsp; 176305 |
| Freddie Mac, 4.946%, 7/25/2029  | 343160 | &nbsp;&nbsp; 343213 |
| Freddie Mac, 1.687%, 4/25/2030 (i) | 6016723 | &nbsp;&nbsp; 366151 |
| Freddie Mac, 3%, 4/15/2033 - 6/15/2045  | 1710418 | &nbsp;&nbsp; 1648437 |
| Freddie Mac, 2%, 7/15/2042  | 214568 | &nbsp;&nbsp; 201369 |
|  |  | &nbsp;&nbsp; $3071788 |

---

------

MFS Limited Maturity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Municipals – 0.2% | Municipals – 0.2% | Municipals – 0.2% |
| Kentucky Higher Education Student Loan Corp. Rev., Taxable, "A-2", 5.949%, 6/01/2037  | $390000 | &nbsp;&nbsp; $395119 |
| Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, "A", 2.306%, 7/01/2025  | 150000 | &nbsp;&nbsp; 150000 |
| Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, "A", 2.562%, 7/01/2026  | 185000 | &nbsp;&nbsp; 181639 |
|  |  | &nbsp;&nbsp; $726758 |
| Oil Services – 0.3% | Oil Services – 0.3% | Oil Services – 0.3% |
| Schlumberger Holdings Corp., 5%, 5/29/2027 (n) | $568000 | &nbsp;&nbsp; $575355 |
| Schlumberger Holdings Corp., 5%, 11/15/2029 (n) | 395000 | &nbsp;&nbsp; 405233 |
|  |  | &nbsp;&nbsp; $980588 |
| Oils – 0.2% | Oils – 0.2% | Oils – 0.2% |
| Marathon Petroleum Corp., 5.15%, 3/01/2030  | $499000 | &nbsp;&nbsp; $508462 |
| Other Banks & Diversified Financials – 3.3% | Other Banks & Diversified Financials – 3.3% | Other Banks & Diversified Financials – 3.3% |
| AIB Group PLC, 7.583% to 10/14/2025, FLR (SOFR - 1 day + 3.456%) to 10/14/2026 (n) | $901000 | &nbsp;&nbsp; $908434 |
| AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n) | 225000 | &nbsp;&nbsp; 238039 |
| American Express Co., 4.731% to 4/25/2028, FLR (SOFR - 1 day + 1.26%) to 4/25/2029  | 1149000 | &nbsp;&nbsp; 1162066 |
| Banque Federative du Credit Mutuel S.A., 5.896%, 7/13/2026 (n) | 905000 | &nbsp;&nbsp; 918730 |
| BPCE S.A., 5.281%, 5/30/2029 (n) | 928000 | &nbsp;&nbsp; 953577 |
| CaixaBank S.A., 4.634% to 7/03/2028, FLR (SOFR - 1 day + 1.14%) to 7/03/2029 (n) | 358000 | &nbsp;&nbsp; 358892 |
| CaixaBank S.A., 5.673% to 3/15/2029, FLR (SOFR - 1 day + 1.78%) to 3/15/2030 (n) | 1003000 | &nbsp;&nbsp; 1037276 |
| Citizens Financial Group, Inc., 5.841% to 1/23/2029, FLR (SOFR - 1 day + 2.01%) to 1/23/2030  | 962000 | &nbsp;&nbsp; 996384 |
| First Citizens Bancshare, Inc., 5.231% to 3/12/2030, FLR (SOFR - 1 day + 1.41%) to 3/12/2031  | 394000 | &nbsp;&nbsp; 396082 |
| M&T Bank Corp., 4.833% to 1/16/2028, FLR (SOFR - 1 day + 0.93%) to 1/16/2029  | 524000 | &nbsp;&nbsp; 528299 |
| M&T Bank Corp., 7.413% to 10/30/2028, FLR (SOFR - 1 day + 2.80%) to 10/30/2029  | 295000 | &nbsp;&nbsp; 319944 |
| Macquarie Group Ltd., 1.34% to 1/12/2026, FLR (SOFR - 1 day + 1.069%) to 1/12/2027 (n) | 606000 | &nbsp;&nbsp; 595830 |
| Truist Financial Corp., 5.435% to 1/24/2029, FLR (SOFR - 1 day + 1.62%) to 1/24/2030  | 815000 | &nbsp;&nbsp; 839428 |
|  |  | &nbsp;&nbsp; $9252981 |
| Pharmaceuticals – 0.5% | Pharmaceuticals – 0.5% | Pharmaceuticals – 0.5% |
| Bayer US Finance LLC, 6.125%, 11/21/2026 (n) | $315000 | &nbsp;&nbsp; $320139 |
| Bayer US Finance LLC, 6.25%, 1/21/2029 (n) | 303000 | &nbsp;&nbsp; 318172 |
| Biogen, Inc., 5.05%, 1/15/2031  | 782000 | &nbsp;&nbsp; 796157 |
|  |  | &nbsp;&nbsp; $1434468 |
| Printing & Publishing – 0.3% | Printing & Publishing – 0.3% | Printing & Publishing – 0.3% |
| News Corp., 3.875%, 5/15/2029 (n) | $783000 | &nbsp;&nbsp; $749128 |
| Real Estate - Apartment – 0.1% | Real Estate - Apartment – 0.1% | Real Estate - Apartment – 0.1% |
| American Homes 4 Rent LP, REIT, 4.95%, 6/15/2030  | $428000 | &nbsp;&nbsp; $432368 |
| Real Estate - Office – 0.4% | Real Estate - Office – 0.4% | Real Estate - Office – 0.4% |
| Corporate Office Property LP, REIT, 2.25%, 3/15/2026  | $1008000 | &nbsp;&nbsp; $988777 |
| Corporate Office Property LP, REIT, 2%, 1/15/2029  | 196000 | &nbsp;&nbsp; 178570 |
|  |  | &nbsp;&nbsp; $1167347 |
| Real Estate - Retail – 0.5% | Real Estate - Retail – 0.5% | Real Estate - Retail – 0.5% |
| STORE Capital Corp., REIT, 4.5%, 3/15/2028  | $152000 | &nbsp;&nbsp; $150469 |
| WEA Finance LLC, 4.125%, 9/20/2028 (n) | 823000 | &nbsp;&nbsp; 808235 |
| WEA Finance LLC, 3.5%, 6/15/2029 (n) | 217000 | &nbsp;&nbsp; 207719 |
| WEA Finance LLC, REIT, 2.875%, 1/15/2027 (n) | 162000 | &nbsp;&nbsp; 157623 |
|  |  | &nbsp;&nbsp; $1324046 |

---

------

MFS Limited Maturity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Specialty Chemicals – 0.3% | Specialty Chemicals – 0.3% | Specialty Chemicals – 0.3% |
| International Flavors & Fragrances, Inc., 1.23%, 10/01/2025 (n) | $644000 | &nbsp;&nbsp; $637755 |
| International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n) | 115000 | &nbsp;&nbsp; 108339 |
|  |  | &nbsp;&nbsp; $746094 |
| Specialty Stores – 0.5% | Specialty Stores – 0.5% | Specialty Stores – 0.5% |
| Genuine Parts Co., 4.95%, 8/15/2029  | $828000 | &nbsp;&nbsp; $840692 |
| Ross Stores, Inc., 0.875%, 4/15/2026  | 726000 | &nbsp;&nbsp; 705324 |
|  |  | &nbsp;&nbsp; $1546016 |
| Telecommunications - Wireless – 0.2% | Telecommunications - Wireless – 0.2% | Telecommunications - Wireless – 0.2% |
| Crown Castle, Inc., REIT, 1.35%, 7/15/2025  | $257000 | &nbsp;&nbsp; $256677 |
| Crown Castle, Inc., REIT, 2.9%, 3/15/2027  | 183000 | &nbsp;&nbsp; 178031 |
| T-Mobile USA, Inc., 4.2%, 10/01/2029  | 154000 | &nbsp;&nbsp; 152920 |
|  |  | &nbsp;&nbsp; $587628 |
| Tobacco – 0.9% | Tobacco – 0.9% | Tobacco – 0.9% |
| B.A.T. International Finance PLC, 5.931%, 2/02/2029  | $440000 | &nbsp;&nbsp; $461741 |
| Japan Tobacco, Inc., 4.85%, 5/15/2028 (n) | 811000 | &nbsp;&nbsp; 823174 |
| Philip Morris International, Inc., 5%, 11/17/2025  | 364000 | &nbsp;&nbsp; 364498 |
| Philip Morris International, Inc., 5.125%, 11/17/2027  | 293000 | &nbsp;&nbsp; 298861 |
| Philip Morris International, Inc., 4.875%, 2/15/2028  | 586000 | &nbsp;&nbsp; 595869 |
|  |  | &nbsp;&nbsp; $2544143 |
| Transportation - Services – 1.7% | Transportation - Services – 1.7% | Transportation - Services – 1.7% |
| Element Fleet Management Corp., 5.643%, 3/13/2027 (n) | $1207000 | &nbsp;&nbsp; $1225772 |
| Element Fleet Management Corp., 5.037%, 3/25/2030 (n) | 1047000 | &nbsp;&nbsp; 1056201 |
| GXO Logistics, Inc., 6.25%, 5/06/2029  | 538000 | &nbsp;&nbsp; 561675 |
| Penske Truck Leasing Co. LP, 5.35%, 1/12/2027 (n) | 536000 | &nbsp;&nbsp; 542070 |
| Penske Truck Leasing Co. LP, 5.35%, 3/30/2029 (n) | 785000 | &nbsp;&nbsp; 804965 |
| Penske Truck Leasing Co. LP, 5.25%, 7/01/2029 (n) | 552000 | &nbsp;&nbsp; 565149 |
|  |  | &nbsp;&nbsp; $4755832 |
| U.S. Treasury Obligations – 23.2% | U.S. Treasury Obligations – 23.2% | U.S. Treasury Obligations – 23.2% |
| U.S. Treasury Notes, 4.875%, 11/30/2025  | $9518000 | &nbsp;&nbsp; $9538077 |
| U.S. Treasury Notes, 4.125%, 6/15/2026 (f) | 32852000 | &nbsp;&nbsp; 32892423 |
| U.S. Treasury Notes, 4.5%, 7/15/2026  | 12083000 | &nbsp;&nbsp; 12146601 |
| U.S. Treasury Notes, 2.75%, 7/31/2027  | 11387000 | &nbsp;&nbsp; 11165043 |
|  |  | &nbsp;&nbsp; $65742144 |
| Utilities - Electric Power – 2.3% | Utilities - Electric Power – 2.3% | Utilities - Electric Power – 2.3% |
| Algonquin Power & Utilities Corp., 5.365%, 6/15/2026  | $340000 | &nbsp;&nbsp; $341810 |
| American Transmission Systems, Inc., 2.65%, 1/15/2032 (n) | 101000 | &nbsp;&nbsp; 88860 |
| Edison International, 4.7%, 8/15/2025  | 750000 | &nbsp;&nbsp; 748837 |
| Enel Finance International N.V., 7.05%, 10/14/2025 (n) | 630000 | &nbsp;&nbsp; 633704 |
| FirstEnergy Corp., 1.6%, 1/15/2026  | 470000 | &nbsp;&nbsp; 461354 |
| NextEra Energy Capital Holdings, Inc., 5.749%, 9/01/2025  | 922000 | &nbsp;&nbsp; 923352 |
| Pacific Gas & Electric Co., 5.3%, 9/04/2025  | 1512000 | &nbsp;&nbsp; 1511994 |
| Pacific Gas & Electric Co., 6.1%, 1/15/2029  | 778000 | &nbsp;&nbsp; 806050 |
| Pacific Gas & Electric Co., 5.55%, 5/15/2029  | 545000 | &nbsp;&nbsp; 553788 |
| PSEG Power LLC, 5.2%, 5/15/2030 (n) | 249000 | &nbsp;&nbsp; 254091 |
| Trans-Allegheny Interstate Line Co., 5%, 1/15/2031 (n) | 345000 | &nbsp;&nbsp; 351010 |
|  |  | &nbsp;&nbsp; $6674850 |
| **Total Bonds (Identified Cost, $271,855,213)** |  | &nbsp;&nbsp; **$272985659** |

---

------

MFS Limited Maturity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 3.7% | Mutual Funds (h) – 3.7% | Mutual Funds (h) – 3.7% |
| Money Market Funds – 3.7% | Money Market Funds – 3.7% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $10,620,947) | 10620944 | &nbsp;&nbsp; $10622006 |
| Other Assets, Less Liabilities – (0.1)% |  | &nbsp;&nbsp; (376729) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$283230936** |

---

&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 $10,622,006 and $272,985,659, 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 $108,278,764, representing 38.2% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AGM | Assured Guaranty Municipal |
| CLO | Collateralized Loan Obligation |
| 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 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** | **Derivative Contracts at 6/30/25** |
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp; **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value/Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; $14145594 | September – 2025 | &nbsp;&nbsp;&nbsp; $60319 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** | **Cleared Swap Agreements** |
| **Maturity** <br>**Date** | **Maturity** <br>**Date** | **Notional** <br>**Amount**<br>| **Counterparty** | **Cash Flows** <br>**to Receive/** <br>**Frequency**<br>| **Cash Flows** <br>**to Pay/** <br>**Frequency**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net Unamortized** <br>**Upfront Payments** <br>**(Receipts)**<br>| **Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |  |
| ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** | ***Interest Rate Swaps*** |  |  |  |
| 10/02/26 | USD | 8000000 | centrally cleared | 4.664% / Annually | Daily SOFR / Annually | $102651 | $— | $102651 |
| 10/02/26 | USD | 25600000 | centrally cleared | 4.697% / Annually | Daily SOFR / Annually | 346976 | (2310)<br>| 344666 |
| 12/23/27 | USD | 7100000 | centrally cleared | 4.106% / Annually | Daily SOFR / Annually | 103562 |  | 103562 |
|  |  |  |  |  |  | $553189 | $(2310)<br>| $550879 |

---

At June 30, 2025, the fund had liquid securities with an aggregate value of $486,598 to cover any collateral or margin obligations for certain derivative contracts.

**See Notes to Financial Statements**

------

MFS Limited Maturity Portfolio

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

**(unaudited)**

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

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $271,855,213) | &nbsp;&nbsp; $272985659 |
| Investments in affiliated issuers, at value (identified cost, $10,620,947) | &nbsp;&nbsp; 10622006 |
| Receivables for |  |
| Net daily variation margin on open cleared swap agreements | &nbsp;&nbsp; 28374 |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; 3768 |
| Fund shares sold | &nbsp;&nbsp; 109532 |
| Interest | &nbsp;&nbsp; 2659325 |
| Other assets | &nbsp;&nbsp; 724 |
| Total assets | &nbsp;&nbsp; $286409388 |
| **Liabilities** |  |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; $2726780 |
| Fund shares reacquired | &nbsp;&nbsp; 366405 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 11978 |
| Administrative services fee | &nbsp;&nbsp; 515 |
| Shareholder servicing costs | &nbsp;&nbsp; 78 |
| Distribution and/or service fees | &nbsp;&nbsp; 2579 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 1286 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 68831 |
| Total liabilities | &nbsp;&nbsp; $3178452 |
| Net assets | &nbsp;&nbsp; $283230936 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $273082701 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 10148235 |
| Net assets | &nbsp;&nbsp; $283230936 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 27181599 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $189032261 | &nbsp;&nbsp;&nbsp; 18137474 | &nbsp;&nbsp;&nbsp; $10.42 |
| Service Class | &nbsp;&nbsp;&nbsp; 94198675 | &nbsp;&nbsp;&nbsp; 9044125 | &nbsp;&nbsp;&nbsp;&nbsp;10.42 |

---

**See Notes to Financial Statements**

------

MFS Limited Maturity Portfolio

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

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

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Interest | &nbsp;&nbsp; $6708887 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 139877 |
| Other | &nbsp;&nbsp; 4302 |
| Total investment income | &nbsp;&nbsp; $6853066 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $561520 |
| Distribution and/or service fees | &nbsp;&nbsp; 100995 |
| Shareholder servicing costs | &nbsp;&nbsp; 2627 |
| Administrative services fee | &nbsp;&nbsp; 23858 |
| Independent Trustees' compensation | &nbsp;&nbsp; 3988 |
| Custodian fee | &nbsp;&nbsp; 14647 |
| Shareholder communications | &nbsp;&nbsp; 238 |
| Audit and tax fees | &nbsp;&nbsp; 41565 |
| Legal fees | &nbsp;&nbsp; 1036 |
| Miscellaneous | &nbsp;&nbsp; 30169 |
| Total expenses | &nbsp;&nbsp; $780643 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (19519)<br>|
| Net expenses | &nbsp;&nbsp; $761124 |
| Net investment income (loss) | &nbsp;&nbsp; $6091942 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(39404)<br>|
| Affiliated issuers | &nbsp;&nbsp; (447)<br>|
| Futures contracts | &nbsp;&nbsp; 47373 |
| Net realized gain (loss)  | &nbsp;&nbsp; $7522 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $2445665 |
| Affiliated issuers | &nbsp;&nbsp; 470 |
| Futures contracts | &nbsp;&nbsp; 55496 |
| Swap agreements | &nbsp;&nbsp; 215093 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $2716724 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $2724246 |
| Change in net assets from operations | &nbsp;&nbsp; $8816188 |

---

**See Notes to Financial Statements**

------

MFS Limited Maturity Portfolio

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $6091942 | &nbsp;&nbsp; $12414312 |
| Net realized gain (loss) | 7522 | &nbsp;&nbsp; (503532)<br>|
| Net unrealized gain (loss) | 2716724 | &nbsp;&nbsp; 3120868 |
| Change in net assets from operations | $8816188 | &nbsp;&nbsp; $15031648 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(11145607)<br>|
| Change in net assets from fund share transactions | $(17640239)<br>| &nbsp;&nbsp; $(12362750)<br>|
| Total change in net assets | $(8824051)<br>| &nbsp;&nbsp; $(8476709)<br>|
| **Net assets** |  |  |
| At beginning of period | 292054987 | &nbsp;&nbsp; 300531696 |
| At end of period | $283230936 | &nbsp;&nbsp; $292054987 |

---

**See Notes to Financial Statements**

------

MFS Limited Maturity Portfolio

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $10.10 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $10.34 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.22 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.23 |
| Net realized and unrealized gain (loss) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Total from investment operations | $0.32 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $0.59 | &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.44 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.33)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.02)<br>|  |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.33)<br>|
| Net asset value, end of period (x) | $10.42 | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $10.45 |
| Total return (%) (k)(r)(s)(x) | 3.17<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.48<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Expenses after expense reductions | 0.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net investment income (loss) | 4.41<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| Portfolio turnover rate | 17<br> (n)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| Net assets at end of period (000 omitted) | $189032 | &nbsp;&nbsp; $211139 | &nbsp;&nbsp; $218926 | &nbsp;&nbsp; $246102 | &nbsp;&nbsp; $318803 | &nbsp;&nbsp; $326075 |

---

**See Notes to Financial Statements**

------

MFS Limited Maturity Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $10.11 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $10.20 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $10.33 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.21 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.20 |
| Net realized and unrealized gain (loss) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Total from investment operations | $0.31 | &nbsp;&nbsp; $0.50 | &nbsp;&nbsp; $0.57 | &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $0.43 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.31)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.02)<br>|  |
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.31)<br>|
| Net asset value, end of period (x) | $10.42 | &nbsp;&nbsp; $10.11 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $10.20 | &nbsp;&nbsp; $10.45 |
| Total return (%) (k)(r)(s)(x) | 3.07<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.99 | &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.15 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.73<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Expenses after expense reductions | 0.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Net investment income (loss) | 4.17<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| Portfolio turnover rate | 17<br> (n)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| Net assets at end of period (000 omitted) | $94199 | &nbsp;&nbsp; $80916 | &nbsp;&nbsp; $81605 | &nbsp;&nbsp; $85888 | &nbsp;&nbsp; $106468 | &nbsp;&nbsp; $112850 |

---

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

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Limited Maturity Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

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

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

**(2) Significant Accounting Policies**

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

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

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

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

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. 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 Limited Maturity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts and swap agreements. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government <br> Agencies & Equivalents<br>| $— | $65742144 | $— | $65742144 |
| Non - U.S. Sovereign Debt |  | 1189912 |  | 1189912 |
| Municipal Bonds |  | 726758 |  | 726758 |
| U.S. Corporate Bonds |  | 87259431 |  | 87259431 |
| Residential Mortgage-Backed Securities |  | 13137800 |  | 13137800 |
| Commercial Mortgage-Backed Securities |  | 10006118 |  | 10006118 |
| Asset-Backed Securities (including CDOs) |  | 47527391 |  | 47527391 |
| Foreign Bonds |  | 47396105 |  | 47396105 |
| Investment Companies | 10622006 |  |  | 10622006 |
| Total | $10622006 | $272985659 | $— | $283607665 |

---

---

| | | |
|:---|:---|:---|
| **Other Financial Instruments** |  |  |
| Futures Contracts – Assets | $— | $60319 |
| Swap Agreements – Assets | 550879 | 550879 |

---

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 Limited Maturity Portfolio

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

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at June 30, 2025 as reported in the Statement of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  |  | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** |
| Interest Rate | Futures Contracts | $60319 |
| Interest Rate | Cleared Swap Agreements | 550879 |
| Total |  | $611198 |

---

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

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

---

| | |
|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>|
| Interest Rate | $47373 |

---

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

---

| | | |
|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>|
| Interest Rate | $55496 | &nbsp;&nbsp; $215093 |

---

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

------

MFS Limited Maturity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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.

**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.

**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.

------

MFS Limited Maturity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

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

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

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $11145607 |

---

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

------

MFS Limited Maturity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $282477821 |
| Gross appreciation | &nbsp;&nbsp; 2349657 |
| Gross depreciation | &nbsp;&nbsp; (1219813)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $1129844 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 12217439 |
| Capital loss carryforwards | &nbsp;&nbsp; (9900234)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (985158)<br>|

---

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

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

---

| | |
|:---|:---|
| Short-Term | $(3914535)<br>|
| Long-Term | (5985699)<br>|
| Total | $(9900234)<br>|

---

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

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $8248245 |
| Service Class |  | &nbsp;&nbsp; 2897362 |
| Total | $— | &nbsp;&nbsp; $11145607 |

---

**(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 an annual rate of 0.40% of the fund's average daily net assets.

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $19,519, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.39% of the fund's average daily net assets.

**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 Limited Maturity Portfolio

*Notes to Financial Statements (unaudited) - 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 six months ended June 30, 2025, the fee was $2,332, which equated to 0.0017% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $295.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0170% 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 six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $9069567 | &nbsp;&nbsp; $11911745 |
| Non-U.S. Government securities | 37552393 | &nbsp;&nbsp; 45622505 |

---

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 864003 | &nbsp;&nbsp; $8909107 | &nbsp;&nbsp; 1609142 | &nbsp;&nbsp; $16209411 |
| Service Class | 1870972 | &nbsp;&nbsp; 19296741 | &nbsp;&nbsp; 1027520 | &nbsp;&nbsp; 10344362 |
|  | 2734975 | &nbsp;&nbsp; $28205848 | &nbsp;&nbsp; 2636662 | &nbsp;&nbsp; $26553773 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 827306 | &nbsp;&nbsp; $8248245 |
| Service Class |  |  | &nbsp;&nbsp; 290026 | &nbsp;&nbsp; 2897362 |
|  |  | $— | &nbsp;&nbsp; 1117332 | &nbsp;&nbsp; $11145607 |
| Shares reacquired |  |  |  |  |
| Initial Class | (3632112)<br>| &nbsp;&nbsp; $(37310124)<br>| &nbsp;&nbsp; (3482211)<br>| &nbsp;&nbsp; $(35056841)<br>|
| Service Class | (833272)<br>| &nbsp;&nbsp; (8535963)<br>| &nbsp;&nbsp; (1488695)<br>| &nbsp;&nbsp; (15005289)<br>|
|  | (4465384)<br>| &nbsp;&nbsp; $(45846087)<br>| &nbsp;&nbsp; (4970906)<br>| &nbsp;&nbsp; $(50062130)<br>|
| Net change |  |  |  |  |
| Initial Class | (2768109)<br>| &nbsp;&nbsp; $(28401017)<br>| &nbsp;&nbsp; (1045763)<br>| &nbsp;&nbsp; $(10599185)<br>|
| Service Class | 1037700 | &nbsp;&nbsp; 10760778 | &nbsp;&nbsp; (171149)<br>| &nbsp;&nbsp; (1763565)<br>|
|  | (1730409)<br>| &nbsp;&nbsp; $(17640239)<br>| &nbsp;&nbsp; (1216912)<br>| &nbsp;&nbsp; $(12362750)<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 fundsfor the purpose of exercising management or control. At the end of the period, the MFS Conservative Allocation Portfolio, the MFS Moderate Allocation Portfolio, and the MFS Growth Allocation Portfolio were the owners of record of approximately 9%, 9%, and 1%, respectively, of the value of outstanding voting shares of the fund.

------

MFS Limited Maturity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $646 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $8998565 | &nbsp;&nbsp; $60430368 | &nbsp;&nbsp; $58806950 | &nbsp;&nbsp; $(447)<br>| &nbsp;&nbsp; $470 | &nbsp;&nbsp; $10622006 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $139877 | $— |

---

------

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

There is nothing to report for this item for MFS Limited Maturity Portfolio.

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

There is nothing to report for this item for MFS Limited Maturity 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 Limited Maturity Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

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

Not Applicable.

------

MFS Blended Research Small Cap Equity Portfolio

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

MFS Blended Research Small Cap Equity Portfolio

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 99.0% | Common Stocks – 99.0% | Common Stocks – 99.0% |
| Aerospace & Defense – 1.3% | Aerospace & Defense – 1.3% |  |
| CACI International, Inc., "A" (a) | 1176 | &nbsp;&nbsp; $560599 |
| Karman Holdings, Inc. (a) | 4916 | &nbsp;&nbsp; 247619 |
| Standard Aero, Inc. (a) | 7207 | &nbsp;&nbsp; 228102 |
|  |  | &nbsp;&nbsp; $1036320 |
| Apparel Manufacturers – 0.2% | Apparel Manufacturers – 0.2% |  |
| VF Corp. | 13862 | &nbsp;&nbsp; $162878 |
| Automotive – 3.3% | Automotive – 3.3% |  |
| Lear Corp. | 10283 | &nbsp;&nbsp; $976679 |
| Methode Electronics, Inc. | 33095 | &nbsp;&nbsp; 314734 |
| REV Group, Inc. | 14236 | &nbsp;&nbsp; 677491 |
| Visteon Corp. (a) | 6338 | &nbsp;&nbsp; 591335 |
|  |  | &nbsp;&nbsp; $2560239 |
| Biotechnology – 2.1% | Biotechnology – 2.1% |  |
| Adaptive Biotechnologies Corp. (a) | 6737 | &nbsp;&nbsp; $78486 |
| Arcus Biosciences, Inc. (a) | 4394 | &nbsp;&nbsp; 35767 |
| Beam Therapeutics, Inc. (a) | 10880 | &nbsp;&nbsp; 185069 |
| BioCryst Pharmaceuticals, Inc. (a) | 24130 | &nbsp;&nbsp; 216205 |
| Entrada Therapeutics, Inc. (a) | 17191 | &nbsp;&nbsp; 115524 |
| Exelixis, Inc. (a) | 8283 | &nbsp;&nbsp; 365073 |
| Novavax, Inc. (a) | 17622 | &nbsp;&nbsp; 111019 |
| Protagonist Therapeutics, Inc. (a) | 6301 | &nbsp;&nbsp; 348256 |
| Prothena Corp. PLC (a) | 8703 | &nbsp;&nbsp; 52827 |
| Twist Bioscience Corp. (a) | 2579 | &nbsp;&nbsp; 94881 |
| Voyager Therapeutics, Inc. (a) | 11278 | &nbsp;&nbsp; 35075 |
|  |  | &nbsp;&nbsp; $1638182 |
| Brokerage & Asset Managers – 0.3% | Brokerage & Asset Managers – 0.3% |  |
| A-Mark Precious Metals, Inc. | 4946 | &nbsp;&nbsp; $109702 |
| Hamilton Lane, Inc., "A" | 779 | &nbsp;&nbsp; 110712 |
|  |  | &nbsp;&nbsp; $220414 |
| Business Services – 4.0% | Business Services – 4.0% |  |
| BlueLinx Holdings, Inc. (a) | 5242 | &nbsp;&nbsp; $389900 |
| TriNet Group, Inc. | 9567 | &nbsp;&nbsp; 699730 |
| WNS (Holdings) Ltd. (a) | 17662 | &nbsp;&nbsp; 1116945 |
| World Fuel Services Corp. | 15777 | &nbsp;&nbsp; 447278 |
| Yext, Inc. (a) | 55061 | &nbsp;&nbsp; 468019 |
|  |  | &nbsp;&nbsp; $3121872 |
| Chemicals – 2.5% | Chemicals – 2.5% |  |
| Avient Corp. | 18955 | &nbsp;&nbsp; $612436 |
| BioLife Solutions, Inc. (a) | 8620 | &nbsp;&nbsp; 185675 |
| Element Solutions, Inc. | 43557 | &nbsp;&nbsp; 986566 |
| Rayonier Advanced Materials, Inc. (a) | 44453 | &nbsp;&nbsp; 171144 |
|  |  | &nbsp;&nbsp; $1955821 |

---

VSCFS-SEM

------

MFS Blended Research Small Cap Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software – 5.6% | Computer Software – 5.6% |  |
| ACI Worldwide, Inc. (a) | 12570 | &nbsp;&nbsp; $577089 |
| Alkami Technology, Inc. (a) | 1750 | &nbsp;&nbsp; 52745 |
| BILL Holdings, Inc. (a) | 15367 | &nbsp;&nbsp; 710877 |
| Clear Secure, Inc., "A" | 23899 | &nbsp;&nbsp; 663436 |
| Consensus Cloud Solutions, Inc. (a) | 4233 | &nbsp;&nbsp; 97613 |
| Elastic N.V. (a) | 9382 | &nbsp;&nbsp; 791184 |
| Five9, Inc. (a) | 10685 | &nbsp;&nbsp; 282939 |
| Nutanix, Inc. (a) | 2521 | &nbsp;&nbsp; 192705 |
| PagerDuty, Inc. (a) | 19635 | &nbsp;&nbsp; 300023 |
| Sabre Corp. (a) | 96357 | &nbsp;&nbsp; 304488 |
| SentinelOne, Inc., "A" (a) | 17838 | &nbsp;&nbsp; 326079 |
| ServiceTitan, Inc., "A" (a) | 579 | &nbsp;&nbsp; 62057 |
|  |  | &nbsp;&nbsp; $4361235 |
| Computer Software - Systems – 2.1% | Computer Software - Systems – 2.1% |  |
| Adtran Holdings, Inc. (a) | 13141 | &nbsp;&nbsp; $117875 |
| Pitney Bowes, Inc. | 15427 | &nbsp;&nbsp; 168309 |
| Q2 Holdings, Inc. (a) | 3263 | &nbsp;&nbsp; 305384 |
| ScanSource, Inc. (a) | 3952 | &nbsp;&nbsp; 165233 |
| Unisys Corp. (a) | 7317 | &nbsp;&nbsp; 33146 |
| Verint Systems, Inc. (a) | 44114 | &nbsp;&nbsp; 867722 |
|  |  | &nbsp;&nbsp; $1657669 |
| Construction – 2.9% | Construction – 2.9% |  |
| AZEK Co., Inc. (a) | 21365 | &nbsp;&nbsp; $1161188 |
| Builders FirstSource, Inc. (a) | 3408 | &nbsp;&nbsp; 397679 |
| Mohawk Industries, Inc. (a) | 6634 | &nbsp;&nbsp; 695509 |
| SiteOne Landscape Supply, Inc. (a) | 251 | &nbsp;&nbsp; 30356 |
|  |  | &nbsp;&nbsp; $2284732 |
| Consumer Products – 2.1% | Consumer Products – 2.1% |  |
| Herbalife Ltd. (a) | 7675 | &nbsp;&nbsp; $66158 |
| Newell Brands, Inc. | 165509 | &nbsp;&nbsp; 893749 |
| Prestige Consumer Healthcare, Inc. (a) | 8301 | &nbsp;&nbsp; 662835 |
|  |  | &nbsp;&nbsp; $1622742 |
| Consumer Services – 3.8% | Consumer Services – 3.8% |  |
| Adtalem Global Education, Inc. (a) | 8757 | &nbsp;&nbsp; $1114153 |
| European Wax Center, Inc., "A" (a) | 44230 | &nbsp;&nbsp; 249015 |
| Grand Canyon Education, Inc. (a) | 5489 | &nbsp;&nbsp; 1037421 |
| Lyft, Inc. (a) | 36258 | &nbsp;&nbsp; 571426 |
|  |  | &nbsp;&nbsp; $2972015 |
| Electrical Equipment – 1.4% | Electrical Equipment – 1.4% |  |
| Armstrong World Industries, Inc. | 6471 | &nbsp;&nbsp; $1051149 |
| Electronics – 4.8% | Electronics – 4.8% |  |
| Advanced Energy Industries, Inc. | 9039 | &nbsp;&nbsp; $1197668 |
| Alpha and Omega Semiconductor Ltd. (a) | 952 | &nbsp;&nbsp; 24428 |
| Cirrus Logic, Inc. (a) | 3362 | &nbsp;&nbsp; 350505 |
| Formfactor, Inc. (a) | 21814 | &nbsp;&nbsp; 750620 |
| Kimball Electronics, Inc. (a) | 11890 | &nbsp;&nbsp; 228645 |
| Onto Innovation, Inc. (a) | 444 | &nbsp;&nbsp; 44813 |
| Photronics, Inc. (a) | 17693 | &nbsp;&nbsp; 333159 |
| Plexus Corp. (a) | 2827 | &nbsp;&nbsp; 382521 |

---

------

MFS Blended Research Small Cap Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electronics – continued | Electronics – continued |  |
| Sanmina Corp. (a) | 4424 | &nbsp;&nbsp; $432800 |
|  |  | &nbsp;&nbsp; $3745159 |
| Energy - Independent – 1.5% | Energy - Independent – 1.5% |  |
| Berry Corp. | 76786 | &nbsp;&nbsp; $212697 |
| Permian Resources Corp. | 43768 | &nbsp;&nbsp; 596120 |
| SM Energy Co. | 14452 | &nbsp;&nbsp; 357109 |
|  |  | &nbsp;&nbsp; $1165926 |
| Energy - Integrated – 0.6% | Energy - Integrated – 0.6% |  |
| National Gas Fuel Co. | 5543 | &nbsp;&nbsp; $469548 |
| Energy - Renewables – 0.7% | Energy - Renewables – 0.7% |  |
| Bloom Energy Corp. (a) | 23649 | &nbsp;&nbsp; $565684 |
| Engineering - Construction – 3.6% | Engineering - Construction – 3.6% |  |
| APi Group, Inc. (a) | 19452 | &nbsp;&nbsp; $993025 |
| Primoris Services Corp. | 2364 | &nbsp;&nbsp; 184250 |
| Sterling Infrastructure, Inc. (a) | 4130 | &nbsp;&nbsp; 952915 |
| Tutor Perini Corp. (a) | 14786 | &nbsp;&nbsp; 691689 |
|  |  | &nbsp;&nbsp; $2821879 |
| Food & Beverages – 1.2% | Food & Beverages – 1.2% |  |
| Dole PLC | 2855 | &nbsp;&nbsp; $39941 |
| Simply Good Foods Co. (a) | 25790 | &nbsp;&nbsp; 814706 |
| WK Kellogg Co. (l) | 6585 | &nbsp;&nbsp; 104965 |
|  |  | &nbsp;&nbsp; $959612 |
| Gaming & Lodging – 1.1% | Gaming & Lodging – 1.1% |  |
| Gambling.com Group Ltd. (a) | 8748 | &nbsp;&nbsp; $104013 |
| International Game Technology PLC | 32206 | &nbsp;&nbsp; 509177 |
| Rush Street Interactive, Inc. (a) | 15781 | &nbsp;&nbsp; 235137 |
|  |  | &nbsp;&nbsp; $848327 |
| Insurance – 5.7% | Insurance – 5.7% |  |
| Hanover Insurance Group, Inc. | 5177 | &nbsp;&nbsp; $879417 |
| Jackson Financial, Inc. | 8564 | &nbsp;&nbsp; 760397 |
| Kemper Corp. | 16415 | &nbsp;&nbsp; 1059424 |
| Lincoln National Corp. | 19741 | &nbsp;&nbsp; 683039 |
| Voya Financial, Inc. | 14580 | &nbsp;&nbsp; 1035180 |
|  |  | &nbsp;&nbsp; $4417457 |
| Internet – 2.4% | Internet – 2.4% |  |
| CarGurus, Inc. (a) | 21766 | &nbsp;&nbsp; $728508 |
| EverQuote, Inc., "A" (a) | 24049 | &nbsp;&nbsp; 581505 |
| Vimeo, Inc. (a) | 27550 | &nbsp;&nbsp; 111302 |
| Yelp, Inc. (a) | 13432 | &nbsp;&nbsp; 460314 |
|  |  | &nbsp;&nbsp; $1881629 |
| Leisure & Toys – 2.4% | Leisure & Toys – 2.4% |  |
| Corsair Gaming, Inc. (a) | 98591 | &nbsp;&nbsp; $929713 |
| Mattel, Inc. (a) | 31649 | &nbsp;&nbsp; 624118 |
| Patrick Industries, Inc. | 1707 | &nbsp;&nbsp; 157505 |

---

------

MFS Blended Research Small Cap Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Leisure & Toys – continued | Leisure & Toys – continued |  |
| Playtika Holdings Corp. | 29906 | &nbsp;&nbsp; $141456 |
|  |  | &nbsp;&nbsp; $1852792 |
| Machinery & Tools – 3.2% | Machinery & Tools – 3.2% |  |
| Albany International Corp. | 11129 | &nbsp;&nbsp; $780477 |
| Flowserve Corp. | 17129 | &nbsp;&nbsp; 896703 |
| Olympic Steel, Inc. | 8135 | &nbsp;&nbsp; 265120 |
| Regal Rexnord Corp. | 3698 | &nbsp;&nbsp; 536062 |
|  |  | &nbsp;&nbsp; $2478362 |
| Major Banks – 0.3% | Major Banks – 0.3% |  |
| First Financial Corp. | 4756 | &nbsp;&nbsp; $257728 |
| Medical & Health Technology & Services – 2.7% | Medical & Health Technology & Services – 2.7% |  |
| Encompass Health Corp. | 9600 | &nbsp;&nbsp; $1177248 |
| Health Catalyst, Inc. (a) | 61092 | &nbsp;&nbsp; 230317 |
| LifeStance Health Group, Inc. (a) | 7080 | &nbsp;&nbsp; 36603 |
| Owens & Minor, Inc. (a) | 19008 | &nbsp;&nbsp; 172973 |
| Teladoc Health, Inc. (a) | 54725 | &nbsp;&nbsp; 476655 |
|  |  | &nbsp;&nbsp; $2093796 |
| Medical Equipment – 3.4% | Medical Equipment – 3.4% |  |
| Anika Therapeutics, Inc. (a) | 8781 | &nbsp;&nbsp; $92903 |
| Caris Life Sciences, Inc. (a) | 5175 | &nbsp;&nbsp; 138276 |
| Concentra Group Holdings, Inc. | 29323 | &nbsp;&nbsp; 603174 |
| Embecta Corp. | 2829 | &nbsp;&nbsp; 27413 |
| Lantheus Holdings, Inc. (a) | 1207 | &nbsp;&nbsp; 98805 |
| MiMedx Group, Inc. (a) | 33891 | &nbsp;&nbsp; 207074 |
| Natera, Inc. (a) | 3093 | &nbsp;&nbsp; 522531 |
| QuidelOrtho Corp. (a) | 12877 | &nbsp;&nbsp; 371115 |
| UFP Technologies, Inc. (a) | 960 | &nbsp;&nbsp; 234394 |
| Veracyte, Inc. (a) | 1797 | &nbsp;&nbsp; 48573 |
| ZimVie, Inc. (a) | 31080 | &nbsp;&nbsp; 290598 |
|  |  | &nbsp;&nbsp; $2634856 |
| Metals & Mining – 0.4% | Metals & Mining – 0.4% |  |
| Ryerson Holding Corp. | 15509 | &nbsp;&nbsp; $334529 |
| Natural Gas - Distribution – 1.6% | Natural Gas - Distribution – 1.6% |  |
| Southwest Gas Holdings, Inc. | 9890 | &nbsp;&nbsp; $735717 |
| UGI Corp. | 13598 | &nbsp;&nbsp; 495239 |
|  |  | &nbsp;&nbsp; $1230956 |
| Oil Services – 2.4% | Oil Services – 2.4% |  |
| Expro Group Holdings N.V. (a) | 62517 | &nbsp;&nbsp; $537021 |
| Flowco Holdings, Inc., "A" | 1972 | &nbsp;&nbsp; 35122 |
| NOV, Inc. | 41475 | &nbsp;&nbsp; 515534 |
| Oil States International, Inc. (a) | 7220 | &nbsp;&nbsp; 38699 |
| Select Water Solutions, Inc. | 24773 | &nbsp;&nbsp; 214039 |
| Weatherford International PLC | 9807 | &nbsp;&nbsp; 493390 |
|  |  | &nbsp;&nbsp; $1833805 |

---

------

MFS Blended Research Small Cap Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Other Banks & Diversified Financials – 13.6% | Other Banks & Diversified Financials – 13.6% |  |
| Banc of California, Inc. | 56272 | &nbsp;&nbsp; $790622 |
| Bread Financial Holdings, Inc. | 8810 | &nbsp;&nbsp; 503227 |
| Cathay General Bancorp, Inc. | 23536 | &nbsp;&nbsp; 1071594 |
| Columbia Banking System, Inc. | 42645 | &nbsp;&nbsp; 997040 |
| East West Bancorp, Inc. | 9741 | &nbsp;&nbsp; 983646 |
| Hanmi Financial Corp. | 1679 | &nbsp;&nbsp; 41438 |
| Navient Corp. | 22454 | &nbsp;&nbsp; 316601 |
| Popular, Inc. | 11231 | &nbsp;&nbsp; 1237769 |
| PROG Holdings, Inc. | 12645 | &nbsp;&nbsp; 371131 |
| Sezzle, Inc. (a) | 1913 | &nbsp;&nbsp; 342905 |
| Shore Bancshares, Inc. | 10456 | &nbsp;&nbsp; 164368 |
| SLM Corp. | 28201 | &nbsp;&nbsp; 924711 |
| Texas Capital Bancshares, Inc. (a) | 11948 | &nbsp;&nbsp; 948671 |
| UMB Financial Corp. | 10961 | &nbsp;&nbsp; 1152659 |
| United Community Bank, Inc. | 23806 | &nbsp;&nbsp; 709181 |
|  |  | &nbsp;&nbsp; $10555563 |
| Pharmaceuticals – 6.3% | Pharmaceuticals – 6.3% |  |
| ACADIA Pharmaceuticals, Inc. (a) | 11510 | &nbsp;&nbsp; $248271 |
| Alkermes PLC (a) | 8424 | &nbsp;&nbsp; 241011 |
| Amicus Therapeutics, Inc. (a) | 23762 | &nbsp;&nbsp; 136156 |
| Amneal Pharmaceuticals, Inc. (a) | 33190 | &nbsp;&nbsp; 268507 |
| Arcturus Therapeutics Holdings, Inc. (a) | 11615 | &nbsp;&nbsp; 151111 |
| Catalyst Pharmaceuticals, Inc. (a) | 14651 | &nbsp;&nbsp; 317927 |
| Collegium Pharmaceutical, Inc. (a) | 1324 | &nbsp;&nbsp; 39151 |
| Cytokinetics, Inc. (a) | 6949 | &nbsp;&nbsp; 229595 |
| Jazz Pharmaceuticals PLC (a) | 1621 | &nbsp;&nbsp; 172020 |
| Kiniksa Pharmaceuticals International PLC (a) | 12601 | &nbsp;&nbsp; 348670 |
| Kymera Therapeutics, Inc. (a) | 7240 | &nbsp;&nbsp; 315953 |
| Neurocrine Biosciences, Inc. (a) | 1636 | &nbsp;&nbsp; 205629 |
| Nurix Therapeutics, Inc. (a) | 8539 | &nbsp;&nbsp; 97259 |
| Organon & Co. | 64444 | &nbsp;&nbsp; 623818 |
| Phibro Animal Health Corp., "A" | 18529 | &nbsp;&nbsp; 473231 |
| PTC Therapeutics, Inc. (a) | 8445 | &nbsp;&nbsp; 412454 |
| REGENXBIO, Inc. (a) | 4020 | &nbsp;&nbsp; 33004 |
| Rigel Pharmaceuticals, Inc. (a) | 10029 | &nbsp;&nbsp; 187843 |
| Ultragenyx Pharmaceutical, Inc. (a) | 4137 | &nbsp;&nbsp; 150421 |
| USANA Health Sciences, Inc. (a) | 1114 | &nbsp;&nbsp; 34010 |
| Vanda Pharmaceuticals, Inc. (a) | 34626 | &nbsp;&nbsp; 163435 |
| Zymeworks, Inc. (a) | 5316 | &nbsp;&nbsp; 66716 |
|  |  | &nbsp;&nbsp; $4916192 |
| Printing & Publishing – 0.2% | Printing & Publishing – 0.2% |  |
| Quad/Graphics, Inc. | 31616 | &nbsp;&nbsp; $178630 |
| Railroad & Shipping – 0.5% | Railroad & Shipping – 0.5% |  |
| Teekay Tankers Ltd. | 8608 | &nbsp;&nbsp; $359126 |
| Real Estate – 1.7% | Real Estate – 1.7% |  |
| Cushman & Wakefield PLC (a) | 19375 | &nbsp;&nbsp; $214481 |
| Essential Properties Realty Trust, REIT | 34744 | &nbsp;&nbsp; 1108681 |
| Uniti Group, Inc., REIT (a) | 7296 | &nbsp;&nbsp; 31519 |
|  |  | &nbsp;&nbsp; $1354681 |

---

------

MFS Blended Research Small Cap Equity Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Real Estate - Office – 2.8% | Real Estate - Office – 2.8% |  |
| Cousins Properties, Inc., REIT | 5752 | &nbsp;&nbsp; $172733 |
| Highwoods Properties, Inc., REIT | 33728 | &nbsp;&nbsp; 1048603 |
| Piedmont Office Realty Trust, Inc., REIT | 133424 | &nbsp;&nbsp; 972661 |
|  |  | &nbsp;&nbsp; $2193997 |
| Restaurants – 0.9% | Restaurants – 0.9% |  |
| Chefs' Warehouse, Inc. (a) | 10369 | &nbsp;&nbsp; $661646 |
| Specialty Stores – 0.7% | Specialty Stores – 0.7% |  |
| Bath & Body Works, Inc. | 15671 | &nbsp;&nbsp; $469503 |
| Genesco, Inc. (a) | 4378 | &nbsp;&nbsp; 86203 |
|  |  | &nbsp;&nbsp; $555706 |
| Tobacco – 0.2% | Tobacco – 0.2% |  |
| Turning Point Brands, Inc. | 2106 | &nbsp;&nbsp; $159572 |
| Trucking – 0.6% | Trucking – 0.6% |  |
| Saia, Inc. (a) | 1596 | &nbsp;&nbsp; $437288 |
| Utilities - Electric Power – 1.9% | Utilities - Electric Power – 1.9% |  |
| Hawaiian Electric Industries, Inc. (a) | 37989 | &nbsp;&nbsp; $403823 |
| Portland General Electric Co. | 25472 | &nbsp;&nbsp; 1034927 |
|  |  | &nbsp;&nbsp; $1438750 |
| **Total Common Stocks (Identified Cost, $69,552,301)** |  | &nbsp;&nbsp; **$77048464** |
| 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, 4.35% (v) (Identified Cost, $871,564) | 871563 | &nbsp;&nbsp; $871651 |
| Collateral for Securities Loaned – 0.1% | Collateral for Securities Loaned – 0.1% | Collateral for Securities Loaned – 0.1% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 4.26% (j) (Identified Cost, $97,350) | 97350 | &nbsp;&nbsp; $97350 |
| Other Assets, Less Liabilities – (0.2)% |  | &nbsp;&nbsp; (191402) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$77826063** |

---

&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 $871,651 and $77,145,814, 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> REIT Real Estate Investment Trust

**See Notes to Financial Statements**

------

MFS Blended Research Small Cap Equity Portfolio

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

**(unaudited)**

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

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value, including $94,046 of securities on loan (identified cost, $69,649,651) | &nbsp;&nbsp; $77145814 |
| Investments in affiliated issuers, at value (identified cost, $871,564) | &nbsp;&nbsp; 871651 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 10881 |
| Interest and dividends | &nbsp;&nbsp; 75626 |
| Other assets | &nbsp;&nbsp; 283 |
| Total assets | &nbsp;&nbsp; $78104255 |
| **Liabilities** |  |
| Payables for |  |
| Fund shares reacquired | &nbsp;&nbsp; $133235 |
| Collateral for securities loaned, at value | &nbsp;&nbsp; 97350 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 3286 |
| Administrative services fee | &nbsp;&nbsp; 230 |
| Shareholder servicing costs | &nbsp;&nbsp; 114 |
| Distribution and/or service fees | &nbsp;&nbsp; 1347 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 734 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 41896 |
| Total liabilities | &nbsp;&nbsp; $278192 |
| Net assets | &nbsp;&nbsp; $77826063 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $62241552 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 15584511 |
| Net assets | &nbsp;&nbsp; $77826063 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 8164767 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $28578891 | &nbsp;&nbsp;&nbsp; 2893688 | &nbsp;&nbsp;&nbsp; $9.88 |
| Service Class | &nbsp;&nbsp;&nbsp; 49247172 | &nbsp;&nbsp;&nbsp; 5271079 | &nbsp;&nbsp;&nbsp;&nbsp;9.34 |

---

**See Notes to Financial Statements**

------

MFS Blended Research Small Cap Equity Portfolio

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

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

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $571063 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 12659 |
| Other | &nbsp;&nbsp; 7528 |
| Income on securities loaned | &nbsp;&nbsp; 664 |
| Foreign taxes withheld | &nbsp;&nbsp; (1580)<br>|
| Total investment income | &nbsp;&nbsp; $590334 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $149812 |
| Distribution and/or service fees | &nbsp;&nbsp; 58777 |
| Shareholder servicing costs | &nbsp;&nbsp; 3845 |
| Administrative services fee | &nbsp;&nbsp; 10349 |
| Independent Trustees' compensation | &nbsp;&nbsp; 1832 |
| Custodian fee | &nbsp;&nbsp; 3475 |
| Shareholder communications | &nbsp;&nbsp; 1520 |
| Audit and tax fees | &nbsp;&nbsp; 35431 |
| Legal fees | &nbsp;&nbsp; 261 |
| Miscellaneous | &nbsp;&nbsp; 12647 |
| Total expenses | &nbsp;&nbsp; $277949 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (5205)<br>|
| Net expenses | &nbsp;&nbsp; $272744 |
| Net investment income (loss) | &nbsp;&nbsp; $317590 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(213609)<br>|
| Affiliated issuers | &nbsp;&nbsp; (22)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp; $(213631)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(3326360)<br>|
| Affiliated issuers | &nbsp;&nbsp; 28 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $(3326332)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $(3539963)<br>|
| Change in net assets from operations | &nbsp;&nbsp; $(3222373)<br>|

---

**See Notes to Financial Statements**

------

MFS Blended Research Small Cap Equity Portfolio

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $317590 | &nbsp;&nbsp; $724489 |
| Net realized gain (loss) | (213631)<br>| &nbsp;&nbsp; 7865313 |
| Net unrealized gain (loss) | (3326332)<br>| &nbsp;&nbsp; (4525725)<br>|
| Change in net assets from operations | $(3222373)<br>| &nbsp;&nbsp; $4064077 |
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(1393467)<br>|
| Change in net assets from fund share transactions | $733718 | &nbsp;&nbsp; $(7935946)<br>|
| Total change in net assets | $(2488655)<br>| &nbsp;&nbsp; $(5265336)<br>|
| **Net assets** |  |  |
| At beginning of period | 80314718 | &nbsp;&nbsp; 85580054 |
| At end of period | $77826063 | &nbsp;&nbsp; $80314718 |

---

**See Notes to Financial Statements**

------

MFS Blended Research Small Cap Equity Portfolio

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $10.32 | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $8.78 | &nbsp;&nbsp; $14.02 | &nbsp;&nbsp; $10.91 | &nbsp;&nbsp; $11.66 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.05 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.10 |
| Net realized and unrealized gain (loss) | (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> (g)<br>|
| Total from investment operations | $(0.44)<br>| &nbsp;&nbsp; $0.49 | &nbsp;&nbsp; $1.62 | &nbsp;&nbsp; $(2.40)<br>| &nbsp;&nbsp; $3.23 | &nbsp;&nbsp; $0.11 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.09)<br>|
| From net realized gain |  | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (2.75)<br>|  | &nbsp;&nbsp; (0.77)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(2.84)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.86)<br>|
| Net asset value, end of period (x) | $9.88 | &nbsp;&nbsp; $10.32 | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $8.78 | &nbsp;&nbsp; $14.02 | &nbsp;&nbsp; $10.91 |
| Total return (%) (k)(r)(s)(x) | (4.26)(n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;18.96 | &nbsp;&nbsp; (18.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Expenses after expense reductions | 0.57<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net investment income (loss) | 1.00<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Portfolio turnover rate | 32<br> (n)<br>| &nbsp;&nbsp; 66 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 84 |
| Net assets at end of period (000 omitted) | $28579 | &nbsp;&nbsp; $30740 | &nbsp;&nbsp; $32225 | &nbsp;&nbsp; $29826 | &nbsp;&nbsp; $39073 | &nbsp;&nbsp; $33850 |

---

**See Notes to Financial Statements**

------

MFS Blended Research Small Cap Equity Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $9.77 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $13.47 | &nbsp;&nbsp; $10.50 | &nbsp;&nbsp; $11.24 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.03 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.07 |
| Net realized and unrealized gain (loss) | (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> (g)<br>|
| Total from investment operations | $(0.43)<br>| &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $1.52 | &nbsp;&nbsp; $(2.32)<br>| &nbsp;&nbsp; $3.06 | &nbsp;&nbsp; $0.09 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.06)<br>|
| From net realized gain |  | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (2.75)<br>|  | &nbsp;&nbsp; (0.77)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $(2.81)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.83)<br>|
| Net asset value, end of period (x) | $9.34 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $13.47 | &nbsp;&nbsp; $10.50 |
| Total return (%) (k)(r)(s)(x) | (4.40)(n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;18.67 | &nbsp;&nbsp; (18.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 0.84<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Expenses after expense reductions | 0.82<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net investment income (loss) | 0.76<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Portfolio turnover rate | 32<br> (n)<br>| &nbsp;&nbsp; 66 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 84 |
| Net assets at end of period (000 omitted) | $49247 | &nbsp;&nbsp; $49575 | &nbsp;&nbsp; $53355 | &nbsp;&nbsp; $50801 | &nbsp;&nbsp; $65294 | &nbsp;&nbsp; $59371 |

---

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

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

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Blended Research Small Cap Equity Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Blended Research Small Cap Equity Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust III (the trust). The trust is organized as a Delaware statutory 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 will generally focus on securities of small size companies which may be more volatile than those of larger companies.

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

------

MFS Blended Research Small Cap Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund's net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund's foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $77048464 | $— | $— | $77048464 |
| Investment Companies | 969001 |  |  | 969001 |
| Total | $78017465 | $— | $— | $78017465 |

---

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

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. At period end, the fund had investment securities on loan, all of which were classified as equity securities in the fund's Portfolio of Investments, with a fair value of $94,046. The fair value of the fund's investment securities on loan and a related liability of $97,350 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.

------

MFS Blended Research Small Cap Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

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

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

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

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

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

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $703240 |
| Long-term capital gains | &nbsp;&nbsp; 690227 |
| Total distributions | &nbsp;&nbsp; $1393467 |

---

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

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $71173503 |
| Gross appreciation | &nbsp;&nbsp; 14657832 |
| Gross depreciation | &nbsp;&nbsp; (7813870)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $6843962 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 3251462 |
| Undistributed long-term capital gain | &nbsp;&nbsp; 5385126 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 10170296 |

---

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

------

MFS Blended Research Small Cap Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $546375 |
| Service Class |  | &nbsp;&nbsp; 847092 |
| Total | $— | &nbsp;&nbsp; $1393467 |

---

**(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 an annual rate of 0.40% of the fund's average daily net assets. MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $5,205, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.39% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, 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 0.60% of average daily net assets for the Initial Class shares and 0.85% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, the fund's actual operating expenses did not exceed the limit and therefore, the investment adviser did not pay any portion of the fund's expenses related to this agreement.

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

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

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $3,268, which equated to 0.0087% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $577.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0277% 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

------

MFS Blended Research Small Cap Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.

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

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended June 30, 2025, this reimbursement amounted to $7,507, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, aggregated $24,788,709 and $24,010,453, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 218170 | &nbsp;&nbsp; $2096408 | &nbsp;&nbsp; 371642 | &nbsp;&nbsp; $3783270 |
| Service Class | 625564 | &nbsp;&nbsp; 5575666 | &nbsp;&nbsp; 589388 | &nbsp;&nbsp; 5623980 |
|  | 843734 | &nbsp;&nbsp; $7672074 | &nbsp;&nbsp; 961030 | &nbsp;&nbsp; $9407250 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 54150 | &nbsp;&nbsp; $546375 |
| Service Class |  |  | &nbsp;&nbsp; 88515 | &nbsp;&nbsp; 847092 |
|  |  | $— | &nbsp;&nbsp; 142665 | &nbsp;&nbsp; $1393467 |
| Shares reacquired |  |  |  |  |
| Initial Class | (304339)<br>| &nbsp;&nbsp; $(2986268)<br>| &nbsp;&nbsp; (664417)<br>| &nbsp;&nbsp; $(6731385)<br>|
| Service Class | (428161)<br>| &nbsp;&nbsp; (3952088)<br>| &nbsp;&nbsp; (1224243)<br>| &nbsp;&nbsp; (12005278)<br>|
|  | (732500)<br>| &nbsp;&nbsp; $(6938356)<br>| &nbsp;&nbsp; (1888660)<br>| &nbsp;&nbsp; $(18736663)<br>|
| Net change |  |  |  |  |
| Initial Class | (86169)<br>| &nbsp;&nbsp; $(889860)<br>| &nbsp;&nbsp; (238625)<br>| &nbsp;&nbsp; $(2401740)<br>|
| Service Class | 197403 | &nbsp;&nbsp; 1623578 | &nbsp;&nbsp; (546340)<br>| &nbsp;&nbsp; (5534206)<br>|
|  | 111234 | &nbsp;&nbsp; $733718 | &nbsp;&nbsp; (784965)<br>| &nbsp;&nbsp; $(7935946)<br>|

---

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $187 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

------

MFS Blended Research Small Cap Equity Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $657897 | &nbsp;&nbsp; $5239690 | &nbsp;&nbsp; $5025942 | &nbsp;&nbsp; $(22)<br>| &nbsp;&nbsp; $28 | &nbsp;&nbsp; $871651 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $12659 | $— |

---

------

**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 Small Cap Equity Portfolio.

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

There is nothing to report for this item for MFS Blended Research Small Cap 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 Small Cap Equity Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

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

Not Applicable.

------

MFS Global Real Estate Portfolio

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

MFS Global Real Estate Portfolio

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 97.1% | Common Stocks – 97.1% | Common Stocks – 97.1% |
| Construction – 11.9% | Construction – 11.9% |  |
| American Homes 4 Rent LP, REIT | 106049 | &nbsp;&nbsp; $3825187 |
| Equity Lifestyle Properties, Inc., REIT | 61408 | &nbsp;&nbsp; 3787031 |
| Essex Property Trust, Inc., REIT | 16429 | &nbsp;&nbsp; 4655979 |
| Mid-America Apartment Communities, Inc., REIT | 28212 | &nbsp;&nbsp; 4175658 |
| Sun Communities, Inc., REIT | 30485 | &nbsp;&nbsp; 3856048 |
|  |  | &nbsp;&nbsp; $20299903 |
| Forest & Paper Products – 1.8% | Forest & Paper Products – 1.8% |  |
| Weyerhaeuser Co., REIT | 118165 | &nbsp;&nbsp; $3035659 |
| Gaming & Lodging – 2.3% | Gaming & Lodging – 2.3% |  |
| Ryman Hospitality Properties, Inc., REIT | 23321 | &nbsp;&nbsp; $2301083 |
| Sunstone Hotel Investors Inc., REIT | 190951 | &nbsp;&nbsp; 1657455 |
|  |  | &nbsp;&nbsp; $3958538 |
| Medical & Health Technology & Services – 5.3% | Medical & Health Technology & Services – 5.3% |  |
| Healthcare Realty Trust Inc., REIT | 230749 | &nbsp;&nbsp; $3659679 |
| Ventas, Inc., REIT | 83418 | &nbsp;&nbsp; 5267847 |
|  |  | &nbsp;&nbsp; $8927526 |
| Printing & Publishing – 1.5% | Printing & Publishing – 1.5% |  |
| Lamar Advertising Co., REIT | 21367 | &nbsp;&nbsp; $2593099 |
| Real Estate – 43.5% | Real Estate – 43.5% |  |
| Big Yellow Group PLC, REIT | 188880 | &nbsp;&nbsp; $2623773 |
| Canadian Apartment Properties, REIT | 90581 | &nbsp;&nbsp; 2954068 |
| Charter Hall Group, REIT | 170803 | &nbsp;&nbsp; 2157225 |
| Derwent London PLC, REIT | 70780 | &nbsp;&nbsp; 2013075 |
| DigitalBridge Group, Inc., REIT | 51890 | &nbsp;&nbsp; 537062 |
| Federal Realty Investment Trust, REIT | 39094 | &nbsp;&nbsp; 3713539 |
| Goodman Group, REIT | 323607 | &nbsp;&nbsp; 7292504 |
| Grainger PLC | 890164 | &nbsp;&nbsp; 2688143 |
| Japan Metropolitan Fund Investment Corp., REIT | 3305 | &nbsp;&nbsp; 2340960 |
| KDX Realty Investment Corp., REIT | 1714 | &nbsp;&nbsp; 1857959 |
| Kimco Realty Corp., REIT | 208718 | &nbsp;&nbsp; 4387252 |
| Link REIT | 744600 | &nbsp;&nbsp; 3974387 |
| Mitsui Fudosan Co. Ltd. | 600100 | &nbsp;&nbsp; 5813267 |
| National Storage, REIT | 1137979 | &nbsp;&nbsp; 1722611 |
| NNN REIT, Inc. | 76212 | &nbsp;&nbsp; 3290834 |
| Parkway Real Estate LLC, REIT | 361500 | &nbsp;&nbsp; 1165670 |
| Scentre Group Ltd., REIT | 1275860 | &nbsp;&nbsp; 2989359 |
| SEGRO PLC, REIT | 286019 | &nbsp;&nbsp; 2668136 |
| Shaftesbury Capital PLC, REIT | 1048272 | &nbsp;&nbsp; 2246139 |
| Shurgard Self Storage Ltd., REIT | 77336 | &nbsp;&nbsp; 3370626 |
| Simon Property Group, Inc., REIT | 30788 | &nbsp;&nbsp; 4949479 |
| Star Asia Investment Corp., REIT | 2512 | &nbsp;&nbsp; 997788 |
| Unibail-Rodamco-Westfield, REIT | 31787 | &nbsp;&nbsp; 3038167 |
| Unite Group PLC, REIT | 71076 | &nbsp;&nbsp; 826842 |
| Vonovia SE, REIT | 123086 | &nbsp;&nbsp; 4336628 |
|  |  | &nbsp;&nbsp; $73955493 |

---

VREFS-SEM

------

MFS Global Real Estate Portfolio

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Real Estate - Office – 4.4% | Real Estate - Office – 4.4% |  |
| BXP, Inc., REIT | 46951 | &nbsp;&nbsp; $3167784 |
| Douglas Emmett, Inc., REIT | 75979 | &nbsp;&nbsp; 1142724 |
| Highwoods Properties, Inc., REIT | 101636 | &nbsp;&nbsp; 3159863 |
|  |  | &nbsp;&nbsp; $7470371 |
| Real Estate - Storage – 12.7% | Real Estate - Storage – 12.7% |  |
| Americold Realty Trust, Inc. | 114274 | &nbsp;&nbsp; $1900377 |
| Extra Space Storage, Inc., REIT | 35447 | &nbsp;&nbsp; 5226306 |
| Prologis, Inc., REIT | 103378 | &nbsp;&nbsp; 10867095 |
| Rexford Industrial Realty, Inc., REIT | 101126 | &nbsp;&nbsp; 3597052 |
|  |  | &nbsp;&nbsp; $21590830 |
| Telecom - Infrastructure – 13.7% | Telecom - Infrastructure – 13.7% |  |
| American Tower Corp., REIT | 7811 | &nbsp;&nbsp; $1726387 |
| Cellnex Telecom S.A. | 81484 | &nbsp;&nbsp; 3162677 |
| Digital Realty Trust, Inc., REIT | 38891 | &nbsp;&nbsp; 6779868 |
| Equinix, Inc., REIT | 10250 | &nbsp;&nbsp; 8153567 |
| Helios Towers PLC (a) | 1045595 | &nbsp;&nbsp; 1745247 |
| SBA Communications Corp., REIT | 7226 | &nbsp;&nbsp; 1696954 |
|  |  | &nbsp;&nbsp; $23264700 |
| **Total Common Stocks (Identified Cost, $140,590,264)** |  | &nbsp;&nbsp; **$165096119** |
| Mutual Funds (h) – 2.4% | Mutual Funds (h) – 2.4% | Mutual Funds (h) – 2.4% |
| Money Market Funds – 2.4% | Money Market Funds – 2.4% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v) (Identified Cost, $4,169,039) | 4169021 | &nbsp;&nbsp; $4169438 |
| Other Assets, Less Liabilities – 0.5% |  | &nbsp;&nbsp; 783369 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$170048926** |

---

&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 $4,169,438 and $165,096,119, 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 Global Real Estate Portfolio

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

**(unaudited)**

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

---

| | |
|:---|:---|
| **At 6/30/25** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $140,590,264) | &nbsp;&nbsp; $165096119 |
| Investments in affiliated issuers, at value (identified cost, $4,169,039) | &nbsp;&nbsp; 4169438 |
| Foreign currency, at value (identified cost, $50,937) | &nbsp;&nbsp; 51201 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 248477 |
| Dividends | &nbsp;&nbsp; 672737 |
| Receivable from investment adviser | &nbsp;&nbsp; 1352 |
| Other assets | &nbsp;&nbsp; 477 |
| Total assets | &nbsp;&nbsp; $170239801 |
| **Liabilities** |  |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; $127 |
| Fund shares reacquired | &nbsp;&nbsp; 122863 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 356 |
| Shareholder servicing costs | &nbsp;&nbsp; 137 |
| Distribution and/or service fees | &nbsp;&nbsp; 1741 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 845 |
| Payable for audit and tax fees | &nbsp;&nbsp; 46330 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 18476 |
| Total liabilities | &nbsp;&nbsp; $190875 |
| Net assets | &nbsp;&nbsp; $170048926 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $143215527 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 26833399 |
| Net assets | &nbsp;&nbsp; $170048926 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 12334181 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share**<br>|
| Initial Class | &nbsp;&nbsp;&nbsp; $106188154 | &nbsp;&nbsp;&nbsp; 8262497 | &nbsp;&nbsp;&nbsp; $12.85 |
| Service Class | &nbsp;&nbsp;&nbsp; 63860772 | &nbsp;&nbsp;&nbsp; 4071684 | &nbsp;&nbsp;&nbsp;&nbsp;15.68 |

---

**See Notes to Financial Statements**

------

MFS Global Real Estate Portfolio

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

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

---

| | |
|:---|:---|
| **Six months ended 6/30/25** |  |
| **Net investment income (loss)** |  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $3440473 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 76226 |
| Other | &nbsp;&nbsp; 5380 |
| Foreign taxes withheld | &nbsp;&nbsp; (73901)<br>|
| Total investment income | &nbsp;&nbsp; $3448178 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $732295 |
| Distribution and/or service fees | &nbsp;&nbsp; 75033 |
| Shareholder servicing costs | &nbsp;&nbsp; 4793 |
| Administrative services fee | &nbsp;&nbsp; 16104 |
| Independent Trustees' compensation | &nbsp;&nbsp; 2686 |
| Custodian fee | &nbsp;&nbsp; 15275 |
| Shareholder communications | &nbsp;&nbsp; 4017 |
| Audit and tax fees | &nbsp;&nbsp; 40323 |
| Legal fees | &nbsp;&nbsp; 431 |
| Miscellaneous | &nbsp;&nbsp; 14092 |
| Total expenses | &nbsp;&nbsp; $905049 |
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (96854)<br>|
| Net expenses | &nbsp;&nbsp; $808195 |
| Net investment income (loss) | &nbsp;&nbsp; $2639983 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $422432 |
| Affiliated issuers | &nbsp;&nbsp; (370)<br>|
| Foreign currency | &nbsp;&nbsp; 34146 |
| Net realized gain (loss)  | &nbsp;&nbsp; $456208 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $2052515 |
| Affiliated issuers | &nbsp;&nbsp; 194 |
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 8307 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $2061016 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $2517224 |
| Change in net assets from operations | &nbsp;&nbsp; $5157207 |

---

**See Notes to Financial Statements**

------

MFS Global Real Estate Portfolio

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**6/30/25** <br>**(unaudited)**<br>| <br>**12/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $2639983 | &nbsp;&nbsp; $2923491 |
| Net realized gain (loss) | 456208 | &nbsp;&nbsp; 4617236 |
| Net unrealized gain (loss) | 2061016 | &nbsp;&nbsp; (11407318)<br>|
| Change in net assets from operations | $5157207 | &nbsp;&nbsp; $(3866591)<br>|
| Total distributions to shareholders | $— | &nbsp;&nbsp; $(3133456)<br>|
| Change in net assets from fund share transactions | $2078623 | &nbsp;&nbsp; $3212503 |
| Total change in net assets | $7235830 | &nbsp;&nbsp; $(3787544)<br>|
| **Net assets** |  |  |
| At beginning of period | 162813096 | &nbsp;&nbsp; 166600640 |
| At end of period | $170048926 | &nbsp;&nbsp; $162813096 |

---

**See Notes to Financial Statements**

------

MFS Global Real Estate Portfolio

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Initial Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $12.47 | &nbsp;&nbsp; $13.08 | &nbsp;&nbsp; $12.78 | &nbsp;&nbsp; $19.21 | &nbsp;&nbsp; $14.98 | &nbsp;&nbsp; $15.91 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.21 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.28 |
| Net realized and unrealized gain (loss) | 0.17 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp; (5.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp; (0.14)<br>|
| Total from investment operations | $0.38 | &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $1.33 | &nbsp;&nbsp; $(5.05)<br>| &nbsp;&nbsp; $4.49 | &nbsp;&nbsp; $0.14 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.70)<br>|
| From net realized gain |  |  | &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.12)<br>|  | &nbsp;&nbsp; (0.37)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(1.03)<br>| &nbsp;&nbsp; $(1.38)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(1.07)<br>|
| Net asset value, end of period (x) | $12.85 | &nbsp;&nbsp; $12.47 | &nbsp;&nbsp; $13.08 | &nbsp;&nbsp; $12.78 | &nbsp;&nbsp; $19.21 | &nbsp;&nbsp; $14.98 |
| Total return (%) (k)(r)(s)(x) | 3.05<br> (n)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.46 | &nbsp;&nbsp; (26.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.02<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Expenses after expense reductions | 0.90<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Net investment income (loss) | 3.33<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 |
| Portfolio turnover rate | 20<br> (n)<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 43 |
| Net assets at end of period (000 omitted) | $106188 | &nbsp;&nbsp; $102588 | &nbsp;&nbsp; $106155 | &nbsp;&nbsp; $104737 | &nbsp;&nbsp; $149746 | &nbsp;&nbsp; $127523 |

---

**See Notes to Financial Statements**

------

MFS Global Real Estate Portfolio

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Service Class**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **6/30/25** <br>**(unaudited)**<br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | $15.24 | &nbsp;&nbsp; $15.93 | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $22.70 | &nbsp;&nbsp; $17.66 | &nbsp;&nbsp; $18.56 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.23 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.29 |
| Net realized and unrealized gain (loss) | 0.21 | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> (g)<br>| &nbsp;&nbsp; (6.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp; (0.17)(g)<br>|
| Total from investment operations | $0.44 | &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $1.59 | &nbsp;&nbsp; $(6.04)<br>| &nbsp;&nbsp; $5.26 | &nbsp;&nbsp; $0.12 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $— | &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.65)<br>|
| From net realized gain |  |  | &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.12)<br>|  | &nbsp;&nbsp; (0.37)<br>|
| Total distributions declared to shareholders | $— | &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.99)<br>| &nbsp;&nbsp; $(1.33)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(1.02)<br>|
| Net asset value, end of period (x) | $15.68 | &nbsp;&nbsp; $15.24 | &nbsp;&nbsp; $15.93 | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $22.70 | &nbsp;&nbsp; $17.66 |
| Total return (%) (k)(r)(s)(x) | 2.89<br> (n)<br>| &nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp; (27.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions | 1.27<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Expenses after expense reductions | 1.15<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| Net investment income (loss) | 3.10<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| Portfolio turnover rate | 20<br> (n)<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 43 |
| Net assets at end of period (000 omitted) | $63861 | &nbsp;&nbsp; $60225 | &nbsp;&nbsp; $60446 | &nbsp;&nbsp; $55200 | &nbsp;&nbsp; $69356 | &nbsp;&nbsp; $58035 |

---

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

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

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Global Real Estate Portfolio

**Notes to Financial Statements (unaudited)**

**(1) Business and Organization**

MFS Global Real Estate Portfolio (the fund) is a diversified series of MFS Variable Insurance Trust III (the trust). The trust is organized as a Delaware statutory 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 a significant amount of its net assets in U.S. and foreign real estate related investments and as a result is subject to certain risks associated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions; difficulties in valuing and disposing of real estate; fluctuations in interest rates and property tax rates, shifts in zoning laws, environmental regulations and other governmental action; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; the management skill and creditworthiness of the manager; 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.

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 Real Estate Portfolio

*Notes to Financial Statements (unaudited) - continued* 

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund's net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund's foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $165096119 | $— | $— | $165096119 |
| Investment Companies | 4169438 |  |  | 4169438 |
| Total | $169265557 | $— | $— | $169265557 |

---

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

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

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

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date. Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the fund. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates are used in reporting the character of income and distributions for financial statement purposes. The fund receives substantial distributions from holdings in REITs.

------

MFS Global Real Estate Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

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

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

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

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

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**12/31/24**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $3133456 |

---

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

---

| | |
|:---|:---|
| **As of 6/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $146569854 |
| Gross appreciation | &nbsp;&nbsp; 26932207 |
| Gross depreciation | &nbsp;&nbsp; (4236504)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $22695703 |
| <br>**As of 12/31/24** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 2540603 |
| Capital loss carryforwards | &nbsp;&nbsp; (1568075)<br>|
| Other temporary differences | &nbsp;&nbsp; (5473)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 20709137 |

---

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

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

---

| | |
|:---|:---|
| Long-Term | $(1568075)<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:

------

MFS Global Real Estate Portfolio

*Notes to Financial Statements (unaudited) - continued* 

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**6/30/25**<br>| **Year** <br>**ended** <br>**12/31/24**<br>|
| Initial Class | $— | &nbsp;&nbsp; $2199073 |
| Service Class |  | &nbsp;&nbsp; 934383 |
| Total | $— | &nbsp;&nbsp; $3133456 |

---

**(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 $2.5 billion | 0.75% |
| In excess of $2.5 billion | 0.65% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2026. For the six months ended June 30, 2025, this management fee reduction amounted to $11,319, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.89% of the fund's average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund's total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total annual operating expenses do not exceed 0.90% of average daily net assets for the Initial Class shares and 1.15% of average daily net assets for the Service Class shares. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until April 30, 2027. For the six months ended June 30, 2025, this reduction amounted to $85,535, which is included in the reduction of total expenses in the Statement of Operations.

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

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

**Shareholder Servicing Agent** — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent. For the six months ended June 30, 2025, the fee was $4,136, which equated to 0.0051% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses paid by MFSC on behalf of the fund. For the six months ended June 30, 2025, these costs amounted to $657.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended June 30, 2025 was equivalent to an annual effective rate of 0.0198% of the fund's average daily net assets.

------

MFS Global Real Estate Portfolio

*Notes to Financial Statements (unaudited) - 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.

During the six months ended June 30, 2025, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the "Act") and relevant guidance, the fund engaged in sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser ("cross-trades") which amounted to $121,323. The sales transactions resulted in net realized gains (losses) of $10,608.

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the six months ended June 30, 2025, this reimbursement amounted to $5,345, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the six months ended June 30, 2025, purchases and sales of investments, other than short-term obligations, aggregated $36,920,714 and $32,896,703, respectively.

**(5) Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**6/30/25** | **Six months ended** <br>**6/30/25** | **Year ended** <br>**12/31/24** | **Year ended** <br>**12/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Initial Class | 732655 | &nbsp;&nbsp; $8960919 | &nbsp;&nbsp; 1675269 | &nbsp;&nbsp; $21569067 |
| Service Class | 458454 | &nbsp;&nbsp; 7002801 | &nbsp;&nbsp; 1004604 | &nbsp;&nbsp; 15617089 |
|  | 1191109 | &nbsp;&nbsp; $15963720 | &nbsp;&nbsp; 2679873 | &nbsp;&nbsp; $37186156 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Initial Class |  | $— | &nbsp;&nbsp; 166849 | &nbsp;&nbsp; $2199073 |
| Service Class |  |  | &nbsp;&nbsp; 57964 | &nbsp;&nbsp; 934383 |
|  |  | $— | &nbsp;&nbsp; 224813 | &nbsp;&nbsp; $3133456 |
| Shares reacquired |  |  |  |  |
| Initial Class | (697710)<br>| &nbsp;&nbsp; $(8715051)<br>| &nbsp;&nbsp; (1732205)<br>| &nbsp;&nbsp; $(22617619)<br>|
| Service Class | (339689)<br>| &nbsp;&nbsp; (5170046)<br>| &nbsp;&nbsp; (905261)<br>| &nbsp;&nbsp; (14489490)<br>|
|  | (1037399)<br>| &nbsp;&nbsp; $(13885097)<br>| &nbsp;&nbsp; (2637466)<br>| &nbsp;&nbsp; $(37107109)<br>|
| Net change |  |  |  |  |
| Initial Class | 34945 | &nbsp;&nbsp; $245868 | &nbsp;&nbsp; 109913 | &nbsp;&nbsp; $1150521 |
| Service Class | 118765 | &nbsp;&nbsp; 1832755 | &nbsp;&nbsp; 157307 | &nbsp;&nbsp; 2061982 |
|  | 153710 | &nbsp;&nbsp; $2078623 | &nbsp;&nbsp; 267220 | &nbsp;&nbsp; $3212503 |

---

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 16%, 9%, and 3%, respectively, of the value of outstanding voting shares of the fund.

------

MFS Global Real Estate Portfolio

*Notes to Financial Statements (unaudited) - continued* 

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

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended June 30, 2025, the fund's commitment fee and interest expense were $368 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $3633087 | &nbsp;&nbsp; $20844970 | &nbsp;&nbsp; $20308443 | &nbsp;&nbsp; $(370)<br>| &nbsp;&nbsp; $194 | &nbsp;&nbsp; $4169438 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $76226 | $— |

---

------

**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 Real Estate Portfolio.

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

There is nothing to report for this item for MFS Global Real Estate 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 Real Estate Portfolio. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

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

Not Applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 16. CONTROLS AND PROCEDURES.
* Based upon their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. 

* There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable to the Registrant.

------

#### ITEM 19. EXHIBITS.
* Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.

* Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

* A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as [EX-99.302CERT](99.302CERT.htm).

* Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

* Change in the registrant's independent public accountant. Not applicable.

* If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as [EX-99.906CERT](99.906CERT.htm).

------

#### Notice
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 III

By (Signature and Title)\*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President

Date: August 15, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)\*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President (Principal Executive Officer)

Date: August 15, 2025

By (Signature and Title)\*

/S/ KASEY L. PHILLIPS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer)

Date: August 15, 2025

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

------

## Ex-99.Cert

**<u>EX-99.302CERT</u>**

**MFS VARIABLE INSURANCE TRUST III**

**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 III;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: August 15, 2025

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

**<u>EX-99.302CERT</u>**

**MFS VARIABLE INSURANCE TRUST III**

**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 III;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: August 15, 2025

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

------

## Exhibit 99.906

**<u>EX-99.906CERT</u>**

**MFS VARIABLE INSURANCE TRUST III**

**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 III (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 15, 2025

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

**<u>EX-99.906CERT</u>**

**MFS VARIABLE INSURANCE TRUST III**

**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 III (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 15, 2025

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

------